Vantagepoint Funds N-CSRS Certified semi-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: 12/31/08

Date of reporting period: 01/01/08 - 06/30/08

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 semi-annual report is set forth below.

TABLE OF CONTENTS

Letter from the President of The Vantagepoint Funds	1
Letter from Vantagepoint Investment Advisers, LLC	2
Vantagepoint Shareholder Expenses	6
Vantagepoint Funds Returns	8
Vantagepoint Funds Investment Objectives	10
Vantagepoint Funds Asset Allocations	19
Vantagepoint Funds
Statements of Assets and Liabilities	21
Statements of Operations	28
Statements of Changes in Net Assets	35
Financial Highlights	52
Notes to Financial Statements	87
Schedules of Investments	122

LETTER FROM THE PRESIDENT OF THE VANTAGEPOINT FUNDS

JOAN McCALLEN

President

Dear Shareholders:

The first half of 2008 was a period of market turmoil, with stocks generally providing disappointing returns, in reaction to a slowing economy and liquidity concerns. To address these issues as well as concerns about inflation, the Board of Governors of the Federal Reserve System provided increased liquidity and lowered interest rates.

We believe the array of investment objectives and strategies offered through The Vantagepoint Funds serves our investors well during these periods of volatility. For investors seeking active management in a risk-controlled manner, many of the funds offer a multi-management approach. In constructing a multi-managed fund, Vantagepoint Investment Advisers, LLC (“VIA”) identifies investment strategies that are compatible with the fund’s investment objective. VIA then seeks to identify subadvisers who VIA believes have demonstrated the ability to consistently execute a specific investment strategy and who will complement the strategies of other subadvisers to that fund. This approach is designed to offer our investors the opportunity to diversify their investments among subadvisers with complementary investment styles.

We offer the Model Portfolio Funds, which are funds that you may select based upon your tolerance for risk, and the Milestone Funds, which are target-dated funds that you may select based upon the year you plan to retire or begin withdrawing from your retirement account. Each Model Portfolio Fund has a different degree of potential risk and reward and is diversified among various Vantagepoint Funds. The Milestone Funds also invest in the Vantagepoint Funds and are managed by VIA so that a fund’s asset allocation becomes more conservative as the designated year approaches.

At The Vantagepoint Funds, we will continue to maintain a long-term focus that we believe is well suited to our investors, who are building retirement security for themselves and their families. We look forward to continuing to serve you in 2008.

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 Funds. 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 FINRA/SIPC. For a current prospectus, contact ICMA-RC Services, LLC, 777 North Capitol Street NE, Washington, DC 20002-4240. 800-669-7400.

1

LETTER FROM VANTAGEPOINT INVESTMENT ADVISERS, LLC

Dear Shareholders:

Introduction

The first half of 2008 brought a continuation of the difficult economic and market environment that developed during the second half of 2007, with losses across major equity markets and for many of the riskier fixed income sectors. The credit crisis that evolved in 2007 led to a liquidity crisis in the first quarter of 2008, meaningfully impacting market volatility and returns. The Federal Reserve Bank (“Federal Reserve”) responded to the liquidity crisis that developed in the wake of subprime mortgage related problems through multiple actions focused on regaining stability. To ease liquidity pressures, the Federal Reserve lowered the Fed Funds Rate four times, to 2.0%, and enhanced facilities for providing liquidity to the financial services industry. At a peak time of instability, when the ripple effect of a large financial institution failure could have been significant, the Federal Reserve orchestrated the acquisition of Bear Stearns Companies, Inc. (“Bear Stearns”) by JP Morgan Chase & Co. as the liquidity crisis threatened the ability of Bear Stearns to survive. Escalating commodity prices, notably oil prices increasing approximately 47%, contributed to concerns that an economic slowdown coupled with higher than target inflation could lead to a return of “stagflation” as was seen in the late 1970’s. First quarter Gross Domestic Product (“GDP”) was weak, consumer confidence dropped as unemployment increased, energy prices rose, and home prices continued to fall. The flight to quality investments by investors reacting to economic and market conditions left equity markets at lower levels at June 30, 2008.

A sampling of market returns for the six months ended June 30, 2008:^*

^* 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 S&P 500 consists of 500 companies representing larger capitalization stocks traded in the U.S. 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 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 MSCI EAFE is a free float-adjusted market capitalization index that is designed to measure developed market equity performance excluding the U.S. and Canada. The Lehman Brothers Aggregate Bond Treasury Index is an unmanaged index of U.S. Treasury securities contained within the Lehman Brothers U.S. Aggregate Bond Index. All securities have an average life of at least one year. Lehman Brothers Asset Backed Securities Index is an unmanaged index composed of credit card, auto, and home equity loans. Included in the index are pass-through, bullet (non-callable), and controlled amortization structured debt securities; no subordinated debt is included. All securities have an average life of at least one year. The Lehman Brothers US Corporate High Yield Index is an unmanaged index composed of USD-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of June 2007 the MSCI Emerging Markets Index consisted of the following 25 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. 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 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 FINRA/SIPC. 1-800-669-7400.

2

Fixed Income Returns Varied by Month and by Sector

While the first half of 2008 provided generally positive returns for fixed income investments, the results varied from month to month and by sector. In the first three months of 2008, the fixed income markets reacted favorably to Federal Reserve activity intended to ease interest rates and address developing liquidity issues. The Federal Reserve lowered the Fed Funds Rate in four steps by a total of 2.25%, from 4.25% at the close of 2007 to 2.0% on April 30, 2008. The Fed Funds Rate was held at 2% in the June meeting, reflecting the Federal Reserve’s challenge of balancing the risk of further economic slowdown with the risks of inflation. Following the April reduction in the Fed Funds Rate, and as a result of growing inflationary fears and stock market volatility, fixed income markets began to retreat. While the Lehman Brothers Aggregate Bond Index gained 2.17% in the first quarter of 2008, it lost 1.02% in the second quarter, for a six month return of 1.13%. Reflecting investors’ risk aversion, Treasuries outperformed other market sectors, evidenced by the 2.23% return of the Lehman Brothers Aggregate Bond Treasury Index for the six month period ended June 30. Treasury Inflation Protected Securities benefitted even further as a result of their inflation adjustment feature, providing a return of 4.88% as measured by the Lehman Brothers U.S. TIPS Index. In contrast, lower credit quality fixed income investments produced lower returns, evidenced by the negative 1.31% return of the Lehman Brothers U.S. Corporate High-Yield Index. Asset-backed securities, including sub-prime mortgage related securities’ market weakness, produced negative returns of 2.71% as measured by the Lehman Brothers Asset-Backed Securities Index.

Domestic Stocks Produced Losses

In the face of generally poor credit conditions, high commodity prices, declining corporate earnings and investor risk aversion, the U.S. equity market suffered relatively large losses in the first half of 2008. Heightened volatility that began in the latter half of 2007 continued into 2008 as U.S. domestic stocks, as measured by broad market indexes, lost value, with the largest losses occurring in the month of June. Following first quarter losses, evidenced by the S&P 500 Index return of -9.44%, rallies in April and May were more than offset by June losses, leaving the S&P 500 Index with a loss of 11.91% for the six month period ended June 30, 2008. Mid-capitalization stocks generally outperformed small-capitalization stocks; and, larger capitalization stocks underperformed mid- and smaller capitalization stocks. Growth stocks generally lost less than value stocks, as measured by Russell Indexes, across asset capitalization size categories. Market volatility was also evident across sectors of the market, as reflected by sector returns within the S&P 500 Index. While losing ground in the first quarter, the Energy sector led all other sectors for the first half of the year with a gain of 8.88%. Materials posted a modest gain of 1.26% for the six month period ended June 30. Six of the ten S&P 500 Index sectors returned losses of more than 10%, including the Financials sector that lost 29.73% as credit quality losses and write-offs continued.

International Stock Returns Paralleled U.S. Domestic Stock Returns

International stocks suffered in the face of high commodity prices, increasing concerns regarding inflation internationally, and weakness in the U.S. economy. The MSCI EAFE Index, representing developed non-U.S. countries, lost 10.58% for the six months ended June 30 in U.S. dollar terms, with negative returns in both quarters. The U.S. dollar declined nearly 8% against most currencies, helping offset market losses for un-hedged foreign portfolios. Emerging markets underperformed developed non-U.S. countries, losing 11.64% as measured by the MSCI Emerging Markets Index. In contrast to the first half of 2008, emerging markets outperformed non-U.S. developed markets on a calendar year basis each year from 2001 through 2007. During the first half of 2008, Latin American emerging markets outperformed, returning a positive 9.41% while Asian emerging markets lost 21.91%, as measured by MSCI emerging market indexes.

3

Vantagepoint Fund Returns

The six-month returns for The Vantagepoint Funds reflected the market dynamics discussed above, as bond funds earned positive returns and stock funds provided negative returns. The Inflation Protected Securities Fund led The Vantagepoint Funds with a positive 4.78% return for the period ended June 30, 2008, reflecting investors’ flight to quality coupled with increasing concerns regarding inflation even as the economy and corporate earnings slowed.

The Vantagepoint Actively Managed Funds

Total Return for six months ended June 30, 2008

Money Market Fund	1.40	%
Low Duration Bond Fund	1.39	%
Inflation Protected Securities Fund	4.78	%
Asset Allocation Fund	-12.19	%
Equity Income Fund	-11.35	%
Growth and Income Fund	-11.46	%
Growth Fund	-11.58	%
Select Value Fund	-7.14	%
Aggressive Opportunities Fund	-11.63	%
Discovery Fund	-7.89	%
International Fund	-8.94	%
Diversified Assets Fund	0.90	%

The Vantagepoint Model Portfolio Funds performed as expected given market conditions. The more conservatively allocated portfolios outperformed the more aggressively allocated portfolios.

Vantagepoint Model Portfolio Funds

Total Return for six months ended June 30, 2008

Model Portfolio Savings Oriented Fund	-1.50	%
Model Portfolio Conservative Growth Fund	-3.37	%
Model Portfolio Traditional Growth Fund	-5.66	%
Model Portfolio Long-Term Growth Fund	-7.42	%
Model Portfolio All-Equity Growth Fund	-10.27	%

The Vantagepoint Milestone Funds also performed as expected, with the more conservatively allocated shorter-dated portfolios leading the longer-dated portfolios. As with the Model Portfolio Funds, the Milestone Funds provide broad exposure to both stocks and bonds, but unlike the Model Portfolio Funds, the stock/bond allocations become more conservative as their respective target year approaches.

Vantagepoint Milestone Funds

Total Return for six months ended June 30, 2008

Milestone Retirement Income Fund	-2.07	%
Milestone 2010 Fund	-3.29	%
Milestone 2015 Fund	-5.12	%
Milestone 2020 Fund	-6.33	%
Milestone 2025 Fund	-7.19	%
Milestone 2030 Fund	-8.00	%
Milestone 2035 Fund	-8.71	%
Milestone 2040 Fund	-9.03	%

4

The Vantagepoint Index Funds continued to provide broad exposure to securities represented by their target indexes at relatively low cost:

The Vantagepoint Index Funds

Total Return for six months ended June 30, 2008

	Class I		Class II
Core Bond Index Fund	1.12	%	1.11	%
500 Stock Index Fund	-12.21	%	-12.08	%
Broad Market Index Fund	-10.94	%	-10.89	%
Mid/Small Company Index Fund	-7.70	%	-7.62	%
Overseas Equity Index Fund	-10.74	%	-10.59	%

Enhancements to Vantagepoint Funds

During the turbulent markets of the first half of 2008, Vantagepoint Investment Advisers, LLC (“VIA”) continued to pursue its goal of positioning each fund to seek its long-term return and risk level goals. Consistent with The Vantagepoint Funds multi-manager style and subadviser due diligence processes, VIA continued its analytical rigor, conducting ongoing in-depth reviews of each fund’s performance results, coupled with attribution analysis of its risk / return performance. No subadviser changes were made during the six month period, however a number of specific analyses are underway that may lead to changes to help ensure that each fund continues to meet VIA’s quality standards.

Additionally, VIA conducted the scheduled mid-year “aging” of the target dated Vantagepoint Milestone Funds.

VIA continues to manage The Vantagepoint Funds with the goals of providing above average results over time coupled with below average volatility and diversification opportunities to enable public sector retirement plan investors to select portfolios appropriate for their individual investment goals. VIA continues to believe that long term investment horizons, portfolio diversification, and prudent decision making rewards retirement plan investors even as economic cycles alternate between stronger and weaker periods. VIA remains committed to its mission of supporting public sector retirement plan investors’ goals.

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 or recommended 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 FINRA/SIPC. 1-800-669-7400.

5

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 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 January 1, 2008 to June 30, 2008.

Actual Expenses

The first section in the example below 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 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							Vantagepoint Funds	HYPOTHETICAL
Beginning Account Value 1/01/08	Ending Account Value 6/30/08		2008 Annualized Expense Ratio		Expenses Paid During Period*			Beginning Account Value 1/01/08		Ending Account Value 6/30/08		2008 Annualized Expense Ratio		Expenses Paid During Period*
$1,000.00	$	1,014.00	0.63	%	$	3.15	Money Market**	$	1,000.00	$	1,021.73	0.63	%	$	3.17
$1,000.00	$	1,013.90	0.65	%	$	3.25	Low Duration Bond	$	1,000.00	$	1,021.63	0.65	%	$	3.27
$1,000.00	$	1,047.80	0.69	%	$	3.51	Inflation Protected Securities	$	1,000.00	$	1,021.43	0.69	%	$	3.47
$1,000.00	$	878.10	0.76	%	$	3.55	Asset Allocation	$	1,000.00	$	1,021.08	0.76	%	$	3.82
$1,000.00	$	886.50	0.88	%	$	4.13	Equity Income	$	1,000.00	$	1,020.49	0.88	%	$	4.42
$1,000.00	$	885.40	0.81	%	$	3.80	Growth & Income	$	1,000.00	$	1,020.84	0.81	%	$	4.07
$1,000.00	$	884.20	0.87	%	$	4.08	Growth	$	1,000.00	$	1,020.54	0.87	%	$	4.37
$1,000.00	$	928.60	0.97	%	$	4.65	Select Value	$	1,000.00	$	1,020.04	0.97	%	$	4.87
$1,000.00	$	883.70	0.96	%	$	4.50	Aggressive Opportunities	$	1,000.00	$	1,020.09	0.96	%	$	4.82
$1,000.00	$	921.10	1.00	%	$	4.78	Discovery	$	1,000.00	$	1,019.89	1.00	%	$	5.02
$1,000.00	$	910.60	1.08	%	$	5.13	International	$	1,000.00	$	1,019.49	1.08	%	$	5.42
$1,000.00	$	1,009.00	1.01	%	$	5.05	Diversified Assets	$	1,000.00	$	1,019.84	1.01	%	$	5.07
$1,000.00	$	1,011.20	0.44	%	$	2.20	Core Bond Index Class I	$	1,000.00	$	1,022.68	0.44	%	$	2.21
$1,000.00	$	1,011.10	0.24	%	$	1.20	Core Bond Index Class II	$	1,000.00	$	1,023.67	0.24	%	$	1.21
$1,000.00	$	877.90	0.46	%	$	2.15	500 Stock Index Class I	$	1,000.00	$	1,022.58	0.46	%	$	2.31
$1,000.00	$	879.20	0.26	%	$	1.21	500 Stock Index Class II	$	1,000.00	$	1,023.57	0.26	%	$	1.31
$1,000.00	$	890.60	0.45	%	$	2.12	Broad Market Index Class I	$	1,000.00	$	1,022.63	0.45	%	$	2.26
$1,000.00	$	891.10	0.25	%	$	1.18	Broad Market Index Class II	$	1,000.00	$	1,023.62	0.25	%	$	1.26
$1,000.00	$	923.00	0.50	%	$	2.39	Mid/Small Company Index Class I	$	1,000.00	$	1,022.38	0.50	%	$	2.51
$1,000.00	$	923.80	0.30	%	$	1.43	Mid/Small Company Index Class II	$	1,000.00	$	1,023.37	0.30	%	$	1.51
$1,000.00	$	892.60	0.63	%	$	2.96	Overseas Equity Index Class I	$	1,000.00	$	1,021.73	0.63	%	$	3.17
$1,000.00	$	894.10	0.43	%	$	2.03	Overseas Equity Index Class II	$	1,000.00	$	1,022.73	0.43	%	$	2.16
$1,000.00	$	985.00	0.88	%	$	4.34	Model Portfolio Savings Oriented**	$	1,000.00	$	1,020.49	0.88	%	$	4.42
$1,000.00	$	966.30	0.90	%	$	4.40	Model Portfolio Conservative Growth**	$	1,000.00	$	1,020.39	0.90	%	$	4.52
$1,000.00	$	943.40	0.95	%	$	4.59	Model Portfolio Traditional Growth**	$	1,000.00	$	1,020.14	0.95	%	$	4.77
$1,000.00	$	925.80	1.00	%	$	4.79	Model Portfolio Long-Term Growth**	$	1,000.00	$	1,019.89	1.00	%	$	5.02

6

ACTUAL							Vantagepoint Funds	HYPOTHETICAL
Beginning Account Value 1/01/08	Ending Account Value 6/30/08		2008 Annualized Expense Ratio		Expenses Paid During Period*			Beginning Account Value 1/01/08		Ending Account Value 6/30/08		2008 Annualized Expense Ratio		Expenses Paid During Period*
$1,000.00	$	897.30	1.09	%	$	5.14	Model Portfolio All-Equity Growth**	$	1,000.00	$	1,019.44	1.09	%	$	5.47
$1,000.00	$	979.30	0.81	%	$	3.99	Milestone Retirement Income**	$	1,000.00	$	1,020.84	0.81	%	$	4.07
$1,000.00	$	967.10	0.88	%	$	4.30	Milestone 2010**	$	1,000.00	$	1,020.49	0.88	%	$	4.42
$1,000.00	$	948.80	0.91	%	$	4.41	Milestone 2015**	$	1,000.00	$	1,020.34	0.91	%	$	4.57
$1,000.00	$	936.70	0.93	%	$	4.48	Milestone 2020**	$	1,000.00	$	1,020.24	0.93	%	$	4.67
$1,000.00	$	928.10	0.95	%	$	4.55	Milestone 2025**	$	1,000.00	$	1,020.14	0.95	%	$	4.77
$1,000.00	$	920.00	0.97	%	$	4.63	Milestone 2030**	$	1,000.00	$	1,020.04	0.97	%	$	4.87
$1,000.00	$	912.90	0.99	%	$	4.71	Milestone 2035**	$	1,000.00	$	1,019.94	0.99	%	$	4.97
$1,000.00	$	909.70	0.99	%	$	4.70	Milestone 2040**	$	1,000.00	$	1,019.94	0.99	%	$	4.97

* 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. 182/366] (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).

7

Vantagepoint Funds Returns

As of June 30, 2008

	Year-to-date through 6/30/08		1 Year		3 Years		5 Years		10 Years		Since Inception		Inception Date*
Actively Managed Funds
Money Market Fund1	1.40	%	3.76	%	4.09	%	2.87	%	—		3.18	%	3/99
Low Duration Bond Fund2	1.39	%	4.75	%	3.70	%	3.42	%	—		3.80	%	12/00
Inflation Protected Securities Fund2	4.78	%	14.72	%	5.79	%	3.91	%	5.29	%	—		7/92
Asset Allocation Fund	-12.19	%	-12.24	%	4.34	%	7.12	%	3.66	%	—		12/74
Equity Income Fund	-11.35	%	-16.14	%	4.23	%	9.38	%	6.00	%	—		4/94
Growth & Income Fund	-11.46	%	-12.84	%	4.31	%	7.17	%	—		7.21	%	10/98
Growth Fund	-11.58	%	-10.32	%	5.46	%	6.05	%	3.14	%	—		4/83
Aggressive Opportunities Fund	-11.63	%	-16.32	%	5.02	%	11.10	%	4.47	%	—		10/94
International Fund	-8.94	%	-6.38	%	13.98	%	15.52	%	5.38	%	—		10/94
Index Funds
Core Bond Index Fund (Class I)	1.12	%	6.87	%	3.68	%	3.45	%	5.17	%	—		6/97
Core Bond Index Fund (Class II)	1.11	%	7.06	%	3.87	%	3.64	%	—		5.48	%	4/99
500 Stock Index Fund (Class I)	-12.21	%	-13.54	%	3.91	%	7.11	%	2.42	%	—		6/97
500 Stock Index Fund (Class II)	-12.08	%	-13.42	%	4.14	%	7.30	%	—		1.28	%	4/99
Broad Market Index Fund (Class I)	-10.94	%	-12.78	%	4.66	%	8.34	%	3.18	%	—		10/94
Broad Market Index Fund (Class II)	-10.89	%	-12.61	%	4.85	%	8.55	%	—		2.47	%	4/99
Mid/Small Company Index Fund (Class I)	-7.70	%	-11.32	%	6.29	%	11.90	%	5.52	%	—		6/97
Mid/Small Company Index Fund (Class II)	-7.62	%	-11.14	%	6.49	%	12.12	%	—		6.34	%	4/99
Overseas Equity Index Fund (Class I)	-10.74	%	-10.79	%	12.29	%	15.94	%	5.11	%	—		6/97
Overseas Equity Index Fund (Class II)	-10.59	%	-10.62	%	12.51	%	16.23	%	—		5.25	%	4/99
Model Portfolio Funds3
Model Portfolio Savings Oriented Fund	-1.50	%	1.43	%	4.44	%	5.09	%	4.73	%	—		2/95
Model Portfolio Conservative Growth Fund	-3.37	%	-1.34	%	4.95	%	5.99	%	4.88	%	—		4/96
Model Portfolio Traditional Growth Fund	-5.66	%	-4.72	%	5.60	%	7.18	%	5.03	%	—		4/96
Model Portfolio Long-Term Growth Fund	-7.42	%	-7.17	%	6.40	%	8.55	%	5.44	%	—		4/96
Model Portfolio All-Equity Growth Fund	-10.27	%	-11.46	%	6.64	%	9.48	%	—		1.65	%	10/00

8

Vantagepoint Funds Returns

As of June 30, 2008

	Year-to-date through 6/30/08		1 Year		3 Years		5 Years	10 Years	Since Inception		Inception Date*
Milestone Funds3
Milestone Retirement Income Fund	-2.07	%	0.41	%	4.52	%	—	—	4.19	%	01/05
Milestone 2010 Fund	-3.29	%	-1.34	%	5.31	%	—	—	4.68	%	01/05
Milestone 2015 Fund	-5.12	%	-3.88	%	5.93	%	—	—	5.12	%	01/05
Milestone 2020 Fund	-6.33	%	-5.52	%	6.12	%	—	—	5.26	%	01/05
Milestone 2025 Fund	-7.19	%	-6.81	%	6.35	%	—	—	5.39	%	01/05
Milestone 2030 Fund	-8.00	%	-8.04	%	6.50	%	—	—	5.46	%	01/05
Milestone 2035 Fund	-8.71	%	-9.00	%	6.61	%	—	—	5.52	%	01/05
Milestone 2040 Fund	-9.03	%	-9.38	%	6.53	%	—	—	5.45	%	01/05

* 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 for Actively Managed and Class I shares of the Index Funds and for the Model Portfolio Funds prior to December 4, 2000, represents performance of the Funds prior to SEC registrations. For periods prior to March 1, 1999, the performance shown is of a commingled fund that had the same investment objectives and policies of each respective fund that was advised by an affiliate of each fund’s adviser. This past performance was adjusted at a fund’s inception to reflect expenses of a fund. The commingled funds were not registered mutual funds and therefore were not subject to the same investment and tax restrictions as a registered fund. If the commingled funds had been subject to such restrictions, performance may have been lower. 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 FINRA/SIPC. For a current prospectus and for performance data current to the most recent month end, contact ICMA-RC Services LLC by calling 1-800-669-7400, or by visiting icmarc.org. Para asistencia en Español llame al 1-800-669-8216.

¹ Investments in the Vantagepoint Money Market Fund are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Performance of the Vantagepoint Money Market Fund is dependent upon the performance of the underlying fund in which it invests.

² Effective May 1, 2007, the name and principal investment strategies of each of these funds were changed. Prior to that date, the Low Duration Bond Fund was known as the Short-Term Bond Fund and the Inflation Protected Securities Fund was known as the US Government Securities Fund. In addition to the change of name and investment strategies, new subadvisers were hired to manage the Inflation Protected Securities Fund. As such, performance prior to May 1, 2007, should not be considered representative of these two funds as actively managed.

³ Performance of the Model Portfolio and Milestone Funds is dependent upon the performance of the underlying funds in which each Model Portfolio and Milestone Fund invests.

9

Vantagepoint Funds Investment Objectives

Fund ticker symbols are included in parentheses after Fund names. Total net assets presented are as of June 30, 2008.

Actively Managed Funds

Money Market Fund¹ (VAMXX) Year of Inception: 1999 Total Net Assets: $358 million

Investment Objective:	To seek maximum current income, consistent with maintaining liquidity and a stable share price of $1.00.
Market Index:	30-Day Treasury Bill
Peer Group:	MFR Prime Retail Average

Low Duration Bond Fund ² (VPIPX) Year of Inception: 2000 Total Net Assets: $503 million

Investment Objective:	To seek total return that is consistent with preservation of capital.
Investment Subadvisers:	Payden & Rygel
	STW Fixed Income Management Ltd.
Market Index:	Merrill Lynch 1-3 Year Government/Corporate Index
Peer Group:	Morningstar Short-Term Bond Funds Average

Inflation Protected Securities Fund ² (VPTSX) Year of Inception: 1992 Total Net Assets: $349 million

Investment Objective:	To offer current income.
Investment Subadviser:	Pacific Investment Management Company
	BlackRock Financial Management, Inc.
Market Index:	Lehman Brothers U.S. TIPS Index
Peer Group:	Morningstar Inflation Protected Bond Funds Average

Asset Allocation Fund (VPAAX) Year of Inception: 1974 Total Net Assets: $622 million

Investment Objective:	To offer long-term capital growth at a lower level of risk than an all-equity portfolio.
Investment Subadviser:	Mellon Capital Management Corporation
Market Indexes:	S&P 500 Index
	Lehman Brothers Long-Term Treasury Index
	91-Day U.S. T-Bills
Peer Group:	Morningstar Moderate Allocation Funds Average

¹ Investments in the Vantagepoint Money Market Fund are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

² Effective May 1, 2007, the name and principal investment strategies of each of these funds were changed. Prior to that date the Low Duration Bond Fund was known as the Short-Tem Bond Fund and the Inflation Protected Securities Fund was known as the US Government Securities Fund.

10

Equity Income Fund (VPEIX) Year of Inception: 1994 Total Net Assets: $1,527 million

Investment Objective:	To offer long-term capital growth with consistency derived from dividend yield.
Investment Subadvisers:	Barrow, Hanley, Mewhinney, & Strauss, Inc.
	Southeastern Asset Management, Inc.
	T. Rowe Price Associates, Inc.
Market Index:	Russell 1000 Value Index
Peer Group:	Morningstar Large Value Funds Average

Growth & Income Fund (VPGIX) Year of Inception: 1998 Total Net Assets: $1,001 million

Investment Objective:	To offer long-term capital growth and current income.
Investment Subadvisers:	Capital Guardian Trust Company
	T. Rowe Price Associates, Inc.
	Wellington Management Company, LLP
Market Index:	S&P 500 Index
Peer Group:	Morningstar Large Blend Funds Average

Growth Fund (VPGRX) Year of Inception: 1983 Total Net Assets: $2,200 million

Investment Objective:	To offer long-term capital growth.
Investment Subadvisers:	Goldman Sachs Asset Management, L.P.
	Legg Mason Capital Management, Inc.
	Peregrine Capital Management, Inc.
	Tukman Grossman Capital Management, Inc.
	Westfield Capital Management Company, L.P.
Market Index:	Russell 1000 Growth Index
Peer Group:	Morningstar Large Growth Funds Average

Select Value Fund (VPSVX) Year of Inception: 2007 Total Net Assets: $279 million

Investment Objective:	To offer long-term growth from dividend income and capital appreciation.
Investment Subadvisers:	Goldman Sachs Asset Management, L.P.
	WEDGE Capital Management, L.L.P.
	Systematic Financial Management, L.P.
Market Index:	Russell MidCap Value Index
Peer Group:	Morningstar Mid-Cap Value Funds Average

Aggressive Opportunities Fund (VPAOX) Year of Inception: 1994 Total Net Assets: $978 million

Investment Objective:	To offer high long-term capital appreciation.
Investment Subadvisers:	Legg Mason Capital Management, Inc.
	Southeastern Asset Management, Inc.
	T. Rowe Price Associates, Inc.
	TimesSquare Capital Management, LLC
Market Index:	Russell MidCap Growth Index
Peer Group:	Morningstar Mid-Cap Growth Funds Average

11

Discovery Fund (VPDSX) Year of Inception: 2007 Total Net Assets: $163 million

Investment Objective:	To offer long-term capital growth.
Investment Subadvisers:	Payden & Rygel
	Wellington Management Company, LLP
Market Index:	Russell 2000 Index
Peer Group:	Morningstar Small Blend Funds Average

International Fund (VPINX) Year of Inception: 1994 Total Net Assets: $1,047 million

Investment Objective:	To offer long-term capital growth and diversification by country.
Investment Subadvisers:	Artisan Partners Limited Partnership
	Capital Guardian Trust Company
	GlobeFlex Capital, LP
	Walter Scott & Partners Limited
Market Index:	Morgan Stanley Capital International (MSCI) Europe Australasia Far East (EAFE) Index
Peer Group:	Morningstar Foreign Large Blend Funds Average

Diversified Assets Fund (VPDAX) Year of Inception: 2007 Total Net Assets: $454 million

Investment Objective:	To offer long-term capital growth.
Investment Subadvisers:	Analytic Investors, LLC
	Drake Capital Management LLC
	Mellon Capital Management Corporation
	Payden & Rygel
Market Index:	Lehman Brothers Intermediate Aggregate Bond Index
Peer Group:	Morningstar Long-Short Funds Average

12

Index Funds

The Vantagepoint Index Funds are designed to approximate the investment characteristics and performance of their respective specified benchmarks. Mellon Capital Management Corporation is the subadviser for these funds.

(Class I and II ticker symbols are listed.) Inception date listed is for the fund and not for the respective classes.

Core Bond Index Fund (VPCIX/VPCDX) Year of Inception: 1997 Total Net Assets: $1,056 million

Investment Objective:	To offer current income by approximating the performance of the Lehman Brothers Aggregate Bond Index.
Market Index:	Lehman Brothers Aggregate Bond Index

500 Stock Index Fund (VPFIX/VPSKX) Year of Inception: 1997 Total Net Assets: $351 million

Investment Objective:	To offer long-term capital growth by approximating the performance of the S&P 500 Index.
Market Index:	S&P 500 Index

Broad Market Index Fund (VPMIX/VPBMX) Year of Inception: 1994 Total Net Assets: $559 million

Investment Objective:	To offer long-term capital growth by approximating the performance of the Dow Jones Wilshire 5000 Composite Index.
Market Index:	Dow Jones Wilshire 5000 Composite Index (FA)

Mid/Small Company Index Fund (VPSIX/VPMSX) Year of Inception: 1997 Total Net Assets: $208 million

Investment Objective:	To offer long-term capital growth by approximating the performance of the Dow Jones Wilshire 4500 Completion Index.
Market Index:	Dow Jones Wilshire 4500 Completion Index (FA)

Overseas Equity Index Fund (VPOIX/VPOEX) Year of Inception: 1997 Total Net Assets: $212 million

Investment Objective:	To offer long-term capital growth and diversification by approximating the performance of the Morgan Stanley Capital International (MSCI) Europe Australasia Far East (EAFE) Free Index.
Market Index:	MSCI EAFE Free Index

13

Model Portfolio Funds

Model Portfolio Savings Oriented Fund (VPSOX) Year of Inception: 1995 Total Net Assets: $309 million

Investment Objective:	To offer capital preservation, reasonable current income, and some capital growth, while seeking to limit risk.
Allocation Range:	Fixed Income Funds
	Vantagepoint Low Duration Bond Fund	38% - 48%
	Vantagepoint Core Bond Index Fund (Class I)	8% - 18%
	Vantagepoint Inflation Protected Securities Fund	4% - 14%
	Equity Funds
	Vantagepoint Equity Income Fund	5% - 15%
	Vantagepoint Growth & Income Fund	5% - 15%
	Vantagepoint International Fund	0% - 10%
	Multi-Strategy Funds
	Vantagepoint Diversified Assets Fund	0% - 10%
Market Indexes:	S&P 500 Index
	Lehman Brothers Intermediate Aggregate Bond Index
Peer Group:	Morningstar Conservative Allocation Funds Average

Model Portfolio Conservative Growth Fund (VPCGX) Year of Inception: 1996 Total Net Assets: $566 million

Investment Objective:	To offer reasonable current income and capital preservation, with modest potential for capital growth.
Allocation Range:	Fixed Income Funds
	Vantagepoint Low Duration Bond Fund	18% - 28%
	Vantagepoint Core Bond Index Fund (Class I)	16% - 26%
	Vantagepoint Inflation Protected Securities Fund	2% - 12%
	Equity Funds
	Vantagepoint Equity Income Fund	6% - 16%
	Vantagepoint Growth & Income Fund	4% - 14%
	Vantagepoint Growth Fund	1% - 11%
	Vantagepoint Select Value Fund	0% - 10%
	Vantagepoint Aggressive Opportunities Fund	0% - 10%
	Vantagepoint International Fund	3% - 13%
	Multi-Strategy Funds
	Vantagepoint Diversified Assets Fund	0% - 10%
Market Indexes:	S&P 500 Index
	Lehman Brothers Intermediate Aggregate Bond Index
Peer Group:	Morningstar Conservative Allocation Funds Average

14

Model Portfolio Traditional Growth Fund (VPTGX) Year of Inception: 1996 Total Net Assets: $1,401 million

Investment Objective:	To offer moderate capital growth and reasonable current income.
Allocation Range:	Fixed Income Funds
	Vantagepoint Low Duration Bond Fund	3% - 13%
	Vantagepoint Core Bond Index Fund (Class I)	13% - 23%
	Vantagepoint Inflation Protected Securities Fund	0% - 10%
	Equity Funds
	Vantagepoint Equity Income Fund	7% - 17%
	Vantagepoint Growth & Income Fund	7% - 17%
	Vantagepoint Growth Fund	5% - 15%
	Vantagepoint Select Value Fund	0% - 10%
	Vantagepoint Aggressive Opportunities Fund	0% - 10%
	Vantagepoint Discovery Fund	0% - 10%
	Vantagepoint International Fund	7% - 17%
	Multi-Strategy Funds
	Vantagepoint Diversified Assets Fund	0% -10%
Market Indexes:	S&P 500 Index
	Lehman Brothers Intermediate Aggregate Bond Index
Peer Group:	Morningstar Moderate Allocation Funds Average

Model Portfolio Long-Term Growth Fund (VPLGX) Year of Inception: 1996 Total Net Assets: $1,583 million

Investment Objective:	To offer high long-term capital growth and modest current income.
Allocation Range:	Fixed Income Funds
	Vantagepoint Core Bond Index Fund (Class I)	10% -20%
	Equity Funds
	Vantagepoint Equity Income Fund	8% -18%
	Vantagepoint Growth & Income Fund	8% -18%
	Vantagepoint Growth Fund	7% -17%
	Vantagepoint Select Value Fund	4% -14%
	Vantagepoint Aggressive Opportunities Fund	4% -14%
	Vantagepoint Discovery Fund	0% -10%
	Vantagepoint International Fund	11% -21%
	Multi-Strategy Funds
	Vantagepoint Diversified Assets Fund	0% -10%
Market Indexes:	S&P 500 Index
	Lehman Brothers Intermediate Aggregate Bond Index
Peer Group:	Morningstar Large Blend Funds Average

Model Portfolio All-Equity Growth Fund (VPAGX) Year of Inception: 2000 Total Net Assets: $550 million

Investment Objective:	To offer high long-term capital growth.
Allocation Range:	Equity Funds
	Vantagepoint Equity Income Fund	13% - 23%
	Vantagepoint Growth & Income Fund	12% - 22%
	Vantagepoint Growth Fund	12% - 22%
	Vantagepoint Select Value Fund	5% - 15%
	Vantagepoint Aggressive Opportunities Fund	5% - 15%
	Vantagepoint Discovery Fund	4% - 14%
	Vantagepoint International Fund	15% - 25%
Market Indexes:	S&P 500 Index
	MSCI EAFE Index
Peer Group:	Morningstar Large Blend Funds Average

15

Vantagepoint Milestone Funds

Milestone Retirement Income Fund (VPRRX) Year of Inception: 2005 Total Net Assets: $53 million

Investment Objective:	To seek to offer current income and opportunities for capital growth that have limited risk.
Allocation Range:	Fixed Income Funds
	Vantagepoint Low Duration Bond Fund	35% - 45%
	Vantagepoint Core Bond Index Fund (Class I)	6% - 16%
	Vantagepoint Inflation Protected Securities Fund	4% - 14%
	Equity Funds
	Vantagepoint Equity Income Fund	7% - 17%
	Vantagepoint Growth & Income Fund	7% - 17%
	Vantagepoint International Fund	1% - 11%
	Multi-Strategy Funds
	Vantagepoint Diversified Assets Fund	0% - 10%
Market Indexes:	S&P 500 Index
	Lehman Brothers Intermediate Aggregate Bond Index
Peer Group:	Morningstar Target Date 2000-2014 Funds Average

Milestone 2010 Fund (VPRQX) Year of Inception: 2005 Total Net Assets: $73 million

Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Range:	Fixed Income Funds
	Vantagepoint Low Duration Bond Fund	25% - 35%
	Vantagepoint Core Bond Index Fund (Class I)	6% - 16%
	Vantagepoint Inflation Protected Securities Fund	3% - 13%
	Equity Funds
	Vantagepoint Equity Income Fund	10% - 20%
	Vantagepoint Growth & Income Fund	6% - 16%
	Vantagepoint Growth Fund	0% - 10%
	Vantagepoint Mid/Small Company Index Fund (Class I)	0% - 10%
	Vantagepoint International Fund	3% - 13%
	Multi-Strategy Funds
	Vantagepoint Diversified Assets Fund	0% - 10%
Market Indexes:	S&P 500 Index
	Lehman Brothers Intermediate Aggregate Bond Index
Peer Group:	Morningstar Target Date 2000-2014 Funds Average

Milestone 2015 Fund (VPRPX) Year of Inception: 2005 Total Net Assets: $138 million

Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Range:	Fixed Income Funds
	Vantagepoint Low Duration Bond Fund	10% - 20%
	Vantagepoint Core Bond Index Fund (Class I)	12% - 22%
	Vantagepoint Inflation Protected Securities Fund	0% - 10%
	Equity Funds
	Vantagepoint Equity Income Fund	14% - 24%
	Vantagepoint Growth & Income Fund	6% - 16%
	Vantagepoint Growth Fund	3% - 13%
	Vantagepoint Mid/Small Company Index Fund (Class I)	2% - 12%
	Vantagepoint International Fund	6% - 16%
	Multi-Strategy Funds
	Vantagepoint Diversified Assets Fund	0% - 10%
Market Indexes:	S&P 500 Index
	Lehman Brothers Intermediate Aggregate Bond Index
Peer Group:	Morningstar Target Date 2015-2029 Funds Average

16

Milestone 2020 Fund (VPROX) Year of Inception: 2005 Total Net Assets: $124 million

Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Range:	Fixed Income Funds
	Vantagepoint Low Duration Bond Fund	2% - 12%
	Vantagepoint Core Bond Index Fund (Class I)	13% - 23%
	Equity Funds
	Vantagepoint Equity Income Fund	17% - 27%
	Vantagepoint Growth & Income Fund	7% - 17%
	Vantagepoint Growth Fund	4% - 14%
	Vantagepoint Mid/Small Company Index Fund (Class I)	5% - 15%
	Vantagepoint International Fund	8% - 18%
	Multi-Strategy Funds
	Vantagepoint Diversified Assets Fund	0% - 10%
Market Indexes:	S&P 500 Index
	Lehman Brothers Intermediate Aggregate Bond Index
Peer Group:	Morningstar Target Date 2015-2029 Funds Average

Milestone 2025 Fund (VPRNX) Year of Inception: 2005 Total Net Assets: $90 million

Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Range:	Fixed Income Funds
	Vantagepoint Low Duration Bond Fund	0% - 10%
	Vantagepoint Core Bond Index Fund (Class I)	10% - 20%
	Equity Funds
	Vantagepoint Equity Income Fund	18% - 28%
	Vantagepoint Growth & Income Fund	8% - 18%
	Vantagepoint Growth Fund	5% - 15%
	Vantagepoint Mid/Small Company Index Fund (Class I)	7% - 17%
	Vantagepoint International Fund	10% - 20%
	Multi-Strategy Funds
	Vantagepoint Diversified Assets Fund	0% - 10%
Market Indexes:	S&P 500 Index
	Lehman Brothers Intermediate Aggregate Bond Index
Peer Group:	Morningstar Target Date 2015-2029 Funds Average

Milestone 2030 Fund (VPRMX) Year of Inception: 2005 Total Net Assets: $69 million

Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Range:	Fixed Income Funds
	Vantagepoint Core Bond Index Fund (Class I)	8% - 18%
	Equity Funds
	Vantagepoint Equity Income Fund	20% - 30%
	Vantagepoint Growth & Income Fund	9% - 19%
	Vantagepoint Growth Fund	6% - 16%
	Vantagepoint Mid/Small Company Index Fund (Class I)	10% - 20%
	Vantagepoint International Fund	11% - 21%
	Multi-Strategy Funds
	Vantagepoint Diversified Assets Fund	0% - 10%
Market Indexes:	S&P 500 Index
	Lehman Brothers Intermediate Aggregate Bond Index
Peer Group:	Morningstar Target Date 2030+ Funds Average

17

Milestone 2035 Fund (VPRLX) Year of Inception: 2005 Total Net Assets: $39 million

Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation
Allocation Range:	Fixed Income Funds
	Vantagepoint Core Bond Index Fund (Class I)	6% - 16%
	Equity Funds
	Vantagepoint Equity Income Fund	21% - 31%
	Vantagepoint Growth & Income Fund	10% - 20%
	Vantagepoint Growth Fund	7% - 17%
	Vantagepoint Mid/Small Company Index Fund (Class I)	13% - 23%
	Vantagepoint International Fund	13% - 23%
	Multi-Strategy Funds
	Vantagepoint Diversified Assets Fund	0% - 10%
Market Indexes:	S&P 500 Index
	Lehman Brothers Intermediate Aggregate Bond Index
Peer Group:	Morningstar Target Date 2030+ Funds Average

Milestone 2040 Fund (VPRKX) Year of Inception: 2005 Total Net Assets: $38 million

Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation
Allocation Range:	Fixed Income Funds
	Vantagepoint Core Bond Index Fund (Class I)	5% - 15%
	Equity Funds
	Vantagepoint Equity Income Fund	21% - 31%
	Vantagepoint Growth & Income Fund	10% - 20%
	Vantagepoint Growth Fund	7% - 17%
	Vantagepoint Mid/Small Company Index Fund (Class I)	14% - 24%
	Vantagepoint International Fund	13% - 23%
Market Indexes:	S&P 500 Index
	MSCI EAFE Index
Peer Group:	Morningstar Target Date 2030+ Funds Average

The following describes the market indexes noted:

S&P 500 Index — consists of 500 companies representing larger capitalization stocks traded in the U.S.

Dow Jones Wilshire 5000 Composite Index (FA) — consists of substantially all common equity securities of companies domiciled in the U.S. for which daily pricing is available and is calculated using a float adjusted methodology.

Dow Jones Wilshire 4500 Completion Index (FA) — consists of all 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 and is calculated using a float adjusted methodology.

Merrill Lynch 1-3 Year Government/Corporate Bond Index — 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.

Morgan Stanley Capital International (MSCI) Europe Australasia Far East (EAFE) Index (“EAFE Index”) — is a free float-adjusted market capitalization index that is designed to measure developed market equity performance excluding the U.S. and Canada.

Morgan Stanley Capital International (MSCI) Europe Australasia Far East (EAFE) Free Index (“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.

Lehman Aggregate Bond Index — consists of investment-grade U.S. fixed income securities.

Lehman Brothers Intermediate Aggregate Bond Index — consists of U.S. Government, mortgage, corporate and asset backed securities with maturities of one to 10 years.

Lehman Brothers U.S. TIPS Index — consists of all U.S. Treasury Inflation Protected Securities rated investment grade or better, having at lease one year to final maturity and at least $250 million par amount outstanding.

Lehman Brothers Long-Term Treasury Bond Index — consists of all Treasury obligations with maturities of 10 years or greater.

Russell 1000 Index — measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market.

Russell 1000 Value Index — measures the performance of the large-cap value segment of the U.S. equity universe. It includes the Russell 1000 companies with lower price-to-book ratios and higher forecasted growth values.

Russell 1000 Growth Index — measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell companies with higher price-to-book ratios and higher forecasted growth values.

Russell MidCap Index — measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index.

Russell MidCap Growth Index — measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000 Index — measures the performance of the small-cap segment of the U.S. equity universe.

18

Vantagepoint Funds Asset Allocations (percentages of total assets)

Fund Name	Repurchase Agreements		Certificates of Deposits		Time Deposits		Variable Rate Demand Notes		Commercial Paper		Medium Term Notes		Funding Agreements		Asset-backed Commercial Paper		U.S. Gov’t Agency Discount Notes		Master Notes		Euro CDs		Bank Notes		U.S. Agency Floater Notes
Vantagepoint Money Market Fund	9.9	%	28.4	%	4.2	%	5.2	%	5.1	%	4.7	%	1.2	%	34.2	%	0.2	%	2.3	%	3.3	%	0.8	%	0.5	%

	Asset-backed		Mortgage-related		Muni		Non-US		US Agency		US Corp		US Treas		Cash
Vantagepoint Low Duration Bond Fund	22.6	%	9.0	%	0.0	%	1.1	%	7.1	%	35.9	%	20.5	%	3.8	%
Vantagepoint Inflation Protected Securities Fund	0.4	%	3.1	%	0.0	%	0.0	%	2.0	%	1.8	%	92.9	%	0.0	%
Vantagepoint Core Bond Index Fund Class I	0.7	%	44.0	%	0.2	%	2.8	%	10.9	%	19.4	%	22.0	%	0.1	%
Vantagepoint Core Bond Index Fund Class II	0.7	%	44.0	%	0.2	%	2.8	%	10.9	%	19.4	%	22.0	%	0.1	%

	Consumer Discretionary		Consumer Staples		Energy		Financials		Health Care		Industrials		Information Technology		Materials		Telecomm		Utilities		Cash & Equivalents
Vantagepoint Equity Income Fund	18.3	%	5.5	%	14.6	%	15.4	%	7.6	%	9.7	%	12.3	%	3.8	%	4.6	%	3.8	%	4.4	%
Vantagepoint 500 Stock Index Fund Class I	8.0	%	10.5	%	15.8	%	13.9	%	11.7	%	11.0	%	16.2	%	3.8	%	3.3	%	3.9	%	1.9	%
Vantagepoint 500 Stock Index Fund Class II	8.0	%	10.5	%	15.8	%	13.9	%	11.7	%	11.0	%	16.2	%	3.8	%	3.3	%	3.9	%	1.9	%
Vantagepoint Growth & Income Fund	8.2	%	9.4	%	10.2	%	14.7	%	13.6	%	8.6	%	18.5	%	5.6	%	4.1	%	3.3	%	4.0	%
Vantagepoint Broad Market Index Fund Class I	8.9	%	9.1	%	15.2	%	14.9	%	11.5	%	11.4	%	16.3	%	4.4	%	2.9	%	4.2	%	1.3	%
Vantagepoint Broad Market Index Fund Class II	8.9	%	9.1	%	15.2	%	14.9	%	11.5	%	11.4	%	16.3	%	4.4	%	2.9	%	4.2	%	1.3	%
Vantagepoint Growth Fund	7.7	%	11.7	%	7.1	%	11.9	%	10.7	%	12.6	%	32.3	%	2.0	%	0.1	%	0.9	%	3.1	%
Vantagepoint Select Value Fund	11.8	%	6.9	%	7.0	%	25.9	%	4.8	%	9.2	%	10.1	%	7.7	%	1.7	%	12.9	%	2.0	%
Vantagepoint Aggressive Opportunities Fund	17.5	%	1.6	%	7.6	%	13.0	%	14.1	%	13.4	%	22.3	%	2.9	%	4.5	%	0.3	%	2.8	%
Vantagepoint Mid-Small Company Index Fund Class I	10.9	%	2.8	%	12.5	%	19.4	%	10.2	%	13.8	%	15.4	%	6.4	%	1.6	%	5.2	%	1.8	%
Vantagepoint Mid-Small Company Index Fund Class II	10.9	%	2.8	%	12.5	%	19.4	%	10.2	%	13.8	%	15.4	%	6.4	%	1.6	%	5.2	%	1.8	%
Vantagepoint Discovery Fund*	9.8	%	2.7	%	13.7	%	15.5	%	12.7	%	12.8	%	17.3	%	6.7	%	2.8	%	2.0	%	4.1	%

* The Sector Allocation reflected was calculated using the actual equity securities held by the Vantagepoint Discovery Fund and blending them with the sectors represented in the Russell 2000 Index futures held by this Fund.

	Australia		Canada		France		Germany		Hong Kong		Italy		Japan		Netherlands		Russia		Spain		Sweden		Switzerland		United Kingdom		U.S. Cash		Other**
Vantagepoint Overseas Equity Index Fund Class I	6.6	%	0.0	%	9.6	%	8.7	%	2.1	%	3.7	%	20.6	%	4.6	%	0.0	%	3.9	%	2.2	%	6.8	%	19.5	%	1.9	%	9.8	%
Vantagepoint Overseas Equity Index Fund Class II	6.6	%	0.0	%	9.6	%	8.7	%	2.1	%	3.7	%	20.6	%	4.6	%	0.0	%	3.9	%	2.2	%	6.8	%	19.5	%	1.9	%	9.8	%
Vantagepoint International Fund	2.7	%	6.3	%	9.7	%	7.6	%	5.0	%	1.6	%	23.0	%	2.8	%	2.0	%	3.4	%	1.8	%	7.8	%	12.3	%	3.5	%	10.6	%

** Other represents countries with under a 2% individual weighting.

Rows may not sum to 100% due to rounding.

19

Vantagepoint Funds Asset Allocations (percentages of total assets) continued

	Low Duration Bond Fund		Core Bond Index Fund		Inflation Protected Securities Fund		Equity Income Fund		Growth & Income Fund		Growth Fund		Select Value Fund		Mid/Small Index Fund		Aggressive Opportunities Fund		Discovery Fund		International Fund		Diversified Assets Fund
Vantagepoint Model Portfolio Savings Oriented Fund	43.0	%	13.0	%	9.0	%	10.0	%	10.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	5.0	%	10.0	%
Vantagepoint Model Portfolio Conservative Growth Fund	23.0	%	20.5	%	6.5	%	11.0	%	9.0	%	6.0	%	3.0	%	0.0	%	3.0	%	0.0	%	8.0	%	10.0	%
Vantagepoint Model Portfolio Traditional Growth Fund	8.0	%	18.0	%	4.0	%	12.0	%	12.0	%	10.0	%	5.5	%	0.0	%	5.5	%	3.0	%	12.0	%	10.0	%
Vantagepoint Model Portfolio Long-Term Growth Fund	15.0	%	0.0	%	0.0	%	13.0	%	13.0	%	11.5	%	8.5	%	0.0	%	8.5	%	4.5	%	16.0	%	10.0	%
Vantagepoint Model Portfolio All-Equity Growth Fund	0.0	%	0.0	%	0.0	%	18.0	%	17.0	%	17.0	%	9.5	%	0.0	%	9.5	%	9.0	%	20.0	%	0.0	%
Vantagepoint Milestone Retirement Income Fund	40.0	%	11.0	%	9.0	%	12.0	%	12.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	6.0	%	10.0	%
Vantagepoint Milestone 2010 Fund	33.0	%	11.0	%	8.0	%	14.0	%	11.6	%	2.8	%	0.0	%	2.0	%	0.0	%	0.0	%	7.6	%	10.0	%
Vantagepoint Milestone 2015 Fund	17.5	%	14.6	%	3.9	%	18.6	%	11.0	%	7.4	%	0.0	%	6.2	%	0.0	%	0.0	%	10.8	%	10.0	%
Vantagepoint Milestone 2020 Fund	8.0	%	18.7	%	0.0	%	21.6	%	11.6	%	8.4	%	0.0	%	9.0	%	0.0	%	0.0	%	12.7	%	10.0	%
Vantagepoint Milestone 2025 Fund	3.0	%	15.5	%	0.0	%	23.1	%	13.1	%	9.4	%	0.0	%	11.5	%	0.0	%	0.0	%	14.5	%	10.0	%
Vantagepoint Milestone 2030 Fund	0.0	%	12.8	%	0.0	%	24.4	%	14.2	%	10.4	%	0.0	%	14.2	%	0.0	%	0.0	%	16.0	%	8.0	%
Vantagepoint Milestone 2035 Fund	0.0	%	11.1	%	0.0	%	25.4	%	14.7	%	11.4	%	0.0	%	17.2	%	0.0	%	0.0	%	17.3	%	3.0	%
Vantagepoint Milestone 2040 Fund	0.0	%	10.0	%	0.0	%	26.0	%	15.0	%	12.0	%	0.0	%	19.0	%	0.0	%	0.0	%	18.0	%	0.0	%

	Stocks				Bonds				Cash
Vantagepoint Asset Allocation Fund			100	%			0	%			0	%
	Stocks				Bonds				Cash				Currencies
	Short		Long		Short		Long		Short		Long		Short		Long
Vantagepoint Diversified Assets Fund*	-17	%	25	%	-42	%	137	%	0	%	18	%	-40	%	40	%

* Portfolio exposures represent the market value of physical securities and the measurement of exposure through the derivative instruments held by the Vantagepoint Diversified Assets Fund as a percent of the Fund’s net assets. For the purpose of displaying this allocation information, exposure through derivatives is measured based on the value of the underlying assets, rate or index represented by the derivative. This measurement is different from the valuation used for the purposes of calculating the Fund’s net asset value. This measurement method is intended to reflect the “economic exposure “ of the derivative – effectively, the market exposure, to the Fund. This may result in a total percentage reflected in the chart that exceeds 100%. In its use of derivative instruments, the Vantagepoint Diversified Assets Fund may take both long positions (the values of which move in the same direction as the prices of the underlying investments, pools of investments, indexes or currencies) and short positions (the values of which move in the opposite direction as the prices of the underlying investments, pools of investments, indexes or currencies). These long and short positions are reflected in the chart above.

Rows may not sum to 100% due to rounding.

20

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities

June 30, 2008 (Unaudited)

	Money Market		Low Duration Bond(1)			Inflation Protected Securities(2)		Asset Allocation			Equity Income
ASSETS:
Securities, at market value†	$	354,969,445	$	613,236,209		$	464,286,866	$	650,502,560		$	1,682,734,295
Cash		—		1,966			178,822		—			52,993
Cash collateral for futures contracts		—		—			2,150,000		—			—
Cash denominated in foreign currencies		—		—			205,921		—			—
Receivable for:
Dividends		752,941		28,529			20,927		693,147			1,734,793
Interest		—		3,860,897			2,759,288		—			—
Security lending income		—		29,513			3,484		22,468			170,269
Investments sold		—		893,124			197,073		18			2,681,400
Fund shares sold		2,677,376		1,462,818			3,441,296		—			640,125
Recoverable foreign taxes		—		—			4,545		—			—
Unrealized gain on swaps		—		—			110,100		—			—
Variation margin on futures contracts		—		—			—		94,765			—
Gross unrealized gain on forward foreign currency exchange contracts		—		—			47,560		—			—
Due from Broker		—		—			16,070		—			—
Total Assets		358,399,762		619,513,056			473,421,952		651,312,958			1,688,013,875
LIABILITIES:
Payable for:
Investments purchased		—		1,009,961			18,446,469		299,257			2,513,978
Distributions		598,425		1,462,806			2,229,859		—			—
Fund shares redeemed		42,656		412,781			143,027		264,794			633,123
Variation margin on futures contracts		—		—			6,445		—			—
Collateral for securities loaned		—		113,124,259			102,327,713		27,099,058			155,350,007
Unrealized loss on swaps		—		—			1,026,469		—			—
Options written, at value (Cost $0, $0, $(259,965), $0 and $0, respectively)		—		—			253,862		—			—
Due to custodian		—		—			—		379,309			—
Gross unrealized loss on forward foreign currency exchange contracts		—		—			105		—			—
Accrued Expenses:
Advisory fees		29,050		41,124			27,975		53,742			131,307
Subadviser fees		—		408,944			183,619		405,330			1,519,307
Investor services		58,101		82,250			55,951		107,487			262,619
Fund services		43,576		61,688			41,963		80,615			196,965
Administration		5,139		14,345			7,244		21,255			33,851
Directors		974		1,781			834		2,562			5,703
Other accrued expense		13,091		73,021			26,528		140,488			140,120
Total Liabilities		791,012		116,692,960			124,778,063		28,853,897			160,786,980
NET ASSETS	$	357,608,750	$	502,820,096		$	348,643,889	$	622,459,061		$	1,527,226,895
NET ASSETS REPRESENTED BY:
Paid-in capital	$	357,608,750	$	510,372,957		$	341,434,319	$	579,499,590		$	1,448,698,137
Net unrealized appreciation (depreciation) on investments, futures contracts, foreign currency transactions, written options and swaps		—		(2,023,290	)		5,800,766		49,925,429			30,973,622
Undistributed net investment income		—		147,563			323,340		5,446,398			12,906,969
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, written options and swaps		—		(5,677,134	)		1,085,464		(12,412,356	)		34,648,167
NET ASSETS	$	357,608,750	$	502,820,096		$	348,643,889	$	622,459,061		$	1,527,226,895
CAPITAL SHARES:
Net Assets	$	357,608,750	$	502,820,096		$	348,643,889	$	622,459,061		$	1,527,226,895
Shares Outstanding		357,608,747		51,355,083			32,780,505		83,156,891			176,203,904
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	1.00	$	9.79		$	10.64	$	7.49		$	8.67
Cost of investments	$	354,969,445	$	615,259,499		$	457,375,745	$	592,184,926		$	1,651,760,673
Cost of cash denominated in foreign currencies	$	—	$	—		$	202,467	$	—		$	—
†       Includes securities on loan with market values of (Note 6):	$	—	$	110,879,477		$	100,113,357	$	26,201,038		$	149,727,913
(1)    Formerly Short-Term Bond Fund.
(2)    Formerly US Government Securities Fund.

See Notes to Financial Statements. 21

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities

June 30, 2008 (Unaudited)

	Growth & Income		Growth			Select Value			Aggressive Opportunities
ASSETS:
Securities, at market value†	$	1,063,483,124	$	2,341,856,274		$	340,033,799		$	1,209,666,277
Cash		12,109,598		—			—			17,459
Cash denominated in foreign currencies		—		—			18,681			174,724
Receivable for:
Dividends		1,205,831		1,650,129			493,964			582,382
Interest		1,706		—			—			143,293
Security lending income		33,310		111			21,631			309,580
Investments sold		4,827,718		8,854,038			11,741,369			3,295,215
Fund shares sold		401,612		278,436			105,055			154,766
Recoverable foreign taxes		18,219		23,358			—			—
Variation margin on futures contracts		—		—			275			—
Total Assets		1,082,081,118		2,352,662,346			352,414,774			1,214,343,696
LIABILITIES:
Payable for:
Investments purchased		7,374,127		16,650,745			10,957,323			4,425,921
Fund shares redeemed		181,386		1,205,077			11,056			512,339
Collateral for securities loaned		72,424,113		131,529,337			62,000,345			229,834,163
Due to custodian		—		2,426			29,567			—
Accrued Expenses:
Advisory fees		85,396		188,956			24,018			85,185
Subadviser fees		762,672		2,153,747			517,821			1,068,523
Investor services		170,794		377,918			48,037			170,373
Fund services		128,096		283,440			36,028			127,781
Administration		22,275		71,222			8,935			26,437
Directors		3,780		8,813			790			4,054
Other accrued expense		105,591		288,709			52,179			136,417
Total Liabilities		81,258,230		152,760,390			73,686,099			236,391,193
NET ASSETS	$	1,000,822,888	$	2,199,901,956		$	278,728,675		$	977,952,503
NET ASSETS REPRESENTED BY:
Paid-in capital	$	976,230,705	$	2,382,813,500		$	318,780,768		$	957,812,177
Net unrealized appreciation (depreciation) on investments, futures contracts, foreign currency transactions, written options and swaps		13,143,020		112,593,007			(25,833,663	)		(39,228,372	)
Undistributed net investment income		5,246,378		6,729,395			1,871,952			1,974,491
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, written options and swaps		6,202,785		(302,233,946	)		(16,090,382	)		57,394,207
NET ASSETS	$	1,000,822,888	$	2,199,901,956		$	278,728,675		$	977,952,503
CAPITAL SHARES:
Net Assets	$	1,000,822,888	$	2,199,901,956		$	278,728,675		$	977,952,503
Shares Outstanding		107,067,491		237,980,670			31,987,338			98,322,151
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	9.35	$	9.24		$	8.71		$	9.95
Cost of investments	$	1,050,340,046	$	2,229,263,267		$	365,847,743		$	1,248,895,866
Cost of cash denominated in foreign currencies	$	—	$	—		$	18,681		$	173,507
†       Includes securities on loan with market values of (Note 6):	$	69,679,417	$	128,697,897		$	59,876,131		$	220,441,019

22 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities

June 30, 2008 (Unaudited)

	Discovery			International		Diversified Assets
ASSETS:
Securities, at market value†	$	199,656,712		$	1,106,038,430	$	445,384,459
Cash		3,925,735			1,404,962		827,766
Cash collateral for futures contracts		—			—		507,760
Cash denominated in foreign currencies		16,476			6,445,848		109,191
Receivable for:
Dividends		131,784			1,378,727		43,039
Interest		746,125			—		1,445,487
Security lending income		34,508			28,736		—
Investments sold		527,747			5,198,169		—
Fund shares sold		44,347			181,910		—
Recoverable foreign taxes		—			874,451		—
Unrealized gain on swaps		—			—		3,907,466
Variation margin on futures contracts		—			—		1,100,552
Gross unrealized gain on forward foreign currency exchange contracts		—			643,030		3,613,761
Total Assets		205,083,434			1,122,194,263		456,939,481
LIABILITIES:
Payable for:
Investments purchased		875,077			3,011,019		—
Fund shares redeemed		—			292,462		221,458
Variation margin on futures contracts		838,466			—		—
Collateral for securities loaned		40,556,855			69,583,854		—
Unrealized loss on swaps		—			—		59,694
Options written, at value (Cost $0, $0 and $(189,853), respectively)		—			—		99,591
Gross unrealized loss on forward foreign currency exchange contracts		—			152,262		1,557,780
Accrued Expenses:
Advisory fees		14,019			88,204		37,238
Subadviser fees		184,367			1,418,386		884,936
Investor services		28,039			176,412		74,478
Fund services		21,030			132,310		55,859
Administration		5,196			20,985		13,435
Directors		464			3,804		1,249
Other accrued expense		36,267			192,473		67,201
Total Liabilities		42,559,780			75,072,171		3,072,919
NET ASSETS	$	162,523,654		$	1,047,122,092	$	453,866,562
NET ASSETS REPRESENTED BY:
Paid-in capital	$	189,844,093		$	970,691,581	$	452,250,247
Net unrealized appreciation (depreciation) on investments, futures contracts, foreign currency transactions, written options and swaps		(19,346,615	)		47,383,921		3,086,405
Undistributed net investment income		1,549,471			11,950,141		7,320,773
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, written options and swaps		(9,523,295	)		17,096,449		(8,790,863	)
NET ASSETS	$	162,523,654		$	1,047,122,092	$	453,866,562
CAPITAL SHARES:
Net Assets	$	162,523,654		$	1,047,122,092	$	453,866,562
Shares Outstanding		19,080,749			94,307,325		45,197,698
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	8.52		$	11.10	$	10.04
Cost of investments	$	214,094,292		$	1,059,235,385	$	445,608,329
Cost of cash denominated in foreign currencies	$	16,390		$	6,429,402	$	109,811
†       Includes securities on loan with market values of (Note 6):	$	38,885,642		$	66,558,085	$	—

See Notes to Financial Statements. 23

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities

June 30, 2008 (Unaudited)

	Core Bond Index			500 Stock Index			Broad Market Index		Mid/Small Company Index		Overseas Equity Index
ASSETS:
Securities, at market value†	$	1,216,591,378		$	371,117,288		$	625,903,335	$	260,062,765	$	219,960,965
Cash		—			—			314,174		10,186		1,340,745
Cash denominated in foreign currencies		—			—			—		—		3,870,866
Receivable for:
Dividends		20,258			469,519			685,583		178,646		435,411
Interest		10,127,696			—			—		—		—
Security lending income		43,943			14,455			50,806		51,790		23,721
Investments sold		16,407,487			3			—		496,688		—
Fund shares sold		4,502,624			61,490			80,261		234,112		9,691
Recoverable foreign taxes		9,482			—			—		—		169,308
Variation margin on futures contracts		—			4,655			—		—		56,174
Gross unrealized gain on forward foreign currency exchange contracts		—			—			—		—		22,685
Total Assets		1,247,702,868			371,667,410			627,034,159		261,034,187		225,889,566
LIABILITIES:
Payable for:
Investments purchased		21,562,857			200,194			298,083		577,254		—
Distributions		4,463,773			—			—		—		—
Fund shares redeemed		513,047			134,606			54,437		84,366		242,024
Variation margin on futures contracts		—			—			6,166		20,179		—
Collateral for securities loaned		164,290,393			20,172,572			67,769,337		52,440,852		13,514,977
Due to custodian		—			22,443			—		—		—
Gross unrealized loss on forward foreign currency exchange contracts		—			—			—		—		9,583
Accrued Expenses:
Advisory fees		43,203			15,021			24,004		8,944		9,029
Subadviser fees		57,204			22,698			33,137		21,915		38,683
Investor services		113,169			21,929			36,197		17,510		14,193
Fund services		113,169			21,929			36,197		17,510		14,193
Administration		21,655			8,497			14,723		4,177		3,965
Directors		3,731			1,381			2,209		746		797
Other accrued expense		104,612			63,953			66,078		34,802		40,135
Total Liabilities		191,286,813			20,685,223			68,340,568		53,228,255		13,887,579
NET ASSETS	$	1,056,416,055		$	350,982,187		$	558,693,591	$	207,805,932	$	212,001,987
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,083,850,511		$	226,558,324		$	394,261,098	$	173,090,621	$	181,596,731
Net unrealized appreciation (depreciation) on investments, futures contracts, foreign currency transactions, written options and swaps		(7,391,650	)		128,887,270			153,701,061		23,419,197		25,708,886
Undistributed net investment income (loss)		(1,547,782	)		3,436,854			10,603,050		1,569,415		3,756,074
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, written options and swaps		(18,495,024	)		(7,900,261	)		128,382		9,726,699		940,296
NET ASSETS	$	1,056,416,055		$	350,982,187		$	558,693,591	$	207,805,932	$	212,001,987
CAPITAL SHARES:
Net Assets—Class I	$	855,143,938		$	80,726,740		$	141,935,182	$	99,595,652	$	60,822,370
Shares Outstanding—Class I		87,829,066			7,904,291			13,009,088		6,650,623		4,604,824
Net Asset Value—Class I, offering and redemption price per share (net assets divided by shares outstanding)	$	9.74		$	10.21		$	10.91	$	14.98	$	13.21
Net Assets—Class II	$	201,272,117		$	270,255,447		$	416,758,409	$	108,210,280	$	151,179,617
Shares Outstanding—Class II		20,570,851			27,910,343			40,409,133		7,568,436		12,096,929
Net Asset Value—Class II, offering and redemption price per share (net assets divided by shares outstanding)	$	9.78		$	9.68		$	10.31	$	14.30	$	12.50
Cost of investments	$	1,223,983,028		$	241,875,226		$	471,833,287	$	236,517,633	$	193,928,883
Cost of cash denominated in foreign currencies	$	—		$	—		$	—	$	—	$	3,838,120
†       Includes securities on loan with market values of (Note 6):	$	161,176,153		$	19,475,974		$	65,230,084	$	50,258,835	$	12,856,349

24 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities

June 30, 2008 (Unaudited)

	Model Portfolio Funds
	Savings Oriented			Conservative Growth		Traditional Growth			Long-Term Growth		All-Equity Growth
ASSETS:
Securities of affiliated Mutual Funds, at market value(a)	$	308,886,480		$	565,655,512	$	1,400,693,003		$	1,583,519,710	$	549,969,639
Receivable for:
Dividends		744,692			1,122,471		1,799,206			1,037,531		—
Investments sold		367,059			47,513		99,616			155,051		47,435
Fund shares sold		159,195			728,668		872,630			221,007		213,356
Total Assets		310,157,426			567,554,164		1,403,464,455			1,584,933,299		550,230,430
LIABILITIES:
Payable for:
Investments purchased		744,692			1,793,381		2,475,800			1,037,531		116,603
Fund shares redeemed		499,734			57,759		196,035			265,997		96,753
Accrued Expenses:
Advisory fees		27,365			49,039		103,083			113,930		48,925
Administration		5,466			10,536		25,084			27,468		8,011
Directors		1,043			1,985		4,921			5,540		1,941
Other accrued expense		40,491			59,386		112,149			125,159		54,435
Total Liabilities		1,318,791			1,972,086		2,917,072			1,575,625		326,668
NET ASSETS	$	308,838,635		$	565,582,078	$	1,400,547,383		$	1,583,357,674	$	549,903,762
NET ASSETS REPRESENTED BY:
Paid-in capital	$	304,185,235		$	551,558,226	$	1,368,172,577		$	1,515,154,700	$	555,724,342
Net unrealized appreciation (depreciation) on investments		(5,700,746	)		3,613,480		26,320,583			13,868,092		(44,117,165	)
Undistributed net investment income (loss)		4,103,480			5,984,128		9,284,826			5,100,933		(387,832	)
Accumulated net realized gain (loss) on investments		6,250,666			4,426,244		(3,230,603	)		49,233,949		38,684,417
NET ASSETS	$	308,838,635		$	565,582,078	$	1,400,547,383		$	1,583,357,674	$	549,903,762
CAPITAL SHARES:
Net Assets	$	308,838,635		$	565,582,078	$	1,400,547,383		$	1,583,357,674	$	549,903,762
Shares Outstanding		12,695,581			23,776,851		61,756,096			70,500,968		24,884,899
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	24.33		$	23.79	$	22.68		$	22.46	$	22.10
Cost of investments	$	314,587,226		$	562,042,032	$	1,374,372,420		$	1,569,651,618	$	594,086,804

(a) Investment in other Vantagepoint Funds (Note 1).

See Notes to Financial Statements. 25

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities

June 30, 2008 (Unaudited)

	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
ASSETS:
Securities of affiliated Mutual Funds, at market value(a)	$	53,252,550		$	72,779,695		$	137,564,864		$	123,562,707		$	90,290,049
Receivable for:
Dividends		118,631			141,488			191,999			126,605			67,775
Investments sold		—			255,145			65,440			6,118			14,590
Fund shares sold		47,836			1,017			99,209			112,979			93,406
Due from investment adviser(b)		26,453			6,899			3,991			4,578			2,399
Total Assets		53,445,470			73,184,244			137,925,503			123,812,987			90,468,219
LIABILITIES:
Payable for:
Investments purchased		120,142			141,488			192,000			239,583			67,775
Fund shares redeemed		46,325			256,163			156,298			—			102,379
Accrued Expenses:
Advisory fees		4,687			6,384			12,226			10,852			8,062
Administration		2,483			2,483			2,158			2,338			2,483
Directors		167			224			432			350			263
Other accrued expense		25,882			26,718			29,944			28,905			27,193
Total Liabilities		199,686			433,460			393,058			282,028			208,155
NET ASSETS	$	53,245,784		$	72,750,784		$	137,532,445		$	123,530,959		$	90,260,064
NET ASSETS REPRESENTED BY:
Paid-in capital	$	54,262,049		$	74,648,457		$	143,034,526		$	129,219,424		$	95,291,975
Net unrealized depreciation on investments		(2,881,349	)		(4,459,781	)		(11,533,404	)		(10,892,481	)		(9,284,162	)
Undistributed net investment income		680,316			747,735			988,189			627,625			313,794
Accumulated net realized gain on investments		1,184,768			1,814,373			5,043,134			4,576,391			3,938,457
NET ASSETS	$	53,245,784		$	72,750,784		$	137,532,445		$	123,530,959		$	90,260,064
CAPITAL SHARES:
Net Assets	$	53,245,784		$	72,750,784		$	137,532,445		$	123,530,959		$	90,260,064
Shares Outstanding		5,124,436			7,064,970			13,030,050			11,584,573			8,419,708
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	10.39		$	10.30		$	10.56		$	10.66		$	10.72
Cost of investments	$	56,133,899		$	77,239,476		$	149,098,268		$	134,455,188		$	99,574,211

(a) Investment in other Vantagepoint Funds (Note 1).

(b) Contractual fee waiver (Note 3)

26 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities

June 30, 2008 (Unaudited)

	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040
ASSETS:
Securities of affiliated Mutual Funds, at market value(a)	$	69,298,837		$	39,208,175		$	37,968,634
Receivable for:
Dividends		37,764			18,521			16,280
Investments sold		304,013			—			—
Fund shares sold		48,621			130,466			37,622
Due from investment adviser(b)		3,729			4,013			3,809
Total Assets		69,692,964			39,361,175			38,026,345
LIABILITIES:
Payable for:
Investments purchased		37,764			148,743			53,902
Fund shares redeemed		350,305			245			—
Accrued Expenses:
Advisory fees		6,116			3,489			3,381
Administration		2,483			2,483			3,407
Directors		186			106			99
Other accrued expense		26,481			25,779			25,538
Total Liabilities		423,335			180,845			86,327
NET ASSETS	$	69,269,629		$	39,180,330		$	37,940,018
NET ASSETS REPRESENTED BY:
Paid-in capital	$	73,999,026		$	42,490,118		$	41,600,338
Net unrealized depreciation on investments		(7,963,315	)		(5,237,357	)		(5,483,881	)
Undistributed net investment income		157,170			67,636			57,310
Accumulated net realized gain on investments		3,076,748			1,859,933			1,766,251
NET ASSETS	$	69,269,629		$	39,180,330		$	37,940,018
CAPITAL SHARES:
Net Assets	$	69,269,629		$	39,180,330		$	37,940,018
Shares Outstanding		6,405,268			3,627,363			3,520,169
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	10.81		$	10.80		$	10.78
Cost of investments	$	77,262,152		$	44,445,532		$	43,452,515

(a) Investment in other Vantagepoint Funds (Note 1).

(b) Contractual fee waiver (Note 3)

See Notes to Financial Statements. 27

VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2008 to June 30, 2008 (Unaudited)

	Money Market		Low Duration Bond(1)			Inflation Protected Securities(2)			Asset Allocation			Equity Income
INVESTMENT INCOME:
Dividends	$	5,596,447	$	54,941		$	41,986		$	5,653,227		$	17,337,238
Interest		—		10,555,599			11,142,039			2,199,626			2,117,197
Security lending income		—		63,064			11,467			71,057			683,247
Foreign taxes withheld on dividends		—		—			—			—			(203,939	)
Total investment income		5,596,447		10,673,604			11,195,492			7,923,910			19,933,743
EXPENSES:
Advisory***		170,656		248,029			159,732			337,762			802,178
Subadviser		—		338,064			255,572			797,063			2,928,366
Investor services		341,314		496,060			319,465			675,528			1,604,365
Fund services		255,986		372,046			239,599			506,647			1,203,276
Custodian		19,658		54,132			44,597			61,970			131,443
Administration		23,031		46,682			29,112			64,452			152,206
Legal		18,129		30,032			16,272			44,994			103,092
Audit		8,225		10,880			10,880			10,880			10,880
Directors		1,545		2,560			1,387			3,835			8,788
State license fees and memberships		10,940		11,593			10,869			53,039			14,828
Other expenses		13,764		13,553			10,551			17,542			67,352
Total expenses		863,248		1,623,631			1,098,036			2,573,712			7,026,774
NET INVESTMENT INCOME		4,733,199		9,049,973			10,097,456			5,350,198			12,906,969
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		—		1,790,896			4,290,114			1,160,968			27,092,320
Forward contracts and foreign currency transactions		—		—			(7,813	)		—			(1,078	)
Futures contracts		—		405,297			720,982			(12,989,637	)		—
Options written		—		—			493,558			—			—
Swaps		—		—			(92,642	)		—			—
Net realized gain (loss)		—		2,196,193			5,404,199			(11,828,669	)		27,091,242
Net change in unrealized appreciation (depreciation) on:
Investments		—		(3,876,363	)		(1,202,042	)		(76,689,050	)		(237,593,932	)
Forward contracts and foreign currency transactions		—		—			52,159			—			220
Futures contracts		—		(54,140	)		(343,196	)		(7,054,184	)		—
Options written		—		—			41,260			—			—
Swaps		—		—			(931,389	)		—			—
Net change in unrealized depreciation		—		(3,930,503	)		(2,383,208	)		(83,743,234	)		(237,593,712	)
NET GAIN (LOSS) ON INVESTMENTS		—		(1,734,310	)		3,020,991			(95,571,903	)		(210,502,470	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,733,199	$	7,315,663		$	13,118,447		$	(90,221,705	)	$	(197,595,501	)

(1) Formerly Short-Term Bond Fund

(2) Formerly US Government Securities Fund

*** Refer to Note 3

28 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2008 to June 30, 2008 (Unaudited)

	Growth & Income			Growth			Select Value			Aggressive Opportunities
INVESTMENT INCOME:
Dividends	$	8,901,192		$	15,436,523		$	3,146,222		$	4,268,522
Interest		402,941			581,210			21,909			359,138
Security lending income		135,442			349,495			82,764			1,271,264
Foreign taxes withheld on dividends		(40,199	)		(57,902	)		(3,046	)		(39,773	)
Total investment income		9,399,376			16,309,326			3,247,849			5,859,151
EXPENSES:
Advisory***		516,127			1,159,598			142,527			513,515
Subadviser		1,498,478			4,209,707			592,113			2,274,225
Investor services		1,032,259			2,319,211			285,056			1,027,037
Fund services		774,196			1,739,412			213,793			770,279
Custodian		109,536			228,983			52,933			135,255
Administration		97,433			220,862			26,866			98,240
Legal		65,525			152,891			17,474			68,692
Audit		10,880			10,880			10,888			10,880
Directors		5,586			13,033			1,489			5,855
State license fees and memberships		13,096			17,424			10,914			13,317
Other expenses		33,495			35,766			21,844			23,397
Total expenses		4,156,611			10,107,767			1,375,897			4,940,692
NET INVESTMENT INCOME		5,242,765			6,201,559			1,871,952			918,459
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		11,198,256			(21,361,417	)		(12,207,397	)		33,886,613
Forward contracts and foreign currency transactions		(13,376	)		1,014,908			(15	)		(46,456	)
Futures contracts		—			—			(45,443	)		—
Net realized gain (loss)		11,184,880			(20,346,509	)		(12,252,855	)		33,840,157
Net change in unrealized appreciation (depreciation) on:
Investments		(144,207,221	)		(279,535,205	)		(10,584,537	)		(168,358,677	)
Forward contracts and foreign currency transactions		(956	)		—			—			881
Futures contracts		—			—			(19,719	)		—
Net change in unrealized depreciation		(144,208,177	)		(279,535,205	)		(10,604,256	)		(168,357,796	)
NET LOSS ON INVESTMENTS		(133,023,297	)		(299,881,714	)		(22,857,111	)		(134,517,639	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(127,780,532	)	$	(293,680,155	)	$	(20,985,159	)	$	(133,599,180	)

*** Refer to Note 3

See Notes to Financial Statements. 29

VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2008 to June 30, 2008 (Unaudited)

	Discovery			International			Diversified Assets
INVESTMENT INCOME:
Dividends	$	599,402		$	20,454,838		$	83,677
Interest		1,605,276			371,461			7,243,910
Security lending income		180,840			276,875			2,458
Foreign taxes withheld on dividends		(1,983	)		(2,304,153	)		—
Total investment income		2,383,535			18,799,021			7,330,045
EXPENSES:
Advisory***		82,478			534,025			222,064
Subadviser		351,407			2,621,572			1,041,308
Investor services		164,958			1,068,057			444,131
Fund services		123,718			801,045			333,099
Custodian		41,921			509,581			74,825
Administration		15,572			100,853			41,644
Legal		10,265			68,037			27,629
Audit		10,888			10,880			10,888
Directors		875			5,800			2,355
State license fees and memberships		10,640			13,093			11,302
Other expenses		13,696			47,162			34,084
Total expenses		826,418			5,780,105			2,243,329
NET INVESTMENT INCOME		1,557,117			13,018,916			5,086,716
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		1,339,780			9,575,113			(1,621,433	)
Forward contracts and foreign currency transactions		(45,335	)		(996,459	)		(3,714,894	)
Futures contracts		(5,359,671	)		—			(6,109,588	)
Options written		—			—			(853,288	)
Swaps		—			—			4,580,949
Net realized gain (loss)		(4,065,226	)		8,578,654			(7,718,254	)
Net change in unrealized appreciation (depreciation) on:
Investments		(7,693,675	)		(124,169,423	)		(195,450	)
Forward contracts and foreign currency transactions		(34,949	)		541,394			4,768,975
Futures contracts		(3,622,292	)		—			(290,675	)
Options written		—			—			83,540
Swaps		—			—			2,431,904
Net change in unrealized appreciation (depreciation)		(11,350,916	)		(123,628,029	)		6,798,294
NET LOSS ON INVESTMENTS		(15,416,142	)		(115,049,375	)		(919,960	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,859,025	)	$	(102,030,459	)	$	4,166,756

*** Refer to Note 3

30 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2008 to June 30, 2008 (Unaudited)

	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index			Overseas Equity Index
INVESTMENT INCOME:
Dividends	$	49,907		$	3,761,560		$	5,650,871		$	1,532,351		$	5,419,878
Interest		26,022,271			94,685			87,138			7,667			34,020
Security lending income		210,606			46,280			181,636			218,744			88,831
Foreign taxes withheld on dividends		(2,780	)		—			(158	)		(567	)		(593,769	)
Total investment income		26,280,004			3,902,525			5,919,487			1,758,195			4,948,960
EXPENSES:
Advisory***		261,157			92,568			147,573			52,404			55,397
Subadviser		113,111			41,126			65,009			42,905			75,606
Investor services Class I		631,771			64,094			112,844			74,793			46,985
Investor services Class II		50,569			71,204			109,958			27,473			39,735
Fund services Class I		631,771			64,094			112,844			74,793			46,985
Fund services Class II		50,569			71,204			109,958			27,473			39,736
Custodian		152,983			42,734			79,076			51,447			151,010
Administration		98,443			35,230			56,195			18,630			20,998
Legal		64,542			24,463			38,988			13,542			14,853
Audit		10,880			10,880			10,880			10,880			10,880
Directors		5,502			2,086			3,323			1,154			1,266
State license fees and memberships		13,059			32,166			11,985			10,765			10,815
Other expenses		33,729			13,843			14,848			8,603			23,604
Total expenses		2,118,086			565,692			873,481			414,862			537,870
NET INVESTMENT INCOME		24,161,918			3,336,833			5,046,006			1,343,333			4,411,090
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		3,935,274			4,728,815			16,713,255			6,094,544			2,712,299
Forward contracts and foreign currency transactions		—			—			—			16			(22,744	)
Futures contracts		—			(890,655	)		(1,390,572	)		(206,405	)		(1,202,237	)
Net realized gain		3,935,274			3,838,160			15,322,683			5,888,155			1,487,318
Net change in unrealized appreciation (depreciation) on:
Investments		(16,585,156	)		(56,204,654	)		(90,427,592	)		(24,626,217	)		(32,465,000	)
Forward contracts and foreign currency transactions		—			—			—			—			339,076
Futures contracts		—			(298,542	)		(282,980	)		(115,076	)		(434,169	)
Net change in unrealized depreciation		(16,585,156	)		(56,503,196	)		(90,710,572	)		(24,741,293	)		(32,560,093	)
NET LOSS ON INVESTMENTS		(12,649,882	)		(52,665,036	)		(75,387,889	)		(18,853,138	)		(31,072,775	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	11,512,036		$	(49,328,203	)	$	(70,341,883	)	$	(17,509,805	)	$	(26,661,685	)

*** Refer to Note 3

See Notes to Financial Statements. 31

VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2008 to June 30, 2008 (Unaudited)

	Model Portfolio Funds
	Savings Oriented			Conservative Growth			Traditional Growth			Long-Term Growth			All-Equity Growth
INVESTMENT INCOME:
Dividend income from affiliated mutual funds@	$	4,242,701		$	6,357,872		$	10,002,543		$	5,883,651		$	—
Total investment income		4,242,701			6,357,872			10,002,543			5,883,651			—
EXPENSES:
Advisory***		155,537			283,165			641,720			712,163			275,120
Custodian		14,122			16,052			19,472			20,126			15,990
Administration		21,320			40,391			100,199			112,920			39,608
Legal		18,566			35,493			88,350			99,816			35,493
Audit		8,225			8,225			8,225			8,225			8,225
Directors		1,583			3,025			7,531			8,509			3,025
State license fees and memberships		11,055			11,801			14,016			14,454			11,701
Other expenses		10,507			20,087			55,406			64,597			26,375
Total expenses		240,915			418,239			934,919			1,040,810			415,537
NET INVESTMENT INCOME (LOSS)		4,001,786			5,939,633			9,067,624			4,842,841			(415,537	)
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		868,219			1,462,742			1,332,230			595,359			2,731,086
Net realized gain		868,219			1,462,742			1,332,230			595,359			2,731,086
Net change in unrealized appreciation (depreciation) on:
Investments		(9,621,118	)		(27,576,086	)		(95,477,815	)		(131,747,118	)		(64,665,469	)
Net change in unrealized depreciation		(9,621,118	)		(27,576,086	)		(95,477,815	)		(131,747,118	)		(64,665,469	)
NET LOSS ON INVESTMENTS		(8,752,899	)		(26,113,344	)		(94,145,585	)		(131,151,759	)		(61,934,383	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,751,113	)	$	(20,173,711	)	$	(85,077,961	)	$	(126,308,918	)	$	(62,349,920	)

@ Received from other Vantagepoint Funds (Note 1).

*** Refer to Note 3

32 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2008 to June 30, 2008 (Unaudited)

	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
INVESTMENT INCOME:
Dividend income from affiliated mutual funds@	$	675,327		$	769,019		$	1,049,444		$	690,015		$	363,973
Total investment income		675,327			769,019			1,049,444			690,015			363,973
EXPENSES:
Advisory***		26,945			35,890			67,650			57,951			42,778
Custodian		12,304			12,464			12,956			12,749			12,550
Administration		7,480			7,480			9,545			7,616			7,480
Legal		3,276			4,150			8,190			6,661			5,024
Audit		8,226			8,226			8,225			8,225			8,225
Directors		279			353			699			568			428
State license fees and memberships		10,372			10,406			10,560			10,502			10,440
Other expenses		3,132			3,285			6,925			5,850			4,334
Total expenses		72,014			82,254			124,750			110,122			91,259
Less reimbursements (Note 3)		(52,398	)		(38,022	)		(31,039	)		(24,229	)		(25,619	)
Net expenses		19,616			44,232			93,711			85,893			65,640
NET INVESTMENT INCOME		655,711			724,787			955,733			604,122			298,333
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		(115,009	)		(162,298	)		334,047			187,534			183,673
Net realized gain (loss)		(115,009	)		(162,298	)		334,047			187,534			183,673
Net change in unrealized appreciation (depreciation) on:
Investments		(1,668,585	)		(2,912,277	)		(8,619,375	)		(8,302,244	)		(6,942,133	)
Net change in unrealized depreciation		(1,668,585	)		(2,912,277	)		(8,619,375	)		(8,302,244	)		(6,942,133	)
NET LOSS ON INVESTMENTS		(1,783,594	)		(3,074,575	)		(8,285,328	)		(8,114,710	)		(6,758,460	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,127,883	)	$	(2,349,788	)	$	(7,329,595	)	$	(7,510,588	)	$	(6,460,127	)

@ Received from other Vantagepoint Funds (Note 1).

*** Refer to Note 3

See Notes to Financial Statements. 33

VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2008 to June 30, 2008 (Unaudited)

	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040
INVESTMENT INCOME:
Dividend income from affiliated mutual funds@	$	201,984		$	98,583		$	87,115
Total investment income		201,984			98,583			87,115
EXPENSES:
Advisory***		31,927			18,104			17,314
Custodian		12,346			12,147			12,124
Administration		7,480			7,480			8,404
Legal		3,604			2,075			1,966
Audit		8,225			8,225			8,225
Directors		308			177			168
State license fees and memberships		10,385			10,327			10,323
Other expenses		3,504			1,953			1,956
Total expenses		77,779			60,488			60,480
Less reimbursements (Note 3)		(24,750	)		(25,418	)		(26,664	)
Net expenses		53,029			35,070			33,816
NET INVESTMENT INCOME		148,955			63,513			53,299
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		51,968			19,278			(67,031	)
Net realized gain (loss)		51,968			19,278			(67,031	)
Net change in unrealized appreciation (depreciation) on:
Investments		(5,565,850	)		(3,387,278	)		(3,252,072	)
Net change in unrealized depreciation		(5,565,850	)		(3,387,278	)		(3,252,072	)
NET LOSS ON INVESTMENTS		(5,513,882	)		(3,368,000	)		(3,319,103	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,364,927	)	$	(3,304,487	)	$	(3,265,804	)

@ Received from other Vantagepoint Funds (Note 1).

*** Refer to Note 3

34 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Money Market						Low Duration Bond(1)
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007			For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	4,733,199		$	12,287,780		$	9,049,973		$	25,702,951
Net realized gain on sale of investments		—			—			2,196,193			526,463
Net change in unrealized appreciation (depreciation) of investments		—			—			(3,930,503	)		5,645,487
Net increase in net assets resulting from operations		4,733,199			12,287,780			7,315,663			31,874,901
Distributions to shareholders from:
Net investment income		(4,733,199	)		(12,287,780	)		(8,902,410	)		(26,485,268	)
Total distributions		(4,733,199	)		(12,287,780	)		(8,902,410	)		(26,485,268	)
Capital share transactions:
Proceeds from sale of shares		83,462,130			144,346,127			28,999,042			114,779,955
Reinvestment of distributions		4,733,199			12,287,779			8,902,410			26,485,268
Value of shares redeemed		(37,385,954	)		(67,605,809	)		(40,614,882	)		(247,207,687	)
Net increase (decrease) from capital share transactions		50,809,375			89,028,097			(2,713,430	)		(105,942,464	)
Total increase (decrease) in net assets		50,809,375			89,028,097			(4,300,177	)		(100,552,831	)
NET ASSETS at beginning of period		306,799,375			217,771,278			507,120,273			607,673,104
NET ASSETS at end of period	$	357,608,750		$	306,799,375		$	502,820,096		$	507,120,273
Undistributed net investment income included in net assets at end of period	$	—		$	—		$	147,563		$	—
SHARE TRANSACTIONS:
Number of shares sold		83,462,127			144,346,127			2,944,007			11,704,639
Number of shares issued through reinvestment of dividends and distributions		4,733,199			12,287,779			902,446			2,707,153
Number of shares redeemed		(37,385,954	)		(67,605,809	)		(4,098,814	)		(25,091,034	)
Net increase (decrease) in shares outstanding		50,809,372			89,028,097			(252,361	)		(10,679,242	)

(1) Formerly Short-Term Bond Fund

See Notes to Financial Statements. 35

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Inflation Protected Securities(2)						Asset Allocation
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007			For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	10,097,456		$	7,991,618		$	5,350,198		$	14,512,820
Net realized gain (loss) on sale of investments		5,404,199			(571,324	)		(11,828,669	)		30,008,564
Net change in unrealized appreciation (depreciation) of investments		(2,383,208	)		9,632,881			(83,743,234	)		1,897,302
Net increase (decrease) in net assets resulting from operations		13,118,447			17,053,175			(90,221,705	)		46,418,686
Distributions to shareholders from:
Net investment income		(9,787,298	)		(7,993,265	)		—			(16,268,835	)
Net realized gain on investments		—			—			—			(17,570,032	)
Total distributions		(9,787,298	)		(7,993,265	)		—			(33,838,867	)
Capital share transactions:
Proceeds from sale of shares		95,548,575			150,935,590			15,880,395			60,033,126
Reinvestment of distributions		9,776,525			7,993,265			—			33,838,867
Value of shares redeemed		(34,221,041	)		(36,319,717	)		(59,528,496	)		(118,504,439	)
Net increase (decrease) from capital share transactions		71,104,059			122,609,138			(43,648,101	)		(24,632,446	)
Total increase (decrease) in net assets		74,435,208			131,669,048			(133,869,806	)		(12,052,627	)
NET ASSETS at beginning of period		274,208,681			142,539,633			756,328,867			768,381,494
NET ASSETS at end of period	$	348,643,889		$	274,208,681		$	622,459,061		$	756,328,867
Undistributed net investment income included in net assets at end of period	$	323,340		$	13,182		$	5,446,398		$	96,200
SHARE TRANSACTIONS:
Number of shares sold		8,849,624			14,820,899			2,017,154			6,785,176
Number of shares issued through reinvestment of dividends and distributions		913,085			796,656			—			3,930,182
Number of shares redeemed		(3,195,193	)		(3,622,766	)		(7,548,878	)		(13,452,049	)
Net increase (decrease) in shares outstanding		6,567,516			11,994,789			(5,531,724	)		(2,736,691	)

(2) Formerly US Government Securities Fund

36 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Equity Income						Growth & Income
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007			For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	12,906,969		$	20,299,925		$	5,242,765		$	11,088,329
Net realized gain on sale of investments		27,091,242			86,852,391			11,184,880			139,516,665
Net change in unrealized depreciation of investments		(237,593,712	)		(57,192,923	)		(144,208,177	)		(68,932,822	)
Net increase (decrease) in net assets resulting from operations		(197,595,501	)		49,959,393			(127,780,532	)		81,672,172
Distributions to shareholders from:
Net investment income		—			(22,816,092	)		—			(13,826,196	)
Net realized gain on investments		—			(61,239,980	)		—			(133,206,281	)
Total distributions		—			(84,056,072	)		—			(147,032,477	)
Capital share transactions:
Proceeds from sale of shares		89,839,074			366,342,980			67,334,059			149,717,691
Reinvestment of distributions		—			84,054,020			—			147,028,373
Value of shares redeemed		(99,766,656	)		(149,503,799	)		(40,431,100	)		(306,299,246	)
Net increase (decrease) from capital share transactions		(9,927,582	)		300,893,201			26,902,959			(9,553,182	)
Total increase (decrease) in net assets		(207,523,083	)		266,796,522			(100,877,573	)		(74,913,487	)
NET ASSETS at beginning of period		1,734,749,978			1,467,953,456			1,101,700,461			1,176,613,948
NET ASSETS at end of period	$	1,527,226,895		$	1,734,749,978		$	1,000,822,888		$	1,101,700,461
Undistributed net investment income included in net assets at end of period	$	12,906,969		$	—		$	5,246,378		$	3,613
SHARE TRANSACTIONS:
Number of shares sold		9,810,481			34,836,742			6,863,939			12,374,508
Number of shares issued through reinvestment of dividends and distributions		—			8,490,305			—			13,818,457
Number of shares redeemed		(10,953,674	)		(14,257,589	)		(4,134,553	)		(24,234,255	)
Net increase (decrease) in shares outstanding		(1,143,193	)		29,069,458			2,729,386			1,958,710

See Notes to Financial Statements. 37

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Growth						Select Value
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007			For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Period from October 30, 2007* to December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	6,201,559		$	11,478,504		$	1,871,952		$	1,035,649
Net realized gain (loss) on sale of investments		(20,346,509	)		227,328,263			(12,252,855	)		(3,837,527	)
Net change in unrealized appreciation (depreciation) of investments		(279,535,205	)		36,959,498			(10,604,256	)		(15,229,407	)
Net increase (decrease) in net assets resulting from operations		(293,680,155	)		275,766,265			(20,985,159	)		(18,031,285	)
Distributions to shareholders from:
Net investment income		—			(11,708,202	)		—			(1,099,764	)
Total distributions		—			(11,708,202	)		—			(1,099,764	)
Capital share transactions:
Proceeds from sale of shares		78,377,539			195,051,211			17,350,081			312,254,918
Reinvestment of distributions		—			11,708,202			—			1,099,764
Value of shares redeemed		(152,639,966	)		(686,767,442	)		(11,793,624	)		(66,256	)
Net increase (decrease) from capital share transactions		(74,262,427	)		(480,008,029	)		5,556,457			313,288,426
Total increase (decrease) in net assets		(367,942,582	)		(215,949,966	)		(15,428,702	)		294,157,377
NET ASSETS at beginning of period		2,567,844,538			2,783,794,504			294,157,377			—
NET ASSETS at end of period	$	2,199,901,956		$	2,567,844,538		$	278,728,675		$	294,157,377
Undistributed net investment income included in net assets at end of period	$	6,729,395		$	527,836		$	1,871,952		$	—
SHARE TRANSACTIONS:
Number of shares sold		8,101,976			18,891,829			1,955,426			31,249,053
Number of shares issued through reinvestment of dividends and distributions		—			1,109,782			—			115,855
Number of shares redeemed		(15,889,330	)		(65,523,919	)		(1,326,068	)		(6,928	)
Net increase (decrease) in shares outstanding		(7,787,354	)		(45,522,308	)		629,358			31,357,980

* Commencement of operations

38 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Aggressive Opportunities
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	918,459		$	1,095,469
Net realized gain on sale of investments		33,840,157			205,011,410
Net change in unrealized depreciation of investments		(168,357,796	)		(115,328,603	)
Net increase (decrease) in net assets resulting from operations		(133,599,180	)		90,778,276
Distributions to shareholders from:
Net realized gain on investments		—			(197,540,253	)
Total distributions		—			(197,540,253	)
Capital share transactions:
Proceeds from sale of shares		39,531,118			102,369,031
Reinvestment of distributions		—			197,540,252
Value of shares redeemed		(82,724,920	)		(405,110,096	)
Net decrease from capital share transactions		(43,193,802	)		(105,200,813	)
Total decrease in net assets		(176,792,982	)		(211,962,790	)
NET ASSETS at beginning of period		1,154,745,485			1,366,708,275
NET ASSETS at end of period	$	977,952,503		$	1,154,745,485
Undistributed net investment income included in net assets at end of period	$	1,974,491		$	1,056,032
SHARE TRANSACTIONS:
Number of shares sold		3,849,049			7,396,274
Number of shares issued through reinvestment of dividends and distributions		—			17,373,813
Number of shares redeemed		(8,106,738	)		(28,581,652	)
Net decrease in shares outstanding		(4,257,689	)		(3,811,565	)

See Notes to Financial Statements. 39

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Discovery						International
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Period from October 30, 2007* to December 31, 2007			For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,557,117		$	606,893		$	13,018,916		$	12,941,748
Net realized gain (loss) on sale of investments		(4,065,226	)		(4,119,063	)		8,578,654			152,923,621
Net change in unrealized depreciation of investments		(11,350,916	)		(7,995,699	)		(123,628,029	)		(30,627,134	)
Net increase (decrease) in net assets resulting from operations		(13,859,025	)		(11,507,869	)		(102,030,459	)		135,238,235
Distributions to shareholders from:
Net investment income		—			(628,948	)		—			(16,602,361	)
Net realized gain on investments		—			(1,324,597	)		—			(139,045,053	)
Total distributions		—			(1,953,545	)		—			(155,647,414	)
Capital share transactions:
Proceeds from sale of shares		9,426,992			185,160,551			63,070,213			120,666,811
Reinvestment of distributions		—			1,953,545			—			155,647,414
Value of shares redeemed		(6,554,427	)		(142,568	)		(58,946,468	)		(160,707,190	)
Net increase from capital share transactions		2,872,565			186,971,528			4,123,745			115,607,035
Total increase (decrease) in net assets		(10,986,460	)		173,510,114			(97,906,714	)		95,197,856
NET ASSETS at beginning of period		173,510,114			—			1,145,028,806			1,049,830,950
NET ASSETS at end of period	$	162,523,654		$	173,510,114		$	1,047,122,092		$	1,145,028,806
Undistributed net investment income (loss) included in net assets at end of period	$	1,549,471		$	(7,646	)	$	11,950,141		$	(1,068,775	)
SHARE TRANSACTIONS:
Number of shares sold		1,087,378			18,559,432			5,567,987			8,952,026
Number of shares issued through reinvestment of dividends and distributions		—			208,045			—			12,884,720
Number of shares redeemed		(758,827	)		(15,279	)		(5,203,871	)		(11,443,736	)
Net increase in shares outstanding		328,551			18,752,198			364,116			10,393,010

* Commencement of operations

40 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Diversified Assets
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Period from October 30, 2007* to December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,086,716		$	2,781,895
Net realized gain (loss) on sale of investments		(7,718,254	)		390,364
Net change in unrealized appreciation (depreciation) of investments		6,798,294			(3,711,889	)
Net increase (decrease) in net assets resulting from operations		4,166,756			(539,630	)
Distributions to shareholders from:
Net investment income		—			(2,003,176	)
Total distributions		—			(2,003,176	)
Capital share transactions:
Proceeds from sale of shares		20,267,696			468,810,705
Reinvestment of distributions		—			2,003,176
Value of shares redeemed		(35,742,432	)		(3,096,533	)
Net increase (decrease) from capital share transactions		(15,474,736	)		467,717,348
Total increase (decrease) in net assets		(11,307,980	)		465,174,542
NET ASSETS at beginning of period		465,174,542			—
NET ASSETS at end of period	$	453,866,562		$	465,174,542
Undistributed net investment income included in net assets at end of period	$	7,320,773		$	2,234,057
SHARE TRANSACTIONS:
Number of shares sold		2,029,023			46,882,026
Number of shares issued through reinvestment of dividends and distributions		—			200,920
Number of shares redeemed		(3,602,923	)		(311,348	)
Net increase (decrease) in shares outstanding		(1,573,900	)		46,771,598

* Commencement of operations

See Notes to Financial Statements. 41

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Core Bond Index						500 Stock Index
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007			For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	24,161,918		$	57,760,506		$	3,336,833		$	7,015,582
Net realized gain on sale of investments		3,935,274			498,179			3,838,160			15,061,590
Net change in unrealized appreciation (depreciation) of investments		(16,585,156	)		20,506,955			(56,503,196	)		(1,298,250	)
Net increase (decrease) in net assets resulting from operations		11,512,036			78,765,640			(49,328,203	)		20,778,922
Distributions to shareholders from:
Net investment income—Class I		(20,574,100	)		(51,586,668	)		—			(1,377,508	)
Net investment income—Class II		(5,135,600	)		(9,808,163	)		—			(5,594,202	)
Total distributions		(25,709,700	)		(61,394,831	)		—			(6,971,710	)
Capital share transactions:
Proceeds from sale of shares—Class I		51,705,239			172,971,124			4,146,032			10,211,022
Proceeds from sale of shares—Class II		15,502,300			35,619,251			21,204,007			49,072,500
Reinvestment of distributions—Class I		20,574,100			51,586,668			—			1,376,854
Reinvestment of distributions—Class II		5,135,600			9,808,163			—			5,594,202
Value of shares redeemed—Class I		(94,382,204	)		(339,766,033	)		(7,589,494	)		(28,241,458	)
Value of shares redeemed—Class II		(18,035,394	)		(17,447,285	)		(29,391,699	)		(35,248,059	)
Net increase (decrease) from capital share transactions		(19,500,359	)		(87,228,112	)		(11,631,154	)		2,765,061
Total increase (decrease) in net assets		(33,698,023	)		(69,857,303	)		(60,959,357	)		16,572,273
NET ASSETS at beginning of period		1,090,114,078			1,159,971,381			411,941,544			395,369,271
NET ASSETS at end of period	$	1,056,416,055		$	1,090,114,078		$	350,982,187		$	411,941,544
Undistributed net investment income (loss) included in net assets at end of period	$	(1,547,782	)	$	—		$	3,436,854		$	100,021
SHARE TRANSACTIONS:
Number of shares sold—Class I		5,225,189			17,805,432			380,787			874,195
Number of shares issued through reinvestment of dividends and distributions—Class I		2,079,940			5,297,698			—			117,179
Number of shares redeemed—Class I		(9,467,669	)		(34,530,649	)		(707,221	)		(2,376,236	)
Net decrease in shares outstanding—Class I		(2,162,540	)		(11,427,519	)		(326,434	)		(1,384,862	)
Number of shares sold—Class II		1,544,799			3,647,067			2,083,635			4,383,577
Number of shares issued through reinvestment of dividends and distributions—Class II		516,571			1,001,750			—			502,624
Number of shares redeemed—Class II		(1,808,363	)		(1,786,893	)		(2,891,038	)		(3,154,850	)
Net increase (decrease) in shares outstanding—Class II		253,007			2,861,924			(807,403	)		1,731,351

42 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Broad Market Index						Mid/Small Company Index
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007			For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,046,006		$	10,897,242		$	1,343,333		$	2,729,443
Net realized gain on sale of investments		15,322,683			13,067,491			5,888,155			15,633,115
Net change in unrealized appreciation (depreciation) of investments		(90,710,572	)		9,972,802			(24,741,293	)		(9,612,842	)
Net increase (decrease) in net assets resulting from operations		(70,341,883	)		33,937,535			(17,509,805	)		8,749,716
Distributions to shareholders from:
Net investment income—Class I		—			(2,337,523	)		—			(1,189,641	)
Net investment income—Class II		—			(8,261,327	)		—			(1,647,238	)
Net realized gain on investments—Class I		—			—			—			(5,636,302	)
Net realized gain on investments—Class II		—			—			—			(6,824,984	)
Total distributions		—			(10,598,850	)		—			(15,298,165	)
Capital share transactions:
Proceeds from sale of shares—Class I		4,669,666			11,669,028			11,834,411			42,689,204
Proceeds from sale of shares—Class II		15,638,633			61,244,285			7,197,704			27,835,527
Reinvestment of distributions—Class I		—			2,335,081			—			6,824,731
Reinvestment of distributions—Class II		—			8,261,327			—			8,472,221
Value of shares redeemed—Class I		(14,959,722	)		(47,216,585	)		(9,637,333	)		(19,337,217	)
Value of shares redeemed—Class II		(31,431,442	)		(50,125,859	)		(11,525,259	)		(18,053,229	)
Net increase (decrease) from capital share transactions		(26,082,865	)		(13,832,723	)		(2,130,477	)		48,431,237
Total increase (decrease) in net assets		(96,424,748	)		9,505,962			(19,640,282	)		41,882,788
NET ASSETS at beginning of period		655,118,339			645,612,377			227,446,214			185,563,426
NET ASSETS at end of period	$	558,693,591		$	655,118,339		$	207,805,932		$	227,446,214
Undistributed net investment income included in net assets at end of period	$	10,603,050		$	5,557,044		$	1,569,415		$	226,082
SHARE TRANSACTIONS:
Number of shares sold—Class I		407,944			946,498			781,485			2,415,991
Number of shares issued through reinvestment of dividends and distributions—Class I		—			188,465			—			415,383
Number of shares redeemed—Class I		(1,322,832	)		(3,772,869	)		(631,415	)		(1,091,982	)
Net increase (decrease) in shares outstanding—Class I		(914,888	)		(2,637,906	)		150,070			1,739,392
Number of shares sold—Class II		1,454,306			5,158,271			496,517			1,647,944
Number of shares issued through reinvestment of dividends and distributions—Class II		—			706,096			—			540,665
Number of shares redeemed—Class II		(2,925,940	)		(4,263,802	)		(806,512	)		(1,074,900	)
Net increase (decrease) in shares outstanding—Class II		(1,471,634	)		1,600,565			(309,995	)		1,113,709

See Notes to Financial Statements. 43

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Overseas Equity Index
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	4,411,090		$	5,597,127
Net realized gain on sale of investments		1,487,318			2,917,727
Net change in unrealized appreciation (depreciation) of investments		(32,560,093	)		10,080,756
Net increase (decrease) in net assets resulting from operations		(26,661,685	)		18,595,610
Distributions to shareholders from:
Net investment income—Class I		—			(1,763,018	)
Net investment income—Class II		—			(5,059,311	)
Net realized gain on investments—Class I		—			(60,409	)
Net realized gain on investments—Class II		—			(159,801	)
Total distributions		—			(7,042,539	)
Capital share transactions:
Proceeds from sale of shares—Class I		4,945,092			27,890,700
Proceeds from sale of shares—Class II		10,578,244			74,024,535
Reinvestment of distributions—Class I		—			1,823,427
Reinvestment of distributions—Class II		—			5,219,112
Value of shares redeemed—Class I		(7,168,400	)		(18,421,827	)
Value of shares redeemed—Class II		(19,074,942	)		(15,927,218	)
Net increase (decrease) from capital share transactions		(10,720,006	)		74,608,729
Total increase (decrease) in net assets		(37,381,691	)		86,161,800
NET ASSETS at beginning of period		249,383,678			163,221,878
NET ASSETS at end of period	$	212,001,987		$	249,383,678
Undistributed net investment income (loss) included in net assets at end of period	$	3,756,074		$	(655,016	)
SHARE TRANSACTIONS:
Number of shares sold—Class I		355,306			1,891,940
Number of shares issued through reinvestment of dividends and distributions—Class I		—			124,042
Number of shares redeemed—Class I		(530,592	)		(1,243,647	)
Net increase (decrease) in shares outstanding—Class I		(175,286	)		772,335
Number of shares sold—Class II		811,821			5,269,653
Number of shares issued through reinvestment of dividends and distributions—Class II		—			375,746
Number of shares redeemed—Class II		(1,490,520	)		(1,139,175	)
Net increase (decrease) in shares outstanding—Class II		(678,699	)		4,506,224

44 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio
	Savings Oriented						Conservative Growth
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007			For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	4,001,786		$	11,047,718		$	5,939,633		$	17,250,450
Net realized gain on sale of investments		868,219			10,033,007			1,462,742			35,859,795
Net change in unrealized depreciation of investments		(9,621,118	)		(3,176,082	)		(27,576,086	)		(16,944,589	)
Net increase (decrease) in net assets resulting from operations		(4,751,113	)		17,904,643			(20,173,711	)		36,165,656
Distributions to shareholders from:
Net investment income		—			(11,429,931	)		—			(17,209,933	)
Net realized gain on investments		—			(6,554,344	)		—			(16,331,111	)
Total distributions		—			(17,984,275	)		—			(33,541,044	)
Capital share transactions:
Proceeds from sale of shares		25,095,396			44,073,792			34,676,473			76,525,555
Reinvestment of distributions		—			17,980,653			—			33,537,838
Value of shares redeemed		(22,960,908	)		(42,806,803	)		(46,695,191	)		(64,879,551	)
Net increase (decrease) from capital share transactions		2,134,488			19,247,642			(12,018,718	)		45,183,842
Total increase (decrease) in net assets		(2,616,625	)		19,168,010			(32,192,429	)		47,808,454
NET ASSETS at beginning of period		311,455,260			292,287,250			597,774,507			549,966,053
NET ASSETS at end of period	$	308,838,635		$	311,455,260		$	565,582,078		$	597,774,507
Undistributed net investment income included in net assets at end of period	$	4,103,480		$	101,694		$	5,984,128		$	44,495
SHARE TRANSACTIONS:
Number of shares sold		1,022,857			1,730,816			1,434,347			3,011,108
Number of shares issued through reinvestment of dividends and distributions		—			729,734			—			1,364,436
Number of shares redeemed		(936,593	)		(1,682,939	)		(1,940,237	)		(2,557,487	)
Net increase (decrease) in shares outstanding		86,264			777,611			(505,890	)		1,818,057

See Notes to Financial Statements. 45

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio
	Traditional Growth						Long-Term Growth
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007			For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	9,067,624		$	31,735,780		$	4,842,841		$	25,135,912
Net realized gain on sale of investments		1,332,230			128,230,531			595,359			174,786,280
Net change in unrealized depreciation of investments		(95,477,815	)		(65,549,999	)		(131,747,118	)		(84,781,758	)
Net increase (decrease) in net assets resulting from operations		(85,077,961	)		94,416,312			(126,308,918	)		115,140,434
Distributions to shareholders from:
Net investment income		—			(31,904,876	)		—			(27,195,141	)
Net realized gain on investments		—			(78,249,189	)		—			(112,388,266	)
Total distributions		—			(110,154,065	)		—			(139,583,407	)
Capital share transactions:
Proceeds from sale of shares		80,819,998			192,418,417			105,914,510			225,914,615
Reinvestment of distributions		—			110,148,863			—			139,583,407
Value of shares redeemed		(82,418,959	)		(130,617,054	)		(74,235,319	)		(133,985,865	)
Net increase (decrease) from capital share transactions		(1,598,961	)		171,950,226			31,679,191			231,512,157
Total increase (decrease) in net assets		(86,676,922	)		156,212,473			(94,629,727	)		207,069,184
NET ASSETS at beginning of period		1,487,224,305			1,331,011,832			1,677,987,401			1,470,918,217
NET ASSETS at end of period	$	1,400,547,383		$	1,487,224,305		$	1,583,357,674		$	1,677,987,401
Undistributed net investment income included in net assets at end of period	$	9,284,826		$	217,202		$	5,100,933		$	258,092
SHARE TRANSACTIONS:
Number of shares sold		3,482,210			7,571,413			4,589,143			8,702,424
Number of shares issued through reinvestment of dividends and distributions		—			4,581,900			—			5,746,538
Number of shares redeemed		(3,582,485	)		(5,157,061	)		(3,251,392	)		(5,173,521	)
Net increase (decrease) in shares outstanding		(100,275	)		6,996,252			1,337,751			9,275,541

46 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio
	All-Equity Growth
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	(415,537	)	$	4,514,020
Net realized gain on sale of investments		2,731,086			89,807,469
Net change in unrealized depreciation of investments		(64,665,469	)		(57,178,320	)
Net increase (decrease) in net assets resulting from operations		(62,349,920	)		37,143,169
Distributions to shareholders from:
Net investment income		—			(4,486,315	)
Net realized gain on investments		—			(65,413,447	)
Total distributions		—			(69,899,762	)
Capital share transactions:
Proceeds from sale of shares		45,869,847			136,632,905
Reinvestment of distributions		—			69,899,761
Value of shares redeemed		(31,589,565	)		(46,690,300	)
Net increase from capital share transactions		14,280,282			159,842,366
Total increase (decrease) in net assets		(48,069,638	)		127,085,773
NET ASSETS at beginning of period		597,973,400			470,887,627
NET ASSETS at end of period	$	549,903,762		$	597,973,400
Undistributed net investment income (loss) included in net assets at end of period	$	(387,832	)	$	27,705
SHARE TRANSACTIONS:
Number of shares sold		1,998,029			4,944,497
Number of shares issued through reinvestment of dividends and distributions		—			2,828,805
Number of shares redeemed		(1,393,488	)		(1,687,941	)
Net increase in shares outstanding		604,541			6,085,361

See Notes to Financial Statements. 47

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone Retirement Income						Milestone 2010
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007			For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	655,711		$	1,447,706		$	724,787		$	1,862,328
Net realized gain (loss) on sale of investments		(115,009	)		2,193,012			(162,298	)		4,477,190
Net change in unrealized depreciation of investments		(1,668,585	)		(1,437,303	)		(2,912,277	)		(2,775,104	)
Net increase (decrease) in net assets resulting from operations		(1,127,883	)		2,203,415			(2,349,788	)		3,564,414
Distributions to shareholders from:
Net investment income		—			(1,429,070	)		—			(1,852,719	)
Net realized gain on investments		—			(1,172,527	)		—			(3,605,712	)
Total distributions		—			(2,601,597	)		—			(5,458,431	)
Capital share transactions:
Proceeds from sale of shares		12,911,377			48,311,777			13,648,517			35,634,712
Reinvestment of distributions		—			2,601,597			—			5,458,431
Value of shares redeemed		(13,110,228	)		(18,477,038	)		(8,950,454	)		(17,279,834	)
Net increase (decrease) from capital share transactions		(198,851	)		32,436,336			4,698,063			23,813,309
Total increase (decrease) in net assets		(1,326,734	)		32,038,154			2,348,275			21,919,292
NET ASSETS at beginning of period		54,572,518			22,534,364			70,402,509			48,483,217
NET ASSETS at end of period	$	53,245,784		$	54,572,518		$	72,750,784		$	70,402,509
Undistributed net investment income included in net assets at end of period	$	680,316		$	24,605		$	747,735		$	22,948
SHARE TRANSACTIONS:
Number of shares sold		1,229,925			4,446,191			1,308,705			3,161,189
Number of shares issued through reinvestment of dividends and distributions		—			245,666			—			513,011
Number of shares redeemed		(1,249,418	)		(1,692,800	)		(856,347	)		(1,528,708	)
Net increase (decrease) in shares outstanding		(19,493	)		2,999,057			452,358			2,145,492

48 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2015						Milestone 2020
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007			For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	955,733		$	2,863,776		$	604,122		$	2,052,210
Net realized gain on sale of investments		334,047			10,072,209			187,534			9,066,273
Net change in unrealized depreciation of investments		(8,619,375	)		(6,233,099	)		(8,302,244	)		(5,582,812	)
Net increase (decrease) in net assets resulting from operations		(7,329,595	)		6,702,886			(7,510,588	)		5,535,671
Distributions to shareholders from:
Net investment income		—			(2,848,960	)		—			(2,039,159	)
Net realized gain on investments		—			(7,814,541	)		—			(6,683,034	)
Total distributions		—			(10,663,501	)		—			(8,722,193	)
Capital share transactions:
Proceeds from sale of shares		19,382,259			60,956,155			25,224,935			56,150,529
Reinvestment of distributions		—			10,663,501			—			8,722,193
Value of shares redeemed		(13,055,059	)		(13,481,653	)		(6,247,373	)		(12,023,958	)
Net increase from capital share transactions		6,327,200			58,138,003			18,977,562			52,848,764
Total increase (decrease) in net assets		(1,002,395	)		54,177,388			11,466,974			49,662,242
NET ASSETS at beginning of period		138,534,840			84,357,452			112,063,985			62,401,743
NET ASSETS at end of period	$	137,532,445		$	138,534,840		$	123,530,959		$	112,063,985
Undistributed net investment income included in net assets at end of period	$	988,189		$	32,456		$	627,625		$	23,503
SHARE TRANSACTIONS:
Number of shares sold		1,799,607			5,159,021			2,310,857			4,659,932
Number of shares issued through reinvestment of dividends and distributions		—			958,086			—			765,776
Number of shares redeemed		(1,216,658	)		(1,142,641	)		(576,536	)		(991,037	)
Net increase in shares outstanding		582,949			4,974,466			1,734,321			4,434,671

See Notes to Financial Statements. 49

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2025						Milestone 2030
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007			For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	298,333		$	1,360,961		$	148,955		$	891,629
Net realized gain on sale of investments		183,673			7,377,183			51,968			5,846,112
Net change in unrealized depreciation of investments		(6,942,133	)		(4,798,841	)		(5,565,850	)		(3,748,429	)
Net increase (decrease) in net assets resulting from operations		(6,460,127	)		3,939,303			(5,364,927	)		2,989,312
Distributions to shareholders from:
Net investment income		—			(1,351,918	)		—			(885,927	)
Net realized gain on investments		—			(5,365,413	)		—			(3,816,978	)
Total distributions		—			(6,717,331	)		—			(4,702,905	)
Capital share transactions:
Proceeds from sale of shares		18,161,634			37,087,137			16,013,592			37,953,626
Reinvestment of distributions		—			6,717,331			—			4,702,905
Value of shares redeemed		(5,332,932	)		(5,938,654	)		(2,843,985	)		(5,485,151	)
Net increase from capital share transactions		12,828,702			37,865,814			13,169,607			37,171,380
Total increase in net assets		6,368,575			35,087,786			7,804,680			35,457,787
NET ASSETS at beginning of period		83,891,489			48,803,703			61,464,949			26,007,162
NET ASSETS at end of period	$	90,260,064		$	83,891,489		$	69,269,629		$	61,464,949
Undistributed net investment income included in net assets at end of period	$	313,794		$	15,461		$	157,170		$	8,215
SHARE TRANSACTIONS:
Number of shares sold		1,643,476			2,999,931			1,435,048			3,082,748
Number of shares issued through reinvestment of dividends and distributions		—			580,582			—			399,228
Number of shares redeemed		(486,020	)		(480,640	)		(259,628	)		(441,895	)
Net increase in shares outstanding		1,157,456			3,099,873			1,175,420			3,040,081

50 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2035						Milestone 2040
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007			For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31, 2007
Increase (decrease) in net assets resulting from operations:
Net investment income	$	63,513		$	462,775		$	53,299		$	422,951
Net realized gain (loss) on sale of investments		19,278			3,430,667			(67,031	)		3,230,014
Net change in unrealized depreciation of investments		(3,387,278	)		(2,532,444	)		(3,252,072	)		(2,532,853	)
Net increase (decrease) in net assets resulting from operations		(3,304,487	)		1,360,998			(3,265,804	)		1,120,112
Distributions to shareholders from:
Net investment income		—			(459,930	)		—			(419,577	)
Net realized gain on investments		—			(2,293,591	)		—			(1,940,328	)
Total distributions		—			(2,753,521	)		—			(2,359,905	)
Capital share transactions:
Proceeds from sale of shares		9,617,814			20,109,689			11,754,697			24,450,383
Reinvestment of distributions		—			2,753,521			—			2,359,905
Value of shares redeemed		(1,963,703	)		(3,057,592	)		(3,430,521	)		(5,388,330	)
Net increase from capital share transactions		7,654,111			19,805,618			8,324,176			21,421,958
Total increase in net assets		4,349,624			18,413,095			5,058,372			20,182,165
NET ASSETS at beginning of period		34,830,706			16,417,611			32,881,646			12,699,481
NET ASSETS at end of period	$	39,180,330		$	34,830,706		$	37,940,018		$	32,881,646
Undistributed net investment income included in net assets at end of period	$	67,636		$	4,123		$	57,310		$	4,011
SHARE TRANSACTIONS:
Number of shares sold		860,615			1,584,822			1,052,988			1,932,647
Number of shares issued through reinvestment of dividends and distributions		—			232,365			—			198,813
Number of shares redeemed		(178,541	)		(242,203	)		(308,621	)		(422,206	)
Net increase in shares outstanding		682,074			1,574,984			744,367			1,709,254

See Notes to Financial Statements. 51

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Money Market
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations:
Net investment income		0.01			0.05			0.04			0.03			0.01			0.01
Net realized and unrealized gain on investments		—			—			(0.00	)††		—			—			—
Total from investment operations		0.01			0.05			0.04			0.03			0.01			0.01
Less distributions:
From net investment income		(0.01	)		(0.05	)		(0.04	)		(0.03	)		(0.01	)		(0.01	)
From net realized gains		—			—			(0.00	)††		—			—			—
Total distributions		(0.01	)		(0.05	)		(0.04	)		(0.03	)		(0.01	)		(0.01	)
Net Asset Value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		1.40	%#		4.75	%		4.51	%		2.70	%		0.82	%		0.60	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	357,609		$	306,799		$	217,771		$	142,979		$	116,449		$	105,762
Ratios to average net assets:
Ratio of expenses to average net assets		0.51	%†		0.51	%		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		2.77	%†		4.64	%		4.47	%		2.70	%		0.84	%		0.60	%
Portfolio turnover		N/A			N/A			N/A			N/A			N/A			N/A

†† Rounds to less than $0.01

# Not annualized

† Annualized

52 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Low Duration Bond(1)
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005(a)			2004(a)			2003(a)
Net Asset Value, beginning of period	$	9.83		$	9.76		$	9.79		$	9.98		$	10.00		$	10.00
Income from investment operations:
Net investment income		0.18			0.41			0.37			0.30			0.12			0.35
Net realized and unrealized gain (loss) on investments		(0.04	)		0.09			0.01			(0.18	)		0.24			0.00	††
Total from investment operations		0.14			0.50			0.38			0.12			0.36			0.35
Less distributions:
From net investment income		(0.18	)		(0.43	)		(0.38	)		(0.31	)		(0.20	)		(0.33	)
Reverse stock split (Note 10)		—			—			—			—			—			0.01
From net realized gains		—			—			—			—			(0.04	)		(0.01	)
Return of capital		—			—			(0.03	)		—			(0.14	)		(0.02	)
Total distributions		(0.18	)		(0.43	)		(0.41	)		(0.31	)		(0.38	)		(0.35	)
Net Asset Value, end of period	$	9.79		$	9.83		$	9.76		$	9.79		$	9.98		$	10.00
Total return		1.39	%#		5.24	%		3.98	%		1.27	%		3.65	%		3.51	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	502,820		$	507,120		$	607,673		$	543,913		$	499,404		$	619,964
Ratios to average net assets:
Ratio of expenses to average net assets		0.65	%†		0.65	%		0.65	%		0.65	%		0.78	%		0.82	%
Ratio of net investment income to average net assets		3.65	%†		4.15	%		3.82	%		3.10	%		1.94	%		3.42	%
Portfolio turnover		47	%#		149	%		123	%		120	%		273	%		211	%

(1) Formerly Short-Term Bond Fund.

(a) Per share amounts were adjusted to reflect a 10 for 1 stock split effective October 28, 2005 (Note 11).

†† Rounds to less than $0.01

# Not annualized

† Annualized

See Notes to Financial Statements. 53

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Inflation Protected Securities(2)
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	10.46		$	10.03		$	10.12		$	10.33		$	10.54		$	10.76
Income from investment operations:
Net investment income		0.33			0.50			0.39			0.31			0.26			0.27
Net realized and unrealized gain (loss) on investments		0.17			0.43			(0.06	)		(0.20	)		(0.07	)		(0.10	)
Total from investment operations		0.50			0.93			0.33			0.11			0.19			0.17
Less distributions:
From net investment income		(0.32	)		(0.50	)		(0.39	)		(0.32	)		(0.27	)		(0.30	)
From net realized gains		—			—			—			—			(0.13	)		(0.09	)
Return of capital		—			—			(0.03	)		—			—			—
Total distributions		(0.32	)		(0.50	)		(0.42	)		(0.32	)		(0.40	)		(0.39	)
Net Asset Value, end of period	$	10.64		$	10.46		$	10.03		$	10.12		$	10.33		$	10.54
Total return		4.78	%#		9.64	%		3.34	%		1.05	%		1.77	%		1.66	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	348,644		$	274,209		$	142,540		$	151,335		$	163,167		$	188,546
Ratios to average net assets:
Ratio of expenses to average net assets		0.69	%†		0.68	%		0.60	%		0.59	%		0.58	%		0.61	%
Ratio of net investment income to average net assets		6.31	%†		4.86	%		3.85	%		3.01	%		2.49	%		2.57	%
Portfolio turnover		71	%#		174	%		69	%		91	%		205	%		120	%

(2) Formerly US Government Securities Fund.

# Not annualized

† Annualized

54 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Asset Allocation
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	8.53		$	8.40		$	7.51		$	7.33		$	6.75		$	5.49
Income from investment operations:
Net investment income		0.06			0.17			0.14			0.12			0.12			0.07
Net realized and unrealized gain (loss) on investments		(1.10	)		0.36			1.03			0.22			0.59			1.35
Total from investment operations		(1.04	)		0.53			1.17			0.34			0.71			1.42
Less distributions:
From net investment income		—			(0.19	)		(0.14	)		(0.12	)		(0.11	)		(0.16	)
From net realized gains		—			(0.21	)		(0.14	)		(0.04	)		(0.02	)		—
Total distributions		—			(0.40	)		(0.28	)		(0.16	)		(0.13	)		(0.16	)
Net Asset Value, end of period	$	7.49		$	8.53		$	8.40		$	7.51		$	7.33		$	6.75
Total return		(12.19	)%#		6.25	%		15.51	%		4.54	%		10.62	%		25.97	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	622,459		$	756,329		$	768,381		$	737,783		$	795,534		$	784,440
Ratios to average net assets:
Ratio of expenses to average net assets		0.76	%†		0.75	%		0.75	%		0.75	%		0.75	%		0.76	%
Ratio of net investment income to average net assets		1.59	%†		1.87	%		1.67	%		1.48	%		1.60	%		1.06	%
Portfolio turnover		1	%#		4	%		15	%		9	%		15	%		17	%

# Not annualized

† Annualized

See Notes to Financial Statements. 55

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Equity Income
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	9.78		$	9.90		$	8.87		$	8.95		$	7.88		$	5.98
Income from investment operations:
Net investment income		0.07			0.13			0.14			0.16			0.09			0.08
Net realized and unrealized gain (loss) on investments		(1.18	)		0.25			1.52			0.36			1.07			1.90
Total from investment operations		(1.11	)		0.38			1.66			0.52			1.16			1.98
Less distributions:
From net investment income		—			(0.14	)		(0.14	)		(0.16	)		(0.09	)		(0.08	)
From net realized gains		—			(0.36	)		(0.49	)		(0.44	)		—			—
Total distributions		—			(0.50	)		(0.63	)		(0.60	)		(0.09	)		(0.08	)
Net Asset Value, end of period	$	8.67		$	9.78		$	9.90		$	8.87		$	8.95		$	7.88
Total return		(11.35	)%#		3.76	%		18.73	%		5.76	%		14.78	%		33.09	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	1,527,227		$	1,734,750		$	1,467,953		$	1,260,470		$	1,088,207		$	824,093
Ratios to average net assets:
Ratio of expenses to average net assets		0.88	%†		0.88	%		0.89	%		0.89	%		0.90	%		0.92	%
Ratio of net investment income to average net assets		1.61	%†		1.23	%		1.49	%		1.78	%		1.18	%		1.25	%
Portfolio turnover		13	%#		18	%		18	%		16	%		14	%		13	%

# Not annualized

† Annualized

56 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Growth & Income
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	10.56		$	11.49		$	10.64		$	10.12		$	9.38		$	7.24
Income from investment operations:
Net investment income		0.05			0.12			0.10			0.09			0.09			0.06
Net realized and unrealized gain (loss) on investments		(1.26	)		0.58			1.32			0.52			0.74			2.15
Total from investment operations		(1.21	)		0.70			1.42			0.61			0.83			2.21
Less distributions:
From net investment income		—			(0.15	)		(0.10	)		(0.09	)		(0.09	)		(0.07	)
From net realized gains		—			(1.48	)		(0.47	)		—			—			—
Total distributions		—			(1.63	)		(0.57	)		(0.09	)		(0.09	)		(0.07	)
Net Asset Value, end of period	$	9.35		$	10.56		$	11.49		$	10.64		$	10.12		$	9.38
Total return		(11.46	)%#		5.98	%		13.28	%		6.02	%		8.85	%		30.49	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	1,000,823		$	1,101,700		$	1,176,614		$	1,016,831		$	912,470		$	765,115
Ratios to average net assets:
Ratio of expenses to average net assets		0.81	%†		0.80	%		0.81	%		0.82	%		0.82	%		0.83	%
Ratio of net investment income to average net assets		1.02	%†		0.90	%		0.90	%		0.88	%		0.97	%		0.86	%
Portfolio turnover		27	%#		41	%		38	%		27	%		22	%		22	%

# Not annualized

† Annualized

See Notes to Financial Statements. 57

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Growth
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	10.45		$	9.56		$	8.70		$	8.31		$	8.07		$	6.27
Income from investment operations:
Net investment income		0.03			0.05			0.03			0.01			0.02			0.00	††
Net realized and unrealized gain (loss) on investments		(1.24	)		0.89			0.86			0.39			0.24			1.80
Total from investment operations		(1.21	)		0.94			0.89			0.40			0.26			1.80
Less distributions:
From net investment income		—			(0.05	)		(0.03	)		(0.01	)		(0.02	)		(0.00	)††
Total distributions		—			(0.05	)		(0.03	)		(0.01	)		(0.02	)		(0.00	)††
Net Asset Value, end of period	$	9.24		$	10.45		$	9.56		$	8.70		$	8.31		$	8.07
Total return		(11.58	)%#		9.81	%		10.21	%		4.86	%		3.27	%		28.71	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	2,199,902		$	2,567,845		$	2,783,795		$	2,816,803		$	2,998,469		$	2,895,641
Ratios to average net assets:
Ratio of expenses to average net assets		0.87	%†		0.87	%		0.90	%		0.94	%		0.95	%		0.96	%
Ratio of net investment income (loss) to average net assets		0.54	%†		0.41	%		0.31	%		0.11	%		0.28	%		(0.05	)%
Portfolio turnover		28	%#		50	%		62	%		85	%		49	%		46	%

†† Rounds to less than $0.01

# Not annualized

† Annualized

58 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Select Value
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Period from October 30, 2007* to December 31, 2007
Net Asset Value, beginning of period	$	9.38		$	10.00
Income from investment operations:
Net investment income		0.06			0.04
Net realized and unrealized loss on investments		(0.73	)		(0.62	)
Total from investment operations		(0.67	)		(0.58	)
Less distributions:
From net investment income		—			(0.04	)
Total distributions		—			(0.04	)
Net Asset Value, end of period	$	8.71		$	9.38
Total return		(7.14	)%#		(5.85	)%#
Ratios/Supplemental data:
Net assets, end of period (000)	$	278,729		$	294,157
Ratios to average net assets:
Ratio of expenses to average net assets		0.97	%†		1.04	%†
Ratio of net investment income to average net assets		1.31	%†		2.06	%†
Portfolio turnover		46	%#		11	%#

* Commencement of operations

# Not annualized

† Annualized

See Notes to Financial Statements. 59

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Aggressive Opportunities
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	11.26		$	12.85		$	11.63		$	10.52		$	9.07		$	6.27
Income from investment operations:
Net investment income (loss)		0.01			0.01			(0.00	)††		0.04			(0.03	)		(0.00	)††
Net realized and unrealized gain (loss) on investments		(1.32	)		0.72			1.56			1.35			1.48			2.80
Total from investment operations		(1.31	)		0.73			1.56			1.39			1.45			2.80
Less distributions:
From net investment income		—			—			(0.05	)		(0.28	)		—			(0.00	)††
In excess of net investment income		—			—			—			—			—			(0.00	)††
From net realized gains		—			(2.32	)		(0.29	)		—			—			—
Total distributions		—			(2.32	)		(0.34	)		(0.28	)		—			(0.00	)††
Net Asset Value, end of period	$	9.95		$	11.26		$	12.85		$	11.63		$	10.52		$	9.07
Total return		(11.63	)%#		5.53	%		13.36	%		13.21	%		15.99	%		44.68	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	977,953		$	1,154,745		$	1,366,708		$	1,252,413		$	1,150,062		$	938,791
Ratios to average net assets:
Ratio of expenses to average net assets		0.96	%†		1.02	%		1.04	%		1.22	%		1.22	%		1.23	%
Ratio of net investment income (loss) to average net assets		0.18	%†		0.08	%		(0.03	)%		0.31	%		(0.25	)%		(0.13	)%
Portfolio turnover		26	%#		45	%		88	%		45	%		55	%		75	%

†† Rounds to less than $0.01

# Not annualized

† Annualized

60 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Discovery
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Period from October 30, 2007* to December 31, 2007
Net Asset Value, beginning of period	$	9.25		$	10.00
Income from investment operations:
Net investment income		0.08			0.03
Net realized and unrealized loss on investments		(0.81	)		(0.68	)
Total from investment operations		(0.73	)		(0.65	)
Less distributions:
From net investment income		—			(0.03	)
From net realized gains		—			(0.07	)
Total distributions		—			(0.10	)
Net Asset Value, end of period	$	8.52		$	9.25
Total return		(7.89	)%#		(6.46	)%#
Ratios/Supplemental data:
Net assets, end of period (000)	$	162,524		$	173,510
Ratios to average net assets:
Ratio of expenses to average net assets		1.00	%†		1.07	%†
Ratio of net investment income to average net assets		1.89	%†		2.08	%†
Portfolio turnover		40	%#		36	%#

* Commencement of operations

# Not annualized

† Annualized

See Notes to Financial Statements. 61

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	International
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	12.19		$	12.57		$	11.56		$	10.06		$	8.84		$	6.80
Income from investment operations:
Net investment income		0.14			0.18			0.16			0.11			0.08			0.06
Net realized and unrealized gain (loss) on investments		(1.23	)		1.37			2.29			1.59			1.27			2.07
Total from investment operations		(1.09	)		1.55			2.45			1.70			1.35			2.13
Less distributions:
From net investment income		—			(0.21	)		(0.20	)		(0.20	)		(0.13	)		(0.09	)
From net realized gains		—			(1.72	)		(1.24	)		—			—			—
Return of capital		—			—			—			—			—			(0.00	)††
Total distributions		—			(1.93	)		(1.44	)		(0.20	)		(0.13	)		(0.09	)
Net Asset Value, end of period	$	11.10		$	12.19		$	12.57		$	11.56		$	10.06		$	8.84
Total return		(8.94	)%#		12.46	%		21.14	%		16.88	%		15.23	%		31.31	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	1,047,122		$	1,145,029		$	1,049,831		$	722,161		$	604,809		$	471,495
Ratios to average net assets:
Ratio of expenses to average net assets		1.08	%†		1.10	%		1.11	%		1.17	%		1.17	%		1.22	%
Ratio of net investment income to average net assets		2.44	%†		1.15	%		1.08	%		1.06	%		0.83	%		0.93	%
Portfolio turnover		29	%#		60	%		65	%		42	%		40	%		38	%

†† Rounds to less than $0.01

# Not annualized

† Annualized

62 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Diversified Assets
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Period from October 30, 2007* to December 31, 2007
Net Asset Value, beginning of period	$	9.95		$	10.00
Income from investment operations:
Net investment income		0.11			0.06
Net realized and unrealized loss on investments		(0.02	)		(0.07	)
Total from investment operations		0.09			(0.01	)
Less distributions:
From net investment income		—			(0.04	)
Total distributions		—			(0.04	)
Net Asset Value, end of period	$	10.04		$	9.95
Total return		0.90	%#		(0.07	)%#
Ratios/Supplemental data:
Net assets, end of period (000)	$	453,867		$	465,175
Ratios to average net assets:
Ratio of expenses to average net assets		1.01	%†		1.01	%†
Ratio of net investment income to average net assets		2.29	%†		3.53	%†
Portfolio turnover		40	%#		16	%#

* Commencement of operations

# Not annualized

† Annualized

See Notes to Financial Statements. 63

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Core Bond Index Class I
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005<>			2004<>			2003
Net Asset Value, beginning of period	$	9.87		$	9.75		$	9.90		$	10.17		$	10.27		$	10.46
Income from investment operations:
Net investment income		0.23			0.47			0.44			0.41			0.40			0.40
Net realized and unrealized gain (loss) on investments		(0.12	)		0.15			(0.08	)		(0.21	)		0.01			(0.04	)
Total from investment operations		0.11			0.62			0.36			0.20			0.41			0.36
Less distributions:
From net investment income		(0.24	)		(0.50	)		(0.47	)		(0.47	)		(0.47	)		(0.49	)
From net realized gains		—			—			—			—			(0.04	)		(0.06	)
Return of capital		—			—			(0.04	)		—			—			—
Total distributions		(0.24	)		(0.50	)		(0.51	)		(0.47	)		(0.51	)		(0.55	)
Net Asset Value, end of period	$	9.74		$	9.87		$	9.75		$	9.90		$	10.17		$	10.27
Total return		1.12	%#		6.52	%		3.82	%		1.98	%		3.94	%		3.59	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	855,144		$	888,541		$	988,984		$	865,929		$	764,674		$	452,739
Ratios to average net assets:
Ratio of expenses to average net assets		0.44	%†		0.44	%		0.44	%		0.45	%		0.45	%		0.48	%&&
Ratio of net investment income to average net assets		4.59	%†		4.71	%		4.50	%		4.03	%		3.96	%		3.85	%
Portfolio turnover		26	%#		76	%		28	%		31	%		31	%^^		N/A

<> Per share amounts were calculated using the average shares outstanding method.

# Not annualized

† Annualized

&& Includes effect of expenses allocated from Master Investment Portfolio.

^^ 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.

64 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Core Bond Index Class II
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005<>			2004<>			2003
Net Asset Value, beginning of period	$	9.92		$	9.80		$	9.94		$	10.21		$	10.31		$	10.49
Income from investment operations:
Net investment income		0.24			0.49			0.46			0.43			0.43			0.42
Net realized and unrealized gain (loss) on investments		(0.13	)		0.15			(0.07	)		(0.21	)		—			(0.02	)
Total from investment operations		0.11			0.64			0.39			0.22			0.43			0.40
Less distributions:
From net investment income		(0.25	)		(0.52	)		(0.49	)		(0.49	)		(0.49	)		(0.52	)
From net realized gains		—			—			—			—			(0.04	)		(0.06	)
Return of capital		—			—			(0.04	)		—			—			—
Total distributions		(0.25	)		(0.52	)		(0.53	)		(0.49	)		(0.53	)		(0.58	)
Net Asset Value, end of period	$	9.78		$	9.92		$	9.80		$	9.94		$	10.21		$	10.31
Total return		1.11	%#		6.71	%		4.11	%		2.17	%		4.22	%		3.88	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	201,272		$	201,573		$	170,987		$	165,467		$	168,010		$	138,655
Ratios to average net assets:
Ratio of expenses to average net assets		0.24	%†		0.24	%		0.24	%		0.25	%		0.25	%		0.28	%&&
Ratio of net investment income to average net assets		4.79	%†		4.91	%		4.70	%		4.23	%		4.19	%		4.05	%
Portfolio turnover		26	%#		76	%		28	%		31	%		31	%^^		N/A

<> Per share amounts were calculated using the average shares outstanding method.

# Not annualized

† Annualized

&& Includes effect of expenses allocated from Master Investment Portfolio.

^^ 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.

See Notes to Financial Statements. 65

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	500 Stock Index Class I
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004<>			2003
Net Asset Value, beginning of period	$	11.63		$	11.23		$	9.87		$	9.58		$	8.79		$	6.94
Income from investment operations:
Net investment income		0.09			0.22			0.18			0.15			0.14			0.09
Net realized and unrealized gain (loss) on investments		(1.51	)		0.35			1.33			0.28			0.78			1.85
Total from investment operations		(1.42	)		0.57			1.51			0.43			0.92			1.94
Less distributions:
From net investment income		—			(0.17	)		(0.15	)		(0.14	)		(0.13	)		(0.09	)
Total distributions		—			(0.17	)		(0.15	)		(0.14	)		(0.13	)		(0.09	)
Net Asset Value, end of period	$	10.21		$	11.63		$	11.23		$	9.87		$	9.58		$	8.79
Total return		(12.21	)%#		5.06	%		15.27	%		4.44	%		10.49	%		27.98	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	80,727		$	95,694		$	107,977		$	108,030		$	115,533		$	130,663
Ratios to average net assets:
Ratio of expenses to average net assets		0.46	%†		0.45	%		0.45	%		0.46	%		0.46	%		0.47	%&&
Ratio of net investment income to average net assets		1.65	%†		1.55	%		1.53	%		1.42	%		1.56	%		1.33	%
Portfolio turnover		2	%#		5	%		4	%		5	%		7	%^^		N/A

<> Per share amounts were calculated using the average shares outstanding method.

# Not annualized

† Annualized

&& Includes effect of expenses allocated from Master Investment Portfolio.

^^ 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.

66 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	500 Stock Index Class II
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004<>			2003
Net Asset Value, beginning of period	$	11.01		$	10.65		$	9.36		$	9.10		$	8.37		$	6.61
Income from investment operations:
Net investment income		0.09			0.20			0.17			0.15			0.16			0.11
Net realized and unrealized gain (loss) on investments		(1.42	)		0.36			1.29			0.27			0.73			1.75
Total from investment operations		(1.33	)		0.56			1.46			0.42			0.89			1.86
Less distributions:
From net investment income		—			(0.20	)		(0.17	)		(0.16	)		(0.16	)		(0.10	)
Total distributions		—			(0.20	)		(0.17	)		(0.16	)		(0.16	)		(0.10	)
Net Asset Value, end of period	$	9.68		$	11.01		$	10.65		$	9.36		$	9.10		$	8.37
Total return		(12.08	)%#		5.22	%		15.60	%		4.57	%		10.60	%		28.24	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	270,255		$	316,248		$	287,392		$	241,849		$	242,188		$	185,901
Ratios to average net assets:
Ratio of expenses to average net assets		0.26	%†		0.25	%		0.25	%		0.26	%		0.26	%		0.27	%&&
Ratio of net investment income to average net assets		1.85	%†		1.75	%		1.73	%		1.62	%		1.84	%		1.52	%
Portfolio turnover		2	%#		5	%		4	%		5	%		7	%^^		N/A

<> Per share amounts were calculated using the average shares outstanding method.

# Not annualized

† Annualized

&& Includes effect of expenses allocated from Master Investment Portfolio.

^^ 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.

See Notes to Financial Statements. 67

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Broad Market Index Class I
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004<>			2003
Net Asset Value, beginning of period	$	12.25		$	11.81		$	10.35		$	9.90		$	8.95		$	6.89
Income from investment operations:
Net investment income		0.10			0.26			0.22			0.17			0.13			0.08
Net realized and unrealized gain (loss) on investments		(1.44	)		0.35			1.38			0.42			0.94			2.06
Total from investment operations		(1.34	)		0.61			1.60			0.59			1.07			2.14
Less distributions:
From net investment income		—			(0.17	)		(0.14	)		(0.14	)		(0.12	)		(0.08	)
Total distributions		—			(0.17	)		(0.14	)		(0.14	)		(0.12	)		(0.08	)
Net Asset Value, end of period	$	10.91		$	12.25		$	11.81		$	10.35		$	9.90		$	8.95
Total return		(10.94	)%#		5.15	%		15.46	%		5.91	%		11.96	%		31.08	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	141,935		$	170,584		$	195,651		$	208,588		$	224,619		$	267,250
Ratios to average net assets:
Ratio of expenses to average net assets		0.45	%†		0.44	%		0.44	%		0.45	%		0.44	%		0.48	%&&
Ratio of net investment income to average net assets		1.56	%†		1.48	%		1.42	%		1.37	%		1.42	%		1.22	%
Portfolio turnover		2	%#		2	%		2	%		2	%		5	%^^		N/A

<> Per share amounts were calculated using the average shares outstanding method.

# Not annualized

† Annualized

&& Includes effect of expenses allocated from Master Investment Portfolio.

^^ 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.

68 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Broad Market Index Class II
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004<>			2003
Net Asset Value, beginning of period	$	11.57		$	11.17		$	9.80		$	9.37		$	8.49		$	6.54
Income from investment operations:
Net investment income		0.10			0.20			0.17			0.15			0.15			0.10
Net realized and unrealized gain (loss) on investments		(1.36	)		0.40			1.37			0.44			0.88			1.95
Total from investment operations		(1.26	)		0.60			1.54			0.59			1.03			2.05
Less distributions:
From net investment income		—			(0.20	)		(0.17	)		(0.16	)		(0.15	)		(0.10	)
Total distributions		—			(0.20	)		(0.17	)		(0.16	)		(0.15	)		(0.10	)
Net Asset Value, end of period	$	10.31		$	11.57		$	11.17		$	9.80		$	9.37		$	8.49
Total return		(10.89	)%#		5.35	%		15.68	%		6.27	%		12.11	%		31.30	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	416,758		$	484,534		$	449,961		$	389,843		$	374,416		$	272,411
Ratios to average net assets:
Ratio of expenses to average net assets		0.25	%†		0.24	%		0.24	%		0.25	%		0.24	%		0.28	%&&
Ratio of net investment income to average net assets		1.76	%†		1.68	%		1.63	%		1.52	%		1.72	%		1.42	%
Portfolio turnover		2	%#		2	%		2	%		2	%		5	%^^		N/A

<> Per share amounts were calculated using the average shares outstanding method.

# Not annualized

† Annualized

&& Includes effect of expenses allocated from Master Investment Portfolio.

^^ 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.

See Notes to Financial Statements. 69

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Mid/Small Company Index Class I
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004<>			2003
Net Asset Value, beginning of period	$	16.23		$	16.52		$	14.99		$	13.80		$	11.79		$	8.33
Income from investment operations:
Net investment income		0.09			0.16			0.16			0.13			0.12			0.04
Net realized and unrealized gain (loss) on investments		(1.34	)		0.68			2.09			1.20			1.99			3.47
Total from investment operations		(1.25	)		0.84			2.25			1.33			2.11			3.51
Less distributions:
From net investment income		—			(0.20	)		(0.12	)		(0.14	)		(0.10	)		(0.05	)
From net realized gains		—			(0.93	)		(0.60	)		—			—			—
Total distributions		—			(1.13	)		(0.72	)		(0.14	)		(0.10	)		(0.05	)
Net Asset Value, end of period	$	14.98		$	16.23		$	16.52		$	14.99		$	13.80		$	11.79
Total return		(7.70	)%#		4.98	%		14.99	%		9.63	%		17.86	%		42.17	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	99,596		$	105,496		$	78,663		$	68,330		$	56,156		$	56,880
Ratios to average net assets:
Ratio of expenses to average net assets		0.50	%†		0.50	%		0.51	%		0.52	%		0.52	%		0.52	%&&
Ratio of net investment income to average net assets		1.18	%†		1.16	%		1.04	%		1.01	%		0.95	%		0.86	%
Portfolio turnover		6	%#		18	%		20	%		12	%		22	%^^		N/A

<> Per share amounts were calculated using the average shares outstanding method.

# Not annualized

† Annualized

&& Includes effect of expenses allocated from Master Investment Portfolio.

^^ 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.

70 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Mid/Small Company Index Class II
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004<>			2003
Net Asset Value, beginning of period	$	15.48		$	15.80		$	14.36		$	13.22		$	11.32		$	7.99
Income from investment operations:
Net investment income		0.10			0.22			0.20			0.17			0.14			0.06
Net realized and unrealized gain (loss) on investments		(1.28	)		0.61			2.00			1.14			1.89			3.34
Total from investment operations		(1.18	)		0.83			2.20			1.31			2.03			3.40
Less distributions:
From net investment income		—			(0.22	)		(0.16	)		(0.17	)		(0.13	)		(0.07	)
From net realized gains		—			(0.93	)		(0.60	)		—			—			—
Total distributions		—			(1.15	)		(0.76	)		(0.17	)		(0.13	)		(0.07	)
Net Asset Value, end of period	$	14.30		$	15.48		$	15.80		$	14.36		$	13.22		$	11.32
Total return		(7.62	)%#		5.20	%		15.24	%		9.87	%		17.95	%		42.53	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	108,210		$	121,950		$	106,900		$	95,502		$	86,741		$	52,907
Ratios to average net assets:
Ratio of expenses to average net assets		0.30	%†		0.30	%		0.31	%		0.32	%		0.32	%		0.32	%&&
Ratio of net investment income to average net assets		1.38	%†		1.36	%		1.24	%		1.20	%		1.18	%		1.06	%
Portfolio turnover		6	%#		18	%		20	%		12	%		22	%^^		N/A

<> Per share amounts were calculated using the average shares outstanding method.

# Not annualized

† Annualized

&& Includes effect of expenses allocated from Master Investment Portfolio.

^^ 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.

See Notes to Financial Statements. 71

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Overseas Equity Index Class I
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004<>			2003
Net Asset Value, beginning of period	$	14.80		$	13.79		$	11.26		$	10.17		$	8.65		$	6.36
Income from investment operations:
Net investment income		0.26			0.35			0.21			0.18			0.15			0.11
Net realized and unrealized gain (loss) on investments		(1.85	)		1.05			2.64			1.12			1.54			2.29
Total from investment operations		(1.59	)		1.40			2.85			1.30			1.69			2.40
Less distributions:
From net investment income		—			(0.38	)		(0.32	)		(0.21	)		(0.17	)		(0.11	)
From net realized gains		—			(0.01	)		—			—			—			—
Total distributions		��			(0.39	)		(0.32	)		(0.21	)		(0.17	)		(0.11	)
Net Asset Value, end of period	$	13.21		$	14.80		$	13.79		$	11.26		$	10.17		$	8.65
Total return		(10.74	)%#		10.17	%		25.35	%		12.74	%		19.61	%		37.75	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	60,822		$	70,723		$	55,259		$	32,639		$	25,557		$	60,601
Ratios to average net assets:
Ratio of expenses to average net assets		0.63	%†		0.63	%		0.73	%		0.95	%		0.89	%		0.69	%&&
Ratio of net investment income to average net assets		3.85	%†		2.36	%		2.15	%		1.82	%		1.61	%		1.77	%
Portfolio turnover		4	%#		5	%		3	%		8	%		12	%^^		N/A

<> Per share amounts were calculated using the average shares outstanding method.

# Not annualized

† Annualized

&& Includes effect of expenses allocated from Master Investment Portfolio.

^^ 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.

72 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Overseas Equity Index Class II
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004<>			2003
Net Asset Value, beginning of period	$	13.98		$	13.06		$	10.67		$	9.64		$	8.20		$	6.04
Income from investment operations:
Net investment income		0.26			0.35			0.25			0.20			0.18			0.11
Net realized and unrealized gain (loss) on investments		(1.74	)		0.99			2.48			1.06			1.46			2.17
Total from investment operations		(1.48	)		1.34			2.73			1.26			1.64			2.28
Less distributions:
From net investment income		—			(0.41	)		(0.34	)		(0.23	)		(0.20	)		(0.12	)
From net realized gains		—			(0.01	)		—			—			—			—
Total distributions		—			(0.42	)		(0.34	)		(0.23	)		(0.20	)		(0.12	)
Net Asset Value, end of period	$	12.50		$	13.98		$	13.06		$	10.67		$	9.64		$	8.20
Total return		(10.59	)%#		10.30	%		25.64	%		13.03	%		20.05	%		37.85	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	151,180		$	178,661		$	107,963		$	56,920		$	41,860		$	19,539
Ratios to average net assets:
Ratio of expenses to average net assets		0.43	%†		0.43	%		0.53	%		0.75	%		0.69	%		0.49	%&&
Ratio of net investment income to average net assets		4.04	%†		2.56	%		2.37	%		1.98	%		2.10	%		1.89	%
Portfolio turnover		4	%#		5	%		3	%		8	%		12	%^^		N/A

<> Per share amounts were calculated using the average shares outstanding method.

# Not annualized

† Annualized

&& Includes effect of expenses allocated from Master Investment Portfolio.

^^ 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.

See Notes to Financial Statements. 73

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Savings Oriented
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	24.70		$	24.70		$	24.23		$	24.21		$	23.53		$	21.92
Income from investment operations:
Net investment income		0.32			0.88			0.84			0.72			0.66			0.54
Net realized and unrealized gain (loss) on investments		(0.69	)		0.63			0.83			0.02			0.70			1.64
Total from investment operations		(0.37	)		1.51			1.67			0.74			1.36			2.18
Less distributions:
From net investment income		—			(0.96	)		(0.86	)		(0.72	)		(0.68	)		(0.57	)
From net realized gains		—			(0.55	)		(0.34	)		—			—			—
Total distributions		—			(1.51	)		(1.20	)		(0.72	)		(0.68	)		(0.57	)
Net Asset Value, end of period	$	24.33		$	24.70		$	24.70		$	24.23		$	24.21		$	23.53
Total return		(1.50	)%#		6.15	%		6.90	%		3.06	%		5.78	%		9.93	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	308,839		$	311,455		$	292,287		$	281,036		$	260,976		$	202,264
Ratios to average net assets:
Ratio of expenses to average net assets		0.16	%†		0.15	%		0.15	%		0.16	%		0.15	%		0.16	%
Ratio of net investment income to average net assets		2.57	%†		3.66	%		3.36	%		3.01	%		3.07	%		2.60	%
Portfolio turnover		4	%#		27	%		11	%		9	%		42	%		10	%

# Not annualized

† Annualized

74 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Conservative Growth
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	24.62		$	24.48		$	23.24		$	22.87		$	21.95		$	19.54
Income from investment operations:
Net investment income		0.25			0.68			0.69			0.62			0.56			0.43
Net realized and unrealized gain (loss) on investments		(1.08	)		0.92			1.26			0.37			0.92			2.42
Total from investment operations		(0.83	)		1.60			1.95			0.99			1.48			2.85
Less distributions:
From net investment income		—			(0.75	)		(0.71	)		(0.62	)		(0.56	)		(0.44	)
From net realized gains		—			(0.71	)		—			—			—			—
Total distributions		—			(1.46	)		(0.71	)		(0.62	)		(0.56	)		(0.44	)
Net Asset Value, end of period	$	23.79		$	24.62		$	24.48		$	23.24		$	22.87		$	21.95
Total return		(3.37	)%#		6.57	%		8.38	%		4.31	%		6.74	%		14.64	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	565,582		$	597,775		$	549,966		$	512,992		$	480,096		$	376,001
Ratios to average net assets:
Ratio of expenses to average net assets		0.15	%†		0.14	%		0.15	%		0.15	%		0.14	%		0.15	%
Ratio of net investment income to average net assets		2.07	%†		2.99	%		2.86	%		2.72	%		2.70	%		2.29	%
Portfolio turnover		6	%#		27	%		9	%		7	%		27	%		8	%

# Not annualized

† Annualized

See Notes to Financial Statements. 75

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Traditional Growth
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	24.04		$	24.26		$	22.46		$	21.67		$	20.45		$	17.19
Income from investment operations:
Net investment income		0.15			0.46			0.48			0.47			0.39			0.29
Net realized and unrealized gain (loss) on investments		(1.51	)		1.25			1.86			0.79			1.22			3.27
Total from investment operations		(1.36	)		1.71			2.34			1.26			1.61			3.56
Less distributions:
From net investment income		—			(0.56	)		(0.51	)		(0.47	)		(0.39	)		(0.30	)
From net realized gains		—			(1.37	)		(0.03	)		—			—			—
Total distributions		—			(1.93	)		(0.54	)		(0.47	)		(0.39	)		(0.30	)
Net Asset Value, end of period	$	22.68		$	24.04		$	24.26		$	22.46		$	21.67		$	20.45
Total return		(5.66	)%#		7.03	%		10.42	%		5.79	%		7.89	%		20.68	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	1,400,547		$	1,487,224		$	1,331,012		$	1,135,671		$	1,005,076		$	795,581
Ratios to average net assets:
Ratio of expenses to average net assets		0.13	%†		0.13	%		0.13	%		0.14	%		0.14	%		0.15	%
Ratio of net investment income to average net assets		1.28	%†		2.23	%		2.13	%		2.21	%		2.01	%		1.73	%
Portfolio turnover		5	%#		28	%		6	%		4	%		14	%		9	%

# Not annualized

† Annualized

76 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Long-Term Growth
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	24.26		$	24.56		$	22.16		$	21.02		$	19.48		$	15.48
Income from investment operations:
Net investment income		0.07			0.26			0.34			0.38			0.26			0.20
Net realized and unrealized gain (loss) on investments		(1.87	)		1.64			2.43			1.14			1.54			4.01
Total from investment operations		(1.80	)		1.90			2.77			1.52			1.80			4.21
Less distributions:
From net investment income		—			(0.43	)		(0.32	)		(0.38	)		(0.26	)		(0.21	)
From net realized gains		—			(1.77	)		(0.05	)		—			(0.00	)††		(0.00	)††
Total distributions		—			(2.20	)		(0.37	)		(0.38	)		(0.26	)		(0.21	)
Net Asset Value, end of period	$	22.46		$	24.26		$	24.56		$	22.16		$	21.02		$	19.48
Total return		(7.42	)%#		7.74	%		12.50	%		7.24	%		9.25	%		27.21	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	1,583,358		$	1,677,987		$	1,470,918		$	1,209,329		$	1,040,507		$	820,777
Ratios to average net assets:
Ratio of expenses to average net assets		0.13	%†		0.12	%		0.13	%		0.14	%		0.14	%		0.14	%
Ratio of net investment income to average net assets		0.61	%†		1.57	%		1.51	%		1.87	%		1.39	%		1.33	%
Portfolio turnover		4	%#		27	%		6	%		7	%		8	%		4	%

†† Rounds to less than $0.01

# Not annualized

† Annualized

See Notes to Financial Statements. 77

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio All-Equity Growth
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,
				2007			2006			2005			2004			2003
Net Asset Value, beginning of period	$	24.63		$	25.88		$	22.96		$	21.39		$	19.49		$	14.68
Income from investment operations:
Net investment income (loss)		(0.02	)		0.04			0.15			0.25			0.11			0.07
Net realized and unrealized gain (loss) on investments		(2.51	)		1.98			3.19			1.57			1.90			4.81
Total from investment operations		(2.53	)		2.02			3.34			1.82			2.01			4.88
Less distributions:
From net investment income		—			(0.21	)		(0.19	)		(0.25	)		(0.11	)		(0.07	)
From net realized gains		—			(3.06	)		(0.23	)		—			—			—
Return of capital		—			—			—			—			—			(0.00	)††
Total distributions		—			(3.27	)		(0.42	)		(0.25	)		(0.11	)		(0.07	)
Net Asset Value, end of period	$	22.10		$	24.63		$	25.88		$	22.96		$	21.39		$	19.49
Total return		(10.27	)%#		7.75	%		14.58	%		8.49	%		10.30	%		33.26	%
Ratios/Supplemental data:
Net assets, end of period (000)	$	549,904		$	597,973		$	470,888		$	303,975		$	216,415		$	128,145
Ratios to average net assets:
Ratio of expenses to average net assets		0.15	%†		0.14	%		0.15	%		0.16	%		0.16	%		0.17	%
Ratio of net investment income (loss) to average net assets		(0.15	)%†		0.82	%		0.71	%		1.30	%		0.64	%		0.59	%
Portfolio turnover		4	%#		23	%		6	%		2	%		9	%		3	%

†† Rounds to less than $0.01

# Not annualized

† Annualized

78 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone Retirement Income
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,						For the Period from January 3, 2005* to December 31, 2005
				2007			2006
Net Asset Value, beginning of period	$	10.61		$	10.51		$	10.14		$	10.00
Income from investment operations:
Net investment income		0.13			0.27			0.29			0.19
Net realized and unrealized gain (loss) on investments		(0.35	)		0.36			0.48			0.15
Total from investment operations		(0.22	)		0.63			0.77			0.34
Less distributions:
From net investment income		—			(0.29	)		(0.29	)		(0.19	)
From net realized gains		—			(0.24	)		(0.11	)		(0.01	)
Total distributions		—			(0.53	)		(0.40	)		(0.20	)
Net Asset Value, end of period	$	10.39		$	10.61		$	10.51		$	10.14
Total return		(2.07	)%#		6.05	%		7.52	%		3.39	%#
Ratios/Supplemental data:
Net assets, end of period (000)	$	53,246		$	54,573		$	22,534		$	13,146
Ratios to average net assets:
Ratio of expenses to average net assets		0.27	%†		0.30	%		0.53	%		1.20	%†
Ratio of net investment income to average net assets		2.24	%†		3.48	%		3.43	%		2.54	%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.07	%†		0.14	%		0.16	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		2.43	%†		3.63	%		3.06	%		3.59	%†
Portfolio turnover		14	%#		63	%		25	%		35	%#

* Commencement of operations

# Not annualized

† Annualized

See Notes to Financial Statements. 79

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2010
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,						For the Period from January 3, 2005* to December 31, 2005
				2007			2006
Net Asset Value, beginning of period	$	10.65		$	10.85		$	10.28		$	10.00
Income from investment operations:
Net investment income		0.10			0.27			0.24			0.18
Net realized and unrealized gain (loss) on investments		(0.45	)		0.42			0.68			0.29
Total from investment operations		(0.35	)		0.69			0.92			0.47
Less distributions:
From net investment income		—			(0.30	)		(0.25	)		(0.18	)
From net realized gains		—			(0.59	)		(0.10	)		(0.01	)
Total distributions		—			(0.89	)		(0.35	)		(0.19	)
Net Asset Value, end of period	$	10.30		$	10.65		$	10.85		$	10.28
Total return		(3.29	)%#		6.43	%		8.95	%		4.65	%#
Ratios/Supplemental data:
Net assets, end of period (000)	$	72,751		$	70,403		$	48,483		$	26,638
Ratios to average net assets:
Ratio of expenses to average net assets		0.23	%†		0.24	%		0.32	%		0.62	%†
Ratio of net investment income to average net assets		1.91	%†		2.97	%		2.74	%		2.49	%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.12	%†		0.18	%		0.18	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		2.02	%†		3.02	%		2.88	%		2.97	%†
Portfolio turnover		11	%#		58	%		15	%		18	%#

* Commencement of operations

# Not annualized

† Annualized

80 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2015
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,						For the Period from January 3, 2005* to December 31, 2005
				2007			2006
Net Asset Value, beginning of period	$	11.13		$	11.29		$	10.44		$	10.00
Income from investment operations:
Net investment income		0.07			0.22			0.19			0.15
Net realized and unrealized gain (loss) on investments		(0.64	)		0.56			0.94			0.44
Total from investment operations		(0.57	)		0.78			1.13			0.59
Less distributions:
From net investment income		—			(0.25	)		(0.20	)		(0.15	)
From net realized gains		—			(0.69	)		(0.08	)		(0.00	)††
Total distributions		—			(0.94	)		(0.28	)		(0.15	)
Net Asset Value, end of period	$	10.56		$	11.13		$	11.29		$	10.44
Total return		(5.12	)%#		6.88	%		10.87	%		5.93	%#
Ratios/Supplemental data:
Net assets, end of period (000)	$	137,532		$	138,535		$	84,357		$	41,455
Ratios to average net assets:
Ratio of expenses to average net assets		0.19	%†		0.18	%		0.24	%		0.48	%†
Ratio of net investment income to average net assets		1.37	%†		2.57	%		2.33	%		2.43	%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.14	%†		0.18	%		0.17	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		1.41	%†		2.57	%		2.39	%		2.76	%†
Portfolio turnover		9	%#		40	%		10	%		8	%#

†† Rounds to less than $0.01

* Commencement of operations

# Not annualized

† Annualized

See Notes to Financial Statements. 81

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2020
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,						For the Period from January 3, 2005* to December 31, 2005
				2007			2006
Net Asset Value, beginning of period	$	11.38		$	11.52		$	10.50		$	10.00
Income from investment operations:
Net investment income		0.05			0.20			0.18			0.14
Net realized and unrealized gain (loss) on investments		(0.77	)		0.63			1.07			0.50
Total from investment operations		(0.72	)		0.83			1.25			0.64
Less distributions:
From net investment income		—			(0.23	)		(0.18	)		(0.14	)
From net realized gains		—			(0.74	)		(0.05	)		(0.00	)††
Total distributions		—			(0.97	)		(0.23	)		(0.14	)
Net Asset Value, end of period	$	10.66		$	11.38		$	11.52		$	10.50
Total return		(6.33	)%#		7.17	%		11.92	%		6.48	%#
Ratios/Supplemental data:
Net assets, end of period (000)	$	123,531		$	112,064		$	62,402		$	27,240
Ratios to average net assets:
Ratio of expenses to average net assets		0.19	%†		0.20	%		0.28	%		0.67	%†
Ratio of net investment income to average net assets		1.00	%†		2.23	%		2.05	%		2.14	%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.15	%†		0.19	%		0.18	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		1.04	%†		2.24	%		2.16	%		2.67	%†
Portfolio turnover		3	%#		40	%		5	%		6	%#

†† Rounds to less than $0.01

* Commencement of operations

# Not annualized

† Annualized

82 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2025
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,						For the Period from January 3, 2005* to December 31, 2005
				2007			2006
Net Asset Value, beginning of period	$	11.55		$	11.72		$	10.58		$	10.00
Income from investment operations:
Net investment income		0.04			0.16			0.15			0.14
Net realized and unrealized gain (loss) on investments		(0.87	)		0.68			1.19			0.58
Total from investment operations		(0.83	)		0.84			1.34			0.72
Less distributions:
From net investment income		—			(0.20	)		(0.16	)		(0.14	)
From net realized gains		—			(0.81	)		(0.04	)		(0.00	)††
Total distributions		—			(1.01	)		(0.20	)		(0.14	)
Net Asset Value, end of period	$	10.72		$	11.55		$	11.72		$	10.58
Total return		(7.19	)%#		7.17	%		12.70	%		7.18	%#
Ratios/Supplemental data:
Net assets, end of period (000)	$	90,260		$	83,891		$	48,804		$	19,479
Ratios to average net assets:
Ratio of expenses to average net assets		0.21	%†		0.22	%		0.33	%		0.90	%†
Ratio of net investment income to average net assets		0.64	%†		1.98	%		1.81	%		1.81	%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.15	%†		0.18	%		0.18	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		0.70	%†		2.02	%		1.96	%		2.56	%†
Portfolio turnover		3	%#		38	%		4	%		7	%#

†† Rounds to less than $0.01

* Commencement of operations

# Not annualized

† Annualized

See Notes to Financial Statements. 83

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2030
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,						For the Period from January 3, 2005* to December 31, 2005
				2007			2006
Net Asset Value, beginning of period	$	11.75		$	11.88		$	10.64		$	10.00
Income from investment operations:
Net investment income		0.02			0.14			0.14			0.13
Net realized and unrealized gain (loss) on investments		(0.96	)		0.70			1.30			0.64
Total from investment operations		(0.94	)		0.84			1.44			0.77
Less distributions:
From net investment income		—			(0.18	)		(0.15	)		(0.13	)
From net realized gains		—			(0.79	)		(0.05	)		(0.00	)††
Total distributions		—			(0.97	)		(0.20	)		(0.13	)
Net Asset Value, end of period	$	10.81		$	11.75		$	11.88		$	10.64
Total return		(8.00	)%#		7.11	%		13.52	%		7.68	%#
Ratios/Supplemental data:
Net assets, end of period (000)	$	69,270		$	61,465		$	26,007		$	10,054
Ratios to average net assets:
Ratio of expenses to average net assets		0.25	%†		0.26	%		0.51	%		1.75	%†
Ratio of net investment income to average net assets		0.39	%†		1.78	%		1.43	%		0.98	%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.17	%†		0.20	%		0.18	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		0.47	%†		1.85	%		1.76	%		2.58	%†
Portfolio turnover		3	%#		43	%		3	%		15	%#

†† Rounds to less than $0.01

* Commencement of operations

# Not annualized

† Annualized

84 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2035
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,						For the Period from January 3, 2005* to December 31, 2005
				2007			2006
Net Asset Value, beginning of period	$	11.83		$	11.98		$	10.69		$	10.00
Income from investment operations:
Net investment income		0.02			0.12			0.13			0.12
Net realized and unrealized gain (loss) on investments		(1.05	)		0.75			1.36			0.69
Total from investment operations		(1.03	)		0.87			1.49			0.81
Less distributions:
From net investment income		—			(0.17	)		(0.13	)		(0.12	)
From net realized gains		—			(0.85	)		(0.07	)		(0.00	)††
Total distributions		—			(1.02	)		(0.20	)		(0.12	)
Net Asset Value, end of period	$	10.80		$	11.83		$	11.98		$	10.69
Total return		(8.71	)%#		7.25	%		14.00	%		8.13	%#
Ratios/Supplemental data:
Net assets, end of period (000)	$	39,180		$	34,831		$	16,418		$	4,458
Ratios to average net assets:
Ratio of expenses to average net assets		0.33	%†		0.40	%		0.76	%		3.50	%†
Ratio of net investment income (loss) to average net assets		0.21	%†		1.60	%		1.04	%		(1.09	)%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.19	%†		0.20	%		0.18	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		0.35	%†		1.80	%		1.62	%		2.26	%†
Portfolio turnover		4	%#		40	%		10	%		13	%#

†† Rounds to less than $0.01

* Commencement of operations

# Not annualized

† Annualized

See Notes to Financial Statements. 85

VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2040
	For the Period January 1, 2008 to June 30, 2008 (Unaudited)			For the Year Ended December 31,						For the Period from January 3, 2005* to December 31, 2005
				2007			2006
Net Asset Value, beginning of period	$	11.85		$	11.91		$	10.68		$	10.00
Income from investment operations:
Net investment income		0.01			0.11			0.12			0.12
Net realized and unrealized gain (loss) on investments		(1.08	)		0.75			1.39			0.70
Total from investment operations		(1.07	)		0.86			1.51			0.82
Less distributions:
From net investment income		—			(0.16	)		(0.13	)		(0.12	)
From net realized gains		—			(0.76	)		(0.15	)		(0.02	)
Total distributions		—			(0.92	)		(0.28	)		(0.14	)
Net Asset Value, end of period	$	10.78		$	11.85		$	11.91		$	10.68
Total return		(9.03	)%#		7.23	%		14.14	%		8.14	%#
Ratios/Supplemental data:
Net assets, end of period (000)	$	37,940		$	32,882		$	12,699		$	3,087
Ratios to average net assets:
Ratio of expenses to average net assets		0.35	%†		0.43	%		1.11	%		5.49	%†
Ratio of net investment income (loss) to average net assets		0.15	%†		1.61	%		0.90	%		(2.91	)%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.20	%†		0.19	%		0.18	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		0.31	%†		1.85	%		1.83	%		2.43	%†
Portfolio turnover		5	%#		47	%		24	%		35	%#

* Commencement of operations

# Not annualized

† Annualized

86 See Notes to Financial Statements.

VANTAGEPOINT FUNDS

NOTES TO THE FINANCIAL STATEMENTS (Unaudited)

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 June 30, 2008:

The “Actively Managed Funds”:	The “Index Funds”:
Money Market Fund	Core Bond Index Fund
Low Duration Bond Fund	500 Stock Index Fund
Inflation Protected 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
Select Value Fund
Aggressive Opportunities Fund
Discovery Fund
International Fund
Diversified Assets 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 Select Value, Discovery and Diversified Assets Funds commenced operations on October 30, 2007. Each fund received $100 in exchange for shares purchased by ICMA-RC, the parent company of VIA, the investment adviser to each series of the Company.

The Actively Managed, Model Portfolio and Milestone Funds each 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 date of distribution. Neither class has preferential dividend rights. Differences in per share dividend rates are generally due to differences in separate class expenses.

On May 1, 2007 the Short-Term Bond Fund changed its name to the Low Duration Bond Fund as a result of a change in investment strategy wherein the Low Duration Bond Fund now seeks to maintain a maximum portfolio effective duration of three years. Also effective May 1, 2007 the principal investment strategy of the US Government Securities Fund changed to provide that the fund invests, under normal circumstances, at least 80% of its net assets in inflation adjusted U.S. and non-U.S. fixed-income securities. In connection with this change in investment strategy, the name of the fund was changed to the Inflation Protected Securities Fund and the fund underwent a change in subadvisers.

87

VANTAGEPOINT FUNDS

NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

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 Fund. The underlying funds of each Model Portfolio Fund and the current target investment allocation in each underlying fund as of June 30, 2008 were as follows:

	Model Portfolio Funds
	Savings Oriented		Conservative Growth		Traditional Growth		Long-Term Growth		All-Equity Growth
Fund Allocation—%
Low Duration Bond	43.00	%	23.00	%	8.00	%	0.00	%	0.00	%
Inflation Protected Securities	9.00	%	6.50	%	4.00	%	0.00	%	0.00	%
Core Bond Index, Class I	13.00	%	20.50	%	18.00	%	15.00	%	0.00	%
Equity Income	10.00	%	11.00	%	12.00	%	13.00	%	18.00	%
Growth & Income	10.00	%	9.00	%	12.00	%	13.00	%	17.00	%
Growth	0.00	%	6.00	%	10.00	%	11.50	%	17.00	%
Select Value	0.00	%	3.00	%	5.50	%	8.50	%	9.50	%
Aggressive Opportunities	0.00	%	3.00	%	5.50	%	8.50	%	9.50	%
Discovery	0.00	%	0.00	%	3.00	%	4.50	%	9.00	%
International	5.00	%	8.00	%	12.00	%	16.00	%	20.00	%
Diversified Assets	10.00	%	10.00	%	10.00	%	10.00	%	0.00	%
Total Fixed Income	65.00	%	50.00	%	30.00	%	15.00	%	0.00	%
Total Equity	25.00	%	40.00	%	60.00	%	75.00	%	100.00	%
Total Multi-Strategy	10.00	%	10.00	%	10.00	%	10.00	%	0.00	%

The Milestone Funds Structure

The Milestone Funds invest entirely in underlying funds. VIA may make, subject to the supervision of the Board, 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 invests in a professionally selected combination of equity, fixed income, and, for each fund other than the Milestone Retirement Income Fund, multi-strategy 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 investment allocation in each underlying fund as of June 30, 2008 were as follows:

	Milestone Funds
	Retirement Income		2010		2015		2020
Fund Allocation—%
Low Duration Bond	40.00	%	33.00	%	17.50	%	8.00	%
Inflation Protected Securities	9.00	%	8.00	%	3.90	%	0.00	%
Core Bond Index, Class I	11.00	%	11.00	%	14.60	%	18.70	%
Equity Income	12.00	%	14.00	%	18.60	%	21.60	%
Growth & Income	12.00	%	11.60	%	11.00	%	11.60	%
Growth	0.00	%	2.80	%	7.40	%	8.40	%
Mid/Small Company Index, Class I	0.00	%	2.00	%	6.20	%	9.00	%
International	6.00	%	7.60	%	10.80	%	12.70	%

88

VANTAGEPOINT FUNDS

NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Milestone Funds
	Retirement Income		2010		2015		2020
Fund Allocation—%
Diversified Assets	10.00	%	10.00	%	10.00	%	10.00	%
Total Fixed Income	60.00	%	52.00	%	36.00	%	26.70	%
Total Equity	30.00	%	38.00	%	54.00	%	63.30	%
Total Multi-Strategy	10.00	%	10.00	%	10.00	%	10.00	%
	Milestone Funds
	2025		2030		2035		2040
Fund Allocation—%
Low Duration Bond	3.00	%	0.00	%	0.00	%	0.00	%
Inflation Protected Securities	0.00	%	0.00	%	0.00	%	0.00	%
Core Bond Index, Class I	15.45	%	12.80	%	11.05	%	10.00	%
Equity Income	23.10	%	24.40	%	25.40	%	26.00	%
Growth & Income	13.10	%	14.20	%	14.70	%	15.00	%
Growth	9.40	%	10.40	%	11.40	%	12.00	%
Mid/Small Company Index, Class I	11.50	%	14.20	%	17.20	%	19.00	%
International	14.45	%	16.00	%	17.25	%	18.00	%
Diversified Assets	10.00	%	8.00	%	3.00	%	0.00	%
Total Fixed Income	18.45	%	12.80	%	11.05	%	10.00	%
Total Equity	71.55	%	79.20	%	85.95	%	90.00	%
Total Multi-Strategy	10.00	%	8.00	%	3.00	%	0.00	%

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

1. ordinary and capital gain dividends from the underlying funds,

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

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.

Transition of US Government Securities Fund to Inflation Protected Securities Fund

At a December 8, 2006 meeting of the Board, VIA recommended and the Board approved the implementation of a new principal investment strategy for the US Government Securities Fund to be 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. fixed income 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) the appointment of Pacific Investment Management Company (“PIMCO”) and Fischer Francis Trees & Watts (“FFTW”) as new Fund subadvisers; and (iii) the termination of Mellon Capital Management Corporation as a Fund subadviser. Effective May 1, 2007, PIMCO and FFTW began serving as new subadvisers of the Fund. However, on May 15, 2007, Paul J. Zhao, the portfolio manager at FFTW who was responsible for making investment decisions for the portion of the Fund’s assets managed by FFTW, left FFTW. At a meeting held on May 18, 2007, VIA recommended and the Board approved the termination of FFTW as a subadviser to the Fund. The Fund’s assets managed by FFTW were transitioned to PIMCO and PIMCO served as the sole subadviser to the Fund until the appointment of BlackRock Financial Management, Inc. (“BlackRock”) as an additional subadviser to the Fund effective October 30, 2007.

89

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NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

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 that are traded on a national securities exchange (other than Nasdaq National Market and Small Cap Market Securities traded primarily on the Nasdaq Stock Market, Inc. Exchange (“Nasdaq”)) held by each fund normally will be priced at the last reported sale price on the exchange on which the security is principally traded. Securities for which the primary market is 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 Board (“Valuation Procedures”). The valuation of certain foreign equity securities is described below.

Each Model Portfolio and Milestone’s net asset value (“NAV”) is calculated based upon the NAV’s of the underlying funds in which it invests.

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

Valuation of Foreign Equity Securities

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

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 were translated into U.S. dollars at the prevailing rates of exchange using the “Reuters” snap-shot at 12 pm Eastern Time each day until June 9, 2008. Effective June 9, 2008, investment securities and other assets and liabilities are translated into U.S. dollars daily at the closing spot rates supplied by the WM/Reuters Spot and Forward rates service as of 4:00 pm Eastern Time. This service is provided by The WM Company. Purchases and

90

VANTAGEPOINT FUNDS

NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

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.

Options

Exchange traded options normally will be priced based on the last reported sale price on the exchange on which the security underlying the option is principally traded. Certain markets are not closed at Valuation Time. In these situations, a pricing service may provide snapshot prices. If no sales are reported on a particular day, a pricing service normally will use the mean between the last bid and asked quotations. Non-exchange traded options also normally will be priced by a pricing service at the mean between bid and asked quotations.

Futures

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

Forward Currency Contracts

These contracts normally will be priced using the WM/Reuters Intraday Forwards rates provided as of 4:00 P.M. EST.

Interest Rate Swaps (including Inflation Swaps)

Interest rate swaps normally will be priced based on a snapshot of the relevant country’s swap curve (Reuters, Bloomberg, and S&P are frequent sources) and a swap valuation model. In the event a pricing service is unable to provide a price for a particular swap, the swap will be priced at the fair value of the security.

Interest Rate Swaptions

Interest rate swaptions normally will be priced based on a snapshot taken of the relevant country’s swap curve (Reuters, Bloomberg, and S&P are frequent sources), deriving an implied volatility surface from actual and/or indicative broker-dealer swaption prices, and combining them in an option valuation model. In the event a pricing service is unable to provide a price for a particular swaption, the swaption will be priced at the fair value of the security.

Total Return Swaps

Total return swaps are normally priced based on cash flow forecasts for the reference entity (which may themselves be model-driven in the case of assets with embedded options), a credit default curve corresponding to the reference asset (if applicable), and a snapshot of the relevant interest rate swap curve. The valuation approach incorporates concepts and algorithms used in credit default swap and interest rate models. In the event a pricing service is unable to provide a price for a particular total return swap, the total return swap will be priced at the fair value of the security.

Credit Default Swaps

Single-name credit default swaps (CDS) normally will be priced based on an issuer specified spread curve, constructed from actual and/or indicative broker-dealer CDS spreads, and a CDS valuation model. CDS indexes normally will be priced according to consensus broker-dealer indications. In the event a pricing service is unable to provide a price for a particular CDS, the CDS will be priced at the fair value of the security.

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 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, except for the Core Bond Index Fund, which does not amortize bond premium for tax purposes.

91

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NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

Dividends and Distributions to Shareholders

Dividends from net investment income are declared and paid monthly to shareholders of the Core Bond Index, the Low Duration Bond, and Inflation Protected 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 Low Duration Bond Fund. For the remaining Actively Managed Funds, Index Funds, Model Portfolio Funds and 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 investment securities, and differing characterizations of distributions being made by each fund.

Certain differences are permanent, and 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, pay-down gains and losses, bond premium amortization, foreign currency gains and losses, taxable over-distributions or returns of capital, 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, and they do not affect the net investment income per share calculations presented in the Financial Highlights.

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. Any taxable income on gains remaining at fiscal year-end are distributed in the following year. Therefore, no provision for federal income or excise taxes was required.

The Company has adopted Financial Accounting Standards Board Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes,” which establishes guidelines for recognizing, measuring, and disclosing tax return positions in financial statements. Management has evaluated the Company’s tax positions and determined that the adoption of FIN 48 had no material impact on the Company’s financial statements. Accordingly, no adjustments for unrecognized tax benefits or expenses, were required as of June 30, 2008.

Futures Contracts

A futures contract is an agreement between two parties to buy and sell a security, commodity, or index at a set price on a future date. 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 the 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 June 30, 2008, the following funds had open futures contracts outstanding:

92

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NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

Inflation Protected Securities Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Depreciation
Purchased
21	CBT	U.S. 5 Year Treasury Note	September 2008	$	2,321,648	$	(10,054	)
Sold
95	CBT	U.S. 10 Year Treasury Note	September 2008	$	10,822,578	$	(102,837	)
			Total Unrealized Depreciation			$	(112,891	)
Asset Allocation Fund
Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Depreciation
Purchased
1,578	CME	E-MINI S&P 500 Index	September 2008	$	101,078,790	$	(7,692,696	)
29	CME	S&P 500 Index	September 2008	$	9,287,975		(699,510	)
			Total Unrealized Depreciation			$	(8,392,206	)
Select Value Fund
Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Depreciation
Purchased
5	CME	E-MINI S&P 500 Index	September 2008	$	320,275	$	(19,719	)
			Total Unrealized Depreciation			$	(19,719	)
Discovery Fund
Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Depreciation
Purchased
1,162	CME	E-MINI Russell Index	September 2008	$	80,375,541	$	(4,909,067	)
			Total Unrealized Depreciation			$	(4,909,067	)

93

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NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

Diversified Assets Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation/ (Depreciation)
Purchased
1	SGX	10 Year Mini-JGB	September 2008	$	127,363	$	696
193	EOE	Amsterdam Index	July 2008	$	25,895,703		(1,961,083	)
113	SFE	Australian Government Bond 10 Year	September 2008	$	10,477,556		179,995
213	EOP	CAC40 Euros	July 2008	$	14,903,303		(849,053	)
25	EUX	Dax Index	September 2008	$	6,376,523		(337,441	)
26	EUX	DJ STOXX 50 Index	September 2008	$	1,383,627		(74,618	)
128	EUX	Euro-Schatz Future	September 2008	$	26,621,516		(137,945	)
152	LIF	FTSE 100 Index	September 2008	$	17,099,952		(428,728	)
76	HKG	Hang Seng Index	July 2008	$	10,780,211		(260,982	)
59	MFM	IBEX 35 Index	July 2008	$	11,104,375		(720,572	)
112	MIL	S&P/MIB Index	September 2008	$	26,165,092		(1,084,217	)
7	SFE	SPI 200 Index	September 2008	$	871,197		(23,575	)
10	TSE	Topix Index	September 2008	$	1,241,701		(62,173	)
						$	(5,759,696	)
Sold
350	SFE	Australian Government Bond 10 Year	September 2008	$	32,452,606	$	(571,977	)
90	MSE	Canadian 10 Year Bond	September 2008	$	10,368,049		48,696
16	EUX	Dax Index	September 2008	$	4,080,974		205,565
286	CME	E-MINI S&P 500 Index	September 2008	$	18,319,730		811,419
155	EUX	Euro Bund	September 2008	$	26,983,475		320,088
15	TSE	Japanese Government Bond 10 Year	September 2008	$	19,134,059		(330,296	)
414	SSE	OMX Stockholm 30 Index	July 2008	$	5,929,065		583,334
86	MSE	S&P/TSX 60 Index	September 2008	$	14,610,807		409,683
200	SFE	SPI 200 Index	September 2008	$	24,891,347		862,275
47	TSE	Topix Index	September 2008	$	5,835,994		371,905
11	CBT	U.S. 10 Year Treasury Note	September 2008	$	1,253,141		(15,141	)
38	CBT	U.S. 2 Year Treasury Note	September 2008	$	8,025,719		(24,937	)
188	LIF	UK Gilt Long Bond	September 2008	$	39,090,694		654,358
						$	3,324,972
			Total Unrealized Depreciation			$	(2,434,724	)
500 Stock Index Fund
Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Depreciation
Purchased
113	CME	E-MINI S&P 500 Index	September 2008	$	7,238,215	$	(354,792	)
			Total Unrealized Depreciation			$	(354,792	)

94

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NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

Broad Market Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Depreciation
Purchased
18	CME	E-MINI Russell Index	September 2008	$	1,245,060	$	(60,038	)
102	CME	E-MINI S&P 500 Index	September 2008	$	6,533,610		(308,949	)
			Total Unrealized Depreciation			$	(368,987	)
Mid/Small Company Index Fund
Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Depreciation
Purchased
28	CME	E-MINI Russell Index	September 2008	$	1,936,760	$	(63,197	)
24	CME	E-MINI S&P Mid 400 Index	September 2008	$	1,970,880		(62,738	)
			Total Unrealized Depreciation			$	(125,935	)
Overseas Equity Index Fund
Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Depreciation
Purchased
74	EUX	DJ STOXX 50 Index	September 2008	$	3,938,014	$	(204,263	)
23	LIF	FTSE 100 Index	September 2008	$	2,587,493		(63,061	)
19	TSE	Topix Index	September 2008	$	2,359,232		(118,182	)
			Total Unrealized Depreciation			$	(385,506	)

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract is an agreement to pay or receive specific amounts of a currency at a future date in exchange for another currency at an agreed upon exchange rate. Such contracts are recorded at market value and marked to market daily. Risks of entering into 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 June 30, 2008, the following funds had open forward foreign currency exchange contracts outstanding:

Inflation Protected Securities Fund

Currency	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at June 30, 2008		Net Unrealized Gain/(Loss)
Purchase Contracts
Euro	07/23/2008	$	1,766,062	$	1,802,000	$	35,938
Sale Contracts
Euro	07/23/2008	$	1,813,150	$	1,801,528	$	11,622
	07/24/2008		149,293		149,398		(105	)
			Net Gain on Sale Contracts			$	11,517
			Net Unrealized Gain on Forward     Foreign Currency Contracts			$	47,455

95

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NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

Diversified Assets Fund

Currency	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at June 30, 2008		Net Unrealized Gain/(Loss)
Purchase Contracts
Australian Dollar	07/03/2008	$	9,722,908	$	9,783,459	$	60,551
	07/18/2008		35,785,740		36,343,580		557,840
Canadian Dollar	07/03/2008		22,227,186		22,110,215		(116,971	)
Swiss Franc	07/03/2008		4,739,284		4,822,762		83,478
	09/17/2008		108,759		111,125		2,366
Euro	07/03/2008		35,747,868		36,292,979		545,111
	07/18/2008		3,107,680		3,146,233		38,553
	08/05/2008		36,260,782		36,230,199		(30,583	)
	09/17/2008		5,026,568		5,034,029		7,461
British Pound Sterling	07/03/2008		39,968,646		40,829,646		861,000
	07/18/2008		15,658,960		15,914,320		255,360
	08/05/2008		24,691,420		24,707,465		16,045
Japanese Yen	07/03/2008		19,836,174		20,037,379		201,205
	07/14/2008		1,390,567		1,388,184		(2,383	)
	08/05/2008		284,992		284,543		(449	)
Norwegian Krone	07/03/2008		17,010,089		17,018,466		8,377
	07/18/2008		35,806,221		36,258,873		452,652
New Zealand Dollar	07/03/2008		9,225,800		9,398,640		172,840
	08/05/2008		8,003,656		8,011,411		7,755
Swedish Krona	07/03/2008		19,878,997		19,884,373		5,376
	07/16/2008		3,001,129		3,011,276		10,147
	08/05/2008		13,930,914		13,911,572		(19,342	)
			Net Gain on Purchase Contracts			$	3,116,389
Sale Contracts
Australian Dollar	07/03/2008	$	9,704,288	$	9,783,461	$	(79,173	)
	08/05/2008		6,886,400		6,876,261		10,139
Canadian Dollar	07/03/2008		22,109,423		22,110,213		(790	)
	07/18/2008		35,361,026		35,297,118		63,908
	08/05/2008		20,469,603		20,367,605		101,998
Swiss Franc	07/03/2008		18,450,792		18,765,846		(315,054	)
	07/18/2008		29,072,585		29,373,273		(300,688	)
	09/17/2008		2,995,577		3,002,272		(6,695	)
Euro	07/03/2008		36,318,644		36,292,979		25,665
	07/10/2008		2,640,240		2,691,170		(50,930	)
British Pound Sterling	07/03/2008		40,625,815		40,829,645		(203,830	)
	09/17/2008		531,738		538,560		(6,822	)
Japanese Yen	07/03/2008		20,147,067		20,037,379		109,688
	07/14/2008		1,566,384		1,579,496		(13,112	)
	07/18/2008		2,816,849		2,827,928		(11,079	)
	09/17/2008		1,504,133		1,490,548		13,585
Norwegian Krone	07/03/2008		16,802,616		17,018,464		(215,848	)
	08/05/2008		15,251,206		15,248,545		2,661
New Zealand Dollar	07/03/2008		9,356,750		9,398,640		(41,890	)
	07/18/2008		11,266,500		11,399,450		(132,950	)
Swedish Krona	07/03/2008		19,875,183		19,884,374		(9,191	)
			Net Loss on Sale Contracts			$	(1,060,408	)
			Net Unrealized Gain on Forward     Foreign Currency Contracts			$	2,055,981

96

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NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

International Fund

Currency	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at June 30, 2008		Net Unrealized Gain/(Loss)
Purchase Contracts
Brazilian Real	07/01/2008	$	22,747	$	22,133	$	(614	)
	07/02/2008		19,460		19,447		(13	)
	07/03/2008		22,292		22,173		(119	)
Canadian Dollar	07/03/2008		1,677,570		1,667,849		(9,721	)
Swiss Franc	07/02/2008		503,172		504,759		1,587
Danish Krone	07/03/2008		96,173		96,119		(54	)
Euro	07/02/2008		96,446		96,288		(158	)
	07/03/2008		1,811,769		1,832,251		20,482
	07/09/2008		4,668,226		4,726,372		58,146
	07/28/2008		3,441,164		3,468,046		26,882
	08/28/2008		3,440,972		3,467,751		26,779
	10/03/2008		665,093		668,537		3,444
	12/17/2008		4,569,577		4,603,878		34,301
British Pound Sterling	07/03/2008		147,198		147,207		9
Hong Kong Dollar	07/02/2008		24,226		24,239		13
Japanese Yen	07/01/2008		708,564		718,340		9,776
	07/09/2008		4,534,501		4,499,974		(34,527	)
			Net Gain on Purchase Contracts			$	136,213
Sale Contracts
Australian Dollar	07/03/2008	$	17,902	$	17,901	$	1
Canadian Dollar	07/03/2008		1,656,373		1,667,850		(11,477	)
	09/17/2008		3,776,000		3,776,666		(666	)
Swiss Franc	07/01/2008		16,146		16,164		(18	)
	07/02/2008		589,680		575,193		14,487
	07/03/2008		57,859		57,742		117
	09/04/2008		1,891,000		1,926,421		(35,421	)
	09/18/2008		3,315,000		3,385,171		(70,171	)
Euro	07/01/2008		38,317		38,251		66
	07/02/2008		63,138		63,144		(6	)
	07/03/2008		58,347		58,351		(4	)
	07/09/2008		191,985		191,871		114
British Pound Sterling	07/02/2008		616,725		616,415		310
	07/03/2008		142,379		142,368		11
Hong Kong Dollar	07/02/2008		66,818		66,853		(35	)
	07/03/2008		55,905		55,919		(14	)
Japanese Yen	07/01/2008		303,247		305,973		(2,726	)
	07/02/2008		968,828		970,001		(1,173	)
	07/03/2008		1,134,047		1,132,697		1,350
	07/09/2008		4,668,226		4,499,974		168,252
	07/28/2008		3,441,164		3,374,906		66,258
	08/28/2008		3,440,972		3,372,615		68,357
	10/17/2008		3,853,149		3,799,656		53,493
	12/04/2008		6,140,851		6,039,114		101,737
			Net Gain on Sale Contracts			$	352,842
			Net Unrealized Gain on Forward     Foreign Currency Contracts			$	489,055

97

VANTAGEPOINT FUNDS

NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

Overseas Equity Index Fund

Currency	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at June 30, 2008		Net Unrealized Gain/(Loss)
Purchase Contracts
Euro	09/17/2008	$	1,922,375	$	1,932,962	$	10,587
British Pound Sterling	09/17/2008		1,176,124		1,188,222		12,098
Japanese Yen	09/17/2008		2,608,947		2,605,665		(3,282	)
			Net Gain on Purchase Contracts			$	19,403
Sale Contracts
Euro	09/17/2008	$	273,970	$	278,362	$	(4,392	)
Japanese Yen	09/17/2008		129,601		131,510		(1,909	)
			Net Loss on Sale Contracts			$	(6,301	)
			Net Unrealized Gain on Forward     Foreign Currency Contracts			$	13,102

Option Contracts

Purchases of put and call options are recorded as an investment, the value of which is marked to market at each valuation date. When a purchased option expires, the fund will realize a loss equal to the premium paid. When a fund enters into a closing sale transaction, the fund will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. When a fund exercises a put option, it will realize a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When a fund exercises a call option, the cost of the security which the fund purchases upon exercise will be increased by the premium originally paid.

When a fund writes a call or put option, an amount equal to the premium received by the fund is recorded as a liability, the value of each 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. Option contract transactions may incur a commission, in addition to the premium paid or received. The risk in writing a call option is that the fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the fund pays a premium whether or not the option is exercised. Written option activity for the period ended June 30, 2008 was as follows:

	Call Options					Put Options					Total
Inflation Protected Securities Fund	# Contracts		Premium			# Contracts		Premium			# Contracts		Premium
Beginning balance as of 01/01/2008	23		$	8,910		100		$	41,862		123		$	50,772
Contracts written	220		$	271,309		164		$	171,949		384		$	443,258
Contracts closed	(23	)	$	(24,625	)	—		$	—		(23	)	$	(24,625	)
Contracts expired	(220	)	$	(255,594	)	(264	)	$	(213,811	)	(484	)	$	(469,405	)
Ending balance as of 06/30/2008	—		$	—		—		$	—		—		$	—

98

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NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Call Options			Put Options					Total
Diversified Assets Fund	# Contracts	Premium		# Contracts		Premium			# Contracts		Premium
Beginning balance as of 01/01/2008	—	$	—	910		$	237,171		910		$	237,171
Contracts written	580	$	189,853	910		$	312,990		1,490		$	502,843
Contracts closed	—	$	—	(1,820	)	$	(550,161	)	(1,820	)	$	(550,161	)
Contracts expired	—	$	—	—		$	—		—		$	—
Ending balance as of 06/30/2008	580	$	189,853	—		$	—		580		$	189,853

Option Type	Diversified Assets Fund	# Contracts	Strike Price		Expiration Date	Unrealized Gain/(Loss)
Call	Swiss Market Index	480	$	7,211.50USD	9/19/2008	$	76,622
Call	Swiss Market Index	100	$	7,169.89USD	9/19/2008	$	13,640
						$	90,262

Swap Agreements

A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Interest rate swap agreements involve the exchange between two parties of their respective commitments to pay or receive interest. An inflation swap agreement is a contract between two counterparties who agree to swap cash flows based on the inflation rate against fixed cash flows. Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indexes during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Credit default swaps are contracts whereby one party makes periodic payments to a counterparty in exchange for the right to receive from the counterparty a payment equal to the par (or other agreed-upon) value of a referenced debt obligation in the event of a default by the issuer of the debt obligation. The swaps listed below are marked to market daily using a Bloomberg Swap Curve Calculator, or other third party pricing vendors, and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. The risks associated with swap agreements include the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreements. In certain types of swap transactions, the risk of loss is increased because the Fund may be required to make higher payments as a result of market volatility. In addition, swap agreements are not traded on exchanges or other organized markets and thus may be less liquid than other derivative instruments. At June 30, 2008, the following swap agreements were outstanding:

Inflation Protected Securities Fund

Notional Amount	Expiration Date	Description	Net Unrealized Gain/(Loss)
AUD 8,700,000	6/15/2010	This is an Interest Rate Swap Agreement with Deutsche Bank AG, notional amount 8,700,000 Australian Dollar (AUD), entered into by PIMCO on June 19, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 7.0% and pay a floating rate of the 6-month Australian Bank Bill (the floating index), resetting every six months, during the period from June 16, 2008 to June 15, 2010.	$	(151,263	)
AUD 2,500,000	3/15/2010	This is an Interest Rate Swap Agreement with UBS AG, notional amount AUD 2,500,000, entered into by PIMCO on February 29, 2008. In this swap, the Fund has contractually arranged to receive a fixed rate of 7.5% and pay a floating rate of the 3-month Australian Bank Bill (the floating index), resetting every quarter, during the period from June 15, 2009 to March 15, 2010.	$	(9,516	)

99

VANTAGEPOINT FUNDS

NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

Notional Amount	Expiration Date	Description	Net Unrealized Gain/(Loss)
BRL 6,600,000	1/2/2012	This is an Interest Rate Swap Agreement with Morgan Stanley Capital Services, notional amount 6,600,000 Brazilian Real (BRL), entered into by PIMCO on January 3, 2008. In this swap, the Fund has contractually arranged to receive a fixed rate of 12.54% and pay a floating rate of the Brazil Cetip Interbank Deposit (the floating index) at maturity, resetting daily, during the period from December 4, 2007 to January 2, 2012	$	(330,792	)
EUR 2,000,000	3/19/2010	This is an Interest Rate Swap Agreement with Deutsche Bank AG, notional amount 2,000,000 Euro (EUR), entered into by PIMCO on December 21, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 4.5% and pay a floating rate of 6 month EURIBOR rate (the floating index), resetting every six months, during the period from March 19, 2008 to March 19, 2010.	$	(42,849	)
EUR 2,000,000	3/19/2010	This is an Interest Rate Swap Agreement with Morgan Stanley Capital Services, notional amount EUR 2,000,000, entered into by PIMCO on December 21, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 4.5% and pay a floating rate of 6 month EURIBOR rate (the floating index), resetting every six months, during the period from March 19, 2008 to March 19, 2010.	$	(44,997	)
EUR 1,100,000	9/14/2012	This is an Inflation Rate Swap Agreement with Barclays Bank PLC, notional amount EUR 1,100,000, entered into by PIMCO on September 12, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 2.07% and pay the French Non-Revised Index of Consumer Prices excluding Tobacco (the Inflation Index) during the period from September 14, 2007 to September 14, 2012.	$	(66,056	)
JPY 200,000,000	3/18/2009	This is an Interest Rate Swap Agreement with Morgan Stanley Capital Services, notional amount 200,000,000 Japanese Yen (JPY), entered into by PIMCO on June 5, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 1% and pay a floating rate of 6-month Japanese LIBOR (the floating index), resetting every six months, during the period from March 19, 2008 to March 18, 2009.	$	(3,904	)
USD 600,000	6/18/2013	This is an Interest Rate Swap Agreement with Royal Bank of Scotland PLC, notional amount $600,000, entered into by PIMCO on December 13, 2007. In this swap, the Fund has contractually arranged to pay a fixed rate of 4.0% and receive a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from June 18, 2008 to June 18, 2013.	$	6,931
USD 100,000	6/18/2038	This is an Interest Rate Swap Agreement with Bank of America, notional amount $100,000, entered into by PIMCO on January 11, 2008. In this swap, the Fund has contractually arranged to pay a fixed rate of 5.0% and receive a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from June 18, 2008 to June 18, 2038.	$	(392	)

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Notional Amount	Expiration Date	Description	Net Unrealized Gain/(Loss)
USD 3,200,000	3/5/2018	This is an Inflation Rate Swap Agreement with Goldman Sachs Capital Markets, notional amount $3,200,000, entered into by PIMCO on March 3, 2008. In this swap, the Fund has contractually arranged to receive a fixed rate of 2.97% and pay a floating rate of Consumer Price All Urban Non-Seasonally Adjusted Index (the floating index), at maturity, during the period from March 5, 2008 to March 5, 2018.	$	(43,657	)
USD 3,300,000	6/18/2038	This is an Interest Rate Swap Agreement with Royal Bank of Scotland PLC, total notional amount $3,300,000, entered into by PIMCO on January 11, 2008 (notional $100,000), on January 24, 2008 (notional $2,100,000), on March 26, 2008 (notional $700,000), and on March 27, 2008 (notional $400,000). In this swap, the Fund has contractually arranged to pay a fixed rate of 5.0% and receive a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from June 18, 2008 to June 18, 2038.	$	(12,918	)
USD 3,600,000	3/6/2018	This is an Inflation Rate Swap Agreement with Morgan Stanley Capital Services, notional amount $3,600,000, entered into by PIMCO on March 4, 2008. In this swap, the Fund has contractually arranged to receive a fixed rate of 2.98% and pay a floating rate of Consumer Price All Urban Non-Seasonally Adjusted Index (the floating index), at maturity, during the period from March 6, 2008 to March 6, 2018.	$	29,784
USD 8,400,000	6/18/2010	This is an Interest Rate Swap Agreement with Deutsche Bank AG, total notional amount $8,400,000, entered into by PIMCO on January 2, 2008. In this swap, the Fund has contractually arranged to receive a fixed rate of 4.0% and pay a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from June 18, 2008 to June 18, 2010.	$	72,152
GBP 1,000,000	3/20/2013	This is an Interest Rate Swap Agreement with Deutsche Bank AG, notional amount 1,000,000 British Pound (GBP), entered into by PIMCO on February 1, 2008. In this swap, the Fund has contractually arranged to receive a fixed rate of 5.0% and pay a floating rate of 6-month LIBOR (the floating index), resetting every six months, during the period from March 20, 2008 to March 20, 2013.	$	(92,627	)
GBP 200,000	9/10/2027	This is an Inflation Rate Swap Agreement with Royal Bank of Scotland PLC, notional amount GBP 200,000 entered into by PIMCO on September 10, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 3.44% and pay the UK Non-revised Retail Price Index All Items (the inflation index) during the period from September 10, 2007 to September 10, 2027.	$	(45,510	)
GBP 500,000	12/19/2017	This is an Inflation Rate Swap Agreement with Royal Bank of Scotland PLC, total notional amount GBP 500,000, entered into by PIMCO on December 19, 2007 (notional GBP 200,000) and on December 21, 2007 (notional GBP 300,000). In this swap, the Fund has contractually arranged to receive a fixed rate of 3.1825% and pay the UK Non-revised Retail Price Index All Items (the inflation index) during the period from December 19, 2007 to December 19, 2017.	$	(68,399	)

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Notional Amount	Expiration Date	Description	Net Unrealized Gain/(Loss)
GBP 400,000	12/14/2017	This is an Inflation Rate Swap Agreement with Barclays Bank PLC, notional amount GBP 400,000, entered into by PIMCO on December 07, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 3.25% and pay the UK Non-revised Retail Price Index All Items (the inflation index) during the period from December 14, 2007 to December 14, 2017.	$	(50,360	)
GBP 400,000	1/3/2018	This is an Inflation Rate Swap Agreement with Goldman Sachs Capital Markets, notional amount GBP 400,000, entered into by PIMCO on January 03, 2008. In this swap, the Fund has contractually arranged to receive a fixed rate of 3.11% and pay the UK Non-revised Retail Price Index All Items (the inflation index) during the period from January 03, 2008 to January 03, 2018.	$	(56,597	)
USD 800,000	6/18/2010	This is an Interest Rate Swap Agreement with Bank of America, total notional amount $300,000, entered into by PIMCO on April 23, 2008. In this swap, the Fund has contractually arranged to receive a fixed rate of 4.0% and pay a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from January 8, 2008 to June 18, 2010.	$	(6,632	)
USD 300,000	6/18/2013	This is an Interest Rate Swap Agreement with Bank of America, total notional amount $300,000, entered into by PIMCO on April 23, 2008. In this swap, the Fund has contractually arranged to receive a fixed rate of 4.0% and pay a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from January 8, 2008 to June 18, 2013.	$	1,233
		Total Unrealized Gain (Loss)	$	(916,369)

Diversified Assets Fund

Notional Amount	Expiration Date	Description	Net Unrealized Gain/(Loss)
USD 1,500,000	12/20/2009	This is a Credit Default Swap Agreement with Lehman Brothers Special Finance, notional amount $1,500,000, entered into by Drake Capital Management on October 30, 2007. In this swap, the Fund has contractually arranged to receive 3.6% times the notional amount. The Fund makes payment only upon a default event of Mediacom LLC/Mediacom Capital Corp Note.	$	(59,694	)
USD 38,000,000	5/1/2009	This is an Interest Rate Swap Agreement with Lehman Brothers Special Finance, notional amount $38,000,000, entered into by Drake Capital Management on October 30, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 4.46% and pay a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from November 1, 2007 to May 1, 2009.	$	486,419

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Notional Amount	Expiration Date	Description	Net Unrealized Gain/(Loss)
USD 16,000,000	5/1/2010	This is an Interest Rate Swap Agreement with Lehman Brothers Special Finance, notional amount $16,000,000, entered into by Drake Capital Management on October 30, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 4.4625% and pay a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from November 1, 2007 to May 1, 2010.	$	310,897
USD 38,000,000	11/1/2009	This is an Interest Rate Swap Agreement with Lehman Brothers Special Finance, notional amount $38,000,000, entered into by Drake Capital Management on October 30, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 4.4475% and pay a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from November 1, 2007 to November 1, 2009.	$	633,978
USD 16,000,000	11/1/2010	This is an Interest Rate Swap Agreement with Lehman Brothers Special Finance, notional amount $16,000,000, entered into by Drake Capital Management on October 30, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 4.5125% and pay a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from November 1, 2007 to November 1, 2010	$	335,967
JPY 3,800,000,000	9/8/2008	This is a Total Return Swap Agreement with Morgan Stanley Capital Services, Inc. with respect to the Japanese 10-Year Bond (TSE) futures contracts, notional amount JPY 3,800,000,000, entered into by Analytic Investors on June 9, 2008. In this swap, the Fund has contractually arranged to receive the total return that would otherwise be realized on the underlying futures contracts if the total return is positive or pay the total return that would otherwise be realized on the underlying futures contracts if the total return is negative.	$	608,362
GBP (35,500,000)	8/27/2008	This is a Total Return Swap Agreement with Morgan Stanley Capital Services, Inc. with respect to Long Gilt futures contracts, notional amount GBP (35,500,000), entered into by Analytic Investors on May 27, 2008. In this swap, the Fund has contractually arranged to pay the total return that would otherwise be realized on the underlying futures contracts if the total return is positive or receive the total return that would otherwise be realized on the underlying futures contracts if the total return is negative.	$	1,371,593
USD 60,800,000	8/28/2008	This is a Total Return Swap Agreement with Morgan Stanley Capital Services, Inc. with respect to U.S. 10-Year Treasury Note futures contracts, notional amount $60,800,000, entered into by Analytic Investors on May 27, 2008. In this swap, the Fund has contractually arranged to receive the total return that would otherwise be realized on the underlying futures contracts if the total return is positive or pay the total return that would otherwise be realized on the underlying futures contracts if the total return is negative.	$	151,985

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Notional Amount	Expiration Date	Description	Net Unrealized Gain/(Loss)
USD 2,300,000	8/28/2008	This is a Total Return Swap Agreement with Morgan Stanley Capital Services, Inc. with respect to U.S. 10-Year Treasury Note futures contracts, notional amount $2,300,000, entered into by Analytic Investors on June 3, 2008. In this swap, the Fund has contractually arranged to receive the total return that would otherwise be realized on the underlying futures contracts if the total return is positive or pay the total return that would otherwise be realized on the underlying futures contracts if the total return is negative.	$	8,265
		Total Unrealized Gain/(Loss)	$	3,847,772

SwapOptions (“Swaptions”)

A swaption combines the features of an option and an interest rate swap. A swaption is an option to buy or sell an interest rate swap. Depending on the terms of the particular swaption, a fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a fund writes a swaption, upon exercise of the option the fund will become obligated according to the terms of the underlying agreement. The fund records an unrealized gain or loss for the amount expected to be received or paid under the agreement if such agreement was terminated at valuation. The unrealized gain or loss is recorded in the fund’s Statement of Assets and Liabilities. Written swaption activity for the period ended June 30, 2008 was as follows:

	Call Swaptions			Put Swaptions			Total
Inflation Protected Securities Fund	# Contracts	Premium		# Contracts	Premium		# Contracts	Premium
Beginning balance as of 01/01/2008	3,600,000	$	103,985	3,600,000	$	98,010	7,200,000	$	201,995
Contracts written	2,200,000	$	57,970	—	$	—	2,200,000	$	57,970
Contracts closed	—	$	—	—	$	—	—	$	—
Contracts expired	—	$	—	—	$	—	—	$	—
Ending balance as of 06/30/2008	5,800,000	$	161,955	3,600,000	$	98,010	9,400,000	$	259,965

Inflation Protected Securities Fund

Exchange	Contract	Notional Value		Strike Price		Expiration Date	Unrealized Gain/(Loss)
OTC	Put—Interest Rate Swap	$	300,000	5.67	%	8/7/2008	$	10,769
OTC	Call—Interest Rate Swap	$	300,000	5.67	%	8/7/2008	$	(17,435	)
OTC	Put—Interest Rate Swap	$	400,000	5.67	%	8/7/2008	$	16,639
OTC	Call—Interest Rate Swap	$	400,000	5.67	%	8/7/2008	$	(25,827	)
OTC	Put—Interest Rate Swap	$	1,200,000	5.25	%	9/15/2008	$	23,164
OTC	Call—Interest Rate Swap	$	1,200,000	5.25	%	9/15/2008	$	(24,449	)
OTC	Call—Interest Rate Swap	$	1,700,000	5.25	%	9/15/2008	$	(34,637	)
OTC	Put—Interest Rate Swap	$	1,700,000	5.25	%	9/15/2008	$	32,816
OTC	Call—Interest Rate Swap	$	2,200,000	4.30	%	2/2/2009	$	25,063
							$	6,103

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

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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 $7,990,396 in the aggregate for the period ended June 30, 2008.

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 Fund, Model Portfolio Funds and Milestone Funds. Each Subadviser is paid a fee by the funds during the year based on average net assets under management except that the subadviser fee for Analytic Investors Inc. and Mellon Capital Management Corporation for the Diversified Assets Fund is calculated based on the average net asset value of the fund’s assets allocated and assigned to each of them by VIA. 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 is presented in the funds’ Prospectus and Statement of Additional Information. Presented below are the fees paid by the funds to Subadvisers during the period ended June 30, 2008. Fees are shown as an annual percentage of average net assets under management except that the subadviser fee for Analytic Investors Inc. and Mellon Capital Management Corporation for the Diversified Assets Fund is calculated based on the average net asset value of the assets allocated and assigned to each of them by VIA as well as total dollars paid. The total dollars below represent amounts paid to Subadvisers for services performed during the period July 1, 2007 through March 31, 2008.

Fund	Subadviser	Contractual Fee as a Percentage of Average Daily Net Assets (net of subadviser fee waivers)	Dollars Paid
Low Duration Bond	Payden & Rygel	0.10%	$	127,877
	STW Fixed Income Management Ltd.	0.19%		—
Inflation Protected Securities	Pacific Investment Management Company, LLC	0.20%		147,606
	BlackRock Financial Management, Inc.*	0.11%		23,781
Asset Allocation	Mellon Capital Management Corporation	0.24%		846,081
Equity Income	Barrow, Hanley, Mewhinney & Strauss, Inc.	0.24%		646,701
	T. Rowe Price Associates, Inc.	0.37%		1,019,031
	Southeastern Asset Management, Inc.	0.52%		1,453,924
Growth & Income	Capital Guardian Trust Company (1)	0.24%		426,170
	T. Rowe Price Associates, Inc.	0.38%		691,097
	Wellington Management Company, LLP	0.28%		507,277
Growth	Goldman Sachs Asset Management, L.P.	0.23%		346,130
	Legg Mason Capital Management, Inc.	0.39%		1,179,176
	Peregrine Capital Management, Inc.	0.36%		1,108,794
	Tukman Grossman Capital Management, Inc.	0.50%		1,252,166
	Westfield Capital Management Company, L.P.	0.33%		736,364

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Fund	Subadviser	Contractual Fee as a Percentage of Average Daily Net Assets (net of subadviser fee waivers)	Dollars Paid
Select Value*	Goldman Sachs Asset Management, L.P.	0.28%	$	43,852
	WEDGE Capital Management L.L.P.	0.55%		87,321
	Systematic Financial Management L.P.	0.43%		169,276
Aggressive Opportunities	Legg Mason Capital Management, Inc.	0.00%		538,416
	Southeastern Asset Management, Inc.	0.56%		621,333
	TimesSquare Capital Management, LLC	0.50%		842,421
	T. Rowe Price Associates, Inc.	0.58%		862,688
Discovery*	Payden & Rygel	0.15%		240,381
	Wellington Management Company, LLP	0.73%		51,884
International	Artisan Partners Limited Partnership	0.70%		968,007
	Capital Guardian Trust Company (2)	0.40%		767,826
	GlobeFlex Capital, LP	0.40%		547,127
	Walter Scott & Partners Limited	0.56%		817,526
Diversified Assets*	Analytic Investors, LLC	0.45%		—
	Drake Capital Management, LLC	0.23%		62,226
	Mellon Capital Management Corporation	0.65%		385,050
	Payden & Rygel	0.08%		79,398
Core Bond Index	Mellon Capital Management Corporation	0.02%		117,886
500 Stock Index	Mellon Capital Management Corporation	0.02%		60,450
Broad Market Index	Mellon Capital Management Corporation	0.02%		105,647
Mid/Small Company Index	Mellon Capital Management Corporation	0.04%		66,474
Overseas Equity Index	Mellon Capital Management Corporation	0.07%		122,193

* Covers period from November 1, 2007—June 30, 2008

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

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

Expenses

The Model Portfolio Funds 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 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

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 period ended June 30, 2008, 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, 2009, VIA contractually agreed to limit each Fund’s total fund operating expenses 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	%

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For the period ended June 30, 2008, VIA reimbursed each fund as follows:

Milestone Retirement Income	$	52,398
Milestone 2010	$	38,022
Milestone 2015	$	31,039
Milestone 2020	$	24,229
Milestone 2025	$	25,619
Milestone 2030	$	24,750
Milestone 2035	$	25,418
Milestone 2040	$	26,664

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 period ended June 30, 2008, this voluntary fee waiver totaled $95,990 of which $39,559 was allocated to the Equity Income Fund, $26,274 to the Growth & Income Fund and $30,157 to the Aggressive Opportunities Fund. Goldman Sachs Asset Management, L.P. has agreed to voluntarily waive a portion of its subadvisory fee for the Select Value Fund to 0.28% on the first $200 million of assets, 0.245% on the next $500 million of assets, and 0.224% on assets over $700 million. For the period ended June 30, 2008, this waiver totaled $56,232. Payden & Rygel has agreed to waive its investment subadvisory fee until April 30, 2009 for the Diversified Assets Fund so that its fees will not exceed 0.08% of assets. For the period ended June 30, 2008, this waiver totaled $21,714. Legg Mason Capital Management has voluntarily agreed to waive its fee for the Aggressive Opportunities Fund to 0.00% for the quarters ending June 30, 2008 and September 30, 2008. This waiver equaled $251,155 for the quarter ended June 30, 2008.

4. Investment Portfolio Transactions

Purchases and sales of investments, exclusive of short-term securities, for each fund for the period ended June 30, 2008 were as follows:

	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Low Duration Bond	$	70,649,098	$	39,113,603	$	153,809,309	$	183,882,646
Inflation Protected Securities		111,613,030		111,331,550		173,975,381		109,064,270
Asset Allocation		—		—		8,919,064		7,360,242
Equity Income		—		—		218,333,935		209,530,927
Growth & Income		—		—		286,730,171		270,752,720
Growth		—		—		627,020,808		669,732,996
Select Value		—		—		138,550,279		127,104,991
Aggressive Opportunities		—		—		258,826,543		292,977,882
Discovery		4,227,813		21,871,687		59,089,067		39,417,358
International		—		—		314,974,965		297,611,846

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	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Diversified Assets	$	34,687,266	$	15,386,133	$	203,980,316	$	100,829,086
Core Bond Index		126,657,434		136,011,023		142,727,609		150,885,401
500 Stock Index		—		—		5,532,579		13,591,585
Broad Market Index		—		—		11,594,174		27,026,402
Mid/Small Company Index		—		—		13,340,465		13,349,579
Overseas Equity Index		—		—		7,647,077		15,701,716
Model Portfolio Savings Oriented		—		—		19,715,063		13,575,597
Model Portfolio Conservative Growth		—		—		33,649,169		39,719,327
Model Portfolio Traditional Growth		—		—		85,260,446		77,768,076
Model Portfolio Long-Term Growth		—		—		101,199,244		64,643,696
Model Portfolio All-Equity Growth		—		—		33,991,163		20,112,580
Milestone Retirement Income		—		—		7,794,599		7,341,972
Milestone 2010		—		—		13,636,259		8,199,586
Milestone 2015		—		—		20,128,194		12,833,054
Milestone 2020		—		—		22,873,693		3,279,127
Milestone 2025		—		—		16,261,540		3,012,737
Milestone 2030		—		—		15,218,937		1,888,897
Milestone 2035		—		—		9,094,187		1,369,721
Milestone 2040		—		—		10,287,711		1,903,148

5. Tax Basis Unrealized Appreciation (Depreciation)

The cost of investments on a tax basis includes adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period end. At June 30, 2008, tax basis 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	$	354,969,445	$	—	$	—	$	—
Low Duration Bond		615,325,209		3,244,913		5,333,913		(2,089,000	)
Inflation Protected Securities		458,042,470		7,422,706		1,178,310		6,244,396
Asset Allocation		595,372,915		137,345,751		82,216,106		55,129,645
Equity Income		1,673,100,266		285,230,402		275,596,373		9,634,029
Growth & Income		1,058,018,889		125,966,684		120,502,449		5,464,235
Growth		2,290,210,417		232,655,793		181,009,936		51,645,857
Select Value		366,839,365		9,668,038		36,473,604		(26,805,566	)
Aggressive Opportunities		1,253,277,828		153,808,585		197,420,136		(43,611,551	)
Discovery		214,197,724		6,532,425		21,073,437		(14,541,012	)
International		1,063,715,643		128,669,637		86,346,850		42,322,787
Diversified Assets		446,271,976		1,192,346		2,079,863		(887,517	)
Core Bond Index		1,229,044,046		9,093,135		21,545,803		(12,452,668	)
500 Stock Index		242,241,884		188,618,280		59,742,876		128,875,404
Broad Market Index		471,855,688		251,101,738		97,054,091		154,047,647
Mid/Small Company Index		236,442,792		65,230,217		41,610,244		23,619,973
Overseas Equity Index		194,990,535		44,178,174		19,207,744		24,970,430
Model Portfolio Savings Oriented		315,321,445		117,178		6,552,143		(6,434,965	)
Model Portfolio Conservative Growth		574,708,115		—		9,052,603		(9,052,603	)
Model Portfolio Traditional Growth		1,434,374,118		—		33,681,115		(33,681,115	)
Model Portfolio Long-Term Growth		1,602,171,508		18,151,682		36,803,480		(18,651,798	)
Model Portfolio All-Equity Growth		595,293,862		2,781,512		48,105,735		(45,324,223	)

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NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

Fund	Federal Income Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Tax Basis Net Unrealized Appreciation/ (Depreciation)
Milestone Retirement Income	$	56,213,604	$	180,715	$	3,141,769	$	(2,961,054	)
Milestone 2010		77,372,411		231,800		4,824,516		(4,592,716	)
Milestone 2015		149,189,332		194,007		11,818,475		(11,624,468	)
Milestone 2020		134,553,193		55,063		11,045,549		(10,990,486	)
Milestone 2025		99,609,908		39,591		9,359,450		(9,319,859	)
Milestone 2030		77,290,673		25,339		8,017,175		(7,991,836	)
Milestone 2035		44,461,053		6,582		5,259,460		(5,252,878	)
Milestone 2040		43,456,224		—		5,487,590		(5,487,590	)

6. Portfolio Securities Loaned

Certain funds lend securities to approved brokers to earn additional income. As of June 30, 2008, certain funds had loaned securities, which were collateralized by cash, cash equivalents, or U.S. Government Obligations. Each fund receives compensation in connection with the securities lending program. Collateral is maintained over the life of the loan in an amount not less than 102% of the value of the loaned securities for domestic securities and 105% for foreign securities, as determined by the funds at the close of business each day. Any additional collateral required due to changes in the value of securities is delivered to the funds the next business day. Although the collateral mitigates risk, the funds could experience a delay in recovering their securities and a possible loss of income or value if the borrower fails to return the securities. The funds have the right under the securities lending agreement to recover the securities from the borrower 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 deposit in the funds’ account securities of the same number, issue, type, class and series of the unreturned loaned securities. If the custodian is unable to purchase replacement securities, it will credit to the funds’ 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 June 30, 2008, were as follows:

Fund	Securities on Loan		Collateral		Collateralization
Low Duration Bond	$	110,879,477	$	113,124,259	102	%
Inflation Protected Securities		100,113,357		102,327,712	102	%
Asset Allocation		26,201,038		27,099,058	103	%
Equity Income		149,727,913		155,350,007	104	%
Growth & Income		69,679,417		72,424,113	104	%
Growth		128,697,897		131,529,337	102	%
Select Value		59,876,131		62,000,345	104	%
Aggressive Opportunities		220,441,019		229,834,163	104	%
Discovery		38,885,642		40,556,855	104	%
International		66,558,085		69,583,854	105	%
Core Bond Index		161,176,153		164,290,393	102	%
500 Stock Index		19,475,974		20,172,572	104	%
Broad Market Index		65,230,084		67,769,337	104	%
Mid/Small Company Index		50,258,835		52,440,852	104	%
Overseas Equity Index		12,856,349		13,514,977	105	%

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NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

7. Transactions with Affiliated Funds

At June 30, 2008 the Model Portfolio Funds and Milestone Funds held investments in a number of the 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:

Underlying Fund	Model Portfolio Savings Oriented		Model Portfolio Conservative Growth		Model Portfolio Traditional Growth		Model Portfolio Long-Term Growth	Model Portfolio All-Equity Growth
Low Duration Bond	26.71	%	26.34	%	22.94	%	—	—
Inflation Protected Securities	8.15	%	10.83	%	16.74	%	—	—
Equity Income	1.93	%	3.92	%	10.66	%	13.16%	6.45	%
Growth & Income	2.97	%	4.94	%	16.39	%	20.21%	9.33	%
Growth	—		1.50	%	6.23	%	8.13%	4.25	%
Select Value	—		5.94	%	27.26	%	47.76%	18.66	%
Aggressive Opportunities	—		1.68	%	7.72	%	13.55%	5.29	%
Discovery	—		—		25.59	%	43.66%	30.58	%
International	1.44	%	4.24	%	15.84	%	24.08%	10.62	%
Diversified Assets	6.88	%	12.72	%	31.85	%	36.44%	—
Core Bond Index Class I	4.76	%	13.80	%	30.36	%	28.92%	—
Underlying Fund	Milestone Retirement Income		Milestone 2010		Milestone 2015		Milestone 2020	Milestone 2025
Low Duration Bond	4.27	%	4.78	%	4.85	%	1.98%	0.55	%
Inflation Protected Securities	1.40	%	1.68	%	1.58	%	—	—
Equity Income	0.41	%	0.67	%	1.65	%	1.74%	1.35	%
Growth & Income	0.62	%	0.84	%	1.49	%	1.43%	1.17	%
Growth	—		0.09	%	0.45	%	0.47%	0.38	%
International	0.30	%	0.53	%	1.42	%	1.50%	1.25	%
Diversified Assets	1.18	%	1.60	%	3.07	%	2.74%	2.03	%
Core Bond Index Class I	0.69	%	0.94	%	2.39	%	2.72%	1.67	%
Mid/Small Company Index Class I	—		1.45	%	8.37	%	11.06%	10.27	%
	Milestone		Milestone		Milestone
Underlying Fund	2030		2035		2040
Equity Income	1.11	%	0.65	%	0.64	%
Growth & Income	0.98	%	0.57	%	0.57	%
Growth	0.33	%	0.20	%	0.21	%
International	1.06	%	0.65	%	0.65	%
Diversified Assets	1.22	%	0.26	%	—
Core Bond Index Class I	1.04	%	0.52	%	0.45	%
Mid/Small Company Index Class I	9.83	%	6.72	%	7.19	%

8. Control Persons and Principal Holders of Securities

As of June 30, 2008, a majority of the voting shares of all funds, except the Money Market Fund, were held either directly, or indirectly through the Model Portfolio Funds and the Milestone Funds and 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.

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NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

Additionally, at June 30, 2008 the VantageTrust, an affiliated group trust held, directly or indirectly, the outstanding shares of the Company in the percentages shown below:

Fund	% Owned by the VantageTrust
Money Market	39.83	%
Low Duration Bond	83.56	%
Inflation Protected Securities	93.23	%
Asset Allocation	97.27	%
Equity Income	94.17	%
Growth & Income	93.96	%
Growth	97.77	%
Select Value	95.76	%
Aggressive Opportunities	96.91	%
Discovery	96.00	%
International	95.24	%
Diversified Assets	93.95	%
Core Bond Index Class I	91.82	%
Core Bond Index Class II	100.00	%
500 Stock Index Class I	85.43	%
500 Stock Index Class II	100.00	%
Broad Market Index Class I	86.44	%
Broad Market Index Class II	92.12	%
Mid/ Small Co Index Class I	84.32	%
Mid/ Small Co Index Class II	100.00	%
Overseas Index Class I	81.81	%
Overseas Index Class II	99.99	%
Model Portfolio Savings Oriented	88.57	%
Model Portfolio Conservative Growth	90.92	%
Model Portfolio Traditional Growth	95.17	%
Model Portfolio Long-Term Growth	96.78	%
Model Portfolio All-Equity Growth	95.61	%
Milestone Retirement Income	76.16	%
Milestone 2010	88.06	%
Milestone 2015	90.01	%
Milestone 2020	91.12	%
Milestone 2025	89.85	%
Milestone 2030	89.07	%
Milestone 2035	87.22	%
Milestone 2040	82.75	%

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 such agreements, are included in net realized gain (loss) on the sale of investments presented in the Statement of Operations. For the period ended June 30, 2008, the Funds recaptured the following amounts of brokerage commissions:

Fund	Recaptured Brokerage Commissions
Equity Income	$	8,702
Growth		123,581
Select Value		16,732
Aggressive Opportunities		60,035
Discovery		5,144
International		6,941

111

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NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

10. Additional Distributions in Prior Years

In order to comply with requirements of the Internal Revenue Code applicable to regulated investment companies, the Low Duration 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 Low Duration Bond Fund eliminated the need for this distribution procedure.

11. Stock Split in the Low Duration Bond Fund (formerly the Short-Term Bond Fund)

On October 28, 2005, a “stock split” was processed in the Vantagepoint Low Duration 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

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

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

The valuation techniques used by the funds to measure fair value during the period ended June 30, 2008 maximized the use of observable inputs and minimized the use of unobservable inputs. The funds utilized the following fair value techniques: multi-dimensional relational pricing model, option adjusted spread pricing and estimated the price that would have prevailed in a liquid market for an international equity given information available at the time of evaluation.

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NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

The following is a summary of the inputs used as of June 30, 2008, in valuing each Fund’s investment carried at value:

	Investments in Securities								Other Financial Instruments*
	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Total		Level 1— Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Total
Money Market	$	—	$	354,969,445	$	—	$	354,969,445	$	—		$	—		$	—	$	—
Low Duration Bond		—		613,236,209		—		613,236,209		—			—			—		—
Inflation Protected Securities		—		464,286,866		—		464,286,866		(112,891	)		(868,914	)		—		(981,805	)
Asset Allocation		514,047,261		136,455,299		—		650,502,560		(8,392,205	)		—			—		(8,392,205	)
Equity Income		1,461,251,164		221,483,131		—		1,682,734,295		—			—			—		—
Growth & Income		958,620,075		104,863,049		—		1,063,483,124		—			—			—		—
Growth		2,141,845,282		200,010,992		—		2,341,856,274		—			—			—		—
Select Value		272,327,987		67,705,812		—		340,033,799		(19,719	)		—			—		(19,719	)
Aggressive Opportunities		910,448,542		299,217,735		—		1,209,666,277		—			—			—		—
Discovery		75,234,464		124,422,248		—		199,656,712		(4,909,067	)		—			—		(4,909,067	)
International		103,445,812		1,002,592,618		—		1,106,038,430		—			489,055			—		489,055
Diversified Assets		3,274,328		442,110,131		—		445,384,459		(2,434,724	)		5,903,753			—		3,469,029
Core Bond Index		—		1,216,591,378		—		1,216,591,378		—			—			—		—
500 Stock Index		343,886,267		27,231,021		—		371,117,288		(354,792	)		—			—		(354,792	)
Broad Market Index		550,773,997		75,129,338		—		625,903,335		(368,987	)		—			—		(368,987	)
Mid/Small
Company Index		203,687,080		56,375,685		—		260,062,765		(125,935	)		—			—		(125,935	)
Overseas Equity Index		—		219,960,965		—		219,960,965		(385,506	)		13,102			—		(372,404	)
Model Portfolio Savings Oriented		—		308,886,480		—		308,886,480		—			—			—		—
Model Portfolio Conservative Growth		—		565,655,512		—		565,655,512		—			—			—		—
Model Portfolio Traditional Growth		—		1,400,693,003		—		1,400,693,003		—			—			—		—
Model Portfolio Long-Term Growth		—		1,583,519,710		—		1,583,519,710		—			—			—		—
Model Portfolio All-Equity Growth		—		549,969,639		—		549,969,639		—			—			—		—
Milestone Retirement Income		—		53,252,550		—		53,252,550		—			—			—		—
Milestone 2010		—		72,779,695		—		72,779,695		—			—			—		—
Milestone 2015		—		137,564,864		—		137,564,864		—			—			—		—
Milestone 2020		—		123,562,707		—		123,562,707		—			—			—		—
Milestone 2025		—		90,290,049		—		90,290,049		—			—			—		—
Milestone 2030		—		69,298,837		—		69,298,837		—			—			—		—
Milestone 2035		—		39,208,175		—		39,208,175		—			—			—		—
Milestone 2040		—		37,968,634		—		37,968,634		—			—			—		—

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

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NOTES TO THE FINANCIAL STATEMENTS (Unaudited) — (Continued)

Liabilities Valuation Inputs

	Securities Sold Short								Other Financial Instruments*
	Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Total		Level 1— Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Total
Money Market	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Low Duration Bond		—		—		—		—		—		—		—		—
Inflation Protected Securities		—		—		—		—		6,103		—		—		6,103
Asset Allocation		—		—		—		—		—		—		—		—
Equity Income		—		—		—		—		—		—		—		—
Growth & Income		—		—		—		—		—		—		—		—
Growth		—		—		—		—		—		—		—		—
Select Value		—		—		—		—		—		—		—		—
Aggressive Opportunities		—		—		—		—		—		—		—		—
Discovery		—		—		—		—		—		—		—		—
International		—		—		—		—		—		—		—		—
Diversified Assets		—		—		—		—		90,262		—		—		90,262
Core Bond Index		—		—		—		—		—		—		—		—
500 Stock Index		—		—		—		—		—		—		—		—
Broad Market Index		—		—		—		—		—		—		—		—
Mid/Small Company Index		—		—		—		—		—		—		—		—
Overseas Equity Index		—		—		—		—		—		—		—		—
Model Portfolio
Savings Oriented		—		—		—		—		—		—		—		—
Model Portfolio Conservative Growth		—		—		—		—		—		—		—		—
Model Portfolio Traditional Growth		—		—		—		—		—		—		—		—
Model Portfolio Long-Term Growth		—		—		—		—		—		—		—		—
Model Portfolio All-Equity Growth		—		—		—		—		—		—		—		—
Milestone Retirement Income		—		—		—		—		—		—		—		—
Milestone 2010		—		—		—		—		—		—		—		—
Milestone 2015		—		—		—		—		—		—		—		—
Milestone 2020		—		—		—		—		—		—		—		—
Milestone 2025		—		—		—		—		—		—		—		—
Milestone 2030		—		—		—		—		—		—		—		—
Milestone 2035		—		—		—		—		—		—		—		—
Milestone 2040		—		—		—		—		—		—		—		—

* Other financial instruments include written options and swaptions.

At June 30, 2008, the Funds did not hold any investment with significant unobservable inputs (Level 3).

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Additional Information (Unaudited)

A. Directors’ Consideration of Investments Advisory and Subadvisory Agreements

The following relates to the consideration by the Board of Directors (“Board”) of the Company during the period beginning January 1, 2008 through June 30, 2008, of the approval of the Master Investment Advisory Agreements (“Advisory Agreement” or “Advisory Agreements”) between Vantagepoint Investment Advisers, LLC (“Adviser”) and each series of the Company other than the Vantagepoint Discovery Fund, Vantagepoint Diversified Assets Fund and Vantagepoint Select Value Fund (each series, a “Fund” and collectively, the “Funds”) and certain Investment Subadvisory Agreements (“Subadvisory Agreement” or “Subadvisory Agreements”) for the Funds.

Annual Consideration of the Investment Advisory Agreements and Certain Subadvisory Agreements

At a meeting held on January 18, 2008 (“January Meeting”), the Board, including a majority of the Directors who are not “interested persons” (“Independent Directors”) as defined in the 1940 Act approved the continuance of the Advisory Agreements between the Adviser and each Fund. In addition, the Board, including a majority of the Independent Directors, approved the continuance of the Subadvisory Agreements with respect to the following subadvisers and Funds (may be referred to collectively as the “Sub-Advised Funds”): Payden & Rygel (Low Duration Bond Fund); STW Fixed Income Management Ltd. (Low Duration Bond Fund); Mellon Capital Management Corporation (Asset Allocation Fund and each of the Index Funds); T. Rowe Price Associates, Inc. (Equity Income Fund, Growth & Income Fund and Aggressive Opportunities Fund); Barrow Hanley Mewhinney & Strauss Inc. (Equity Income Fund); Southeastern Asset Management Inc. (Equity Income Fund and Aggressive Opportunities Fund); Capital Guardian Trust Company (Growth & Income Fund and International Fund); Wellington Management Company, LLP (Growth & Income Fund); Legg Mason Capital Management Inc. (Growth Fund and Aggressive Opportunities Fund); Westfield Capital Management Company, LLC (“Westfield”) (Growth Fund); Goldman Sachs Asset Management, L.P. (Growth Fund); Tukman Grossman Capital Management, Inc. (Growth Fund); Peregrine Capital Management, Inc. (Growth Fund); TimesSquare Capital Management, LLC (Aggressive Opportunities Fund); Artisan Partners Limited Partnership (“Artisan”) (International Fund); GlobeFlex Capital, LP (“GlobeFlex”) (International Fund); and Walter Scott & Partners Limited (International Fund).

In reaching its decisions, the Board considered the information furnished and discussed throughout the year at regularly scheduled Board meetings as well as the information provided specifically in relation to the annual consideration of the approval of the Advisory Agreements and Subadvisory Agreements.

Information furnished at Board meetings throughout the year included, among other things, the Adviser’s analysis of, and presentations given by the Adviser on, each Fund’s investment performance and the investment performance of the subadvisers, the strategies being used to achieve stated objectives and various reports on the monitoring of the subadvisers, compliance and other services provided by the Adviser and its affiliates. In preparation for the January Meeting, the Directors requested and received information compiled by Lipper Inc., an independent provider of investment company data (“Lipper”), on the investment performance over various time periods and the fees and expenses of each Fund as compared to a comparable group of funds (“peer group”). Additionally, in response to specific requests from the Independent Directors in connection with the January Meeting, the Adviser furnished, and the Board considered, a wide variety of information and reports concerning the Adviser and the subadvisers, including: (1) the nature, extent and quality of services provided to the Funds by the Adviser (and its affiliates) and by the subadvisers; (2) the level of the advisory and subadvisory fees that are charged to each Fund and a comparison with the fees charged to other clients; (3) profitability information of the Adviser and its affiliate, Vantagepoint Transfer Agents, LLC (“VTA”), and, to the extent available, certain profitability information of the subadvisers; and (4) the Adviser’s and each subadviser’s compliance program. The Board also considered information related to potential “fall out” or ancillary benefits enjoyed by the Adviser or its affiliates and the subadvisers as a result of their relationships with the Funds. In addition to evaluating, among other things, the written information provided by the Adviser, the Board also evaluated the answers to questions posed by the Board to representatives of the Adviser at the January Meeting.

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. Although the Advisory Agreements and Subadvisory Agreements for all of the Funds were considered at the same Board meeting, the Directors addressed each Fund separately. In view of the broad scope and variety of factors and information, the Directors did

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not find it practicable to, and did not, assign relative weights to the specific factors considered in reaching their conclusions and determinations to approve the Advisory Agreements and Subadvisory Agreements for an additional year. Rather, the approval determinations were made on the basis of each Director’s business judgment after consideration of all of the factors taken in their entirety. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decisions to approve the Advisory Agreements and Subadvisory Agreements.

Nature, Extent and Quality of Services

In examining the nature, extent and quality of the services to be provided by the Adviser, the Directors considered the qualifications, experience and capability of the Adviser’s management and other personnel and the extent of care and conscientiousness with which the Adviser performs its duties. In this regard, the Directors considered, among other matters: (a) the asset allocation services provided, and the monitoring of the performance of the underlying funds performed, by the Adviser with respect to the Model Portfolio Funds and the Milestone Funds; (b) the performance monitoring and on-going due diligence performed with respect to the underlying mutual fund in which the Money Market Fund invests; (c) the subadviser selection process and fee negotiation process whereby the Adviser seeks to achieve an appropriate and competitive level of fee and fee structure, and the Adviser’s on-going monitoring of the appropriateness and competitiveness of each subadvisory fee and fee structure; (d) the process by which the Adviser evaluates and monitors the subadvisers, including with respect to portfolio security brokerage and trading practices; (e) the Adviser’s ability and willingness to identify instances where there may be a need to replace a subadviser, reallocate assets or both and to efficiently and economically effect such changes; (f ) the cash management services provided to the Sub-Advised Funds; and (g) the nature of the non-investment advisory services provided to the Funds, such as the supervision of the Funds’ other third-party service providers by the Adviser or its affiliates.

The Board also considered the nature, extent and quality of the services provided to the Funds by the Adviser’s affiliates, including transfer agency and distribution services. The Board took into account the extensive shareholder services provided by VTA in order to satisfy the needs of the Funds’ shareholders.

With respect to the nature, extent and quality of the investment advisory services provided by each subadviser to the Sub-Advised Funds, the Directors considered each subadviser’s investment management process in managing the assets allocated to it, including the experience and capability of the subadviser’s management and other personnel responsible for the portfolio management of the applicable Fund and compliance with the Fund’s investment policies and restrictions. The Directors also considered the favorable assessment provided by the Adviser as to the nature and quality of the services provided by each subadviser to the Sub-Advised Funds.

Based on the totality of the information considered, the Directors concluded that the Funds were likely to benefit from the nature, extent and quality of the Adviser’s and the subadvisers’ services, as applicable, as well as the services of the Adviser’s affiliates, and that the Adviser and its affiliates as well as the subadvisers have the ability to continue to provide these services based on their respective experience, operations and resources.

Investment Performance

The Board placed emphasis on the investment performance of each of the Funds. While consideration was given to performance reports and discussions held at prior Board or Investment Committee meetings, as applicable, particular attention was given to the performance reports provided specifically for the January Meeting. In particular, the Directors reviewed the performance of each Fund over a five-year period ending June 30, 2007, or shorter period, as applicable, relative to its stated investment objective, benchmark and peer group.

In reviewing the performance of the Funds over the five-year period ending June 30, 2007, the Directors considered that the performance of each of the following Funds was in one of the first three quintiles of its peer group for all of the periods reviewed: Money Market Fund; Asset Allocation Fund; Equity Income Fund; Growth & Income Fund; Aggressive Opportunities Fund; 500 Stock Index Fund; Broad Market Index Fund; Mid/Small Company Index Fund; Model Portfolio Conservative Growth Fund; Model Portfolio All-Equity Growth Fund; Milestone Retirement Income Fund; Milestone 2020 Fund; and Milestone 2030 Fund. In addition, the Directors considered that the performance of each of the following Funds was in one of the first three quintiles of its peer group for all but one of the periods reviewed: Low Duration Bond Fund; Core Bond Index Fund (Class II); Model Portfolio Savings Oriented Fund; Model Portfolio Traditional Growth Fund; Model Portfolio Long-Term Growth Fund; Milestone 2010 Fund and Milestone 2015 Fund.

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With regard to the performance of the Inflation Protected Securities Fund relative to its peer group, the Directors noted that the Fund’s performance for the most recent one-year and two-year periods ended June 30 was in the first quintile of its peer group. The Directors also noted the recent changes to the Fund’s principal investment strategy, effective May 1, 2007, whereby the Fund invests, under normal circumstances, primarily in inflation-adjusted U.S. and non-U.S. debt securities. In connection with the implementation of this new investment strategy, the Board approved two new subadvisers to replace the previous subadviser, also effective May 1, 2007.

With regard to the performance of the Growth Fund relative to its peer group, the Directors considered that the Growth Fund’s performance for the most recent one-year and two-year periods ended June 30 was in second and third quintiles, respectively, of its peer group.

With regard to performance of the International Fund relative to its peer group, the Directors considered the Adviser’s assessment that, as compared to the Fund’s peer group, the Fund has followed a more conservative investment strategy

(i.e., less emerging market exposure and more large cap exposure) and has a slight growth bias, which has not been favored in the market in recent years. The Directors also considered the reallocation of the Fund’s assets among certain of the subadvisers in September 2007 in order to improve the Fund’s subadviser structure and that the Adviser is currently conducting a comprehensive review of the Fund and its subadvisers.

With regard to the performance of the Overseas Equity Index Fund relative to its peer group, the Directors considered that the Class II performance of the Fund was in the third quintile of its peer group for the four- and five-year periods ended June 30. The Directors also took into consideration the Adviser’s explanation that the Fund performed as expected relative to its benchmark when taking into account the fees and expenses of the Fund.

With respect to the performance of the Milestone 2025 Fund, Milestone 2035 Fund and Milestone 2040 Fund, the Directors noted that the Funds’ performance was in the third, second and first quintile, respectively, for the most recent two-year period ended June 30. The Directors also considered the Adviser’s explanation that the target allocation to equity securities of the 2025 Fund and the 2035 Fund is lower than their respective peer group averages, which impacted the performance of these Funds relative to their peers.

For the Sub-Advised Funds, the Directors also considered the Adviser’s conclusions, and the reasons supporting the Adviser’s conclusions, that the performance record of each subadviser with respect to the assets of the Fund it manages supports approval of its Subadvisory Agreement.

Fund Expenses, Costs of Services, Economies of Scale and Related Benefits

Management Fees and Expenses. The Board considered the fees payable under each Advisory Agreement and under each Subadvisory Agreement for the Sub-Advised Funds. The Board reviewed the information compiled by Lipper comparing each Fund’s contractual management fee rate (at common asset levels) and actual management fee rate (which included the effect of any fee waivers) as a percentage of total assets—these fee rates include advisory and administrative service fees—to other funds in its peer group. Based on the data provided on management fee rates, on a Fund-by-Fund basis, the Board noted that: (i) each Fund’s contractual management fee rate was lower than or equal to the median of its expense peer group; and (ii) the actual management fee rate of each Fund was lower than or equal to the median of its expense peer group, except for the Aggressive Opportunities Fund, 500 Stock Index Fund (Class I), Mid/Small Company Index Fund (Class I), Milestone 2010 Fund, Milestone 2015 Fund, Milestone 2020 Fund, Milestone 2025 Fund, Milestone 2030 Fund and each of the Model Portfolio Funds. With respect to these Funds, the Board considered that each Fund’s actual total expense ratio was lower than or equal to the median of its peer group.

The Board also reviewed the information compiled by Lipper comparing each Fund’s total expense ratio to other funds in its peer group. Based on this comparative expense data, the Board noted that the actual total expense ratio for each Fund, other than the Core Bond Index Fund (Class I), was lower than or equal to the median of its expense peer group. The Directors noted that the total expense ratio of the Core Bond Index Fund (Class I) was in the third quintile of its expense peer group. The Directors further noted the Adviser’s current agreement to limit the total annual operating expenses of each Milestone Fund until April 30, 2008, and, after that, the Adviser’s intention to continue to limit the total annual operating expenses of each Milestone Fund until April 30, 2009.

With regard to the Sub-Advised Funds, the Directors also considered the Adviser’s assessment, which was based in part on information provided by the subadvisers, that each subadvisory fee reflects the lowest available fee schedule from

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the respective subadviser for “like accounts.” For this purpose, the term “like accounts” was used by the Adviser generally to describe other portfolios managed by a subadviser that have the same investment objective as, and other characteristics (including asset size) similar to, the portfolio being managed for the Fund by the subadviser.

For each Sub-Advised Fund, the Directors also considered the Adviser’s conclusion that the compensation payable to each subadviser under its respective Subadvisory Agreement is fair and reasonable in light of the nature and quality of the services to be provided to the Fund and each subadviser’s ability to fulfill its contractual obligations.

The foregoing comparisons assisted the Directors in determining to approve each Advisory Agreement and Subadvisory Agreement by providing them with a basis for evaluating each Fund’s management fee and expense ratio on a relative basis.

Profitability. The Board reviewed the materials it received from the Adviser regarding its revenues and expenses in connection with the services provided to each Fund and the Funds as a whole. The Directors considered information regarding VTA’s revenues and expenses relating to the services it provides to each Fund and the Funds as a whole. The materials provided in this regard showed, and the Directors acknowledged, that the Adviser and VTA experienced positive net margins with respect to certain Funds and did not with respect to other Funds. The Directors also considered the overall net margin levels of the Adviser and VTA. With respect to the Sub-Advised Funds, the Directors reviewed the subadviser profitability information to the extent available, and took into account the Adviser’s on-going monitoring of the appropriateness and competitiveness of each subadvisory fee and fee structure, as well as the Adviser’s assessment that the subadvisory fee rates charged by each subadviser reflect the lowest available fee schedule from the subadviser for like accounts.

Economies of Scale. With respect to whether economies of scale are realized by the Adviser as a Fund’s assets increase and whether management fee levels reflect these economies of scale for the benefit of Fund investors, the Board considered, on a Fund-by-Fund basis, the current level of management fee charged and fee structure and concluded that the Adviser’s fee structure with respect to each Fund was appropriate at this time. The Directors also acknowledged that they intend to continue to seek and consider information from the Adviser relating to economies of scale. With regard to each Sub-Advised Fund, the Directors considered that the fee schedule relating to each Subadvisory Agreement (except for the Subadvisory Agreements with Artisan and GlobeFlex) currently includes breakpoints and these Sub-Advised Funds and their shareholders will benefit from reduced subadvisory fee rates as the assets managed by the relevant subadviser increase, and that this represents a recognition that economies are being passed on by the subadviser to the Fund’s shareholders. The Directors also considered that each Subadvisory Agreement was the product of arms-length negotiations. The Directors further considered the appropriateness of each subadvisory fee structure in light of the Adviser’s assessment that each subadvisory fee reflects the lowest available fee schedule from the respective subadviser for like accounts.

“Fall Out” or Ancillary Benefits. The Board considered whether there were any “fall-out” or ancillary benefits that may accrue to the Adviser and its affiliates and the subadvisers as a result of their relationships with the Funds. The Directors noted that, based on the information provided, the Adviser did not consider there to be any significant benefits in this regard. With regard to the subadvisers, the Board considered that certain subadvisers may direct Fund brokerage transactions to certain brokers to obtain research and other services. However, the Directors noted that the subadvisers are required to select brokers who meet the Funds’ requirements for seeking best execution, and that the Adviser monitors and evaluates the subadvisers’ trade execution with respect to the Funds’ brokerage transactions on a regular basis and provides reports to the Board in this regard. The Board concluded that the benefits accruing to the subadvisers by virtue of their relationships to the Funds appeared to be reasonable.

After evaluation of the comparative performance, fee and expense information and the profitability, ancillary benefits and other considerations as described above, and in light of the nature, extent and quality of services to be provided by the Adviser and each subadviser, the Board concluded that the level of fees to be paid to the Adviser with respect to each Fund, and each subadviser with respect to the Sub-Advised Funds, is reasonable.

In summary, based on the various considerations discussed above, the Board determined that approval of the Advisory Agreement with respect to each Fund and the Subadvisory Agreement with respect to each Sub-Advised Fund was in the best interests of the applicable Fund. As a result, the Board, including a majority of the Independent Directors, approved each Advisory Agreement and Subadvisory Agreement.

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Consideration of New Subadvisory Agreement with Westfield for the Growth Fund

At a meeting held on June 6, 2008 (“June Meeting”), the Board approved a new Subadvisory Agreement (“New Subadvisory Agreement”) with Westfield, one of the subadvisers of the Growth Fund, due to the restructuring of the equity ownership interests of Westfield by Boston Private Financial Holdings, Inc. (“Boston Private”), the parent company of Westfield, which occurred on June 30, 2008. Upon completion of the restructuring, Westfield remains an autonomous affiliate of Boston Private and Boston Private remains the controlling shareholder of Westfield, with the remaining equity shares of Westfield split among key members of the Westfield management team. The restructuring of the equity ownership interests of Westfield resulted in a “change of control” of Westfield under applicable provisions of the 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 restructuring, the prior investment subadvisory agreement dated May 23, 2005, among the Adviser, the Company and Westfield terminated on June 30, 2008. At the June Meeting, in anticipation of the pending restructuring of the equity ownership interests of Westfield and consequent immediate termination of the prior investment subadvisory agreement with Westfield, the Board, including a majority of the Independent Directors, approved the New Subadvisory Agreement with Westfield, having terms substantially similar to the terms of the prior investment subadvisory agreement. Before approving the New Subadvisory Agreement with Westfield, 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 Westfield, the Directors received written information in advance of the June 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 restructuring; (2) the nature, extent and quality of services that Westfield currently provides, and would continue to provide, to the Growth Fund; (3) Westfield’s experience, reputation, investment management business, personnel and operations; (4) Westfield’s brokerage and trading policies and practices; (5) the level of subadvisory fees to be charged to the Growth Fund by Westfield and a comparison of those fees to the: (a) fees charged by Westfield for managing other large cap growth equity accounts and the fees Westfield charges to other U.S. registered mutual funds with a similar investment mandate to that of the Growth Fund; and (b) fees charged by a group of active U.S. large cap growth investment managers utilizing a large cap growth equity mandate; (6) Westfield’s compliance program; (7) Westfield’s historical performance returns utilizing a large cap growth equity mandate and such performance compared to a relevant benchmark; (8) Westfield’s investment performance as a subadviser to the Growth Fund; and (9) Westfield’s financial condition.

In considering the New Subadvisory Agreement for the Growth Fund, 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 June Meeting, the presentations made by, and discussions held with, the personnel of the Adviser at the June Meeting, as well as a variety of factors. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decision to approve the New Subadvisory Agreement.

Nature, Extent and Quality of Services

With respect to the nature, extent and quality of services to be provided by Westfield to the Growth Fund following the restructuring, the Directors considered Westfield’s investment management process in managing the Growth Fund’s assets allocated to it, including the experience and capability of Westfield’s management and other personnel responsible for the portfolio management of the Growth Fund. The Directors also considered the Adviser’s assessment that it does not anticipate the restructuring to result in significant changes in Westfield’s investment philosophy, process or team and that the Adviser does not expect any changes to the fees charged to the Fund by Westfield. The Directors also considered Westfield’s representation to the Adviser that it does not plan to make any changes in operations or key personnel as a result of the restructuring and that Westfield intends to continue managing the Fund in exactly the same manner as is currently the case. Based on information provided by the Adviser from Westfield, the Directors considered Westfield’s representation that it does not expect the nature, scope or quality of services to be provided to the Growth Fund to change as a result of the restructuring. The Directors also took into account the information provided by the

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Adviser relating to Westfield’s statement that the restructuring is intended to ensure the long-term stability of its senior management and key investment personnel. Based on the information considered, the Directors concluded that the Growth Fund was likely to continue to benefit from the nature, extent and quality of Westfield’s services, and that Westfield has the ability to continue to provide these services after the restructuring.

Investment Performance

The Directors considered the data provided regarding Westfield’s historical investment performance record in managing its clients’ assets utilizing a large cap growth equity mandate versus a relevant benchmark. The Directors also considered Westfield’s investment performance with respect to managing the assets of the Growth Fund and the Adviser’s favorable assessment of such performance. The Directors concluded that the investment performance record of Westfield supported approval of the New Subadvisory Agreement with Westfield.

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 Westfield. The Directors also considered comparisons of the subadvisory fees charged by Westfield to the Growth Fund with the fees charged by Westfield for managing other large cap growth equity accounts, and the fees charged by Westfield to other U.S. registered mutual funds for managing an investment mandate similar to the mandate the subadviser employs on behalf of the Growth Fund. The Directors also considered the Adviser’s assessment that the Growth Fund’s fee schedule at the current level of assets allocated to Westfield is the lowest fee schedule charged by Westfield for managing large cap growth equity accounts and other U.S. registered mutual funds with a similar investment mandate. The services Westfield provides to the Growth 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 U.S. investment managers that employ an active large cap growth equity mandate. According to the information provided, the effective fee rate to be paid by the Growth Fund to Westfield 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 Westfield’s fees on a relative basis. Based on this information, the Directors concluded that Westfield’s subadvisory fees appeared to be within a reasonable range for the services provided.

The Directors also reviewed the information provided regarding the estimated profits to be realized with respect to Westfield’s relationship with the Growth Fund. In reviewing the extent to which economies of scale may be realized by Westfield as the assets of the Growth Fund to be managed by Westfield grow, and whether the proposed fee levels reflect these economies, the Directors considered that Westfield’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 Growth 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 restructuring and in deciding to recommend that the Board approve the New Subadvisory Agreement with Westfield. The Directors also considered the Adviser’s conclusion that the fees to be paid by Westfield for its services to the Growth Fund continue to be reasonable and appropriate in light of the nature and quality of services to be provided by Westfield. 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 Westfield due to its relationship with the Growth Fund. The Directors considered that Westfield may direct the Growth Fund’s brokerage transactions to certain brokers to obtain research and other services. However, the Directors noted that all subadvisers are required to select brokers who meet the Growth Fund’s requirements for seeking best execution, and that the Adviser monitors and evaluates the subadvisers’ trade execution with respect to Fund brokerage transactions on a regular basis and provides reports to the Board in this regard. The Directors concluded that the potential benefits accruing to Westfield by virtue of its relationship to the Growth Fund appeared to be reasonable.

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

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B. Directors and Officers Remuneration

Aggregate compensation that was paid to the directors during the six months ended June 30, 2008 totaled $36,687. Executive officers do not receive any compensation from The Vantagepoint Funds. However, the Board of Directors of the Vantagepoint Funds has agreed to reimburse ICMA-RC for certain costs associated with the Chief Compliance Officer function. The amount reimbursed during the six months ended June 30, 2008 totaled $85,916.

The Statement of Additional Information includes additional information about The Vantagepoint Funds’ Board of Directors and is available, without charge, upon request, by calling 1-800-669-7400.

C. Householding

Only one copy of this Semi-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 have received instructions to the contrary. If you need additional copies of this Semi-Annual Report, 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. If you do not want this mailing of this Semi-Annual Report to be combined with those for other members of your household, contact the Vantagepoint Funds in writing at 777 North Capitol Street, NE, Suite 600, Washington, D.C. 20002 or toll free at 1-800-669-7400.

D. 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, 2008 are available 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.

121

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Money Market Fund

	Shares	Value
CASH EQUIVALENTS—99.3%
AIM Short-Term Investments Trust Liquid Assets Portfolio (Cost $354,969,445)	354,969,445	$	354,969,445
TOTAL INVESTMENTS—99.3% (Cost $354,969,445)			354,969,445
Other assets less liabilities—0.7%			2,639,305
NET ASSETS—100.0%		$	357,608,750

122 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—35.9%
Biotechnology—0.4%
Amgen, Inc.
4.000%	11/18/2009		$	1,800,000	$	1,802,549
Capital Markets—3.2%
Citigroup, Inc.
4.385%	05/15/2018	#		6,186,000		5,983,186
Citigroup, Inc.
4.125%	02/22/2010			1,250,000		1,238,909
JPMorgan Chase & Co.
6.750%	02/01/2011			1,240,000		1,287,777
JPMorgan Chase & Co.
4.750%	05/01/2013			6,900,000		6,712,969
World Savings Bank, FSB
4.500%	06/15/2009			1,240,000		1,238,946
						16,461,787
Chemicals—0.5%
E.I. Du Pont de Nemours & Co.
5.000%	01/15/2013	†		2,500,000		2,523,633
Commercial Banks—9.0%
Bank of America Corp.
6.600%	05/15/2010			400,000		410,679
Bank of America Corp.
4.900%	05/01/2013			1,000,000		966,077
Bank of America Corp.
4.875%	09/15/2012			3,910,000		3,843,561
Bank of America Corp.
4.375%	12/01/2010			1,240,000		1,236,478
Barclays Bank plc (United Kingdom)
5.450%	09/12/2012			7,440,000		7,533,424
Glitnir Banki HF (Iceland)
6.375%	09/25/2012	^		6,270,000		5,393,987
M&T Bank Corp.
5.375%	05/24/2012			6,680,000		6,461,578
Marshall & Ilsley Corp.
5.626%	08/17/2009			6,500,000		6,463,120
SunTrust Banks, Inc.
5.250%	11/05/2012			5,250,000		5,138,033
US Bancorp
3.170%	05/06/2010	#		1,200,000		1,198,643
Wachovia Bank NA
7.800%	08/18/2010	†		4,750,000		5,008,281
Wells Fargo & Co.
5.300%	08/26/2011	†		1,240,000		1,262,443
						44,916,304
Communications Equipment—0.3%
Cisco Systems, Inc.
5.250%	02/22/2011			1,250,000		1,287,775
Computers & Peripherals—1.0%
Hewlett-Packard Co.
4.500%	03/01/2013			3,840,000		3,807,183
International Business Machines Corp.
4.950%	03/22/2011			1,250,000		1,281,104
						5,088,287
Consumer Finance—6.9%
Capital One Bank USA NA
4.250%	12/01/2008			3,750,000		3,743,498
Caterpillar Financial Services Corp. (MTN)
3.750%	05/15/2009			2,065,000		2,052,860
CIT Group, Inc.
4.250%	02/01/2010			275,000		232,781
CIT Group, Inc.
3.187%	07/28/2011	#		125,000		102,047
CIT Group, Inc.
2.906%	03/12/2010	#		5,780,000		5,021,924
Household Finance Corp.
6.375%	10/15/2011	†		3,150,000		3,224,016
HSBC Finance Corp.
4.750%	05/15/2009			4,480,000		4,485,448
International Lease Finance Corp.
6.375%	03/25/2013			3,200,000		2,923,744
John Deere Capital Corp.
2.999%	10/16/2009	#		6,000,000		5,990,777
SLM Corp. (MTN)
3.060%	07/27/2009	#†		7,000,000		6,564,530
						34,341,625
Diversified Financial Services—5.7%
AIG SunAmerica Global Financing VII
5.850%	08/01/2008	^		700,000		700,856
Allstate Life Global Funding Trust, Series 04-1
4.500%	05/29/2009	†		3,750,000		3,756,720
American Express Travel Related Services Co., Inc.
5.250%	11/21/2011	^		6,000,000		5,906,652
General Electric Capital Corp. (MTN)
4.875%	10/21/2010	†		4,060,000		4,126,060
General Electric Capital Corp. (MTN)
4.250%	09/13/2010			4,600,000		4,641,308
Hutchison Whampoa International 03/33 Ltd. (Cayman Islands)
5.450%	11/24/2010	^		1,500,000		1,513,106
Kreditanstalt fuer Wiederaufbau (Germany)
3.750%	06/27/2011			1,150,000		1,159,269
National Rural Utilities Cooperative Finance Corp.
5.750%	08/28/2009			1,200,000		1,224,218
TIAA Global Markets, Inc.
5.125%	10/10/2012	^		4,900,000		4,991,155
Unilever Capital Corp.
7.125%	11/01/2010			1,175,000		1,254,538
						29,273,882
Diversified Telecommunication Services—3.2%
AT&T, Inc.
4.950%	01/15/2013			900,000		897,781
BellSouth Corp.
4.200%	09/15/2009			3,262,000		3,269,597
Deutsche Telekom International Finance BV (Netherlands)
5.375%	03/23/2011	†		1,250,000		1,258,184
SBC Communications, Inc.
4.125%	09/15/2009			5,430,000		5,437,927
Verizon Communications, Inc.
4.350%	02/15/2013			3,745,000		3,606,573
Verizon Global Funding Corp.
7.250%	12/01/2010			1,250,000		1,327,788
						15,797,850
Electric Utilities—0.5%
Duke Energy Corp.
6.250%	01/15/2012			1,165,000		1,216,931
Exelon Corp.
6.750%	05/01/2011			750,000		770,989
Exelon Generation Co. LLC
6.950%	06/15/2011			450,000		465,415
						2,453,335

See accompanying notes to financial statements. 123

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Electronic Equipment & Instruments—0.1%
Koninklijke Philips Electronics NV (Netherlands)
4.625%	03/11/2013		$	575,000	$	566,967
Home Builders—0.3%
KB Home
8.625%	12/15/2008	†		1,260,000		1,272,600
Insurance—0.2%
American International Group, Inc.
4.700%	10/01/2010			1,000,000		981,865
Media—0.4%
Comcast Corp.
5.450%	11/15/2010			2,250,000		2,288,504
Metals & Mining—1.2%
Rio Tinto Finance USA Ltd. (Australia)
5.875%	07/15/2013			5,974,000		6,013,595
Oil, Gas & Consumable Fuels—0.9%
ConocoPhillips
8.750%	05/25/2010			1,773,000		1,930,317
Pemex Project Funding Master Trust
7.875%	02/01/2009			2,350,000		2,424,739
						4,355,056
Retail—0.4%
CVS Caremark Corp.
4.000%	09/15/2009			2,000,000		1,989,722
Software—0.3%
Oracle Corp.
5.000%	01/15/2011			1,547,000		1,578,054
Tobacco—1.4%
Philip Morris International, Inc.
4.875%	05/16/2013			7,384,000		7,261,263
TOTAL CORPORATE OBLIGATIONS (Cost $182,696,598)						180,254,653
U.S. GOVERNMENT AGENCY OBLIGATIONS—7.1%
U.S. Government Agency Obligations—7.1%
Federal Home Loan Bank
5.000%	09/18/2009	†		4,395,000		4,504,651
2.200%	04/01/2009	†		2,225,000		2,216,661
Federal Home Loan Mortgage Corp.
3.250%	02/25/2011	†		8,000,000		7,961,976
3.000%	04/01/2011			6,000,000		5,923,812
2.875%	06/28/2010	†		2,970,000		2,952,429
Federal National Mortgage Association
3.500%	04/28/2011			7,500,000		7,484,115
3.250%	02/10/2010	†		4,430,000		4,446,989
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $35,641,963)						35,490,633
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—5.0%
U.S. Government Agency Mortgage-Backed Securities—5.0%
Federal Home Loan Mortgage Corp.
5.000%	06/15/2024			2,177,629		2,198,313
4.386%	10/01/2034	#		4,171,788		4,174,561
4.250%	06/15/2024			1,579,154		1,583,200
3.500%	10/15/2012			15,232		15,216
Federal National Mortgage Association
5.788%	10/01/2036	#		2,981,426		3,059,768
5.089%	09/01/2034	#		464,020		469,961
5.077%	10/01/2034	#		3,993,061		4,070,826
4.951%	10/01/2034	#		4,945,663		4,998,906
4.906%	09/01/2034	#		372,320		377,932
4.724%	10/01/2034	#		696,020		707,270
Government National Mortgage Association
4.500%	08/20/2035			3,716,552		3,735,295
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $25,369,546)						25,391,248
U.S. TREASURY OBLIGATIONS—20.5%
U.S. Treasury Notes—20.5%
U.S. Treasury Note
4.875%	08/15/2009-04/30/2011	†		3,319,000		3,486,872
4.500%	11/15/2010-09/30/2011	†		19,400,000		20,211,305
4.000%	08/31/2009	†		20,600,000		20,994,304
3.875%	09/15/2010	†		29,487,000		30,261,063
3.125%	11/30/2009	†		16,510,000		16,686,723
2.625%	05/31/2010			2,700,000		2,702,533
2.125%	01/31/2010-04/30/2010	†		8,600,000		8,541,470
						102,884,270
TOTAL U.S. TREASURY OBLIGATIONS (Cost $102,193,209)						102,884,270
SOVEREIGN DEBT OBLIGATIONS—1.1%
Government Issued—1.1%
Export Development Canada (Canada)
3.750%	07/15/2011	†		1,365,000		1,374,140
Province of Ontario, Canada (Canada)
2.750%	02/22/2011	†		1,225,000		1,199,157
Republic of South Africa (South Africa)
9.125%	05/19/2009	†		2,750,000		2,866,875
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $5,425,716)						5,440,172
ASSET BACKED SECURITIES—22.6%
Automobile—11.0%
Capital Auto Receivables Asset Trust
Series 2006-SN1A, Class A4A
5.320%	03/20/2010	^		6,400,000		6,463,653
Capital Auto Receivables Asset Trust
Series 2007-1, Class A4B
2.511%	04/15/2012	#		1,000,000		982,208

124 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Low Duration Bond Fund

Coupon Rate		Maturity Date		Face		Value
ASSET BACKED SECURITIES—(Continued)
Capital Auto Receivables Asset Trust
Series 2008-1, Class A3A
3.860%		08/15/2012		$	1,000,000	$	994,054
Carmax Auto Owner Trust
Series 2007-1, Class B
5.340%		10/15/2012			3,000,000		2,882,843
Chase Manhattan Auto Owner Trust
Series 2006-A, Class A4
5.360%		01/15/2013			5,900,000		6,010,399
Chase Manhattan Auto Owner Trust
Series 2006-B, Class A4
5.110%		04/15/2014			2,400,000		2,438,417
Daimler Chrysler Auto Trust
Series 2006-C, Class A4
4.980%		11/08/2011			1,000,000		1,014,378
Daimler Chrysler Auto Trust
Series 2008-A, Class A3A
3.700%		06/08/2012			1,600,000		1,589,228
Ford Credit Auto Owner Trust
Series 2005-A, Class B
3.880%		01/15/2010			2,600,000		2,590,576
Ford Credit Auto Owner Trust
Series 2006-A, Class A3
5.050%		03/15/2010			379,961		382,247
Ford Credit Auto Owner Trust
Series 2006-B, Class A3
5.260%		10/15/2010			2,176,220		2,198,263
Ford Credit Auto Owner Trust
Series 2007-B, Class A4A
5.240%		07/15/2012			6,400,000		6,482,262
Harley-Davidson Motorcycle Trust
Series 2006-3, Class A3
5.240%		01/15/2012			2,336,798		2,360,046
Harley-Davidson Motorcycle Trust
Series 2007-2, Class A4
5.120%		08/15/2013			2,725,000		2,763,157
Honda Auto Receivables Owner Trust
Series 2005-3, Class A4
4.030%		12/20/2010			7,327,209		7,347,195
USAA Auto Owner Trust
Series 2004-3, Class A4
3.530%		06/15/2011			2,664,104		2,666,790
USAA Auto Owner Trust
Series 2005-2, Class A4
4.170%		02/15/2011			500,000		502,634
USAA Auto Owner Trust
Series 2006-4, Class A2
5.160%		11/15/2009			38,472		38,512
USAA Auto Owner Trust
Series 2007-2, Class A3
4.900%		02/15/2012			2,000,000		2,026,841
USAA Auto Owner Trust
Series 2008-2, Class A3
4.640%		10/15/2012			1,100,000		1,107,619
Wachovia Auto Owner Trust
Series 2005-B, Class A4
4.840%		04/20/2011			2,825,000		2,851,626
							55,692,948
Credit Card—10.5%
BA Credit Card Trust
Series 2008-A5, Class A5
3.671%		12/16/2013	#		5,923,000		6,015,436
Bank One Issuance Trust
Series 2003-A9, Class A9
3.860%		06/15/2011			1,500,000		1,503,636
Bank One Issuance Trust
Series 2004-A6, Class A6
3.940%		04/16/2012			1,000,000		1,005,123
Capital One Multi-Asset Execution Trust
Series 2008-A5, Class A5
4.850%		02/15/2014			4,015,000		4,035,514
Chase Issuance Trust
Series 2005-A10, Class A10
4.650%		12/17/2012			6,970,000		7,035,958
Chase Issuance Trust
Series 2007-A15, Class A
4.960%		09/17/2012			3,900,000		3,964,139
Citibank Credit Card Issuance Trust
Series 2007-A5, Class A5
5.500%		06/22/2012			4,965,000		5,090,712
Discover Card Master Trust
Series 2008-A3, Class A3
5.100%		10/15/2013			7,755,000		7,815,462
FPL Recovery Funding LLC
Series 2007-A, Class A1
5.053%		02/01/2013	‡		2,470,472		2,496,624
GE Capital Credit Card Master Note Trust
Series 2007-3, Class A2
5.400%		06/15/2013			5,915,000		6,067,023
Household Credit Card Master Note Trust I
Series 2007-1, Class A
2.521%		04/15/2013	#		1,500,000		1,474,681
Household Credit Card Master Note Trust I
Series 2007-2, Class A
3.021%		07/15/2013	#		6,200,000		6,145,333
							52,649,641
Utilities—1.1%
Peco Energy Transition Trust
Series 2000-A, Class A3
7.625%		03/01/2010			5,345,539		5,481,905
TOTAL ASSET BACKED SECURITIES (Cost $113,068,424)							113,824,494
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—4.0%	��
Mortgage Backed—4.0%
Bank of America Mortgage Securities, Inc.
Series 2004-L, Class 1A1
6.271%		01/25/2035	#		1,206,299		1,215,419
GSR Mortgage Loan Trust
Series 2004-11, Class 2A2
4.751%		09/25/2034	#		2,667,953		2,580,501
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1
4.540%		09/25/2035	#		4,143,842		4,019,281
Harborview Mortgage Loan Trust
Series 2005-14, Class 3A1A
5.300%		12/19/2035	#		5,640,036		5,553,838
MLCC Mortgage Investors, Inc.
Series 2004-1, Class 2A2
4.707%		12/25/2034	#		3,321,452		3,234,828
Provident Funding Mortgage Loan Trust
Series 2004-1, Class 1A1
4.040%		04/25/2034	#		656,449		653,984

See accompanying notes to financial statements. 125

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date		Face		Value
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—(Continued)
Structured Asset Mortgage Investments, Inc.
Series 2004-AR5, Class 2A1
3.194%	10/19/2034	#	$	754,997	$	668,728
Thornburg Mortgage Securities Trust
Series 2004-1, Class II2A
3.299%	03/25/2044	#		886,963		842,480
Wells Fargo Mortgage Backed Securities Trust
Series 2004-S, Class B1
3.541%	09/25/2034	#		2,046,354		1,525,173
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $21,207,536)						20,294,232
			Shares		Value
CASH EQUIVALENTS—25.8%
Institutional Money Market Funds—25.8%
AIM Short-Term Investments Trust Liquid Assets Portfolio		††		10,702,979		10,702,979
AIM Short-Term Investments Trust Prime Assets Portfolio		††		102,421,280		102,421,280
JPMorgan Prime Money Market Fund, Capital Shares				10,161,972		10,161,972
JPMorgan U.S. Government Money Market Fund, Capital Shares				6,370,276		6,370,276
TOTAL CASH EQUIVALENTS (Cost $129,656,507)						129,656,507
TOTAL INVESTMENTS—122.0% (Cost $615,259,499)						613,236,209
Other Assets Less Liabilities—(22.0%)						(110,416,113	)
NET ASSETS—100.0%					$	502,820,096

Notes to the Schedule of Investments:

MTN	Medium Term Note
#	Rate is subject to change. Rate shown reflects current rate.
†	Denotes all or a portion of security on loan.
^	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 4.1% of Total Investments.
‡	Security valued at fair value as determined by policies approved by the board of directors.
††	Represents reinvestment of collateral received in conjunction with securities lending.

126 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Inflation Protected Securities Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—1.8%
Capital Markets—0.5%
Bear Stearns Cos, Inc. (The) (MTN)
5.780%	03/10/2014	#	$	380,000	$	346,993
Goldman Sachs Group, Inc. (The)
6.750%	10/01/2037			100,000		91,751
JPMorgan Chase & Co. (MTN)
5.670%	06/28/2009	#		505,000		523,888
Lehman Brothers Holdings, Inc. (MTN)
5.210%	06/02/2009	#		405,000		400,634
Morgan Stanley (MTN)
6.625%	04/01/2018			400,000		379,674
						1,742,940
Commercial Banks—0.5%
Credit Suisse (MTN) (Switzerland)
5.000%	05/15/2013			1,700,000		1,656,141
Royal Bank of Scotland Group plc, Perpetual Bond (United Kingdom)
7.092%	12/31/2049	#		100,000		136,246
						1,792,387
Consumer Finance—0.2%
SLM Corp. (MTN)
5.560%	04/01/2014	#		465,000		366,662
SLM Corp. (MTN), Series CPI
5.310%	06/01/2009	#		120,000		118,559
SLM Corp., Series CPI
5.350%	10/08/2008	#		150,000		149,893
						635,114
Diversified Financial Services—0.2%
General Electric Capital Corp.
5.625%	05/01/2018			810,000		784,768
Diversified Telecommunication Services—0.3%
AT&T, Inc.
6.300%	01/15/2038	†		200,000		189,562
AT&T, Inc.
5.600%	05/15/2018	†		900,000		879,753
						1,069,315
Multi-National—0.1%
International Bank for Reconstruction & Development, Series CPI (Supranational)
5.570%	12/10/2013	#		275,000		280,222
Pharmaceuticals—0.0%
GlaxoSmithKline Capital, Inc.
5.650%	05/15/2018			100,000		99,805
TOTAL CORPORATE OBLIGATIONS (Cost $6,484,973)						6,404,551
U.S. GOVERNMENT AGENCY OBLIGATIONS—2.8%
U.S. Government Agency Obligations—2.8%
Fannie Mae
2.202%	07/17/2008			1,200,000		1,198,754
Federal Home Loan Bank
2.000%	07/01/2008			1,400,000		1,399,922
Freddie Mac
2.269%	08/18/2008			7,000,000		6,979,336
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $9,577,733)						9,578,012
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—2.7%
U.S. Government Agency Mortgage-Backed Securities—2.7%
Federal National Mortgage Association
5.500%	07/25/2037	TBA
(Cost $9,438,750)				9,600,000		9,463,498
U.S. TREASURY OBLIGATIONS—92.1%
U.S. Treasury Inflation Protected Securities Bonds—71.4%
U.S. Treasury Bond
3.875%	04/15/2029	†		4,535,000		7,702,617
3.625%	04/15/2028			4,240,000		7,029,346
3.375%	04/15/2032	†		510,000		776,900
3.000%	07/15/2012			19,275,000		25,298,359
2.625%	07/15/2017	†		4,155,000		4,758,231
2.500%	01/15/2016			6,230,000		7,243,216
2.375%	04/15/2011-01/15/2027	†		92,800,000		107,982,490
2.000%	04/15/2012-01/15/2026	†		42,785,000		49,043,003
1.875%	01/15/2015			4,390,000		5,078,371
1.750%	01/15/2028	†		13,113,000		12,797,255
1.625%	01/15/2015			6,385,000		7,420,835
0.875%	04/15/2010	†		11,855,000		13,679,412
						248,810,035
U.S. Treasury Inflation Protected Securities Notes—20.7%
U.S. Treasury Note
4.250%	01/15/2010			4,520,000		6,191,592
3.875%	05/15/2018			2,115,000		2,097,983
3.500%	01/15/2011	†		4,640,000		6,236,285
3.375%	01/15/2012			2,600,000		3,473,385
1.875%	07/15/2013	†		15,400,000		19,048,353
1.625%	01/15/2018	†		33,820,000		35,240,888
						72,288,486
TOTAL U.S. TREASURY OBLIGATIONS (Cost $314,071,569)						321,098,521
ASSET BACKED SECURITIES—0.4%
Credit Card—0.3%
BA Credit Card Trust
Series 2008-A5, Class A5
3.671%	12/16/2013	#		1,000,000		1,015,606
Other—0.1%
Small Business Administration Participation Certificates
Series 2008-20D, Class 1
5.370%	04/01/2028			200,000		200,254
TOTAL ASSET BACKED SECURITIES (Cost $1,200,000)						1,215,860

See accompanying notes to financial statements. 127

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Inflation Protected Securities Fund

Coupon Rate	Maturity Date		Face		Value
COMMERCIAL PAPER—0.2%
Commercial Banks—0.2%
Bank of Scotland plc (United Kingdom)
2.604%	07/07/2008	a
(Cost $799,653)			$	800,000	$	799,595
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—0.3%
Mortgage Backed—0.3%
Countrywide Alternative Loan Trust
Series 2006-OA21, Class A1
2.672%	03/20/2047	#		685,867		482,581
Residential Accredited Loans, Inc.
Series 2007-QO2, Class A1
2.633%	02/25/2047	#		919,549		657,351
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $1,185,095)						1,139,932
PURCHASED OPTIONS—0.0%
IRO USD 2 Year Call Swaption, Expires 02/04/2011, Strike 3.50
(Cost $55,000)				5,000,000		23,925
			Shares		Value
CASH EQUIVALENTS—32.9%
Institutional Money Market Funds—32.9%
AIM Short-Term Investments Trust Liquid Assets Portfolio		††		45,030,303		45,030,303
AIM Short-Term Investments Trust Prime Assets Portfolio		††		57,297,410		57,297,410
JPMorgan Prime Money Market Fund, Capital Shares				5,769,914		5,769,914
JPMorgan U.S. Government Money Market Fund, Capital Shares				6,465,345		6,465,345
TOTAL CASH EQUIVALENTS (Cost $114,562,972)						114,562,972
TOTAL INVESTMENTS—133.2% (Cost $457,375,745)						464,286,866
Other Assets Less Liabilities—(33.2%)						(115,642,977	)
NET ASSETS—100.0%					$	348,643,889

Notes to the Schedule of Investments:

EUR	European Currency Unit
MTN	Medium Term Note
#	Rate is subject to change. Rate shown reflects current rate.
†	Denotes all or a portion of security on loan.
TBA	To be announced.
a	Illiquid Security.
††	Represents reinvestment of collateral received in conjunction with securities lending.

128 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Asset Allocation Fund

		Shares	Value
COMMON STOCKS—82.6%
Aerospace & Defense—2.2%
Boeing Co. (The)		34,682	$	2,279,301
General Dynamics Corp.		18,179		1,530,672
Goodrich Corp.		5,239		248,643
Honeywell International, Inc.		34,314		1,725,308
L-3 Communications Holdings, Inc.		5,664		514,688
Lockheed Martin Corp.		16,028		1,581,322
Northrop Grumman Corp.		15,444		1,033,204
Precision Castparts Corp.		6,202		597,687
Raytheon Co.		19,546		1,100,049
Rockwell Collins, Inc.		7,612		365,071
United Technologies Corp.		44,656		2,755,275
				13,731,220
Agriculture—0.1%
Lorillard, Inc.	*	7,678		531,010
Air Freight & Logistics—0.8%
CH Robinson Worldwide, Inc.		7,757		425,394
Expeditors International of Washington, Inc.		9,672		415,896
FedEx Corp.		13,970		1,100,696
United Parcel Service, Inc., Class B		47,198		2,901,261
				4,843,247
Airlines—0.1%
Southwest Airlines Co.		35,312		460,468
Auto Components—0.2%
Goodyear Tire & Rubber Co. (The)	*	11,044		196,914
Johnson Controls, Inc.		26,529		760,852
				957,766
Automobiles—0.2%
Ford Motor Co.	*†	100,868		485,175
General Motors Corp.	†	24,816		285,384
Harley-Davidson, Inc.	†	12,041		436,607
				1,207,166
Beverages—2.0%
Anheuser-Busch Cos, Inc.		32,884		2,042,754
Brown-Forman Corp., Class B	†	3,664		276,888
Coca-Cola Co. (The)		91,904		4,777,170
Coca-Cola Enterprises, Inc.		13,492		233,411
Constellation Brands, Inc., Class A	*	8,617		171,134
Molson Coors Brewing Co., Class B		5,820		316,201
Pepsi Bottling Group, Inc.		5,916		165,175
PepsiCo, Inc.		72,996		4,641,816
				12,624,549
Biotechnology—1.2%
Amgen, Inc.	*	49,698		2,343,758
Biogen Idec, Inc.	*†	13,123		733,444
Celgene Corp.	*	20,006		1,277,783
Genzyme Corp.	*	11,884		855,886
Gilead Sciences, Inc.	*	42,712		2,261,600
				7,472,471
Building Products—0.1%
Masco Corp.	†	18,434		289,967
Capital Markets—2.3%
American Capital Strategies Ltd.	†	8,976		213,359
Ameriprise Financial, Inc.		10,442		424,676
Bank of New York Mellon Corp.		52,514		1,986,605
Charles Schwab Corp. (The)		43,200		887,328
E*Trade Financial Corp.	*†	18,346		57,606
Federated Investors, Inc., Class B		3,330		114,619
Franklin Resources, Inc.		7,431		681,051
Goldman Sachs Group, Inc. (The)		18,179		3,179,507
Janus Capital Group, Inc.		7,815		206,863
Legg Mason, Inc.		5,766		251,225
Lehman Brothers Holdings, Inc.	†	30,930		612,723
Merrill Lynch & Co., Inc.		44,701		1,417,469
Morgan Stanley		50,822		1,833,150
Northern Trust Corp.		8,606		590,113
State Street Corp.		19,436		1,243,710
T Rowe Price Group, Inc.	†	11,620		656,181
				14,356,185
Chemicals—1.7%
Air Products & Chemicals, Inc.		9,858		974,562
Ashland, Inc.		3,106		149,709
Dow Chemical Co. (The)		42,576		1,486,328
E.I. Du Pont de Nemours & Co.		41,425		1,776,718
Eastman Chemical Co.		3,534		243,351
Ecolab, Inc.		8,001		343,963
Hercules, Inc.		4,386		74,255
International Flavors & Fragrances, Inc.		3,888		151,865
Monsanto Co.		25,198		3,186,035
PPG Industries, Inc.		7,259		416,449
Praxair, Inc.		14,140		1,332,554
Rohm & Haas Co.		6,344		294,615
Sigma-Aldrich Corp.		5,903		317,936
				10,748,340
Commercial Banks—1.8%
BB&T Corp.	†	24,341		554,245
Comerica, Inc.		7,218		184,997
Fifth Third Bancorp	†	24,353		247,914
First Horizon National Corp.	†	5,539		41,155
Huntington Bancshares, Inc.	†	15,606		90,047
Keycorp		17,811		195,565
M&T Bank Corp.	†	3,525		248,653
Marshall & Ilsley Corp.	†	11,451		175,544
National City Corp.	†	28,078		133,932
PNC Financial Services Group, Inc.		15,480		883,908
Regions Financial Corp.		32,130		350,538
SunTrust Banks, Inc.		16,396		593,863
US Bancorp		79,260		2,210,561
Wachovia Corp.		97,843		1,519,502
Wells Fargo & Co.		151,795		3,605,131
Zions Bancorporation	†	4,920		154,931
				11,190,486
Commercial Services & Supplies—0.4%
Allied Waste Industries, Inc.	*	15,505		195,673
Avery Dennison Corp.	†	4,917		216,004
Cintas Corp.		6,084		161,287
Equifax, Inc.	†	6,441		216,546
Monster Worldwide, Inc.	*†	5,522		113,808

See accompanying notes to financial statements. 129

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Asset Allocation Fund

		Shares	Value
COMMON STOCKS—(Continued)
Pitney Bowes, Inc.		10,038	$	342,296
Robert Half International, Inc.	†	7,514		180,111
RR Donnelley & Sons Co.		9,448		280,511
Waste Management, Inc.		22,778		858,958
				2,565,194
Communications Equipment—2.1%
Ciena Corp.	*	3,922		90,873
Cisco Systems, Inc.	*	272,562		6,339,792
Corning, Inc.		70,940		1,635,167
JDS Uniphase Corp.	*†	9,473		107,613
Juniper Networks, Inc.	*	23,865		529,326
Motorola, Inc.		105,079		771,280
Qualcomm, Inc.		74,503		3,305,698
Tellabs, Inc.	*	19,893		92,502
				12,872,251
Computers & Peripherals—3.9%
Apple, Inc.	*	40,663		6,808,613
Dell, Inc.	*	93,911		2,054,773
EMC Corp.	*	95,328		1,400,368
Hewlett-Packard Co.		113,362		5,011,734
International Business Machines Corp.		63,656		7,545,145
Lexmark International, Inc., Class A	*	4,793		160,230
NetApp, Inc.	*	16,442		356,134
QLogic Corp.	*	7,961		116,151
SanDisk Corp.	*	9,800		183,260
Sun Microsystems, Inc.	*	39,043		424,788
Teradata Corp.	*	8,056		186,416
				24,247,612
Construction & Engineering—0.2%
Fluor Corp.		3,836		713,803
Jacobs Engineering Group, Inc.	*	5,446		439,492
				1,153,295
Construction Materials—0.0%
Vulcan Materials Co.	†	4,399		262,972
Consumer Finance—0.5%
American Express Co.		53,191		2,003,705
Capital One Financial Corp.	†	17,161		652,290
Discover Financial Services	†	22,045		290,333
SLM Corp.	*	21,467		415,386
				3,361,714
Containers & Packaging—0.1%
Ball Corp.		4,556		217,503
Bemis Co., Inc.		5,148		115,418
Pactiv Corp.	*	6,199		131,605
Sealed Air Corp.		7,079		134,572
				599,098
Distributors—0.1%
Genuine Parts Co.	†	7,626		302,600
Diversified Consumer Services—0.1%
Apollo Group, Inc., Class A	*	6,172		273,173
H&R Block, Inc.	†	14,400		308,160
				581,333
Diversified Financial Services—2.8%
Bank of America Corp.		204,386	$	4,878,694
CIT Group, Inc.		8,779		59,785
Citigroup, Inc.		250,898		4,205,050
CME Group, Inc.		2,453		939,965
IntercontinentalExchange, Inc.	*	3,149		358,986
JPMorgan Chase & Co.		157,405		5,400,566
Leucadia National Corp.	†	7,783		365,334
Moody’s Corp.	†	9,463		325,906
NYSE Euronext		11,987		607,261
				17,141,547
Diversified Telecommunication Services—2.4%
AT&T, Inc.		273,467		9,213,103
CenturyTel, Inc.		5,012		178,377
Citizens Communications Co.	†	14,413		163,443
Embarq Corp.		6,503		307,397
Qwest Communications International, Inc.	†	71,276		280,115
Verizon Communications, Inc.		131,219		4,645,153
Windstream Corp.		19,512		240,778
				15,028,366
Electric Utilities—1.9%
Allegheny Energy, Inc.		7,132		357,384
American Electric Power Co., Inc.		17,957		722,410
Duke Energy Corp.		55,876		971,125
Edison International	†	14,281		733,758
Entergy Corp.		9,154		1,102,874
Exelon Corp.		30,358		2,731,006
FirstEnergy Corp.		14,589		1,201,112
FPL Group, Inc.		18,300		1,200,114
Pepco Holdings, Inc.		8,794		225,566
Pinnacle West Capital Corp.		4,372		134,526
PPL Corp.		17,328		905,735
Progress Energy, Inc.		11,761		491,963
Southern Co.		35,164		1,227,927
				12,005,500
Electrical Equipment—0.4%
Cooper Industries Ltd., Class A		8,037		317,461
Emerson Electric Co.		36,190		1,789,596
Rockwell Automation, Inc.		7,187		314,288
				2,421,345
Electronic Equipment & Instruments—0.3%
Agilent Technologies, Inc.	*	16,831		598,174
Jabil Circuit, Inc.		8,930		146,541
Molex, Inc.		6,227		152,001
Tyco Electronics Ltd. (Bermuda)		22,179		794,452
				1,691,168
Energy Equipment & Services—3.0%
Baker Hughes, Inc.		14,690		1,283,025
BJ Services Co.		14,353		458,435
Cameron International Corp.	*	10,006		553,832
ENSCO International, Inc.		6,778		547,256
Halliburton Co.		40,472		2,147,849
Nabors Industries Ltd. (Bermuda)	*†	14,031		690,746
National Oilwell Varco, Inc.	*	19,107		1,695,173
Noble Corp.		11,980		778,221
Rowan Cos, Inc.	†	4,817		225,195
Schlumberger Ltd.		55,074		5,916,600
Smith International, Inc.		8,885		738,699

130 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Asset Allocation Fund

		Shares	Value
COMMON STOCKS—(Continued)
Transocean, Inc.		14,611	$	2,226,570
Weatherford International Ltd.	*	30,672		1,521,024
				18,782,625
Food & Staples Retailing—2.3%
Costco Wholesale Corp.		20,192		1,416,267
CVS Caremark Corp.		65,842		2,605,368
Kroger Co. (The)		31,965		922,830
Safeway, Inc.		19,776		564,605
Supervalu, Inc.		8,705		268,897
Sysco Corp.		27,245		749,510
Walgreen Co.		45,220		1,470,102
Wal-Mart Stores, Inc.		107,350		6,033,070
Whole Foods Market, Inc.	†	6,058		143,514
				14,174,163
Food Products—1.3%
Archer-Daniels-Midland Co.	†	28,680		967,950
Campbell Soup Co.		9,478		317,134
ConAgra Foods, Inc.		22,835		440,259
Dean Foods Co.	*	5,320		104,378
General Mills, Inc.		15,679		952,813
Hershey Co. (The)	†	7,857		257,552
HJ Heinz Co.		14,736		705,118
Kellogg Co.		11,725		563,034
Kraft Foods, Inc., Class A		70,506		2,005,896
McCormick & Co., Inc.	†	5,813		207,292
Sara Lee Corp.		33,530		410,742
Tyson Foods, Inc., Class A		11,069		165,371
WM Wrigley Jr Co.		9,736		757,266
				7,854,805
Gas Utilities—0.1%
Nicor, Inc.	†	1,963		83,604
Questar Corp.		7,316		519,729
				603,333
Health Care Equipment & Supplies—1.7%
Baxter International, Inc.		29,138		1,863,084
Becton Dickinson & Co.		10,910		886,983
Boston Scientific Corp.	*	59,259		728,293
Covidien Ltd.		22,179		1,062,152
CR Bard, Inc.		4,555		400,612
Hospira, Inc.	*	7,127		285,864
Intuitive Surgical, Inc.	*†	1,581		425,922
Medtronic, Inc.		52,035		2,692,811
St Jude Medical, Inc.	*	16,184		661,602
Stryker Corp.		11,672		733,935
Varian Medical Systems, Inc.	*†	5,760		298,656
Zimmer Holdings, Inc.	*	10,939		744,399
				10,784,313
Health Care Providers & Services—1.5%
Aetna, Inc.		22,835		925,503
AmerisourceBergen Corp.		7,477		299,005
Cardinal Health, Inc.		16,840		868,607
Cigna Corp.		13,368		473,094
Coventry Health Care, Inc.	*	6,999		212,910
Express Scripts, Inc.	*	12,052		755,901
Humana, Inc.	*	7,657		304,519
Laboratory Corp of America Holdings	*†	5,554		386,725
McKesson Corp.		13,531		756,518
Medco Health Solutions, Inc.	*	23,597		1,113,778
Patterson Cos, Inc.	*†	6,066		178,280
Quest Diagnostics, Inc.		7,162		347,142
Tenet Healthcare Corp.	*	23,062		128,225
UnitedHealth Group, Inc.		57,542		1,510,477
WellPoint, Inc.	*	25,359		1,208,610
				9,469,294
Health Care Technology—0.0%
IMS Health, Inc.		8,795		204,924
Hotels, Restaurants & Leisure—1.1%
Carnival Corp.	†	19,796		652,476
Darden Restaurants, Inc.	†	6,534		208,696
International Game Technology		14,815		370,079
Marriott International, Inc., Class A		15,100		396,224
McDonald’s Corp.		52,956		2,977,186
Starbucks Corp.	*	33,638		529,462
Starwood Hotels & Resorts Worldwide, Inc.		9,466		379,303
Wendy’s International, Inc.		5,142		139,965
Wyndham Worldwide Corp.		8,923		159,811
Yum! Brands, Inc.		21,865		767,243
				6,580,445
Household Durables—0.3%
Black & Decker Corp.		3,454		198,640
Centex Corp.		5,370		71,797
DR Horton, Inc.	†	11,960		129,766
Fortune Brands, Inc.		6,876		429,131
Harman International Industries, Inc.	†	2,854		118,127
KB Home	†	3,394		57,460
Leggett & Platt, Inc.	†	8,064		135,233
Lennar Corp., Class A	†	5,972		73,695
Newell Rubbermaid, Inc.		11,995		201,396
Pulte Homes, Inc.	†	9,419		90,705
Snap-On, Inc.	†	2,539		132,053
Stanley Works (The)		3,363		150,763
Whirlpool Corp.	†	3,383		208,833
				1,997,599
Household Products—1.9%
Clorox Co.		6,602		344,624
Colgate-Palmolive Co.		23,114		1,597,177
Kimberly-Clark Corp.		19,597		1,171,509
Procter & Gamble Co.		140,533		8,545,812
				11,659,122
Independent Power Producers & Energy Traders—0.2%
AES Corp. (The)	*	28,796		553,171
Constellation Energy Group, Inc.		7,847		644,239
Dynegy, Inc., Class A	*	20,516		175,412
				1,372,822
Industrial Conglomerates—2.6%
3M Co.		32,718		2,276,846
General Electric Co.		459,171		12,255,274
Textron, Inc.		11,678		559,726
Tyco International Ltd. (Bermuda)		22,179		888,047
				15,979,893
Insurance—3.0%
ACE Ltd. (Bermuda)		15,178		836,156
Aflac, Inc.		21,905		1,375,634
Allstate Corp. (The)		25,785		1,175,538

See accompanying notes to financial statements. 131

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Asset Allocation Fund

		Shares	Value
COMMON STOCKS—(Continued)
American International Group, Inc.		123,701	$	3,273,129
AON Corp.		14,251		654,691
Assurant, Inc.		4,469		294,775
Chubb Corp.		17,035		834,885
Cincinnati Financial Corp.		7,627		193,726
Genworth Financial, Inc., Class A		19,514		347,544
Hartford Financial Services Group, Inc.		14,401		929,873
Lincoln National Corp.		12,544		568,494
Loews Corp.		17,749		832,428
Marsh & McLennan Cos, Inc.		24,984		663,325
MBIA, Inc.	†	9,669		42,447
MetLife, Inc.		32,629		1,721,832
Principal Financial Group, Inc.		12,337		517,784
Progressive Corp. (The)		31,212		584,289
Prudential Financial, Inc.		20,520		1,225,865
Safeco Corp.		4,129		277,304
Torchmark Corp.		4,583		268,793
Travelers Cos, Inc. (The)		28,541		1,238,679
Unum Group		15,895		325,053
XL Capital Ltd., Class A (Bermuda)		8,095		166,433
				18,348,677
Internet & Catalog Retail—0.2%
Amazon.com, Inc.	*	14,009		1,027,280
Expedia, Inc.	*	9,280		170,566
IAC/InterActiveCorp	*	9,631		185,686
				1,383,532
Internet Software & Services—1.4%
Akamai Technologies, Inc.	*†	7,142		248,470
eBay, Inc.	*	51,735		1,413,918
Google, Inc., Class A	*	10,663		5,613,216
VeriSign, Inc.	*	9,201		347,798
Yahoo! Inc.	*	63,405		1,309,947
				8,933,349
IT Services—0.8%
Affiliated Computer Services, Inc., Class A	*	5,278		282,320
Automatic Data Processing, Inc.		24,523		1,027,514
Cognizant Technology Solutions Corp., Class A	*	12,318		400,458
Computer Sciences Corp.	*	7,162		335,468
Convergys Corp.	*	6,879		102,222
Electronic Data Systems Corp.		22,586		556,519
Fidelity National Information Services, Inc.		7,010		258,739
Fiserv, Inc.	*	8,200		372,034
Paychex, Inc.		15,453		483,370
Total System Services, Inc.		9,144		203,180
Unisys Corp.	*	13,879		54,822
Western Union Co. (The)		33,663		832,149
				4,908,795
Leisure Equipment & Products—0.1%
Eastman Kodak Co.	†	12,583		181,573
Hasbro, Inc.		7,426		265,257
Mattel, Inc.		17,004		291,108
				737,938
Life Sciences Tools & Services—0.3%
Applera Corp.—Applied Biosystems Group		8,032		268,911
Millipore Corp.	*	2,215		150,310
PerkinElmer, Inc.		5,757		160,333
Thermo Fisher Scientific, Inc.	*	19,378		1,079,936
Waters Corp.	*	4,564		294,378
				1,953,868
Machinery—1.6%
Caterpillar, Inc.		28,473		2,101,877
Cummins, Inc.		9,100		596,232
Danaher Corp.	†	11,709		905,106
Deere & Co.		20,412		1,472,317
Dover Corp.		8,920		431,460
Eaton Corp.		7,269		617,647
Illinois Tool Works, Inc.		18,598		883,591
Ingersoll-Rand Co. Ltd., Class A (Bermuda)		15,161		567,476
ITT Corp.		8,141		515,569
Manitowoc Co., Inc. (The)	†	5,703		185,519
PACCAR, Inc.		16,759		701,029
Pall Corp.		5,917		234,787
Parker Hannifin Corp.		7,971		568,492
Terex Corp.	*	4,319		221,867
				10,002,969
Media—2.4%
CBS Corp., Class B		31,677		617,385
Clear Channel Communications, Inc.		22,852		804,390
Comcast Corp., Class A		136,609		2,591,473
DIRECTV Group, Inc. (The)	*	32,728		847,982
E.W. Scripps Co., Class A	†	3,760		156,190
Gannett Co., Inc.	†	10,491		227,340
Interpublic Group of Cos, Inc. (The)	*	18,883		162,394
McGraw-Hill Cos, Inc. (The)		14,843		595,501
Meredith Corp.	†	1,895		53,610
New York Times Co. (The), Class A	†	6,241		96,049
News Corp., Class A		105,672		1,589,307
Omnicom Group, Inc.		14,742		661,621
Time Warner, Inc.		164,450		2,433,860
Viacom, Inc., Class B	*	29,470		900,014
Walt Disney Co. (The)		87,980		2,744,976
Washington Post Co. (The), Class B		265		155,528
				14,637,620
Metals & Mining—1.1%
AK Steel Holding Corp.		4,338		299,322
Alcoa, Inc.		38,642		1,376,428
Allegheny Technologies, Inc.		4,545		269,428
Freeport-McMoRan Copper & Gold, Inc.		17,225		2,018,598
Newmont Mining Corp.		20,249		1,056,188
Nucor Corp.		13,611		1,016,333
Titanium Metals Corp.	†	3,978		55,652
United States Steel Corp.		5,195		959,932
				7,051,881
Multiline Retail—0.6%
Big Lots, Inc.	*†	4,622		144,391
Dillard’s, Inc., Class A	†	2,579		29,839
Family Dollar Stores, Inc.		7,400		147,556
JC Penney Co., Inc.		10,233		371,356

132 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Asset Allocation Fund

		Shares	Value
COMMON STOCKS—(Continued)
Kohl’s Corp.	*†	15,275	$	611,611
Macy’s, Inc.		21,019		408,189
Nordstrom, Inc.	†	9,341		283,032
Sears Holdings Corp.	*†	3,576		263,408
Target Corp.		36,140		1,680,149
				3,939,531
Multi-Utilities—1.0%
Ameren Corp.		9,010		380,492
Centerpoint Energy, Inc.		13,537		217,269
CMS Energy Corp.	†	9,922		147,838
Consolidated Edison, Inc.	†	12,180		476,116
Dominion Resources, Inc.		26,866		1,275,866
DTE Energy Co.		7,766		329,589
Integrys Energy Group, Inc.	†	3,300		167,739
NiSource, Inc.	†	11,857		212,478
PG&E Corp.		15,829		628,253
Public Service Enterprise Group, Inc.		22,832		1,048,674
Sempra Energy	†	11,832		667,917
TECO Energy, Inc.	†	9,094		195,430
Xcel Energy, Inc.		17,719		355,620
				6,103,281
Office Electronics—0.1%
Xerox Corp.	†	42,793		580,273
Oil, Gas & Consumable Fuels—10.3%
Anadarko Petroleum Corp.		20,897		1,563,931
Apache Corp.		15,312		2,128,368
Cabot Oil & Gas Corp.		4,497		304,582
Chesapeake Energy Corp.		22,135		1,460,025
Chevron Corp.		95,192		9,436,383
ConocoPhillips		71,189		6,719,530
Consol Energy, Inc.	†	8,392		943,009
Devon Energy Corp.		20,434		2,455,349
El Paso Corp.		31,393		682,484
EOG Resources, Inc.		11,033		1,447,530
Exxon Mobil Corp.		243,210		21,434,097
Hess Corp.		12,826		1,618,513
Marathon Oil Corp.		32,489		1,685,204
Massey Energy Co.		3,705		347,344
Murphy Oil Corp.		8,420		825,581
Noble Energy, Inc.		7,770		781,351
Occidental Petroleum Corp.		37,958		3,410,906
Peabody Energy Corp.		12,462		1,097,279
Range Resources Corp.		6,784		444,623
Southwestern Energy Co.	*	14,444		687,679
Spectra Energy Corp.		27,942		803,053
Sunoco, Inc.		5,960		242,512
Tesoro Corp.	†	6,213		122,831
Valero Energy Corp.		25,471		1,048,896
Williams Cos, Inc.		27,086		1,091,837
XTO Energy, Inc.		23,466		1,607,656
				64,390,553
Paper & Forest Products—0.2%
International Paper Co.		19,914		463,996
MeadWestvaco Corp.		7,851		187,168
Weyerhaeuser Co.		9,586		490,228
				1,141,392
Personal Products—0.2%
Avon Products, Inc.		19,873		715,825
Estee Lauder Cos, Inc. (The), Class A		5,057		234,898
				950,723
Pharmaceuticals—5.0%
Abbott Laboratories		70,624		3,740,953
Allergan, Inc.		13,872		722,038
Barr Pharmaceuticals, Inc.	*	4,637		209,036
Bristol-Myers Squibb Co.		90,646		1,860,962
Eli Lilly & Co.		45,485		2,099,588
Forest Laboratories, Inc.	*	14,323		497,581
Johnson & Johnson		129,700		8,344,898
King Pharmaceuticals, Inc.	*	10,183		106,616
Merck & Co., Inc.		99,567		3,752,680
Mylan, Inc.	*†	11,139		134,448
Pfizer, Inc.		310,891		5,431,266
Schering-Plough Corp.		73,261		1,442,509
Watson Pharmaceuticals, Inc.	*	4,259		115,717
Wyeth		61,524		2,950,691
				31,408,983
Real Estate Investment Trusts (REIT)—1.0%
Apartment Investment & Management Co., Class A REIT		4,055		138,113
AvalonBay Communities, Inc. REIT	†	3,501		312,149
Boston Properties, Inc. REIT		5,498		496,030
Developers Diversified Realty Corp. REIT	†	5,585		193,855
Equity Residential REIT	†	12,749		487,904
General Growth Properties, Inc. REIT	†	12,267		429,713
HCP, Inc. REIT		9,997		318,005
Host Hotels & Resorts, Inc. REIT		23,370		319,001
Kimco Realty Corp. REIT		11,062		381,860
Plum Creek Timber Co., Inc. REIT	†	8,165		348,727
Prologis REIT		11,448		622,199
Public Storage REIT		5,464		441,437
Simon Property Group, Inc. REIT	†	10,262		922,451
Vornado Realty Trust REIT	†	5,908		519,904
				5,931,348
Real Estate Management & Development—0.0%
CB Richard Ellis Group, Inc., Class A	*†	7,914		151,949
Road & Rail—0.9%
Burlington Northern Santa Fe Corp.		13,610		1,359,503
CSX Corp.		19,296		1,211,982
Norfolk Southern Corp.		17,305		1,084,504
Ryder System, Inc.	†	2,780		191,486
Union Pacific Corp.		23,944		1,807,772
				5,655,247
Semiconductors & Semiconductor Equipment—2.1%
Advanced Micro Devices, Inc.	*†	22,772		132,761
Altera Corp.		15,819		327,453
Analog Devices, Inc.		14,644		465,240
Applied Materials, Inc.		62,930		1,201,334
Broadcom Corp., Class A	*	20,382		556,225
Intel Corp.		264,579		5,683,157

See accompanying notes to financial statements. 133

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Asset Allocation Fund

			Shares		Value
COMMON STOCKS—(Continued)
KLA-Tencor Corp.		†		8,766	$	356,864
Linear Technology Corp.		†		10,609		345,535
LSI Corp.		*†		34,716		213,156
MEMC Electronic Materials, Inc.		*		10,061		619,154
Microchip Technology, Inc.		†		9,379		286,434
Micron Technology, Inc.		*		31,818		190,908
National Semiconductor Corp.				11,625		238,777
Novellus Systems, Inc.		*†		5,537		117,329
Nvidia Corp.		*		24,486		458,378
Teradyne, Inc.		*		8,399		92,977
Texas Instruments, Inc.				60,988		1,717,422
Xilinx, Inc.		†		13,211		333,578
						13,336,682
Software—2.9%
Adobe Systems, Inc.		*		24,455		963,283
Autodesk, Inc.		*†		10,178		344,118
BMC Software, Inc.		*		9,424		339,264
CA, Inc.				18,395		424,741
Citrix Systems, Inc.		*		7,947		233,721
Compuware Corp.		*		17,089		163,029
Electronic Arts, Inc.		*		13,954		619,976
Intuit, Inc.		*		15,593		429,899
Microsoft Corp.				368,418		10,135,179
Novell, Inc.		*		17,011		100,195
Oracle Corp.		*		181,871		3,819,291
Symantec Corp.		*		38,921		753,121
						18,325,817
Specialty Retail—1.3%
Abercrombie & Fitch Co., Class A				3,919		245,643
AutoNation, Inc.		*†		6,006		60,180
Autozone, Inc.		*		1,977		239,237
Bed Bath & Beyond, Inc.		*†		12,305		345,770
Best Buy Co., Inc.				17,296		684,922
GameStop Corp., Class A		*		7,231		292,132
Gap, Inc. (The)				20,911		348,586
Home Depot, Inc.				77,768		1,821,327
Lowe’s Cos, Inc.				68,926		1,430,214
Ltd. Brands, Inc.				15,296		257,738
Office Depot, Inc.		*		13,041		142,669
RadioShack Corp.				5,381		66,025
Sherwin-Williams Co. (The)		†		4,841		222,347
Staples, Inc.				32,067		761,591
Tiffany & Co.				6,286		256,154
TJX Cos, Inc.				20,299		638,810
						7,813,345
Textiles, Apparel & Luxury Goods—0.3%
Coach, Inc.		*		16,947		489,429
Jones Apparel Group, Inc.		†		5,028		69,135
Liz Claiborne, Inc.		†		4,454		63,024
Nike, Inc., Class B				17,249		1,028,213
Polo Ralph Lauren Corp.		†		2,737		171,829
VF Corp.				3,825		272,264
						2,093,894
Thrifts & Mortgage Finance—0.4%
Countrywide Financial Corp.		†		27,686		117,665
Federal National Mortgage Association				48,716		950,449
Freddie Mac				30,144		494,362
Hudson City Bancorp, Inc.				23,850		397,818
MGIC Investment Corp.		†		3,862		23,597
Sovereign Bancorp, Inc.		†		16,575		121,992
Washington Mutual, Inc.		†		48,653		239,859
						2,345,742
Tobacco—1.2%
Altria Group, Inc.				95,920		1,972,115
Philip Morris International, Inc.				96,946		4,788,163
Reynolds American, Inc.		†		7,455		347,925
UST, Inc.		†		7,153		390,625
						7,498,828
Trading Companies & Distributors—0.0%
W.W. Grainger, Inc.		†		3,422		279,920
Wireless Telecommunication Services—0.3%
American Tower Corp., Class A		*		18,693		789,779
Sprint Nextel Corp.				130,646		1,241,137
						2,030,916
TOTAL COMMON STOCKS (Cost $455,729,907)						514,047,261
Coupon Rate	Maturity Date		Face		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS—4.9%
U.S. Government Agency Obligations—4.9%
Fannie Mae
2.232%	09/03/2008		$	2,000,000		1,991,768
Federal Home Loan Bank
2.374%	09/12/2008			28,500,000		28,366,221
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $30,355,718)						30,357,989
U.S. TREASURY OBLIGATIONS—1.0%
U.S. Treasury Bill—1.0%
U.S. Treasury Bill
1.950%	09/18/2008	‡‡
(Cost $6,412,584)				6,440,000		6,414,800
COMMERCIAL PAPER—11.2%
Diversified Financial Services—11.2%
Bank of Scotland Treasury Services PLC (United Kingdom)
2.810%	09/15/2008	a		20,000,000		19,881,200
CBA Finance, Inc. (Delaware)
2.719%	09/15/2008	a		10,000,000		9,941,300
Santander Central Hispano Finance, Inc.
2.683%	09/17/2008	a		15,000,000		14,908,200
Societe Generale North America, Inc.
2.861%	09/12/2008	a		20,000,000		19,887,800
UBS Finance Delaware LLC
2.871%	09/15/2008	a		5,000,000		4,970,650
TOTAL COMMERCIAL PAPER (Cost $69,593,357)						69,589,150

134 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Asset Allocation Fund

		Shares	Value
RIGHTS—0.0%
Computers & Peripherals—0.0%
Seagate Technology, Inc.	*d
(Cost $—)		10,600	$	—
CASH EQUIVALENTS—4.8%
Institutional Money Market Funds—4.8%
AIM Short-Term Investments Trust Liquid Assets Portfolio	††	5,835,629		5,835,629
AIM Short-Term Investments Trust Prime Assets Portfolio	††	21,263,429		21,263,429
JPMorgan Prime Money Market Fund, Capital Shares		2,994,302		2,994,302
TOTAL CASH EQUIVALENTS (Cost $30,093,360)				30,093,360
TOTAL INVESTMENTS—104.5% (Cost $592,184,926)				650,502,560
Other assets less liabilities—(4.5%)				(28,043,499	)
NET ASSETS—100.0%			$	622,459,061

Notes to the Schedule of Investments:

REIT     Real Estate Investment Trust

*     Non-income producing.

†     Denotes all or a portion of security on loan.

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

a     Illiquid Security.

d     Security has no market value at 06/30/2008.

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

See accompanying notes to financial statements. 135

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Equity Income Fund

		Shares	Value
COMMON STOCKS—95.6%
Aerospace & Defense—1.6%
Honeywell International, Inc.		345,000	$	17,346,600
L-3 Communications Holdings, Inc.		84,000		7,633,080
				24,979,680
Air Freight & Logistics—1.8%
FedEx Corp.		320,000		25,212,800
United Parcel Service, Inc., Class B		36,000		2,212,920
				27,425,720
Airlines—0.1%
Southwest Airlines Co.		138,700		1,808,648
Automobiles—0.9%
Ford Motor Co.	*†	200,000		962,000
General Motors Corp.	†	804,000		9,246,000
Harley-Davidson, Inc.	†	79,600		2,886,296
				13,094,296
Beverages—0.4%
Anheuser-Busch Cos, Inc.		88,800		5,516,256
Biotechnology—0.3%
Amgen, Inc.	*	103,900		4,899,924
Building Products—0.3%
Masco Corp.		180,500		2,839,265
USG Corp.	*†	73,000		2,158,610
				4,997,875
Capital Markets—2.1%
Bank of New York Mellon Corp.		158,400		5,992,272
Legg Mason, Inc.		73,600		3,206,752
Merrill Lynch & Co., Inc.		140,900		4,467,939
Morgan Stanley		37,000		1,334,590
UBS AG (Switzerland)	*	809,205		16,718,175
				31,719,728
Chemicals—1.2%
E.I. Du Pont de Nemours & Co.		353,846		15,176,455
International Flavors & Fragrances, Inc.		97,200		3,796,632
				18,973,087
Commercial Banks—2.1%
Allied Irish Banks plc ADR (Ireland)		78,200		2,407,778
Fifth Third Bancorp	†	183,800		1,871,084
Keycorp		167,500		1,839,150
National City Corp.	†	204,000		973,080
Royal Bank of Scotland Group plc (United Kingdom)		134,000		570,460
SunTrust Banks, Inc.		122,100		4,422,462
US Bancorp		206,100		5,748,129
Wachovia Corp.	†	175,804		2,730,236
Wells Fargo & Co.		478,500		11,364,375
				31,926,754
Commercial Services & Supplies—0.8%
Avery Dennison Corp.	†	103,000		4,524,790
Pitney Bowes, Inc.		143,900		4,906,990
Waste Management, Inc.		73,200		2,760,372
				12,192,152
Communications Equipment—0.7%
Alcatel-Lucent ADR (France)	*†	366,400		2,213,056
Motorola, Inc.		238,700		1,752,058
Nokia OYJ ADR (Finland)		289,100		7,082,950
				11,048,064
Computers & Peripherals—5.2%
Dell, Inc.	*	2,356,200		51,553,656
International Business Machines Corp.		84,400		10,003,932
Sun Microsystems, Inc.	*	1,670,000		18,169,600
				79,727,188
Construction Materials—1.9%
Cemex SAB de CV ADR (Mexico)	*†	1,014,617		25,061,047
Vulcan Materials Co.	†	55,000		3,287,900
				28,348,947
Consumer Finance—2.2%
American Express Co.		343,500		12,939,645
Capital One Financial Corp.		208,900		7,940,289
SLM Corp.	*	667,100		12,908,385
				33,788,319
Distributors—0.2%
Genuine Parts Co.		70,552		2,799,503
Diversified Consumer Services—0.3%
H&R Block, Inc.		183,800		3,933,320
Diversified Financial Services—1.9%
Bank of America Corp.		462,692		11,044,458
Citigroup, Inc.		439,369		7,363,824
JPMorgan Chase & Co.		316,800		10,869,408
				29,277,690
Diversified Telecommunication Services—4.4%
AT&T, Inc.		660,642		22,257,029
Level 3 Communications, Inc.	*†	7,327,000		21,614,650
Qwest Communications International, Inc.	†	600,000		2,358,000
Verizon Communications, Inc.		579,141		20,501,591
				66,731,270
Electric Utilities—2.4%
Duke Energy Corp.		596,124		10,360,635
Entergy Corp.		143,100		17,240,688
FirstEnergy Corp.		46,400		3,820,112
Pinnacle West Capital Corp.		61,400		1,889,278
Progress Energy, Inc.		80,800		3,379,864
				36,690,577
Electrical Equipment—0.9%
Cooper Industries Ltd., Class A		65,300		2,579,350
Emerson Electric Co.		219,000		10,829,550
				13,408,900

136 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Equity Income Fund

		Shares	Value
COMMON STOCKS—(Continued)
Energy Equipment & Services—0.4%
BJ Services Co.		98,900	$	3,158,866
Schlumberger Ltd.		28,200		3,029,526
				6,188,392
Food & Staples Retailing—0.1%
Whole Foods Market, Inc.	†	36,600		867,054
Food Products—1.9%
Campbell Soup Co.		51,112		1,710,208
General Mills, Inc.		85,222		5,178,941
Hershey Co. (The)	†	188,400		6,175,752
HJ Heinz Co.		102,000		4,880,700
Kraft Foods, Inc., Class A		360,224		10,248,372
McCormick & Co., Inc.	†	52,900		1,886,414
				30,080,387
Health Care Equipment & Supplies—0.7%
Baxter International, Inc.		168,800		10,793,072
Health Care Providers & Services—1.3%
UnitedHealth Group, Inc.		344,700		9,048,375
WellPoint, Inc.	*	242,300		11,548,018
				20,596,393
Hotels, Restaurants & Leisure—2.5%
Carnival Corp.	†	291,200		9,597,952
MGM Mirage	*	97,600		3,307,664
Yum! Brands, Inc.		751,000		26,352,590
				39,258,206
Household Durables—1.8%
Black & Decker Corp.	†	25,200		1,449,252
DR Horton, Inc.	†	157,500		1,708,875
Fortune Brands, Inc.		62,900		3,925,589
Harman International Industries, Inc.		36,800		1,523,152
Newell Rubbermaid, Inc.		185,000		3,106,150
Stanley Works (The)		278,500		12,485,155
Whirlpool Corp.	†	49,000		3,024,770
				27,222,943
Household Products—0.6%
Colgate-Palmolive Co.		30,300		2,093,730
Kimberly-Clark Corp.		48,459		2,896,879
Procter & Gamble Co.		64,700		3,934,407
				8,925,016
Industrial Conglomerates—3.6%
3M Co.		228,900		15,929,151
General Electric Co.		550,000		14,679,500
Koninklijke Philips Electronics NV (Netherlands)		660,000		22,308,000
				52,916,651
Insurance—6.7%
Allstate Corp. (The)		123,900		5,648,601
American International Group, Inc.		551,814		14,600,998
AON Corp.		582,000		26,737,081
Chubb Corp.		37,100		1,818,271
Fairfax Financial Holdings Ltd. (Canada)	†	100,000		25,390,001
Genworth Financial, Inc., Class A		66,000		1,175,460
Hartford Financial Services Group, Inc.		101,300		6,540,941
Lincoln National Corp.		94,390		4,277,755
Marsh & McLennan Cos, Inc.		280,800		7,455,240
Progressive Corp. (The)		131,700		2,465,424
Travelers Cos, Inc. (The)		125,406		5,442,620
				101,552,392
Internet & Catalog Retail—1.8%
Liberty Media Corp.—Interactive, Class A	*†	1,835,500		27,091,980
Internet Software & Services—2.2%
eBay, Inc.	*	1,081,400		29,554,662
Yahoo! Inc.	*	171,700		3,547,322
				33,101,984
IT Services—0.2%
Automatic Data Processing, Inc.		12,200		511,180
Computer Sciences Corp.	*	67,100		3,142,964
				3,654,144
Leisure Equipment & Products—0.3%
Eastman Kodak Co.	†	158,041		2,280,532
Mattel, Inc.		152,900		2,617,648
				4,898,180
Machinery—1.2%
Illinois Tool Works, Inc.		381,400		18,120,314
Media—7.4%
Cablevision Systems Corp., Class A	*	86,600		1,957,160
CBS Corp., Class B		151,100		2,944,939
Comcast Corp., Class A		67,100		1,272,887
DIRECTV Group, Inc. (The)	*	840,000		21,764,400
Gannett Co., Inc.	†	153,300		3,322,011
Liberty Media Corp.—Entertainment, Series A	*	1,475,200		35,744,095
McGraw-Hill Cos, Inc. (The)		138,500		5,556,620
New York Times Co. (The), Class A	†	181,900		2,799,441
Time Warner, Inc.		381,000		5,638,800
Walt Disney Co. (The)		1,063,300		33,174,960
				114,175,313
Metals & Mining—0.1%
Alcoa, Inc.		55,700		1,984,034
Multiline Retail—0.4%
JC Penney Co., Inc.	†	135,300		4,910,037
Macy’s, Inc.		42,800		831,176
				5,741,213
Multi-Utilities—1.4%
Dominion Resources, Inc.		222,100		10,547,529
NiSource, Inc.	†	250,300		4,485,376
PG&E Corp.		55,300		2,194,857
TECO Energy, Inc.	†	56,900		1,222,781
Xcel Energy, Inc.		154,500		3,100,815
				21,551,358
Oil, Gas & Consumable Fuels—14.2%
Anadarko Petroleum Corp.		55,000		4,116,200
BP plc ADR (United Kingdom)	†	66,998		4,661,051
Chesapeake Energy Corp.		715,000		47,161,399
Chevron Corp.		140,758		13,953,341

See accompanying notes to financial statements. 137

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Equity Income Fund

			Shares		Value
COMMON STOCKS—(Continued)
ConocoPhillips				218,300	$	20,605,337
Exxon Mobil Corp.				148,660		13,101,406
Marathon Oil Corp.				291,400		15,114,918
Murphy Oil Corp.				40,000		3,922,000
Occidental Petroleum Corp.				272,400		24,477,864
Pioneer Natural Resources Co.				527,000		41,253,560
Royal Dutch Shell plc, Class A ADR (Netherlands)				123,581		10,097,804
Spectra Energy Corp.				525,312		15,097,467
Sunoco, Inc.				74,000		3,011,060
						216,573,407
Paper & Forest Products—0.6%
International Paper Co.				252,100		5,873,930
MeadWestvaco Corp.				111,000		2,646,240
						8,520,170
Pharmaceuticals—5.3%
Abbott Laboratories				60,600		3,209,982
Bristol-Myers Squibb Co.				694,800		14,264,244
Eli Lilly & Co.				145,600		6,720,896
Johnson & Johnson				264,400		17,011,496
Merck & Co., Inc.				129,700		4,888,393
Pfizer, Inc.				917,000		16,019,990
Schering-Plough Corp.				195,500		3,849,395
Wyeth				293,800		14,090,648
						80,055,044
Road & Rail—0.9%
Burlington Northern Santa Fe Corp.				145,000		14,484,050
Semiconductors & Semiconductor Equipment—1.4%
Analog Devices, Inc.				123,600		3,926,772
Applied Materials, Inc.				725,000		13,840,250
Intel Corp.				123,600		2,654,928
Texas Instruments, Inc.				25,000		704,000
						21,125,950
Software—2.6%
Microsoft Corp.				252,000		6,932,520
Symantec Corp.		*		1,680,000		32,508,000
						39,440,520
Specialty Retail—1.2%
Bed Bath & Beyond, Inc.		*†		147,100		4,133,510
Home Depot, Inc.				529,800		12,407,916
Office Depot, Inc.		*		181,500		1,985,610
						18,527,036
Thrifts & Mortgage Finance—0.4%
Countrywide Financial Corp.		†		114,000		484,500
Federal National Mortgage Association				200,906		3,919,676
Washington Mutual, Inc.		†		436,900		2,153,917
						6,558,093
Tobacco—2.5%
Altria Group, Inc.				243,300		5,002,248
Imperial Tobacco Group plc ADR (United Kingdom)		†		189,700		14,085,225
Philip Morris International, Inc.				197,300		9,744,647
UST, Inc.		†		187,937		10,263,240
						39,095,360
Wireless Telecommunication Services—0.2%
Sprint Nextel Corp.				340,700		3,236,650
TOTAL COMMON STOCKS (Cost $1,428,246,478)						1,459,623,204
CONVERTIBLE PREFERRED STOCKS—0.1%
Thrifts & Mortgage Finance—0.1%
Federal National Mortgage Association, Series 08-1
(Cost $2,600,277)				57,400		2,198,420
Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.8%
U.S. Treasury Bill—0.8%
United States Treasury Bill
1.817%	09/04/2008	†	$	3,000,000		2,990,709
1.732%	07/17/2008			5,000,000		4,995,843
1.680%	10/02/2008	†		3,000,000		2,985,816
1.497%	07/24/2008	†		1,000,000		999,003
TOTAL U.S. TREASURY OBLIGATIONS (Cost $11,972,444)						11,971,371
COMMERCIAL PAPER—0.1%
Financial Services—0.1%
Alpine Securitization Corp.
2.528%	07/01/2008	^		1,000,000		999,930
Yorktown Capital LLC
2.820%	07/24/2008	a		1,000,000		998,107
TOTAL COMMERCIAL PAPER (Cost $1,998,211)						1,998,037
			Shares		Value
CASH EQUIVALENTS—13.6%
Institutional Money Market Funds—13.6%
AIM Short-Term Investments Trust Liquid Assets Portfolio		††		26,110,664		26,110,664
AIM Short-Term Investments Trust Prime Assets Portfolio		††		129,239,343		129,239,343
JPMorgan Prime Money Market Fund, Capital Shares				28,112,436		28,112,436
JPMorgan U.S. Government Money Market Fund, Capital Shares				23,480,820		23,480,820
TOTAL CASH EQUIVALENTS (Cost $206,943,263)						206,943,263
TOTAL INVESTMENTS—110.2% (Cost $1,651,760,673)						1,682,734,295
Other assets less liabilities—(10.2%)						(155,507,400	)
NET ASSETS—100.0%					$	1,527,226,895

138 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Equity Income Fund

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
†	Denotes all or a portion of security on loan.
*	Non-income producing.
^	Securities 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 0.1% of Total Investments.
a	Illiquid Security.
††	Represents reinvestment of collateral received in conjunction with securities lending.

See accompanying notes to financial statements. 139

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Growth & Income Fund

		Shares	Value
COMMON STOCKS—96.1%
Aerospace & Defense—1.6%
Boeing Co. (The)		7,900	$	519,188
General Dynamics Corp.		115,900		9,758,780
Lockheed Martin Corp.		22,700		2,239,582
Rockwell Collins, Inc.		20,100		963,996
United Technologies Corp.		35,800		2,208,860
				15,690,406
Air Freight & Logistics—0.8%
Expeditors International of Washington, Inc.		24,600		1,057,800
FedEx Corp.		20,000		1,575,800
United Parcel Service, Inc., Class B		92,400		5,679,828
				8,313,428
Airlines—0.2%
Southwest Airlines Co.		133,100		1,735,624
Auto Components—0.2%
Johnson Controls, Inc.		34,700		995,196
WABCO Holdings, Inc.		13,500		627,210
				1,622,406
Automobiles—0.3%
Ford Motor Co.	*†	205,600		988,936
General Motors Corp.	†	37,000		425,500
Honda Motor Co. Ltd. ADR (Japan)		40,000		1,361,200
				2,775,636
Beverages—1.4%
Anheuser-Busch Cos, Inc.		15,300		950,436
Coca-Cola Co. (The)		31,500		1,637,370
PepsiCo, Inc.		182,300		11,592,457
				14,180,263
Biotechnology—2.9%
Celgene Corp.	*†	83,400		5,326,758
Genentech, Inc.	*	179,500		13,624,050
Gilead Sciences, Inc.	*	149,000		7,889,550
ImClone Systems, Inc.	*†	62,200		2,516,612
				29,356,970
Capital Markets—5.2%
Ameriprise Financial, Inc.		37,900		1,541,393
Bank of New York Mellon Corp.		183,543		6,943,432
BlackRock, Inc.	†	4,000		708,000
Charles Schwab Corp. (The)	†	73,800		1,515,852
Franklin Resources, Inc.		48,800		4,472,520
Goldman Sachs Group, Inc. (The)		96,200		16,825,381
Lehman Brothers Holdings, Inc.	†	100,800		1,996,848
Merrill Lynch & Co., Inc.	†	27,300		865,683
Morgan Stanley	†	166,900		6,020,083
Northern Trust Corp.		42,100		2,886,797
State Street Corp.		99,600		6,373,404
UBS AG (Switzerland)	*	73,143		1,511,134
				51,660,527
Chemicals—3.0%
Agrium, Inc. (Canada)		48,400		5,204,936
Celanese Corp., Class A		18,600		849,276
E.I. Du Pont de Nemours & Co.	†	135,700		5,820,173
Monsanto Co.		63,400		8,016,296
Potash Corp of Saskatchewan (Canada)		29,700		6,788,529
Praxair, Inc.		42,100		3,967,504
				30,646,714
Commercial Banks—2.3%
Fifth Third Bancorp		41,000		417,380
Lloyds TSB Group plc ADR (United Kingdom)	†	183,000		4,514,610
PNC Financial Services Group, Inc.		73,900		4,219,690
SunTrust Banks, Inc.		21,300		771,486
US Bancorp	†	202,300		5,642,147
Wachovia Corp.		162,657		2,526,063
Wells Fargo & Co.		205,600		4,883,000
				22,974,376
Commercial Services & Supplies—0.7%
Monster Worldwide, Inc.	*†	84,800		1,747,728
Waste Management, Inc.		131,800		4,970,178
				6,717,906
Communications Equipment—3.1%
Cisco Systems, Inc.	*	572,950		13,326,817
Corning, Inc.		109,900		2,533,195
Juniper Networks, Inc.	*†	184,100		4,083,338
Nokia OYJ ADR (Finland)		86,400		2,116,800
Polycom, Inc.	*†	37,900		923,244
Qualcomm, Inc.		172,400		7,649,388
				30,632,782
Computers & Peripherals—3.6%
Apple, Inc.	*	71,900		12,038,936
Brocade Communications Systems, Inc.	*	260,300		2,144,872
Dell, Inc.	*†	206,900		4,526,972
EMC Corp.	*†	115,000		1,689,350
Hewlett-Packard Co.		130,200		5,756,142
International Business Machines Corp.		43,400		5,144,202
NetApp, Inc.	*	22,000		476,520
SanDisk Corp.	*	148,200		2,771,340
Seagate Technology (Cayman Islands)		42,100		805,373
Sun Microsystems, Inc.	*	31,675		344,624
				35,698,331
Construction & Engineering—0.7%
Fluor Corp.		19,600		3,647,168
Foster Wheeler Ltd.	*	50,600		3,701,390
				7,348,558
Construction Materials—0.1%
Vulcan Materials Co.	†	8,800		526,064
Consumer Finance—0.5%
American Express Co.		11,500		433,205
Discover Financial Services	†	309,602		4,077,458
SLM Corp.	*	48,400		936,540
				5,447,203
Diversified Financial Services—2.4%
Bank of America Corp.		150,700		3,597,209
Citigroup, Inc.		239,200		4,008,992

140 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Growth & Income Fund

		Shares	Value
COMMON STOCKS—(Continued)
CME Group, Inc.		5,100	$	1,954,269
IntercontinentalExchange, Inc.	*	400		45,600
JPMorgan Chase & Co.		434,336		14,902,068
				24,508,138
Diversified Telecommunication Services—2.7%
AT&T, Inc.		449,006		15,127,012
Level 3 Communications, Inc.	*†	508,900		1,501,255
TW Telecom Inc.	*†	132,600		2,125,578
Verizon Communications, Inc.		238,900		8,457,060
				27,210,905
Electric Utilities—2.1%
Allegheny Energy, Inc.		6,800		340,748
Edison International		26,700		1,371,846
Entergy Corp.		49,300		5,939,664
Exelon Corp.		38,800		3,490,448
FPL Group, Inc.		80,700		5,292,306
Pinnacle West Capital Corp.		21,700		667,709
Southern Co.	†	93,000		3,247,560
				20,350,281
Electrical Equipment—0.1%
Emerson Electric Co.		28,000		1,384,600
Electronic Equipment & Instruments—0.9%
Agilent Technologies, Inc.	*	45,372		1,612,521
Flextronics International Ltd. (Singapore)	*	105,600		992,640
Ingram Micro, Inc., Class A	*†	200,700		3,562,425
Jabil Circuit, Inc.		127,200		2,087,352
Tyco Electronics Ltd. (Bermuda)		18,400		659,088
				8,914,026
Energy Equipment & Services—3.6%
Baker Hughes, Inc.		61,500		5,371,410
BJ Services Co.		79,600		2,542,424
Schlumberger Ltd.		148,800		15,985,584
Smith International, Inc.		93,300		7,756,962
Weatherford International Ltd.	*	80,000		3,967,200
				35,623,580
Food & Staples Retailing—3.3%
Costco Wholesale Corp.		36,900		2,588,166
CVS Caremark Corp.		361,786		14,315,872
Kroger Co. (The)		140,700		4,062,009
Safeway, Inc.		104,200		2,974,910
Supervalu, Inc.		127,700		3,944,653
Sysco Corp.		5,700		156,807
Walgreen Co.		18,200		591,682
Wal-Mart Stores, Inc.		71,200		4,001,440
				32,635,539
Food Products—2.1%
Campbell Soup Co.		26,500		886,690
ConAgra Foods, Inc.		136,700		2,635,576
Dean Foods Co.	*†	185,600		3,641,472
General Mills, Inc.		9,900		601,623
Kraft Foods, Inc., Class A		143,582		4,084,907
Nestle SA ADR (Switzerland)		33,700		3,807,258
Sara Lee Corp.		166,900		2,044,525
Tyson Foods, Inc., Class A		181,200		2,707,128
Unilever NV (Netherlands)		32,100		911,640
				21,320,819
Health Care Equipment & Supplies—3.4%
Alcon, Inc. (Switzerland)		16,200		2,637,198
Baxter International, Inc.	†	226,700		14,495,198
Becton Dickinson & Co.		16,500		1,341,450
Covidien Ltd.		13,200		632,148
Intuitive Surgical, Inc.	*	2,900		781,260
Medtronic, Inc.		152,000		7,866,000
St Jude Medical, Inc.	*	82,800		3,384,864
Stryker Corp.		50,500		3,175,440
				34,313,558
Health Care Providers & Services—2.8%
Aetna, Inc.		209,900		8,507,247
Cardinal Health, Inc.		3,100		159,898
DaVita, Inc.	*†	30,800		1,636,404
Express Scripts, Inc.	*	31,500		1,975,680
Health Net, Inc.	*	9,800		235,788
Humana, Inc.	*	36,600		1,455,582
Laboratory Corp of America Holdings	*†	21,500		1,497,045
McKesson Corp.		43,400		2,426,494
Medco Health Solutions, Inc.	*	67,900		3,204,880
UnitedHealth Group, Inc.		247,600		6,499,500
WellPoint, Inc.	*	8,700		414,642
				28,013,160
Health Care Technology—0.2%
Cerner Corp.	*†	33,400		1,509,012
Hotels, Restaurants & Leisure—1.2%
Carnival Corp.		22,700		748,192
International Game Technology		41,900		1,046,662
Las Vegas Sands Corp.	*†	62,800		2,979,232
Marriott International, Inc., Class A		69,200		1,815,808
McDonald’s Corp.		26,200		1,472,964
MGM Mirage	*	22,028		746,529
Wynn Resorts Ltd.	†	5,100		414,885
Yum! Brands, Inc.		71,500		2,508,935
				11,733,207
Household Durables—0.0%
Jarden Corp.	*†	18,100		330,144
Household Products—1.2%
Colgate-Palmolive Co.		51,300		3,544,830
Energizer Holdings, Inc.	*†	16,800		1,227,912
Kimberly-Clark Corp.		79,500		4,752,510
Procter & Gamble Co.		41,675		2,534,257
				12,059,509
Independent Power Producers & Energy Traders—0.5%
AES Corp. (The)	*	33,700		647,377
NRG Energy, Inc.	*	111,000		4,761,900
				5,409,277
Industrial Conglomerates—2.3%
General Electric Co.		670,200		17,887,638
McDermott International, Inc.	*	42,200		2,611,758
Tyco International Ltd. (Bermuda)		50,700		2,030,028
				22,529,424
Insurance—2.7%
ACE Ltd. (Bermuda)		136,000		7,492,240
Aflac, Inc.		21,800		1,369,040
Allstate Corp. (The)		107,700		4,910,043

See accompanying notes to financial statements. 141

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Growth & Income Fund

		Shares	Value
COMMON STOCKS—(Continued)
AMBAC Financial Group, Inc.	†	86,900	$	116,446
American International Group, Inc.		142,000		3,757,320
Berkshire Hathaway, Inc., Class A		11		1,328,250
Chubb Corp.		90,800		4,450,108
Marsh & McLennan Cos, Inc.		29,000		769,950
MBIA, Inc.	†	71,000		311,690
Progressive Corp. (The)		57,200		1,070,784
Prudential Financial, Inc.	†	4,600		274,804
XL Capital Ltd., Class A (Bermuda)		58,900		1,210,984
				27,061,659
Internet & Catalog Retail—0.8%
Amazon.com, Inc.	*†	94,500		6,929,685
Expedia, Inc.	*	37,400		687,412
				7,617,097
Internet Software & Services—2.9%
eBay, Inc.	*	163,000		4,454,790
Google, Inc., Class A	*	39,800		20,951,516
Tencent Holdings Ltd. (China)	†	45,800		355,216
VeriSign, Inc.	*†	47,800		1,806,840
Yahoo! Inc.	*	90,700		1,873,862
				29,442,224
IT Services—1.9%
Accenture Ltd., Class A (Bermuda)		73,800		3,005,136
Affiliated Computer Services, Inc., Class A	*	22,200		1,187,478
Automatic Data Processing, Inc.		90,100		3,775,190
Cognizant Technology Solutions Corp., Class A	*	16,400		533,164
Fiserv, Inc.	*	34,100		1,547,117
Mastercard, Inc., Class A		8,200		2,177,264
Paychex, Inc.		57,100		1,786,088
VeriFone Holdings, Inc.	*	62,500		746,875
Visa, Inc., Class A	*	36,900		3,000,339
Western Union Co. (The)		54,600		1,349,712
				19,108,363
Life Sciences Tools & Services—0.1%
Thermo Fisher Scientific, Inc.	*	9,800		546,154
Machinery—2.3%
Caterpillar, Inc.		11,500		848,930
Cummins, Inc.		82,300		5,392,296
Danaher Corp.	†	127,500		9,855,750
Illinois Tool Works, Inc.		75,200		3,572,752
Joy Global, Inc.		18,600		1,410,438
Rogers Communications, Inc., Class B (Canada)		38,900		1,503,874
				22,584,040
Media—2.3%
CBS Corp., Class B		74,000		1,442,260
Comcast Corp., Class A		269,750		5,117,158
Discovery Holding Co., Class A	*	52,100		1,144,116
Gannett Co., Inc.	†	72,100		1,562,407
McGraw-Hill Cos, Inc. (The)		64,900		2,603,788
Omnicom Group, Inc.	†	70,900		3,181,992
Shaw Communications, Inc., Class B (Canada)		32,700		665,772
Time Warner Cable, Inc., Class A	*†	46,000		1,218,080
Time Warner, Inc.		268,100		3,967,880
Viacom, Inc., Class B	*	16,800		513,072
Walt Disney Co. (The)		77,500		2,418,000
				23,834,525
Metals & Mining—2.2%
Allegheny Technologies, Inc.		54,466		3,228,744
Barrick Gold Corp. (Canada)		98,800		4,495,400
Cleveland-Cliffs, Inc.		58,400		6,960,696
Freeport-McMoRan Copper & Gold, Inc.		60,600		7,101,714
Nucor Corp.		2,900		216,543
				22,003,097
Multiline Retail—1.4%
Kohl’s Corp.	*	135,000		5,405,400
Nordstrom, Inc.	†	81,900		2,481,570
Target Corp.		130,500		6,066,945
				13,953,915
Multi-Utilities—0.6%
PG&E Corp.	†	41,900		1,663,011
SCANA Corp.	†	67,800		2,508,600
TECO Energy, Inc.	†	83,600		1,796,564
				5,968,175
Oil, Gas & Consumable Fuels—6.5%
Anadarko Petroleum Corp.		22,200		1,661,448
Chevron Corp.		109,472		10,851,959
ConocoPhillips		36,300		3,426,357
EOG Resources, Inc.		26,800		3,516,160
Exxon Mobil Corp.		190,100		16,753,514
Marathon Oil Corp.		141,100		7,318,857
Murphy Oil Corp.		34,500		3,382,725
Newfield Exploration Co.	*	2,900		189,225
Occidental Petroleum Corp.		46,100		4,142,546
Petroleo Brasileiro SA, Class A ADR (Brazil)		37,300		2,161,535
Royal Dutch Shell plc, Class A ADR (Netherlands)		8,300		678,193
Royal Dutch Shell plc, Class B ADR (Netherlands)	†	21,356		1,710,829
Suncor Energy, Inc. (Canada)		7,600		441,712
Total SA ADR (France)		83,600		7,128,572
XTO Energy, Inc.		37,700		2,582,827
				65,946,459
Paper & Forest Products—0.3%
International Paper Co.		129,700		3,022,010
Personal Products—0.1%
Bare Escentuals, Inc.	*†	32,800		614,344
Pharmaceuticals—4.3%
Abbott Laboratories		115,900		6,139,223
Allergan, Inc.	†	95,800		4,986,390
AstraZeneca plc ADR (United Kingdom)	†	95,700		4,070,121
Bristol-Myers Squibb Co.		206,100		4,231,233
Forest Laboratories, Inc.	*	90,900		3,157,866
Merck & Co., Inc.		23,500		885,715
Novartis AG (Registered) (Switzerland)		1,400		77,045
Pfizer, Inc.		110,600		1,932,182
Roche Holding AG (Genusschein) (Switzerland)		12,424		2,233,491

142 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Growth & Income Fund

			Shares		Value
COMMON STOCKS—(Continued)
Sanofi-Aventis SA ADR (France)				46,100	$	1,531,903
Schering-Plough Corp.				206,500		4,065,985
Sepracor, Inc.		*†		57,500		1,145,400
Teva Pharmaceutical Industries Ltd. ADR (Israel)				18,600		851,880
Wyeth				161,100		7,726,356
						43,034,790
Real Estate Investment Trusts (REIT)—0.4%
Host Hotels & Resorts, Inc. REIT				265,945		3,630,149
Semiconductors & Semiconductor Equipment—3.2%
Altera Corp.				41,300		854,910
Analog Devices, Inc.				43,700		1,388,349
Applied Materials, Inc.				270,100		5,156,209
Broadcom Corp., Class A		*		36,000		982,440
Intel Corp.				518,900		11,145,972
KLA-Tencor Corp.				79,100		3,220,161
Lam Research Corp.		*†		19,000		686,850
Marvell Technology Group Ltd. (Bermuda)		*		225,500		3,982,330
Microchip Technology, Inc.		†		28,000		855,120
Micron Technology, Inc.		*		195,600		1,173,600
Xilinx, Inc.		†		112,000		2,828,000
						32,273,941
Software—3.3%
Adobe Systems, Inc.		*		79,700		3,139,383
Autodesk, Inc.		*		60,500		2,045,505
Electronic Arts, Inc.		*		64,200		2,852,406
Intuit, Inc.		*		30,400		838,128
McAfee, Inc.		*†		42,900		1,459,887
Microsoft Corp.				596,200		16,401,462
Nintendo Co. Ltd. ADR (Japan)				48,400		3,390,420
Oracle Corp.		*		156,000		3,276,000
						33,403,191
Specialty Retail—1.2%
Bed Bath & Beyond, Inc.		*		42,700		1,199,870
Best Buy Co., Inc.				108,200		4,284,720
Gap, Inc. (The)				89,500		1,491,965
Home Depot, Inc.		†		113,000		2,646,460
Lowe’s Cos, Inc.				57,400		1,191,050
Urban Outfitters, Inc.		*†		44,000		1,372,360
						12,186,425
Textiles, Apparel & Luxury Goods—0.4%
Coach, Inc.		*		58,700		1,695,256
Hanesbrands, Inc.		*†		54,437		1,477,420
Phillips-Van Heusen Corp.				17,400		637,188
						3,809,864
Thrifts & Mortgage Finance—1.2%
Astoria Financial Corp.				25,800		518,064
Federal National Mortgage Association		†		256,500		5,004,315
Freddie Mac				140,500		2,304,200
Hudson City Bancorp, Inc.				160,160		2,671,469
Washington Mutual, Inc.		†		215,700		1,063,401
						11,561,449
Tobacco—1.2%
Altria Group, Inc.				266,903		5,487,526
Philip Morris International, Inc.		†		135,303		6,682,615
						12,170,141
Trading Companies & Distributors—0.1%
Fastenal Co.				22,100		953,836
Water Utilities—0.1%
American Water Works Co., Inc.		*†		44,800		993,664
Wireless Telecommunication Services—1.2%
America Movil SAB de CV, Series L ADR (Mexico)				94,500		4,984,875
American Tower Corp., Class A		*		156,200		6,599,450
MetroPCS Communications, Inc.		*†		30,800		545,468
						12,129,793
TOTAL COMMON STOCKS (Cost $947,224,406)						961,021,678
CONVERTIBLE PREFERRED STOCKS—0.1%
Capital Markets—0.0%
Washington Mutual, Inc., Perpetual Bond, Series R				450		264,150
Consumer Finance—0.1%
SLM Corp., Series C				300		294,413
Pharmaceuticals—0.0%
Schering-Plough Corp.		†		3,700		707,393
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,668,911)						1,265,956
Coupon Rate	Maturity Date		Face		Value
CONVERTIBLE DEBT OBLIGATIONS—0.1%
Auto Manufacturers—0.1%
Ford Motor Co.
4.250%	12/15/2036
(Cost $923,674)			$	918,000		672,435
			Shares		Value
CASH EQUIVALENTS—10.0%
Institutional Money Market Funds—10.0%
AIM Short-Term Investments Trust Liquid Assets Portfolio		††		19,329,747		19,329,747
AIM Short-Term Investments Trust Prime Assets Portfolio		††		53,094,366		53,094,366
JPMorgan Prime Money Market Fund, Capital Shares				12,371,191		12,371,191
JPMorgan U.S. Government Money Market Fund, Capital Shares				15,727,751		15,727,751
TOTAL CASH EQUIVALENTS (Cost $100,523,055)						100,523,055

See accompanying notes to financial statements. 143

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Growth & Income Fund

	Value
TOTAL INVESTMENTS—106.3% (Cost $1,050,340,046)	$	1,063,483,124
Other assets less liabilities—(6.3%)		(62,660,236	)
NET ASSETS—100.0%	$	1,000,822,888

Notes to the Schedule of Investments:

ADR     American Depositary Receipt

REIT     Real Estate Investment Trust

†     Denotes all or a portion of security on loan.

*     Non-income producing.

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

144 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Growth Fund

		Shares	Value
COMMON STOCKS—97.4%
Aerospace & Defense—0.8%
Boeing Co. (The)		28,669	$	1,884,127
General Dynamics Corp.		6,948		585,022
Honeywell International, Inc.		43,149		2,169,532
Lockheed Martin Corp.		22,980		2,267,207
Northrop Grumman Corp.		43,673		2,921,724
Raytheon Co.		6,222		350,174
United Technologies Corp.		121,900		7,521,229
				17,699,015
Air Freight & Logistics—1.4%
CH Robinson Worldwide, Inc.		187,800		10,298,952
Expeditors International of Washington, Inc.		237,900		10,229,700
FedEx Corp.		124,900		9,840,871
United Parcel Service, Inc., Class B		13,430		825,542
				31,195,065
Airlines—0.0%
Southwest Airlines Co.		4,772		62,227
Beverages—3.9%
Anheuser-Busch Cos, Inc.		419,900		26,084,188
Coca-Cola Co. (The)		567,763		29,512,321
PepsiCo, Inc.		467,304		29,715,861
				85,312,370
Biotechnology—3.9%
Amgen, Inc.	*	310,726		14,653,838
Biogen Idec, Inc.	*	321,076		17,944,938
Celgene Corp.	*	320,400		20,463,948
Genentech, Inc.	*	252,557		19,169,076
Genzyme Corp.	*	164,300		11,832,886
Gilead Sciences, Inc.	*	57,200		3,028,740
				87,093,426
Building Products—0.0%
Lennox International, Inc.	†	5,622		162,813
Capital Markets—6.6%
Bank of New York Mellon Corp.		6,847		259,022
BlackRock, Inc.	†	6,224		1,101,648
Charles Schwab Corp. (The)		1,618,250		33,238,855
Eaton Vance Corp.	†	29,567		1,175,584
Federated Investors, Inc., Class B		18,668		642,553
Franklin Resources, Inc.		176,400		16,167,060
Goldman Sachs Group, Inc. (The)	†	397,800		69,575,220
Invesco Ltd.		18,773		450,177
Janus Capital Group, Inc.		17,994		476,301
Legg Mason, Inc.		109,700		4,779,629
Merrill Lynch & Co., Inc.		226,300		7,175,973
SEI Investments Co.		9,321		219,230
T Rowe Price Group, Inc.	†	210,200		11,869,994
				147,131,246
Chemicals—1.0%
Celanese Corp., Class A		12,000		547,920
CF Industries Holdings, Inc.		25,567		3,906,638
Lubrizol Corp.		1,300		60,229
Minerals Technologies, Inc.	†	333		21,175
Monsanto Co.		16,169		2,044,408
Mosaic Co. (The)	*	10,991		1,590,398
Praxair, Inc.		119,300		11,242,832
Scotts Miracle-Gro Co. (The), Class A		500		8,785
Terra Industries, Inc.	†	34,800		1,717,380
				21,139,765
Commercial Banks—1.3%
Banco Bradesco SA ADR (Brazil)	†	395,900		8,100,114
Wells Fargo & Co.		855,300		20,313,375
				28,413,489
Commercial Services & Supplies—0.3%
Cintas Corp.		178,300		4,726,733
Copart, Inc.	*	1,188		50,870
Herman Miller, Inc.	†	1,000		24,890
HNI Corp.	†	10,400		183,664
Manpower, Inc.		15,874		924,502
				5,910,659
Communications Equipment—7.2%
Adtran, Inc.	†	12,446		296,713
Cisco Systems, Inc.	*	2,354,485		54,765,320
EchoStar Corp., Class A	*†	4,213		131,530
Juniper Networks, Inc.	*	158,134		3,507,412
Nokia OYJ ADR (Finland)		2,812,500		68,906,249
Nortel Networks Corp.	*†	11,657		95,821
Qualcomm, Inc.		650,894		28,880,167
				156,583,212
Computers & Peripherals—5.2%
Apple, Inc.	*	93,578		15,668,700
Dell, Inc.	*	312,100		6,828,748
EMC Corp.	*	1,638,869		24,074,986
Hewlett-Packard Co.		343,641		15,192,369
International Business Machines Corp.		349,117		41,380,838
NetApp, Inc.	*†	382,301		8,280,640
QLogic Corp.	*	7,682		112,080
Seagate Technology (Cayman Islands)		74,556		1,426,256
Sun Microsystems, Inc.	*	8,300		90,304
Teradata Corp.	*	6,800		157,352
Western Digital Corp.	*	29,570		1,021,052
				114,233,325
Construction & Engineering—3.9%
Fluor Corp.		5,610		1,043,909
Foster Wheeler Ltd.	*	319,900		23,400,685
KBR, Inc.		26,134		912,338
Quanta Services, Inc.	*†	873,866		29,073,522
Shaw Group, Inc. (The)	*	469,200		28,991,868
				83,422,322
Consumer Finance—0.0%
Capital One Financial Corp.		362		13,760
Containers & Packaging—0.0%
Owens-Illinois, Inc.	*	9,000		375,210
Diversified Consumer Services—0.1%
Apollo Group, Inc., Class A	*	47,830		2,116,956
DeVry, Inc.	†	5,294		283,864
				2,400,820

See accompanying notes to financial statements. 145

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Growth Fund

		Shares	Value
COMMON STOCKS—(Continued)
Diversified Financial Services—1.0%
Bank of America Corp.		68,481	$	1,634,641
Citigroup, Inc.		855,600		14,339,856
CME Group, Inc.		13,000		4,981,470
				20,955,967
Diversified Telecommunication Services—0.1%
AT&T, Inc.		39,370		1,326,375
CenturyTel, Inc.		300		10,677
Verizon Communications, Inc.		40,913		1,448,321
				2,785,373
Electric Utilities—0.1%
Duke Energy Corp.		8,900		154,682
Exelon Corp.		1,962		176,502
Pinnacle West Capital Corp.		49		1,508
PPL Corp.		15,500		810,184
				1,142,876
Electrical Equipment—2.0%
Emerson Electric Co.		42,930		2,122,889
General Cable Corp.	*†	315,000		19,167,750
Rockwell Automation, Inc.		135,595		5,929,569
Thomas & Betts Corp.	*†	414,900		15,703,965
				42,924,173
Electronic Equipment & Instruments—0.0%
Avnet, Inc.	*	5,923		161,579
Ingram Micro, Inc., Class A	*	11,814		209,699
Molex, Inc.		2		49
National Instruments Corp.		2,648		75,124
Tech Data Corp.	*	14,940		506,316
				952,767
Energy Equipment & Services—4.0%
Baker Hughes, Inc.		15,512		1,354,818
Cameron International Corp.	*	15,176		839,992
Diamond Offshore Drilling, Inc.	†	5,744		799,220
Dresser-Rand Group, Inc.	*	30,107		1,177,184
Exterran Holdings, Inc.	*†	7,207		515,228
FMC Technologies, Inc.	*	30,850		2,373,291
Global Industries Ltd.	*†	92,995		1,667,400
Halliburton Co.		640,543		33,993,618
Nabors Industries Ltd. (Bermuda)	*†	256,400		12,622,572
National Oilwell Varco, Inc.	*	193,668		17,182,225
Oceaneering International, Inc.	*†	9,369		721,881
Patterson-UTI Energy, Inc.		6,834		246,297
SEACOR Holdings, Inc.	*†	6,170		552,277
Smith International, Inc.		3,439		285,918
Superior Energy Services, Inc.	*	8,128		448,178
Unit Corp.	*	4,290		355,941
Weatherford International Ltd.	*	272,400		13,508,316
				88,644,356
Food & Staples Retailing—3.9%
BJ’s Wholesale Club, Inc.	*†	51,728		2,001,874
Costco Wholesale Corp.		48,575		3,407,051
CVS Caremark Corp.		302,089		11,953,662
Kroger Co. (The)		101,131		2,919,652
Ruddick Corp.		5,887		201,983
Safeway, Inc.		17,900		511,045
Wal-Mart Stores, Inc.		1,171,938		65,862,915
				86,858,182
Food Products—2.0%
Archer-Daniels-Midland Co.		15,787		532,811
Bunge Ltd.	†	123,644		13,315,222
Hormel Foods Corp.		600		20,766
Kraft Foods, Inc., Class A		704,800		20,051,561
Nestle SA ADR (Switzerland)		74,400		8,405,340
Tyson Foods, Inc., Class A		146,478		2,188,381
				44,514,081
Health Care Equipment & Supplies—2.3%
Alcon, Inc. (Switzerland)		29,000		4,720,910
Beckman Coulter, Inc.		3,137		211,842
Becton Dickinson & Co.		6,228		506,336
Boston Scientific Corp.	*	15,856		194,870
Covidien Ltd.		197,372		9,452,145
CR Bard, Inc.		1,798		158,134
Dentsply International, Inc.		6,393		235,262
Edwards Lifesciences Corp.	*†	1,225		75,999
Gen-Probe, Inc.	*	4,796		227,714
Hill-Rom Holdings, Inc.	†	2,261		61,002
Idexx Laboratories, Inc.	*	4,961		241,799
Kinetic Concepts, Inc.	*†	49,948		1,993,425
Medtronic, Inc.		609,048		31,518,235
St Jude Medical, Inc.	*	689		28,166
Varian Medical Systems, Inc.	*	4,548		235,814
				49,861,653
Health Care Providers & Services—0.4%
AmerisourceBergen Corp.		69,486		2,778,745
Express Scripts, Inc.	*	29,229		1,833,243
Kindred Healthcare, Inc.	*†	4,800		138,048
McKesson Corp.		5,971		333,839
Medco Health Solutions, Inc.	*	89,814		4,239,220
				9,323,095
Hotels, Restaurants & Leisure—0.4%
Chipotle Mexican Grill, Inc., Class A	*†	435		35,940
Marriott International, Inc., Class A		173,900		4,563,135
McDonald’s Corp.		72,025		4,049,246
MGM Mirage	*	1		34
Yum! Brands, Inc.		3,736		131,096
				8,779,451
Household Products—1.5%
Church & Dwight Co., Inc.	†	2,900		163,415
Procter & Gamble Co.		529,094		32,174,206
				32,337,621
Independent Power Producers & Energy Traders—0.8%
Reliant Energy, Inc.	*	840,071		17,868,310
Industrial Conglomerates—1.4%
3M Co.		18,091		1,258,953
General Electric Co.		1,027,100		27,413,298
McDermott International, Inc.	*	33,445		2,069,911
Tyco International Ltd. (Bermuda)		6,042		241,922
				30,984,084

146 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Growth Fund

		Shares	Value
COMMON STOCKS—(Continued)
Insurance—2.3%
American International Group, Inc.	†	1,223,950	$	32,385,717
Arch Capital Group Ltd. (Bermuda)	*	1,393		92,384
Axis Capital Holdings Ltd. (Bermuda)	†	4,300		128,183
Berkshire Hathaway, Inc., Class B	*	4,365		17,512,380
MetLife, Inc.		1,573		83,007
Travelers Cos, Inc. (The)		717		31,118
				50,232,789
Internet & Catalog Retail—1.6%
Amazon.com, Inc.	*	483,952		35,488,200
Internet Software & Services—6.1%
eBay, Inc.	*	1,856,509		50,738,391
Google, Inc., Class A	*	97,128		51,130,121
Sohu.com, Inc. (China)	*	6,507		458,353
VeriSign, Inc.	*†	19,806		748,667
Yahoo! Inc.	*	1,524,304		31,492,121
				134,567,653
IT Services—3.7%
Accenture Ltd., Class A (Bermuda)		95,283		3,879,924
Automatic Data Processing, Inc.		952,100		39,892,989
Broadridge Financial Solutions, Inc.		19,990		420,790
Cognizant Technology Solutions Corp., Class A	*	255,600		8,309,556
DST Systems, Inc.	*	200		11,010
Gartner, Inc., Class A	*†	1,765		36,571
Hewitt Associates, Inc., Class A	*	6,961		266,815
Mastercard, Inc., Class A		1,300		345,176
Paychex, Inc.		591,950		18,516,196
Western Union Co. (The)		350,424		8,662,481
				80,341,508
Life Sciences Tools & Services—0.6%
Applera Corp.—Applied Biosystems Group		1,706		57,117
Invitrogen Corp.	*	22,000		863,720
Thermo Fisher Scientific, Inc.	*	228,900		12,756,597
Varian, Inc.	*†	3,144		160,533
				13,837,967
Machinery—2.1%
AGCO Corp.	*	32,344		1,695,149
Bucyrus International, Inc., Class A		4,509		329,247
Caterpillar, Inc.		226,242		16,701,185
Danaher Corp.		102,800		7,946,440
Deere & Co.		110,000		7,934,300
Flowserve Corp.		5,695		778,507
Graco, Inc.	†	4,488		170,858
Ingersoll-Rand Co. Ltd., Class A (Bermuda)		48,771		1,825,499
ITT Corp.		122,600		7,764,258
Joy Global, Inc.		15,120		1,146,550
Kennametal, Inc.		1,939		63,114
Lincoln Electric Holdings, Inc.		573		45,095
SPX Corp.		5,739		755,998
Wabtec Corp.	†	2,194		106,672
				47,262,872
Marine—0.0%
Alexander & Baldwin, Inc.	†	586		26,692
Kirby Corp.	*	6,154		295,392
				322,084
Media—1.9%
CBS Corp., Class B		146,836		2,861,834
DIRECTV Group, Inc. (The)	*	62,706		1,624,712
DISH Network Corp., Class A	*	2,242		65,646
DreamWorks Animation SKG, Inc., Class A	*†	6,573		195,941
E.W. Scripps Co., Class A	†	1,353		56,204
Time Warner Cable, Inc., Class A	*†	7,683		203,446
Time Warner, Inc.		233,966		3,462,697
Walt Disney Co. (The)		771,424		24,068,428
XM Satellite Radio Holdings, Inc., Class A	*	1,249,500		9,796,080
				42,334,988
Metals & Mining—1.0%
Carpenter Technology Corp.		13,286		579,934
Commercial Metals Co.		7,425		279,923
Freeport-McMoRan Copper & Gold, Inc.		87,500		10,254,124
Goldcorp, Inc. (Canada)		194,800		8,993,916
Reliance Steel & Aluminum Co.		10,313		795,029
Schnitzer Steel Industries, Inc., Class A		4,683		536,672
Southern Copper Corp.	†	13,914		1,483,650
Worthington Industries, Inc.	†	16,125		330,563
				23,253,811
Multiline Retail—1.5%
Big Lots, Inc.	*†	9,084		283,784
Dollar Tree, Inc.	*	7,282		238,049
Kohl’s Corp.	*	287,200		11,499,488
Target Corp.		446,500		20,757,785
				32,779,106
Multi-Utilities—0.0%
Dominion Resources, Inc.		1,000		47,490
Oil, Gas & Consumable Fuels—3.1%
Alpha Natural Resources, Inc.	*†	5,711		595,600
Anadarko Petroleum Corp.		32,424		2,426,612
Apache Corp.		8,826		1,226,814
Bill Barrett Corp.	*	7,502		445,694
Cabot Oil & Gas Corp.		10,384		703,308
Chesapeake Energy Corp.		216,600		14,286,936
Cimarex Energy Co.		2,377		165,606
Continental Resources, Inc.	*†	19,312		1,338,708
Denbury Resources, Inc.	*	5,851		213,562
Devon Energy Corp.		13,875		1,667,220
Encore Acquisition Co.	*	879		66,092
EOG Resources, Inc.		3,302		433,222
Exxon Mobil Corp.		49,377		4,351,595
Mariner Energy, Inc.	*	3,329		123,073
Massey Energy Co.		1,300		121,875
Noble Energy, Inc.		10,366		1,042,405
Occidental Petroleum Corp.		164,223		14,757,079
Pioneer Natural Resources Co.		13,200		1,033,296
Range Resources Corp.		1,098		71,963

See accompanying notes to financial statements. 147

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Growth Fund

		Shares	Value
COMMON STOCKS—(Continued)
Suncor Energy, Inc. (Canada)		156,100	$	9,072,532
Sunoco, Inc.		814		33,122
Ultra Petroleum Corp.	*	4,810		472,342
Valero Energy Corp.		40,797		1,680,020
W&T Offshore, Inc.	†	15,640		915,096
Whiting Petroleum Corp.	*	538		57,071
XTO Energy, Inc.		151,000		10,345,010
				67,645,853
Personal Products—0.1%
Avon Products, Inc.		10,322		371,798
Herbalife Ltd. (Cayman Islands)	†	27,050		1,048,188
				1,419,986
Pharmaceuticals—3.5%
Abbott Laboratories		20,025		1,060,724
Elan Corp. plc ADR (Ireland)	*†	611,000		21,721,050
Eli Lilly & Co.		46,699		2,155,626
Johnson & Johnson		499,828		32,158,933
Merck & Co., Inc.		109,740		4,136,101
Pfizer, Inc.		183,810		3,211,161
Watson Pharmaceuticals, Inc.	*	36,844		1,001,051
Wyeth		226,000		10,838,960
				76,283,606
Real Estate Investment Trusts (REIT)—0.3%
AMB Property Corp. REIT	†	1,907		96,075
AvalonBay Communities, Inc. REIT	†	8,200		731,112
Federal Realty Investment Trust REIT	†	3,500		241,500
Macerich Co. (The) REIT	†	20,853		1,295,597
Nationwide Health Properties, Inc. REIT	†	3,002		94,533
Prologis REIT		53,718		2,919,573
Rayonier, Inc. REIT	†	111		4,713
Taubman Centers, Inc. REIT	†	436		21,211
Ventas, Inc. REIT		15,600		664,092
				6,068,406
Real Estate Management & Development—0.0%
Jones Lang LaSalle, Inc.		5,765		346,995
Road & Rail—0.2%
Burlington Northern Santa Fe Corp.		4,637		463,190
J.B. Hunt Transport Services, Inc.	†	79,288		2,638,704
Landstar System, Inc.	†	12,608		696,214
Ryder System, Inc.	†	11,737		808,445
Union Pacific Corp.		2,770		209,135
Werner Enterprises, Inc.	†	34,507		641,140
				5,456,828
Semiconductors & Semiconductor Equipment—4.0%
Analog Devices, Inc.		3,477		110,464
Applied Materials, Inc.		236,802		4,520,550
Integrated Device Technology, Inc.	*	3,288		32,683
Intel Corp.		1,537,052		33,015,876
KLA-Tencor Corp.		1,796		73,115
Linear Technology Corp.	†	306,600		9,985,962
LSI Corp.	*	9,804		60,197
Marvell Technology Group Ltd. (Bermuda)	*	349,400		6,170,404
MEMC Electronic Materials, Inc.	*	17,276		1,063,165
Microchip Technology, Inc.	†	4,720		144,149
National Semiconductor Corp.		24,079		494,583
Nvidia Corp.	*	212		3,969
Texas Instruments, Inc.		1,123,210		31,629,594
				87,304,711
Software—6.3%
Activision, Inc.	*	46,363		1,579,587
Adobe Systems, Inc.	*	19,783		779,252
Advent Software, Inc.	*†	11,594		418,312
Amdocs Ltd.	*	1,854		54,545
Autodesk, Inc.	*	249,800		8,445,738
CA, Inc.		7,783		179,709
Electronic Arts, Inc.	*	378,300		16,807,869
Microsoft Corp.		2,947,297		81,080,141
Oracle Corp.	*	467,122		9,809,562
Red Hat, Inc.	*†	752,900		15,577,501
Salesforce.com, Inc.	*	13,488		920,286
Sybase, Inc.	*†	6,691		196,849
Symantec Corp.	*	121,736		2,355,592
Synopsys, Inc.	*	59,938		1,433,118
				139,638,061
Specialty Retail—2.1%
Aeropostale, Inc.	*†	38,888		1,218,361
AutoNation, Inc.	*†	60,202		603,224
Bed Bath & Beyond, Inc.	*	199,000		5,591,900
Best Buy Co., Inc.		17,488		692,525
GameStop Corp., Class A	*	74,261		3,000,144
Lowe’s Cos, Inc.		1,572,700		32,633,525
Ross Stores, Inc.		7,644		271,515
TJX Cos, Inc.		56,378		1,774,216
Urban Outfitters, Inc.	*	9,428		294,059
				46,079,469
Textiles, Apparel & Luxury Goods—0.1%
Nike, Inc., Class B		21,442		1,278,158
Thrifts & Mortgage Finance—0.5%
Freddie Mac		603,900		9,903,960
Tobacco—0.4%
Altria Group, Inc.		111,913		2,300,931
Philip Morris International, Inc.		68,945		3,405,194
Universal Corp.	†	9,651		436,418
UST, Inc.		49,104		2,681,569
				8,824,112
Trading Companies & Distributors—0.5%
Fastenal Co.	†	279,100		12,045,956
TOTAL COMMON STOCKS (Cost $2,029,252,275)				2,141,845,282
CASH EQUIVALENTS—9.1%
Institutional Money Market Funds—9.1%
AIM Short-Term Investments Trust Liquid Assets Portfolio	††	34,524,089		34,524,089
AIM Short-Term Investments Trust Prime Assets Portfolio	††	97,005,248		97,005,248
JPMorgan Prime Money Market Fund, Capital Shares		29,943,717		29,943,717

148 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Growth Fund

	Shares	Value
CASH EQUIVALENTS—(Continued)
JPMorgan U.S. Government Money Market Fund, Capital Shares	38,537,938	$	38,537,938
TOTAL CASH EQUIVALENTS (Cost $200,010,992)			200,010,992
TOTAL INVESTMENTS—106.5% (Cost $2,229,263,267)			2,341,856,274
Other assets less liabilities—(6.5%)			(141,954,318	)
NET ASSETS—100.0%		$	2,199,901,956

Notes to the Schedule of Investments:

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

See accompanying notes to financial statements. 149

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Select Value Fund

		Shares	Value
COMMON STOCKS—97.7%
Aerospace & Defense—0.1%
L-3 Communications Holdings, Inc.		3,737	$	339,581
Northrop Grumman Corp.		215		14,384
				353,965
Agriculture—0.0%
Lorillard, Inc.	*	378		26,142
Airlines—0.2%
Southwest Airlines Co.		39,253		511,859
Auto Components—0.8%
Autoliv, Inc. (Sweden)		7,200		335,664
BorgWarner, Inc.		19,800		878,724
Exide Technologies	*†	50,700		849,732
TRW Automotive Holdings Corp.	*	5,200		96,044
				2,160,164
Automobiles—0.2%
Ford Motor Co.	*†	95,602		459,846
Beverages—0.8%
Coca-Cola Enterprises, Inc.		24,700		427,310
Dr. Pepper Snapple Group, Inc.	*	9,292		194,946
Molson Coors Brewing Co., Class B		17,600		956,208
Pepsi Bottling Group, Inc.		8,033		224,281
PepsiAmericas, Inc.		18,115		358,315
				2,161,060
Biotechnology—0.2%
Amgen, Inc.	*	1,737		81,917
Biogen Idec, Inc.	*	6,060		338,693
BioMarin Pharmaceutical, Inc.	*	3,342		96,851
				517,461
Building Products—0.2%
Armstrong World Industries, Inc.	†	6,838		199,806
Lennox International, Inc.	†	8,796		254,733
				454,539
Capital Markets—2.5%
Ameriprise Financial, Inc.		2,500		101,675
Bank of New York Mellon Corp.		923		34,917
BlackRock, Inc.	†	2,400		424,800
Eaton Vance Corp.	†	9,063		360,345
Federated Investors, Inc., Class B		4,825		166,077
Invesco Ltd.		86,616		2,077,052
Janus Capital Group, Inc.		8,580		227,113
Legg Mason, Inc.		5,633		245,430
Northern Trust Corp.		42,140		2,889,539
Raymond James Financial, Inc.	†	8,000		211,120
SEI Investments Co.		5,299		124,632
				6,862,700
Chemicals—3.5%
Ashland, Inc.		14,300		689,260
Cabot Corp.	†	2,098		51,002
Celanese Corp., Class A		57,892		2,643,349
CF Industries Holdings, Inc.		3,853		588,738
Chemtura Corp.		26,500		154,760
Cytec Industries, Inc.		2,078		113,376
FMC Corp.	†	7,853		608,136
Huntsman Corp.		3,173		36,172
International Flavors & Fragrances, Inc.		74,721		2,918,603
Lubrizol Corp.		4,700		217,751
Minerals Technologies, Inc.	†	2,436		154,905
Mosaic Co. (The)	*	1,063		153,816
Rohm & Haas Co.		17,300		803,412
Terra Industries, Inc.		18,500		912,975
Westlake Chemical Corp.	†	2,927		43,495
				10,089,750
Commercial Banks—4.1%
Bank of Hawaii Corp.	†	44,300		2,117,541
BB&T Corp.	†	49,800		1,133,946
BOK Financial Corp.	†	7,000		374,150
City National Corp.	†	12,521		526,758
Comerica, Inc.	†	149,019		3,819,358
Cullen/Frost Bankers, Inc.		2,454		122,332
East West Bancorp, Inc.	†	557		3,932
Fifth Third Bancorp		15,208		154,817
Fulton Financial Corp.	†	55,700		559,785
Keycorp		1,846		20,269
Marshall & Ilsley Corp.	†	46,651		715,160
PacWest Bancorp	†	375		5,580
Regions Financial Corp.	†	27,075		295,388
Susquehanna Bancshares, Inc.	†	57,500		787,175
Synovus Financial Corp.	†	24,558		214,391
TCF Financial Corp.	†	6,300		75,789
UnionBanCal Corp.		1,400		56,588
Zions Bancorporation	†	13,700		431,413
				11,414,372
Commercial Services & Supplies—1.9%
Herman Miller, Inc.	†	3,196		79,548
HNI Corp.	†	3,116		55,029
Kelly Services, Inc., Class A	†	2,560		49,485
Manpower, Inc.		1,321		76,935
MPS Group, Inc.	*†	22,638		240,642
Navigant Consulting, Inc.	*†	3,000		58,680
Republic Services, Inc.		700		20,790
RR Donnelley & Sons Co.		119,600		3,550,924
Steelcase, Inc., Class A		103,900		1,042,117
				5,174,150
Communications Equipment—0.9%
Ciena Corp.	*	47,700		1,105,209
Comtech Telecommunications Corp.	*†	18,900		926,100
Juniper Networks, Inc.	*	22,800		505,704
Tellabs, Inc.	*	15,205		70,703
				2,607,716
Computers & Peripherals—0.5%
NCR Corp.	*	9,050		228,060
QLogic Corp.	*	4,528		66,064
SanDisk Corp.	*	4,232		79,138
Seagate Technology (Cayman Islands)		24,026		459,617
Sun Microsystems, Inc.	*	8,219		89,423
Teradata Corp.	*	9,212		213,166
Western Digital Corp.	*	9,551		329,796
				1,465,264
Construction & Engineering—0.2%
KBR, Inc.		13,767		480,606

150 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Select Value Fund

		Shares	Value
COMMON STOCKS—(Continued)
Consumer Finance—0.2%
Capital One Financial Corp.	†	11,029	$	419,212
Containers & Packaging—3.1%
Aptargroup, Inc.	†	101,820		4,271,348
Ball Corp.		2,762		131,858
Greif, Inc., Class A		519		33,232
Owens-Illinois, Inc.	*	10,701		446,125
Sonoco Products Co.		122,600		3,794,470
				8,677,033
Distributors—0.1%
Genuine Parts Co.		6,968		276,490
Diversified Consumer Services—0.8%
Apollo Group, Inc., Class A	*	8,600		380,636
DeVry, Inc.		35,373		1,896,700
Service Corp. International		7,800		76,908
				2,354,244
Diversified Financial Services—0.4%
Bank of America Corp.		24,841		592,955
JPMorgan Chase & Co.		100		3,431
Moody’s Corp.		11,700		402,948
				999,334
Diversified Telecommunication Services—1.6%
AT&T, Inc.		9,818		330,768
Embarq Corp.		15,500		732,685
NTELOS Holdings Corp.		115,500		2,930,235
Verizon Communications, Inc.		6,327		223,976
Windstream Corp.		18,400		227,056
				4,444,720
Electric Utilities—3.9%
American Electric Power Co., Inc.		92,900		3,737,367
DPL, Inc.		2,000		52,760
Duke Energy Corp.		25,992		451,741
Edison International		29,400		1,510,572
Hawaiian Electric Industries, Inc.	†	3,156		78,048
Idacorp, Inc.	†	34,900		1,008,261
Northeast Utilities		37,000		944,610
Pepco Holdings, Inc.		5,000		128,250
Pinnacle West Capital Corp.		59,700		1,836,969
PPL Corp.		5,200		271,804
Progress Energy, Inc.		16,999		711,068
				10,731,450
Electrical Equipment—1.0%
Acuity Brands, Inc.	†	21,400		1,028,912
Cooper Industries Ltd., Class A		23,786		939,547
GrafTech International Ltd.	*	21,500		576,845
Hubbell, Inc., Class B		5,600		223,272
				2,768,576
Electronic Equipment & Instruments—2.3%
Avnet, Inc.	*	8,700		237,336
Flextronics International Ltd. (Singapore)	*	282,400		2,654,561
Ingram Micro, Inc., Class A	*	15,187		269,569
Jabil Circuit, Inc.		3,291		54,005
National Instruments Corp.		2,377		67,435
Tech Data Corp.	*	21,000		711,690
Tyco Electronics Ltd. (Bermuda)		62,500		2,238,750
Vishay Intertechnology, Inc.	*	6,729		59,686
				6,293,032
Energy Equipment & Services—2.3%
BJ Services Co.		8,868		283,244
Exterran Holdings, Inc.	*†	5,456		390,049
FMC Technologies, Inc.	*	3,091		237,791
Global Industries Ltd.	*	13,600		243,848
Grey Wolf, Inc.	*†	124,400		1,123,331
Noble Corp.		43,100		2,799,775
Oceaneering International, Inc.	*	532		40,991
Oil States International, Inc.	*	2,083		132,146
Patterson-UTI Energy, Inc.		14,200		511,768
SEACOR Holdings, Inc.	*	3,952		353,744
Tidewater, Inc.		2,284		148,529
Unit Corp.	*	105		8,712
				6,273,928
Food & Staples Retailing—2.5%
BJ’s Wholesale Club, Inc.	*†	94,000		3,637,800
Kroger Co. (The)		8,066		232,865
Ruddick Corp.	†	56,758		1,947,367
Safeway, Inc.		27,285		778,987
Supervalu, Inc.		14,500		447,905
Whole Foods Market, Inc.	†	2,387		56,548
				7,101,472
Food Products—3.4%
Archer-Daniels-Midland Co.		5,427		183,161
Bunge Ltd.	†	13,743		1,479,984
ConAgra Foods, Inc.		6,600		127,248
Corn Products International, Inc.		6,300		309,393
Darling International, Inc.	*	49,700		821,044
Del Monte Foods Co.		18,262		129,660
Flowers Foods, Inc.	†	53,600		1,519,024
Hormel Foods Corp.		14,602		505,375
J.M. Smucker Co. (The)		18,400		747,776
Lancaster Colony Corp.	†	3,303		100,015
Sara Lee Corp.		231,000		2,829,750
Smithfield Foods, Inc.	*†	10,485		208,442
Tyson Foods, Inc., Class A		38,300		572,202
				9,533,074
Gas Utilities—2.3%
AGL Resources, Inc.	†	22,600		781,508
Atmos Energy Corp.		21,313		587,599
Energen Corp.		11,900		928,557
Nicor, Inc.	†	4,729		201,408
Oneok, Inc.		7,523		367,348
Questar Corp.		39,500		2,806,081
Southern Union Co.		2,300		62,146
UGI Corp.		9,692		278,257
WGL Holdings, Inc.	†	9,400		326,556
				6,339,460
Health Care Equipment & Supplies—1.9%
Beckman Coulter, Inc.		47,800		3,227,935
Cooper Cos, Inc. (The)		938		34,847
Dentsply International, Inc.		44,300		1,630,240
Hill-Rom Holdings, Inc.	†	1,496		40,362
Kinetic Concepts, Inc.	*†	5,100		203,541
				5,136,925

See accompanying notes to financial statements. 151

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Select Value Fund

		Shares	Value
COMMON STOCKS—(Continued)
Health Care Providers & Services—0.6%
AmerisourceBergen Corp.		12,000	$	479,880
Cigna Corp.		20,917		740,252
Express Scripts, Inc.	*	3,440		215,757
Medco Health Solutions, Inc.	*	7,000		330,400
				1,766,289
Health Care Technology—1.0%
IMS Health, Inc.		121,100		2,821,630
Hotels, Restaurants & Leisure—1.4%
Darden Restaurants, Inc.		120,500		3,848,771
McDonald’s Corp.		1,093		61,448
Royal Caribbean Cruises Ltd.	†	2,990		67,185
				3,977,404
Household Durables—1.6%
Black & Decker Corp.	†	7,571		435,408
DR Horton, Inc.	†	21,856		237,138
Fortune Brands, Inc.		3,500		218,435
Furniture Brands International, Inc.		1,771		23,661
Leggett & Platt, Inc.	†	2,400		40,248
Lennar Corp., Class A		6,130		75,644
MDC Holdings, Inc.		1,808		70,620
Mohawk Industries, Inc.	*†	2,800		179,480
NVR, Inc.	*†	337		168,527
Snap-On, Inc.	†	22,700		1,180,627
Toll Brothers, Inc.	*	11,308		211,799
Tupperware Brands Corp.		42,978		1,470,707
Whirlpool Corp.		4,167		257,229
				4,569,523
Independent Power Producers & Energy Traders—1.1%
Dynegy, Inc., Class A	*	8,800		75,240
NRG Energy, Inc.	*	47,051		2,018,488
Reliant Energy, Inc.	*	52,200		1,110,294
				3,204,022
Industrial Conglomerates—0.3%
McDermott International, Inc.	*	1,536		95,063
Walter Industries, Inc.		6,900		750,513
				845,576
Insurance—8.3%
Alleghany Corp.	*	7,403		2,458,166
AON Corp.		47,400		2,177,556
Arch Capital Group Ltd. (Bermuda)	*	29,242		1,939,329
Assurant, Inc.		17,150		1,131,214
Axis Capital Holdings Ltd. (Bermuda)	†	10,500		313,005
Chubb Corp.		1,300		63,713
Cincinnati Financial Corp.		11,323		287,604
Endurance Specialty Holdings Ltd.	†	48,300		1,487,157
Everest Re Group Ltd. (Bermuda)		11,100		884,781
Fidelity National Financial, Inc., Class A		4,587		57,796
First American Corp.		13,314		351,490
Genworth Financial, Inc., Class A		136,929		2,438,705
Hanover Insurance Group, Inc. (The)		13,724		583,270
HCC Insurance Holdings, Inc.		1,891		39,976
Lincoln National Corp.		65,628		2,974,262
Loews Corp.		459		21,527
MetLife, Inc.		1,382		72,928
Nationwide Financial Services, Class A	†	10,435		500,984
Old Republic International Corp.		10,672		126,356
Principal Financial Group, Inc.		5,500		230,835
Progressive Corp. (The)		15,506		290,272
Reinsurance Group of America, Inc.		4,811		209,375
RenaissanceRe Holdings Ltd. (Bermuda)		1,739		77,681
Safeco Corp.		33,154		2,226,623
Torchmark Corp.		2,234		131,024
Unitrin, Inc.		4,100		113,037
Unum Group		110,082		2,251,177
XL Capital Ltd., Class A (Bermuda)		1,923		39,537
				23,479,380
Internet & Catalog Retail—0.1%
Amazon.com, Inc.	*	1,453		106,548
Expedia, Inc.	*	1,070		19,667
IAC/InterActiveCorp	*	3,165		61,021
NetFlix, Inc.	*†	2,727		71,093
				258,329
Internet Software & Services—0.0%
Sohu.com, Inc. (China)	*	719		50,646
IT Services—2.5%
Accenture Ltd., Class A (Bermuda)		2,000		81,440
Acxiom Corp.	†	1,244		14,294
Broadridge Financial Solutions, Inc.		4,224		88,915
CACI International, Inc., Class A	*	21,400		979,478
Computer Sciences Corp.	*	77,784		3,643,403
DST Systems, Inc.	*	637		35,067
Electronic Data Systems Corp.		15,500		381,920
Gartner, Inc., Class A	*	3,617		74,944
Hewitt Associates, Inc., Class A	*	94		3,603
SAIC, Inc.	*†	78,700		1,637,747
SRA International, Inc., Class A	*†	1,361		30,568
Western Union Co. (The)		1,500		37,080
				7,008,459
Leisure Equipment & Products—0.1%
Brunswick Corp.	†	21,611		229,076
Callaway Golf Co.		1,328		15,710
Hasbro, Inc.		2,983		106,553
Mattel, Inc.		3,396		58,140
				409,479
Life Sciences Tools & Services—1.0%
Applera Corp.—Applied Biosystems Group		10,100		338,148
Invitrogen Corp.	*	63,916		2,509,342
				2,847,490
Machinery—2.8%
AGCO Corp.	*	5,870		307,647
Crane Co.		2,300		88,619
Eaton Corp.		39,400		3,347,817
Flowserve Corp.		1,261		172,379

152 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Select Value Fund

		Shares	Value
COMMON STOCKS—(Continued)
Graco, Inc.	†	5,572	$	212,126
Harsco Corp.		7,900		429,839
Ingersoll-Rand Co. Ltd., Class A (Bermuda)		25,770		964,571
Joy Global, Inc.		1,818		137,859
Kennametal, Inc.		4,928		160,406
Lincoln Electric Holdings, Inc.		1,548		121,828
Pentair, Inc.	†	3,064		107,301
SPX Corp.		9,140		1,204,012
Timken Co.		9,889		325,744
Wabtec Corp.	†	2,884		140,220
				7,720,368
Marine—0.0%
Alexander & Baldwin, Inc.	†	968		44,092
Media—1.6%
Belo Corp., Class A	†	13,949		101,967
CBS Corp., Class B		87,648		1,708,260
DISH Network Corp., Class A	*	1,191		34,872
DreamWorks Animation SKG, Inc., Class A	*	4,321		128,809
E.W. Scripps Co., Class A	†	2,697		112,033
Entercom Communications Corp., Class A	†	3,196		22,436
Gannett Co., Inc.	†	24,672		534,642
Hearst-Argyle Television, Inc.	†	10,163		195,130
Liberty Global, Inc., Class A	*†	5,600		176,008
Liberty Media Corp.—Capital, Series A, Class A	*	8,328		119,923
Liberty Media Corp.— Entertainment, Series A	*	30,543		740,057
Scholastic Corp.	*†	3,212		92,056
Time Warner, Inc.		37,700		557,960
Viacom, Inc., Class B	*	258		7,879
Virgin Media, Inc.		3,111		42,341
				4,574,373
Metals & Mining—0.9%
Carpenter Technology Corp.		6,213		271,197
Commercial Metals Co.		7,587		286,030
Reliance Steel & Aluminum Co.		19,880		1,532,550
Schnitzer Steel Industries, Inc., Class A		410		46,986
Steel Dynamics, Inc.		1,614		63,059
Worthington Industries, Inc.	†	8,300		170,150
				2,369,972
Multiline Retail—1.0%
Big Lots, Inc.	*	1,136		35,489
Dollar Tree, Inc.	*	2,223		72,670
Family Dollar Stores, Inc.		102,695		2,047,738
Macy’s, Inc.		17,528		340,394
Sears Holdings Corp.	*	5,611		413,306
				2,909,597
Multi-Utilities—5.3%
Alliant Energy Corp.		1,300		44,538
Ameren Corp.		11,800		498,314
Black Hills Corp.	†	1,649		52,867
CMS Energy Corp.		3,400		50,660
DTE Energy Co.		24,500		1,039,780
Energy East Corp.		12,000		296,640
Integrys Energy Group, Inc.		5,405		274,736
MDU Resources Group, Inc.		7,107		247,750
NiSource, Inc.		31,700		568,064
NSTAR	†	65,000		2,198,300
OGE Energy Corp.	†	15,125		479,614
PG&E Corp.		79,682		3,162,579
PNM Resources, Inc.	†	1,968		23,537
Puget Energy, Inc.		4,090		98,119
SCANA Corp.		68,800		2,545,600
Sempra Energy		16,300		920,135
TECO Energy, Inc.		5,494		118,066
Vectren Corp.	†	3,800		118,598
Xcel Energy, Inc.		109,500		2,197,665
				14,935,562
Oil, Gas & Consumable Fuels—4.8%
Bill Barrett Corp.	*	5,806		344,934
Cabot Oil & Gas Corp.		2,073		140,404
Cimarex Energy Co.		37,707		2,627,046
Continental Resources, Inc.	*†	4,321		299,532
El Paso Corp.		56,000		1,217,440
Encore Acquisition Co.	*	2,235		168,050
Forest Oil Corp.	*	469		34,941
Newfield Exploration Co.	*	5,530		360,833
Noble Energy, Inc.		43,276		4,351,834
Overseas Shipholding Group, Inc.	†	716		56,936
Pioneer Natural Resources Co.		13,127		1,027,582
Spectra Energy Corp.		43,800		1,258,812
St. Mary Land & Exploration Co.		7,792		503,675
Sunoco, Inc.		1,185		48,218
Teekay Corp. (Bahamas)	†	34		1,536
W&T Offshore, Inc.	†	6,473		378,735
Williams Cos, Inc.		14,200		572,402
				13,392,910
Paper & Forest Products—0.2%
International Paper Co.		7,073		164,801
MeadWestvaco Corp.		1,517		36,165
Weyerhaeuser Co.		4,626		236,574
				437,540
Personal Products—0.1%
Herbalife Ltd. (Cayman Islands)	†	4,234		164,068
Pharmaceuticals—0.2%
Forest Laboratories, Inc.	*	2,725		94,667
Watson Pharmaceuticals, Inc.	*	12,314		334,571
				429,238
Real Estate Investment Trusts (REIT)—8.3%
AMB Property Corp. REIT		21,600		1,088,208
Annaly Capital Management, Inc. REIT		81,315		1,261,196
Apartment Investment & Management Co., Class A REIT		59,445		2,024,697
AvalonBay Communities, Inc. REIT	†	11,200		998,592
Brandywine Realty Trust REIT	†	1,161		18,297
Digital Realty Trust, Inc. REIT	†	47,000		1,922,770
Duke Realty Corp. REIT	†	172,800		3,879,361
Equity One, Inc. REIT	†	5,377		110,497
Equity Residential REIT		25,800		987,366
Essex Property Trust, Inc. REIT	†	1,807		192,446
Federal Realty Investment Trust REIT	†	10,700		738,300
HCP, Inc. REIT		13,382		425,681

See accompanying notes to financial statements. 153

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Select Value Fund

		Shares	Value
COMMON STOCKS—(Continued)
Health Care, Inc. REIT		19,200	$	854,400
Highwoods Properties, Inc. REIT		1,400		43,988
Kilroy Realty Corp. REIT	†	1,908		89,733
Liberty Property Trust REIT		5,949		197,209
Macerich Co. (The) REIT	†	2,000		124,260
Mack-Cali Realty Corp. REIT		4,850		165,725
Mid-America Apartment Communities, Inc. REIT	†	24,600		1,255,584
National Retail Properties, Inc. REIT		22,300		466,070
Nationwide Health Properties, Inc. REIT	†	9,405		296,163
Prologis REIT		26,400		1,434,840
Public Storage REIT		3,553		287,047
Rayonier, Inc. REIT	†	2,100		89,166
Regency Centers Corp. REIT		18,900		1,117,368
Simon Property Group, Inc. REIT		23,100		2,076,459
SL Green Realty Corp. REIT	†	2,325		192,324
Taubman Centers, Inc. REIT	†	11,700		569,205
UDR, Inc. REIT		2,801		62,686
Ventas, Inc. REIT		6,062		258,059
				23,227,697
Real Estate Management & Development—0.2%
Jones Lang LaSalle, Inc.		8,499		511,555
Road & Rail—1.6%
J.B. Hunt Transport Services, Inc.	†	8,138		270,833
Kansas City Southern	*†	13,500		593,865
Landstar System, Inc.		1,218		67,258
Ryder System, Inc.		6,721		462,942
Werner Enterprises, Inc.	†	167,158		3,105,795
YRC Worldwide, Inc.	*†	5,149		76,566
				4,577,259
Semiconductors & Semiconductor Equipment—1.5%
Analog Devices, Inc.		469		14,900
Integrated Device Technology, Inc.	*	7,456		74,113
Intersil Corp., Class A		2,700		65,664
LSI Corp.	*	27,019		165,897
Microchip Technology, Inc.	†	61,100		1,865,993
National Semiconductor Corp.		5,425		111,430
PMC—Sierra, Inc.	*	56,100		429,165
Semtech Corp.	*†	80,513		1,132,818
Texas Instruments, Inc.		10,600		298,496
Varian Semiconductor Equipment Associates, Inc.	*†	1,056		36,770
				4,195,246
Software—2.1%
Adobe Systems, Inc.	*	1,214		47,819
Advent Software, Inc.	*†	4,896		176,648
Amdocs Ltd.	*	2,329		68,519
CA, Inc.		16,900		390,221
Cadence Design Systems, Inc.	*	279,600		2,823,960
Check Point Software Technologies (Israel)	*	82,200		1,945,674
Microsoft Corp.		1,700		46,767
Salesforce.com, Inc.	*	817		55,744
Sybase, Inc.	*†	5,624		165,458
Symantec Corp.	*	1,500		29,025
				5,749,835
Specialty Retail—1.0%
Advance Auto Parts, Inc.		24,000	$	931,919
Aeropostale, Inc.	*†	8,802		275,767
AutoNation, Inc.	*†	42,500		425,850
Barnes & Noble, Inc.	†	3,200		79,488
Foot Locker, Inc.		5,318		66,209
GameStop Corp., Class A	*	11,407		460,843
Penske Auto Group, Inc.	†	7,557		111,390
PetSmart, Inc.		5,017		100,089
Ross Stores, Inc.		5,001		177,636
TJX Cos, Inc.		800		25,176
				2,654,367
Textiles, Apparel & Luxury Goods—3.0%
Coach, Inc.	*	8,804		254,260
Fossil, Inc.	*†	35,300		1,026,171
Hanesbrands, Inc.	*†	46,900		1,272,866
Jones Apparel Group, Inc.		18,900		259,875
Liz Claiborne, Inc.		600		8,490
Phillips-Van Heusen Corp.		449		16,442
VF Corp.		47,100		3,352,578
Warnaco Group, Inc. (The)	*†	43,654		1,923,832
				8,114,514
Thrifts & Mortgage Finance—1.9%
Hudson City Bancorp, Inc.		56,000		934,080
New York Community Bancorp, Inc.	†	142,197		2,536,794
TFS Financial Corp.	†	4,035		46,766
Washington Federal, Inc.	†	102,428		1,853,947
				5,371,587
Tobacco—0.1%
Altria Group, Inc.		2,772		56,992
UST, Inc.		3,700		202,058
				259,050
Trading Companies & Distributors—1.1%
GATX Corp.		19,500		864,435
United Rentals, Inc.	*	113,000		2,215,930
W.W. Grainger, Inc.		1,472		120,410
				3,200,775
Water Utilities—0.0%
Aqua America, Inc.		1		16
Wireless Telecommunication Services—0.1%
Crown Castle International Corp.	*	2,905		112,511
Leap Wireless International, Inc.	*	1,137		49,084
				161,595
TOTAL COMMON STOCKS (Cost $298,141,931)				272,327,987
CASH EQUIVALENTS—24.3%
Institutional Money Market Funds—24.3%
AIM Short-Term Investments Trust Liquid Assets Portfolio	††	14,437,689		14,437,689
AIM Short-Term Investments Trust Prime Assets Portfolio	††	47,562,656		47,562,656
JPMorgan Prime Money Market Fund, Capital Shares		4,382,309		4,382,309

154 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Select Value Fund

	Shares	Value
CASH EQUIVALENTS—(Continued)
JPMorgan U.S. Government Money Market Fund, Capital Shares	1,323,158	$	1,323,158
TOTAL CASH EQUIVALENTS (Cost $67,705,812)			67,705,812
TOTAL INVESTMENTS—122.0% (Cost $365,847,743)			340,033,799
Other assets less liabilities—(22.0%)			(61,305,124	)
NET ASSETS—100.0%		$	278,728,675

Notes to the Schedule of Investments:

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

See accompanying notes to financial statements. 155

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Aggressive Opportunities Fund

		Shares	Value
COMMON STOCKS—96.5%
Aerospace & Defense—0.4%
Moog, Inc., Class A	*†	34,400	$	1,281,056
Rockwell Collins, Inc.		49,700		2,383,612
				3,664,668
Air Freight & Logistics—2.3%
CH Robinson Worldwide, Inc.		78,100		4,283,004
Expeditors International of Washington, Inc.		51,500		2,214,500
FedEx Corp.		112,000		8,824,480
HUB Group, Inc., Class A	*	113,800		3,883,994
UTi Worldwide, Inc. (Virgin Islands, British)	†	184,200		3,674,790
				22,880,768
Airlines—0.1%
Continental Airlines, Inc., Class B	*	119,400		1,207,134
Auto Components—0.3%
Autoliv, Inc. (Sweden)		54,000		2,517,480
Automobiles—1.3%
General Motors Corp.	†	744,400		8,560,600
Harley-Davidson, Inc.	†	110,600		4,010,356
				12,570,956
Biotechnology—2.4%
Alexion Pharmaceuticals, Inc.	*†	36,800		2,668,000
Alkermes, Inc.	*†	653,617		8,078,706
Cell Genesys, Inc.	*†	480,900		1,250,340
Cephalon, Inc.	*†	77,200		5,148,468
deCODE genetics, Inc. (Iceland)	*†	240,700		221,444
Incyte Corp. Ltd.	*†	326,400		2,483,904
Myriad Genetics, Inc.	*†	39,300		1,788,936
Regeneron Pharmaceuticals, Inc.	*	66,000		953,040
Senomyx, Inc.	*†	189,623		934,841
				23,527,679
Capital Markets—2.3%
Fortress Investment Group LLC, Class A	†	275,600		3,395,392
GHL Acquisition Corp.	*	65,700		652,401
Greenhill & Co., Inc.	†	39,600		2,132,856
Heckmann Corp.	*	337,400		3,023,104
Invesco Ltd.		166,300		3,987,874
Liberty Acquisition Holdings Corp.	*	70,600		741,300
SEI Investments Co.		160,000		3,763,200
UBS AG (Switzerland)	*	253,050		5,228,013
				22,924,140
Chemicals—1.1%
Ecolab, Inc.		94,900		4,079,751
Intrepid Potash, Inc.	*	25,200		1,657,656
Nalco Holding Co.		258,700		5,471,505
				11,208,912
Commercial Banks—0.2%
National City Corp.	*‡^	161,400		769,878
Signature Bank	*	47,500		1,223,600
				1,993,478
Commercial Services & Supplies—4.7%
Administaff, Inc.	†	113,719		3,171,623
Advisory Board Co. (The)	*†	73,200		2,878,956
Copart, Inc.	*†	113,600		4,864,352
Corporate Executive Board Co.	†	241,000		10,134,050
Dun & Bradstreet Corp.		57,000		4,995,480
Huron Consulting Group, Inc.	*†	55,500		2,516,370
Korn-Ferry International	*†	308,700		4,855,851
Mobile Mini, Inc.	*†	173,600		3,472,000
Resources Connection, Inc.	†	153,300		3,119,655
School Specialty, Inc.	*	48,609		1,445,146
Waste Connections, Inc.	*†	140,050		4,471,796
				45,925,279
Communications Equipment—0.3%
Blue Coat Systems, Inc.	*†	172,700		2,436,797
Finisar Corp.	*†	494,100		587,979
				3,024,776
Computers & Peripherals—3.3%
Dell, Inc.	*	781,000		17,088,280
Lenovo Group Ltd.		9,401,100		6,395,581
Palm, Inc.	†	244,700		1,318,933
Sun Microsystems, Inc.	*	724,000		7,877,120
				32,679,914
Construction & Engineering—0.7%
Quanta Services, Inc.	*	207,400		6,900,198
Construction Materials—1.4%
Cemex SAB de CV ADR (Mexico)	*†	446,257		11,022,548
Martin Marietta Materials, Inc.	†	21,300		2,206,467
				13,229,015
Consumer Finance—0.5%
SLM Corp.	*	226,100		4,375,035
Containers & Packaging—0.3%
Pactiv Corp.	*	137,900		2,927,617
Distributors—0.2%
LKQ Corp.	*	126,700		2,289,469
Diversified Consumer Services—1.4%
Apollo Group, Inc., Class A	*	42,600		1,885,476
Career Education Corp.	*†	357,700		5,225,997
Strayer Education, Inc.		19,000		3,972,330
Universal Technical Institute, Inc.	*†	233,700		2,911,902
				13,995,705
Diversified Telecommunication Services—0.8%
Level 3 Communications, Inc.	*†	2,610,000		7,699,500
Electrical Equipment—1.7%
Ametek, Inc.		66,550		3,142,491
Energy Conversion Devices, Inc.	*	26,300		1,936,732
Evergreen Solar, Inc.	*†	259,900		2,518,431
Roper Industries, Inc.		139,000		9,157,320
				16,754,974
Electronic Equipment & Instruments—0.7%
Jabil Circuit, Inc.		403,000		6,613,230
Energy Equipment & Services—2.2%
BJ Services Co.		100,900		3,222,746

156 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Aggressive Opportunities Fund

		Shares	Value
COMMON STOCKS—(Continued)
Cameron International Corp.	*	77,100	$	4,267,485
FMC Technologies, Inc.	*	135,100		10,393,243
W-H Energy Services, Inc.	*	41,800		4,001,932
				21,885,406
Food & Staples Retailing—0.1%
Pantry, Inc. (The)	*†	84,000		895,440
Food Products—0.7%
Marine Harvest (Norway)	*	7,589,500		5,559,051
Smithfield Foods, Inc.	*†	72,100		1,433,348
				6,992,399
Health Care Equipment & Supplies—4.9%
Advanced Medical Optics, Inc.	*	237,600		4,452,624
Arthrocare Corp.	*†	45,000		1,836,450
Conceptus, Inc.	*†	129,900		2,401,851
Edwards Lifesciences Corp.	*	81,300		5,043,852
Hologic, Inc.	*	95,000		2,071,000
Hospira, Inc.	*	107,200		4,299,792
Immucor, Inc.	*†	130,587		3,379,592
Mindray Medical International Ltd. ADR (China)	†	72,900		2,720,628
Resmed, Inc.	*†	249,700		8,924,278
St Jude Medical, Inc.	*	69,800		2,853,424
Stereotaxis, Inc.	*†	95,500		511,880
TomoTherapy, Inc.	*†	98,200		876,926
Varian Medical Systems, Inc.	*	75,600		3,919,860
Zimmer Holdings, Inc.	*	73,900		5,028,895
				48,321,052
Health Care Providers & Services—4.5%
Amerigroup Corp.	*	157,900		3,284,320
Centene Corp.	*†	114,600		1,924,134
Coventry Health Care, Inc.	*	166,350		5,060,367
DaVita, Inc.	*	294,100		15,625,533
Express Scripts, Inc.	*	34,500		2,163,840
Healthways, Inc.	*†	90,000		2,664,000
Henry Schein, Inc.	*†	98,100		5,059,017
Laboratory Corp of America Holdings	*†	44,400		3,091,572
Nighthawk Radiology Holdings, Inc.	*†	82,900		586,932
WellPoint, Inc.	*	92,300		4,399,018
				43,858,733
Hotels, Restaurants & Leisure—1.1%
P.F. Chang’s China Bistro, Inc.	*†	124,100		2,772,394
Panera Bread Co., Class A	*†	92,100		4,260,546
WMS Industries, Inc.	*†	109,400		3,256,838
				10,289,778
Household Durables—0.8%
Lennar Corp., Class A	†	390,600		4,820,004
Pulte Homes, Inc.		141,100		1,358,793
Standard Pacific Corp.	†	539,500		1,823,510
				8,002,307
Household Products—0.3%
Energizer Holdings, Inc.	*	46,400		3,391,376
Independent Power Producers & Energy Traders—0.3%
Calpine Corp.	*	135,600		3,059,136
Insurance—6.7%
AMBAC Financial Group, Inc.	†	685,600		918,704
AON Corp.		276,000		12,679,440
Assured Guaranty Ltd. (Bermuda)	†	217,800		3,918,222
Fairfax Financial Holdings Ltd. (Canada)		47,000		11,933,300
Markel Corp.	*	4,100		1,504,700
Montpelier Re Holdings Ltd. (Bermuda)	†	276,500		4,078,375
Nipponkoa Insurance Co. Ltd. (Japan)		1,260,000		10,942,965
RenaissanceRe Holdings Ltd. (Bermuda)		95,900		4,283,853
Tokio Marine Holdings, Inc. (Japan)		272,000		10,601,229
XL Capital Ltd., Class A (Bermuda)		231,400		4,757,584
				65,618,372
Internet & Catalog Retail—2.2%
Amazon.com, Inc.	*	72,435		5,311,659
Blue Nile, Inc.	*†	23,700		1,007,724
Expedia, Inc.	*	302,932		5,567,890
Liberty Media Corp.—Interactive, Class A	*	671,275		9,908,019
				21,795,292
Internet Software & Services—2.2%
Ariba, Inc.	*†	115,900		1,704,889
Digital River, Inc.	*†	48,800		1,882,704
eBay, Inc.	*	364,000		9,948,120
LivePerson, Inc.	*†	219,600		617,076
SkillSoft plc ADR (Ireland)	*†	230,900		2,087,336
VeriSign, Inc.	*†	144,100		5,446,980
				21,687,105
IT Services—5.3%
Accenture Ltd., Class A (Bermuda)		158,500		6,454,120
Alliance Data Systems Corp.	*†	89,300		5,049,915
DST Systems, Inc.	*†	150,710		8,296,585
Global Cash Access Holdings, Inc.	*†	64,500		442,470
Global Payments, Inc.		279,800		13,038,680
Heartland Payment Systems, Inc.		201,900		4,764,840
NeuStar, Inc., Class A	*†	300,100		6,470,156
RightNow Technologies, Inc.	*†	296,300		4,050,421
Total System Services, Inc.		132,500		2,944,150
				51,511,337
Leisure Equipment & Products—0.3%
Pool Corp.	†	141,300		2,509,488
Life Sciences Tools & Services—0.9%
Affymetrix, Inc.	*†	274,000		2,819,460
Exelixis, Inc.	*†	228,900		1,144,500
Illumina, Inc.	*	56,300		4,904,293
				8,868,253
Machinery—2.7%
Actuant Corp., Class A	†	288,100		9,031,935
Bucyrus International, Inc., Class A		37,600		2,745,552
Colfax Corp.	*	29,400		737,646
Harsco Corp.		71,700		3,901,197
Ingersoll-Rand Co. Ltd., Class A (Bermuda)		70,700		2,646,301
ITT Corp.		45,200		2,862,516

See accompanying notes to financial statements. 157

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Aggressive Opportunities Fund

			Shares	Value
COMMON STOCKS—(Continued)
Joy Global, Inc.			32,300	$	2,449,309
Oshkosh Corp.	†		76,600		1,584,854
					25,959,310
Media—7.1%
Central European Media Enterprises Ltd., Class A (Bermuda)	*†		24,900		2,254,197
DIRECTV Group, Inc. (The)	*		389,000		10,078,990
Discovery Holding Co., Class A	*		308,000		6,763,680
Focus Media Holding Ltd. ADR (China)	*†		81,300		2,253,636
Lamar Advertising Co., Class A	*†		137,500		4,954,125
Liberty Media Corp.—Entertainment, Series A	*		736,820		17,853,149
National CineMedia, Inc.	†		200,800		2,140,528
Virgin Media, Inc.	†		306,600		4,172,826
Walt Disney Co. (The)			615,000		19,188,000
					69,659,131
Metals & Mining—0.1%
Cleveland-Cliffs, Inc.			11,400		1,358,766
Multiline Retail—0.4%
Sears Holdings Corp.	*†		58,700		4,323,842
Oil, Gas & Consumable Fuels—5.4%
Bill Barrett Corp.	*		55,200		3,279,432
Chesapeake Energy Corp.			268,000		17,677,280
Denbury Resources, Inc.	*		214,600		7,832,900
Encore Acquisition Co.	*		71,899		5,406,086
Forest Oil Corp.	*		87,600		6,526,200
Range Resources Corp.			91,800		6,016,572
Ultra Petroleum Corp.	*		57,800		5,675,960
		��			52,414,430
Personal Products—0.5%
Herbalife Ltd. (Cayman Islands)	†		113,400		4,394,250
Pharmaceuticals—1.4%
Far East Pharmaceutical Tech (Hong Kong)	*‡d		615,260		—
Medicis Pharmaceutical Corp., Class A	†		182,600		3,794,428
Shire Ltd. ADR (United Kingdom)	†		163,600		8,037,668
XenoPort, Inc.	*		46,400		1,810,992
					13,643,088
Real Estate Investment Trusts (REIT)—1.5%
CapitalSource, Inc. REIT	†		293,900		3,256,412
Chimera Investment Corp. REIT	†		419,300		3,777,893
Hatteras Financial Corp. REIT			317,700		7,303,923
					14,338,228
Real Estate Management & Development—0.5%
Jones Lang LaSalle, Inc.			38,300		2,305,277
St. Joe Co. (The)	†		63,400		2,175,888
					4,481,165
Semiconductors & Semiconductor Equipment—4.9%
Analog Devices, Inc.			268,000		8,514,360
ASML Holding NV (NY Reg Shs), Class G (Netherlands)	†		70,600		1,722,640
Broadcom Corp., Class A	*		125,400		3,422,166
Cymer, Inc.	*†		26,199		704,229
FEI Co.	*†		155,200		3,535,456
Integrated Device Technology, Inc.	*		487,200		4,842,768
Intersil Corp., Class A	†		109,500		2,663,040
Maxim Integrated Products, Inc.			155,600		3,290,940
Microchip Technology, Inc.	†		99,800		3,047,892
National Semiconductor Corp.			285,500		5,864,170
Nvidia Corp.	*		146,400		2,740,608
PMC—Sierra, Inc.	*†		381,900		2,921,535
Semtech Corp.	*†		156,100		2,196,327
Silicon Laboratories, Inc.	*		65,200		2,353,068
					47,819,199
Software—5.6%
Amdocs Ltd.	*†		470,800		13,850,936
Blackboard, Inc.	*†		48,900		1,869,447
Bottomline Technologies, Inc.	*†		82,900		806,617
CA, Inc.			195,200		4,507,168
Electronic Arts, Inc.	*		157,000		6,975,510
Factset Research Systems, Inc.	†		108,900		6,137,604
Jack Henry & Associates, Inc.	†		177,900		3,849,756
Red Hat, Inc.	*		455,800		9,430,502
Symyx Technologies	*†		94,000		656,120
Taleo Corp., Class A	*		150,000		2,938,500
Verint Systems, Inc.	*		40,100		941,548
Wind River Systems, Inc.	*†		277,000		3,016,530
					54,980,238
Specialty Retail—2.3%
A.C. Moore Arts & Crafts, Inc.	*†		100,500		708,525
AnnTaylor Stores Corp.	*†		203,200		4,868,672
Christopher & Banks Corp.	†		151,200		1,028,160
Collective Brands, Inc.	*†		391,600		4,554,308
O’Reilly Automotive, Inc.	*†		198,800		4,443,180
Tiffany & Co.			101,900		4,152,425
Zumiez, Inc.	*		156,400		2,593,112
					22,348,382
Textiles, Apparel & Luxury Goods—0.1%
Iconix Brand Group, Inc.	*†		79,100		955,528
Thrifts & Mortgage Finance—0.5%
Downey Financial Corp.	†		283,300		784,741
Freddie Mac			257,900		4,229,560
					5,014,301
Trading Companies & Distributors—0.8%
Fastenal Co.	†		94,400		4,074,304
Interline Brands, Inc.	*†		234,100		3,729,213
					7,803,517
Wireless Telecommunication Services—3.8%
American Tower Corp., Class A	*		243,900		10,304,775
NII Holdings, Inc., Class B	*†		256,345		12,173,824
SBA Communications Corp., Class A	*		298,100		10,734,581
Sprint Nextel Corp.			373,100		3,544,450
					36,757,630
TOTAL COMMON STOCKS (Cost $978,482,169)					943,846,406

158 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Aggressive Opportunities Fund

		Shares	Value
CONVERTIBLE PREFERRED STOCKS—0.6%
Commercial Banks—0.5%
National City Corp.	*‡	1,080,000	$	4,894,020
Thrifts & Mortgage Finance—0.1%
Thornburg Mortgage, Inc., Perpetual Bond, Series F		212,400		870,840
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $10,534,755)				5,764,860

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—0.3%
Capital Markets—0.3%
Downey Financial Corp.
6.500%	07/01/2014	†
(Cost $3,151,068)			$	4,409,000	3,327,137

		Shares	Value
CASH EQUIVALENTS—26.3%
Institutional Money Market Funds—26.3%
AIM Short-Term Investments Trust Liquid Assets Portfolio	††	90,160,602		90,160,602
AIM Short-Term Investments Trust Prime Assets Portfolio	††	139,673,561		139,673,561
JPMorgan Prime Money Market Fund, Capital Shares		19,154,417		19,154,417
JPMorgan U.S. Government Money Market Fund, Capital Shares		7,739,294		7,739,294
TOTAL CASH EQUIVALENTS (Cost $256,727,874)				256,727,874
TOTAL INVESTMENTS—123.7% (Cost $1,248,895,866)				1,209,666,277
Other assets less liabilities—(23.7%)				(231,713,774	)
NET ASSETS—100.0%			$	977,952,503

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
†	Denotes all or a portion of security on loan.
*	Non-income producing.
‡	Security valued at fair value as determined by policies approved by the board of directors.
^	Securities 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 0.1% of Total Investments.
d	Security has no market value at 06/30/2008.
††	Represents reinvestment of collateral received in conjunction with securities lending.

See accompanying notes to financial statements. 159

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Discovery Fund

			Shares	Value
COMMON STOCKS—47.1%
Aerospace & Defense—0.3%
Allen-Vanguard Corp. (Canada)		*	222,700	$	556,914
Biotechnology—3.3%
Arena Pharmaceuticals, Inc.		*†	135,300		702,207
Ariad Pharmaceuticals, Inc.		*†	270,300		648,720
CV Therapeutics, Inc.		*	125,500		1,032,865
Human Genome Sciences, Inc.		*†	168,300		876,843
Incyte Corp. Ltd.		*†	109,500		833,295
Rigel Pharmaceuticals, Inc.		*†	51,900		1,176,055
					5,269,985
Building Products—0.3%
NCI Building Systems, Inc.		*†	11,200		411,376
Capital Markets—1.7%
Canaccord Capital, Inc. (Canada)			50,900		396,837
Evercore Partners, Inc., Class A		†	46,626		442,947
Gluskin Sheff + Associates, Inc. (Canada)			34,700		666,981
GMP Capital Trust (Canada)			37,300		581,897
Highbury Financial, Inc.		*†	14,800		37,000
Uranium Participation Corp. (Canada)		*	63,600		608,120
					2,733,782
Chemicals—0.4%
OM Group, Inc.		*†	18,500		606,615
Commercial Services & Supplies—1.0%
CRA International, Inc.		*†	24,400		882,060
GeoEye, Inc.		*†	39,000		690,690
					1,572,750
Communications Equipment—2.2%
Harris Stratex Networks, Inc., Class A		*	94,465		896,473
NETGEAR, Inc.		*	45,000		623,700
Parkervision, Inc.		*†	72,713		722,040
SeaChange International, Inc.		*†	77,400		554,184
Sierra Wireless, Inc. (Canada)		*†	58,000		846,800
					3,643,197
Computers & Peripherals—2.0%
Hutchinson Technology, Inc.		*†	38,500		517,440
Imation Corp.		†	39,400		903,048
Novatel Wireless, Inc.		*†	95,400		1,061,802
Palm, Inc.		†	147,000		792,330
	��				3,274,620
Construction & Engineering—0.6%
Orion Marine Group, Inc.		*†^	67,000		946,710
Consumer Finance—0.9%
Dollar Financial Corp.		*†	50,700		766,077
World Acceptance Corp.		*†	19,800		666,666
					1,432,743
Diversified Consumer Services—0.5%
Regis Corp.			28,500		750,975
Diversified Telecommunication Services—1.0%
Fairpoint Communications, Inc.		†	114,709		827,052
Globalstar, Inc.		*†	277,500		785,325
					1,612,377
Electronic Equipment & Instruments—1.7%
OSI Systems, Inc.		*†	31,500		674,730
Park Electrochemical Corp.		†	34,000		826,540
TTM Technologies, Inc.		*	63,600		840,156
Zygo Corp.		*†	46,100		453,163
					2,794,589
Energy Equipment & Services—1.9%
Basic Energy Services, Inc.		*†	24,100		759,150
Complete Production Services, Inc.		*†	19,700		717,474
Hercules Offshore, Inc.		*	21,600		821,232
Superior Well Services, Inc.		*†	23,100		732,501
					3,030,357
Entertainment—0.3%
Thunderbird Resorts, Inc.		*‡^	59,200		455,840
Food Products—0.8%
Cosan SA Industria e Comercio (Brazil)			27,800		479,490
Lance, Inc.		†	41,600		780,832
					1,260,322
Health Care Equipment & Supplies—0.5%
Micrus Endovascular Corp.		*†	58,872		825,385
Health Care Providers & Services—1.3%
Amsurg Corp.		*†	31,900		776,765
Odyssey HealthCare, Inc.		*†	66,200		644,788
Profarma Distribuidora de Produtos Farmaceuticos SA (Brazil)			48,300		753,228
					2,174,781
Household Durables—0.2%
Tecnisa SA (Brazil)			53,500		266,649
Independent Power Producers & Energy Traders—0.1%
PNOC Energy Development Corp. (Philippines)			1,736,000		200,591
Insurance—0.5%
Platinum Underwriters Holdings Ltd. (Bermuda)			22,000		717,420
RAM Holdings Ltd. (Bermuda)		*†	56,500		56,500
					773,920
Internet & Catalog Retail—0.4%
Shutterfly, Inc.		*†	58,000		708,180
Internet Software & Services—0.5%
Knot, Inc. (The)		*†	82,000		801,960
Life Sciences Tools & Services—0.5%
Exelixis, Inc.		*†	176,600		883,000
Machinery—0.3%
Force Protection, Inc.		*†	128,900		426,659
Metals & Mining—4.3%
AMCOL International Corp.		†	27,500		782,650
Carpenter Technology Corp.			18,400		803,160
Frontera Copper Corp. (Canada)		*	178,000		523,683
Grupo Simec SAB de CV ADR (Mexico)		*†	40,100		676,888
Horsehead Holding Corp.		*	83,600		1,016,577

160 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Discovery Fund

		Shares	Value
COMMON STOCKS—(Continued)
Katanga Mining Ltd. (Canada)	*	73,800	$	943,036
Schnitzer Steel Industries, Inc., Class A		5,700		653,220
Universal Stainless & Alloy Products, Inc.	*†	21,000		777,840
Western Goldfields, Inc. (Canada)	*†	379,700		888,498
				7,065,552
Multiline Retail—0.2%
Retail Ventures, Inc.	*†	87,785		403,811
Oil, Gas & Consumable Fuels—7.4%
Arlington Tankers Ltd.	†	41,685		967,926
ATP Oil & Gas Corp.	*†	24,500		967,015
BPZ Resources, Inc.	*	43,300		1,273,019
Cano Petroleum, Inc.	*	61,500		488,310
Encore Acquisition Co.	*	10,100		759,419
Energy Partners Ltd.	*	75,000		1,119,000
Infinity Bio-Energy Ltd. (United Kingdom)	*‡	146,765		565,045
Mahalo Energy Ltd. (Canada)	*	83,900		218,040
Nova Biosource Fuels, Inc.	*†	401,150		268,771
Oilsands Quest, Inc. (Canada)	*†	133,300		866,450
OPTI Canada, Inc. (Canada)	*	35,400		801,942
Rentech, Inc.	*	333,278		633,228
StealthGas, Inc.		54,800		773,228
Swift Energy Co.	*†	13,500		891,810
Synenco Energy, Inc., Class A (Canada)	*	130,700		1,152,293
Uranium One, Inc. (Canada)	*	81,200		382,230
				12,127,726
Pharmaceuticals—0.5%
Medicines Co. (The)	*†	40,800		808,656
Real Estate Investment Trusts (REIT)—2.6%
Anworth Mortgage Asset Corp. REIT		70,200		457,002
Capstead Mortgage Corp. REIT		61,100		662,935
Dundee Real Estate Investment Trust REIT (Canada)		14,500		443,944
Hatteras Financial Corp. REIT		21,500		494,285
Hersha Hospitality Trust REIT	†	106,748		805,947
Investors Real Estate Trust REIT	†	83,700		798,498
MFA Mortgage Investments, Inc. REIT		118,200		770,664
				4,433,275
Real Estate Management & Development—1.1%
Agra Empreendimentos Imobiliarios SA (Brazil)	*	49,100		271,672
Brasil Brokers Participacoes SA (Brazil)	*	300		265,032
General Shopping Brasil SA (Brazil)	*	37,500		283,045
Grubb & Ellis Co.	†	170,000		654,500
Invest Tur Brasil—Desenvolvimento Imobiliario Turistico SA (Brazil)	*	700		355,786
				1,830,035
Semiconductors & Semiconductor Equipment—2.5%
Asyst Technologies, Inc.	*†	170,000		606,900
DSP Group, Inc.	*	102,200		715,400
Microsemi Corp.	*†	19,300		485,974
MIPS Technologies, Inc., Class A	*†	135,677		508,789
PMC—Sierra, Inc.	*	105,700		808,605
Rudolph Technologies, Inc.	*†	91,500		704,550
				3,830,218
Software—0.5%
JDA Software Group, Inc.	*	41,800		756,580
Specialty Retail—1.8%
Casual Male Retail Group, Inc.	*†	161,500		492,575
Cato Corp. (The), Class A	†	40,900		582,416
Charming Shoppes, Inc.	*†	128,100		587,979
DSW, Inc., Class A	*†	63,400		746,851
Eddie Bauer Holdings, Inc.	*	119,037		494,004
				2,903,825
Textiles, Apparel & Luxury Goods—0.3%
Gildan Activewear, Inc., Class A (Canada)	*†	18,500		478,780
Thrifts & Mortgage Finance—0.1%
FirstFed Financial Corp.	*†	17,100		137,484
Trading Companies & Distributors—1.8%
H&E Equipment Services, Inc.	*†	46,300		556,526
RSC Holdings, Inc.	*†	71,000		657,460
TAL International Group, Inc.	†	36,453		828,941
Textainer Group Holdings Ltd. (Bermuda)	†	47,200		921,816
				2,964,743
Water Utilities—0.2%
Companhia de Saneamento de Minas Gerais—Copasa MG (Brazil)		13,500		250,361
Wireless Telecommunication Services—0.6%
Centennial Communications Corp.	*†	148,300		1,036,617
TOTAL COMMON STOCKS (Cost $91,595,479)				76,441,940

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—7.8%
Biotechnology—0.4%
Amgen, Inc.
4.000%	11/18/2009		$	690,000	690,977
Capital Markets—0.9%
Citigroup, Inc.
4.125%	02/22/2010			430,000	426,185
JPMorgan Chase & Co.
6.750%	02/01/2011			430,000	446,568
World Savings Bank, FSB
4.500%	06/15/2009			430,000	429,635
					1,302,388
Commercial Banks—0.8%
Bank of America Corp.
4.375%	12/01/2010	†		430,000	428,778

See accompanying notes to financial statements. 161

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Discovery Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
US Bancorp
3.170%	05/06/2010	#	$	400,000	$	399,548
Wells Fargo & Co.
5.300%	08/26/2011			430,000		437,782
						1,266,108
Communications Equipment—0.3%
Cisco Systems, Inc.
5.250%	02/22/2011			400,000		412,088
Computers & Peripherals—0.3%
International Business Machines Corp.
4.950%	03/22/2011			400,000		409,953
Diversified Financial Services—1.4%
General Electric Capital Corp. (MTN)
4.250%	09/13/2010			1,100,000		1,109,878
Kreditanstalt fuer Wiederaufbau (Germany)
3.750%	06/27/2011			400,000		403,224
National Rural Utilities Cooperative Finance Corp.
5.750%	08/28/2009			450,000		459,081
Unilever Capital Corp.
7.125%	11/01/2010			410,000		437,754
						2,409,937
Diversified Telecommunication Services—1.1%
BellSouth Corp.
4.200%	09/15/2009			950,000		952,213
Deutsche Telekom International Finance BV (Netherlands)
5.375%	03/23/2011			400,000		402,619
Verizon Global Funding Corp.
7.250%	12/01/2010			400,000		424,892
						1,779,724
Electric Utilities—0.5%
Duke Energy Corp.
6.250%	01/15/2012			400,000		417,830
Exelon Corp.
6.750%	05/01/2011			260,000		267,276
Exelon Generation Co. LLC
6.950%	06/15/2011			155,000		160,310
						845,416
Media—0.5%
Comcast Corp.
5.450%	11/15/2010			720,000		732,321
Pharmaceuticals—0.2%
Abbott Laboratories
5.375%	05/15/2009			300,000		305,588
Retail—0.9%
CVS Caremark Corp.
4.000%	09/15/2009			690,000		686,454
Wal-Mart Stores, Inc.
6.875%	08/10/2009			750,000		777,778
						1,464,232
Software—0.2%
Oracle Corp.
5.000%	01/15/2011			510,000		520,238
Wireless Telecommunication Services—0.3%
Vodafone Group plc (United Kingdom)
7.750%	02/15/2010			500,000		522,682
TOTAL CORPORATE OBLIGATIONS (Cost $12,666,593)						12,661,652
U.S. GOVERNMENT AGENCY OBLIGATIONS—21.7%
U.S. Government Agencies-Mortgage Backed—21.7%
Fannie Mae
5.773%	11/01/2035	#		626,434		642,746
4.875%	10/15/2009			2,000,000		2,013,220
4.375%	09/13/2010			7,000,000		7,162,239
3.500%	04/28/2011			2,500,000		2,494,705
3.250%	02/10/2010	†		1,490,000		1,495,714
3.000%	04/28/2010			4,000,000		3,990,787
Fannie Mae REMICS,
Series 2004-45, Class NV
4.125%	12/25/2025			1,651,855		1,653,170
Federal Home Loan Bank
5.000%	09/18/2009	†		1,460,000		1,496,426
2.200%	04/01/2009			760,000		757,152
Federal Home Loan Mortgage Corp.
5.000%	06/15/2024			836,054		843,995
3.000%	04/01/2011			1,800,000		1,777,144
2.875%	06/28/2010		��	1,010,000		1,004,025
Freddie Mac
5.750%	03/15/2009			1,500,000		1,530,687
4.750%	11/03/2009	†		7,000,000		7,167,089
Government National Mortgage Association,
Series 2005-58, Class NJ
4.500%	08/20/2035			1,241,829		1,248,092
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $35,011,872)						35,277,191
U.S. TREASURY OBLIGATIONS—15.2%
U.S. Treasury Note—15.2%
U.S. Treasury Note
4.625%	07/31/2009			3,110,000		3,184,351
4.500%	11/15/2010	†		2,100,000		2,186,791
4.500%	02/28/2011	†		1,500,000		1,564,220
4.500%	05/15/2010	†‡‡		12,047,000		12,475,234
3.875%	09/15/2010	†		5,103,000		5,236,959
TOTAL U.S. TREASURY OBLIGATIONS (Cost $24,205,959)						24,647,555
MUNICIPAL OBLIGATIONS—1.6%
Municipal—1.6%
City of New York, NY, General Obligation, Class A
6.500%	05/15/2011			1,600,000		1,730,304
State of North Carolina, General Obligation
5.000%	03/01/2010			900,000		934,713
TOTAL MUNICIPAL OBLIGATIONS (Cost $2,650,864)						2,665,017

162 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Discovery Fund

Coupon Rate	Maturity Date		Face		Value
SOVEREIGN DEBT OBLIGATIONS—0.5%
Government Issued—0.5%
Export Development Canada
3.750%	07/15/2011		$	475,000	$	478,180
Province of Ontario, Canada
2.750%	02/22/2011			400,000		391,562
						869,742
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $873,055)						869,742
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—2.3%
Mortgage Backed—2.3%
Harborview Mortgage Loan Trust,
Series 2005-14, Class 3A1A
5.300%	12/19/2035	#		1,649,133		1,623,929
Thornburg Mortgage Securities Trust,
Series 2004-1, Class II2A
3.299%	03/25/2044	#		1,713,451		1,627,519
WaMu Mortgage Pass Through Certificates,
Series 2006-AR12, Class 1A1
6.069%	10/25/2036	#		571,532		567,583
						3,819,031
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $3,829,886)						3,819,031
			Shares		Value
WARRANTS—0.0%
Oil, Gas & Consumable Fuels—0.0%
Oilsands Quest, Inc.,
Expires 12/5/2009		*
(Cost $—)				7,000		14,000
CASH EQUIVALENTS—26.6%
Institutional Money Market Funds—26.6%
AIM Short-Term Investments Trust Liquid Assets Portfolio		††		8,710,080		8,710,080
AIM Short-Term Investments Trust Prime Assets Portfolio		††		31,846,775		31,846,775
JPMorgan Prime Money Market Fund, Capital Shares				793,624		793,624
JPMorgan U.S. Government Money Market Fund, Capital Shares				1,910,105		1,910,105
TOTAL CASH EQUIVALENTS (Cost $43,260,584)						43,260,584
TOTAL INVESTMENTS—122.8% (Cost $214,094,292)						199,656,712
Other assets less liabilities—(22.8%)						(37,133,058	)
NET ASSETS—100.0%					$	162,523,654

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
*	Non-income producing.
†	Denotes all or a portion of security on loan.
^	Securities 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 0.7% of Total Investments.
‡	Security valued at fair value as determined by policies approved by the board of directors.
#	Rate is subject to change. Rate shown reflects current rate.
‡‡	Security has been pledged as collateral for futures contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.

See accompanying notes to financial statements. 163

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint International Fund

		Shares	Value
COMMON STOCKS—95.6%
Australia—2.7%
Amcor Ltd.		156,141	$	756,425
ASX Ltd.		23,900		719,626
Babcock & Brown Infrastructure Group		173,414		112,860
Brambles Ltd.		92,122		771,053
Foster’s Group Ltd.		76,011		369,522
Gloucester Coal Ltd.		174,400		2,160,079
Incitec Pivot Ltd.		18,900		3,346,621
JB Hi-Fi Ltd.		94,400		945,982
Macquarie Group Ltd.	†	16,345		760,948
Newcrest Mining Ltd.		57,168		1,586,579
QBE Insurance Group Ltd.		27,080		582,250
Straits Resources Ltd.		158,000		1,034,259
Telstra Corp. Ltd.		225,481		916,212
Toll Holdings Ltd.		45,696		264,422
Wesfarmers Ltd.		22,500		804,025
Westpac Banking Corp.		30,000		576,209
Woodside Petroleum Ltd.		108,300		7,000,092
Woolworths Ltd.		75,404		1,767,080
WorleyParsons Ltd.		101,500		3,677,698
				28,151,942
Austria—0.4%
Raiffeisen International Bank Holding AG	†	18,879		2,398,599
Telekom Austria AG		25,500		552,551
Verbund—Oesterreichische Elektrizitaetswirtschafts AG, Class A		16,300		1,455,494
				4,406,644
Belgium—0.8%
Delhaize Group		13,512		905,009
Fortis		45,100		717,276
InBev NV		26,900		1,859,892
KBC Groep NV		31,100		3,437,832
UCB SA		15,794		582,664
Umicore		18,007		885,647
				8,388,320
Bermuda—0.7%
Seadrill Ltd.		234,492		7,157,425
Brazil—0.6%
Bovespa Holding SA		33,000		407,585
Petroleo Brasileiro SA, Class A ADR		47,397		2,746,656
Redecard SA		92,388		1,707,026
Vivo Participacoes SA ADR	*†	171,218		1,088,946
				5,950,213
Canada—6.3%
Barrick Gold Corp.		96,800		4,404,400
Cameco Corp.		33,900		1,456,134
Canadian Natural Resources Ltd.		72,800		7,199,325
Canadian Pacific Railway Ltd.		80,975		5,355,687
EnCana Corp.		50,900		4,660,218
Fairfax Financial Holdings Ltd.		9,200		2,354,810
Fording Canadian Coal Trust		14,500		1,386,437
Freehold Royalty Trust		79,600		1,872,712
Inmet Mining Corp.		11,400		756,646
Laurentian Bank of Canada		19,200		789,691
Manulife Financial Corp.		19,900		695,924
Methanex Corp.		4,800		135,663
Onex Corp.		21,800		642,006
Potash Corp of Saskatchewan		70,900		16,448,772
Research In Motion Ltd.	*	77,500		9,096,769
Shaw Communications, Inc., Class B		45,400		926,967
Shoppers Drug Mart Corp.		21,500		1,178,420
Suncor Energy, Inc.		114,400		6,641,640
				66,002,221
China—0.8%
Angang Steel Co. Ltd., Class H		369,100		743,345
China Construction Bank Corp., Class H	†	3,037,372		2,450,919
China Life Insurance Co. Ltd., Class H		232,700		810,712
China Petroleum & Chemical Corp., Class H		1,882,600		1,759,703
China Shenhua Energy Co. Ltd.		208,000		818,623
Industrial & Commercial Bank of China, Class H		1,066,000		728,852
Shanghai Electric Group Co. Ltd., Class H	*†	2,135,866		1,047,628
				8,359,782
Denmark—0.2%
A P Moller—Maersk A/S, Class B		58		707,428
Novo Nordisk A/S, Class B		16,000		1,053,288
				1,760,716
Finland—1.4%
Fortum Oyj		180,502		9,136,191
Nokia Oyj		181,800		4,443,712
Rautaruukki Oyj		15,500		703,601
UPM-Kymmene Oyj		7,658		124,779
				14,408,283
France—9.7%
Accor SA		9,700		644,369
Air Liquide		9,724		1,280,169
Alstom SA		20,765		4,761,526
Altamir Amboise		202,000		2,061,572
AXA SA		57,419		1,691,897
Beneteau SA		30,900		671,359
BNP Paribas		55,670		5,011,236
Bouygues		153,691		10,140,023
Carrefour SA		19,200		1,082,260
Cie Generale d’Optique Essilor International SA		56,000		3,415,953
Compagnie Generale des Etablissements Michelin, Class B		13,900		993,932
Dassault Systemes SA	†	12,300		746,695
Electricite de France		82,556		7,820,589
Esso SA Francaise		4,970		1,251,774
France Telecom SA		138,100		4,050,058
Groupe Danone	†	33,400		2,337,132
IMS-Intl Metal Service		24,500		827,056
Lafarge SA		9,500		1,448,627
L’Oreal SA		55,400		6,009,021
LVMH Moet Hennessy Louis Vuitton SA		78,261		8,163,927
Manutan (Societe)		9,000		651,092
Oberthur Technologies		140,500		967,489
PagesJaunes Groupe	†	18,853		275,750
Pernod-Ricard SA		19,200		1,959,260
Peugeot SA	†	79,600		4,299,351

164 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint International Fund

		Shares	Value
COMMON STOCKS—(Continued)
Renault SA		6,400	$	520,873
Rhodia SA		19,008		347,774
Sanofi-Aventis SA		44,800		2,976,906
Schneider Electric SA		5,358		576,403
Societe Generale		17,437		1,511,768
Suez SA		25,400		1,721,801
Technip SA		48,751		4,498,708
Total Gabon		1,200		853,232
Total SA		30,040		2,556,954
Vallourec		6,695		2,341,438
Veolia Environnement		50,675		2,829,039
Vinci SA		97,142		5,931,864
Vivendi Universal SA		53,200		2,005,973
				101,234,850
Germany—7.6%
Adidas AG		49,000		3,085,663
Allianz SE (Registered)		35,260		6,202,338
Bayer AG	†	116,496		9,801,756
Commerzbank AG	†	23,275		691,448
Continental AG	†	6,600		679,330
Daimler AG		95,421		5,918,558
Deutsche Bank AG (Registered)	†	11,532		995,497
Deutsche Boerse AG		35,400		4,001,617
E.ON AG		18,839		3,796,886
Fraport AG Frankfurt Airport Services Worldwide	†	44,938		3,045,691
Fresenius Medical Care AG & Co. KGaA		16,100		887,061
Hypo Real Estate Holding AG	†	31,013		872,604
K+S AG		2,100		1,209,094
Linde AG		39,784		5,588,068
MAN AG		9,100		1,009,047
Muenchener Rueckversicherungs AG		22,400		3,928,816
Q-Cells AG	*	6,300		638,196
RWE AG	†	26,059		3,290,099
Salzgitter AG		41,500		7,602,265
SAP AG	†	83,800		4,385,868
ThyssenKrupp AG		13,600		853,189
Volkswagen AG	†	13,300		3,841,681
Wacker Chemie AG		33,894		7,080,754
				79,405,526
Hong Kong—4.9%
Bank of East Asia Ltd.		837,800		4,555,088
China Merchants Holdings International Co. Ltd.		281,800		1,090,649
China Mobile Ltd.		244,000		3,275,174
China Overseas Land & Investment Ltd.		168,000		266,290
China Resources Land Ltd.		1,295,700		1,799,193
CLP Holdings Ltd.		480,000		4,116,384
CNOOC Ltd.		2,750,000		4,773,757
Hang Lung Group Ltd.		183,000		816,185
Hang Seng Bank Ltd.		346,000		7,305,485
Hengan International Group Co. Ltd.		390,000		1,150,790
Hong Kong & China Gas Co. Ltd.		1,837,000		4,371,263
Hutchison Whampoa Ltd.		909,998		9,176,697
Jardine Matheson Holdings Ltd.		26,000		807,997
Li & Fung Ltd.		102,400		308,988
Noble Group Ltd.		772,800		1,352,632
NWS Holdings Ltd.		665,796		1,738,635
Public Financial Holdings Ltd.		820,000		539,715
Sun Hung Kai Properties Ltd.		204,800		2,784,065
Swire Pacific Ltd.		4,500		46,061
Wing Lung Bank		69,000		1,355,359
				51,630,407
India—0.0%
ICICI Bank Ltd. ADR	*†	10,258		295,020
Indonesia—0.0%
Telekomunikasi Indonesia Tbk PT		367,500		293,503
Ireland—0.4%
Allied Irish Banks plc		41,200		634,928
CRH plc		111,621		3,244,104
				3,879,032
Italy—1.6%
Enel SpA	†	70,600		669,740
ENI SpA		194,219		7,215,288
Fiat SpA		140,200		2,282,023
IFIL—Investments SpA	†	415,100		2,682,549
Intesa Sanpaolo SpA		303,149		1,723,352
Saipem SpA		39,200		1,832,113
				16,405,065
Japan—22.8%
Advantest Corp.	†	73,500		1,549,238
Aeon Co. Ltd.		241,200		2,985,727
Aeon Mall Co. Ltd.	†	116,500		3,446,236
Ain Pharmaciez, Inc.		8,100		137,125
Aisin Seiki Co. Ltd.		122,600		4,027,250
Ajinomoto Co., Inc.	†	66,000		625,280
Aloka Co. Ltd.		54,900		757,308
Apamanshop Holdings Co. Ltd.	†	3,473		713,797
Astellas Pharma, Inc.		72,000		3,061,813
Atrium Co. Ltd.	†	59,000		592,521
Canon, Inc.		138,750		7,142,284
Chiyoda Corp.	†	92,000		1,000,397
Chugai Pharmaceutical Co. Ltd.	†	119,000		1,902,780
Citizen Holdings Co. Ltd.	†	80,000		610,311
Credit Saison Co. Ltd.	†	108,525		2,276,493
Daikin Industries Ltd.		68,000		3,438,274
Daito Trust Construction Co. Ltd.		71,000		3,443,578
Daiwa House Industry Co. Ltd.		20,000		188,275
Denso Corp.		169,300		5,830,926
East Japan Railway Co.		83		676,061
Eisai Co. Ltd.		73,000		2,578,649
Elpida Memory, Inc.	*†	44,500		1,427,156
Fanuc Ltd.		67,700		6,620,875
Fuji Machine Manufacturing Co. Ltd.		49,400		986,458
FUJIFILM Holdings Corp.		40,800		1,405,377
Fujitsu Frontech Ltd.		86,700		823,089
Fukuoka Financial Group, Inc.		149,000		673,561
Futaba Industrial Co. Ltd.	†	57,500		1,330,628
Heiwa Corp.		70,000		741,725
Hirose Electric Co. Ltd.	†	24,700		2,481,814
Hitachi Capital Corp.		60,000		966,389
Hitachi Ltd.		126,000		907,386
Honda Motor Co. Ltd.		169,995		5,801,363
HOYA Corp.		174,600		4,044,118
Idemitsu Kosan Co. Ltd.		600		53,360
Inpex Holdings, Inc.		143		1,805,852

See accompanying notes to financial statements. 165

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint International Fund

		Shares	Value
COMMON STOCKS—(Continued)
ITOCHU Corp.		548,000	$	5,842,649
Japan Tobacco, Inc.		1,173		5,002,677
JGC Corp.		46,000		905,817
JS Group Corp.		18,400		292,962
Jupiter Telecommunications Co. Ltd.		2,586		2,006,052
Keiyo Co. Ltd.	†	105,000		506,064
Keyence Corp.		29,800		7,103,520
KK daVinci Holdings	*†	899		621,523
Marubeni Corp.		495,000		4,128,790
Matsushita Electric Industrial Co. Ltd.		61,000		1,305,021
MID Reit, Inc. REIT	†	614		2,001,859
Miraca Holdings, Inc.		131,000		3,138,505
Mitsubishi Corp.		37,800		1,245,537
Mitsubishi Estate Co. Ltd.		205,900		4,714,003
Mitsubishi Heavy Industries Ltd.	†	635,700		3,036,279
Mitsubishi UFJ Financial Group, Inc.		655,400		5,792,061
Mitsui & Co. Ltd.		613,241		13,534,897
Mitsui Fudosan Co. Ltd.		93,046		1,991,462
Mitsui OSK Lines Ltd.		51,000		727,360
Mitsui Sumitomo Insurance Group Holdings, Inc.	*	26,100		902,059
Mizuho Financial Group, Inc.		862		4,010,743
Murata Manufacturing Co. Ltd.		28,200		1,330,436
Nintendo Co. Ltd.		8,900		5,046,954
Nippon Electric Glass Co. Ltd.		31,500		547,533
Nissan Motor Co. Ltd.		178,800		1,485,020
Nitto Denko Corp.		54,000		2,075,781
Nomura Holdings, Inc.		270,800		4,010,107
Oracle Corp. Japan	†	13,200		538,143
Oriental Yeast Co. Ltd.		156,000		912,168
ORIX Corp.		29,810		4,269,595
Raysum Co. Ltd.		640		426,170
Rohm Co. Ltd.		30,400		1,755,273
SBI Holdings, Inc.		2,790		610,630
Secom Co. Ltd.		68,000		3,312,158
SFCG Co. Ltd.	†	18,680		2,229,329
Shimamura Co. Ltd.		33,900		2,090,267
Shin-Etsu Chemical Co. Ltd.		62,600		3,884,647
SMC Corp.		17,200		1,887,804
Softbank Corp.	†	378,800		6,387,677
Sumitomo Chemical Co. Ltd.		249,300		1,570,610
Sumitomo Corp.		546,800		7,184,005
Sumitomo Mitsui Financial Group, Inc.		774		5,820,641
Sumitomo Realty & Development Co. Ltd.		47,000		934,975
Suzuki Motor Corp.	†	206,050		4,880,204
Takeda Pharmaceutical Co. Ltd.		68,500		3,483,875
THK Co. Ltd.		35,900		698,563
TOA Corp.		75,000		462,738
Token Corp.	†	96,000		4,088,682
Tokio Marine Holdings, Inc.		160,700		6,263,300
Tokyo Electron Ltd.		30,800		1,776,176
Tokyo Gas Co. Ltd.		141,000		569,708
Tokyu Corp.		24,000		124,532
Tokyu Land Corp.		129,950		739,964
Tosei Corp.		1,207		544,407
Toshiba Corp.	†	401,000		2,958,393
Trend Micro, Inc.	†	73,000		2,407,333
Unicharm Corp.	†	11,700		832,264
Unipres Corp.		82,400		867,264
Yamada Denki Co. Ltd.		18,420		1,312,393
Yamato Holdings Co. Ltd.		155,200		2,166,425
				238,349,458
Korea, Republic of—0.7%
LG Electronics, Inc. GDR	^	26,700		676,402
NHN Corp.	*	13,448		2,343,469
Samsung Electronics Co. Ltd. GDR	^	14,465		4,316,560
				7,336,431
Luxembourg—0.3%
RTL Group SA		9,782		1,108,419
SES		35,000		884,133
SES Global		28,900		722,034
				2,714,586
Mexico—0.8%
America Movil SAB de CV, Series L ADR		70,800		3,734,700
Cemex SAB de CV ADR	*	218		5,375
Grupo Modelo SAB de CV	†	207,930		1,058,290
Telefonos de Mexico SAB de CV ADR	†	67,500		1,598,400
Telmex Internacional SAB de CV ADR	*†	81,300		1,308,930
Telmex Internacional SAB de CV, Class L	*	13,300		10,781
Wal-Mart de Mexico SAB de CV	†	157,500		626,909
				8,343,385
Netherlands—2.8%
Aegon NV		57,504		755,988
Akzo Nobel NV		10,600		725,396
ASML Holding NV		259,514		6,351,943
Heineken Holding NV, Class A		9,800		448,548
ING Groep NV		93,079		2,942,936
Koninklijke Ahold NV		50,400		675,641
Koninklijke KPN		106,800		1,825,937
Royal Dutch Shell plc, Class A		89,933		3,677,617
Royal Dutch Shell plc, Class B		200,539		8,030,265
Ten Cate NV		32,900		1,170,604
Unilever NV		93,000		2,629,905
				29,234,780
Norway—1.5%
Kverneland Gruppen ASA	*	429,300		1,136,810
Orkla ASA		474,460		6,079,477
Renewable Energy Corp. AS	*†	22,136		571,517
Telenor ASA		122,900		2,307,098
Yara International ASA		69,200		6,111,440
				16,206,342
Poland—0.1%
Polski Koncern Naftowy Orlen	*	46,900		749,765
Russia—2.0%
Gazprom OAO ADR		217,989		12,643,362
LUKOIL ADR		58,949		5,819,740
MMC Norilsk Nickel ADR	†	45,124		1,135,997
Novorossiysk Commercial Sea Port GDR	†^	2,900		42,412
Rosneft Oil Co. GDR	*	60,419		696,910
Uralkali GDR		11,000		793,591
				21,132,012

166 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint International Fund

		Shares	Value
COMMON STOCKS—(Continued)
Singapore—0.9%
CapitaLand Ltd.		168,500	$	708,052
DBS Group Holdings Ltd.		260,000		3,617,372
Hiap Seng Engineering Ltd.		200		45
Singapore Telecommunications Ltd.		308,392		822,091
Tat Hong Holdings Ltd.		396,000		554,577
Wilmar International Ltd.		1,111,100		4,128,653
				9,830,790
South Africa—0.2%
Naspers Ltd., Class N		79,320		1,725,700
Sasol Ltd.		12,300		724,037
				2,449,737
Spain—3.3%
Banco Bilbao Vizcaya Argentaria SA		138,600		2,640,850
Banco Santander SA		272,600		4,973,332
Construcciones y Auxiliar de Ferrocarriles SA		2,100		918,448
Corp. Financiera Alba		11,700		687,280
Dinamia		23,000		678,387
Gamesa Corp. Tecnologica SA		64,460		3,155,747
Iberdrola SA	†	91,351		1,217,141
Inditex SA	†	134,666		6,173,187
Mapfre SA	†	161,100		769,028
Repsol YPF SA		60,800		2,386,055
Telefonica SA		407,739		10,790,294
				34,389,749
Sweden—1.7%
Alfa Laval AB		101,600		1,569,662
Assa Abloy AB, Class B	†	31,300		450,346
Atlas Copco AB, Class A		38,800		567,464
Hennes & Mauritz AB, Class B		44,500		2,400,788
Nordea Bank AB		449,300		6,156,540
Ssab Svenskt Stal AB, Class A		34,539		1,107,711
Telefonaktiebolaget LM Ericsson ADR	†	5,000		52,000
Telefonaktiebolaget LM Ericsson, Class B		521,000		5,417,603
TeliaSonera AB		87,300		645,408
				18,367,522
Switzerland—7.9%
ABB Ltd. (Registered)	*	100,000		2,830,585
Adecco SA (Registered)		36,792		1,818,703
Bobst Group AG (Registered)		14,600		1,168,253
Burckhardt Compression Holding AG		3,700		1,119,081
Compagnie Financiere Richemont SA		81,915		4,545,937
Credit Suisse Group AG (Registered)		17,498		796,456
Ferrexpo plc		154,500		1,209,033
Givaudan SA (Registered)		585		521,476
Holcim Ltd. (Registered)		82,958		6,705,661
Nestle SA (Registered)		450,850		20,317,407
Nobel Biocare Holding AG (Registered)		64,598		2,100,349
Novartis AG (Registered)		120,631		6,638,589
Petroplus Holdings AG	*	25,100		1,343,334
Roche Holding AG (Genusschein)		78,891		14,182,418
Roche Holding AG (Registered)		6,827		1,357,866
SGS SA (Registered)		2,500		3,565,122
Swiss Reinsurance (Registered)		62,794		4,162,727
Swisscom AG (Registered)		5,027		1,674,312
Syngenta AG (Registered)		4,000		1,295,891
Temenos Group AG (Registered)	*†	39,800		1,224,693
UBS AG (Registered)	*	111,352		2,318,965
Zurich Financial Services AG (Registered)		6,200		1,580,099
				82,476,957
Taiwan—0.3%
Taiwan Mobile Co. Ltd.		352,660		655,111
Taiwan Semiconductor Manufacturing Co. Ltd.	*	378,339		2,971,080
				3,626,191
United Kingdom—12.2%
Acergy SA	†	41,325		920,809
Alliance & Leicester plc		106,738		622,943
Anglo American plc		12,900		906,022
Antofagasta plc		51,500		669,646
ARM Holdings plc		168,400		284,289
AstraZeneca plc		84,384		3,585,841
Aveva Group plc		45,400		1,386,622
Babcock International Group	*	72,800		886,641
BAE Systems plc		591,500		5,191,817
Barclays plc		68,300		387,501
BG Group plc		168,800		4,386,716
BHP Billiton plc		180,500		6,922,230
BP plc ADR		874,639		10,392,765
Cadbury plc		231,640		2,905,591
Cairn Energy plc	*	11,800		757,331
Centrica plc		747,800		4,599,369
Chaucer Holdings plc		1,376,100		2,189,405
Game Group plc		232,500		1,341,124
GlaxoSmithKline plc		130,000		2,873,772
HBOS plc		110,800		606,613
Holidaybreak plc		77,300		645,337
HSBC Holdings plc		112,235		1,728,155
Hunting plc		172,600		3,011,671
Imperial Tobacco Group plc		19,900		739,263
JKX Oil & Gas plc		98,200		1,022,069
John Wood Group plc		99,400		975,735
Kingfisher plc		907,689		2,012,356
Lavendon Group plc		89,901		441,157
Lloyds TSB Group plc		876,436		5,377,200
Marks & Spencer Group plc		85,000		552,719
Micro Focus International plc		297,000		1,544,409
National Grid plc		403,800		5,293,155
Next plc		17,692		340,104
Old Mutual plc		337,300		619,197
Persimmon plc		49,000		306,694
Premier Foods plc		249,600		471,121
Prudential plc		59,200		624,431
Reckitt Benckiser Group plc		58,000		2,929,488
Rio Tinto plc		35,100		4,227,019
Royal Bank of Scotland Group plc		776,900		3,307,392
SABMiller plc		274,700		6,276,073
Scottish & Southern Energy plc		46,400		1,292,842
Shire Ltd.		46,500		760,160
Standard Chartered plc		46,900		1,328,192
Tesco plc		710,800		5,199,047
Vodafone Group plc		1,643,301		4,841,715
WM Morrison Supermarkets plc		1,724,785		9,092,532
Wolseley plc		79,900		595,324

See accompanying notes to financial statements. 167

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint International Fund

			Shares	Value
COMMON STOCKS—(Continued)
Xstrata plc			130,066	$	10,361,187
Yell Group plc			214,500		299,289
					128,032,080
United States—0.0%
Dr. Pepper Snapple Group, Inc.	*		1		21
TOTAL COMMON STOCKS (Cost $954,033,939)					1,000,968,755
PREFERRED STOCKS—0.0%
Germany—0.0%
Porsche Automobil Holding SE
(Cost $781,501)			4,140		637,471
RIGHTS—0.0%
United Kingdom—0.0%
Barclays plc,
Expires 07/17/2008	*	‡	14,635		2,769
HBOS plc,
Expires 07/18/2008	*		44,320		9,490
TOTAL RIGHTS (Cost $—)					12,259
CASH EQUIVALENTS—10.0%
Institutional Money Market Funds—10.0%
AIM Short-Term Investments Trust Liquid Assets Portfolio	††		15,920,609		15,920,609
AIM Short-Term Investments Trust Prime Assets Portfolio	††		53,663,245		53,663,245
JPMorgan Prime Money Market Fund, Capital Shares			17,716,515		17,716,515
JPMorgan U.S. Government Money Market Fund, Capital Shares			17,119,576		17,119,576
TOTAL CASH EQUIVALENTS (Cost $104,419,945)					104,419,945
TOTAL INVESTMENTS—105.6% (Cost $1,059,235,385)					1,106,038,430
Other assets less liabilities—(5.6%)					(58,916,338	)
NET ASSETS—100.0%				$	1,047,122,092

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
REIT	Real Estate Investment Trust
†	Denotes all or a portion of security on loan.
*	Non-income producing.
^	Securities 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 0.5% of Total Investments.
‡	Security valued at fair value as determined by policies approved by the board of directors.
††	Represents reinvestment of collateral received in conjunction with securities lending.

Percentage of Portfolio by Industry (unaudited):

COMMON STOCKS/PREFERRED STOCKS
Oil, Gas & Consumable Fuels	10.5	%
Commercial Banks	7.7	%
Chemicals	6.0	%
Metals & Mining	4.4	%
Pharmaceuticals	4.2	%
Insurance	3.6	%
Trading Companies & Distributors	3.3	%
Wireless Telecommunication Services	2.9	%
Food Products	2.9	%
Electric Utilities	2.7	%
Automobiles	2.7	%
Diversified Telecommunication Services	2.6	%
Food & Staples Retailing	2.5	%
Machinery	2.2	%
Real Estate Management & Development	2.0	%
Semiconductors & Semiconductor Equipment	1.9	%
Communications Equipment	1.8	%
Energy Equipment & Services	1.8	%
Industrial Conglomerates	1.8	%
Multi-Utilities	1.7	%
Electronic Equipment & Instruments	1.7	%
Textiles, Apparel & Luxury Goods	1.6	%
Software	1.5	%
Specialty Retail	1.5	%
Auto Components	1.4	%
Electrical Equipment	1.3	%
Capital Markets	1.3	%
Diversified Financial Services	1.3	%
Commercial Services & Supplies	1.1	%
Beverages	1.1	%
Construction Materials	1.0	%
Health Care Equipment & Supplies	0.9	%
Media	0.9	%
Consumer Finance	0.9	%
Construction & Engineering	0.8	%
Household Durables	0.8	%
Personal Products	0.7	%
Office Electronics	0.7	%
Tobacco	0.6	%
Road & Rail	0.6	%
Computers & Peripherals	0.5	%
Aerospace & Defense	0.5	%
Gas Utilities	0.5	%
Household Products	0.4	%
Transportation Infrastructure	0.4	%
Building Products	0.3	%
Food	0.3	%
IT Services	0.2	%
Real Estate Investment Trusts (REIT)	0.2	%
Leisure Equipment & Products	0.2	%
Air Freight & Logistics	0.2	%
Hotels, Restaurants & Leisure	0.2	%
Internet Software & Services	0.2	%
Marine	0.2	%
Containers & Packaging	0.1	%
Thrifts & Mortgage Finance	0.1	%
Internet & Catalog Retail	0.1	%
Health Care Providers & Services	0.1	%
TOTAL COMMON STOCKS/PREFERRED STOCKS	95.6	%
CASH EQUIVALENTS
Institutional Money Market Funds	10.0	%
TOTAL INVESTMENTS	105.6	%
Other assets less liabilities	(5.6	)%
TOTAL NET ASSETS	100.0	%

168 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Diversified Assets Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—20.3%
Agriculture—0.3%
Alliance One International, Inc.
11.000%	05/15/2012			$	1,500,000	$	1,552,500
Airlines—0.1%
Continental Airlines, Inc., Series 01-1
6.503%	06/15/2011				420,000		388,500
Auto Parts & Equipment—0.4%
Goodyear Tire & Rubber Co. (The)
6.678%	12/01/2009	#			875,000		872,813
Lear Corp., Series B
8.110%	05/15/2009				1,000,000		985,000
							1,857,813
Beverages—1.3%
Coca-Cola Enterprises, Inc.
3.316%	05/06/2011	#§			2,100,000		2,113,497
Diageo Capital plc (United Kingdom)
2.816%	11/10/2008	#§			3,500,000		3,493,791
							5,607,288
Capital Markets—0.4%
Morgan Stanley
3.875%	01/15/2009	§			1,500,000		1,494,383
Washington Mutual, Inc.
4.000%	01/15/2009				310,000		300,738
							1,795,121
Chemicals—0.3%
Arco Chemical Co.
10.250%	11/01/2010				750,000		761,250
Sensient Technologies Corp.
6.500%	04/01/2009				720,000		723,011
							1,484,261
Commercial Banks—1.5%
BNP Paribas (France)
3.126%	06/04/2010	#			1,000,000		999,503
US Bancorp
5.300%	04/28/2009				1,200,000		1,207,436
VTB Capital SA, Reg S (Luxembourg)
4.484%	11/02/2009	#			1,500,000		1,501,080
Wachovia Bank NA
5.800%	12/01/2008				1,750,000		1,762,862
Wells Fargo & Co.
2.876%	09/15/2009	#			1,250,000		1,246,218
							6,717,099
Commercial Services—0.3%
Corrections Corp of America
7.500%	05/01/2011				1,500,000		1,515,000
Communications Equipment—0.7%
Cisco Systems, Inc.
2.738%	02/20/2009	#§			3,500,000		3,498,708
Computers & Peripherals—0.3%
Hewlett-Packard Co.
3.081%	09/03/2009	#			1,200,000		1,195,937
Consumer Finance—1.6%
Caterpillar Financial Services Corp. (MTN)
3.450%	01/15/2009	§			3,500,000		3,490,248
John Deere Capital Corp.
3.088%	02/26/2010	#			1,300,000		1,284,447
SLM Corp. (MTN)
5.570%	07/25/2008	#			1,000,000		999,270
Toyota Motor Credit Corp.
2.525%	01/12/2009	#§			2,000,000		1,999,063
							7,773,028
Cosmetics/Personal Care—0.3%
Procter & Gamble International Funding SCA (Luxembourg)
2.939%	08/19/2009	#			1,190,000		1,192,480
Diversified Financial Services—1.6%
Blue City Investments 1 Ltd. for Blue City Co., Series A3 (Cayman Islands)
6.570%	11/07/2016	#	‡		1,000,000		953,900
General Electric Capital Corp.
2.888%	01/20/2010	#§			3,500,000		3,487,271
IBM International Group Capital LLC
3.253%	07/29/2009	#			1,190,000		1,194,345
National Rural Utilities Cooperative Finance Corp.
3.576%	07/01/2010	#			1,580,000		1,579,333
							7,214,849
Diversified Telecommunication Services—1.7%
AT&T Corp.
7.300%	11/15/2011				1,200,000		1,279,056
Deutsche Telekom International Finance BV (Netherlands)
3.875%	07/22/2008				2,000,000		2,000,000
Qwest Capital Funding, Inc.
7.000%	08/03/2009				750,000		751,875
Verizon Communications, Inc.
2.838%	04/03/2009	#§			3,500,000		3,493,151
							7,524,082
Energy Equipment & Services—0.4%
Transocean, Inc. (Cayman Islands)
2.873%	09/05/2008	#§			2,000,000		1,997,456
Entertainment—0.2%
Mohegan Tribal Gaming Authority
8.000%	04/01/2012				1,000,000		920,000
Food—0.9%
Kraft Foods, Inc.
4.000%	10/01/2008	§			3,000,000		2,999,180
Safeway, Inc.
3.158%	03/27/2009	#			1,200,000		1,192,128
							4,191,308
Healthcare-Services—0.4%
UnitedHealth Group, Inc.
2.762%	03/02/2009	#			1,650,000		1,636,518
Home Builders—0.2%
Standard Pacific Corp.
6.500%	10/01/2008				1,000,000		990,000
Household Products/Wares—0.5%
Kimberly-Clark Corp.
2.999%	07/30/2010	#			2,200,000		2,191,750
Independent Power Producers & Energy Traders—0.2%
Orion Power Holdings, Inc.
12.000%	05/01/2010				650,000		705,250

See accompanying notes to financial statements. 169

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Diversified Assets Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Insurance—0.6%
Berkshire Hathaway Finance Corp.
3.375%	10/15/2008		$	2,575,000	$	2,576,921
Lodging—0.2%
MGM Mirage
6.000%	10/01/2009			1,000,000		988,750
Machinery—0.7%
Textron, Inc.
6.375%	11/15/2008			2,900,000		2,931,279
Media—1.9%
Cablevision Systems Corp., Series B
7.133%	04/01/2009	#		500,000		502,500
Comcast Corp.
3.010%	07/14/2009	#		1,649,000		1,636,263
CSC Holdings, Inc., Series B
8.125%	08/15/2009			750,000		757,500
Dex Media West LLC/Dex Media Finance Co., Series B
9.875%	08/15/2013			1,500,000		1,353,750
Dex Media West LLC/Dex Media Finance Co., Series B
8.500%	08/15/2010			200,000		198,500
Sinclair Television Group, Inc.
8.000%	03/15/2012			1,500,000		1,515,000
Time Warner Entertainment Co. LP
7.250%	09/01/2008			2,500,000		2,513,705
						8,477,218
Metals & Mining—0.4%
Rio Tinto Finance USA Ltd. (Australia)
2.625%	09/30/2008			2,000,000		1,994,220
Oil, Gas & Consumable Fuels—0.6%
Anadarko Petroleum Corp.
3.176%	09/15/2009	#		1,200,000		1,186,608
BP Capital Markets PLC (United Kingdom)
3.024%	03/17/2010	#		1,200,000		1,200,643
						2,387,251
Pharmaceuticals—0.4%
AstraZeneca PLC (United Kingdom)
2.991%	09/11/2009	#		1,100,000		1,101,393
GlaxoSmithKline Capital, Inc.
3.310%	05/13/2010	#		1,100,000		1,103,515
						2,204,908
Retail—1.0%
Neiman Marcus Group, Inc./The (PIK)
9.000%	10/15/2015			1,500,000		1,488,750
Rite Aid Corp.
8.125%	05/01/2010			400,000		406,000
Target Corp.
2.895%	08/07/2009	#§		2,000,000		1,996,386
Wal-Mart Stores, Inc.
6.875%	08/10/2009			750,000		777,778
						4,668,914
Software—0.5%
Oracle Corp.
2.738%	05/14/2010	#§		2,200,000		2,189,880
Wireless Telecommunication Services—0.4%
Millicom International Cellular SA (Luxembourg)
10.000%	12/01/2013			1,500,000		1,597,500
Rural Cellular Corp.
8.250%	03/15/2012			282,000		290,460
						1,887,960
TOTAL CORPORATE OBLIGATIONS (Cost $92,939,490)						92,256,249
U.S. GOVERNMENT AGENCY OBLIGATIONS—25.9%
U.S. Government Agency Obligations—25.9%
Federal Home Loan Bank
5.000%	09/18/2009	§		4,235,000		4,340,659
3.375%	12/18/2009	§		7,600,000		7,645,904
2.780%	02/27/2009	§		5,000,000		4,998,865
2.750%	02/20/2009	§		7,500,000		7,497,803
2.500%	01/22/2009	§		2,200,000		2,196,841
2.469%	09/14/2009	#§		6,000,000		6,001,284
2.200%	04/01/2009	§		2,150,000		2,141,942
2.053%	07/14/2008			3,500,000		3,497,210
Federal Home Loan Mortgage Corp.
4.625%	12/19/2008	§		22,000,000		22,198,638
2.669%	09/25/2009	#§		4,000,000		4,002,208
2.639%	12/26/2008	#§		5,000,000		5,000,425
2.500%	05/18/2009	§		7,000,000		6,978,076
2.413%	09/28/2009	#§		5,000,000		5,000,455
2.071%	07/11/2008	§		14,500,000		14,491,392
Federal National Mortgage Association
4.875%	10/15/2009	§		2,750,000		2,768,178
2.096%	07/14/2008			6,000,000		5,995,119
2.016%	07/09/2008	§		13,000,000		12,993,365
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $117,582,303)						117,748,364
U.S. TREASURY OBLIGATIONS—29.2%
U.S. Treasury Bills—14.8%
U.S. Treasury Bill
1.839%	08/28/2008	§		4,750,000		4,739,006
1.815%	09/18/2008	‡‡		15,900,000		15,837,783
1.778%	08/14/2008	§		5,500,000		5,487,564
1.758%	09/25/2008			4,000,000		3,983,612
1.679%	12/04/2008	‡‡		16,150,000		16,004,989
1.550%	07/10/2008	§		20,750,000		20,742,947
1.453%	08/21/2008			600,000		598,538
						67,394,439
U.S. Treasury Notes—14.4%
U.S. Treasury Note
4.875%	06/30/2009	§		26,000,000		26,643,916
3.625%	10/31/2009	§		16,500,000		16,782,315
2.125%	04/30/2010	§		12,000,000		11,916,564
1.750%	03/31/2010	§		10,000,000		9,874,220
						65,217,015
TOTAL U.S. TREASURY OBLIGATIONS (Cost $132,268,685)						132,611,454

170 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Diversified Assets Fund

Coupon Rate		Maturity Date		Face		Value
ASSET BACKED SECURITIES—17.8%
Automobile—2.7%
AmeriCredit Automobile Receivables Trust
Series 2007-BF, Class A2
5.310%		01/06/2011		$	1,116,469	$	1,117,509
Capital Auto Receivables Asset Trust
Series 2007-SN1, Class A3B
2.531%		07/15/2010	#		2,500,000		2,490,921
Carmax Auto Owner Trust
Series 2007-2, Class A2
5.320%		01/15/2010			539,459		541,447
Carmax Auto Owner Trust
Series 2008-1, Class A2
3.171%		04/15/2011	#§		2,000,000		2,004,861
Household Automotive Trust
Series 2006-2, Class A3
5.610%		08/17/2011			1,446,670		1,468,544
Long Beach Auto Receivables Trust
Series 2007-A, Class A2
5.150%		11/15/2010			1,094,326		1,098,143
Triad Auto Receivables Owner Trust
Series 2005-B, Class A3
4.280%		06/14/2010			1,701,673		1,696,777
Triad Auto Receivables Owner Trust
Series 2006-A, Class A3
4.770%		01/12/2011			1,096,003		1,088,071
Wachovia Auto Loan Owner Trust
Series 2007-1, Class A2
5.360%		07/20/2010			929,046		934,825
							12,441,098
Credit Card—5.2%
American Express Credit Account Master Trust
Series 2004-5, Class B
2.721%		04/15/2012	#		1,750,000		1,719,155
American Express Credit Account Master Trust
Series 2006-A, Class C
2.701%		08/15/2011	#†		2,750,000		2,722,020
BA Credit Card Trust
Series 2006-A10, Class A10
2.451%		02/15/2012	#		3,400,000		3,381,955
Bank One Issuance Trust
Series 2004-B1, Class B1
2.791%		03/15/2012	#§		2,000,000		1,973,766
Chase Credit Card Master Trust
Series 2002-3, Class B
2.921%		09/15/2011	#		1,750,000		1,728,463
Chase Credit Card Master Trust
Series 2003-3, Class B
2.821%		10/15/2010	#		1,750,000		1,750,060
Chase Credit Card Master Trust
Series 2003-6, Class B
2.821%		02/15/2011	#		1,750,000		1,747,604
Chase Issuance Trust
Series 2006-C3, Class C3
2.701%		06/15/2011	#§		3,000,000		2,951,098
Citibank Credit Card Issuance Trust
Series 2006-B1, Class B1
2.558%		03/07/2011	#		1,000,000		990,604
GE Capital Credit Card Master Note Trust
Series 2005-3, Class B
2.771%		06/15/2013	#		1,500,000		1,388,883
Household Credit Card Master Note Trust I
Series 2006-1, Class B
2.611%		06/15/2012	#		1,000,000		958,327
MBNA Credit Card Master Note Trust
Series 2005-C3, Class C
2.741%		03/15/2011	#		1,750,000		1,747,687
							23,059,622
Equipment—0.2%
CNH Equipment Trust
Series 2004-A, Class A4B
3.480%		09/15/2011			920,481		920,849
	��
Home Equity—9.7%
Aegis Asset Backed Securities Trust
Series 2005-3, Class A2
2.723%		08/25/2035	#		962,650		954,057
Ameriquest Mortgage Securities, Inc.
Series 2005-R7, Class A2C
2.743%		09/25/2035	#		1,357,445		1,340,701
Argent Securities, Inc.
Series 2005-W2, Class A2B1
2.683%		10/25/2035	#		2,458,820		2,387,640
Bear Stearns Asset Backed Securities Trust
Series 2006-HE6, Class 1A1
2.513%		05/25/2031	#		1,090,834		1,081,078
Citigroup Mortgage Loan Trust, Inc.
Series 2005-HE3, Class A2C
2.743%		09/25/2035	#		910,918		906,146
Countrywide Asset-Backed Certificates
Series 2004-AB1, Class 2A3
3.003%		02/25/2035	#		1,587,869		1,562,377
Countrywide Asset-Backed Certificates
Series 2005-11, Class 3AV2
2.773%		09/14/2049	#		1,763,122		1,690,604
Countrywide Asset-Backed Certificates
Series 2006-12, Class 2A1
2.463%		06/25/2030	#		1,405,869		1,391,463
First Franklin Mortgage Loan Asset Backed Certificates
Series 2005-FF6, Class A2B
2.703%		03/25/2036	#		1,153,083		1,132,019
First Franklin Mortgage Loan Asset Backed Certificates
Series 2005-FF8, Class A2C
2.753%		09/25/2035	#§		1,811,893		1,768,752
Lehman XS Trust
Series 2005-8, Class 2A1A
2.683%		12/25/2035	#§		2,242,180		2,187,949
Long Beach Mortgage Loan Trust
Series 2005-3, Class 2A2
2.763%		09/25/2035	#		972,950		947,831
Long Beach Mortgage Loan Trust
Series 2005-WL2, Class 3A1
2.663%		07/25/2035	#		1,063,653		1,038,611
Mastr Asset Backed Securities Trust
Series 2006-WMC1, Class A2
2.593%		02/25/2036	#		1,719,963		1,696,884
Merrill Lynch Mortgage Investors, Inc.
Series 2006-FM1, Class A2A
2.543%		04/25/2037	#		822,856		814,935
Morgan Stanley Capital I
Series 2006-HE1, Class A2
2.603%		01/25/2036	#		75,071		74,904
Option One Mortgage Loan Trust
Series 2005-4, Class A3
2.743%		11/25/2035	#§		2,148,817		2,088,007
Option One Mortgage Loan Trust
Series 2006-1, Class 2A2
2.613%		01/25/2036	#		1,145,037		1,127,775

See accompanying notes to financial statements. 171

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Diversified Assets Fund

Coupon Rate	Maturity Date		Face		Value
ASSET BACKED SECURITIES—(Continued)
Residential Asset Securities Corp.
Series 2005-KS11, Class AI2
2.623%	12/25/2035	#	$	16,747	$	16,738
Residential Asset Securities Corp.
Series 2006-KS1, Class A2
2.623%	01/25/2031	#		646,828		645,375
Residential Asset Securities Corp.
Series 2006-KS2, Class A2
2.613%	01/25/2031	#		531,777		529,014
Saxon Asset Securities Trust
Series 2005-4, Class A2C
2.733%	11/25/2037	#§		2,702,334		2,655,768
Soundview Home Equity Loan Trust
Series 2005-OPT4, Class 2A3
2.743%	12/25/2035	#§		3,000,000		2,837,849
Soundview Home Equity Loan Trust
Series 2006-OPT4, Class 2A2
2.573%	06/25/2036	#		1,500,000		1,476,963
Soundview Home Equity Loan Trust
Series 2006-OPT5, Class 2A2
2.573%	07/25/2036	#		1,075,901		1,056,571
Specialty Underwriting & Residential Finance
Series 2005-BC3, Class A2C
2.853%	06/25/2036	#		1,500,000		1,449,942
Specialty Underwriting & Residential Finance
Series 2006-BC1, Class A2B
2.633%	12/25/2036	#		1,500,000		1,473,357
Structured Asset Investment Loan Trust
Series 2003-BC1, Class A2
3.163%	01/25/2033	#		3,224,902		2,946,912
Structured Asset Investment Loan Trust
Series 2006-BNC3, Class A2
2.523%	09/25/2036	#		1,318,534		1,298,534
Wells Fargo Home Equity Trust
Series 2006-2, Class A1
2.553%	07/25/2036	#		750,948		745,228
Wells Fargo Mortgage Backed Securities Trust
Series 2004-6, Class A13
2.933%	06/25/2034	#		3,111,349		2,911,955
						44,235,939
TOTAL ASSET BACKED SECURITIES (Cost $80,871,667)						80,657,508
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—0.6%
Mortgage Backed—0.6%
HSI Asset Securitization Corp. Trust
Series 2005-NC2, Class 2A3
2.743%	08/25/2035	#		1,096,637		1,080,404
Thornburg Mortgage Securities Trust
Series 2004-1, Class II2A
3.299%	03/25/2044	#		1,511,062		1,435,280
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $2,500,861)						2,515,684
PURCHASED OPTIONS—0.8%
Swiss Market Index, Expires 09/19/2008, Strike 7,169.89 CHF				100		35,890
Swiss Market Index, Expires 09/19/2008, Strike 7,211.50 CHF				480		183,091
U.S. 10 Year Treasury Note, Expires 08/22/2008, Strike 105.00				367		3,274,328
TOTAL PURCHASED OPTIONS (Cost $3,343,432)						3,493,309
			Shares		Value
CASH EQUIVALENTS—3.5%
Institutional Money Market Funds—3.5%
JPMorgan Prime Money Market Fund, Capital Shares				1,228,454		1,228,454
JPMorgan U.S. Government Money Market Fund, Capital Shares				14,873,437		14,873,437
TOTAL CASH EQUIVALENTS (Cost $16,101,891)						16,101,891
TOTAL INVESTMENTS—98.1% (Cost $445,608,329)						445,384,459
Other Assets Less Liabilities—1.9%						8,482,103
NET ASSETS—100.0%					$	453,866,562

Notes to the Schedule of Investments:

CHF	Swiss Franc
MTN	Medium Term Note
PIK	Payment-in Kind Security
Reg S	Security sold outside Unites States without registration under the Securities Act of 1933
#	Rate is subject to change. Rate shown reflects current rate.
§	Security has been earmarked to cover potential senior securities transactions which may include, but are not limited to, futures, swaps, forwards, options and TBA’s.
‡	Security valued at fair value as determined by policies approved by the board of directors.
‡‡	Security has been pledged as collateral for futures contracts.
^	Securities 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 0.6% of Total Investments.

172 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—21.1%
Aerospace & Defense—0.2%
Boeing Co.
6.125%	02/15/2033		$	100,000	$	101,525
Boeing Co.
5.125%	02/15/2013			250,000		255,234
Lockheed Martin Corp., Series B
6.150%	09/01/2036			250,000		248,155
Northrop Grumman Systems Corp.
7.750%	02/15/2031			250,000		295,182
United Technologies Corp.
6.700%	08/01/2028			150,000		160,058
United Technologies Corp.
6.100%	05/15/2012			50,000		52,949
United Technologies Corp.
4.875%	05/01/2015			500,000		497,719
						1,610,822
Agriculture—0.2%
Archer-Daniels Midland Co.
8.375%	04/15/2017			350,000		411,690
Archer-Daniels Midland Co.
5.450%	03/15/2018			750,000		733,093
Bunge Ltd. Finance Corp.
5.350%	04/15/2014			500,000		467,772
Reynolds American, Inc.
7.625%	06/01/2016			750,000		785,110
						2,397,665
Airlines—0.1%
American Airlines, Inc., Series 1999-1, Class A2
7.024%	10/15/2009	a		157,000		153,075
Continental Airlines, Inc., Series 1998-1, Class 1A
6.648%	03/15/2019			433,798		394,756
						547,831
Auto Manufacturers—0.2%
Daimler Finance North America LLC
7.300%	01/15/2012			1,000,000		1,059,068
Daimler Finance North America LLC
7.200%	09/01/2009			350,000		360,096
Daimler Finance North America LLC
6.500%	11/15/2013			500,000		519,073
						1,938,237
Auto Parts & Equipment—0.1%
Johnson Controls, Inc.
5.500%	01/15/2016			750,000		720,608
Beverages—0.3%
Anheuser-Busch Cos., Inc.
6.800%	01/15/2031			350,000		343,858
Bottling Group LLC
5.500%	04/01/2016	†a		500,000		502,960
Cia de Bebidas das Americas (Brazil)
8.750%	09/15/2013			100,000		113,500
Coca-Cola Enterprises, Inc.
8.500%	02/01/2022			500,000		615,197
Diageo Capital plc (United Kingdom)
4.375%	05/03/2010			500,000		500,749
Diageo Finance BV (Netherlands)
5.300%	10/28/2015	†		750,000		731,236
						2,807,500
Biotechnology—0.1%
Amgen, Inc.
5.850%	06/01/2017			250,000		246,663
Genentech, Inc.
5.250%	07/15/2035			100,000		90,956
Genentech, Inc.
4.750%	07/15/2015			200,000		198,570
Genentech, Inc.
4.400%	07/15/2010			100,000		101,551
						637,740
Building Products—0.1%
CRH America, Inc.
6.000%	09/30/2016			750,000		696,660
Capital Markets—3.1%
Amvescap plc (Bermuda)
5.375%	02/27/2013			100,000		94,251
Bear Stearns Cos, Inc. (The)
7.625%	12/07/2009			1,000,000		1,034,079
Bear Stearns Cos, Inc. (The)
7.250%	02/01/2018			250,000		261,342
Bear Stearns Cos, Inc. (The)
6.950%	08/10/2012			500,000		520,348
Bear Stearns Cos, Inc. (The)
5.700%	11/15/2014			50,000		48,384
Bear Stearns Cos, Inc. (The)
4.500%	10/28/2010			500,000		494,014
Boston Properties, Inc.
6.250%	01/15/2013			750,000		764,558
Camden Property Trust
5.000%	06/15/2015			200,000		175,109
Citigroup, Inc.
6.625%	06/15/2032			150,000		137,286
Citigroup, Inc.
6.500%	01/18/2011			1,000,000		1,029,017
Citigroup, Inc.
6.125%	11/21/2017	†		750,000		721,037
Citigroup, Inc.
6.000%	02/21/2012			350,000		353,113
6.000%	08/15/2017			600,000		573,306
Citigroup, Inc.
5.850%	12/11/2034			500,000		422,475
Citigroup, Inc.
5.625%	08/27/2012			150,000		147,706
Citigroup, Inc.
5.000%	09/15/2014			1,513,000		1,403,111
Credit Suisse First Boston USA, Inc.
6.500%	01/15/2012			350,000		363,499
Credit Suisse First Boston USA, Inc.
6.125%	11/15/2011			1,000,000		1,027,448
Credit Suisse First Boston USA, Inc.
5.500%	08/15/2013	†		150,000		149,932
Credit Suisse First Boston USA, Inc.
5.125%	01/15/2014			500,000		493,374
5.125%	08/15/2015			500,000		480,068
ERP Operating, LP
5.375%	08/01/2016	†		500,000		454,810
ERP Operating, LP
5.200%	04/01/2013			250,000		238,573
Goldman Sachs Group, Inc. (The)
7.350%	10/01/2009			750,000		770,471
Goldman Sachs Group, Inc. (The)
6.875%	01/15/2011			250,000		259,671
Goldman Sachs Group, Inc. (The)
6.600%	01/15/2012			650,000		668,906

See accompanying notes to financial statements. 173

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Goldman Sachs Group, Inc. (The)
6.250%	09/01/2017	†	$	1,000,000	$	990,265
Goldman Sachs Group, Inc. (The)
6.150%	04/01/2018			500,000		485,953
Goldman Sachs Group, Inc. (The)
6.125%	02/15/2033			700,000		628,896
Goldman Sachs Group, Inc. (The)
5.950%	01/15/2027			500,000		432,229
Goldman Sachs Group, Inc. (The)
5.700%	09/01/2012			250,000		251,014
Goldman Sachs Group, Inc. (The)
5.150%	01/15/2014			500,000		484,559
Goldman Sachs Group, Inc. (The)
5.125%	01/15/2015			500,000		479,252
HCP, Inc.
6.700%	01/30/2018			500,000		450,300
Jefferies Group, Inc.
6.250%	01/15/2036			350,000		256,496
JPMorgan Chase & Co.
6.625%	03/15/2012			1,500,000		1,548,095
JPMorgan Chase & Co.
5.750%	01/02/2013			750,000		755,597
JPMorgan Chase & Co.
5.375%	10/01/2012			270,000		271,067
JPMorgan Chase & Co.
5.125%	09/15/2014			750,000		730,204
JPMorgan Chase & Co.
4.750%	03/01/2015	†		1,000,000		944,613
JPMorgan Chase & Co.
4.500%	01/15/2012	†		500,000		485,992
Lehman Brothers Holdings, Inc.
7.875%	08/15/2010			1,000,000		1,029,358
Lehman Brothers Holdings, Inc.
6.875%	07/17/2037			500,000		431,627
Lehman Brothers Holdings, Inc.
6.625%	01/18/2012			750,000		742,635
Lehman Brothers Holdings, Inc.
6.500%	07/19/2017	†		500,000		463,327
Lehman Brothers Holdings, Inc.
4.500%	07/26/2010	†		500,000		482,704
Merrill Lynch & Co., Inc. (MTN)
4.125%	09/10/2009			500,000		494,169
Merrill Lynch & Co., Inc.
6.875%	04/25/2018			1,250,000		1,191,730
6.875%	11/15/2018			250,000		239,107
Merrill Lynch & Co., Inc.
6.220%	09/15/2026			1,000,000		829,961
Morgan Stanley (MTN)
6.625%	04/01/2018	†		500,000		474,593
Morgan Stanley (MTN)
5.450%	01/09/2017			1,000,000		909,731
Morgan Stanley
8.000%	06/15/2010			750,000		772,018
Morgan Stanley
7.250%	04/01/2032			100,000		96,747
Morgan Stanley
6.750%	04/15/2011			500,000		513,220
Morgan Stanley
5.950%	12/28/2017			500,000		454,698
Morgan Stanley
4.750%	04/01/2014			1,000,000		912,346
Prologis
5.625%	11/15/2016			250,000		231,913
Simon Property Group, LP
6.350%	08/28/2012			250,000		250,741
Washington Mutual Bank FA
5.650%	08/15/2014			250,000		195,237
						32,996,282
Chemicals—0.2%
Dow Chemical Co.
7.375%	11/01/2029			250,000		265,881
Dow Chemical Co.
6.000%	10/01/2012			150,000		155,572
E.I. du Pont de Nemours & Co.
6.875%	10/15/2009	†		150,000		156,393
E.I. du Pont de Nemours & Co.
4.750%	11/15/2012	†		500,000		503,599
Monsanto Co.
5.500%	08/15/2025			500,000		468,618
Potash Corp. of Saskatchewan (Canada)
4.875%	03/01/2013			500,000		499,226
Praxair, Inc.
3.950%	06/01/2013			150,000		144,517
Rohm & Haas Co.
7.850%	07/15/2029			150,000		161,928
						2,355,734
Commercial Banks—2.1%
BAC Capital Trust XI
6.625%	05/23/2036			500,000		462,313
Bank of America Corp.
7.750%	08/15/2015			750,000		808,477
Bank of America Corp.
6.800%	03/15/2028			500,000		480,462
Bank of America Corp.
5.750%	12/01/2017			1,000,000		940,782
Bank of America Corp.
5.420%	03/15/2017			700,000		641,325
Bank of Tokyo-Mitsubishi Ltd. (The) (Japan)
8.400%	04/15/2010			250,000		263,884
Bank of Tokyo-Mitsubishi UFJ Ltd.
7.400%	06/15/2011			250,000		264,707
Bank One Corp.
5.900%	11/15/2011			750,000		764,689
Barclays Bank plc (United Kingdom)
5.450%	09/12/2012			1,000,000		1,012,557
BB&T Corp.
5.250%	11/01/2019			500,000		429,409
Branch Banking & Trust Co.
5.200%	12/23/2015	†		650,000		600,673
Capital One Financial Corp.
6.150%	09/01/2016	†		500,000		441,450
Fifth Third Capital Trust IV
6.500%	04/15/2067	#		1,000,000		580,670
First Union Institutional Trust I Capital
8.040%	12/01/2026			1,000,000		974,830
FleetBoston Financial Corp.
6.875%	01/15/2028			150,000		157,417
HSBC Holdings plc (United Kingdom)
5.250%	12/12/2012			150,000		150,140
JPMorgan Chase Bank NA
6.000%	10/01/2017			500,000		486,569
Marshall & Ilsley Corp.
4.375%	08/01/2009			500,000		491,084
National Australia Bank Ltd., Series A (Australia)
8.600%	05/19/2010			1,000,000		1,070,603
National City Corp.
6.875%	05/15/2019	†		500,000		369,293

174 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
PNC Funding Corp.
5.250%	11/15/2015		$	200,000	$	185,542
Regions Bank
6.450%	06/26/2037			500,000		369,572
Royal Bank of Canada (Canada)
5.650%	07/20/2011			500,000		519,146
Royal Bank of Scotland Group plc (United Kingdom)
5.000%	10/01/2014			750,000		719,680
Royal Bank of Scotland Group plc, Perpetual Bond (United Kingdom)
7.648%	12/31/2049	#		500,000		487,739
Suntrust Banks, Inc.
5.200%	01/17/2017			250,000		225,107
Swiss Bank Corp. of New York
7.375%	06/15/2017			100,000		106,470
Swiss Bank Corp.
7.000%	10/15/2015			100,000		106,255
U.S. Bank NA, Series BKNT
4.800%	04/15/2015			250,000		241,419
UBS AG/Stamford Branch (Switzerland)
5.875%	07/15/2016			1,000,000		978,597
Wachovia Bank NA/Old
4.875%	02/01/2015	†		1,500,000		1,363,551
Wachovia Corp.
5.300%	10/15/2011			500,000		489,252
Wachovia Corp.
5.250%	08/01/2014			1,000,000		932,271
Wells Fargo & Co.
7.550%	06/21/2010			750,000		791,384
Wells Fargo & Co.
5.000%	11/15/2014	†		750,000		742,045
Wells Fargo & Co.
4.200%	01/15/2010	†		500,000		501,643
Wells Fargo Bank NA
6.450%	02/01/2011			1,000,000		1,045,614
Wells Fargo Bank NA
5.950%	08/26/2036			500,000		469,644
Zions Bancorporation
6.000%	09/15/2015			500,000		422,785
						22,089,050
Commercial Services—0.2%
PHH Corp.
7.125%	03/01/2013			100,000		89,608
RR Donnelley & Sons Co.
4.950%	04/01/2014			550,000		504,604
Western Union Co. (The)
5.400%	11/17/2011			1,000,000		995,306
						1,589,518
Commercial Services & Supplies—0.1%
Waste Management, Inc.
7.000%	07/15/2028			550,000		555,605
Communications Equipment—0.2%
Cisco Systems, Inc.
5.500%	02/22/2016			1,000,000		1,010,467
Motorola, Inc.
7.500%	05/15/2025			500,000		468,767
Telefonica Europe BV (Netherlands)
8.250%	09/15/2030			350,000		402,879
						1,882,113
Computers & Peripherals—0.1%
International Business Machines Corp.
7.000%	10/30/2025			500,000		537,901
International Business Machines Corp.
4.750%	11/29/2012			250,000		253,710
						791,611
Construction Materials—0.1%
Hanson plc (United Kingdom)
6.125%	08/15/2016			500,000		496,872
Lafarge SA (France)
6.500%	07/15/2016			750,000		724,865
						1,221,737
Consumer Finance—1.2%
American Express Co.
6.800%	09/01/2066	#		1,000,000		925,948
American General Finance Corp. (MTN)
5.400%	12/01/2015			750,000		637,436
Boeing Capital Corp.
6.100%	03/01/2011			500,000		526,936
Capital One Bank
5.125%	02/15/2014			500,000		486,691
CIT Group, Inc. (MTN)
4.750%	12/15/2010			1,000,000		815,990
CIT Group, Inc.
5.000%	02/13/2014			500,000		359,450
Household Finance Corp.
8.000%	07/15/2010			750,000		784,642
Household Finance Corp.
6.375%	10/15/2011			1,750,000		1,791,120
6.375%	11/27/2012	†		1,000,000		1,026,376
HSBC Finance Capital Trust IX
5.911%	11/30/2035	#		500,000		401,390
HSBC Finance Corp.
7.000%	05/15/2012			1,500,000		1,555,008
International Lease Finance Corp. (MTN)
5.450%	03/24/2011	†		1,000,000		940,325
John Deere Capital Corp.
7.000%	03/15/2012			350,000		376,745
ORIX Corp. (Japan)
5.480%	11/22/2011			250,000		231,363
SLM Corp. (MTN)
5.000%	10/01/2013	†		500,000		432,813
SLM Corp.
5.450%	04/25/2011	†		750,000		685,368
Textron Financial Corp.
6.000%	11/20/2009			200,000		207,592
						12,185,193
Cosmetics/Personal Care—0.0%
Procter & Gamble Co.
5.800%	08/15/2034			250,000		252,168
Diversified Financial Services—1.8%
Associates Corp of North America
6.950%	11/01/2018			250,000		259,640
AXA Financial, Inc.
7.750%	08/01/2010			100,000		105,483
BSCH Issuances Ltd. (Cayman Islands)
7.625%	09/14/2010			350,000		371,732
China Development Bank (China)
5.000%	10/15/2015			250,000		244,715
CIT Group Funding Co. of Canada (Canada)
4.650%	07/01/2010			500,000		418,393
Citigroup Capital XXI
8.300%	12/21/2077	#		500,000		473,409

See accompanying notes to financial statements. 175

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Deutsche Bank AG/London (Germany)
6.000%	09/01/2017	†	$	500,000 $	505,732
Deutsche Bank Financial, Inc.
5.375%	03/02/2015			250,000	242,985
General Electric Capital Corp. (MTN)
6.750%	03/15/2032			750,000	757,443
General Electric Capital Corp. (MTN)
6.000%	06/15/2012			1,000,000	1,034,289
General Electric Capital Corp. (MTN)
5.875%	02/15/2012			500,000	519,160
General Electric Capital Corp. (MTN)
5.625%	09/15/2017			750,000	734,746
General Electric Capital Corp. (MTN)
5.400%	02/15/2017			750,000	729,213
General Electric Capital Corp. (MTN)
4.625%	09/15/2009			1,000,000	1,008,326
General Electric Capital Corp.
6.375%	11/15/2067	#		1,000,000	947,437
General Electric Capital Corp.
4.800%	05/01/2013	†		1,000,000	980,709
Goldman Sachs Group, Inc. (The)
6.345%	02/15/2034	†		500,000	425,088
KFW International Finance, Inc. (Germany)
8.000%	02/15/2010			250,000	267,529
Kreditanstalt fuer Wiederaufbau (Germany)
4.500%	09/21/2009	†		1,000,000	1,019,013
Kreditanstalt fuer Wiederaufbau (Germany)
4.250%	06/15/2010	†		1,000,000	1,014,923
Kreditanstalt fuer Wiederaufbau (Germany)
4.125%	10/15/2014			1,000,000	961,729
Kreditanstalt fuer Wiederaufbau (Germany)
3.250%	02/15/2011			1,000,000	1,001,347
Kreditanstalt fuer Wiederaufbau (MTN) (Germany)
4.875%	01/17/2017	†		1,000,000	1,036,878
Landwirtschaftliche Rentenbank, Series G13 (Germany)
4.875%	11/16/2015			1,000,000	1,037,667
MUFG Capital Finance 1 Ltd., Perpetual Bond (Cayman Islands)
6.346%	12/31/2049	#		1,000,000	868,099
National Rural Utilities Cooperative Finance Corp. (MTN)
7.250%	03/01/2012			500,000	532,678
Oesterreichische Kontrollbank AG (Austria)
4.750%	11/08/2011			1,000,000	1,036,203
Unilever Capital Corp.
7.125%	11/01/2010			500,000	533,846
					19,068,412
Diversified Telecommunication Services—1.3%
AT&T Corp.
7.300%	11/15/2011			1,000,000	1,065,880
AT&T, Inc.
5.625%	06/15/2016			500,000	495,945
Bellsouth Capital Funding Corp.
7.875%	02/15/2030			900,000	996,854
BellSouth Corp.
6.875%	10/15/2031			350,000	350,637
BellSouth Corp.
6.000%	10/15/2011	†		250,000	257,683
British Telecommunications plc (United Kingdom)
9.125%	12/15/2030			150,000	180,788
British Telecommunications plc (United Kingdom)
8.625%	12/15/2010			1,000,000	1,074,343
Deutsche Telekom International Finance BV (Netherlands)
8.750%	06/15/2030			750,000	862,786
Deutsche Telekom International Finance BV (Netherlands)
8.500%	06/15/2010			700,000	740,855
Embarq Corp.
7.082%	06/01/2016			500,000	475,579
France Telecom SA (France)
8.500%	03/01/2031			500,000	606,895
France Telecom SA (France)
7.750%	03/01/2011			100,000	105,968
Koninklijke KPN NV (Netherlands)
8.375%	10/01/2030			500,000	576,369
Koninklijve KPN NV (Netherlands)
8.000%	10/01/2010			350,000	370,503
Qwest Corp.
6.500%	06/01/2017			500,000	448,750
SBC Communications, Inc.
6.250%	03/15/2011	†		250,000	258,666
SBC Communications, Inc.
6.150%	09/15/2034			500,000	468,648
Telecom Italia Capital SA (Luxembourg)
6.000%	09/30/2034			250,000	214,603
Telecom Italia Capital SA (Luxembourg)
5.250%	11/15/2013			350,000	331,004
Telecom Italia Capital SA (Luxembourg)
4.950%	09/30/2014			500,000	458,225
Telefonica Emisiones SAU (Spain)
6.421%	06/20/2016			500,000	508,322
Verizon Communications, Inc.
5.850%	09/15/2035			750,000	663,138
Verizon Global Funding Corp.
7.750%	12/01/2030	†		750,000	807,923
Verizon Global Funding Corp.
7.375%	09/01/2012			1,000,000	1,079,919
Verizon Pennsylvania, Inc., Series A
5.650%	11/15/2011	†		350,000	352,731
Verizon Virginia, Inc., Series A
4.625%	03/15/2013			250,000	241,922
					13,994,936
Electric Utilities—1.4%
Alabama Power Co., Series Q
5.500%	10/15/2017			150,000	151,365
American Electric Power Co., Inc., Series C
5.375%	03/15/2010			250,000	252,728
Arizona Public Service Co.
6.500%	03/01/2012			150,000	151,384
Columbus Southern Power Co., Series C
5.500%	03/01/2013			150,000	150,226
Consolidated Edison Co. of New York, Inc., Series 06-C
5.500%	09/15/2016			500,000	496,606
Constellation Energy Group, Inc.
7.600%	04/01/2032			150,000	150,664
Constellation Energy Group, Inc.
7.000%	04/01/2012			500,000	518,837
Consumers Energy Co., Series P
5.500%	08/15/2016			150,000	148,033
Dominion Resources, Inc./VA
5.700%	09/17/2012			250,000	254,070
DTE Energy Co.
7.050%	06/01/2011			350,000	362,856
Duke Energy Carolinas LLC
6.450%	10/15/2032			500,000	508,703
Duke Energy Ohio, Inc.
5.700%	09/15/2012			150,000	152,552
Exelon Corp.
4.900%	06/15/2015			350,000	322,509

176 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Exelon Generation Co. LLC
6.950%	06/15/2011		$	500,000	$	517,127
FirstEnergy Corp., Series B
6.450%	11/15/2011			175,000		179,702
FirstEnergy Corp., Series C
7.375%	11/15/2031			250,000		272,636
Florida Power & Light Co.
5.625%	04/01/2034			50,000		47,376
Florida Power & Light Co.
4.950%	06/01/2035			500,000		429,233
Florida Power & Light Co.
4.850%	02/01/2013			150,000		150,538
Jersey Central Power & Light
5.625%	05/01/2016			500,000		483,444
Midamerican Energy Holdings Co.
6.750%	12/30/2031			250,000		262,182
Midamerican Energy Holdings Co.
6.125%	04/01/2036	†		500,000		481,695
Midamerican Energy Holdings Co., Series D
5.000%	02/15/2014			150,000		146,388
National Grid plc (United Kingdom)
6.300%	08/01/2016			250,000		250,720
Nisource Finance Corp.
7.875%	11/15/2010			50,000		51,879
Nisource Finance Corp.
5.450%	09/15/2020			500,000		437,201
Northern States Power Co.
6.250%	06/01/2036			500,000		512,817
Northern States Power Co., Series B
8.000%	08/28/2012			150,000		167,820
Ohio Power Co., Series K
6.000%	06/01/2016			500,000		496,773
Oncor Electric Delivery Co.
6.375%	05/01/2012			350,000		354,858
Ontario Electricity Financial Corp. (Canada)
7.450%	03/31/2013			350,000		393,437
Pacific Gas & Electric Co.
6.050%	03/01/2034	†		500,000		483,654
Pepco Holdings, Inc.
6.450%	08/15/2012			150,000		152,904
PPL Capital Funding, Inc., Series A
6.700%	03/30/2067	#		500,000		427,188
Progress Energy, Inc.
7.750%	03/01/2031			250,000		286,500
Progress Energy, Inc.
7.100%	03/01/2011			188,000		197,940
PSEG Power LLC
8.625%	04/15/2031			500,000		604,324
Scottish Power Ltd. (United Kingdom)
5.375%	03/15/2015			500,000		477,534
South Carolina Electric & Gas Co.
5.300%	05/15/2033			150,000		133,714
Southern California Edison Co.
6.650%	04/01/2029			500,000		514,877
Southern Power Co., Series D
4.875%	07/15/2015	†		1,000,000		947,007
Union Electric Co.
6.400%	06/15/2017	a		500,000		499,877
Virginia Electric and Power Co.
5.400%	04/30/2018			500,000		483,575
Wisconsin Electric Power
5.625%	05/15/2033			250,000		231,635
						14,697,088
Electrical Equipment—0.0%
Emerson Electric Co.
5.000%	12/15/2014			150,000		149,934
Electronic Equipment & Instruments—0.0%
Arrow Electronics, Inc.
6.875%	07/01/2013			250,000		255,594
Energy Equipment & Services—0.0%
Transocean, Inc. (Cayman Islands)
6.800%	03/15/2038			500,000		513,015
Food—0.5%
Campbell Soup Co.
4.875%	10/01/2013			250,000		250,524
ConAgra Foods, Inc.
7.125%	10/01/2026			500,000		528,904
ConAgra Foods, Inc.
6.750%	09/15/2011			97,000		101,077
ConAgra Foods, Inc.
5.819%	06/15/2017			153,000		153,566
General Mills, Inc.
5.700%	02/15/2017			500,000		496,443
HJ Heinz Co.
6.625%	07/15/2011			250,000		261,276
Kellogg Co., Series B
6.600%	04/01/2011	†		750,000		789,568
Kraft Foods, Inc.
6.875%	02/01/2038	†		500,000		487,609
Kraft Foods, Inc.
6.500%	11/01/2031			100,000		92,822
Kraft Foods, Inc.
5.625%	11/01/2011			1,100,000		1,110,678
Kroger Co. (The)
7.500%	04/01/2031	†		200,000		219,136
Safeway, Inc.
7.500%	09/15/2009			800,000		826,406
						5,318,009
Gas Utilities—0.0%
KeySpan Corp.
7.625%	11/15/2010			350,000		373,498
Healthcare—Products—0.1%
Baxter International, Inc.
5.900%	09/01/2016			750,000		769,201
Johnson & Johnson
4.950%	05/15/2033			200,000		183,278
						952,479
Healthcare—Services—0.2%
Aetna, Inc.
6.625%	06/15/2036			250,000		240,809
UnitedHealth Group, Inc.
6.000%	02/15/2018			500,000		484,535
UnitedHealth Group, Inc.
5.375%	03/15/2016			500,000		470,477
WellPoint, Inc.
6.800%	08/01/2012			150,000		155,400
WellPoint, Inc.
5.250%	01/15/2016			1,000,000		941,328
						2,292,549
Household Products/Wares—0.1%
Fortune Brands, Inc.
5.375%	01/15/2016	†		750,000		703,421
Kimberly-Clark Corp.
6.125%	08/01/2017			500,000		520,078

See accompanying notes to financial statements. 177

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Kimberly-Clark Corp.
5.625%	02/15/2012		$	250,000	$	259,814
						1,483,313
Insurance—0.9%
AEGON Funding Co. LLC (Netherlands)
5.750%	12/15/2020			500,000		470,637
Allstate Corp. (The)
5.350%	06/01/2033			500,000		421,200
American International Group, Inc.
5.850%	01/16/2018			1,000,000		938,522
American International Group, Inc.
5.050%	10/01/2015			750,000		680,560
American International Group, Inc.
4.250%	05/15/2013	†		100,000		91,923
Assurant, Inc.
5.625%	02/15/2014			500,000		474,490
AXA SA (France)
8.600%	12/15/2030			250,000		269,960
Berkshire Hathaway Finance Corp.
4.125%	01/15/2010			500,000		505,123
Chubb Corp.
6.375%	03/29/2067	#		500,000		458,117
Cincinnati Financial Corp.
6.125%	11/01/2034			500,000		443,383
Hartford Financial Services Group, Inc.
6.100%	10/01/2041			150,000		132,046
ING Capital Funding Trust III, Perpetual Bond
8.439%	12/31/2049	#		150,000		151,644
Lincoln National Corp.
6.150%	04/07/2036			250,000		231,118
Marsh & McLennan Cos., Inc.
5.750%	09/15/2015			1,000,000		992,901
MetLife, Inc.
5.700%	06/15/2035			500,000		442,294
MetLife, Inc.
5.000%	06/15/2015			1,000,000		972,928
Progressive Corp. (The)
6.625%	03/01/2029			150,000		152,183
Prudential Financial, Inc. (MTN)
5.100%	09/20/2014			500,000		487,818
Prudential Financial, Inc.
5.700%	12/14/2036	†		250,000		212,686
Radian Group, Inc.
5.625%	02/15/2013			100,000		50,421
Travelers Property Casualty Corp.
7.750%	04/15/2026			500,000		531,148
						9,111,102
IT Services—0.0%
Computer Sciences Corp.
7.375%	06/15/2011			100,000		105,055
Electronic Data Systems Corp., Series B
6.500%	08/01/2013			150,000		154,225
						259,280
Lodging—0.0%
Wyndham Worldwide Corp.
6.000%	12/01/2016			435,000		384,745
Machinery—0.4%
3M Co.
5.700%	03/15/2037			250,000		253,347
Caterpillar, Inc.
7.250%	09/15/2009			750,000		780,733
Caterpillar, Inc.
6.050%	08/15/2036			500,000		498,284
Deere & Co.
6.950%	04/25/2014			250,000		274,221
General Electric Co.
5.000%	02/01/2013			800,000		806,575
Honeywell International, Inc.
7.500%	03/01/2010	†		1,000,000		1,064,460
Honeywell International, Inc.
6.125%	11/01/2011			250,000		265,420
Tyco International Group SA (Luxembourg)
6.375%	10/15/2011			400,000		409,633
						4,352,673
Media—1.0%
British Sky Broadcasting Group plc (United Kingdom)
8.200%	07/15/2009			250,000		258,093
CBS Corp.
7.875%	07/30/2030			250,000		242,861
CBS Corp.
5.625%	08/15/2012	†		50,000		49,384
Comcast Corp.
7.050%	03/15/2033			500,000		509,480
Comcast Corp.
6.950%	08/15/2037			400,000		394,648
Comcast Corp.
6.450%	03/15/2037	†		500,000		466,800
Comcast Corp.
5.850%	01/15/2010			1,000,000		1,015,693
Comcast Corp.
5.650%	06/15/2035	†		500,000		426,216
Comcast Corp.
5.300%	01/15/2014			500,000		485,243
COX Communications, Inc.
5.500%	10/01/2015			75,000		72,395
COX Communications, Inc.
5.450%	12/15/2014			300,000		288,675
COX Communications, Inc.
4.625%	06/01/2013			250,000		236,924
News America Holdings, Inc.
8.000%	10/17/2016			150,000		166,946
News America Holdings, Inc.
7.750%	12/01/2045			200,000		214,095
News America Holdings, Inc.
6.400%	12/15/2035			500,000		474,638
News America Holdings, Inc.
5.300%	12/15/2014			500,000		490,785
Omnicom Group, Inc.
5.900%	04/15/2016			500,000		489,297
Time Warner Entertainment Co. LP
8.375%	07/15/2033			500,000		542,608
Time Warner Entertainment Co., LP
8.375%	03/15/2023			500,000		539,966
Time Warner, Inc.
7.625%	04/15/2031			500,000		508,999
Time Warner, Inc.
6.875%	05/01/2012	†		150,000		153,585
Time Warner, Inc.
5.875%	11/15/2016			1,000,000		944,477
Viacom, Inc.
6.250%	04/30/2016			1,000,000		967,340
Walt Disney Co. (MTN)
7.000%	03/01/2032	†		500,000		572,765
						10,511,913

178 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Metals & Mining—0.2%
Alcan, Inc. (Canada)
6.125%	12/15/2033		$	150,000	$	135,399
Alcan, Inc. (Canada)
4.875%	09/15/2012			350,000		341,037
Alcoa, Inc.
5.550%	02/01/2017			750,000		703,432
BHP Finance USA (Australia)
4.800%	04/15/2013			150,000		146,583
Southern Copper Corp.
7.500%	07/27/2035			250,000		246,048
Vale Overseas Ltd. (Cayman Islands)
6.875%	11/21/2036			600,000		560,241
Vale Overseas Ltd. (Cayman Islands)
6.250%	01/23/2017			250,000		243,244
						2,375,984
Multi-National—1.0%
Asian Development Bank/Pasig (MTN) (Supranational)
5.500%	06/27/2016			750,000		806,438
Asian Development Bank/Pasig (Supranational)
4.125%	09/15/2010			1,000,000		1,021,706
European Investment Bank (Supranational)
5.125%	09/13/2016			1,000,000		1,052,667
European Investment Bank (Supranational)
4.625%	03/21/2012			1,000,000		1,033,867
4.625%	05/15/2014			500,000		515,094
European Investment Bank (Supranational)
4.125%	09/15/2010			1,500,000		1,534,166
European Investment Bank (Supranational)
4.000%	03/03/2010	†		1,000,000		1,018,149
European Investment Bank (Supranational)
3.375%	06/12/2013	†		500,000		492,470
Inter-American Development Bank (Supranational)
7.375%	01/15/2010			750,000		796,328
International Bank for Reconstruction & Development (Supranational)
7.625%	01/19/2023			1,000,000		1,290,689
International Bank for Reconstruction & Development (Supranational)
4.125%	08/12/2009			350,000		354,425
International Finance Corp. (Supranational)
5.125%	05/02/2011			1,000,000		1,050,452
						10,966,451
Office Electronics—0.1%
Pitney Bowes, Inc. (MTN)
4.750%	01/15/2016			200,000		187,818
Pitney Bowes, Inc.
5.000%	03/15/2015	†		500,000		494,312
Xerox Corp.
6.875%	08/15/2011			750,000		777,784
						1,459,914
Oil, Gas & Consumable Fuels—1.4%
Alberta Energy Co. Ltd. (Canada)
7.375%	11/01/2031			400,000		426,270
Anadarko Petroleum Corp.
6.450%	09/15/2036			500,000		495,131
Apache Finance Canada Corp. (Canada)
7.750%	12/15/2029			150,000		177,072
Canadian Natural Resources Ltd. (Canada)
5.850%	02/01/2035			500,000		451,652
Canadian Natural Resources Ltd. (Canada)
5.450%	10/01/2012			250,000		252,511
CenterPoint Energy Resources Corp., Series B
7.875%	04/01/2013			850,000		910,829
Conoco, Inc.
6.950%	04/15/2029			1,250,000		1,374,841
DCP Midstream LLC
7.875%	08/16/2010			350,000		367,491
Devon Financing Corp. ULC
7.875%	09/30/2031			500,000		592,259
Devon Financing Corp. ULC
6.875%	09/30/2011			750,000		796,597
Energy Transfer Partners, LP
5.950%	02/01/2015			750,000		739,507
Enterprise Products Operating, LP
4.950%	06/01/2010			150,000		150,035
Enterprise Products Operating, LP, Series B
5.600%	10/15/2014			150,000		147,132
Enterprise Products Partners, LP, Series B
6.875%	03/01/2033			150,000		147,706
Hess Corp.
7.300%	08/15/2031			250,000		280,033
Hess Corp.
6.650%	08/15/2011			150,000		157,438
Kinder Morgan Energy Partners, LP
7.300%	08/15/2033			500,000		513,070
Marathon Oil Corp.
6.125%	03/15/2012			350,000		359,779
Nexen, Inc. (Canada)
6.400%	05/15/2037			500,000		474,924
Nexen, Inc. (Canada)
5.050%	11/20/2013			250,000		244,567
Pemex Project Funding Master Trust
9.375%	12/02/2008			177,000		181,425
Pemex Project Funding Master Trust
9.125%	10/13/2010	a		80,000		87,400
Pemex Project Funding Master Trust
6.625%	06/15/2035	†		500,000		495,802
Petrobras International Finance Co. (Cayman Islands)
6.125%	10/06/2016			500,000		502,500
Petro-Canada (Canada)
5.950%	05/15/2035			250,000		220,346
Suncor Energy, Inc. (Canada)
7.150%	02/01/2032			500,000		522,306
Tennessee Gas Pipeline Co.
7.000%	10/15/2028	†		350,000		343,090
Texas Eastern Transmission, LP
7.000%	07/15/2032			500,000		502,591
TransCanada Corp. (Canada)
5.850%	03/15/2036			500,000		444,557
TransCanada Pipelines Ltd. (Canada)
4.000%	06/15/2013			250,000		235,371
Union Pacific Resources Group
7.150%	05/15/2028			350,000		361,459
Valero Energy Corp.
6.125%	06/15/2017			500,000		483,708
Valero Energy Corp.
4.750%	06/15/2013			500,000		476,503
XTO Energy, Inc.
4.900%	02/01/2014			750,000		734,423
						14,650,325
Paper & Forest Products—0.1%
Masco Corp.
6.125%	10/03/2016			500,000		453,777
Weyerhaeuser Co.
7.375%	03/15/2032			500,000		497,312

See accompanying notes to financial statements. 179

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Weyerhaeuser Co.
6.750%	03/15/2012		$	100,000	$	103,076
						1,054,165
Pharmaceuticals—0.5%
Abbott Laboratories
5.875%	05/15/2016			1,000,000		1,030,471
AstraZeneca plc (United Kingdom)
5.900%	09/15/2017			750,000		770,109
Bristol-Myers Squibb Co.
5.875%	11/15/2036			350,000		327,580
Eli Lilly & Co.
6.770%	01/01/2036			250,000		274,686
GlaxoSmithKline Capital, Inc.
4.375%	04/15/2014			500,000		486,040
Merck & Co., Inc.
4.750%	03/01/2015	†		350,000		346,144
Merck & Co., Inc.
4.375%	02/15/2013	†		200,000		200,511
Pharmacia Corp.
6.500%	12/01/2018			350,000		384,579
Schering-Plough Corp.
6.750%	12/01/2033			250,000		255,255
Teva Pharmaceutical Finance LLC
6.150%	02/01/2036			250,000		240,127
Wyeth
6.950%	03/15/2011			250,000		264,811
Wyeth
6.500%	02/01/2034	†		250,000		260,035
Wyeth
5.500%	03/15/2013			100,000		102,168
5.500%	02/01/2014			250,000		252,321
						5,194,837
Retail—0.7%
CVS Corp.
4.875%	09/15/2014			530,000		515,117
Home Depot, Inc.
5.875%	12/16/2036			250,000		204,860
Home Depot, Inc.
5.200%	03/01/2011			750,000		744,290
Limited Brands, Inc.
5.250%	11/01/2014			250,000		211,745
Lowe’s Cos, Inc.
5.400%	10/15/2016			1,000,000		986,012
Macys Retail Holdings, Inc.
5.900%	12/01/2016			750,000		652,554
Macys Retail Holdings, Inc.
5.750%	07/15/2014			250,000		226,007
McDonald’s Corp.
5.350%	03/01/2018			500,000		488,725
Target Corp.
7.000%	07/15/2031			350,000		371,358
Target Corp.
6.000%	01/15/2018	†		500,000		502,689
Wal-Mart Stores, Inc.
7.550%	02/15/2030			250,000		282,299
Wal-Mart Stores, Inc.
6.875%	08/10/2009			750,000		777,778
Wal-Mart Stores, Inc.
5.250%	09/01/2035			750,000		653,807
Wal-Mart Stores, Inc.
4.550%	05/01/2013	†		500,000		502,849
Wal-Mart Stores, Inc.
4.125%	02/15/2011			250,000		251,865
Yum! Brands, Inc.
7.700%	07/01/2012			250,000		268,605
						7,640,560
Road & Rail—0.3%
Burlington Northern Santa Fe Corp.
7.125%	12/15/2010			750,000		790,034
Canadian National Railway Co. (Canada)
6.250%	08/01/2034			500,000		489,399
Canadian National Railway Co. (Canada)
4.400%	03/15/2013			585,000		570,158
CSX Corp.
6.750%	03/15/2011			300,000		311,097
Norfolk Southern Corp.
7.050%	05/01/2037			500,000		541,901
Norfolk Southern Corp.
5.257%	09/17/2014			500,000		495,042
Union Pacific Corp.
6.625%	02/01/2029			250,000		254,149
						3,451,780
Software—0.1%
Oracle Corp.
5.250%	01/15/2016			1,000,000		985,481
Sovereign—0.1%
Export-Import Bank Of Korea (Korea, Republic of )
5.125%	03/16/2015			500,000		462,738
Svensk Exportkredit AB (Sweden)
5.125%	03/01/2017			500,000		514,837
						977,575
Thrifts & Mortgage Finance—0.0%
Abbey National plc (United Kingdom)
7.950%	10/26/2029			250,000		254,922
Transportation Infrastructure—0.0%
FedEx Corp.
9.650%	06/15/2012			150,000		172,847
Wireless Telecommunication Services—0.3%
America Movil SAB de CV (Mexico)
5.500%	03/01/2014			100,000		98,834
AT&T Wireless Services, Inc.
8.750%	03/01/2031			250,000		297,445
AT&T Wireless Services, Inc.
7.875%	03/01/2011			750,000		798,971
Cingular Wireless LLC
6.500%	12/15/2011			250,000		260,047
Vodafone Group plc (United Kingdom)
7.875%	02/15/2030			250,000		275,406
Vodafone Group plc (United Kingdom)
7.750%	02/15/2010			550,000		574,950
Vodafone Group plc (United Kingdom)
5.625%	02/27/2017			500,000		482,451
Vodafone Group plc (United Kingdom)
5.375%	01/30/2015			250,000		243,543
						3,031,647
TOTAL CORPORATE OBLIGATIONS (Cost $229,332,157)						223,211,102

180 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS—9.9%
U.S. Government Agency Obligations—9.9%
Federal Home Loan Bank
5.750%	05/15/2012			$	2,225,000	$	2,371,719
5.375%	05/18/2016				2,000,000		2,107,626
5.250%	06/18/2014		†		1,000,000		1,050,572
4.875%	09/08/2017				1,250,000		1,266,635
4.750%	12/16/2016		†		1,000,000		1,007,411
4.625%	02/18/2011		†		5,500,000		5,699,672
4.500%	11/15/2012		†		3,500,000		3,569,678
4.375%	03/17/2010				975,000		996,520
3.875%	01/15/2010		†		1,500,000		1,520,058
3.625%	05/29/2013		†		5,000,000		4,891,840
Federal Home Loan Mortgage Corp.		��
7.000%	03/15/2010				2,630,000		2,801,765
6.875%	09/15/2010				5,000,000		5,376,395
6.250%	07/15/2032				1,050,000		1,205,801
6.000%	06/15/2011-04/16/2037		†		3,550,000		3,691,510
5.650%	02/23/2017				1,160,000		1,171,120
5.600%	10/17/2013				500,000		503,668
5.500%	07/18/2016				1,000,000		1,053,889
5.450%	09/02/2011-11/21/2013				1,100,000		1,106,246
5.400%	03/02/2012				770,000		773,342
5.375%	01/09/2014				400,000		403,358
5.250%	02/24/2011-03/15/2012		†		2,100,000		2,113,793
5.200%	03/05/2019				200,000		198,073
5.125%	07/15/2012		†		3,000,000		3,137,829
5.050%	01/26/2015				300,000		311,365
5.000%	01/30/2014		†		600,000		620,787
4.750%	12/08/2010		†		500,000		515,856
4.500%	04/02/2014-01/15/2015				1,250,000		1,263,158
4.375%	01/25/2010-07/17/2015		†		5,000,000		5,056,999
4.150%	05/29/2013				1,300,000		1,296,357
4.125%	09/01/2009-02/24/2011		†		2,650,000		2,695,472
4.000%	09/22/2009				560,000		567,324
3.450%	04/30/2010				6,000,000		6,004,560
Federal National Mortgage Association
9.235%	06/01/2017				1,000,000		663,410
7.250%	01/15/2010		†		1,300,000		1,383,130
6.625%	09/15/2009-11/15/2030				1,600,000		1,816,999
6.250%	05/15/2029		†		1,740,000		1,974,482
6.125%	03/15/2012-07/17/2013				1,250,000		1,307,519
6.060%	07/20/2027				300,000		309,352
6.000%	08/22/2016				1,160,000		1,164,236
5.945%	06/07/2027				300,000		309,334
5.800%	02/09/2026				100,000		102,135
5.750%	02/13/2017				600,000		601,856
5.700%	10/05/2021				300,000		303,240
5.625%	05/19/2011		†		1,300,000		1,326,131
5.500%	03/15/2011-12/14/2022		†		2,980,000		3,126,581
5.375%	11/15/2011-04/11/2022		†		4,380,000		4,567,686
5.300%	05/07/2012				700,000		706,087
5.100%	09/10/2009				2,300,000		2,309,773
5.000%	03/15/2016-05/11/2017		†		3,950,000		4,036,503
4.875%	12/15/2016		†		1,000,000		1,013,661
4.750%	01/02/2013		†		1,300,000		1,311,599
4.625%	10/15/2013				900,000		918,523
4.375%	09/15/2012-03/15/2013				4,400,000		4,459,919
4.125%	05/15/2010		†		1,200,000		1,221,702
Financing Corp.
9.650%	11/02/2018				500,000		695,102
8.600%	09/26/2019				500,000		658,122
Tennessee Valley Authority
6.250%	12/15/2017				1,200,000		1,335,445
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $102,880,200)							103,972,925
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—38.6%
U.S. Government Agency Mortgage-Backed Securities—38.6%
Federal Home Loan Mortgage Corp.
7.500%	06/01/2027-10/01/2029				540,708		585,916
7.000%	02/01/2016-09/01/2036				1,745,727		1,840,473
6.500%	07/01/2008-01/01/2038				10,538,093		10,917,137
6.050%	01/01/2037		#		2,750,966		2,802,886
6.000%	11/01/2016-06/01/2038				29,738,607		30,138,741
5.902%	01/01/2037		#		688,521		698,476
5.640%	02/01/2037		#		1,655,091		1,662,690
5.500%	02/01/2018-03/01/2038				41,795,673		41,401,987
5.000%	05/01/2018-06/01/2038				39,008,957		37,846,802
4.749%	09/01/2035		#		791,694		797,737
4.500%	07/01/2011-09/01/2036				11,802,859		11,359,634
4.399%	12/01/2035		#		6,228,811		6,222,255
4.000%	04/01/2009-12/01/2020				3,401,826		3,224,651
3.500%	05/01/2011				61,331		61,017
Federal National Mortgage Association
7.500%	06/01/2030-07/01/2031				46,012		49,657
7.000%	03/01/2030-04/01/2038				4,583,044		4,819,474
6.500%	02/01/2017-01/01/2037				13,240,522		13,688,043
6.000%	04/01/2014-02/01/2038				45,836,759		46,398,971
5.679%	01/01/2037		#		2,802,907		2,853,252
5.640%	05/01/2036		#		2,139,401		2,181,089
5.637%	03/01/2037		#		6,862,118		6,984,480
5.592%	07/01/2036		#		1,782,432		1,818,415
5.500%	07/25/2037		TBA		2,300,000		2,267,296
5.500%	01/01/2018-03/01/2038				72,695,746		72,068,762
5.431%	02/01/2037		#		371,124		374,647
5.400%	12/01/2036		#		2,780,428		2,825,709
5.000%	07/25/2038		TBA		2,000,000		1,917,188
5.000%	03/01/2018-05/01/2038				43,277,361		41,998,424
4.863%	10/01/2035		#		1,720,481		1,739,878
4.760%	05/01/2035		#		1,720,445		1,732,743
4.667%	05/01/2035		#		507,144		512,934

See accompanying notes to financial statements. 181

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—(Continued)
4.500%	07/01/2011-02/01/2038			$	13,385,494	$	12,889,432
4.433%	08/01/2034		#		878,413		888,684
4.000%	07/01/2011-12/01/2018				4,085,556		3,913,941
Government National Mortgage Association
7.500%	12/15/2029-05/15/2032				737,713		793,643
7.000%	09/15/2037				629,519		662,715
6.500%	03/15/2026-12/15/2037				4,247,803		4,401,504
6.000%	02/15/2033-03/15/2038				10,570,253		10,757,899
5.500%	03/15/2033-12/15/2037				11,562,776		11,544,674
5.000%	05/15/2033-05/15/2038				7,691,518		7,476,757
4.500%	07/15/2038		TBA		1,000,000		931,875
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $410,802,290)							408,052,488
U.S. TREASURY OBLIGATIONS—21.7%
U.S. Treasury Bonds—5.9%
U.S. Treasury Bond
13.250%	05/15/2014				850,000		927,895
11.750%	11/15/2014				500,000		561,094
11.250%	02/15/2015				1,500,000		2,171,133
9.875%	11/15/2015				550,000		765,746
9.125%	05/15/2018		†		1,060,000		1,487,892
8.750%	05/15/2017-05/15/2020				6,740,000		9,286,355
8.500%	02/15/2020				2,500,000		3,445,313
8.125%	08/15/2019-05/15/2021				3,010,000		4,041,095
8.000%	11/15/2021		†		2,420,000		3,283,071
7.875%	02/15/2021		†		500,000		666,797
7.625%	02/15/2025				1,914,000		2,607,526
7.500%	11/15/2024				775,000		1,042,921
7.250%	05/15/2016-08/15/2022		†		5,030,000		6,271,442
7.125%	02/15/2023				2,525,000		3,233,578
6.500%	11/15/2026				1,550,000		1,916,552
6.250%	08/15/2023-05/15/2030		†		1,380,000		1,659,157
6.125%	11/15/2027-08/15/2029		†		4,150,000		4,986,287
6.000%	02/15/2026				1,700,000		1,991,525
5.375%	02/15/2031				1,341,000		1,490,397
5.250%	02/15/2029				1,480,000		1,606,148
5.000%	05/15/2037		†		1,410,000		1,515,751
4.750%	02/15/2037		†		2,750,000		2,840,665
4.500%	02/15/2036		†		2,650,000		2,631,991
4.375%	02/15/2038		†		2,300,000		2,242,502
							62,672,833
U.S. Treasury Notes—15.8%
U.S. Treasury Note
5.750%	08/15/2010				7,020,000		7,468,080
5.125%	05/15/2016				3,500,000		3,817,191
5.000%	02/15/2011-08/15/2011				4,735,000		5,007,846
4.875%	08/15/2009-08/15/2016	†			10,785,000		11,272,027
4.750%	02/15/2010-08/15/2017	†			16,130,000		16,948,778
4.625%	07/31/2009-02/15/2017	†			16,080,000		16,789,881
4.500%	02/28/2011-05/15/2017	†			22,479,000		23,521,784
4.375%	08/15/2012	†			2,910,000		3,049,363
4.250%	10/15/2010-08/15/2014	†			10,582,000		11,034,230
4.125%	08/15/2010-05/15/2015	†			3,130,000		3,230,824
4.000%	03/15/2010-02/15/2015	†			13,880,000		14,279,875
3.875%	05/15/2010-02/15/2013	†			16,610,000		17,029,142
3.625%	05/15/2013				1,660,000		1,684,771
3.500%	11/15/2009-02/15/2018	†			17,000,000		17,064,063
3.375%	10/15/2009-11/30/2012	†			11,750,000		11,857,645
2.625%	05/31/2010	†			1,960,000		1,961,838
2.125%	01/31/2010	†			860,000		855,835
							166,873,173
TOTAL U.S. TREASURY OBLIGATIONS (Cost $226,804,279)							229,546,006
MUNICIPAL OBLIGATIONS—0.2%
Illinois State (Illinois)
5.100%	06/01/2033				1,100,000		1,036,024
New Jersey Economic Development Authority (New Jersey)
7.425%	02/15/2029				500,000		595,590
New Jersey State Turnpike Authority (New Jersey)
4.252%	01/01/2015				25,000		24,135
Oregon State (Oregon)
5.762%	06/01/2023				200,000		206,664
TOTAL MUNICIPAL OBLIGATIONS (Cost $1,831,089)							1,862,413
SOVEREIGN DEBT OBLIGATIONS—1.7%
Government Issued—1.7%
Brazilian Government International Bond (Brazil)
11.000%	01/11/2012				910,000		1,093,365
11.000%	08/17/2040				860,000		1,138,425
Brazilian Government International Bond (Brazil)
10.125%	05/15/2027				635,000		904,875
Brazilian Government International Bond (Brazil)
8.875%	04/15/2024				400,000		510,000
Brazilian Government International Bond (Brazil)
7.875%	03/07/2015				455,000		510,737
Brazilian Government International Bond (Brazil)
7.125%	01/20/2037				460,000		508,760
British Columbia (Province of) (Canada)
6.500%	01/15/2026				150,000		177,271
Hydro Quebec (Canada)
8.050%	07/07/2024				500,000		659,554
Hydro Quebec (Canada)
6.300%	05/11/2011				350,000		372,519
Italian Republic (Italy)
6.875%	09/27/2023		†		250,000		301,696

182 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value
SOVEREIGN DEBT OBLIGATIONS—(Continued)
Italian Republic (Italy)
6.000%	02/22/2011	†	$	550,000	$	585,639
Italian Republic (Italy)
5.375%	06/15/2033			500,000		515,116
Italian Republic (Italy)
4.375%	06/15/2013			1,000,000		1,016,176
Malaysia Government (Malaysia)
7.500%	07/15/2011			250,000		271,519
Manitoba Province (Canada)
4.900%	12/06/2016			500,000		512,715
Ontario Province (Canada)
5.450%	04/27/2016	†		1,000,000		1,055,680
Ontario Province (Canada)
4.500%	02/03/2015	†		400,000		399,693
Ontario Province (Canada)
3.625%	10/21/2009			250,000		251,778
People’s Republic of China (China)
4.750%	10/29/2013			250,000		251,843
Quebec Province (Canada)
7.500%	09/15/2029			600,000		768,815
Quebec Province (Canada)
6.125%	01/22/2011			850,000		899,431
Region of Lombardy (Italy)
5.804%	10/25/2032			100,000		109,031
Republic of Chile (Chile)
5.500%	01/15/2013			150,000		155,640
Republic of Finland (Finland)
6.950%	02/15/2026			150,000		181,049
Republic of Poland (Poland)
5.000%	10/19/2015			300,000		300,210
Republic of South Africa (South Africa)
7.375%	04/25/2012			250,000		264,375
Saskatchewan Province (Canada)
7.375%	07/15/2013			230,000		263,816
State of Israel (Israel)
5.500%	11/09/2016			1,000,000		1,026,647
United Mexican States (Mexico)
8.375%	01/14/2011			500,000		548,000
United Mexican States (Mexico)
8.300%	08/15/2031			500,000		633,750
United Mexican States (Mexico)
8.125%	12/30/2019			750,000		909,375
United Mexican States (Mexico)
5.875%	01/15/2014			1,000,000		1,042,500
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $18,053,955)						18,140,000
ASSET BACKED SECURITIES—0.7%
Automobile—0.2%
Capital Auto Receivables Asset Trust
Series 2007-3, Class A4
5.210%	03/17/2014			2,000,000		2,031,868
Credit Card—0.2%
Capital One Multi-Asset Execution Trust
Series 2007-A7, Class A7
5.750%	07/15/2020			500,000		491,407
Capital One Multi-Asset Execution Trust
Series 2008-A5, Class A5
4.850%	02/15/2014			1,450,000		1,457,408
						1,948,815
Electric Utilities—0.3%
Detroit Edison Securitization Funding LLC
Series 2001-1, Class A6
6.620%	03/01/2016			2,700,000		2,892,336
TOTAL ASSET BACKED SECURITIES (Cost $7,092,565)						6,873,019
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—5.2%
Mortgage Backed—5.2%
Banc of America Commercial Mortgage, Inc.
Series 2002-2, Class A3
5.118%	07/11/2043			500,000		493,797
Banc of America Commercial Mortgage, Inc.
Series 2004-2, Class A3
4.050%	11/10/2038			1,000,000		980,901
Banc of America Commercial Mortgage, Inc.
Series 2004-6, Class A5
4.811%	12/10/2042			500,000		475,708
Banc of America Commercial Mortgage, Inc.
Series 2005-6, Class AM
5.352%	09/10/2047	#		1,000,000		944,464
Banc of America Commercial Mortgage, Inc.
Series 2007-1, Class A2
5.381%	01/15/2049			1,500,000		1,467,548
Bear Stearns Commercial Mortgage Securities
Series 2004-PWR3, Class A4
4.715%	02/11/2041			1,500,000		1,445,465
Bear Stearns Commercial Mortgage Securities
Series 2005-T20, Class A4A
5.303%	10/12/2042	#		921,000		885,930
Citigroup Commercial Mortgage Trust
Series 2004-C1, Class A3
5.251%	04/15/2040	#		750,000		746,280
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2005-CD1, Class A4
5.400%	07/15/2044	#		900,000		869,364
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2006-CD3, Class A5
5.617%	10/15/2048			1,500,000		1,444,228
CS First Boston Mortgage Corp.
Series 2005-C2, Class A4
4.832%	04/15/2037			750,000		708,630
CS First Boston Mortgage Securities Corp.
Series 2004-C2, Class A2
5.416%	05/15/2036	#		2,000,000		1,947,417
CS First Boston Mortgage Securities Corp.
Series 2005-C5, Class A3
5.100%	08/15/2038	#		2,650,000		2,585,001
CW Capital Cobalt Ltd.
Series 2006-C1, Class A4
5.223%	08/15/2048			750,000		700,675
GE Capital Commercial Mortgage Corporation
Series 2001-1, Class A2
6.531%	05/15/2033			1,000,000		1,028,704
GE Capital Commercial Mortgage Corporation
Series 2005-C4, Class AM
5.512%	11/10/2045	#		2,000,000		1,913,244
GMAC Commercial Mortgage Securities, Inc.
Series 2004-C1, Class A3
4.776%	03/10/2038			1,000,000		964,307
GMAC Commercial Mortgage Securities, Inc.
Series 2004-C3, Class D
5.044%	12/10/2041	#		250,000		197,419

See accompanying notes to financial statements. 183

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—(Continued)
Greenwich Capital Commercial Funding Corp.
Series 2007-GG9, Class A4
5.444%	03/10/2039	†	$	1,000,000	$	933,802
GS Mortgage Securities Corp. II
Series 2003-C1, Class A3
4.608%	01/10/2040			60,000		57,588
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2003-CB7, Class A3
4.449%	01/12/2038			2,000,000		1,963,112
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2003-ML1A, Class A2
4.767%	03/12/2039			1,000,000		963,196
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB9, Class A4
5.553%	06/12/2041	#		750,000		742,012
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2004-CBX, Class AJ
4.951%	01/12/2037	#		1,750,000		1,535,222
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-CB13, Class AM
5.513%	01/12/2043	#		900,000		859,685
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-LDP2, Class E
4.981%	07/15/2042	#		750,000		588,358
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-LDP2, Class A4
4.738%	07/15/2042			935,000		887,669
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-LDP3, Class A4B
4.996%	08/15/2042	#		1,075,000		1,016,627
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-LDP4, Class A2
4.790%	10/15/2042			912,141		906,058
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2006-CB17, Class AM
5.464%	12/12/2043			750,000		683,588
LB-UBS Commercial Mortgage Trust
Series 2004-C7, Class A6
4.786%	10/15/2029	#		1,000,000		949,050
LB-UBS Commercial Mortgage Trust
Series 2007-C1, Class A4
5.424%	02/15/2040			1,000,000		932,215
LB-UBS Commercial Mortgage Trust
Series 2007-C2, Class A3
5.430%	02/15/2040			750,000		698,851
Merrill Lynch Mortgage Trust
Series 2002-MW1, Class A3
5.403%	07/12/2034			500,000		503,462
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-1, Class A3
5.653%	02/12/2039	#		750,000		738,603
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-1, Class A4
5.603%	02/12/2039	#		1,500,000		1,442,143
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-3, Class A4
5.414%	07/12/2046	#		750,000		712,770
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-4, Class A3
5.172%	12/12/2049	#		1,000,000		932,460
Morgan Stanley Capital I
Series 2004-HQ3, Class A3
4.490%	01/13/2041			1,000,000		981,042
Morgan Stanley Capital I
Series 2004-T13, Class A2
3.940%	09/13/2045			687,220		678,564
Morgan Stanley Capital I
Series 2004-T15, Class A2
4.690%	06/13/2041			500,000		498,588
Morgan Stanley Capital I
Series 2006-HQ9, Class AM
5.773%	07/12/2044	#		1,000,000		931,475
Morgan Stanley Capital I
Series 2006-IQ12, Class A2
5.283%	12/15/2043			750,000		738,655
Morgan Stanley Capital I
Series 2007-HQ11, Class A4
5.447%	02/12/2044	#		1,500,000		1,396,143
Morgan Stanley Capital I
Series 2007-IQ13, Class AM
5.406%	03/15/2044			1,500,000		1,333,346
Morgan Stanley Dean Witter Capital I
Series 2003-HQ2, Class A1
4.180%	03/12/2035			540,473		520,966
Wachovia Bank Commercial Mortgage Trust
Series 2003-C5, Class A2
3.989%	06/15/2035			750,000		705,390
Wachovia Bank Commercial Mortgage Trust
Series 2003-C9, Class A4
5.012%	12/15/2035	#		750,000		721,918
Wachovia Bank Commercial Mortgage Trust
Series 2004-C11, Class A5
5.215%	01/15/2041	#		500,000		489,159
Wachovia Bank Commercial Mortgage Trust
Series 2004-C12, Class A4
5.408%	07/15/2041	#		750,000		736,068
Wachovia Bank Commercial Mortgage Trust
Series 2004-C15, Class B
4.892%	10/15/2041			1,000,000		871,335
Wachovia Bank Commercial Mortgage Trust
Series 2006-C25, Class A3
5.893%	05/15/2043	#		1,000,000		996,528
Wachovia Bank Commercial Mortgage Trust
Series 2006-C26, Class AJ
6.189%	06/15/2045	#		1,000,000		836,173
Wachovia Bank Commercial Mortgage Trust
Series 2006-C28, Class A3
5.679%	10/15/2048			1,600,000		1,544,913
Wachovia Bank Commercial Mortgage Trust
Series 2006-C28, Class A2
5.500%	10/15/2048			500,000		495,370
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30, Class A5
5.342%	12/15/2043			500,000		462,618
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30, Class A3
5.246%	12/15/2043			2,000,000		1,944,645
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $56,981,517)						54,728,449

184 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Core Bond Index Fund

		Shares	Value
CASH EQUIVALENTS—16.1%
Institutional Money Market Funds—16.1%
AIM Short-Term Investments Trust Liquid Assets Portfolio	††	29,762,410	$	29,762,411
AIM Short-Term Investments Trust Prime Assets Portfolio	††	134,527,982		134,527,982
JPMorgan Prime Money Market Fund, Capital Shares		5,914,583		5,914,583
TOTAL CASH EQUIVALENTS (Cost $170,204,976)				170,204,976
TOTAL INVESTMENTS—115.2% (Cost $1,223,983,028)				1,216,591,378
Other Assets Less Liabilities—(15.2%)				(160,175,323	)
NET ASSETS—100.0%			$	1,056,416,055

Notes to the Schedule of Investments:

MTN	Medium Term Note
a	Illiquid Security.
†	Denotes all or a portion of security on loan.
#	Rate is subject to change. Rate shown reflects current rate.
TBA	To be announced.
††	Represents reinvestment of collateral received in conjunction with securities lending.

See accompanying notes to financial statements. 185

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint 500 Stock Index Fund

		Shares	Value
COMMON STOCKS—98.0%
Aerospace & Defense—2.6%
Boeing Co. (The)		23,515	$	1,545,406
General Dynamics Corp.		12,172		1,024,882
Goodrich Corp.		3,725		176,789
Honeywell International, Inc.		22,620		1,137,334
L-3 Communications Holdings, Inc.		3,929		357,028
Lockheed Martin Corp.		10,504		1,036,325
Northrop Grumman Corp.		10,493		701,982
Precision Castparts Corp.		4,277		412,174
Raytheon Co.		12,973		730,120
Rockwell Collins, Inc.		5,106		244,884
United Technologies Corp.		29,999		1,850,938
				9,217,862
Agriculture—0.1%
Lorillard, Inc.	*	5,232		361,845
Air Freight & Logistics—0.9%
CH Robinson Worldwide, Inc.		5,392		295,697
Expeditors International of Washington, Inc.		6,669		286,767
FedEx Corp.		9,562		753,390
United Parcel Service, Inc., Class B		31,896		1,960,647
				3,296,501
Airlines—0.1%
Southwest Airlines Co.		22,465		292,944
Auto Components—0.2%
Goodyear Tire & Rubber Co. (The)	*	7,363		131,282
Johnson Controls, Inc.		18,309		525,102
				656,384
Automobiles—0.2%
Ford Motor Co.	*†	67,247		323,458
General Motors Corp.	†	17,696		203,504
Harley-Davidson, Inc.	†	7,186		260,564
				787,526
Beverages—2.4%
Anheuser-Busch Cos, Inc.		22,204		1,379,312
Brown-Forman Corp., Class B		2,464		186,204
Coca-Cola Co. (The)		61,272		3,184,919
Coca-Cola Enterprises, Inc.		8,053		139,317
Constellation Brands, Inc., Class A	*†	5,602		111,256
Molson Coors Brewing Co., Class B		4,248		230,794
Pepsi Bottling Group, Inc.		4,086		114,081
PepsiCo, Inc.		48,902		3,109,678
				8,455,561
Biotechnology—1.4%
Amgen, Inc.	*	32,969		1,554,818
Biogen Idec, Inc.	*†	8,876		496,080
Celgene Corp.	*	13,338		851,898
Genzyme Corp.	*	8,228		592,581
Gilead Sciences, Inc.	*	28,189		1,492,607
				4,987,984
Building Products—0.1%
Masco Corp.		11,772		185,174
Capital Markets—2.7%
American Capital Strategies Ltd.	†	5,599		133,088
Ameriprise Financial, Inc.		7,301		296,932
Bank of New York Mellon Corp.		34,990		1,323,672
Charles Schwab Corp. (The)		29,198		599,727
E*Trade Financial Corp.	*†	12,800		40,192
Federated Investors, Inc., Class B		2,799		96,341
Franklin Resources, Inc.		4,858		445,236
Goldman Sachs Group, Inc. (The)		12,067		2,110,518
Janus Capital Group, Inc.	†	4,574		121,074
Legg Mason, Inc.	†	3,983		173,539
Lehman Brothers Holdings, Inc.	†	20,669		409,453
Merrill Lynch & Co., Inc.		29,760		943,690
Morgan Stanley		33,835		1,220,428
Northern Trust Corp.		5,889		403,809
State Street Corp.		12,988		831,102
T Rowe Price Group, Inc.		7,912		446,791
				9,595,592
Chemicals—2.0%
Air Products & Chemicals, Inc.		6,726		664,932
Ashland, Inc.		1,771		85,362
Dow Chemical Co. (The)		28,581		997,763
E.I. Du Pont de Nemours & Co.		27,228		1,167,809
Eastman Chemical Co.	†	2,451		168,776
Ecolab, Inc.		5,184		222,860
Hercules, Inc.	†	3,515		59,509
International Flavors & Fragrances, Inc.		2,365		92,377
Monsanto Co.		16,800		2,124,192
PPG Industries, Inc.		5,081		291,497
Praxair, Inc.		9,796		923,175
Rohm & Haas Co.		3,701		171,875
Sigma-Aldrich Corp.		3,792		204,237
				7,174,364
Commercial Banks—2.1%
BB&T Corp.	†	16,901		384,836
Comerica, Inc.	†	4,863		124,639
Fifth Third Bancorp	†	16,455		167,512
First Horizon National Corp.	†	3,674		27,298
Huntington Bancshares, Inc.	†	11,365		65,576
Keycorp	†	12,073		132,561
M&T Bank Corp.	†	2,431		171,483
Marshall & Ilsley Corp.	†	8,011		122,809
National City Corp.	†	19,071		90,969
PNC Financial Services Group, Inc.		10,783		615,709
Regions Financial Corp.	†	21,660		236,310
SunTrust Banks, Inc.		10,877		393,965
US Bancorp		53,028		1,478,951
Wachovia Corp.	†	65,231		1,013,037
Wells Fargo & Co.		100,985		2,398,394
Zions Bancorporation	†	3,246		102,216
				7,526,265
Commercial Services & Supplies—0.5%
Allied Waste Industries, Inc.	*	10,337		130,453
Avery Dennison Corp.	†	3,045		133,767
Cintas Corp.		4,114		109,062
Equifax, Inc.	†	3,838		129,033

186 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint 500 Stock Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Monster Worldwide, Inc.	*	4,065	$	83,780
Pitney Bowes, Inc.		6,896		235,154
Robert Half International, Inc.		5,293		126,873
RR Donnelley & Sons Co.		6,781		201,328
Waste Management, Inc.		15,290		576,586
				1,726,036
Communications Equipment—2.5%
Ciena Corp.	*	2,144		49,677
Cisco Systems, Inc.	*	183,286		4,263,232
Corning, Inc.		47,698		1,099,439
JDS Uniphase Corp.	*†	5,668		64,389
Juniper Networks, Inc.	*	16,362		362,909
Motorola, Inc.		68,986		506,357
Qualcomm, Inc.		49,652		2,203,059
Tellabs, Inc.	*	12,229		56,865
				8,605,927
Computers & Peripherals—4.6%
Apple, Inc.	*	26,943		4,511,336
Dell, Inc.	*	62,471		1,366,865
EMC Corp.	*	64,482		947,241
Hewlett-Packard Co.		76,255		3,371,233
International Business Machines Corp.		42,439		5,030,295
Lexmark International, Inc., Class A	*	2,870		95,944
NetApp, Inc.	*	10,193		220,780
QLogic Corp.	*	4,584		66,881
SanDisk Corp.	*	6,917		129,348
Sun Microsystems, Inc.	*†	25,510		277,549
Teradata Corp.	*	5,590		129,353
				16,146,825
Construction & Engineering—0.2%
Fluor Corp.		2,716		505,393
Jacobs Engineering Group, Inc.	*	3,730		301,011
				806,404
Construction Materials—0.1%
Vulcan Materials Co.	†	3,366		201,219
Consumer Finance—0.6%
American Express Co.		35,454		1,335,552
Capital One Financial Corp.	†	11,425		434,265
Discover Financial Services	†	15,513		204,306
SLM Corp.	*	14,292		276,550
				2,250,673
Containers & Packaging—0.1%
Ball Corp.		3,168		151,240
Bemis Co., Inc.		3,365		75,443
Pactiv Corp.	*	4,478		95,068
Sealed Air Corp.	†	4,782		90,906
				412,657
Distributors—0.1%
Genuine Parts Co.		5,410		214,669
Diversified Consumer Services—0.1%
Apollo Group, Inc., Class A	*	4,073		180,271
H&R Block, Inc.		10,232		218,965
				399,236
Diversified Financial Services—3.3%
Bank of America Corp.		136,071		3,248,015
CIT Group, Inc.		8,652		58,920
Citigroup, Inc.		167,241		2,802,959
CME Group, Inc.		1,682		644,525
IntercontinentalExchange, Inc.	*	2,157		245,898
JPMorgan Chase & Co.		106,123		3,641,087
Leucadia National Corp.	†	5,140		241,272
Moody’s Corp.	†	6,539		225,203
NYSE Euronext		8,209		415,868
				11,523,747
Diversified Telecommunication Services—2.9%
AT&T, Inc.		183,137		6,169,885
CenturyTel, Inc.		3,293		117,198
Citizens Communications Co.	†	10,409		118,038
Embarq Corp.		4,416		208,744
Qwest Communications International, Inc.	†	49,218		193,427
Verizon Communications, Inc.		87,799		3,108,085
Windstream Corp.		14,143		174,525
				10,089,902
Electric Utilities—2.3%
Allegheny Energy, Inc.		4,824		241,731
American Electric Power Co., Inc.		12,380		498,047
Duke Energy Corp.		39,212		681,505
Edison International		9,898		508,559
Entergy Corp.		6,031		726,615
Exelon Corp.		20,271		1,823,579
FirstEnergy Corp.		9,191		756,695
FPL Group, Inc.		12,628		828,144
Pepco Holdings, Inc.		6,023		154,490
Pinnacle West Capital Corp.		2,891		88,956
PPL Corp.		11,199		585,372
Progress Energy, Inc.	†	7,759		324,559
Southern Co.		23,187		809,690
				8,027,942
Electrical Equipment—0.5%
Cooper Industries Ltd., Class A		5,710		225,545
Emerson Electric Co.		23,841		1,178,938
Rockwell Automation, Inc.		4,562		199,496
				1,603,979
Electronic Equipment & Instruments—0.3%
Agilent Technologies, Inc.	*	11,570		411,198
Jabil Circuit, Inc.		5,995		98,378
Molex, Inc.		4,262		104,035
Tyco Electronics Ltd. (Bermuda)		15,195		544,285
				1,157,896
Energy Equipment & Services—3.6%
Baker Hughes, Inc.		9,795		855,495
BJ Services Co.		8,811		281,424
Cameron International Corp.	*	6,832		378,151
ENSCO International, Inc.		4,299		347,101
Halliburton Co.		26,646		1,414,103
Nabors Industries Ltd. (Bermuda)	*†	8,284		407,821
National Oilwell Varco, Inc.	*	12,668		1,123,905
Noble Corp.		8,474		550,471
Rowan Cos, Inc.	†	3,489		163,111
Schlumberger Ltd.		36,727		3,945,582
Smith International, Inc.		6,087		506,073

See accompanying notes to financial statements. 187

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint 500 Stock Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Transocean, Inc.	*	9,631	$	1,467,668
Weatherford International Ltd.	*	20,798		1,031,373
				12,472,278
Food & Staples Retailing—2.7%
Costco Wholesale Corp.		13,115		919,886
CVS Caremark Corp.		44,312		1,753,426
Kroger Co. (The)		20,497		591,748
Safeway, Inc.		13,907		397,045
Supervalu, Inc.		6,343		195,935
Sysco Corp.		18,301		503,460
Walgreen Co.		30,005		975,463
Wal-Mart Stores, Inc.		71,759		4,032,856
Whole Foods Market, Inc.	†	4,200		99,498
				9,469,317
Food Products—1.5%
Archer-Daniels-Midland Co.		19,425		655,594
Campbell Soup Co.		6,505		217,657
ConAgra Foods, Inc.		14,538		280,293
Dean Foods Co.	*	4,192		82,247
General Mills, Inc.		10,161		617,484
Hershey Co. (The)	†	5,550		181,929
HJ Heinz Co.		9,503		454,718
Kellogg Co.		7,949		381,711
Kraft Foods, Inc., Class A		46,877		1,333,651
McCormick & Co., Inc.	†	3,895		138,896
Sara Lee Corp.		23,124		283,269
Tyson Foods, Inc., Class A		7,900		118,026
WM Wrigley Jr Co.		6,663		518,248
				5,263,723
Gas Utilities—0.1%
Nicor, Inc.	†	1,395		59,413
Questar Corp.	†	5,268		374,239
				433,652
Health Care Equipment & Supplies—2.0%
Baxter International, Inc.		19,195		1,227,328
Becton Dickinson & Co.		7,580		616,254
Boston Scientific Corp.	*	41,174		506,028
Covidien Ltd.		15,195		727,689
CR Bard, Inc.		3,184		280,033
Hospira, Inc.	*	4,680		187,715
Intuitive Surgical, Inc.	*†	1,056		284,486
Medtronic, Inc.		34,282		1,774,093
St Jude Medical, Inc.	*	10,312		421,555
Stryker Corp.		7,295		458,710
Varian Medical Systems, Inc.	*†	4,001		207,452
Zimmer Holdings, Inc.	*	7,063		480,637
				7,171,980
Health Care Providers & Services—1.8%
Aetna, Inc.		15,520		629,026
AmerisourceBergen Corp.		5,126		204,989
Cardinal Health, Inc.		11,241		579,811
Cigna Corp.		8,754		309,804
Coventry Health Care, Inc.	*	4,800		146,016
Express Scripts, Inc.	*	7,575		475,104
Humana, Inc.	*	5,100		202,827
Laboratory Corp of America Holdings	*†	3,523		245,306
McKesson Corp.		8,702		486,529
Medco Health Solutions, Inc.	*	16,154		762,469
Patterson Cos, Inc.	*†	4,422		129,962
Quest Diagnostics, Inc.		4,860		235,564
Tenet Healthcare Corp.	*	14,819		82,394
UnitedHealth Group, Inc.		38,022		998,077
WellPoint, Inc.	*	16,310		777,335
				6,265,213
Health Care Technology—0.0%
IMS Health, Inc.		6,032		140,546
Hotels, Restaurants & Leisure—1.2%
Carnival Corp.	†	13,148		433,358
Darden Restaurants, Inc.	†	4,663		148,936
International Game Technology		9,467		236,486
Marriott International, Inc., Class A		9,595		251,773
McDonald’s Corp.		35,006		1,968,037
Starbucks Corp.	*	21,892		344,580
Starwood Hotels & Resorts Worldwide, Inc.		5,931		237,655
Wendy’s International, Inc.		2,362		64,294
Wyndham Worldwide Corp.		6,076		108,821
Yum! Brands, Inc.		15,303		536,982
				4,330,922
Household Durables—0.4%
Black & Decker Corp.		1,913		110,017
Centex Corp.	†	3,736		49,950
DR Horton, Inc.	†	8,206		89,035
Fortune Brands, Inc.		4,752		296,572
Harman International Industries, Inc.	†	2,000		82,780
KB Home	†	2,308		39,074
Leggett & Platt, Inc.	†	5,276		88,479
Lennar Corp., Class A	†	4,253		52,482
Newell Rubbermaid, Inc.		8,746		146,845
Pulte Homes, Inc.	†	6,258		60,265
Snap-On, Inc.	†	1,846		96,010
Stanley Works (The)		2,596		116,379
Whirlpool Corp.		2,302		142,103
				1,369,991
Household Products—2.2%
Clorox Co.		4,108		214,438
Colgate-Palmolive Co.		15,433		1,066,420
Kimberly-Clark Corp.		12,781		764,048
Procter & Gamble Co.		94,420		5,741,680
				7,786,586
Independent Power Producers & Energy Traders—0.3%
AES Corp. (The)	*	20,826		400,067
Constellation Energy Group, Inc.		5,647		463,619
Dynegy, Inc., Class A	*	14,627		125,061
				988,747
Industrial Conglomerates—3.0%
3M Co.		21,629		1,505,162
General Electric Co.		306,365		8,176,882
Textron, Inc.		7,472		358,133
Tyco International Ltd. (Bermuda)		15,195		608,408
				10,648,585
Insurance—3.5%
ACE Ltd. (Bermuda)		10,182		560,926
Aflac, Inc.		14,542		913,238
Allstate Corp. (The)		17,707		807,262

188 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint 500 Stock Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
American International Group, Inc.		82,660	$	2,187,184
AON Corp.		9,359		429,952
Assurant, Inc.		2,807		185,150
Chubb Corp.		11,560		566,556
Cincinnati Financial Corp.		5,083		129,108
Genworth Financial, Inc., Class A		13,920		247,915
Hartford Financial Services Group, Inc.		9,464		611,091
Lincoln National Corp.		8,407		381,005
Loews Corp.	†	11,259		528,047
Marsh & McLennan Cos, Inc.		16,036		425,756
MBIA, Inc.	†	6,439		28,267
MetLife, Inc.		21,723		1,146,323
Principal Financial Group, Inc.		7,853		329,590
Progressive Corp. (The)		20,912		391,473
Prudential Financial, Inc.		13,729		820,170
Safeco Corp.		2,748		184,556
Torchmark Corp.		2,839		166,507
Travelers Cos, Inc. (The)		19,001		824,643
Unum Group	†	10,826		221,392
XL Capital Ltd., Class A (Bermuda)		5,668		116,534
				12,202,645
Internet & Catalog Retail—0.3%
Amazon.com, Inc.	*	9,269		679,696
Expedia, Inc.	*	6,356		116,823
IAC/InterActiveCorp	*	6,294		121,348
				917,867
Internet Software & Services—1.7%
Akamai Technologies, Inc.	*†	5,150		179,168
eBay, Inc.	*	34,382		939,660
Google, Inc., Class A	*	7,111		3,743,373
VeriSign, Inc.	*†	6,732		254,470
Yahoo! Inc.	*	41,984		867,389
				5,984,060
IT Services—0.9%
Affiliated Computer Services, Inc., Class A	*	3,065		163,947
Automatic Data Processing, Inc.		16,387		686,615
Cognizant Technology Solutions Corp., Class A	*	8,648		281,146
Computer Sciences Corp.	*	4,843		226,846
Convergys Corp.	*	4,528		67,286
Electronic Data Systems Corp.		16,012		394,536
Fidelity National Information Services, Inc.		5,123		189,090
Fiserv, Inc.	*†	5,132		232,839
Paychex, Inc.		9,970		311,862
Total System Services, Inc.		6,097		135,475
Unisys Corp.	*	10,465		41,337
Western Union Co. (The)		22,562		557,733
				3,288,712
Leisure Equipment & Products—0.1%
Eastman Kodak Co.	†	8,976		129,524
Hasbro, Inc.		4,244		151,596
Mattel, Inc.		11,814		202,255
				483,375
Life Sciences Tools & Services—0.4%
Applera Corp.—Applied Biosystems Group		5,286		176,975
Millipore Corp.	*	1,546		104,912
PerkinElmer, Inc.		4,019		111,929
Thermo Fisher Scientific, Inc.	*	13,077		728,781
Waters Corp.	*	3,186		205,497
				1,328,094
Machinery—1.9%
Caterpillar, Inc.		19,267		1,422,290
Cummins, Inc.		6,097		399,475
Danaher Corp.		7,623		589,258
Deere & Co.		13,434		968,994
Dover Corp.		6,423		310,681
Eaton Corp.		4,975		422,726
Illinois Tool Works, Inc.		12,456		591,785
Ingersoll-Rand Co. Ltd., Class A (Bermuda)		9,404		351,992
ITT Corp.		5,413		342,805
Manitowoc Co., Inc. (The)	†	3,906		127,062
PACCAR, Inc.		11,068		462,974
Pall Corp.		3,958		157,053
Parker Hannifin Corp.		5,165		368,368
Terex Corp.	*	3,229		165,874
				6,681,337
Media—2.8%
CBS Corp., Class B	†	20,603		401,552
Clear Channel Communications, Inc.		15,334		539,757
Comcast Corp., Class A		91,460		1,734,996
DIRECTV Group, Inc. (The)	*	22,146		573,803
E.W. Scripps Co., Class A	†	2,500		103,850
Gannett Co., Inc.	†	7,093		153,705
Interpublic Group of Cos, Inc. (The)	*†	13,428		115,481
McGraw-Hill Cos, Inc. (The)		9,866		395,824
Meredith Corp.	†	1,189		33,637
New York Times Co. (The), Class A	†	4,417		67,978
News Corp., Class A		70,079		1,053,988
Omnicom Group, Inc.	†	10,092		452,929
Time Warner, Inc.		109,629		1,622,509
Viacom, Inc., Class B	*	20,343		621,275
Walt Disney Co. (The)		57,739		1,801,457
Washington Post Co. (The), Class B		182		106,816
				9,779,557
Metals & Mining—1.4%
AK Steel Holding Corp.		2,902		200,238
Alcoa, Inc.		25,638		913,226
Allegheny Technologies, Inc.		3,169		187,858
Freeport-McMoRan Copper & Gold, Inc.		11,734		1,375,107
Newmont Mining Corp.		14,078		734,309
Nucor Corp.		9,540		712,352
Titanium Metals Corp.	†	2,725		38,123
United States Steel Corp.		3,716		686,642
				4,847,855
Multiline Retail—0.7%
Big Lots, Inc.	*†	2,400		74,976
Dillard’s, Inc., Class A	†	1,726		19,970
Family Dollar Stores, Inc.		5,061		100,916
JC Penney Co., Inc.		7,038		255,409

See accompanying notes to financial statements. 189

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint 500 Stock Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Kohl’s Corp.	*	9,410	$	376,776
Macy’s, Inc.		12,923		250,965
Nordstrom, Inc.	†	5,703		172,801
Sears Holdings Corp.	*†	2,157		158,885
Target Corp.		24,084		1,119,665
				2,530,363
Multi-Utilities—1.2%
Ameren Corp.		6,170		260,559
Centerpoint Energy, Inc.		9,695		155,605
CMS Energy Corp.		7,199		107,265
Consolidated Edison, Inc.	†	8,061		315,105
Dominion Resources, Inc.	†	17,958		852,825
DTE Energy Co.	†	5,330		226,205
Integrys Energy Group, Inc.	†	2,341		118,993
NiSource, Inc.		8,413		150,761
PG&E Corp.		10,922		433,494
Public Service Enterprise Group, Inc.		15,790		725,235
Sempra Energy		8,214		463,680
TECO Energy, Inc.	†	5,950		127,866
Xcel Energy, Inc.		12,731		255,511
				4,193,104
Office Electronics—0.1%
Xerox Corp.		29,117		394,827
Oil, Gas & Consumable Fuels—12.3%
Anadarko Petroleum Corp.		14,377		1,075,975
Apache Corp.		10,208		1,418,912
Cabot Oil & Gas Corp.		3,009		203,800
Chesapeake Energy Corp.		14,677		968,095
Chevron Corp.		63,817		6,326,179
ConocoPhillips		47,565		4,489,660
Consol Energy, Inc.		5,595		628,710
Devon Energy Corp.		13,476		1,619,276
El Paso Corp.		22,180		482,193
EOG Resources, Inc.		7,575		993,840
Exxon Mobil Corp.		162,799		14,347,476
Hess Corp.		8,391		1,058,860
Marathon Oil Corp.		21,496		1,114,998
Massey Energy Co.		2,476		232,125
Murphy Oil Corp.		5,644		553,394
Noble Energy, Inc.		5,358		538,800
Occidental Petroleum Corp.		25,131		2,258,272
Peabody Energy Corp.		8,293		730,199
Range Resources Corp.		4,649		304,695
Southwestern Energy Co.	*	9,652		459,532
Spectra Energy Corp.		19,659		565,000
Sunoco, Inc.		3,836		156,087
Tesoro Corp.	†	4,285		84,714
Valero Energy Corp.		16,647		685,523
Williams Cos, Inc.		17,884		720,904
XTO Energy, Inc.		15,645		1,071,839
				43,089,058
Paper & Forest Products—0.2%
International Paper Co.		13,188		307,281
MeadWestvaco Corp.		5,462		130,214
Weyerhaeuser Co.		6,280		321,159
				758,654
Personal Products—0.2%
Avon Products, Inc.		13,350		480,867
Estee Lauder Cos, Inc. (The), Class A		3,640		169,078
				649,945
Pharmaceuticals—6.0%
Abbott Laboratories		47,399		2,510,725
Allergan, Inc.	†	9,246		481,254
Barr Pharmaceuticals, Inc.	*	3,200		144,256
Bristol-Myers Squibb Co.		59,948		1,230,732
Eli Lilly & Co.		30,325		1,399,802
Forest Laboratories, Inc.	*	9,616		334,060
Johnson & Johnson		86,993		5,597,130
King Pharmaceuticals, Inc.	*	7,638		79,970
Merck & Co., Inc.		66,108		2,491,610
Mylan, Inc.	*†	9,331		112,625
Pfizer, Inc.		207,576		3,626,353
Schering-Plough Corp.		49,011		965,027
Watson Pharmaceuticals, Inc.	*	2,919		79,309
Wyeth		40,600		1,947,176
				21,000,029
Real Estate Investment Trusts (REIT)—1.2%
Apartment Investment & Management Co., Class A REIT	†	3,115		106,097
AvalonBay Communities, Inc. REIT	†	2,470		220,225
Boston Properties, Inc. REIT		3,717		335,348
Developers Diversified Realty Corp. REIT	†	3,951		137,139
Equity Residential REIT		8,303		317,756
General Growth Properties, Inc. REIT	†	8,178		286,475
HCP, Inc. REIT		7,184		228,523
Host Hotels & Resorts, Inc. REIT		16,217		221,362
Kimco Realty Corp. REIT		7,548		260,557
Plum Creek Timber Co., Inc. REIT	†	5,089		217,351
Prologis REIT		7,749		421,158
Public Storage REIT		3,844		310,557
Simon Property Group, Inc. REIT	†	6,910		621,140
Vornado Realty Trust REIT		4,063		357,544
				4,041,232
Real Estate Management & Development—0.0%
CB Richard Ellis Group, Inc., Class A	*†	5,846		112,243
Road & Rail—1.1%
Burlington Northern Santa Fe Corp.		9,001		899,110
CSX Corp.		12,670		795,803
Norfolk Southern Corp.		11,673		731,547
Ryder System, Inc.	†	2,030		139,826
Union Pacific Corp.		15,886		1,199,393
				3,765,679
Semiconductors & Semiconductor Equipment—2.6%
Advanced Micro Devices, Inc.	*†	16,617		96,877
Altera Corp.		9,869		204,288
Analog Devices, Inc.		9,501		301,847
Applied Materials, Inc.		41,621		794,545
Broadcom Corp., Class A	*	14,124		385,444
Intel Corp.		177,639		3,815,686

190 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint 500 Stock Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
KLA-Tencor Corp.	†	5,560	$	226,348
Linear Technology Corp.	†	6,719		218,838
LSI Corp.	*†	23,786		146,046
MEMC Electronic Materials, Inc.	*	7,012		431,518
Microchip Technology, Inc.	†	5,551		169,528
Micron Technology, Inc.	*	23,746		142,476
National Semiconductor Corp.		7,865		161,547
Novellus Systems, Inc.	*†	4,043		85,671
Nvidia Corp.	*	16,756		313,672
Teradyne, Inc.	*	6,358		70,383
Texas Instruments, Inc.		41,228		1,160,980
Xilinx, Inc.		8,667		218,842
				8,944,536
Software—3.5%
Adobe Systems, Inc.	*	17,287		680,935
Autodesk, Inc.	*	7,066		238,901
BMC Software, Inc.	*	5,773		207,828
CA, Inc.		11,671		269,483
Citrix Systems, Inc.	*	5,196		152,814
Compuware Corp.	*	9,006		85,917
Electronic Arts, Inc.	*	9,665		429,416
Intuit, Inc.	*	9,924		273,605
Microsoft Corp.		245,374		6,750,239
Novell, Inc.	*	11,821		69,626
Oracle Corp.	*	121,282		2,546,922
Symantec Corp.	*	26,043		503,932
				12,209,618
Specialty Retail—1.5%
Abercrombie & Fitch Co., Class A		2,804		175,755
AutoNation, Inc.	*†	4,218		42,264
Autozone, Inc.	*	1,371		165,905
Bed Bath & Beyond, Inc.	*	7,855		220,726
Best Buy Co., Inc.		10,836		429,106
GameStop Corp., Class A	*	4,955		200,182
Gap, Inc. (The)		13,860		231,046
Home Depot, Inc.		51,136		1,197,605
Lowe’s Cos, Inc.		44,251		918,208
Ltd. Brands, Inc.		10,263		172,932
Office Depot, Inc.	*	8,714		95,331
RadioShack Corp.		3,908		47,951
Sherwin-Williams Co. (The)	†	3,384		155,427
Staples, Inc.		21,243		504,521
Tiffany & Co.		4,243		172,902
TJX Cos, Inc.		13,095		412,100
				5,141,961
Textiles, Apparel & Luxury Goods—0.4%
Coach, Inc.	*	11,268		325,420
Jones Apparel Group, Inc.		3,500		48,125
Liz Claiborne, Inc.	†	3,056		43,243
Nike, Inc., Class B		11,589		690,820
Polo Ralph Lauren Corp.	†	1,954		122,672
VF Corp.		2,652		188,769
				1,419,049
Thrifts & Mortgage Finance—0.4%
Countrywide Financial Corp.	†	17,838		75,812
Federal National Mortgage Association		32,552		635,090
Freddie Mac		20,106		329,738
Hudson City Bancorp, Inc.		15,412		257,072
MGIC Investment Corp.	†	2,777		16,967
Sovereign Bancorp, Inc.	†	11,004		80,989
Washington Mutual, Inc.	†	32,436		159,910
				1,555,578
Tobacco—1.4%
Altria Group, Inc.		64,332		1,322,666
Philip Morris International, Inc.		64,332		3,177,358
Reynolds American, Inc.	†	5,390		251,551
UST, Inc.		4,656		254,264
				5,005,839
Trading Companies & Distributors—0.1%
W.W. Grainger, Inc.		2,254		184,377
Wireless Telecommunication Services—0.4%
American Tower Corp., Class A	*	12,160		513,760
Sprint Nextel Corp.		85,922		816,259
				1,330,019
TOTAL COMMON STOCKS (Cost $214,644,332)				343,886,267

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bill—0.1%
U.S. Treasury Bill
1.947%	09/18/2008	‡‡
(Cost $373,405)			$	375,000	373,532

		Shares	Value
CASH EQUIVALENTS—7.6%
Institutional Money Market Funds—7.6%
AIM Short-Term Investments Trust Liquid Assets Portfolio	††	5,603,376		5,603,376
AIM Short-Term Investments Trust Prime Assets Portfolio	††	14,569,196		14,569,196
JPMorgan Prime Money Market Fund, Capital Shares		6,684,917		6,684,917
TOTAL CASH EQUIVALENTS (Cost $26,857,489)				26,857,489
TOTAL INVESTMENTS—105.7% (Cost $241,875,226)				371,117,288
Other assets less liabilities—(5.7%)				(20,135,101	)
NET ASSETS—100.0%			$	350,982,187

Notes to the Schedule of Investments:

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

See accompanying notes to financial statements. 191

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—98.5%
Aerospace & Defense—2.1%
AAR Corp.	*†	1,489	$	20,146
Alliant Techsystems, Inc.	*†	1,550		157,604
Applied Signal Technology, Inc.		1,237		16,897
BE Aerospace, Inc.	*	2,393		55,733
Boeing Co. (The)		26,137		1,717,724
Ceradyne, Inc.	*†	1,867		64,038
Cubic Corp.	†	1,692		37,698
Curtiss-Wright Corp.	†	2,112		94,491
DRS Technologies, Inc.		1,486		116,978
Esterline Technologies Corp.	*†	1,049		51,674
GenCorp, Inc.	*†	1,629		11,664
General Dynamics Corp.		13,610		1,145,962
Goodrich Corp.		4,882		231,700
Heico Corp., Class A	†	878		23,337
Honeywell International, Inc.		27,016		1,358,364
Kreisler Manufacturing Corp.	*	1,250		15,313
L-3 Communications Holdings, Inc.		5,024		456,531
Ladish Co., Inc.	*	900		18,531
Lockheed Martin Corp.		12,021		1,185,992
Moog, Inc., Class A	*†	1,446		53,849
Northrop Grumman Corp.		12,233		818,388
Orbital Sciences Corp.	*†	2,123		50,018
Precision Castparts Corp.		5,136		494,956
Raytheon Co.		17,505		985,181
Rockwell Collins, Inc.		7,347		352,362
Spirit Aerosystems Holdings, Inc., Class A	*	2,103		40,336
Taser International, Inc.	*†	2,292		11,437
Teledyne Technologies, Inc.	*†	1,228		59,914
Triumph Group, Inc.	†	822		38,716
United Technologies Corp.		35,225		2,173,382
				11,858,916
Agriculture—0.1%
Lorillard, Inc.	*	5,735		396,633
Air Freight & Logistics—0.6%
Air T, Inc.		1,352		13,588
Atlas Air Worldwide Holdings, Inc.	*	600		29,676
CH Robinson Worldwide, Inc.		7,150		392,106
Expeditors International of Washington, Inc.		8,772		377,196
FedEx Corp.		10,148		799,560
Forward Air Corp.	†	1,431		49,513
HUB Group, Inc., Class A	*	2,400		81,912
Pacer International, Inc.	†	1,664		35,793
United Parcel Service, Inc., Class B		25,582		1,572,525
UTi Worldwide, Inc. (Virgin Islands, British)	†	2,208		44,050
				3,395,919
Airlines—0.1%
Airtran Holdings, Inc.	*†	3,168		6,463
Alaska Air Group, Inc.	*†	1,343		20,602
AMR Corp.	*	6,672		34,160
Continental Airlines, Inc., Class B	*†	2,723		27,530
Delta Air Lines, Inc.	*†	5,791		33,009
ExpressJet Holdings, Inc.	*†	2,636		1,450
JetBlue Airways Corp.	*†	6,414		23,924
Mesa Air Group, Inc.	*	847		432
Northwest Airlines Corp.	*	11,009		73,319
Skywest, Inc.	†	2,390		30,234
Southwest Airlines Co.		30,863		402,453
UAL Corp.	†	3,500		18,270
US Airways Group, Inc.	*†	2,272		5,680
				677,526
Auto Components—0.3%
American Axle & Manufacturing Holdings, Inc.	†	2,113		16,883
Amerigon, Inc., Class A	*†	2,107		14,981
ArvinMeritor, Inc.	†	2,791		34,832
BorgWarner, Inc.	†	4,548		201,840
Cooper Tire & Rubber Co.	†	3,066		24,037
Dana Holding Corp.	*†	2,450		13,108
Gentex Corp.	†	6,594		95,217
Goodyear Tire & Rubber Co. (The)	*	7,281		129,820
Johnson Controls, Inc.		22,551		646,762
Lear Corp.	*†	2,741		38,867
Modine Manufacturing Co.	†	1,208		14,943
Proliance International, Inc.	*	2,239		2,127
Quantum Fuel Systems Technologies Worldwide, Inc.	*†	2,809		8,652
Sauer-Danfoss, Inc.	†	1,531		47,691
Shiloh Industries, Inc.		1,441		13,531
Strattec Security Corp.		123		4,332
Superior Industries International, Inc.	†	1,102		18,602
Tenneco, Inc.	*	1,600		21,648
TRW Automotive Holdings Corp.	*	900		16,623
Visteon Corp.	*†	5,429		14,278
WABCO Holdings, Inc.		2,354		109,367
				1,488,141
Auto Parts & Equipment—0.0%
ATC Technology Corp.	*†	603		14,038
Automobiles—0.2%
Coachmen Industries, Inc.	*†	705		1,495
Fleetwood Enterprises, Inc.	*†	1,750		4,585
Ford Motor Co.	*†	73,856		355,247
General Motors Corp.	†	19,409		223,204
Harley-Davidson, Inc.	†	10,663		386,640
Monaco Coach Corp.	†	1,376		4,183
Thor Industries, Inc.	†	1,221		25,958
Winnebago Industries	†	1,432		14,592
				1,015,904
Beverages—2.0%
Anheuser-Busch Cos, Inc.		27,758		1,724,327
Brown-Forman Corp., Class B		2,437		184,164
Central European Distribution Corp.	*†	652		48,346
Coca-Cola Bottling Co. Consolidated	†	437		16,160
Coca-Cola Co. (The)		83,577		4,344,332
Coca-Cola Enterprises, Inc.		10,775		186,408
Constellation Brands, Inc., Class A	*	8,096		160,787
Dr. Pepper Snapple Group, Inc.	*	9,896		207,618
Hansen Natural Corp.	*†	2,680		77,238
Molson Coors Brewing Co., Class B		5,822		316,309
Pepsi Bottling Group, Inc.		5,177		144,542
PepsiAmericas, Inc.		3,031		59,953
PepsiCo, Inc.		62,048		3,945,632
				11,415,816

192 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Biotechnology—1.7%
Aastrom Biosciences, Inc.	*†	3,289	$	1,217
Abraxis Bioscience, Inc.	*	439		27,859
Alexion Pharmaceuticals, Inc.	*†	1,108		80,330
Alfacell Corp.	*	4,295		1,890
Alkermes, Inc.	*†	3,579		44,236
Alnylam Pharmaceuticals, Inc.	*†	2,390		63,885
Alseres Pharmaceuticals, Inc.	*	724		1,694
Altus Pharmaceuticals, Inc.	*†	1,600		7,120
Amgen, Inc.	*	42,858		2,021,184
Amylin Pharmaceuticals, Inc.	*†	3,885		98,640
Antigenics, Inc.	*	1,707		3,295
Applera Corp.—Celera Group	*†	3,028		34,398
Arena Pharmaceuticals, Inc.	*†	1,439		7,468
Ariad Pharmaceuticals, Inc.	*†	1,662		3,989
Arqule, Inc.	*†	864		2,808
Array Biopharma, Inc.	*†	4,333		20,365
Avant Immunotherapeutics, Inc.	*†	429		6,246
AVI BioPharma, Inc.	*†	2,400		2,688
Avigen, Inc.	*	1,009		2,916
Biogen Idec, Inc.	*	12,720		710,921
BioMarin Pharmaceutical, Inc.	*†	2,400		69,552
Celgene Corp.	*	16,631		1,062,222
Cell Genesys, Inc.	*†	1,642		4,269
Cell Therapeutics, Inc.	*†	347		167
Cephalon, Inc.	*†	2,347		156,521
Cepheid, Inc.	*†	4,930		138,632
Cubist Pharmaceuticals, Inc.	*	1,762		31,469
CV Therapeutics, Inc.	*†	1,424		11,720
CytRx Corp.	*	4,200		2,730
Dendreon Corp.	*†	1,879		8,362
Entremed, Inc.	*	1,390		765
Enzon Pharmaceuticals, Inc.	*†	1,765		12,567
EPIX Pharmaceuticals, Inc.	*	640		1,107
Exact Sciences Corp.	*	1,250		2,250
Genaera Corp.	*†	797		1,490
Genelabs Technologies, Inc.	*	721		447
Genentech, Inc.	*	18,069		1,371,437
Genzyme Corp.	*	10,181		733,236
Geron Corp.	*†	1,370		4,727
Gilead Sciences, Inc.	*	37,225		1,971,064
GTC Biotherapeutics, Inc.	*†	3,988		1,595
GTx, Inc.	*†	200		2,870
Halozyme Therapeutics, Inc.	*†	6,362		34,228
Hemispherx Biopharma, Inc.	*	920		773
Human Genome Sciences, Inc.	*†	5,277		27,493
ImClone Systems, Inc.	*†	3,034		122,756
Immunogen, Inc.	*†	1,323		4,048
Immunomedics, Inc.	*†	2,141		4,560
Incyte Corp. Ltd.	*†	3,102		23,606
Indevus Pharmaceuticals, Inc.	*†	5,716		8,974
InterMune, Inc.	*†	1,586		20,808
Isis Pharmaceuticals, Inc.	*†	2,216		30,204
Keryx Biopharmaceuticals, Inc.	*†	5,221		2,558
Lexicon Pharmaceuticals, Inc.	*†	2,343		3,749
Ligand Pharmaceuticals, Inc., Class B	*	4,556		11,846
MannKind Corp.	*†	4,492		13,476
Martek Biosciences Corp.	*†	1,148		38,699
Maxygen, Inc.	*†	1,231		4,173
MDRNA, Inc.	*†	1,500		1,830
Medarex, Inc.	*†	3,092		20,438
Monogram Biosciences, Inc.	*†	2,414		2,655
Myriad Genetics, Inc.	*†	1,210		55,079
Nabi Biopharmaceuticals	*†	1,995		7,860
Neose Technologies, Inc.	*	704		211
Neurobiological Technologies, Inc.	*	448		636
Neurocrine Biosciences, Inc.	*†	1,479		6,197
Neurogen Corp.	*†	1,872		1,928
Novavax, Inc.	*	1,550		3,860
NPS Pharmaceuticals, Inc.	*†	1,660		7,387
Nuvelo, Inc.	*†	1,150		644
Onyx Pharmaceuticals, Inc.	*	1,214		43,218
Orthologic Corp.	*	1,516		1,516
OSI Pharmaceuticals, Inc.	*†	2,729		112,762
Palatin Technologies, Inc.	*	2,104		400
PDL BioPharma, Inc.		3,841		40,791
Peregrine Pharmaceuticals, Inc.	*	9,115		3,829
Pharmacopeia, Inc.	*†	572		2,191
Poniard Pharmaceuticals, Inc.	*	396		1,679
Progenics Pharmaceuticals, Inc.	*†	793		12,585
Regeneron Pharmaceuticals, Inc.	*†	2,632		38,006
RXi Pharmaceuticals Corp.	*†	209		1,672
Savient Pharmaceuticals, Inc.	*†	1,389		35,142
Sciclone Pharmaceuticals, Inc.	*†	1,700		2,601
SIGA Technologies, Inc.	*†	4,649		14,505
Targeted Genetics Corp.	*	626		369
Telik, Inc.	*†	1,748		2,115
Third Wave Technologies, Inc.	*†	1,227		13,693
Titan Pharmaceuticals, Inc.	*†	1,743		2,405
TorreyPines Therapeutics, Inc.	*	346		429
Trimeris, Inc.	†	1,214		5,730
United Therapeutics Corp.	*	914		89,344
Vanda Pharmaceuticals, Inc.	*†	2,507		8,248
Vermillion, Inc.	*	150		338
Vertex Pharmaceuticals, Inc.	*	3,255		108,945
Vion Pharmaceuticals, Inc.	*	450		513
XOMA Ltd.	*†	4,976		8,409
Zymogenetics, Inc.	*†	2,343		19,728
				9,764,187
Building Products—0.1%
American Woodmark Corp.	†	800		16,904
Ameron International Corp.	†	542		65,029
Apogee Enterprises, Inc.	†	1,250		20,200
Gibraltar Industries, Inc.	†	1,188		18,972
Griffon Corp.	*†	1,288		11,283
Jewett-Cameron Trading Ltd. (Canada)	*	1,575		11,435
Lennox International, Inc.	†	2,437		70,576
Masco Corp.		15,650		246,174
NCI Building Systems, Inc.	*†	1,232		45,251
Owens Corning, Inc.	*	1,100		25,025
Quanex Building Products Corp.	†	1,671		24,831
Simpson Manufacturing Co., Inc.	†	2,084		49,474
Trex Co., Inc.	*†	731		8,575
Universal Forest Products, Inc.	†	1,121		33,585
US Home Systems, Inc.	*	1,291		5,074
USG Corp.	*	3,348		99,000
				751,388
Capital Markets—2.5%
Affiliated Managers Group, Inc.	*	1,354		121,941
AllianceBernstein Holding LP		1,100		60,148
Ameriprise Financial, Inc.		9,235		375,587
Bank of New York Mellon Corp.		44,476		1,682,527
BGC Partners, Inc., Class A	*†	7,270		54,889
BlackRock, Inc.	†	765		135,405

See accompanying notes to financial statements. 193

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Blackstone Group LP (The)		3,953	$	71,984
Calamos Asset Management, Inc., Class A	†	1,800		30,654
Charles Schwab Corp. (The)		36,777		755,400
Diamond Hill Investment Group, Inc.	*†	331		27,639
E*Trade Financial Corp.	*†	14,978		47,031
Eaton Vance Corp.	†	5,282		210,012
FCStone Group, Inc.	*	1,722		48,095
Federated Investors, Inc., Class B		3,745		128,903
Franklin Resources, Inc.		6,114		560,348
GAMCO Investors, Inc., Class A	†	558		27,688
GFI Group, Inc.		2,520		22,705
GLG Partners, Inc.		9,550		74,490
Goldman Sachs Group, Inc. (The)		14,062		2,459,444
Invesco Ltd.		16,610		398,308
Investment Technology Group, Inc.	*	2,078		69,530
Janus Capital Group, Inc.		6,411		169,699
Jefferies Group, Inc.	†	4,678		78,684
Jesup & Lamont, Inc.	*	1,550		1,798
Kent Financial Services	*	2,200		3,916
Knight Capital Group, Inc., Class A	*†	4,630		83,247
LaBranche & Co., Inc.	*	2,588		18,323
Lazard Ltd., Class A (Bermuda)		1,519		51,874
Legg Mason, Inc.		5,250		228,743
Lehman Brothers Holdings, Inc.	†	25,924		513,554
Merrill Lynch & Co., Inc.		33,459		1,060,985
MF Global Ltd. (Bermuda)	*†	2,928		18,476
Morgan Stanley		39,347		1,419,246
Navidec Financial Services, Inc.	*	2,119		3,496
Northern Trust Corp.		7,513		515,166
Och-Ziff Capital Management Group LLC, Class A		1,407		26,747
optionsXpress Holdings, Inc.	†	1,914		42,759
Raymond James Financial, Inc.	†	3,472		91,626
SEI Investments Co.		5,918		139,191
Siebert Financial Corp.		1,469		4,862
State Street Corp.		16,624		1,063,770
SWS Group, Inc.		1,323		21,975
T Rowe Price Group, Inc.		10,332		583,448
TD Ameritrade Holding Corp.	*	9,311		168,436
TradeStation Group, Inc.	*†	1,690		17,154
W.P. Carey & Co. LLC		1,592		45,706
Waddell & Reed Financial, Inc., Class A		3,971		139,025
Westwood Holdings Group, Inc.		1,027		40,875
				13,915,509
Chemicals—2.2%
A. Schulman, Inc.	†	1,444		33,255
Air Products & Chemicals, Inc.		8,040		794,834
Airgas, Inc.		3,075		179,549
Albemarle Corp.		3,712		148,146
Arch Chemicals, Inc.	†	1,211		40,145
Ashland, Inc.		2,848		137,274
Cabot Corp.	†	2,693		65,467
Celanese Corp., Class A		5,993		273,640
CF Industries Holdings, Inc.		2,332		356,330
Chemtura Corp.		8,873		51,818
Cytec Industries, Inc.		1,644		89,697
Dow Chemical Co. (The)		34,473		1,203,452
E.I. Du Pont de Nemours & Co.		32,935		1,412,582
Eastman Chemical Co.		3,211		221,109
Ecolab, Inc.		8,093		347,918
Ferro Corp.	†	1,818		34,106
FMC Corp.	†	3,336		258,340
Georgia Gulf Corp.	†	1,268		3,677
H.B. Fuller Co.	†	2,570		57,671
Hercules, Inc.		4,606		77,980
Huntsman Corp.		2,600		29,640
International Flavors & Fragrances, Inc.		3,885		151,748
Intrepid Potash, Inc.	*	1,172		77,094
Koppers Holdings, Inc.	†	1,582		66,238
Kronos Worldwide, Inc.	†	1,131		17,406
Landec Corp.	*†	986		6,379
LSB Industries, Inc.	*†	1,411		27,938
Lubrizol Corp.		1,819		84,274
Minerals Technologies, Inc.	†	868		55,196
Monsanto Co.		21,546		2,724,276
Mosaic Co. (The)	*	5,540		801,638
Nalco Holding Co.	†	3,074		65,015
NewMarket Corp.	†	1,200		79,476
NL Industries, Inc.	†	2,111		20,118
Olin Corp.		2,796		73,199
OM Group, Inc.	*	1,147		37,610
Omnova Solutions, Inc.	*	6,478		18,009
Penford Corp.		785		11,681
PolyOne Corp.	*†	2,862		19,948
PPG Industries, Inc.		5,657		324,542
Praxair, Inc.		12,623		1,189,592
Quaker Chemical Corp.		483		12,877
Rohm & Haas Co.		4,731		219,708
RPM International, Inc.		4,832		99,539
Scotts Miracle-Gro Co. (The), Class A	†	1,662		29,201
Sensient Technologies Corp.	†	2,027		57,080
Sigma-Aldrich Corp.		4,956		266,930
Spartech Corp.	†	1,451		13,683
Stepan Co.	†	556		25,365
Terra Industries, Inc.		2,513		124,017
Tronox, Inc., Class B	†	829		2,504
Valhi, Inc.	†	511		13,925
Valspar Corp.	†	3,724		70,421
W.R. Grace & Co.	*†	4,200		98,658
Zep, Inc.	†	936		13,928
				12,715,843
Commercial Banks—2.3%
1st Source Corp.	†	1,180		18,998
Alliance Bankshares Corp.	*	744		2,738
Amcore Financial, Inc.	†	1,330		7,528
Associated Banc-Corp	†	5,110		98,572
BancFirst Corp.	†	642		27,478
BancorpSouth, Inc.	†	3,611		63,156
BancTrust Financial Group, Inc.	†	1,600		10,544
Bank of Hawaii Corp.	†	1,898		90,724
BB&T Corp.	†	21,630		492,514
BOK Financial Corp.	†	1,765		94,339
Boston Private Financial Holdings, Inc.	†	1,297		7,354
Bryn Mawr Bank Corp.	†	1,058		18,515
Capital Bank Corp.		1,282		11,333
Capital City Bank Group, Inc.	†	1,113		24,219
Cardinal Financial Corp.	†	1,142		7,149
Cascade Bancorp	†	2,191		16,871

194 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Cascade Financial Corp.	†	1,063	$	6,920
Cathay General Bancorp	†	2,082		22,631
Catskill Litigation Trust	*‡da	582		—
Central Pacific Financial Corp.	†	929		9,903
Chemical Financial Corp.	†	1,552		31,661
Citizens Republic Bancorp, Inc.	†	4,000		11,280
City Bank (Washington)	†	1,645		14,147
City Holding Co.	†	250		10,193
City National Corp.	†	1,548		65,124
CoBiz Financial, Inc.	†	1,063		6,995
Colonial BancGroup, Inc. (The)	†	5,643		24,942
Comerica, Inc.	†	5,587		143,195
Commerce Bancshares, Inc.	†	3,257		129,173
Community Bank System, Inc.	†	1,402		28,909
Community Trust Bancorp, Inc.	†	665		17,463
Cullen/Frost Bankers, Inc.		2,502		124,725
CVB Financial Corp.	†	4,084		38,553
East West Bancorp, Inc.	†	2,200		15,532
Eastern Virginia Bankshares, Inc.		700		11,200
Fidelity Southern Corp.		1,381		6,449
Fifth Third Bancorp		18,284		186,127
Financial Institutions, Inc.	†	749		12,029
First Bancorp (Puerto Rico)	†	3,246		20,580
First Bancorp North Carolina	†	643		8,128
First Citizens BancShares, Inc., Class A		254		35,430
First Commonwealth Financial Corp.	†	2,619		24,435
First Financial Bancorp	†	1,895		17,434
First Financial Bankshares, Inc.	†	333		15,255
First Horizon National Corp.	†	5,607		41,660
First Merchants Corp.	†	874		15,863
First Midwest Bancorp, Inc.	†	2,002		37,337
First of Long Island Corp. (The)		986		19,597
FirstMerit Corp.	†	3,895		63,527
FNB Corp. (Pennsylvania)	†	3,344		39,392
Frontier Financial Corp.	†	2,254		19,204
Fulton Financial Corp.	†	6,533		65,657
Glacier Bancorp, Inc.	†	1,771		28,318
Guaranty Bancorp	*†	5,300		19,080
Hancock Holding Co.	†	1,041		40,901
Hanmi Financial Corp.	†	3,600		18,756
Harleysville National Corp.	†	1,210		13,504
Heritage Financial Corp.		332		5,262
Huntington Bancshares, Inc.	†	13,268		76,556
Independent Bank Corp. (Massachusetts)	†	874		20,836
Independent Bank Corp. (Michigan)	†	2,079		8,316
Integra Bank Corp.	†	848		6,640
International Bancshares Corp.	†	3,248		69,410
Irwin Financial Corp.	†	1,296		3,486
Keycorp		15,774		173,199
M&T Bank Corp.	†	3,070		216,558
Marshall & Ilsley Corp.	†	8,572		131,409
MB Financial, Inc.		931		20,920
Merchants Bancshares, Inc.		571		12,819
Midsouth Bancorp, Inc.		522		8,770
MidWestOne Financial Group, Inc.		552		7,143
National City Corp.	†	22,204		105,913
National Penn Bancshares, Inc.	†	2,758		36,626
NBT Bancorp, Inc.	†	1,000		20,610
Northern States Financial Corp.	†	772		13,549
Old National Bancorp	†	3,552		50,652
Pacific Capital Bancorp	†	1,724		23,757
Pacific Premier Bancorp, Inc.	*	976		5,026
PacWest Bancorp	†	894		13,303
Park National Corp.	†	728		39,239
Peoples Bancorp, Inc.	†	814		15,450
Peoples Financial Corp. (Mississippi)		883		18,119
PNC Financial Services Group, Inc.		13,633		778,443
Popular, Inc. (Puerto Rico)	†	10,296		67,851
PrivateBancorp, Inc.		1,200		36,456
Prosperity Bancshares, Inc.	†	2,300		61,479
Provident Bankshares Corp.	†	1,369		8,734
Regions Financial Corp.		28,179		307,432
Republic Bancorp, Inc., Class A	†	1,603		39,434
Royal Bancshares of Pennsylvania, Class A	†	882		8,300
S&T Bancorp, Inc.	†	955		27,752
Sandy Spring Bancorp, Inc.	†	344		5,704
Santander BanCorp (Puerto Rico)		1,280		13,581
Shore Bancshares, Inc.	†	826		15,463
Signature Bank	*†	1,900		48,944
Simmons First National Corp., Class A		911		25,481
South Financial Group, Inc. (The)	†	2,799		10,972
Sterling Bancorp (New York)	†	1,476		17,638
Sterling Bancshares, Inc.	†	2,422		22,016
Sterling Financial Corp. (Washington)	†	2,577		10,669
Suffolk Bancorp	†	1,100		32,318
SunTrust Banks, Inc.		13,365		484,079
Superior Bancorp	*†	223		1,893
Susquehanna Bancshares, Inc.	†	2,932		40,139
SVB Financial Group	*†	1,437		69,134
Synovus Financial Corp.	†	10,920		95,332
TCF Financial Corp.	†	6,104		73,431
Tompkins Financial Corp.	†	665		24,738
Trustmark Corp.	†	2,435		42,978
UCBH Holdings, Inc.	†	3,652		8,217
UMB Financial Corp.	†	1,211		62,088
Umpqua Holdings Corp.	†	1,151		13,962
UnionBanCal Corp.		2,085		84,276
United Bankshares, Inc.	†	2,134		48,975
United Community Banks, Inc. (Georgia)	†	2,188		18,664
US Bancorp		67,433		1,880,705
Valley National Bancorp	†	5,679		89,558
W. Holding Co., Inc. (Puerto Rico)	†	8,055		6,847
Wachovia Corp.		82,667		1,283,818
Washington Trust Bancorp, Inc.	†	500		9,850
Webster Financial Corp.	†	2,393		44,510
Wells Fargo & Co.		121,369		2,882,513
WesBanco, Inc.	†	1,699		29,138
Westamerica Bancorp	†	1,628		85,617
Western Alliance Bancorp	*†	1,400		10,864
Whitney Holding Corp.	†	2,371		43,389
Wilmington Trust Corp.	†	3,204		84,714
Wintrust Financial Corp.	†	1,017		24,255
Zions Bancorporation		4,153		130,778
				12,769,938

See accompanying notes to financial statements. 195

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Commercial Services & Supplies—1.0%
ABM Industries, Inc.		2,291	$	50,975
ACCO Brands Corp.	*†	1,319		14,812
Administaff, Inc.	†	1,143		31,878
Advisory Board Co. (The)	*†	950		37,364
Allied Waste Industries, Inc.	*	14,935		188,480
Angelica Corp.	†	510		10,848
APAC Customer Services, Inc.	*†	1,972		3,155
Avery Dennison Corp.	†	2,125		93,351
Barrett Business Services, Inc.	†	2,203		26,061
Bowne & Co., Inc.	†	1,575		20,081
Brink’s Co. (The)		2,084		136,335
CDI Corp.	†	1,131		28,773
Cenveo, Inc.	*†	2,792		27,278
ChoicePoint, Inc.	*	3,112		149,998
Cintas Corp.		5,365		142,226
Clean Harbors, Inc.	*†	1,207		85,769
Comfort Systems USA, Inc.	†	2,179		29,286
Consolidated Graphics, Inc.	*†	776		38,234
Copart, Inc.	*†	3,582		153,381
Corporate Executive Board Co.	†	1,507		63,369
Corrections Corp of America	*	5,700		156,579
CoStar Group, Inc.	*†	770		34,227
Courier Corp.	†	424		8,514
Covanta Holding Corp.	*†	4,185		111,698
CRA International, Inc.	*†	986		35,644
Deluxe Corp.	†	2,098		37,386
Diamond Management & Technology Consultants, Inc.	†	1,431		7,456
Dun & Bradstreet Corp.		2,641		231,457
Ennis, Inc.	†	695		10,877
Equifax, Inc.		5,325		179,027
FTI Consulting, Inc.	*	1,735		118,778
G&K Services, Inc., Class A	†	1,008		30,704
Geo Group, Inc. (The)	*†	2,456		55,260
Healthcare Services Group, Inc.	†	3,735		56,809
Heidrick & Struggles International, Inc.	†	865		23,909
Herman Miller, Inc.	†	3,155		78,528
HNI Corp.	†	2,512		44,362
Huron Consulting Group, Inc.	*†	988		44,796
IHS, Inc., Class A	*	1,414		98,414
IKON Office Solutions, Inc.	†	5,770		65,086
Interface, Inc., Class A	†	3,357		42,063
Kelly Services, Inc., Class A	†	1,173		22,674
Kenexa Corp.	*†	1,681		31,670
Kforce, Inc.	*†	297		2,522
Kimball International, Inc., Class B	†	1,500		12,420
Knoll, Inc.	†	2,701		32,817
Korn-Ferry International	*†	1,624		25,546
Learning Tree International, Inc.	*†	766		13,099
M&F Worldwide Corp.	*†	780		30,662
Manpower, Inc.		3,593		209,256
Mcgrath Rentcorp	†	916		22,524
Mine Safety Appliances Co.	†	1,444		57,746
Mobile Mini, Inc.	*†	2,000		40,000
Monster Worldwide, Inc.	*	4,681		96,475
MPS Group, Inc.	*†	3,706		39,395
Nashua Corp.	*	1,541		15,410
Navigant Consulting, Inc.	*†	2,313		45,242
On Assignment, Inc.	*†	1,243		9,969
Perma-Fix Environmental Services	*	5,502		15,901
PHH Corp.	*†	2,212		33,954
Pitney Bowes, Inc.		9,192		313,446
RCM Technologies, Inc.	*	1,593		6,866
Republic Services, Inc.		6,643		197,297
Resources Connection, Inc.		2,060		41,921
Robert Half International, Inc.		7,107		170,355
Rollins, Inc.	†	991		14,687
RR Donnelley & Sons Co.		8,887		263,854
School Specialty, Inc.	*	854		25,389
Spherion Corp.	*†	2,689		12,423
Standard Register Co. (The)	†	1,650		15,560
Steelcase, Inc., Class A	†	1,992		19,980
Stericycle, Inc.	*	3,138		162,235
SYKES Enterprises, Inc.	*†	1,423		26,838
Tetra Tech, Inc.	*†	2,114		47,819
TRC Cos, Inc.	*	327		1,315
TrueBlue, Inc.	*†	2,485		32,827
United Stationers, Inc.	*†	1,278		47,222
Viad Corp.	†	937		24,165
Virco Manufacturing Corp.	†	799		3,987
Volt Information Sciences, Inc.	*†	1,249		14,876
Waste Connections, Inc.	*†	2,362		75,419
Waste Management, Inc.		17,814		671,765
Watson Wyatt Worldwide, Inc., Class A	†	1,600		84,624
Westaff, Inc.	*	942		1,064
				5,836,444
Communications Equipment—2.3%
3Com Corp.	*	14,501		30,742
ADC Telecommunications, Inc.	*†	4,773		70,497
Adtran, Inc.	†	3,197		76,216
Alliance Fiber Optic Products, Inc.	*	4,817		6,696
AltiGen Communications, Inc.	*	4,109		4,972
Anaren, Inc.	*	813		8,593
Arris Group, Inc.	*†	3,613		30,530
Avanex Corp.	*†	5,030		5,684
Avocent Corp.	*	2,007		37,330
Bel Fuse, Inc., Class A	†	545		15,260
Black Box Corp.	†	865		23,519
Blonder Tongue Laboratories	*	2,285		2,742
Blue Coat Systems, Inc.	*†	1,072		15,126
Ciena Corp.	*	2,809		65,085
Cisco Systems, Inc.	*	232,898		5,417,207
CommScope, Inc.	*	2,812		148,389
Comtech Telecommunications Corp.	*†	1,350		66,150
Corning, Inc.		60,152		1,386,504
Digi International, Inc.	*†	1,976		15,512
Ditech Networks, Inc.	*†	1,360		2,924
EchoStar Corp., Class A	*†	1,877		58,600
EMS Technologies, Inc.	*†	960		20,966
EndWave Corp.	*	911		5,785
Entertainment Distribution Co., Inc.	*	2,143		1,050
Extreme Networks, Inc.	*†	4,491		12,754
F5 Networks, Inc.	*†	2,664		75,711
Finisar Corp.	*	6,855		8,157
Foundry Networks, Inc.	*†	5,421		64,076
Harmonic, Inc.	*†	2,820		26,818
Harris Corp.		6,090		307,484
Harris Stratex Networks, Inc., Class A	*†	670		6,358
Integrated Telecom Express, Inc.	*‡da	1,103		—
InterDigital, Inc.	*†	2,803		68,169
Ixia	*†	2,330		16,194
JDS Uniphase Corp.	*†	7,444		84,564

196 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Juniper Networks, Inc.	*	21,310	$	472,656
KVH Industries, Inc.	*	375		3,124
MasTec, Inc.	*†	2,049		21,842
Motorola, Inc.		84,429		619,709
MRV Communications, Inc.	*	4,567		5,435
NETGEAR, Inc.	*†	1,206		16,715
Network Engines, Inc.	*†	1,329		1,555
NMS Communications Corp.	*	1,250		1,388
Numerex Corp., Class A	*†	1,800		13,014
Oplink Communications, Inc.	*†	758		7,277
Optelecom-NKF, Inc.	*†	819		7,117
Optical Cable Corp.	*	240		1,644
Parkervision, Inc.	*†	1,052		10,446
Performance Technologies, Inc.	*	793		4,013
Plantronics, Inc.	†	1,826		40,756
Polycom, Inc.	*†	4,177		101,752
Powerwave Technologies, Inc.	*†	2,434		10,345
Proxim Wireless Corp.	*	2,197		1,318
Qualcomm, Inc.		62,954		2,793,269
SCM Microsystems, Inc.	*	1,494		4,482
SeaChange International, Inc.	*†	958		6,859
Soapstone Networks, Inc.	*	711		2,723
Sonus Networks, Inc.	*†	10,700		36,594
Superior Telecom, Inc.	*‡da	2,013		—
Sycamore Networks, Inc.	*†	9,917		31,933
Tekelec	*†	2,569		37,790
TeleCorp PCS, Inc.	*‡da	5,507		—
Tellabs, Inc.	*	19,143		89,015
Tollgrade Communications, Inc.	*	601		2,698
Utstarcom, Inc.	*†	4,555		24,916
Viasat, Inc.	*†	1,190		24,050
Westell Technologies, Inc., Class A	*†	1,821		2,458
Zhone Technologies, Inc.	*	3,915		3,054
				12,586,311
Computers & Peripherals—3.8%
Adaptec, Inc.	*†	3,850		12,320
Apple, Inc.	*	34,079		5,706,187
Avid Technology, Inc.	*	1,448		24,602
Brocade Communications Systems, Inc.	*	14,008		115,426
Ciprico, Inc.	*	1,658		2,504
Concurrent Computer Corp.	*	1,901		1,293
Cray, Inc.	*†	714		3,313
Dataram Corp.		1,175		3,067
Dell, Inc.	*	70,097		1,533,721
Diebold, Inc.	†	3,079		109,551
Dot Hill Systems Corp.	*	1,396		3,532
Electronics for Imaging, Inc.	*†	2,638		38,515
EMC Corp.	*	81,857		1,202,478
Emulex Corp.	*†	3,408		39,703
Focus Enhancements, Inc.	*	5,319		1,271
Hewlett-Packard Co.		97,417		4,306,805
Hutchinson Technology, Inc.	*†	1,149		15,443
Hypercom Corp.	*†	1,992		8,765
iGO, Inc.	*†	674		849
Imation Corp.	†	1,564		35,847
InFocus Corp.	*	1,636		2,454
Innovex, Inc.	*	1,922		1,153
Intermec, Inc.	*†	2,374		50,044
International Business Machines Corp.		53,689		6,363,756
Lexmark International, Inc., Class A	*	4,019		134,355
NCR Corp.	*	7,848		197,770
NetApp, Inc.	*	14,316		310,085
Novatel Wireless, Inc.	*†	1,358		15,115
Overland Storage, Inc.	*	481		563
Palm, Inc.	†	4,574		24,654
Presstek, Inc.	*†	945		4,687
QLogic Corp.	*	7,842		114,415
Quantum Corp.	*	6,681		9,019
Rackable Systems, Inc.	*	1,843		24,696
SanDisk Corp.	*	8,969		167,720
Seagate Technology (Cayman Islands)		20,081		384,149
STEC, Inc.	*†	1,055		10,835
Stratasys, Inc.	*†	1,782		32,896
Sun Microsystems, Inc.	*	33,887		368,691
Synaptics, Inc.	*†	1,057		39,881
Teradata Corp.	*	7,848		181,603
TransAct Technologies, Inc.	*	888		7,353
Western Digital Corp.	*	8,154		281,558
Zoom Technologies, Inc.	*	2,711		949
				21,893,593
Construction & Engineering—0.4%
Dycom Industries, Inc.	*†	2,076		30,144
Emcor Group, Inc.	*†	2,908		82,965
Fluor Corp.		3,405		633,603
Foster Wheeler Ltd.	*	5,822		425,880
Furmanite Corp.	*†	1,100		8,778
Granite Construction, Inc.	†	1,889		59,560
Insituform Technologies, Inc., Class A	*†	1,223		18,626
Jacobs Engineering Group, Inc.	*	3,838		309,727
KBR, Inc.		6,464		225,658
Layne Christensen Co.	*†	510		22,333
Perini Corp.	*	960		31,728
Quanta Services, Inc.	*†	8,861		294,805
Shaw Group, Inc. (The)	*	2,182		134,826
URS Corp.	*	2,934		123,140
				2,401,773
Construction Materials—0.1%
Eagle Materials, Inc.	†	2,083		52,762
Headwaters, Inc.	*†	2,095		24,658
Martin Marietta Materials, Inc.	†	1,737		179,936
Texas Industries, Inc.	†	1,116		62,641
Vulcan Materials Co.	†	3,605		215,507
				535,504
Consumer Finance—0.5%
Advance America Cash Advance Centers, Inc.	†	3,279		16,657
Advanta Corp., Class B	†	1,050		6,605
American Express Co.		40,021		1,507,590
AmeriCredit Corp.	*†	6,437		55,487
Capital One Financial Corp.		14,568		553,730
Cash America International, Inc.		685		21,235
CompuCredit Corp.	*	83		498
Discover Financial Services		17,027		224,246
First Marblehead Corp. (The)	†	2,764		7,103
Nelnet, Inc., Class A	†	481		5,402
Rewards Network, Inc.	*	1,127		4,632
SLM Corp.	*	20,100		388,935
Student Loan Corp.	†	207		20,303
World Acceptance Corp.	*†	639		21,515
				2,833,938

See accompanying notes to financial statements. 197

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Containers & Packaging—0.3%
AEP Industries, Inc.	*†	372	$	6,462
Aptargroup, Inc.		3,130		131,304
Ball Corp.		4,676		223,231
Bemis Co., Inc.		4,410		98,872
Caraustar Industries, Inc.	*	1,610		4,685
Chesapeake Corp.	*†	814		1,913
Crown Holdings, Inc.	*	6,844		177,876
Greif, Inc., Class A		852		54,554
Myers Industries, Inc.		1,716		13,985
Owens-Illinois, Inc.	*	6,064		252,807
Packaging Corp of America		4,339		93,332
Pactiv Corp.	*	6,523		138,483
Rock-Tenn Co., Class A	†	1,450		43,486
Sealed Air Corp.		7,054		134,097
Silgan Holdings, Inc.	†	454		23,036
Smurfit-Stone Container Corp.	*†	10,013		40,753
Sonoco Products Co.		3,353		103,775
Temple-Inland, Inc.	†	4,506		50,783
				1,593,434
Distributors—0.1%
Audiovox Corp., Class A	*†	1,218		11,961
Genuine Parts Co.		5,750		228,160
LKQ Corp.	*†	7,000		126,490
				366,611
Diversified Consumer Services—0.3%
Apollo Group, Inc., Class A	*	5,517		244,181
Career Education Corp.	*†	4,167		60,880
Coinstar, Inc.	*†	1,075		35,163
Corinthian Colleges, Inc.	*†	3,624		42,075
DeVry, Inc.	†	2,980		159,788
H&R Block, Inc.		11,402		244,002
Hillenbrand, Inc.		1,576		33,726
ITT Educational Services, Inc.	*†	1,873		154,766
Jackson Hewitt Tax Service, Inc.	†	1,779		21,739
Matthews International Corp., Class A	†	1,052		47,614
Pre-Paid Legal Services, Inc.	*†	779		31,643
Princeton Review, Inc.	*	818		5,530
Regis Corp.		1,818		47,904
Service Corp. International		11,775		116,102
Sotheby’s	†	2,623		69,169
Steiner Leisure Ltd. (Bahamas)	*†	1,503		42,610
Stewart Enterprises, Inc., Class A	†	4,115		29,628
Strayer Education, Inc.	†	551		115,198
Universal Technical Institute, Inc.	*†	418		5,208
Weight Watchers International, Inc.	†	1,826		65,024
				1,571,950
Diversified Financial Services—2.7%
Ampal American Israel, Class A	*†	1,391		6,273
Bank of America Corp.		175,693		4,193,793
CIT Group, Inc.		8,482		57,762
Citigroup, Inc.		212,050		3,553,958
CME Group, Inc.		2,080		797,035
Financial Federal Corp.	†	1,513		33,225
Interactive Brokers Group, Inc., Class A	*	1,570		50,444
IntercontinentalExchange, Inc.	*	2,676		305,064
JPMorgan Chase & Co.		133,887		4,593,666
KKR Financial Holdings LLC		3,941		41,381
Leucadia National Corp.	†	6,084		285,583
Medallion Financial Corp.		958		9,024
Moody’s Corp.	†	9,284		319,741
Nasdaq OMX Group (The)	*	5,431		144,193
Nymex Holdings, Inc.		3,429		289,682
NYSE Euronext		8,767		444,136
Pico Holdings, Inc.	*†	1,150		49,968
Portfolio Recovery Associates, Inc.	*†	504		18,900
Resource America, Inc., Class A	†	1,287		11,995
				15,205,823
Diversified Telecommunication Services—2.4%
8x8, Inc.	*†	3,048		3,475
Alaska Communications Systems Group, Inc.	†	2,850		34,029
AT&T, Inc.		231,402		7,795,932
CenturyTel, Inc.		4,084		145,350
Cincinnati Bell, Inc.	*†	9,266		36,879
Citizens Communications Co.	†	12,478		141,501
Cogent Communications Group, Inc.	*†	2,886		38,672
D&E Communications, Inc.		1,712		15,220
Embarq Corp.		5,950		281,257
Fairpoint Communications, Inc.	†	4,830		34,824
General Communication, Inc., Class A	*†	2,516		17,285
Hickory Tech Corp.		651		5,384
Hungarian Telephone & Cable Corp.	*†	712		12,987
IDT Corp., Class B	*†	4,800		8,160
Iowa Telecommunications Services, Inc.	†	2,702		47,582
Level 3 Communications, Inc.	*†	41,949		123,750
NTELOS Holdings Corp.		2,700		68,499
PAETEC Holding Corp.	*†	5,459		34,665
Premiere Global Services, Inc.	*†	2,174		31,697
Qwest Communications International, Inc.	†	62,767		246,674
SureWest Communications	†	184		1,551
TW Telecom Inc.	*†	1,928		30,906
Verizon Communications, Inc.		112,028		3,965,790
Windstream Corp.		15,208		187,667
XETA Technologies, Inc.	*	1,946		6,247
				13,315,983
Electric Utilities—2.0%
Allegheny Energy, Inc.		5,273		264,230
Allete, Inc.	†	1,243		52,206
American Electric Power Co., Inc.		16,393		659,490
Central Vermont Public Service Corp.	†	540		10,460
Cleco Corp.	†	2,109		49,203
DPL, Inc.		5,037		132,876
Duke Energy Corp.		47,382		823,499
Edison International		12,022		617,690
El Paso Electric Co.	*	1,748		34,610
Empire District Electric Co. (The)	†	1,197		22,192
Entergy Corp.		8,044		969,141
Exelon Corp.		26,142		2,351,735
FirstEnergy Corp.		12,533		1,031,842
FPL Group, Inc.		14,666		961,796
Great Plains Energy, Inc.	†	2,828		71,492

198 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Hawaiian Electric Industries, Inc.	†	3,066	$	75,822
Idacorp, Inc.	†	1,515		43,768
ITC Holdings Corp.		1,539		78,658
MGE Energy, Inc.	†	1,559		50,855
Northeast Utilities		5,201		132,782
Otter Tail Corp.	†	1,095		42,519
Pepco Holdings, Inc.		7,066		181,243
Pinnacle West Capital Corp.		3,789		116,588
Portland General Electric Co.		1,100		24,772
PPL Corp.		14,691		767,899
Progress Energy, Inc.		10,169		425,369
Sierra Pacific Resources		3,864		49,111
Southern Co.		30,082		1,050,464
UIL Holdings Corp.	†	1,496		43,997
Unisource Energy Corp.		1,571		48,717
Unitil Corp.		420		11,386
Westar Energy, Inc.	†	4,032		86,728
				11,283,140
Electrical Equipment—0.8%
A.O. Smith Corp.	†	1,341		44,025
Active Power, Inc.	*†	1,093		1,279
Acuity Brands, Inc.	†	1,873		90,054
American Superconductor Corp.	*†	1,147		41,120
Ametek, Inc.		4,234		199,929
AZZ, Inc.	*†	1,582		63,122
Baldor Electric Co.	†	1,338		46,803
Belden, Inc.	†	1,894		64,169
Brady Corp., Class A	†	2,402		82,941
C&D Technologies, Inc.	*	1,159		9,805
Capstone Turbine Corp.	*†	2,450		10,266
Cooper Industries Ltd., Class A		7,946		313,867
Distributed Energy Systems Corp.	*	3,756		188
Emerson Electric Co.		31,480		1,556,686
Encore Wire Corp.	†	1,400		29,666
Energy Conversion Devices, Inc.	*	781		57,513
Evergreen Solar, Inc.	*†	6,400		62,016
First Solar, Inc.	*	1,743		475,525
Franklin Electric Co., Inc.		902		34,980
FuelCell Energy, Inc.	*†	1,938		13,760
General Cable Corp.	*	1,382		84,095
GrafTech International Ltd.	*	3,487		93,556
Hubbell, Inc., Class B		2,078		82,850
II-VI, Inc.	*†	682		23,815
LSI Industries, Inc.	†	1,083		8,794
Magnetek, Inc.	*	1,406		5,947
Medis Technologies Ltd.	*	704		2,372
Orbit International Corp.	*	2,812		19,543
Plug Power, Inc.	*	2,704		6,354
Powell Industries, Inc.	*†	1,045		52,678
Power-One, Inc.	*†	3,459		6,538
Regal-Beloit Corp.	†	1,272		53,742
Rockwell Automation, Inc.		6,047		264,435
Roper Industries, Inc.		2,980		196,322
Servotronics, Inc.		705		10,561
Sunpower Corp., Class A	*†	1,322		95,158
Superior Essex, Inc.	*†	1,617		72,167
Tech/Ops Sevcon, Inc.		719		5,285
Thomas & Betts Corp.	*	2,428		91,900
Ultralife Corp.	*	416		4,447
Universal Security Instruments, Inc.	*†	1,866		10,543
Valence Technology, Inc.	*†	6,972		30,886
Vicor Corp.	†	1,380		13,772
Woodward Governor Co.	†	2,448		87,296
				4,520,770
Electronic Equipment & Instruments—0.8%
Aetrium, Inc.	*	614		1,830
Agilent Technologies, Inc.	*	15,887		564,623
Agilysys, Inc.	†	1,335		15,139
American Technology Corp.	*†	3,686		6,819
Amphenol Corp., Class A		7,376		331,035
Anixter International, Inc.	*†	1,723		102,501
Arrow Electronics, Inc.	*	4,585		140,851
Avnet, Inc.	*	5,129		139,919
AVX Corp.	†	2,270		25,674
Benchmark Electronics, Inc.	*	2,520		41,177
Brightpoint, Inc.	*†	2,358		17,213
CalAmp Corp.	*	550		1,128
Checkpoint Systems, Inc.	*†	1,441		30,088
Cognex Corp.	†	2,023		46,630
Coherent, Inc.	*†	1,348		40,292
CTS Corp.	†	1,580		15,879
Daktronics, Inc.	†	927		18,698
Dolby Laboratories, Inc., Class A	*	1,370		55,211
DTS, Inc.	*†	755		23,647
Echelon Corp.	*†	1,769		19,282
Electro Scientific Industries, Inc.	*†	1,421		20,136
Electro-Sensors, Inc.		2,581		11,950
Excel Technology, Inc.	*†	562		12,544
FARO Technologies, Inc.	*	453		11,402
Flir Systems, Inc.	*†	5,608		227,517
Frequency Electronics, Inc.		821		5,410
Gerber Scientific, Inc.	*†	1,608		18,299
ID Systems, Inc.	*	2,016		12,983
Ingram Micro, Inc., Class A	*	6,500		115,375
Insight Enterprises, Inc.	*†	2,054		24,093
Iteris, Inc.	*†	4,263		10,785
Itron, Inc.	*†	955		93,924
Jabil Circuit, Inc.		8,287		135,990
Kemet Corp.	*†	3,407		11,039
L-1 Identity Solutions, Inc.	*†	1,637		21,805
Lightpath Technologies, Inc., Class A	*	1,526		2,304
Littelfuse, Inc.	*†	909		28,679
Maxwell Technologies, Inc.	*†	370		3,929
Mechanical Technology, Inc.	*	119		149
Mercury Computer Systems, Inc.	*†	963		7,251
Merix Corp.	*	674		1,550
Mesa Laboratories, Inc.		1,200		28,800
Methode Electronics, Inc.	†	1,383		14,452
Mettler Toledo International, Inc.	*	913		86,607
Molex, Inc.		5,599		136,672
MTS Systems Corp.	†	1,342		48,151
National Instruments Corp.	†	3,414		96,855
Newport Corp.	*†	1,614		18,383
NU Horizons Electronics Corp.	*	1,207		5,866
OI Corp.		1,600		18,544
OSI Systems, Inc.	*†	867		18,571
Park Electrochemical Corp.	†	1,086		26,401
PC Connection, Inc.	*†	854		7,951
Photon Dynamics, Inc.	*	659		9,938

See accompanying notes to financial statements. 199

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Planar Systems, Inc.	*	785	$	2,041
Plexus Corp.	*†	1,884		52,149
Radisys Corp.	*†	961		8,707
Research Frontiers, Inc.	*†	752		4,745
Rofin-Sinar Technologies, Inc.	*†	2,200		66,440
Rogers Corp.	*†	803		30,185
Sanmina-SCI Corp.	*	21,464		27,474
ScanSource, Inc.	*†	1,126		30,132
Sigmatron International, Inc.	*	282		1,647
Spectrum Control, Inc.	*	1,195		9,799
SYNNEX Corp.	*†	104		2,609
Tech Data Corp.	*	2,057		69,712
Technitrol, Inc.	†	1,866		31,703
Trans-Lux Corp.	*	866		3,118
Trimble Navigation Ltd.	*†	4,318		154,153
TTM Technologies, Inc.	*	1,639		21,651
Tyco Electronics Ltd. (Bermuda)		19,745		707,265
Universal Display Corp.	*†	1,350		16,632
Vishay Intertechnology, Inc.	*	6,172		54,746
X-Rite, Inc.	*†	1,890		4,838
Zygo Corp.	*†	967		9,506
				4,241,193
Energy Equipment & Services—3.7%
Atwood Oceanics, Inc.	*†	1,662		206,653
Baker Hughes, Inc.		13,058		1,140,486
Basic Energy Services, Inc.	*†	1,600		50,400
BJ Services Co.		11,495		367,150
Bristow Group, Inc.	*†	982		48,599
Cameron International Corp.	*	7,401		409,645
CARBO Ceramics, Inc.	†	1,137		66,344
Complete Production Services, Inc.	*†	1,200		43,704
Dawson Geophysical Co.	*†	924		54,941
Diamond Offshore Drilling, Inc.	†	2,694		374,843
Dresser-Rand Group, Inc.	*	2,924		114,328
Dril-Quip, Inc.	*†	1,976		124,488
ENSCO International, Inc.		5,080		410,159
Exterran Holdings, Inc.	*†	2,465		176,223
FMC Technologies, Inc.	*	5,390		414,653
Global Industries Ltd.	*	2,539		45,524
Grey Wolf, Inc.	*†	5,192		46,884
Gulfmark Offshore, Inc.	*†	1,000		58,180
Halliburton Co.		34,838		1,848,853
Helix Energy Solutions Group, Inc.	*†	3,853		160,439
Helmerich & Payne, Inc.		3,926		282,751
Hercules Offshore, Inc.	*	5,226		198,693
Hornbeck Offshore Services, Inc.	*†	1,800		101,718
ION Geophysical Corp.	*†	2,427		42,351
Key Energy Services, Inc.	*†	5,220		101,372
Lufkin Industries, Inc.		1,000		83,280
Matrix Service Co.	*	468		10,792
Mitcham Industries, Inc.	*	1,100		18,788
Nabors Industries Ltd. (Bermuda)	*†	10,988		540,939
NATCO Group, Inc., Class A	*†	900		49,077
National Oilwell Varco, Inc.	*	16,317		1,447,644
Newpark Resources, Inc.	*†	3,484		27,384
Noble Corp.		11,104		721,316
Oceaneering International, Inc.	*	2,232		171,976
Oil States International, Inc.	*†	2,026		128,529
OYO Geospace Corp.	*†	550		32,417
Parker Drilling Co.	*†	3,755		37,588
Patterson-UTI Energy, Inc.		6,712		241,900
PHI, Inc.	*	774		31,092
Pioneer Drilling Co.	*†	2,700		50,787
Pride International, Inc.	*	5,416		256,123
Rowan Cos, Inc.	†	3,918		183,167
Schlumberger Ltd.		46,040		4,946,076
SEACOR Holdings, Inc.	*†	713		63,821
Smith International, Inc.		8,020		666,783
Superior Energy Services, Inc.	*	2,900		159,906
Tetra Technologies, Inc.	*†	2,352		55,766
Tidewater, Inc.		2,430		158,023
Transocean, Inc.		12,518		1,907,618
Unit Corp.	*	1,702		141,215
Weatherford International Ltd.	*	27,020		1,339,922
W-H Energy Services, Inc.	*	1,377		131,834
				20,493,144
Entertainment—0.0%
Macrovision Solutions Corp.	*†	3,817		57,102
Food & Staples Retailing—2.4%
Andersons, Inc. (The)	†	700		28,497
Arden Group, Inc., Class A	†	260		32,952
BJ’s Wholesale Club, Inc.	*†	2,859		110,643
Casey’s General Stores, Inc.	†	1,608		37,257
Costco Wholesale Corp.		17,704		1,241,759
CVS Caremark Corp.		57,854		2,289,283
Great Atlantic & Pacific Tea Co.	*†	123		2,807
Kroger Co. (The)		23,489		678,127
Longs Drug Stores Corp.	†	1,757		73,987
Nyer Medical Group, Inc.	*	2,532		3,697
Pantry, Inc. (The)	*†	1,200		12,792
Rite Aid Corp.	*†	25,982		41,311
Ruddick Corp.		1,967		67,488
Safeway, Inc.		16,176		461,825
Supervalu, Inc.		8,154		251,877
Sysco Corp.		24,091		662,743
United Natural Foods, Inc.	*†	1,912		37,246
Walgreen Co.		36,697		1,193,019
Wal-Mart Stores, Inc.		95,214		5,351,028
Weis Markets, Inc.	†	382		12,404
Whole Foods Market, Inc.	†	5,036		119,303
Winn-Dixie Stores, Inc.	*†	3,309		53,010
				12,763,055
Food Products—1.4%
Archer-Daniels-Midland Co.		23,265		785,194
Bridgford Foods Corp.	*	559		3,505
Bunge Ltd.	†	4,700		506,143
Campbell Soup Co.		9,126		305,356
Chiquita Brands International, Inc.	*	2,150		32,616
ConAgra Foods, Inc.		20,389		393,100
Corn Products International, Inc.		3,164		155,384
Darling International, Inc.	*	3,150		52,038
Dean Foods Co.	*	6,281		123,233
Del Monte Foods Co.		8,204		58,248
Farmer Bros Co.	†	930		19,670
Flowers Foods, Inc.	†	4,140		117,328
Fresh Del Monte Produce, Inc. (Cayman Islands)	*†	567		13,364
General Mills, Inc.		11,616		705,904
Green Mountain Coffee Roasters, Inc.	*†	1,500		56,355
Griffin Land & Nurseries, Inc.		650		19,955

200 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Hain Celestial Group, Inc.	*†	1,426	$	33,482
Hershey Co. (The)	†	6,420		210,448
HJ Heinz Co.		11,592		554,677
Hormel Foods Corp.		3,195		110,579
Inventure Group, Inc. (The)	*†	5,272		9,068
J.M. Smucker Co. (The)		2,614		106,233
Kellogg Co.		7,668		368,217
Kraft Foods, Inc., Class A		57,051		1,623,101
Lancaster Colony Corp.	†	1,389		42,059
Lance, Inc.	†	1,370		25,715
McCormick & Co., Inc.		5,759		205,366
Pilgrim’s Pride Corp.	†	2,476		32,163
Ralcorp Holdings, Inc.	*†	1,228		60,712
Sanderson Farms, Inc.	†	864		29,825
Sara Lee Corp.		29,377		359,868
Seaboard Corp.	†	18		27,918
Smithfield Foods, Inc.	*†	4,682		93,078
Tootsie Roll Industries, Inc.	†	589		14,802
TreeHouse Foods, Inc.	*†	1,256		30,471
Tyson Foods, Inc., Class A		10,231		152,851
WM Wrigley Jr Co.		7,657		595,561
				8,033,587
Gas Utilities—0.4%
AGL Resources, Inc.	†	2,166		74,900
Atmos Energy Corp.	†	2,732		75,321
Chesapeake Utilities Corp.	†	949		24,408
Delta Natural Gas Co., Inc.		380		9,926
Energen Corp.		2,644		206,311
Equitable Resources, Inc.		5,288		365,189
Laclede Group, Inc. (The)	†	1,025		41,379
National Fuel Gas Co.		3,639		216,448
New Jersey Resources Corp.	†	1,681		54,885
Nicor, Inc.	†	1,828		77,855
Northwest Natural Gas Co.	†	1,183		54,726
Oneok, Inc.		3,908		190,828
Piedmont Natural Gas Co.		2,740		71,678
Questar Corp.		7,412		526,549
South Jersey Industries, Inc.	†	2,014		75,243
Southern Union Co.		3,367		90,976
Southwest Gas Corp.	†	1,252		37,222
UGI Corp.		2,720		78,091
WGL Holdings, Inc.	†	2,315		80,423
				2,352,358
Health Care Equipment & Supplies—2.2%
Abaxis, Inc.	*†	749		18,073
Abiomed, Inc.	*†	886		15,727
Advanced Medical Optics, Inc.	*	2,304		43,177
Align Technology, Inc.	*†	2,449		25,690
American Medical Systems Holdings, Inc.	*†	3,000		44,850
Analogic Corp.		593		37,401
Arthrocare Corp.	*†	851		34,729
Baxter International, Inc.		25,124		1,606,429
Beckman Coulter, Inc.		2,512		169,635
Becton Dickinson & Co.		8,917		724,952
Bioject Medical Technologies, Inc.	*	4,490		1,841
Biolase Technology, Inc.	*	765		2,616
Boston Scientific Corp.	*	53,540		658,007
Cerus Corp.	*†	1,010		4,131
Clarient, Inc.	*†	3,308		6,682
Clinical Data, Inc.	*†	1,998		28,511
Conceptus, Inc.	*	1,047		19,359
Conmed Corp.	*†	1,362		36,161
Cooper Cos, Inc. (The)	†	1,627		60,443
Covidien Ltd.		19,745		945,588
CR Bard, Inc.		3,904		343,357
CryoLife, Inc.	*†	937		10,719
Cyberonics, Inc.	*	956		20,745
Datascope Corp.	†	556		26,132
Dentsply International, Inc.		5,668		208,582
Edwards Lifesciences Corp.	*	2,575		159,753
EP Medsystems, Inc.	*†	5,240		15,615
ev3, Inc.	*†	785		7,442
Gen-Probe, Inc.	*	1,849		87,791
Greatbatch, Inc.	*†	942		16,297
Haemonetics Corp.	*†	1,157		64,167
HealthTronics, Inc.	*†	2,529		8,270
Hill-Rom Holdings, Inc.	†	1,576		42,520
Hologic, Inc.	*†	9,792		213,466
Hospira, Inc.	*	6,367		255,380
ICU Medical, Inc.	*†	605		13,842
Idexx Laboratories, Inc.	*	3,136		152,849
Immucor, Inc.	*†	1,828		47,309
Integra LifeSciences Holdings Corp.	*	1,190		52,931
Intuitive Surgical, Inc.	*†	1,610		433,734
Invacare Corp.	†	1,333		27,247
Inverness Medical Innovations, Inc.	*†	3,011		99,875
Kensey Nash Corp.	*	866		27,755
Kinetic Concepts, Inc.	*†	2,200		87,802
Masimo Corp.	*†	1,500		51,525
Medtronic, Inc.		45,099		2,333,873
Mentor Corp.	†	1,961		54,555
Meridian Bioscience, Inc.	†	1,158		31,173
Merit Medical Systems, Inc.	*†	2,519		37,029
NuVasive, Inc.	*†	2,111		94,277
OraSure Technologies, Inc.	*	1,687		6,309
Osteotech, Inc.	*†	1,498		8,524
Palomar Medical Technologies, Inc.	*†	1,116		11,138
Resmed, Inc.	*†	3,034		108,435
RTI Biologics, Inc.	*†	807		7,061
Somanetics Corp.	*†	1,352		28,662
SonoSite, Inc.	*	1,264		35,405
Spectranetics Corp.	*	1,045		10,304
St Jude Medical, Inc.	*	13,638		557,521
Staar Surgical Co.	*	848		2,629
STERIS Corp.		2,777		79,867
Stryker Corp.		11,240		706,771
SurModics, Inc.	*	675		30,267
Synovis Life Technologies, Inc.	*	346		6,515
Theragenics Corp.	*	1,492		5,416
ThermoGenesis Corp.	*†	4,316		6,042
Thoratec Corp.	*†	2,306		40,101
Urologix, Inc.	*†	1,050		1,922
Varian Medical Systems, Inc.	*	5,512		285,797
Vital Signs, Inc.	†	634		35,999
West Pharmaceutical Services, Inc.	†	1,704		73,749
Wright Medical Group, Inc.	*†	1,309		37,189
Young Innovations, Inc.		677		14,095
Zimmer Holdings, Inc.	*	9,576		651,647
Zoll Medical Corp.	*	850		28,620
				12,289,999
Health Care Providers & Services—1.9%
Access Plans USA, Inc.	*†	3,538		2,954
Aetna, Inc.		20,153		816,801
Alliance Imaging, Inc.	*†	1,429		12,389
Amedisys, Inc.	*†	1,698		85,613

See accompanying notes to financial statements. 201

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Amerigroup Corp.	*†	1,950	$	40,560
AmerisourceBergen Corp.		7,851		313,961
AMN Healthcare Services, Inc.	*†	1,507		25,498
Amsurg Corp.	*†	1,423		34,650
Apria Healthcare Group, Inc.	*	2,101		40,738
BioScrip, Inc.	*	1,095		2,836
Brookdale Senior Living, Inc.	†	2,200		44,792
Cardinal Health, Inc.		15,220		785,048
Centene Corp.	*†	1,972		33,110
Chemed Corp.	†	1,162		42,541
Chindex International, Inc.	*†	822		12,059
Cigna Corp.		10,791		381,893
Community Health Systems, Inc.	*†	4,282		141,220
Coventry Health Care, Inc.	*	6,568		199,799
Cross Country Healthcare, Inc.	*†	1,339		19,295
DaVita, Inc.	*	4,290		227,928
Express Scripts, Inc.	*	8,956		561,720
Hanger Orthopedic Group, Inc.	*	1,083		17,859
Health Management Associates, Inc., Class A	*†	9,953		64,794
Health Net, Inc.	*	3,209		77,209
HealthExtras, Inc.	*†	1,864		56,181
Healthspring, Inc.	*†	2,400		40,512
Healthways, Inc.	*†	1,362		40,315
Henry Schein, Inc.	*†	3,652		188,334
Humana, Inc.	*	6,683		265,783
inVentiv Health, Inc.	*†	2,100		58,359
Kindred Healthcare, Inc.	*†	1,800		51,768
Laboratory Corp of America Holdings	*	4,321		300,871
Landauer, Inc.	†	598		33,632
LCA-Vision, Inc.	†	616		2,938
LifePoint Hospitals, Inc.	*†	2,149		60,817
Lincare Holdings, Inc.	*†	2,129		60,464
Magellan Health Services, Inc.	*	1,400		51,842
McKesson Corp.		11,391		636,871
Medco Health Solutions, Inc.	*	20,234		955,045
Medical Staffing Network Holdings, Inc.	*	1,686		6,508
National Healthcare Corp.	†	431		19,753
National Research Corp.	†	1,250		33,088
NovaMed, Inc.	*†	1,250		4,713
Odyssey HealthCare, Inc.	*†	1,593		15,516
Omnicare, Inc.	†	4,277		112,143
Owens & Minor, Inc.	†	1,623		74,155
Patterson Cos, Inc.	*†	5,546		162,997
PDI, Inc.	*	703		6,123
Pediatrix Medical Group, Inc.	*†	2,182		107,420
PharMerica Corp.	*	1,365		30,835
PSS World Medical, Inc.	*†	3,574		58,256
Psychemedics Corp.	†	302		4,953
Psychiatric Solutions, Inc.	*†	2,662		100,730
Quest Diagnostics, Inc.		4,904		237,697
RehabCare Group, Inc.	*†	739		11,846
Res-Care, Inc.	*†	1,222		21,727
Sunrise Senior Living, Inc.	*†	1,950		43,836
Tenet Healthcare Corp.	*	19,289		107,247
U.S. Physical Therapy, Inc.	*	1,300		21,333
United American Healthcare Corp.	*†	4,251		8,502
UnitedHealth Group, Inc.		49,658		1,303,522
Universal American Corp.	*†	1,812		18,519
Universal Health Services, Inc., Class B	†	1,233		77,950
VCA Antech, Inc.	*†	3,442		95,619
WellCare Health Plans, Inc.	*	1,500		54,225
WellPoint, Inc.	*	21,396		1,019,732
				10,547,944
Health Care Technology—0.1%
Allscripts Healthcare Solutions, Inc.	*†	2,300		28,543
AMICAS, Inc.	*	1,846		5,243
Cerner Corp.	*†	3,044		137,528
Eclipsys Corp.	*†	1,846		33,893
HLTH Corp.	*	10,847		122,788
IMS Health, Inc.		7,150		166,594
Mediware Information Systems	*	1,088		6,365
Omnicell, Inc.	*†	783		10,320
Trizetto Group, Inc.	*	1,550		33,139
				544,413
Home Builders—0.0%
Woodbridge Holdings Corp.	*†	763		885
Hotels, Restaurants & Leisure—1.4%
Ambassadors International, Inc.	*†	523		2,291
Ameristar Casinos, Inc.	†	300		4,146
Bally Technologies, Inc.	*	1,971		66,620
Bob Evans Farms, Inc.	†	1,465		41,899
Boyd Gaming Corp.	†	2,619		32,895
Brinker International, Inc.		5,167		97,656
Burger King Holdings, Inc.		1,700		45,543
California Pizza Kitchen, Inc.	*†	1,455		16,281
Carnival Corp.		17,238		568,164
CBRL Group, Inc.	†	2,120		51,961
CEC Entertainment, Inc.	*†	1,614		45,208
Cedar Fair, LP		2,300		43,217
Cheesecake Factory (The)	*†	3,444		54,794
Chipotle Mexican Grill, Inc., Class A	*†	900		74,358
Choice Hotels International, Inc.	†	1,616		42,824
Churchill Downs, Inc.	†	638		22,247
CKE Restaurants, Inc.	†	1,945		24,254
Darden Restaurants, Inc.		5,104		163,022
Dover Downs Gaming & Entertainment, Inc.	†	1,710		10,978
Dover Motorsports, Inc.	†	1,645		8,373
Empire Resorts, Inc.	*†	582		1,705
Gaylord Entertainment Co.	*†	1,772		42,457
International Game Technology		13,402		334,782
International Speedway Corp., Class A		1,190		46,446
Isle of Capri Casinos, Inc.	*†	1,250		5,988
Jack in the Box, Inc.	*	2,874		64,406
Krispy Kreme Doughnuts, Inc.	*†	2,573		12,839
Landry’s Restaurants, Inc.		1,253		22,516
Las Vegas Sands Corp.	*†	4,070		193,081
Marcus Corp.		1,505		22,500
Marriott International, Inc., Class A		13,654		358,281
McDonald’s Corp.		44,517		2,502,747
MGM Mirage	*	4,792		162,401
Morgans Hotel Group Co.	*†	2,300		23,690
Morton’s Restaurant Group, Inc.	*†	2,200		15,136
Multimedia Games, Inc.	*†	1,202		5,313
O’Charleys, Inc.	†	1,091		10,975
Orient-Express Hotels Ltd., Class A (Bermuda)	†	1,577		68,505
P.F. Chang’s China Bistro, Inc.	*†	1,089		24,328
Panera Bread Co., Class A	*†	1,250		57,825

202 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Papa John’s International, Inc.	*†	1,610	$	42,810
Peet’s Coffee & Tea, Inc.	*†	637		12,625
Penn National Gaming, Inc.	*	2,586		83,140
Pinnacle Entertainment, Inc.	*†	1,629		17,088
Red Robin Gourmet Burgers, Inc.	*†	692		19,196
Royal Caribbean Cruises Ltd.		4,300		96,621
Ruby Tuesday, Inc.	†	2,816		15,206
Scientific Games Corp., Class A	*†	2,517		74,554
Shuffle Master, Inc.	*†	1,527		7,543
Six Flags, Inc.	*†	3,814		4,386
Sonic Corp.	*†	3,730		55,204
Speedway Motorsports, Inc.	†	149		3,037
Starbucks Corp.	*	29,904		470,689
Starwood Hotels & Resorts Worldwide, Inc.	†	7,939		318,116
Steak N Shake Co. (The)	*†	1,267		8,020
Texas Roadhouse, Inc., Class A	*†	3,070		27,538
Triarc Cos, Inc., Class B	†	2,886		18,268
Trump Entertainment Resorts, Inc.	*†	1,600		3,056
Vail Resorts, Inc.	*†	1,491		63,860
Wendy’s International, Inc.		5,229		142,333
WMS Industries, Inc.	*†	1,903		56,652
Wyndham Worldwide Corp.		8,848		158,468
Wynn Resorts Ltd.	†	2,554		207,768
Yum! Brands, Inc.		20,395		715,661
				8,014,491
Household Durables—0.5%
American Greetings Corp., Class A	†	2,760		34,058
Bassett Furniture Industries, Inc.		1,139		13,440
Beazer Homes USA, Inc.		1,494		8,322
Black & Decker Corp.		3,225		185,470
Blyth, Inc.	†	1,839		22,123
Brookfield Homes Corp.	†	1,218		14,957
California Coastal Communities, Inc.	*†	267		1,020
Centex Corp.		4,760		63,641
Champion Enterprises, Inc.	*†	2,559		14,970
DR Horton, Inc.	†	11,522		125,014
Ethan Allen Interiors, Inc.	†	1,551		38,155
Fortune Brands, Inc.		5,642		352,118
Furniture Brands International, Inc.		2,341		31,276
Garmin Ltd. (Cayman Islands)	†	4,774		204,518
Harman International Industries, Inc.		2,728		112,912
Helen of Troy Ltd. (Bermuda)	*†	1,333		21,488
Hovnanian Enterprises, Inc., Class A	*	1,478		8,099
Jarden Corp.	*†	2,055		37,483
KB Home	†	3,248		54,989
La-Z-Boy, Inc., Class Z	†	2,404		18,391
Leggett & Platt, Inc.	†	8,763		146,956
Lennar Corp., Class A	†	5,675		70,030
Libbey, Inc.	†	749		5,573
M/I Homes, Inc.		610		9,595
MDC Holdings, Inc.	†	1,091		42,614
Meritage Homes Corp.	*	1,300		19,721
Mohawk Industries, Inc.	*†	2,460		157,686
National Presto Industries, Inc.	†	535		34,336
Newell Rubbermaid, Inc.		10,108		169,713
NVR, Inc.	*†	262		131,021
Palm Harbor Homes, Inc.	*†	1,181		6,531
Pulte Homes, Inc.	†	8,898		85,688
Russ Berrie & Co., Inc.	*†	1,156		9,213
Ryland Group, Inc.		1,852		40,392
Skyline Corp.	†	720		16,920
Snap-On, Inc.		2,419		125,812
Standard Pacific Corp.		2,568		8,680
Stanley Works (The)		3,365		150,853
Syntax-Brillian Corp.	*	180		94
Tempur-Pedic International, Inc.	†	1,346		10,512
Toll Brothers, Inc.	*†	4,132		77,392
Tupperware Brands Corp.		2,427		83,052
Universal Electronics, Inc.	*†	639		13,355
WCI Communities, Inc.	*†	1,921		2,785
Whirlpool Corp.		2,980		183,955
				2,964,923
Household Products—1.8%
Central Garden and Pet Co.	*†	615		2,798
Central Garden and Pet Co., Class A	*	1,230		5,043
Church & Dwight Co., Inc.	†	2,569		144,763
Clorox Co.		6,212		324,266
Colgate-Palmolive Co.		19,424		1,342,198
Energizer Holdings, Inc.	*	1,856		135,655
Kimberly-Clark Corp.		16,536		988,522
Procter & Gamble Co.		120,065		7,301,154
Spectrum Brands, Inc.	*†	1,490		3,800
WD-40 Co.	†	949		27,758
				10,275,957
Independent Power Producers & Energy Traders—0.5%
AES Corp. (The)	*	25,835		496,290
Calpine Corp.	*	16,000		360,960
Constellation Energy Group, Inc.		7,434		610,331
Dynegy, Inc., Class A	*	15,654		133,842
Mirant Corp.	*†	8,577		335,790
NRG Energy, Inc.	*	8,000		343,200
Reliant Energy, Inc.	*	11,470		243,967
				2,524,380
Industrial Conglomerates—2.6%
3M Co.		24,251		1,687,626
Carlisle Cos, Inc.	†	2,452		71,108
General Electric Co.		388,040		10,356,787
McDermott International, Inc.	*	8,276		512,202
Standex International Corp.	†	724		15,016
Teleflex, Inc.		1,322		73,490
Textron, Inc.		8,214		393,697
Tredegar Corp.	†	1,606		23,608
Tyco International Ltd. (Bermuda)		19,745		790,590
United Capital Corp.	*	690		13,248
Walter Industries, Inc.		1,640		178,383
				14,115,755
Insurance—4.3%
ACE Ltd. (Bermuda)		12,700		699,643
Aflac, Inc.		19,543		1,227,300
Alleghany Corp.	*	149		49,475
Allied World Assurance Co. Holdings Ltd. (Bermuda)		1,889		74,842
Allstate Corp. (The)		21,889		997,920
AMBAC Financial Group, Inc.	†	11,209		15,020

See accompanying notes to financial statements. 203

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
American Equity Investment Life Holding Co.	†	4,302	$	35,061
American Financial Group, Inc.		2,657		71,075
American Independence Corp.	*	430		2,752
American International Group, Inc.		90,295		2,389,206
American National Insurance Co.		945		92,629
American Physicians Capital, Inc.		1,290		62,488
AON Corp.		10,312		473,733
Arch Capital Group Ltd. (Bermuda)	*	1,428		94,705
Argo Group International Holdings Ltd. (Bermuda)	*†	899		30,170
Arthur J. Gallagher & Co.	†	3,230		77,843
Aspen Insurance Holdings Ltd.	†	3,512		83,129
Assurant, Inc.		4,146		273,470
Assured Guaranty Ltd. (Bermuda)	†	2,359		42,438
Axis Capital Holdings Ltd. (Bermuda)		5,691		169,649
Baldwin & Lyons, Inc., Class B	†	945		16,519
Berkshire Hathaway, Inc., Class A		40		4,830,000
Brown & Brown, Inc.		5,036		87,576
Chubb Corp.		14,462		708,783
Cincinnati Financial Corp.		6,036		153,314
CNA Financial Corp.	†	1,422		35,763
CNA Surety Corp.	*†	1,486		18,783
Conseco, Inc.	*	6,600		65,472
Crawford & Co., Class B	*†	1,891		15,109
Delphi Financial Group, Inc., Class A	†	1,945		45,007
Donegal Group, Inc., Class B	†	758		13,686
EMC Insurance Group, Inc.	†	341		8,211
Employers Holdings, Inc.		2,770		57,339
Endurance Specialty Holdings Ltd.		2,698		83,071
Erie Indemnity Co., Class A	†	1,023		47,211
Everest Re Group Ltd. (Bermuda)	†	2,468		196,724
FBL Financial Group, Inc., Class A	†	1,275		25,347
Fidelity National Financial, Inc., Class A		8,236		103,774
First American Corp.		3,159		83,398
Genworth Financial, Inc., Class A		15,900		283,179
Hanover Insurance Group, Inc. (The)		2,346		99,705
Harleysville Group, Inc.	†	1,351		45,704
Hartford Financial Services Group, Inc.		12,354		797,698
HCC Insurance Holdings, Inc.		3,999		84,539
Hilb Rogal & Hobbs Co.		1,604		69,710
Hilltop Holdings, Inc.	*†	1,180		12,166
Horace Mann Educators Corp.	†	2,000		28,040
Independence Holding Co.	†	961		9,389
Infinity Property & Casualty Corp.	†	810		33,631
IPC Holdings Ltd.	†	2,362		62,711
Kansas City Life Insurance Co.		902		37,659
LandAmerica Financial Group, Inc.	†	845		18,751
Lincoln National Corp.		10,899		493,943
Loews Corp.		14,187		665,370
Markel Corp.	*	412		151,204
Marsh & McLennan Cos, Inc.		20,317		539,416
Max Capital Group Ltd. (Bermuda)	†	1,915		40,847
MBIA, Inc.	†	8,742		38,377
Mercury General Corp.	†	1,109		51,812
MetLife, Inc.		16,910		892,341
Montpelier Re Holdings Ltd. (Bermuda)	†	3,734		55,077
National Financial Partners Corp.	†	1,495		29,631
Nationwide Financial Services, Class A	†	2,414		115,896
Navigators Group, Inc.	*†	938		50,699
Odyssey Re Holdings Corp.	†	505		17,928
Old Republic International Corp.	†	9,191		108,821
PartnerRe Ltd. (Bermuda)	†	2,300		158,999
Philadelphia Consolidated Holding Co.	*†	2,562		87,031
Phoenix Cos, Inc. (The)		4,217		32,091
Platinum Underwriters Holdings Ltd. (Bermuda)		2,734		89,156
PMA Capital Corp., Class A	*†	1,826		16,817
Presidential Life Corp.	†	1,144		17,640
Principal Financial Group, Inc.		10,091		423,519
ProAssurance Corp.	*†	1,647		79,237
Progressive Corp. (The)		24,774		463,769
Protective Life Corp.		3,130		119,097
Prudential Financial, Inc.		17,420		1,040,671
Reinsurance Group of America, Inc.	†	1,440		62,669
RenaissanceRe Holdings Ltd. (Bermuda)		2,900		129,543
RLI Corp.	†	1,164		57,583
Safeco Corp.		3,504		235,329
Safety Insurance Group, Inc.	†	850		30,303
Security Capital Assurance Ltd. (Bermuda)	†	2,963		859
Selective Insurance Group	†	2,122		39,809
StanCorp Financial Group, Inc.	†	2,460		115,522
State Auto Financial Corp.		488		11,678
Stewart Information Services Corp.	†	1,239		23,962
Torchmark Corp.		3,623		212,489
Tower Group, Inc.	†	1,736		36,786
Transatlantic Holdings, Inc.	†	1,167		65,900
Travelers Cos, Inc. (The)		24,549		1,065,427
United Fire & Casualty Co.	†	1,250		33,663
Unitrin, Inc.	†	1,906		52,548
Unum Group		13,588		277,875
Validus Holdings Ltd. (Bermuda)	†	1,256		26,690
W.R. Berkley Corp.		5,680		137,229
Wesco Financial Corp.		187		71,434
White Mountains Insurance Group Ltd.	†	300		128,700
XL Capital Ltd., Class A (Bermuda)		7,300		150,088
Zenith National Insurance Corp.	†	1,498		52,670
				23,938,662
Internet & Catalog Retail—0.3%
1-800-FLOWERS.COM, Inc., Class A	*†	793		5,115
Amazon.com, Inc.	*	12,445		912,591
Bluefly, Inc.	*	234		962
dELiA*s, Inc.	*	925		1,859

204 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
drugstore.com, Inc.	*	3,800	$	7,220
Expedia, Inc.	*	11,022		202,584
GSI Commerce, Inc.	*	1,469		20,022
Hollywood Media Corp.	*†	1,494		3,660
IAC/InterActiveCorp	*	9,431		181,830
Liberty Media Corp.—Interactive, Class A	*	25,718		379,598
NetFlix, Inc.	*†	679		17,702
Overstock.com, Inc.	*†	770		19,982
priceline.com, Inc.	*	1,548		178,732
Stamps.com, Inc.	*†	1,050		13,104
Valuevision Media, Inc., Class A	*†	1,741		6,215
				1,951,176
Internet Software & Services—1.4%
Akamai Technologies, Inc.	*	5,664		197,051
Ariba, Inc.	*†	2,075		30,523
Art Technology Group, Inc.	*†	8,333		26,666
Autobytel, Inc.	*†	1,384		1,965
Bankrate, Inc.	*†	1,083		42,313
Chordiant Software, Inc.	*	1,859		9,295
CMGI, Inc.	*†	1,007		10,674
DealerTrack Holdings, Inc.	*	1,800		25,398
Digital River, Inc.	*†	1,627		62,770
Earthlink, Inc.	*†	5,814		50,291
eBay, Inc.	*	42,977		1,174,561
Entrust, Inc.	*	2,200		6,468
Equinix, Inc.	*†	622		55,495
Google, Inc., Class A	*	8,801		4,633,021
I-many, Inc.	*†	951		951
Infospace, Inc.	†	1,323		11,021
Internap Network Services Corp.	*†	1,297		6,070
Interwoven, Inc.	*†	1,908		22,915
Intraware, Inc.	*	783		3,289
j2 Global Communications, Inc.	*†	1,614		37,122
Jupitermedia Corp.	*	1,450		2,030
Keynote Systems, Inc.	*†	1,400		18,032
Knot, Inc. (The)	*†	2,304		22,533
LivePerson, Inc.	*†	3,333		9,366
Looksmart Ltd.	*†	500		2,010
MIVA, Inc.	*	990		1,049
Move, Inc.	*†	7,362		17,153
NaviSite, Inc.	*†	3,725		14,155
NIC, Inc.	†	2,450		16,734
On2 Technologies, Inc.	*†	4,620		2,818
Openwave Systems, Inc.	*†	2,570		3,829
RealNetworks, Inc.	*†	5,844		38,570
S1 Corp.	*	2,636		19,955
Saba Software, Inc.	*†	1,576		5,059
SAVVIS, Inc.	*†	408		5,267
SonicWALL, Inc.	*†	2,442		15,751
Tumbleweed Communications Corp.	*†	1,102		2,887
United Online, Inc.	†	2,509		25,165
Valueclick, Inc.	*†	4,058		61,479
VeriSign, Inc.	*†	8,080		305,424
Vignette Corp.	*†	737		8,844
Websense, Inc.	*†	1,958		32,973
Website Pros, Inc.	*	308		2,566
Yahoo! Inc.	*	50,447		1,042,235
Zix Corp.	*†	1,015		2,822
				8,086,565
IT Services—1.7%
Accenture Ltd., Class A (Bermuda)		21,831		888,958
Acxiom Corp.	†	3,451		39,652
Affiliated Computer Services, Inc., Class A	*	4,289		229,419
Alliance Data Systems Corp.	*†	1,955		110,555
Automatic Data Processing, Inc.		21,534		902,275
BearingPoint, Inc.	*†	8,105		6,565
Broadridge Financial Solutions, Inc.		5,748		120,995
CACI International, Inc., Class A	*	1,198		54,832
Ciber, Inc.	*†	2,444		15,177
Cognizant Technology Solutions Corp., Class A	*	10,552		343,046
Computer Sciences Corp.	*	6,597		309,003
Convergys Corp.	*	5,933		88,164
CSG Systems International, Inc.	*	2,153		23,726
Cybersource Corp.	*†	2,776		46,442
DST Systems, Inc.	*†	2,518		138,616
Edgewater Technology, Inc.	*	1,533		7,374
Electronic Data Systems Corp.		22,135		545,406
Euronet Worldwide, Inc.	*†	1,056		17,846
Fidelity National Information Services, Inc.		8,097		298,860
Fiserv, Inc.	*	6,994		317,318
Forrester Research, Inc.	*†	963		29,737
Gartner, Inc., Class A	*†	1,179		24,429
Gevity HR, Inc.	†	964		5,186
Global Payments, Inc.		3,238		150,891
Hackett Group, Inc. (The)	*	1,140		6,544
Hewitt Associates, Inc., Class A	*	2,317		88,811
iGATE Corp.	*†	1,397		11,358
Integral Systems, Inc.	†	505		19,544
Iron Mountain, Inc.	*†	7,146		189,726
Lionbridge Technologies, Inc.	*†	1,165		3,006
Management Network Group, Inc.	*	1,600		2,304
Mantech International Corp., Class A	*†	1,217		58,562
Mastercard, Inc., Class A		2,748		729,649
MAXIMUS, Inc.	†	1,052		36,631
Metavante Technologies, Inc.	*	2,857		64,625
MoneyGram International, Inc.		3,750		3,383
NeuStar, Inc., Class A	*†	3,140		67,698
Online Resources Corp.	*†	700		5,845
Paychex, Inc.		13,545		423,688
Perot Systems Corp., Class A	*†	4,359		65,429
Pfsweb, Inc.	*	1,209		5,803
Safeguard Scientifics, Inc.	*†	4,073		5,051
SAIC, Inc.	*†	3,100		64,511
Sapient Corp.	*†	4,150		26,643
SRA International, Inc., Class A	*†	1,664		37,373
StarTek, Inc.	*†	994		9,344
Syntel, Inc.	†	1,554		52,401
TeleTech Holdings, Inc.	*†	2,738		54,650
Total System Services, Inc.		6,935		154,096
Unisys Corp.	*	13,714		54,170
VeriFone Holdings, Inc.	*	2,645		31,608
Visa, Inc., Class A	*	17,412		1,415,769
Western Union Co. (The)		31,890		788,321
Wright Express Corp.	*†	1,750		43,400
				9,234,415

See accompanying notes to financial statements. 205

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Leisure Equipment & Products—0.2%
Arctic Cat, Inc.	†	1,857	$	14,577
Brunswick Corp.	†	3,797		40,248
Callaway Golf Co.	†	2,881		34,082
Concord Camera Corp.	*	572		2,048
Eastman Kodak Co.	†	11,893		171,616
Fairchild Corp. (The), Class A	*	3,265		6,889
Hasbro, Inc.		6,570		234,680
Jakks Pacific, Inc.	*	925		20,211
Leapfrog Enterprises, Inc.	*†	1,261		10,492
Mattel, Inc.		16,641		284,894
Meade Instruments Corp.	*	1,640		1,476
Nautilus, Inc.		1,359		6,904
Polaris Industries, Inc.	†	1,858		75,026
Pool Corp.	†	2,434		43,228
RC2 Corp.	*†	1,650		30,624
Steinway Musical Instruments	*†	683		18,031
Sturm Ruger & Co., Inc.	*†	3,296		23,270
				1,018,296
Life Sciences Tools & Services—0.6%
Accelrys, Inc.	*	1,145		5,530
Affymetrix, Inc.	*†	2,525		25,982
Albany Molecular Research, Inc.	*†	1,371		18,193
AMAG Pharmaceuticals, Inc.	*†	834		28,439
Applera Corp.—Applied Biosystems Group		6,991		234,059
Bio-Rad Laboratories, Inc., Class A	*	88		7,118
Bruker Corp.	*†	1,667		21,421
Caliper Life Sciences, Inc.	*†	867		2,246
Cambrex Corp.	*†	1,258		7,384
Charles River Laboratories International, Inc.	*†	2,755		176,100
Covance, Inc.	*	2,839		244,211
Dionex Corp.	*	1,031		68,427
Enzo Biochem, Inc.	*	1,353		15,181
eResearchTechnology, Inc.	*†	2,056		35,857
Exelixis, Inc.	*†	2,695		13,475
Illumina, Inc.	*†	1,626		141,641
Interleukin Genetics, Inc.	*	2,825		3,362
Invitrogen Corp.	*	4,244		166,619
Luminex Corp.	*†	1,070		21,989
Millipore Corp.	*†	2,026		137,484
Nanogen, Inc.	*	950		361
Nektar Therapeutics	*	2,368		7,933
Ore Pharmaceuticals, Inc.	*	190		251
Parexel International Corp.	*†	2,306		60,671
PerkinElmer, Inc.		5,266		146,658
Pharmaceutical Product Development, Inc.		4,736		203,174
PharmaNet Development Group, Inc.	*†	576		9,084
Sequenom, Inc.	*†	614		9,799
Techne Corp.	*†	1,736		134,349
Thermo Fisher Scientific, Inc.	*	15,692		874,515
Varian, Inc.	*†	1,502		76,692
Waters Corp.	*	4,698		303,021
				3,201,226
Machinery—2.5%
3D Systems Corp.	*†	1,158		11,001
Actuant Corp., Class A	†	2,022		63,390
AGCO Corp.	*	3,068		160,794
Albany International Corp., Class A	†	1,437		41,673
American Railcar Industries, Inc.		1,200		20,136
Ampco-Pittsburgh Corp.	†	613		27,266
Astec Industries, Inc.	*†	821		26,387
Axsys Technologies, Inc.	*	883		45,951
Barnes Group, Inc.	†	2,018		46,596
Blount International, Inc.	*†	1,532		17,787
Briggs & Stratton Corp.	†	1,822		23,103
Bucyrus International, Inc., Class A		2,860		208,837
Caterpillar, Inc.		24,209		1,787,107
Chart Industries, Inc.	*	1,070		52,045
CIRCOR International, Inc.	†	711		34,832
Clarcor, Inc.		2,354		82,625
Crane Co.		2,467		95,054
Cummins, Inc.		7,020		459,950
Danaher Corp.		9,574		740,070
Deere & Co.		17,886		1,290,116
Donaldson Co., Inc.		3,810		170,078
Dover Corp.		7,805		377,528
Eaton Corp.		5,791		492,061
EnPro Industries, Inc.	*†	981		36,631
ESCO Technologies, Inc.	*†	1,222		57,336
Federal Signal Corp.	†	2,159		25,908
Flow International Corp.	*†	2,200		17,160
Flowserve Corp.		2,375		324,663
Force Protection, Inc.	*†	3,825		12,661
FreightCar America, Inc.	†	900		31,950
Gardner Denver, Inc.	*	1,836		104,285
Graco, Inc.	†	2,883		109,756
Harsco Corp.		3,646		198,379
Hurco Cos, Inc.	*†	300		9,267
IDEX Corp.	†	3,304		121,719
Illinois Tool Works, Inc.		16,615		789,379
Ingersoll-Rand Co. Ltd., Class A (Bermuda)		13,400		501,580
ITT Corp.		8,056		510,186
Joy Global, Inc.		4,599		348,742
Kadant, Inc.	*†	721		16,295
Kaydon Corp.	†	1,422		73,105
Kennametal, Inc.		3,196		104,030
Lincoln Electric Holdings, Inc.		1,877		147,720
Lindsay Corp.	†	808		68,656
Manitowoc Co., Inc. (The)		5,044		164,081
Middleby Corp.	*†	936		41,100
Mueller Industries, Inc.	†	1,592		51,262
Mueller Water Products, Inc., Class A		3,000		24,210
NACCO Industries, Inc., Class A	†	309		22,974
Nordson Corp.	†	1,522		110,939
Oshkosh Corp.	†	2,868		59,339
PACCAR, Inc.		14,853		621,301
Pall Corp.		5,186		205,780
Paragon Technologies, Inc.	*	1,800		10,980
Parker Hannifin Corp.		7,453		531,548
Pentair, Inc.	†	3,618		126,702
Robbins & Myers, Inc.	†	1,736		86,574
Spire Corp.	*†	2,500		31,200
SPX Corp.		2,157		284,142
Tecumseh Products Co., Class A	*†	712		23,339
Tennant Co.	†	1,280		38,490
Terex Corp.	*	4,124		211,850
Timken Co.		3,702		121,944
Titan International, Inc.	†	1,085		38,648

206 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Toro Co.	†	2,550	$	84,839
Trinity Industries, Inc.	†	3,051		105,839
TurboChef Technologies, Inc.	*†	993		4,747
Valmont Industries, Inc.	†	1,162		121,185
Wabash National Corp.	†	1,395		10,546
Wabtec Corp.	†	1,737		84,453
Watts Water Technologies, Inc., Class A		1,225		30,503
				13,132,310
Marine—0.0%
Alexander & Baldwin, Inc.	†	1,466		66,776
American Commercial Lines, Inc.	*†	2,000		21,860
Horizon Lines, Inc., Class A	†	2,035		20,248
Kirby Corp.	*	2,358		113,185
				222,069
Media—2.8%
4Kids Entertainment, Inc.	*	605		4,483
Acme Communications, Inc.	*	1,200		1,656
AH Belo Corp., Class A	†	944		5,381
Alloy, Inc.	*	462		3,340
Arbitron, Inc.	†	1,298		61,655
Beasley Broadcasting Group, Inc., Class A		1,150		5,256
Belo Corp., Class A	†	4,721		34,511
Cablevision Systems Corp., Class A	*	9,044		204,394
CBS Corp., Class B		25,719		501,263
Charter Communications, Inc., Class A	*†	11,237		11,799
Citadel Broadcasting Corp.	*†	6,896		8,413
CKX, Inc.	*	1,800		15,750
Clear Channel Communications, Inc.		18,523		652,010
Clear Channel Outdoor Holdings, Inc., Class A	*†	2,500		44,575
Comcast Corp., Class A		109,481		2,076,855
Cox Radio, Inc., Class A	*†	1,752		20,674
Crown Media Holdings, Inc., Class A	*†	5,899		27,961
Cumulus Media, Inc., Class A	*	2,174		8,566
DIRECTV Group, Inc. (The)	*	23,227		601,812
Discovery Holding Co., Class A	*	10,903		239,430
DISH Network Corp., Class A	*	9,386		274,822
DreamWorks Animation SKG, Inc., Class A	*†	1,300		38,753
E.W. Scripps Co., Class A	†	3,612		150,042
Emmis Communications Corp., Class A	*†	1,175		2,961
Entercom Communications Corp., Class A	†	2,183		15,325
Entravision Communications Corp., Class A	*	2,852		11,465
Gannett Co., Inc.	†	7,301		158,213
Getty Images, Inc.	*	1,742		59,106
Gray Television, Inc.	†	1,838		5,275
Harris Interactive, Inc.	*†	2,730		5,487
Harte-Hanks, Inc.	†	3,119		35,713
Hearst-Argyle Television, Inc.	†	2,184		41,933
Idearc, Inc.		1,273		2,992
Image Entertainment, Inc.	*	299		281
Interactive Data Corp.		1,521		38,223
Interpublic Group of Cos, Inc. (The)	*	17,203		147,946
John Wiley & Sons, Inc., Class A		2,491		112,170
Journal Communications, Inc., Class A	†	3,900		18,798
Lamar Advertising Co., Class A	*†	3,479		125,348
Lee Enterprises, Inc.		1,973		7,872
Liberty Global, Inc.	*	126		3,825
Liberty Global, Inc., Class A	*†	15,182		477,170
Liberty Media Corp.—Capital, Series A, Class A	*	5,451		78,494
Liberty Media Corp.—Entertainment, Series A	*	21,804		528,311
LIN TV Corp., Class A	*†	1,419		8,457
Live Nation, Inc.	*†	2,705		28,619
LodgeNet Interactive Corp.	*†	1,250		6,138
Marvel Entertainment, Inc.	*†	1,469		47,214
McClatchy Co., Class A	†	2,444		16,570
McGraw-Hill Cos, Inc. (The)		14,260		572,111
Media General, Inc., Class A	†	952		11,376
Mediacom Communications Corp., Class A	*†	3,433		18,332
Meredith Corp.	†	2,083		58,928
National CineMedia, Inc.	†	2,226		23,729
National Lampoon, Inc.	*	3,300		5,280
New Frontier Media, Inc.		3,808		14,889
New York Times Co. (The), Class A	†	5,682		87,446
News Corp., Class A		91,998		1,383,650
Omnicom Group, Inc.		12,710		570,425
Playboy Enterprises, Inc., Class B	*†	1,251		6,180
Primedia, Inc.	†	1,475		6,874
R.H. Donnelley Corp.	*†	2,471		7,413
Radio One, Inc., Class A	*†	4,327		6,101
Radio Unica Communications Corp.	*‡da	1,900		—
RCN Corp.	*†	2,597		27,996
Regal Entertainment Group, Class A	†	2,743		41,913
Regent Communications, Inc.	*	1,600		1,434
Salem Communications Corp., Class A	†	850		1,675
Scholastic Corp.	*†	1,845		52,878
Sinclair Broadcast Group, Inc., Class A	†	2,049		15,572
Sirius Satellite Radio, Inc.	*†	47,469		91,140
Spanish Broadcasting System, Inc., Class A	*†	1,300		1,482
Time Warner Cable, Inc., Class A	*	4,450		117,836
Time Warner, Inc.		147,403		2,181,564
Valassis Communications, Inc.	*†	2,236		27,995
Value Line, Inc.	†	573		19,052
Viacom, Inc., Class B	*	22,554		688,799
Virgin Media, Inc.	†	10,479		142,619
Walt Disney Co. (The)		68,450		2,135,640
Washington Post Co. (The), Class B		258		151,420
Westwood One, Inc.	*†	4,247		5,266
World Wrestling Entertainment, Inc., Class A	†	1,030		15,934
XM Satellite Radio Holdings, Inc., Class A	*	8,921		69,941
Young Broadcasting, Inc., Class A	*	831		116
				15,540,313

See accompanying notes to financial statements. 207

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Metals & Mining—1.5%
AK Steel Holding Corp.		5,009	$	345,621
Alcoa, Inc.		32,213		1,147,427
Allegheny Technologies, Inc.		3,350		198,588
AMCOL International Corp.	†	1,186		33,754
Brush Engineered Materials, Inc.	*†	1,122		27,399
Carpenter Technology Corp.		1,882		82,149
Century Aluminum Co.	*†	865		57,514
Cleveland-Cliffs, Inc.		4,072		485,342
Coeur d’Alene Mines Corp.	*†	21,452		62,211
Commercial Metals Co.		4,080		153,816
Compass Minerals International, Inc.		1,915		154,272
Freeport-McMoRan Copper & Gold, Inc.		14,811		1,735,700
Hecla Mining Co.	*†	4,124		38,188
Newmont Mining Corp.		16,091		839,307
Nucor Corp.		10,763		803,673
Reliance Steel & Aluminum Co.		2,966		228,649
Rock of Ages Corp.	*	1,387		4,591
Royal Gold, Inc.		1,153		36,158
RTI International Metals, Inc.	*†	1,363		48,550
Schnitzer Steel Industries, Inc., Class A	†	693		79,418
Southern Copper Corp.	†	2,900		309,227
Steel Dynamics, Inc.		8,080		315,686
Stillwater Mining Co.	*†	3,727		44,090
Titanium Metals Corp.	†	5,344		74,763
United States Steel Corp.		4,607		851,281
Worthington Industries, Inc.	†	3,575		73,288
				8,230,662
Multiline Retail—0.6%
99 Cents Only Stores	*†	3,207		21,166
Big Lots, Inc.	*†	4,853		151,608
Dillard’s, Inc., Class A	†	3,454		39,963
Dollar Tree, Inc.	*	4,830		157,893
Family Dollar Stores, Inc.		6,556		130,727
Fred’s, Inc., Class A	†	1,781		20,018
JC Penney Co., Inc.		7,928		287,707
Kohl’s Corp.	*	11,086		443,883
Macy’s, Inc.		19,148		371,854
Nordstrom, Inc.	†	8,394		254,338
Retail Ventures, Inc.	*	1,372		6,311
Saks, Inc.	*†	5,811		63,805
Sears Holdings Corp.	*†	3,660		269,596
Target Corp.		29,267		1,360,623
Tuesday Morning Corp.	*†	1,816		7,464
				3,586,956
Multi-Utilities—1.2%
Alliant Energy Corp.		4,491		153,862
Ameren Corp.		8,429		355,957
Aquila, Inc.	*	7,275		27,427
Avista Corp.	†	1,759		37,748
Black Hills Corp.	†	2,041		65,434
Centerpoint Energy, Inc.		12,705		203,915
CH Energy Group, Inc.	†	694		24,686
CMS Energy Corp.		6,681		99,547
Consolidated Edison, Inc.		9,476		370,417
Dominion Resources, Inc.		22,974		1,091,034
DTE Energy Co.		6,985		296,443
Energy East Corp.		5,959		147,306
Integrys Energy Group, Inc.	†	2,691		136,784
MDU Resources Group, Inc.		7,657		266,923
NiSource, Inc.		10,893		195,203
NorthWestern Corp.	†	1,449		36,834
NSTAR	†	4,374		147,929
OGE Energy Corp.	†	3,358		106,482
PG&E Corp.		13,709		544,110
PNM Resources, Inc.		2,169		25,941
Public Service Enterprise Group, Inc.		19,514		896,278
Puget Energy, Inc.		3,548		85,117
SCANA Corp.		4,791		177,267
Sempra Energy		8,687		490,381
TECO Energy, Inc.		7,797		167,558
Vectren Corp.	†	3,706		115,664
Wisconsin Energy Corp.	†	4,564		206,384
Xcel Energy, Inc.		16,552		332,199
				6,804,830
Office Electronics—0.1%
Xerox Corp.		36,218		491,116
Zebra Technologies Corp., Class A	*†	2,988		97,528
				588,644
Oil, Gas & Consumable Fuels—11.5%
Adams Resources & Energy, Inc.		1,462		49,562
Alpha Natural Resources, Inc.	*†	2,447		255,198
Anadarko Petroleum Corp.		17,797		1,331,927
Apache Corp.		12,742		1,771,138
APCO Argentina, Inc. (Cayman Islands)	†	2,488		72,028
Arch Coal, Inc.		5,284		396,459
Atlas America, Inc.		2,578		116,139
ATP Oil & Gas Corp.	*†	685		27,037
Berry Petroleum Co., Class A	†	1,202		70,774
Blue Dolphin Energy Co.	*	3,650		7,738
BP Prudhoe Bay Royalty Trust		1,105		114,213
Buckeye Partners LP		1,400		59,878
Cabot Oil & Gas Corp.		4,548		308,036
Callon Petroleum Co.	*†	779		21,313
Carrizo Oil & Gas, Inc.	*†	1,800		122,562
Chesapeake Energy Corp.		18,965		1,250,931
Chevron Corp.		81,137		8,043,110
Cimarex Energy Co.	†	2,681		186,785
Clayton Williams Energy, Inc.	*	550		60,473
CNX Gas Corp.	*†	1,100		46,244
Comstock Resources, Inc.	*	1,735		146,486
Concho Resources, Inc.	*	1,982		73,929
ConocoPhillips		56,066		5,292,069
Consol Energy, Inc.		7,462		838,505
Copano Energy LLC	†	2,400		81,000
Cross Timbers Royalty Trust		575		34,604
Crosstex Energy, Inc.	†	2,100		72,786
Delta Petroleum Corp.	*	2,709		69,134
Denbury Resources, Inc.	*	8,932		326,018
Devon Energy Corp.		16,306		1,959,329
Dorchester Minerals LP		2,200		69,960
El Paso Corp.		25,233		548,565
Enbridge Energy Partners LP		1,775		89,300
Encore Acquisition Co.	*	2,062		155,042
Energy Partners Ltd.	*†	1,667		24,872
Energy Transfer Equity LP		4,960		143,790
Energy Transfer Partners LP		2,777		120,716
Enterprise Products Partners LP		8,400		248,136
EOG Resources, Inc.		9,358		1,227,770
Evergreen Energy, Inc.	*†	4,989		8,681
EXCO Resources, Inc.	*†	4,100		151,331

208 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Exxon Mobil Corp.		209,629	$	18,474,603
Forest Oil Corp.	*	3,820		284,590
Foundation Coal Holdings, Inc.	†	2,560		226,765
Frontier Oil Corp.	†	4,576		109,412
FX Energy, Inc.	*†	3,496		18,424
General Maritime Corp.		1,897		49,284
Hess Corp.		10,910		1,376,733
Holly Corp.	†	1,972		72,806
Hugoton Royalty Trust		1,669		61,753
Inergy LP		1,700		44,234
International Coal Group, Inc.	*	4,900		63,945
James River Coal Co.	*	1,500		88,035
Kinder Morgan Energy Partners LP		5,150		287,010
Kinder Morgan Management LLC	*†	2,060		110,931
Linn Energy LLC		3,543		88,044
Magellan Midstream Partners LP		2,000		71,180
Marathon Oil Corp.		28,613		1,484,156
Mariner Energy, Inc.	*	3,261		120,559
MarkWest Energy Partners LP		3,584		127,949
Massey Energy Co.		3,053		286,219
McMoRan Exploration Co.	*†	1,059		29,144
Meridian Resource Corp.	*†	2,950		8,703
Murphy Oil Corp.		7,512		736,552
Natural Resource Partners LP		2,000		82,400
Newfield Exploration Co.	*	5,246		342,302
Noble Energy, Inc.		6,772		680,992
NuStar Energy LP		1,500		71,085
NuStar GP Holdings LLC		1,450		31,422
Occidental Petroleum Corp.		32,909		2,957,202
ONEOK Partners LP		1,650		92,235
Overseas Shipholding Group, Inc.	†	1,587		126,198
Parallel Petroleum Corp.	*†	2,700		54,351
Patriot Coal Corp.	*	1,042		159,728
Peabody Energy Corp.		10,424		917,833
Penn Virginia Corp.	†	600		45,252
Penn Virginia Resource Partners LP		1,600		43,328
PetroHawk Energy Corp.	*	9,713		449,809
Petroleum Development Corp.	*†	1,250		83,113
Petroquest Energy, Inc.	*†	3,346		90,007
Pioneer Natural Resources Co.		5,801		454,102
Plains All American Pipeline LP		3,917		176,696
Plains Exploration & Production Co.	*	5,227		381,414
Quicksilver Resources, Inc.	*	3,960		153,014
Range Resources Corp.		4,785		313,609
Rentech, Inc.	*	7,800		14,820
Rosetta Resources, Inc.	*	3,400		96,900
SandRidge Energy, Inc.	*	3,220		207,948
Southwestern Energy Co.	*	12,144		578,176
Spectra Energy Corp.		23,691		680,879
St. Mary Land & Exploration Co.	†	2,262		146,216
Stone Energy Corp.	*†	1,208		79,619
Sunoco Logistics Partners LP		950		44,555
Sunoco, Inc.		5,446		221,598
Swift Energy Co.	*†	1,142		75,441
Syntroleum Corp.	*	1,246		2,131
Targa Resources Partners LP		2,566		59,146
TC Pipelines LP		1,100		38,764
Teekay Corp. (Bahamas)	†	1,691		76,399
TEPPCO Partners LP		2,500		82,975
Tesoro Corp.	†	6,846		135,345
TXCO Resources, Inc.	*†	5,411		63,633
Ultra Petroleum Corp.	*	6,082		597,252
USEC, Inc.	*†	2,637		16,033
Vaalco Energy, Inc.	*†	3,800		32,186
Valero Energy Corp.		21,104		869,063
Verenium Corp.	*†	1,790		3,455
Warren Resources, Inc.	*†	3,600		52,848
Western Refining, Inc.	†	2,500		29,600
Whiting Petroleum Corp.	*	1,242		131,751
Williams Cos, Inc.		24,207		975,784
Williams Partners LP		1,275		41,884
World Fuel Services Corp.	†	960		21,062
XTO Energy, Inc.		18,775		1,286,275
				64,582,429
Paper & Forest Products—0.2%
AbitibiBowater, Inc.	†	1,189		11,093
Buckeye Technologies, Inc.	*	1,251		10,583
Deltic Timber Corp.	†	724		38,741
Domtar Corp. (Canada)	*	16,660		90,797
Glatfelter	†	1,740		23,507
International Paper Co.		14,370		334,822
Louisiana-Pacific Corp.	†	4,396		37,322
MAXXAM, Inc.	*	856		21,725
MeadWestvaco Corp.		6,398		152,529
Neenah Paper, Inc.	†	652		10,895
Schweitzer-Mauduit International, Inc.	†	724		12,199
Wausau Paper Corp.	†	1,903		14,672
Weyerhaeuser Co.		8,921		456,221
				1,215,106
Personal Products—0.2%
Alberto-Culver Co.		3,659		96,122
Avon Products, Inc.		17,888		644,325
Chattem, Inc.	*†	872		56,724
Elizabeth Arden, Inc.	*†	1,017		15,438
Estee Lauder Cos, Inc. (The), Class A		5,057		234,897
Medifast, Inc.	*†	734		3,861
NBTY, Inc.	*	2,664		85,408
Nu Skin Enterprises, Inc., Class A	†	3,018		45,029
USANA Health Sciences, Inc.	*†	593		15,934
				1,197,738
Pharmaceuticals—5.0%
Abbott Laboratories		60,081		3,182,491
Adolor Corp.	*†	1,927		10,560
Allergan, Inc.		11,928		620,852
Alpharma, Inc., Class A	*†	2,463		55,491
APP Pharmaceuticals, Inc.	*†	1,756		29,360
Atherogenics, Inc.	*	1,603		940
AVANIR Pharmaceuticals, Class A	*†	1,500		1,500
Barr Pharmaceuticals, Inc.	*	4,174		188,164
Bentley Pharmaceuticals, Inc.	*†	711		11,483
Bristol-Myers Squibb Co.		79,233		1,626,653
Columbia Laboratories, Inc.	*†	1,819		6,003
Cypress Bioscience, Inc.	*†	1,560		11,216
Discovery Laboratories, Inc.	*	2,566		4,234
Durect Corp.	*	1,900		6,973
Eli Lilly & Co.		37,735		1,741,848
Emisphere Technologies, Inc.	*	772		2,069
Endo Pharmaceuticals Holdings, Inc.	*	2,935		70,998
Forest Laboratories, Inc.	*	12,889		447,764
Heska Corp.	*	4,462		5,354

See accompanying notes to financial statements. 209

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Hi-Tech Pharmacal Co., Inc.	*†	862	$	8,620
Hollis-Eden Pharmaceuticals	*†	954		1,460
Immtech Pharmaceuticals, Inc.	*†	681		667
Inspire Pharmaceuticals, Inc.	*†	1,369		5,859
Johnson & Johnson		110,330		7,098,633
King Pharmaceuticals, Inc.	*	10,009		104,794
KV Pharmaceutical Co., Class A	*†	2,179		42,120
Medicines Co. (The)	*†	2,018		39,997
Medicis Pharmaceutical Corp., Class A	†	2,422		50,329
Merck & Co., Inc.		86,025		3,242,282
Mylan, Inc.	*†	8,108		97,864
Noven Pharmaceuticals, Inc.	*†	1,350		14,432
Pain Therapeutics, Inc.	*	1,318		10,412
Par Pharmaceutical Cos, Inc.	*†	1,362		22,105
Penwest Pharmaceuticals Co.	*†	930		2,511
Perrigo Co.	†	2,922		92,832
Pfizer, Inc.		266,021		4,647,388
Pharmos Corp.	*	1,375		536
Pozen, Inc.	*†	1,014		11,032
Salix Pharmaceuticals Ltd.	*†	2,346		16,492
Schering-Plough Corp.		59,192		1,165,490
Sciele Pharma, Inc.	*†	1,613		31,212
Sepracor, Inc.	*†	4,575		91,134
SuperGen, Inc.	*†	1,338		2,743
SupportSoft, Inc.	*	1,562		5,077
Valeant Pharmaceuticals International	*†	3,473		59,423
Viropharma, Inc.	*†	4,061		44,915
Vivus, Inc.	*†	1,400		9,352
Watson Pharmaceuticals, Inc.	*	4,480		121,722
Wyeth		52,091		2,498,284
XenoPort, Inc.	*†	1,939		75,679
				27,639,349
Real Estate Investment Trusts (REIT)—2.0%
Acadia Realty Trust REIT	†	1,318		30,512
Agree Realty Corp. REIT	†	814		17,949
Alesco Financial, Inc. REIT	†	4,213		8,426
Alexander’s, Inc. REIT	*†	78		24,227
Alexandria Real Estate Equities, Inc. REIT	†	1,245		121,188
AMB Property Corp. REIT	†	3,649		183,837
American Campus Communities, Inc. REIT	†	1,699		47,300
American Land Lease, Inc. REIT	†	1,828		34,732
American Mortgage Acceptance Co. REIT		1,842		1,160
Annaly Capital Management, Inc. REIT		17,861		277,024
Anthracite Capital, Inc. REIT	†	1,100		7,744
Anworth Mortgage Asset Corp. REIT		834		5,429
Apartment Investment & Management Co., Class A REIT		4,081		138,999
Ashford Hospitality Trust, Inc. REIT	†	4,200		19,404
AvalonBay Communities, Inc. REIT		3,116		277,823
BioMed Realty Trust, Inc. REIT		1,400		34,342
Boston Properties, Inc. REIT		4,700		424,034
Brandywine Realty Trust REIT	†	2,965		46,728
BRE Properties, Inc. REIT	†	2,433		105,300
BRT Realty Trust REIT	†	355		4,260
Camden Property Trust REIT	†	2,058		91,087
Capital Alliance Income Trust Ltd. REIT	*	799		3,336
Capital Trust, Inc., Class A REIT	†	523		10,047
CapitalSource, Inc. REIT	†	4,975		55,123
Capstead Mortgage Corp. REIT		2,400		26,040
CBL & Associates Properties, Inc. REIT	†	2,548		58,196
Cedar Shopping Centers, Inc. REIT	†	583		6,833
Colonial Properties Trust REIT	†	1,962		39,279
Corporate Office Properties Trust SBI MD REIT	†	1,904		65,364
Cousins Properties, Inc. REIT		2,338		54,008
Crystal River Capital, Inc. REIT	†	2,219		8,122
DCT Industrial Trust, Inc. REIT	†	6,576		54,449
Deerfield Capital Corp. REIT	†	3,425		2,706
Developers Diversified Realty Corp. REIT	†	4,733		164,282
DiamondRock Hospitality Co. REIT	†	3,930		42,798
Digital Realty Trust, Inc. REIT	†	2,000		81,820
Douglas Emmett, Inc. REIT	†	4,212		92,538
Duke Realty Corp. REIT	†	5,609		125,922
EastGroup Properties, Inc. REIT	†	1,538		65,980
Entertainment Properties Trust REIT	†	749		37,031
Equity Lifestyle Properties, Inc. REIT	†	1,140		50,160
Equity One, Inc. REIT	†	2,619		53,820
Equity Residential REIT		10,587		405,164
Essex Property Trust, Inc. REIT	†	807		85,946
Extra Space Storage, Inc. REIT	†	3,500		53,760
Federal Realty Investment Trust REIT	†	2,295		158,355
FelCor Lodging Trust, Inc. REIT	†	3,135		32,918
First Industrial Realty Trust, Inc. REIT	†	1,599		43,925
First Potomac Realty Trust REIT	†	1,628		24,811
Franklin Street Properties Corp. REIT		2,200		27,808
Friedman Billings Ramsey Group, Inc., Class A REIT	†	6,080		9,120
General Growth Properties, Inc. REIT	†	8,744		306,302
Getty Realty Corp. REIT	†	1,747		25,174
Glimcher Realty Trust REIT	†	1,584		17,709
Gramercy Capital Corp., New York REIT	†	2,182		25,289
HCP, Inc. REIT		7,664		243,792
Health Care, Inc. REIT		3,457		153,837
Healthcare Realty Trust, Inc. REIT	†	1,881		44,711
Highwoods Properties, Inc. REIT		2,393		75,188
HMG Courtland Properties REIT	*a	1,450		10,716
Home Properties, Inc. REIT	†	1,390		66,803
Hospitality Properties Trust REIT	†	2,923		71,497
Host Hotels & Resorts, Inc. REIT		20,345		277,709

210 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
HRPT Properties Trust REIT		9,142	$	61,891
IMPAC Mortgage Holdings, Inc. REIT	*†	3,238		2,429
Inland Real Estate Corp. REIT	†	2,302		33,195
iStar Financial, Inc. REIT	†	4,331		57,213
Kilroy Realty Corp. REIT	†	1,316		61,891
Kimco Realty Corp. REIT		9,013		311,129
Kite Realty Group Trust REIT	†	2,654		33,175
LaSalle Hotel Properties REIT	†	1,561		39,228
Lexington Realty Trust REIT	†	1,399		19,068
Liberty Property Trust REIT		3,172		105,152
Macerich Co. (The) REIT	†	2,832		175,952
Mack-Cali Realty Corp. REIT	†	2,488		85,015
Maguire Properties, Inc. REIT	†	1,199		14,592
Medical Properties Trust, Inc. REIT	†	3,172		32,101
MFA Mortgage Investments, Inc. REIT		4,149		27,051
Mid-America Apartment Communities, Inc. REIT		1,240		63,290
Mission West Properties, Inc. REIT	†	1,417		15,530
Monmouth Real Estate Investment Corp., Class A REIT	†	3,275		20,960
National Health Investors, Inc. REIT	†	979		27,911
National Retail Properties, Inc. REIT	†	2,356		49,240
Nationwide Health Properties, Inc. REIT	†	3,720		117,143
Newcastle Investment Corp. REIT	†	754		5,286
NorthStar Realty Finance Corp. REIT	†	4,200		34,944
Omega Healthcare Investors, Inc. REIT	†	4,100		68,265
Pacific Office Properties Trust, Inc. REIT		1,050		7,035
Parkway Properties, Inc. REIT	†	986		33,258
Pennsylvania Real Estate Investment Trust REIT	†	1,510		34,941
Plum Creek Timber Co., Inc. REIT	†	6,729		287,396
PMC Commercial Trust REIT		865		6,920
Post Properties, Inc. REIT	†	2,078		61,821
Potlatch Corp. REIT	†	1,618		73,004
Prologis REIT		10,010		544,043
PS Business Parks, Inc. REIT	†	599		30,908
Public Storage REIT		5,109		412,756
RAIT Financial Trust REIT	†	991		7,353
Ramco-Gershenson Properties Trust REIT	†	1,275		26,189
Rayonier, Inc. REIT	†	3,336		141,647
Realty Income Corp. REIT	†	4,138		94,181
Redwood Trust, Inc. REIT	†	1,008		22,972
Regency Centers Corp. REIT		2,545		150,460
Saul Centers, Inc. REIT		987		46,379
Senior Housing Properties Trust REIT	†	3,680		71,870
Simon Property Group, Inc. REIT		8,577		770,986
SL Green Realty Corp. REIT	†	1,985		164,199
Sovran Self Storage, Inc. REIT	†	1,269		52,740
Strategic Hotels & Resorts, Inc. REIT	†	2,904		27,210
Sun Communities, Inc. REIT		1,061		19,342
Sunstone Hotel Investors, Inc. REIT		2,337		38,794
Tanger Factory Outlet Centers REIT	†	1,221		43,871
Taubman Centers, Inc. REIT	†	2,083		101,338
Thornburg Mortgage, Inc.	†	4,059		820
UDR, Inc. REIT	†	4,883		109,282
U-Store-It Trust REIT	†	3,600		43,020
Ventas, Inc. REIT		5,373		228,729
Vornado Realty Trust REIT		5,255		462,439
Washington Real Estate Investment Trust REIT	†	1,834		55,112
Weingarten Realty Investors REIT	†	3,474		105,332
				10,897,891
Real Estate Management & Development—0.1%
Brookfield Properties Corp. (Canada)		7,509		133,585
CB Richard Ellis Group, Inc., Class A	*†	6,900		132,480
Forest City Enterprises, Inc., Class A	†	2,608		84,030
Forestar Real Estate Group, Inc.	*	1,502		28,613
FX Real Estate and Entertainment, Inc.	*†	360		684
Grubb & Ellis Co.	†	652		2,510
Jones Lang LaSalle, Inc.		1,311		78,909
St. Joe Co. (The)	†	3,582		122,934
Tejon Ranch Co.	*†	762		27,478
				611,223
Retail—0.0%
DineEquity, Inc.	†	1,079		40,311
Walking Co. Holdings, Inc. (The)	*†	1,620		9,104
				49,415
Road & Rail—1.0%
Amerco, Inc.	*†	805		38,382
Arkansas Best Corp.	†	903		33,086
Avis Budget Group, Inc.	*	4,424		37,029
Burlington Northern Santa Fe Corp.		10,951		1,093,895
Con-way, Inc.		2,160		102,082
CSX Corp.		17,161		1,077,882
Dollar Thrifty Automotive Group	*†	1,057		9,989
Genesee & Wyoming, Inc., Class A	*†	1,576		53,616
Heartland Express, Inc.	†	4,220		62,920
J.B. Hunt Transport Services, Inc.	†	3,964		131,922
Kansas City Southern	*†	2,513		110,547
Knight Transportation, Inc.	†	3,879		70,986
Landstar System, Inc.		2,256		124,576
Norfolk Southern Corp.		15,681		982,728
Old Dominion Freight Line, Inc.	*†	1,783		53,526
PAM Transportation Services, Inc.	*	338		3,600
Ryder System, Inc.		2,660		183,221
Saia, Inc.	*†	1,662		18,149
Union Pacific Corp.		19,618		1,481,158
Werner Enterprises, Inc.	†	2,915		54,161
YRC Worldwide, Inc.	*†	2,278		33,874
				5,757,329

See accompanying notes to financial statements. 211

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Semiconductors & Semiconductor Equipment—2.6%
Actel Corp.	*†	1,140	$	19,209
Advanced Energy Industries, Inc.	*†	1,428		19,564
Advanced Micro Devices, Inc.	*†	21,447		125,036
Altera Corp.		14,718		304,663
Amkor Technology, Inc.	*†	7,211		75,067
Anadigics, Inc.	*†	957		9,426
Analog Devices, Inc.		14,113		448,370
Applied Materials, Inc.		53,844		1,027,882
Applied Micro Circuits Corp.	*†	3,186		27,272
Asyst Technologies, Inc.	*†	1,782		6,362
Atheros Communications, Inc.	*†	2,700		81,000
Atmel Corp.	*	18,733		65,191
ATMI, Inc.	*	1,559		43,527
Axcelis Technologies, Inc.	*	4,095		19,984
AXT, Inc.	*	946		3,964
Broadcom Corp., Class A	*	16,147		440,652
Brooks Automation, Inc.	*	3,103		25,662
Cabot Microelectronics Corp.	*†	1,049		34,774
California Micro Devices Corp.	*	745		2,317
Catalyst Semiconductor, Inc.	*	2,415		10,481
Centillium Communications, Inc.	*	1,588		1,032
Ceva, Inc.	*†	692		5,515
Cirrus Logic, Inc.	*	2,946		16,380
Cohu, Inc.	†	859		12,610
Conexant Systems, Inc.	*	2,046		9,207
Credence Systems Corp.	*†	2,727		3,545
Cree, Inc.	*	3,097		70,643
Cymer, Inc.	*†	1,498		40,266
Cypress Semiconductor Corp.	*†	4,876		120,681
Diodes, Inc.	*†	2,400		66,336
DSP Group, Inc.	*†	1,194		8,358
Electroglas, Inc.	*†	1,990		3,781
Emcore Corp.	*†	1,219		7,631
Entegris, Inc.	*	5,738		37,584
ESS Technology, Inc.	*	1,759		2,867
Exar Corp.	*†	1,758		13,255
Fairchild Semiconductor International, Inc.	*	4,903		57,512
FEI Co.	*†	1,368		31,163
Formfactor, Inc.	*†	1,417		26,115
FSI International, Inc.	*†	1,479		1,982
HI/FN, Inc.	*†	681		3,139
Integrated Device Technology, Inc.	*	8,168		81,190
Integrated Silicon Solution, Inc.	*	1,269		7,056
Intel Corp.		227,315		4,882,725
International Rectifier Corp.	*	2,631		50,515
Intersil Corp., Class A		5,757		140,010
inTEST Corp.	*	950		1,881
IXYS Corp.	*	1,329		15,868
KLA-Tencor Corp.		7,679		312,612
Kopin Corp.	*†	2,431		6,977
Kulicke & Soffa Industries, Inc.	*†	2,008		14,638
Lam Research Corp.	*	5,335		192,860
Lattice Semiconductor Corp.	*	4,395		13,756
Linear Technology Corp.	†	8,638		281,340
LSI Corp.	*†	30,700		188,498
LTX Corp.	*†	2,405		5,291
Marvell Technology Group Ltd. (Bermuda)	*	18,500		326,710
Mattson Technology, Inc.	*†	1,760		8,378
Maxim Integrated Products, Inc.		2,241		47,397
MEMC Electronic Materials, Inc.	*	8,113		499,274
Micrel, Inc.	†	3,731		34,139
Microchip Technology, Inc.	†	8,640		263,866
Micron Technology, Inc.	*	25,902		155,412
Microsemi Corp.	*†	2,474		62,295
Mindspeed Technologies, Inc.	*	4,009		3,449
MIPS Technologies, Inc., Class A	*†	2,228		8,355
MKS Instruments, Inc.	*†	2,455		53,765
MoSys, Inc.	*†	1,251		6,142
National Semiconductor Corp.		13,056		268,170
Novellus Systems, Inc.	*†	6,320		133,921
NVE Corp.	*	348		11,018
Nvidia Corp.	*	20,184		377,844
Omnivision Technologies, Inc.	*†	2,354		28,460
ON Semiconductor Corp.	*†	5,253		48,170
PDF Solutions, Inc.	*†	974		5,795
Pericom Semiconductor Corp.	*†	1,023		15,181
Photronics, Inc.	*	1,388		9,772
PLX Technology, Inc.	*†	1,050		8,012
Power Integrations, Inc.	*	1,952		61,703
QuickLogic Corp.	*†	1,050		1,754
Rambus, Inc.	*†	4,071		77,634
Ramtron International Corp.	*	1,920		8,083
RF Micro Devices, Inc.	*†	8,143		23,615
Rudolph Technologies, Inc.	*†	1,247		9,602
Semitool, Inc.	*†	1,060		7,961
Semtech Corp.	*†	2,970		41,788
Silicon Image, Inc.	*†	2,948		21,373
Silicon Laboratories, Inc.	*	2,124		76,655
Silicon Storage Technology, Inc.	*†	3,793		10,507
Skyworks Solutions, Inc.	*†	5,822		57,463
Spansion, Inc., Class A	*†	1,900		4,275
Standard Microsystems Corp.	*†	806		21,883
Tegal Corp.	*	312		1,292
Teradyne, Inc.	*	7,938		87,874
Tessera Technologies, Inc.	*†	1,560		25,537
Texas Instruments, Inc.		52,415		1,476,005
Transwitch Corp.	*	2,483		2,284
Trident Microsystems, Inc.	*†	3,018		11,016
TriQuint Semiconductor, Inc.	*†	4,918		29,803
Ultratech, Inc.	*†	971		15,070
Varian Semiconductor Equipment Associates, Inc.	*†	3,367		117,239
Veeco Instruments, Inc.	*†	1,294		20,808
Virage Logic Corp.	*	901		6,451
White Electronic Designs Corp.	*	514		2,359
Xilinx, Inc.	†	13,928		351,682
Zoran Corp.	*	1,650		19,305
				14,491,768
Software—3.6%
ACI Worldwide, Inc.	*†	1,298		22,832
Activision, Inc.	*	9,514		324,142
Actuate Corp.	*†	2,084		8,148
Adobe Systems, Inc.	*	22,505		886,471
Advent Software, Inc.	*†	1,451		52,352
American Software, Inc., Class A		1,950		10,998
Ansys, Inc.	*†	2,396		112,900
Authentidate Holding Corp.	*	1,023		399
Autodesk, Inc.	*	9,258		313,013
Blackbaud, Inc.	†	2,650		56,710
Blackboard, Inc.	*†	1,400		53,522
BMC Software, Inc.	*	8,825		317,700
Borland Software Corp.	*†	2,936		3,993
CA, Inc.		17,506		404,214

212 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Cadence Design Systems, Inc.	*	10,745	$	108,525
Callidus Software, Inc.	*†	172		860
Captaris, Inc.	*†	1,164		4,714
Catapult Communications Corp.	*	750		5,340
Citrix Systems, Inc.	*	6,809		200,253
Compuware Corp.	*	15,945		152,115
Concur Technologies, Inc.	*†	2,083		69,218
DataTRAK International, Inc.	*	3,924		1,766
Datawatch Corp.	*	3,500		8,190
Ebix, Inc.	*†	1,754		136,321
Electronic Arts, Inc.	*	12,060		535,826
Epicor Software Corp.	*†	1,693		11,699
EPIQ Systems, Inc.	*†	1,087		15,435
ePresence, Inc.	*‡da	1,173		—
Evans & Sutherland Computer Co.	*	1,882		1,901
Evolving Systems, Inc.	*	1,054		2,393
Factset Research Systems, Inc.	†	1,490		83,976
Fair Isaac Corp.	†	3,039		63,120
FalconStor Software, Inc.	*†	1,373		9,721
infoGROUP, Inc.	†	1,708		7,498
Informatica Corp.	*†	3,171		47,692
Interactive Intelligence, Inc.	*†	950		11,058
InterVoice, Inc.	*†	1,395		7,952
Intuit, Inc.	*	13,074		360,450
Jack Henry & Associates, Inc.	†	3,591		77,709
JDA Software Group, Inc.	*	1,256		22,734
Lawson Software, Inc.	*†	8,700		63,249
Magma Design Automation, Inc.	*†	1,429		8,674
Manhattan Associates, Inc.	*†	1,346		31,941
McAfee, Inc.	*	6,724		228,818
Mentor Graphics Corp.	*†	2,745		43,371
Micros Systems, Inc.	*†	3,428		104,520
Microsoft Corp.		324,787		8,934,889
MicroStrategy, Inc., Class A	*†	513		33,217
Napster, Inc.	*	1,145		1,626
NAVTEQ Corp.	*	3,700		284,900
Netscout Systems, Inc.	*	1,250		13,350
Novell, Inc.	*	15,492		91,248
Nuance Communications, Inc.	*†	4,541		71,157
Oracle Corp.	*	156,057		3,277,196
Parametric Technology Corp.	*	4,423		73,731
Pegasystems, Inc.	†	2,141		28,818
Phoenix Technologies Ltd.	*	907		9,977
PLATO Learning, Inc.	*†	1,825		4,836
Progress Software Corp.	*†	1,322		33,804
QAD, Inc.	†	1,363		9,228
Quality Systems, Inc.	†	768		22,487
Quest Software, Inc.	*†	3,847		56,974
Radiant Systems, Inc.	*†	1,019		10,934
Red Hat, Inc.	*†	7,251		150,023
Renaissance Learning, Inc.	†	1,353		15,167
Salesforce.com, Inc.	*	3,583		244,468
Scientific Learning Corp.	*	3,145		12,108
Secure Computing Corp.	*	1,554		6,434
Sonic Foundry, Inc.	*	1,200		732
Sonic Solutions, Inc.	*†	889		5,298
SourceForge, Inc.	*†	2,018		3,229
SPSS, Inc.	*†	690		25,095
SumTotal Systems, Inc.	*†	317		1,484
Sybase, Inc.	*†	3,825		112,532
Symantec Corp.	*	36,779		711,673
Symyx Technologies	*†	1,374		9,591
Synopsys, Inc.	*	6,501		155,439
Take-Two Interactive Software, Inc.	*†	2,643		67,582
TeleCommunication Systems, Inc., Class A	*	1,200		5,556
THQ, Inc.	*†	2,914		59,038
TIBCO Software, Inc.	*	8,337		63,778
Tivo, Inc.	*	2,696		16,634
Tyler Technologies, Inc.	*†	1,886		25,593
Ultimate Software Group, Inc.	*†	1,242		44,252
Vasco Data Security International, Inc.	*†	3,804		40,056
Versant Corp.	*	330		8,643
VMware, Inc., Class A	*†	1,500		80,790
Wave Systems Corp., Class A	*†	1,004		994
Wayside Technology Group, Inc.		1,787		13,974
Wind River Systems, Inc.	*†	3,206		34,913
				19,867,881
Specialty Retail—1.7%
A.C. Moore Arts & Crafts, Inc.	*†	876		6,176
Aaron Rents, Inc.	†	1,939		43,298
Abercrombie & Fitch Co., Class A		3,072		192,553
Advance Auto Parts, Inc.		4,485		174,153
Aeropostale, Inc.	*†	3,604		112,913
American Eagle Outfitters, Inc.		8,736		119,072
America’s Car-Mart, Inc.	*†	354		6,344
AnnTaylor Stores Corp.	*†	2,733		65,483
Asbury Automotive Group, Inc.	†	1,342		17,245
AutoNation, Inc.	*†	5,363		53,737
Autozone, Inc.	*	1,524		184,419
Barnes & Noble, Inc.	†	2,814		69,900
Bebe Stores, Inc.	†	790		7,592
Bed Bath & Beyond, Inc.	*	10,125		284,513
Best Buy Co., Inc.		13,673		541,451
Big 5 Sporting Goods Corp.	†	1,071		8,107
Blockbuster, Inc., Class A	*†	7,850		19,625
Borders Group, Inc.	†	3,342		20,052
Brown Shoe Co., Inc.		1,791		24,268
Buckle, Inc. (The)	†	1,672		76,461
Carmax, Inc.	*†	8,516		120,842
Casual Male Retail Group, Inc.	*†	1,930		5,887
Cato Corp. (The), Class A	†	1,761		25,077
Charlotte Russe Holding, Inc.	*†	1,100		19,536
Charming Shoppes, Inc.	*†	3,138		14,403
Chico’s FAS, Inc.	*†	7,236		38,857
Childrens Place Retail Stores, Inc. (The)	*†	1,144		41,298
Christopher & Banks Corp.	†	1,528		10,390
Circuit City Stores, Inc.	†	6,139		17,742
Coldwater Creek, Inc.	*†	1,528		8,068
Collective Brands, Inc.	*†	2,964		34,471
Cost Plus, Inc.	*†	1,014		2,535
CSK Auto Corp.	*	1,990		20,855
Dick’s Sporting Goods, Inc.	*†	2,480		43,995
Dress Barn, Inc.	*†	1,900		25,422
Finish Line, Class A	*†	1,917		16,678
Foot Locker, Inc.	†	5,840		72,708
GameStop Corp., Class A	*	4,410		178,164
Gap, Inc. (The)		22,382		373,108
Genesco, Inc.	*	921		28,431
Group 1 Automotive, Inc.	†	1,068		21,221
Guess ?, Inc.		3,548		132,873
Gymboree Corp.	*	1,400		56,098
Haverty Furniture Cos, Inc.	†	1,111		11,154
Hibbett Sports, Inc.	*†	1,396		29,456
Home Depot, Inc.		64,592		1,512,746

See accompanying notes to financial statements. 213

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Hot Topic, Inc.	*†	1,824	$	9,868
Jo-Ann Stores, Inc.	*†	1,266		29,156
JOS A. Bank Clothiers, Inc.	*†	577		15,435
Kirkland’s, Inc.	*†	833		1,874
Lithia Motors, Inc., Class A	†	862		4,241
Lowe’s Cos, Inc.		57,560		1,194,370
Ltd. Brands, Inc.		10,407		175,358
MarineMax, Inc.	*†	800		5,736
Men’s Wearhouse, Inc.	†	2,437		39,699
Midas, Inc.	*†	1,277		17,240
Mothers Work, Inc.	*†	600		6,042
NexCen Brands, Inc.	*†	1,368		766
Office Depot, Inc.	*	11,792		129,004
OfficeMax, Inc.		3,587		49,859
O’Reilly Automotive, Inc.	*†	4,772		106,654
Pacific Sunwear of California, Inc.	*†	3,025		25,803
Penske Auto Group, Inc.	†	1,654		24,380
PEP Boys-Manny Moe & Jack	†	2,200		19,184
PetSmart, Inc.	†	5,983		119,361
Pier 1 Imports, Inc.	*†	3,712		12,769
RadioShack Corp.		6,811		83,571
Rent-A-Center, Inc., Class A	*†	3,377		69,465
Ross Stores, Inc.		6,350		225,552
Sally Beauty Holdings, Inc.	*†	3,659		23,637
Select Comfort Corp.	*	2,104		3,451
Sherwin-Williams Co. (The)		3,738		171,686
Sonic Automotive, Inc., Class A	†	1,649		21,256
Stage Stores, Inc.	†	2,236		26,094
Staples, Inc.		27,647		656,616
Stein Mart, Inc.	†	1,261		5,687
Systemax, Inc.		1,358		23,969
Talbots, Inc.	†	375		4,346
Tiffany & Co.		6,084		247,923
TJX Cos, Inc.		15,739		495,306
Tractor Supply Co.	*†	1,549		44,983
Trans World Entertainment Corp.	*†	1,932		5,487
TravelCenters of America LLC	*	292		663
Tween Brands, Inc.	*	1,485		24,443
Urban Outfitters, Inc.	*†	5,012		156,324
West Marine, Inc.	*†	803		3,292
Wet Seal, Inc. (The), Class A	*†	1,246		5,943
Williams-Sonoma, Inc.	†	3,877		76,920
Zale Corp.	*†	2,300		43,447
				9,296,237
Textiles, Apparel & Luxury Goods—0.5%
Carter’s, Inc.	*†	1,476		20,398
Charles & Colvard Ltd.	*	1,843		2,064
Cherokee, Inc.	†	994		20,029
Coach, Inc.	*	15,372		443,942
Columbia Sportswear Co.	†	652		23,961
CROCS, Inc.	*†	3,600		28,836
Culp, Inc.	*	888		6,234
Fossil, Inc.	*†	3,154		91,687
Hallwood Group, Inc.	*†	100		6,914
Hanesbrands, Inc.	*	4,099		111,247
Iconix Brand Group, Inc.	*†	2,737		33,063
Jones Apparel Group, Inc.		4,641		63,814
Kenneth Cole Productions, Inc., Class A	†	956		12,141
K-Swiss, Inc., Class A	†	1,476		21,697
Lazare Kaplan International, Inc.	*	1,139		10,137
Liz Claiborne, Inc.	†	4,930		69,760
Movado Group, Inc.	†	1,678		33,224
Nike, Inc., Class B		13,780		821,425
Nitches, Inc.	*	2,850		2,765
Oxford Industries, Inc.	†	936		17,924
Phillips-Van Heusen Corp.		1,267		46,398
Polo Ralph Lauren Corp.	†	2,143		134,538
Quiksilver, Inc.	*	4,288		42,108
Skechers U.S.A., Inc., Class A	*†	1,935		38,236
Sport-Haley, Inc.	*	1,042		2,178
Steven Madden Ltd.	*	751		13,803
Tarrant Apparel Group	*	1,106		697
Timberland Co., Class A	*†	2,970		48,560
Unifi, Inc.	*†	2,629		6,625
VF Corp.		3,785		269,416
Warnaco Group, Inc. (The)	*†	1,569		69,146
Wolverine World Wide, Inc.	†	2,589		69,049
				2,582,016
Thrifts & Mortgage Finance—0.5%
Anchor Bancorp Wisconsin, Inc.	†	1,411		9,891
Astoria Financial Corp.		3,465		69,577
Bank Mutual Corp.	†	3,756		37,710
BankAtlantic Bancorp, Inc., Class A	†	2,210		3,890
BankUnited Financial Corp., Class A	†	793		761
Beneficial Mutual Bancorp, Inc.	*†	969		10,727
Brookline Bancorp, Inc.	†	3,765		35,956
Capitol Federal Financial	†	2,115		79,545
Centerline Holding Co.	†	1,905		3,181
CFS Bancorp, Inc.		1,873		22,083
Charter Financial Corp.	†	350		8,400
Corus Bankshares, Inc.	†	702		2,920
Countrywide Financial Corp.	†	24,520		104,210
Dime Community Bancshares	†	1,638		27,043
Doral Financial Corp. (Puerto Rico)	*	221		2,992
Downey Financial Corp.	†	1,038		2,875
Federal National Mortgage Association		37,770		736,893
First Financial Service Corp.		402		7,260
First Niagara Financial Group, Inc.	†	4,217		54,231
FirstFed Financial Corp.	*†	922		7,413
Flagstar Bancorp, Inc.	†	2,110		6,351
Freddie Mac		25,235		413,854
Guaranty Financial Group, Inc.	*†	1,502		8,066
Harrington West Financial Group, Inc.		1,171		4,485
Hudson City Bancorp, Inc.		20,250		337,770
IndyMac Bancorp, Inc.	†	2,523		1,564
MGIC Investment Corp.		4,084		24,953
NASB Financial, Inc.	†	528		9,388
New York Community Bancorp, Inc.	†	12,640		225,498
NewAlliance Bancshares, Inc.	†	4,600		57,408
Northwest Bancorp, Inc.		2,048		44,687
Ocwen Financial Corp.	*†	3,358		15,615
Parkvale Financial Corp.		616		14,371
People’s United Financial, Inc.		6,597		102,913
PFF Bancorp, Inc.	†	1,096		1,184
PMI Group, Inc. (The)	†	3,929		7,662
Provident Financial Services, Inc.	†	943		13,211
Provident New York Bancorp	†	3,670		40,590
Radian Group, Inc.		3,844		5,574
Riverview Bancorp, Inc.		2,600		19,240

214 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
SouthFirst Bancshares, Inc.		400	$	3,300
Sovereign Bancorp, Inc.	†	12,496		91,971
Triad Guaranty, Inc.	*†	692		720
Trustco Bank Corp.	†	3,435		25,488
United Western Bancorp, Inc.		973		12,221
Washington Federal, Inc.	†	3,379		61,160
Washington Mutual, Inc.	†	33,770		166,486
Westfield Financial, Inc.	†	4,068		36,815
Willow Financial Bancorp, Inc.		533		4,344
				2,984,447
Tobacco—1.1%
Alliance One International, Inc.	*†	2,000		10,220
Altria Group, Inc.		82,016		1,686,249
Philip Morris International, Inc.		82,016		4,050,770
Reynolds American, Inc.		6,595		307,789
Universal Corp.	†	1,078		48,747
UST, Inc.		6,568		358,678
Vector Group Ltd.	†	2,389		38,535
				6,500,988
Trading Companies & Distributors—0.2%
Applied Industrial Technologies, Inc.	†	2,056		49,694
Beacon Roofing Supply, Inc.	*†	2,570		27,268
Building Materials Holding Corp.	†	1,800		3,186
Electro Rent Corp.	†	950		11,913
Fastenal Co.		5,638		243,336
GATX Corp.		1,766		78,287
H&E Equipment Services, Inc.	*†	1,600		19,232
Interline Brands, Inc.	*†	982		15,643
MSC Industrial Direct Co., Class A	†	1,782		78,604
United Rentals, Inc.	*†	3,294		64,595
W.W. Grainger, Inc.		3,286		268,795
Watsco, Inc.	†	553		23,115
WESCO International, Inc.	*†	1,550		62,062
Willis Lease Finance Corp.	*	1,234		13,179
				958,909
Transportation Infrastructure—0.0%
Macquarie Infrastructure Co. LLC	†	2,000		50,580
Water Utilities—0.0%
American States Water Co.	†	500		17,470
American Water Works Co., Inc.	*†	2,266		50,260
Aqua America, Inc.	†	4,329		69,134
California Water Service Group	†	965		31,623
Connecticut Water Service, Inc.	†	500		11,200
SJW Corp.	†	1,010		26,664
				206,351
Wireless Telecommunication Services—0.5%
American Tower Corp., Class A	*	15,861		670,127
Centennial Communications Corp.	*†	3,036		21,222
Crown Castle International Corp.	*	8,983		347,912
iPCS, Inc.	*†	700		20,741
Kratos Defense & Security Solutions, Inc.	*†	2,398		4,700
LCC International, Inc., Class A	*†	1,000		960
Leap Wireless International, Inc.	*†	2,100		90,657
MetroPCS Communications, Inc.	*	7,134		126,343
NII Holdings, Inc., Class B	*	5,995		284,703
Rural Cellular Corp., Class A	*	1,265		56,305
SBA Communications Corp., Class A	*	2,105		75,801
Sprint Nextel Corp.		115,766		1,099,776
Telephone & Data Systems, Inc.	†	3,518		166,296
US Cellular Corp.	*	680		38,454
				3,003,997
TOTAL COMMON STOCKS (Cost $396,704,082)				550,773,996

Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bill—0.1%
U.S. Treasury Bill
1.913%	09/18/2008	‡	‡
(Cost $502,891)				$	505,000	503,024

					Shares	Value
RIGHTS—0.0%
Apparel—0.0%
Mossimo, Inc.,
Expires TBD			*	‡da
(Cost $—)					2,806		—
WARRANTS—0.0%
Financial Services—0.0%
Equitex, Inc.,
Expires 02/7/2010			*	‡da	264		—
Equitex, Inc.,
Expires 02/7/2010			*	‡da	264		—
Pegasus Wireless Corp.,
Expires 08/11/2008			*	‡da	540		—
TOTAL WARRANTS (Cost $—)							—
CASH EQUIVALENTS—13.4%
Institutional Money Market Funds—13.4%
AIM Short-Term Investments Trust Liquid Assets Portfolio	��	†	†		14,283,354		14,283,354
AIM Short-Term Investments Trust Prime Assets Portfolio		†	†		53,485,982		53,485,983
JPMorgan Prime Money Market Fund, Capital Shares					6,856,978		6,856,978
TOTAL CASH EQUIVALENTS (Cost $74,626,314)							74,626,315
TOTAL INVESTMENTS—112.0% (Cost $471,833,287)							625,903,335
Other assets less liabilities—(12.0%)							(67,209,744	)
NET ASSETS—100.0%						$	558,693,591

See accompanying notes to financial statements. 215

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Broad Market Index Fund

Notes to the Schedule of Investments:

REIT	Real Estate Investment Trust
†	Denotes all or a portion of security on loan.
*	Non-income producing.
d	Security has no market value at 06/30/2008.
a	Illiquid Security.
‡	Security valued at fair value as determined by policies approved by the board of directors.
‡‡	Security has been pledged as collateral for futures contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.

216 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—98.0%
Aerospace & Defense—0.9%
AAR Corp.	*†	2,730	$	36,937
Alliant Techsystems, Inc.	*†	2,047		208,139
American Science & Engineering, Inc.	†	1,020		52,561
Applied Signal Technology, Inc.		2,274		31,063
Astronics Corp.	*†	716		9,960
BE Aerospace, Inc.	*	6,086		141,743
Ceradyne, Inc.	*†	1,756		60,231
Cubic Corp.	†	1,262		28,117
Curtiss-Wright Corp.	†	3,020		135,115
DRS Technologies, Inc.		2,800		220,416
DynCorp International, Inc., Class A	*	1,953		29,588
Esterline Technologies Corp.	*	2,032		100,096
GenCorp, Inc.	*†	4,016		28,755
Heico Corp., Class A		1,598		42,475
Herley Industries, Inc.	*	1,550		20,584
Hexcel Corp.	*†	6,431		124,118
Innovative Solutions & Support, Inc.	*	1,200		7,740
Kreisler Manufacturing Corp.	*	1,250		15,312
Ladish Co., Inc.	*	970		19,972
Moog, Inc., Class A	*	2,477		92,243
Orbital Sciences Corp.	*†	4,361		102,745
Spirit Aerosystems Holdings, Inc., Class A	*	6,805		130,520
Taser International, Inc.	*†	4,142		20,669
Teledyne Technologies, Inc.	*	2,281		111,290
TransDigm Group, Inc.	*†	1,604		53,878
Triumph Group, Inc.	†	1,050		49,455
				1,873,722
Air Freight & Logistics—0.2%
Air T, Inc.		563		5,658
Air Transport Services Group, Inc.	*†	5,626		5,626
Atlas Air Worldwide Holdings, Inc.	*	1,188		58,759
Dynamex, Inc.	*	760		20,376
Forward Air Corp.	†	1,912		66,155
HUB Group, Inc., Class A	*	2,580		88,055
Pacer International, Inc.	†	2,275		48,935
UTi Worldwide, Inc. (Virgin Islands, British)	†	5,804		115,790
				409,354
Airlines—0.3%
Airtran Holdings, Inc.	*†	7,448		15,194
Alaska Air Group, Inc.	*†	2,394		36,724
AMR Corp.	*	15,114		77,384
Continental Airlines, Inc., Class B	*†	6,444		65,149
Delta Air Lines, Inc.	*†	18,791		107,109
ExpressJet Holdings, Inc.	*†	3,876		2,132
JetBlue Airways Corp.	*†	9,694		36,159
Mesa Air Group, Inc.	*	2,928		1,493
Northwest Airlines Corp.	*	15,402		102,577
Pinnacle Airlines Corp.	*†	930		2,939
Republic Airways Holdings, Inc.	*	2,460		21,303
Skywest, Inc.		3,850		48,702
UAL Corp.	†	7,561		39,468
US Airways Group, Inc.	*†	5,756		14,390
				570,723
Auto Components—0.6%
American Axle & Manufacturing Holdings, Inc.	†	2,814		22,484
Amerigon, Inc., Class A	*†	2,108		14,988
ArvinMeritor, Inc.	†	5,690		71,011
BorgWarner, Inc.		7,598		337,199
Cooper Tire & Rubber Co.	†	3,864		30,294
Dana Holding Corp.	*†	5,121		27,397
Drew Industries, Inc.	*†	1,570		25,042
Exide Technologies	*†	4,861		81,470
Gentex Corp.		9,606		138,711
Lear Corp.	*	4,509		63,938
Modine Manufacturing Co.	†	1,658		20,510
Noble International Ltd.	†	1,109		4,957
Proliance International, Inc.	*	2,240		2,128
Quantum Fuel Systems Technologies Worldwide, Inc.	*†	11,052		34,040
Sauer-Danfoss, Inc.	†	832		25,917
Shiloh Industries, Inc.		1,441		13,531
Spartan Motors, Inc.		1,650		12,326
Standard Motor Products, Inc.		2,540		20,726
Strattec Security Corp.		124		4,367
Superior Industries International, Inc.	†	2,013		33,979
Tenneco, Inc.	*	3,267		44,203
TRW Automotive Holdings Corp.	*	3,028		55,927
Visteon Corp.	*†	8,265		21,737
WABCO Holdings, Inc.		3,829		177,895
				1,284,777
Auto Parts & Equipment—0.0%
ATC Technology Corp.	*	1,503		34,990
Automobiles—0.0%
Coachmen Industries, Inc.	*	2,275		4,823
Fleetwood Enterprises, Inc.	*†	4,000		10,480
Monaco Coach Corp.	†	3,676		11,175
Thor Industries, Inc.	†	2,634		55,999
Winnebago Industries	†	1,714		17,466
				99,943
Beverages—0.4%
Boston Beer Co., Inc., Class A	*†	1,180		48,003
Central European Distribution Corp.	*†	2,129		157,865
Coca-Cola Bottling Co. Consolidated	†	437		16,160
Dr. Pepper Snapple Group, Inc.	*	16,438		344,869
Hansen Natural Corp.	*†	4,740		136,607
Jones Soda Co.	*†	1,928		6,208
PepsiAmericas, Inc.		4,452		88,061
				797,773
Biotechnology—3.1%
Aastrom Biosciences, Inc.	*†	3,290		1,217
Abraxis Bioscience, Inc.	*	435		27,605
Acorda Therapeutics, Inc.	*	2,095		68,779
Alexion Pharmaceuticals, Inc.	*†	2,536		183,860
Alfacell Corp.	*	2,756		1,213
Alkermes, Inc.	*	7,233		89,400
Alnylam Pharmaceuticals, Inc.	*†	2,679		71,610
Alseres Pharmaceuticals, Inc.	*	724		1,694
Amylin Pharmaceuticals, Inc.	*†	9,303		236,203
Antigenics, Inc.	*	9,214		17,783
Applera Corp.—Celera Group	*†	5,787		65,740
Arena Pharmaceuticals, Inc.	*†	8,294		43,046
Ariad Pharmaceuticals, Inc.	*†	5,713		13,711

See accompanying notes to financial statements. 217

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Arqule, Inc.	*†	4,724	$	15,353
Array Biopharma, Inc.	*†	4,170		19,599
Avant Immunotherapeutics, Inc.	*†	555		8,081
AVI BioPharma, Inc.	*†	7,700		8,624
Avigen, Inc.	*	3,880		11,213
BioCryst Pharmaceuticals, Inc.	*	3,943		11,040
BioMarin Pharmaceutical, Inc.	*†	5,996		173,764
Cell Genesys, Inc.	*	10,214		26,556
Cell Therapeutics, Inc.	*	5,292		2,540
Cephalon, Inc.	*†	4,395		293,103
Cepheid, Inc.	*†	4,090		115,011
Cubist Pharmaceuticals, Inc.	*	4,049		72,315
CV Therapeutics, Inc.	*	4,341		35,726
Cytokinetics, Inc.	*†	4,127		15,311
CytRx Corp.	*	10,564		6,867
Dendreon Corp.	*†	7,889		35,106
Dyax Corp.	*†	9,610		29,791
Entremed, Inc.	*	1,390		765
Enzon Pharmaceuticals, Inc.	*	4,016		28,594
EPIX Pharmaceuticals, Inc.	*	3,320		5,744
Exact Sciences Corp.	*	7,997		14,395
Genaera Corp.	*†	797		1,490
Genelabs Technologies, Inc.	*	721		447
Genentech, Inc.	*	30,441		2,310,472
Genitope Corp.	*	2,890		128
Geron Corp.	*†	5,440		18,768
GTC Biotherapeutics, Inc.	*†	3,988		1,595
GTx, Inc.	*†	1,710		24,539
Hana Biosciences, Inc.	*	3,510		2,528
Hemispherx Biopharma, Inc.	*	4,821		4,050
Human Genome Sciences, Inc.	*†	8,883		46,280
Idenix Pharmaceuticals, Inc.	*	3,110		22,610
Idera Pharmaceuticals, Inc.	*†	1,932		28,227
ImClone Systems, Inc.	*†	4,046		163,701
Immunogen, Inc.	*†	1,903		5,823
Immunomedics, Inc.	*	6,421		13,677
Incyte Corp. Ltd.	*†	4,623		35,181
Indevus Pharmaceuticals, Inc.	*†	6,691		10,505
InterMune, Inc.	*	2,819		36,985
Introgen Therapeutics, Inc.	*†	2,150		3,333
Isis Pharmaceuticals, Inc.	*†	5,868		79,981
Keryx Biopharmaceuticals, Inc.	*†	3,220		1,578
Lexicon Pharmaceuticals, Inc.	*†	7,724		12,358
MannKind Corp.	*†	6,322		18,966
Martek Biosciences Corp.	*†	1,905		64,218
Maxygen, Inc.	*†	2,991		10,139
MDRNA, Inc.	*†	3,350		4,087
Medarex, Inc.	*†	7,804		51,584
Metabolix, Inc.	*†	2,162		21,188
Monogram Biosciences, Inc.	*†	9,010		9,911
Myriad Genetics, Inc.	*†	2,939		133,783
Nabi Biopharmaceuticals	*†	6,806		26,816
Neose Technologies, Inc.	*	5,705		1,712
Neurobiological Technologies, Inc.	*	448		636
Neurocrine Biosciences, Inc.	*†	6,840		28,660
Neurogen Corp.	*†	1,873		1,929
Northfield Laboratories, Inc.	*†	1,890		1,342
Novavax, Inc.	*	11,268		28,057
NPS Pharmaceuticals, Inc.	*	3,900		17,355
Nuvelo, Inc.	*†	8,720		4,883
Omrix Biopharmaceuticals, Inc.	*†	1,506		23,704
Onyx Pharmaceuticals, Inc.	*	3,374		120,114
Orthologic Corp.	*	1,517		1,517
Oscient Pharmaceuticals Corp.	*	4,064		5,771
OSI Pharmaceuticals, Inc.	*†	3,581		147,967
Palatin Technologies, Inc.	*	2,104		400
Panacos Pharmaceuticals, Inc.	*	2,667		1,200
PDL BioPharma, Inc.		7,921		84,121
Peregrine Pharmaceuticals, Inc.	*	9,115		3,829
Pharmacopeia, Inc.	*†	4,683		17,936
Poniard Pharmaceuticals, Inc.	*	3,696		15,671
Progenics Pharmaceuticals, Inc.	*†	1,383		21,948
Regeneron Pharmaceuticals, Inc.	*	5,878		84,878
Repligen Corp.	*	3,422		16,152
Rigel Pharmaceuticals, Inc.	*†	3,086		69,929
RXi Pharmaceuticals Corp.	*†	524		4,192
Sangamo Biosciences, Inc.	*†	2,338		23,263
Savient Pharmaceuticals, Inc.	*	3,970		100,441
Sciclone Pharmaceuticals, Inc.	*†	4,800		7,344
SIGA Technologies, Inc.	*	4,650		14,508
StemCells, Inc.	*†	3,500		4,270
Targeted Genetics Corp.	*	3,456		2,039
Telik, Inc.	*†	6,069		7,343
Theravance, Inc.	*	3,130		37,153
Third Wave Technologies, Inc.	*†	5,437		60,677
Titan Pharmaceuticals, Inc.	*†	4,244		5,857
TorreyPines Therapeutics, Inc.	*	346		429
Trimeris, Inc.	†	4,014		18,946
United Therapeutics Corp.	*	1,264		123,556
Vanda Pharmaceuticals, Inc.	*†	2,119		6,972
Vermillion, Inc.	*	150		338
Vertex Pharmaceuticals, Inc.	*	9,501		317,998
Vion Pharmaceuticals, Inc.	*	450		513
XOMA Ltd.	*†	12,047		20,359
Zymogenetics, Inc.	*†	2,343		19,728
				6,391,944
Building Products—0.4%
American Woodmark Corp.	†	800		16,904
Ameron International Corp.		543		65,149
Apogee Enterprises, Inc.	†	2,250		36,360
Armstrong World Industries, Inc.		1,349		39,418
Gibraltar Industries, Inc.		1,868		29,832
Griffon Corp.	*†	2,293		20,087
Insteel Industries, Inc.	†	1,400		25,634
Jewett-Cameron Trading Ltd. (Canada)	*	1,575		11,434
Lennox International, Inc.	†	3,744		108,426
NCI Building Systems, Inc.	*†	1,232		45,251
Owens Corning, Inc.	*	5,373		122,236
Quanex Building Products Corp.		2,570		38,190
Simpson Manufacturing Co., Inc.	†	2,796		66,377
Trex Co., Inc.	*	3,584		42,040
Universal Forest Products, Inc.	†	1,649		49,404
US Home Systems, Inc.	*	1,292		5,078
USG Corp.	*	4,868		143,947
				865,767
Capital Markets—1.9%
Affiliated Managers Group, Inc.	*	2,322		209,119
AllianceBernstein Holding LP		1,898		103,783
BGC Partners, Inc., Class A	*†	6,185		46,697
BlackRock, Inc.	†	1,298		229,746
Blackstone Group LP (The)		9,677		176,218
Calamos Asset Management, Inc., Class A	†	1,520		25,886
Cowen Group, Inc.	*†	1,468		11,333

218 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Diamond Hill Investment Group, Inc.	*†	649	$	54,191
Eaton Vance Corp.		8,264		328,577
Evercore Partners, Inc., Class A	†	2,490		23,655
FCStone Group, Inc.	*	1,575		43,990
GAMCO Investors, Inc., Class A	†	1,039		51,555
GFI Group, Inc.		4,612		41,554
GLG Partners, Inc.	†	15,360		119,808
Greenhill & Co., Inc.	†	801		43,142
Invesco Ltd.		27,908		669,234
Investment Technology Group, Inc.	*	3,086		103,258
Jefferies Group, Inc.	†	7,297		122,736
Jesup & Lamont, Inc.	*	1,550		1,798
KBW, Inc.	*†	1,716		35,315
Kent Financial Services	*	2,200		3,916
Knight Capital Group, Inc., Class A	*	5,980		107,520
LaBranche & Co., Inc.	*	5,402		38,246
Lazard Ltd., Class A (Bermuda)		3,165		108,085
MF Global Ltd. (Bermuda)	*†	6,639		41,892
Navidec Financial Services, Inc.	*	2,120		3,498
optionsXpress Holdings, Inc.	†	3,947		88,176
Piper Jaffray Cos	*	1,140		33,436
Raymond James Financial, Inc.	†	6,513		171,878
SEI Investments Co.		9,539		224,357
Siebert Financial Corp.		1,470		4,866
Stifel Financial Corp.	*†	1,534		52,754
SWS Group, Inc.		2,331		38,718
TD Ameritrade Holding Corp.	*	15,911		287,830
thinkorswim Group, Inc.	*†	2,950		20,797
Thomas Weisel Partners Group, Inc.	*†	2,162		11,826
TradeStation Group, Inc.	*†	3,191		32,389
US Global Investors, Inc., Class A		934		15,644
W.P. Carey & Co. LLC		1,593		45,735
Waddell & Reed Financial, Inc., Class A		5,669		198,472
Westwood Holdings Group, Inc.		1,768		70,366
				4,041,996
Chemicals—3.0%
A. Schulman, Inc.	†	1,444		33,255
Airgas, Inc.		4,691		273,907
Albemarle Corp.		6,002		239,540
Arch Chemicals, Inc.		1,785		59,173
Balchem Corp.		2,127		49,197
Cabot Corp.		4,167		101,300
Calgon Carbon Corp.	*†	2,038		31,507
Celanese Corp., Class A		9,736		444,546
CF Industries Holdings, Inc.		3,465		529,452
Chemtura Corp.		16,450		96,068
Cytec Industries, Inc.		2,819		153,805
Ferro Corp.		2,588		48,551
Flotek Industries, Inc.	*†	1,346		27,755
FMC Corp.		4,854		375,894
Georgia Gulf Corp.	†	6,311		18,302
H.B. Fuller Co.	†	4,230		94,921
Huntsman Corp.		6,225		70,965
ICO, Inc.	*†	2,739		16,489
Intrepid Potash, Inc.	*	1,950		128,271
Koppers Holdings, Inc.		1,358		56,859
Kronos Worldwide, Inc.	†	235		3,617
Landec Corp.	*	3,037		19,649
LSB Industries, Inc.	*†	1,412		27,958
Lubrizol Corp.		4,564		211,450
Material Sciences Corp.	*	2,565		20,776
Minerals Technologies, Inc.		1,385		88,072
Mosaic Co. (The)	*	9,651		1,396,500
Nalco Holding Co.		9,557		202,131
NewMarket Corp.	†	767		50,798
NL Industries, Inc.	†	412		3,926
Olin Corp.		4,587		120,088
OM Group, Inc.	*	1,896		62,170
Omnova Solutions, Inc.	*	3,769		10,478
Penford Corp.		786		11,696
PolyOne Corp.	*†	7,843		54,666
Quaker Chemical Corp.		1,303		34,738
Rockwood Holdings, Inc.	*	2,328		81,014
RPM International, Inc.	†	8,223		169,394
Scotts Miracle-Gro Co. (The), Class A		2,994		52,605
Sensient Technologies Corp.		2,948		83,016
Solutia, Inc.	*	2,000		25,640
Spartech Corp.	†	2,131		20,095
Stepan Co.	†	1,197		54,607
Terra Industries, Inc.		5,833		287,859
Terra Nitrogen Co. LP		478		62,063
Tronox, Inc., Class A	†	3,753		11,859
Valhi, Inc.	†	741		20,192
Valspar Corp.	†	6,436		121,705
W.R. Grace & Co.	*	3,690		86,678
Westlake Chemical Corp.	†	800		11,888
Zep, Inc.		1,513		22,513
Zoltek Cos, Inc.	*†	1,992		48,306
				6,327,904
Commercial Banks—2.9%
1st Source Corp.		1,180		18,998
Alliance Bankshares Corp.	*	745		2,742
Amcore Financial, Inc.	†	2,040		11,546
AmericanWest Bancorp	†	1,951		4,429
Ameris Bancorp	†	1,414		12,302
Arrow Financial Corp.	†	490		8,884
Associated Banc-Corp		7,454		143,788
BancFirst Corp.		642		27,478
Bancorp, Inc. (The)	*†	2,979		22,700
BancorpSouth, Inc.	†	4,749		83,060
BancTrust Financial Group, Inc.	†	1,600		10,544
Bank of Hawaii Corp.		3,094		147,893
Bank of the Ozarks, Inc.	†	1,070		15,900
Banner Corp.	†	990		8,771
BOK Financial Corp.	†	1,447		77,342
Boston Private Financial Holdings, Inc.	†	2,447		13,874
Bryn Mawr Bank Corp.	†	1,548		27,090
Camden National Corp.		740		17,227
Capital Bank Corp.		1,283		11,342
Capital City Bank Group, Inc.		1,576		34,294
Capitol Bancorp Ltd.	†	1,172		10,513
Cardinal Financial Corp.		2,163		13,540
Cascade Bancorp	†	2,003		15,423
Cascade Financial Corp.	†	1,063		6,920
Cathay General Bancorp	†	4,405		47,882
Catskill Litigation Trust	*‡da	583		—
Center Financial Corp.	†	1,451		12,290
Central Pacific Financial Corp.	†	2,937		31,308
Chemical Financial Corp.	†	1,637		33,395
Citizens Republic Bancorp, Inc.	†	5,922		16,700
City Bank (Washington)	†	1,647		14,164

See accompanying notes to financial statements. 219

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
City Holding Co.	†	1,410	$	57,486
City National Corp.		2,489		104,712
CoBiz Financial, Inc.	†	1,800		11,844
Colonial BancGroup, Inc. (The)	†	13,873		61,319
Columbia Banking System, Inc.		1,330		25,709
Commerce Bancshares, Inc.	†	4,612		182,912
Community Bancorp	*†	1,010		5,060
Community Bank System, Inc.	†	3,080		63,510
Community Trust Bancorp, Inc.	†	1,028		26,995
Cullen/Frost Bankers, Inc.		3,651		182,002
CVB Financial Corp.	†	6,148		58,037
East West Bancorp, Inc.	†	5,310		37,489
Eastern Virginia Bankshares, Inc.		701		11,216
Fidelity Southern Corp.		1,382		6,454
Fifth Third Bancorp		94		957
Financial Institutions, Inc.		750		12,045
First Bancorp (Puerto Rico)		7,322		46,421
First Bancorp North Carolina	†	1,473		18,619
First Busey Corp., Class A		2,491		32,931
First Citizens BancShares, Inc., Class A		389		54,262
First Commonwealth Financial Corp.	†	4,595		42,871
First Financial Bancorp	†	3,075		28,290
First Financial Bankshares, Inc.	†	1,566		71,738
First Merchants Corp.		1,625		29,494
First Midwest Bancorp, Inc.	†	3,492		65,126
First of Long Island Corp. (The)		986		19,597
First State Bancorporation (New Mexico)	†	2,566		14,113
FirstMerit Corp.	†	5,161		84,176
FNB Corp. (Pennsylvania)		6,711		79,056
Frontier Financial Corp.	†	2,974		25,338
Fulton Financial Corp.	†	11,491		115,485
Glacier Bancorp, Inc.		3,454		55,229
Great Southern Bancorp, Inc.	†	470		3,816
Green Bankshares, Inc.	†	2,110		29,582
Guaranty Bancorp	*†	4,150		14,940
Hancock Holding Co.	†	1,772		69,622
Hanmi Financial Corp.	†	5,069		26,409
Harleysville National Corp.	†	3,683		41,102
Heritage Commerce Corp.		1,180		11,682
Heritage Financial Corp.		972		15,406
Horizon Financial Corp.	†	1,660		10,358
Iberiabank Corp.	†	1,251		55,632
Independent Bank Corp. (Massachusetts)	†	1,484		35,379
Independent Bank Corp. (Michigan)	†	1,384		5,536
Integra Bank Corp.	†	1,659		12,990
International Bancshares Corp.		3,273		69,944
Irwin Financial Corp.	†	5,031		13,533
Lakeland Financial Corp.	†	1,455		27,761
Macatawa Bank Corp.	†	1,599		12,792
MainSource Financial Group, Inc.	†	1,732		26,846
MB Financial, Inc.	†	2,827		63,523
Merchants Bancshares, Inc.		572		12,841
Midsouth Bancorp, Inc.		526		8,837
Midwest Banc Holdings, Inc.	†	1,420		6,915
MidWestOne Financial Group, Inc.		1,494		19,332
Nara Bancorp, Inc.	†	2,060		22,104
National Penn Bancshares, Inc.	†	5,282		70,145
NBT Bancorp, Inc.	†	2,320		47,815
Northern States Financial Corp.	†	773		13,566
Old National Bancorp	†	5,304		75,635
Old Second Bancorp, Inc.	†	1,975		22,949
Oriental Financial Group, Inc.	†	2,140		30,516
Pacific Capital Bancorp		3,675		50,642
Pacific Premier Bancorp, Inc.	*	977		5,032
PacWest Bancorp	†	1,714		25,504
Park National Corp.	†	884		47,648
Peapack Gladstone Financial Corp.	†	390		8,568
Peoples Bancorp, Inc.		1,235		23,440
Peoples Financial Corp. (Mississippi)		884		18,140
Popular, Inc. (Puerto Rico)	†	15,939		105,038
Preferred Bank	†	818		4,237
PrivateBancorp, Inc.		2,025		61,520
Prosperity Bancshares, Inc.	†	3,020		80,725
Provident Bankshares Corp.	†	2,900		18,502
Renasant Corp.	†	2,255		33,216
Republic Bancorp, Inc., Class A	†	1,024		25,190
Royal Bancshares of Pennsylvania, Class A	†	882		8,300
S&T Bancorp, Inc.	†	2,206		64,106
Sandy Spring Bancorp, Inc.	†	1,234		20,460
Santander BanCorp (Puerto Rico)		511		5,422
Security Bank Corp.	†	2,778		16,279
Shore Bancshares, Inc.	†	828		15,500
Sierra Bancorp	†	844		13,926
Signature Bank	*	2,526		65,070
Simmons First National Corp., Class A		1,650		46,151
South Financial Group, Inc. (The)	†	4,884		19,145
Southwest Bancorp, Inc. (Oklahoma)		1,320		15,180
State Bancorp, Inc. (New York)	†	988		12,350
Sterling Bancorp (New York)	†	1,691		20,207
Sterling Bancshares, Inc.	†	5,677		51,604
Sterling Financial Corp. (Washington)	†	4,010		16,601
Suffolk Bancorp		1,100		32,318
Superior Bancorp	*†	728		6,181
Susquehanna Bancshares, Inc.	†	6,360		87,068
SVB Financial Group	*†	2,178		104,784
SY Bancorp, Inc.	†	1,060		22,642
Synovus Financial Corp.	†	17,720		154,696
TCF Financial Corp.	†	7,556		90,899
Texas Capital Bancshares, Inc.	*	1,870		29,920
Tompkins Financial Corp.	†	665		24,738
Trustmark Corp.	†	3,786		66,823
UCBH Holdings, Inc.	†	6,596		14,841
UMB Financial Corp.		1,918		98,336
Umpqua Holdings Corp.	†	4,413		53,530
Union Bankshares Corp.	†	1,185		17,645
UnionBanCal Corp.		3,352		135,488
United Bankshares, Inc.	†	2,607		59,831
United Community Banks, Inc. (Georgia)	†	3,879		33,088
Valley National Bancorp	†	8,050		126,949
Virginia Commerce Bancorp	*	2,314		12,010
W. Holding Co., Inc. (Puerto Rico)	†	18,602		15,812
Washington Trust Bancorp, Inc.		960		18,912
Webster Financial Corp.	†	3,649		67,871
WesBanco, Inc.	†	1,500		25,725

220 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
West Coast Bancorp (Oregon)	†	1,290	$	11,184
Westamerica Bancorp	†	1,805		94,925
Western Alliance Bancorp	*†	1,796		13,937
Whitney Holding Corp.	†	4,154		76,018
Wilmington Trust Corp.	†	4,791		126,674
Wilshire Bancorp, Inc.	†	2,608		22,351
Wintrust Financial Corp.	†	1,718		40,974
				5,994,213
Commercial Services & Supplies—2.8%
ABM Industries, Inc.		2,991		66,550
ACCO Brands Corp.	*	3,258		36,587
Administaff, Inc.		1,663		46,381
Advisory Board Co. (The)	*†	1,300		51,129
American Reprographics Co.	*	2,318		38,595
Angelica Corp.	†	1,241		26,396
APAC Customer Services, Inc.	*†	1,972		3,155
Barrett Business Services, Inc.	†	1,740		20,584
Bowne & Co., Inc.	†	1,575		20,081
Brink’s Co. (The)		2,529		165,447
Casella Waste Systems, Inc., Class A	*	2,380		29,012
CDI Corp.		711		18,088
Cenveo, Inc.	*†	3,701		36,159
ChoicePoint, Inc.	*	4,713		227,167
Clean Harbors, Inc.	*	1,369		97,281
Comfort Systems USA, Inc.	†	3,803		51,112
Consolidated Graphics, Inc.	*†	699		34,440
Copart, Inc.	*†	4,147		177,575
Cornell Cos, Inc.	*†	1,730		41,710
Corporate Executive Board Co.		2,515		105,756
Corrections Corp of America	*	8,255		226,765
CoStar Group, Inc.	*	1,140		50,673
Courier Corp.	†	816		16,385
Covanta Holding Corp.	*	7,320		195,371
CRA International, Inc.	*	836		30,221
Deluxe Corp.		3,350		59,697
Diamond Management & Technology Consultants, Inc.	†	3,731		19,439
Dun & Bradstreet Corp.		3,850		337,414
Ennis, Inc.	†	2,217		34,696
Exponent, Inc.	*	1,790		56,224
First Advantage Corp., Class A	*	630		9,985
FTI Consulting, Inc.	*	3,283		224,754
G&K Services, Inc., Class A	†	1,576		48,005
Geo Group, Inc. (The)	*	3,213		72,292
Healthcare Services Group, Inc.	†	2,986		45,417
Heidrick & Struggles International, Inc.	†	1,291		35,683
Herman Miller, Inc.	†	3,686		91,745
HNI Corp.	†	2,371		41,872
Hudson Highland Group, Inc.	*	1,880		19,684
Huron Consulting Group, Inc.	*†	1,254		56,856
IHS, Inc., Class A	*	2,645		184,092
IKON Office Solutions, Inc.		5,770		65,086
Interface, Inc., Class A		3,470		43,479
Intersections, Inc.	*	1,900		20,767
Kelly Services, Inc., Class A	†	2,431		46,991
Kenexa Corp.	*	2,904		54,711
Kforce, Inc.	*	3,398		28,849
Kimball International, Inc., Class B		1,500		12,420
Knoll, Inc.	†	4,195		50,969
Korn-Ferry International	*	2,815		44,280
Learning Tree International, Inc.	*	766		13,099
LECG Corp.	*	2,344		20,487
M&F Worldwide Corp.	*†	781		30,701
Manpower, Inc.		5,092		296,558
Mcgrath Rentcorp		1,646		40,475
Metalico, Inc.	*†	1,513		26,508
Mine Safety Appliances Co.	†	1,445		57,786
Mobile Mini, Inc.	*†	3,320		66,400
MPS Group, Inc.	*	6,503		69,127
Multi-Color Corp.	†	965		20,255
Nashua Corp.	*	1,542		15,420
Navigant Consulting, Inc.	*†	3,254		63,648
Odyssey Marine Exploration, Inc.	*†	3,340		13,226
On Assignment, Inc.	*†	3,093		24,806
PeopleSupport, Inc.	*†	2,127		18,080
Perma-Fix Environmental Services	*	5,502		15,901
PHH Corp.	*	4,273		65,591
RCM Technologies, Inc.	*	1,593		6,866
Republic Services, Inc.		10,905		323,879
Resources Connection, Inc.		3,825		77,839
Rollins, Inc.	†	3,813		56,509
School Specialty, Inc.	*	1,184		35,200
Spherion Corp.	*	2,689		12,423
Standard Register Co. (The)	†	1,650		15,560
Steelcase, Inc., Class A		4,515		45,285
Stericycle, Inc.	*	5,799		299,808
SYKES Enterprises, Inc.	*	2,627		49,545
Team, Inc.	*	1,659		56,937
Tetra Tech, Inc.	*	4,160		94,099
TRC Cos, Inc.	*	998		4,012
TrueBlue, Inc.	*	3,035		40,092
United Stationers, Inc.	*†	1,521		56,201
Viad Corp.	†	1,307		33,708
Virco Manufacturing Corp.	†	799		3,987
Volt Information Sciences, Inc.	*†	1,251		14,899
Waste Connections, Inc.	*†	4,555		145,441
Watson Wyatt Worldwide, Inc., Class A		2,570		135,927
Westaff, Inc.	*	942		1,064
				5,885,376
Communications Equipment—1.4%
3Com Corp.	*	26,331		55,822
ADC Telecommunications, Inc.	*	7,792		115,088
Adtran, Inc.	†	4,390		104,658
Alliance Fiber Optic Products, Inc.	*	4,818		6,697
AltiGen Communications, Inc.	*	4,110		4,973
Anaren, Inc.	*	2,003		21,172
Arris Group, Inc.	*†	10,285		86,908
Avanex Corp.	*†	14,381		16,251
Avocent Corp.	*	3,935		73,191
Bel Fuse, Inc., Class A	†	546		15,288
Black Box Corp.	†	1,414		38,447
Blonder Tongue Laboratories	*	2,285		2,742
Blue Coat Systems, Inc.	*†	3,077		43,416
CommScope, Inc.	*	4,284		226,067
Comtech Telecommunications Corp.	*	1,350		66,150
Digi International, Inc.	*	2,517		19,758
Digital Angel Corp.	*†	4,675		3,553
Ditech Networks, Inc.	*†	3,980		8,557
EchoStar Corp., Class A	*†	2,696		84,169
EMS Technologies, Inc.	*	960		20,966
EndWave Corp.	*	912		5,791
Entertainment Distribution Co., Inc.	*	5,333		2,613

See accompanying notes to financial statements. 221

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Extreme Networks, Inc.	*†	9,940	$	28,230
F5 Networks, Inc.	*†	5,531		157,191
Finisar Corp.	*†	14,726		17,524
Foundry Networks, Inc.	*†	7,848		92,763
Globecomm Systems, Inc.	*†	1,752		14,472
Harmonic, Inc.	*	5,690		54,112
Harris Corp.		8,826		445,625
Harris Stratex Networks, Inc., Class A	*	1,510		14,330
Infinera Corp.	*	5,223		46,067
Integrated Telecom Express, Inc.	*‡da	1,103		—
InterDigital, Inc.	*†	3,103		75,465
Ixia	*†	2,330		16,194
KVH Industries, Inc.	*	1,286		10,712
Loral Space & Communications, Inc.	*	660		11,629
MasTec, Inc.	*	3,427		36,532
MRV Communications, Inc.	*	9,278		11,041
NETGEAR, Inc.	*	2,027		28,094
Network Engines, Inc.	*	1,330		1,556
Network Equipment Technologies, Inc.	*†	2,454		8,712
NMS Communications Corp.	*	3,530		3,918
Numerex Corp., Class A	*†	1,800		13,014
Oplink Communications, Inc.	*	1,808		17,357
Optelecom-NKF, Inc.	*†	819		7,117
Optical Cable Corp.	*	241		1,651
Orbcomm, Inc.	*†	3,512		20,018
Parkervision, Inc.	*†	2,943		29,224
Performance Technologies, Inc.	*	794		4,018
Plantronics, Inc.		3,289		73,410
Polycom, Inc.	*	6,298		153,419
Powerwave Technologies, Inc.	*†	8,448		35,904
Proxim Wireless Corp.	*	2,197		1,318
Radyne Corp.	*	3,166		36,187
Riverbed Technology, Inc.	*†	3,373		46,278
SCM Microsystems, Inc.	*	1,494		4,482
SeaChange International, Inc.	*†	3,359		24,050
Soapstone Networks, Inc.	*	3,392		12,991
Sonus Networks, Inc.	*†	17,431		59,614
Superior Telecom, Inc.	*‡da	2,014		—
Sycamore Networks, Inc.	*†	14,775		47,576
Symmetricom, Inc.	*	6,110		23,462
Tekelec	*†	3,640		53,544
TeleCorp PCS, Inc.	*‡da	5,508		—
Tollgrade Communications, Inc.	*	601		2,699
Utstarcom, Inc.	*†	4,666		25,523
Viasat, Inc.	*	1,800		36,378
Westell Technologies, Inc., Class A	*	3,671		4,956
Zhone Technologies, Inc.	*	3,916		3,054
				2,833,688
Computers & Peripherals—1.2%
ActivIdentity Corp.	*	5,830		15,916
Adaptec, Inc.	*†	7,841		25,091
Avid Technology, Inc.	*	2,658		45,159
Brocade Communications Systems, Inc.	*	26,133		215,336
Ciprico, Inc.	*	1,658		2,504
Concurrent Computer Corp.	*	7,592		5,163
Cray, Inc.	*†	2,314		10,737
Dataram Corp.		1,175		3,067
Diebold, Inc.	†	4,322		153,777
Dot Hill Systems Corp.	*	3,866		9,781
Electronics for Imaging, Inc.	*	3,912		57,115
Emulex Corp.	*†	5,273		61,430
Focus Enhancements, Inc.	*	5,319		1,271
Hutchinson Technology, Inc.	*†	2,054		27,606
Hypercom Corp.	*†	4,002		17,609
iGO, Inc.	*†	2,804		3,533
Imation Corp.	†	2,265		51,914
Immersion Corp.	*†	2,824		19,231
InFocus Corp.	*	1,636		2,454
Innovex, Inc.	*	1,922		1,153
Intermec, Inc.	*	3,370		71,040
Intevac, Inc.	*†	3,057		34,483
NCR Corp.	*	11,557		291,236
Novatel Wireless, Inc.	*†	2,949		32,822
Overland Storage, Inc.	*	1,282		1,500
Palm, Inc.	†	5,814		31,338
Presstek, Inc.	*†	2,015		9,994
Quantum Corp.	*	10,382		14,016
Rackable Systems, Inc.	*	1,470		19,698
Rimage Corp.	*†	924		11,448
Seagate Technology (Cayman Islands)		35,109		671,635
STEC, Inc.	*†	2,756		28,304
Stratasys, Inc.	*†	1,962		36,219
Synaptics, Inc.	*†	1,778		67,084
TransAct Technologies, Inc.	*	889		7,361
Western Digital Corp.	*	14,274		492,881
Zoom Technologies, Inc.	*	2,712		949
				2,551,855
Construction & Engineering—1.3%
Aecom Technology Corp.	*	5,041		163,984
Dycom Industries, Inc.	*†	2,716		39,436
Emcor Group, Inc.	*	4,008		114,348
Foster Wheeler Ltd.	*	9,392		687,025
Furmanite Corp.	*	4,100		32,718
Granite Construction, Inc.	†	2,436		76,807
Insituform Technologies, Inc., Class A	*†	2,053		31,267
KBR, Inc.		10,908		380,798
Layne Christensen Co.	*†	1,240		54,300
Northwest Pipe Co.	*†	630		35,154
Perini Corp.	*	1,755		58,003
Quanta Services, Inc.	*	11,146		370,827
Shaw Group, Inc. (The)	*	4,945		305,552
Sterling Construction Co., Inc.	*	1,015		20,158
URS Corp.	*	5,543		232,640
				2,603,017
Construction Materials—0.2%
Eagle Materials, Inc.	†	2,690		68,138
Headwaters, Inc.	*†	2,476		29,142
Martin Marietta Materials, Inc.	†	2,776		287,566
Texas Industries, Inc.	†	1,692		94,972
U.S. Concrete, Inc.	*†	4,770		22,705
				502,523
Consumer Finance—0.2%
Advance America Cash Advance Centers, Inc.	†	6,040		30,683
Advanta Corp., Class A		2,170		11,848
AmeriCredit Corp.	*†	8,206		70,736
Cash America International, Inc.		1,831		56,761
CompuCredit Corp.	*†	2,840		17,040
Dollar Financial Corp.	*†	1,615		24,403

222 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Ezcorp, Inc., Class A	*†	3,000	$	38,250
First Cash Financial Services, Inc.	*	2,180		32,678
First Marblehead Corp. (The)	†	4,118		10,583
Nelnet, Inc., Class A	†	1,351		15,172
Rewards Network, Inc.	*	3,328		13,678
Student Loan Corp.	†	247		24,226
World Acceptance Corp.	*†	1,219		41,044
				387,102
Containers & Packaging—0.8%
AEP Industries, Inc.	*	1,109		19,263
Aptargroup, Inc.		4,315		181,014
Caraustar Industries, Inc.	*	4,270		12,426
Chesapeake Corp.	*†	2,527		5,938
Crown Holdings, Inc.	*	10,020		260,420
Graphic Packaging Holding Co.	*†	5,000		10,100
Greif, Inc., Class A		2,120		135,744
Myers Industries, Inc.		1,717		13,993
Owens-Illinois, Inc.	*	10,517		438,454
Packaging Corp of America		6,379		137,212
Rock-Tenn Co., Class A		2,634		78,994
Silgan Holdings, Inc.		1,454		73,776
Smurfit-Stone Container Corp.	*	17,028		69,304
Sonoco Products Co.		6,754		209,036
Temple-Inland, Inc.	†	6,340		71,452
				1,717,126
Distributors—0.1%
Audiovox Corp., Class A	*†	2,945		28,920
Design Within Reach, Inc.	*	1,210		4,211
LKQ Corp.	*	8,036		145,211
Source Interlink Cos, Inc.	*†	5,950		13,149
				191,491
Diversified Consumer Services—0.8%
Capella Education Co.	*	734		43,783
Career Education Corp.	*†	6,110		89,267
Coinstar, Inc.	*†	1,725		56,425
Corinthian Colleges, Inc.	*†	6,197		71,947
DeVry, Inc.		4,153		222,684
Hillenbrand, Inc.		3,951		84,551
ITT Educational Services, Inc.	*†	2,672		220,787
Jackson Hewitt Tax Service, Inc.	†	1,730		21,141
Matthews International Corp., Class A		2,314		104,732
Pre-Paid Legal Services, Inc.	*	780		31,684
Princeton Review, Inc.	*	2,409		16,285
Regis Corp.		2,708		71,356
Service Corp. International		17,884		176,336
Sotheby’s	†	4,430		116,819
Steiner Leisure Ltd. (Bahamas)	*	990		28,066
Stewart Enterprises, Inc., Class A	†	6,846		49,291
Strayer Education, Inc.		986		206,143
Universal Technical Institute, Inc.	*†	1,609		20,048
Weight Watchers International, Inc.	†	2,447		87,138
				1,718,483
Diversified Financial Services—0.6%
Ampal American Israel, Class A	*†	1,392		6,278
Asset Acceptance Capital Corp.	†	728		8,896
Asta Funding, Inc.	†	650		5,889
Financial Federal Corp.	†	1,515		33,269
Interactive Brokers Group, Inc., Class A	*	2,760		88,679
KKR Financial Holdings LLC		7,988		83,874
MarketAxess Holdings, Inc.	*†	2,620		19,807
Medallion Financial Corp.		2,518		23,720
MSCI, Inc., Class A	*	3,194		115,910
Nasdaq OMX Group (The)	*	10,359		275,031
Nymex Holdings, Inc.		5,707		482,127
Pico Holdings, Inc.	*†	970		42,147
Portfolio Recovery Associates, Inc.	*†	1,413		52,988
Resource America, Inc., Class A	†	1,547		14,418
				1,253,033
Diversified Telecommunication Services—0.5%
8x8, Inc.	*†	3,049		3,476
Alaska Communications Systems Group, Inc.	†	2,850		34,029
Cbeyond, Inc.	*†	1,528		24,479
Cincinnati Bell, Inc.	*	16,626		66,171
Cogent Communications Group, Inc.	*	3,453		46,270
Consolidated Communications Holdings, Inc.	†	1,852		27,576
D&E Communications, Inc.		1,712		15,220
General Communication, Inc., Class A	*	3,847		26,429
Global Crossing Ltd.	*†	2,669		47,882
Hickory Tech Corp.		652		5,392
Hungarian Telephone & Cable Corp.	*†	712		12,987
IDT Corp., Class B	*†	4,800		8,160
Iowa Telecommunications Services, Inc.	†	2,435		42,880
Level 3 Communications, Inc.	*†	100,356		296,050
NTELOS Holdings Corp.		1,916		48,609
PAETEC Holding Corp.	*†	7,928		50,343
Premiere Global Services, Inc.	*	3,644		53,129
SureWest Communications	†	1,674		14,112
TW Telecom Inc.	*†	9,693		155,379
XETA Technologies, Inc.	*	1,947		6,250
				984,823
Electric Utilities—1.0%
Allete, Inc.	†	1,430		60,060
Central Vermont Public Service Corp.	†	1,553		30,082
Cleco Corp.	†	3,570		83,288
DPL, Inc.	†	7,582		200,013
El Paso Electric Co.	*	3,254		64,429
Empire District Electric Co. (The)	†	3,221		59,717
Great Plains Energy, Inc.	†	5,840		147,635
Hawaiian Electric Industries, Inc.	†	5,657		139,898
Idacorp, Inc.	†	2,665		76,992
ITC Holdings Corp.		3,175		162,274
MGE Energy, Inc.	†	2,174		70,916
Northeast Utilities		10,123		258,440
Otter Tail Corp.	†	1,726		67,021
Portland General Electric Co.		4,370		98,412
Sierra Pacific Resources		14,732		187,244
UIL Holdings Corp.	†	1,516		44,586

See accompanying notes to financial statements. 223

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Unisource Energy Corp.		2,031	$	62,981
Unitil Corp.		1,000		27,110
Westar Energy, Inc.		6,238		134,179
				1,975,277
Electrical Equipment—2.0%
A.O. Smith Corp.		1,478		48,523
Active Power, Inc.	*†	3,953		4,625
Acuity Brands, Inc.		2,605		125,248
American Superconductor Corp.	*†	2,707		97,046
Ametek, Inc.		6,970		329,123
AZZ, Inc.	*†	635		25,337
Baldor Electric Co.	†	3,033		106,094
Belden, Inc.	†	2,777		94,085
Brady Corp., Class A		3,416		117,954
C&D Technologies, Inc.	*	5,424		45,887
Capstone Turbine Corp.	*†	15,089		63,223
Distributed Energy Systems Corp.	*	3,757		188
Encore Wire Corp.	†	1,693		35,875
Energy Conversion Devices, Inc.	*	2,751		202,584
EnerSys	*	2,612		89,409
Evergreen Solar, Inc.	*†	8,143		78,906
First Solar, Inc.	*	2,774		756,803
Franklin Electric Co., Inc.		902		34,980
FuelCell Energy, Inc.	*†	4,607		32,710
General Cable Corp.	*	3,477		211,575
GrafTech International Ltd.	*	7,538		202,245
Hubbell, Inc., Class B		3,370		134,362
II-VI, Inc.	*	1,404		49,028
LaBarge, Inc.	*	950		12,350
LSI Industries, Inc.	†	3,003		24,384
Magnetek, Inc.	*	4,586		19,399
Medis Technologies Ltd.	*	1,815		6,117
Microvision, Inc.	*†	5,870		16,142
Orbit International Corp.	*	2,812		19,543
Plug Power, Inc.	*	8,935		20,997
Powell Industries, Inc.	*	1,046		52,729
Power-One, Inc.	*†	3,500		6,615
PowerSecure International, Inc.	*†	2,650		19,239
Regal-Beloit Corp.		2,256		95,316
Roper Industries, Inc.		5,764		379,732
Servotronics, Inc.		705		10,561
Sunpower Corp., Class A	*†	2,448		176,207
Superior Essex, Inc.	*	1,387		61,902
Tech/Ops Sevcon, Inc.		720		5,292
Thomas & Betts Corp.	*	3,918		148,296
Ultralife Corp.	*	767		8,199
Universal Security Instruments, Inc.	*†	266		1,503
Valence Technology, Inc.	*†	4,773		21,144
Vicor Corp.	†	3,481		34,740
Woodward Governor Co.	†	3,588		127,948
				4,154,165
Electronic Equipment & Instruments—2.3%
Acacia Research—Acacia Technologies	*†	5,547		24,851
Aetrium, Inc.	*	614		1,830
Agilysys, Inc.	†	2,266		25,696
American Technology Corp.	*†	3,686		6,819
Amphenol Corp., Class A		11,446		513,696
Anixter International, Inc.	*†	2,122		126,238
Arrow Electronics, Inc.	*	8,023		246,467
Avnet, Inc.	*	9,644		263,088
AVX Corp.		4,035		45,636
Benchmark Electronics, Inc.	*	4,125		67,402
Brightpoint, Inc.	*	3,031		22,126
CalAmp Corp.	*	7,372		15,113
Checkpoint Systems, Inc.	*	2,970		62,014
Cogent, Inc.	*†	1,940		22,058
Cognex Corp.	†	3,335		76,872
Coherent, Inc.	*	2,327		69,554
CTS Corp.		1,580		15,879
Daktronics, Inc.	†	2,300		46,391
Dolby Laboratories, Inc., Class A	*†	2,743		110,543
DTS, Inc.	*†	1,605		50,269
Echelon Corp.	*†	1,770		19,293
Electro Scientific Industries, Inc.	*†	1,422		20,150
Electro-Sensors, Inc.		2,581		11,950
Excel Technology, Inc.	*†	562		12,544
FARO Technologies, Inc.	*	1,212		30,506
Flir Systems, Inc.	*†	8,602		348,983
Frequency Electronics, Inc.		822		5,417
Gerber Scientific, Inc.	*	3,478		39,580
ID Systems, Inc.	*	1,146		7,380
Ingram Micro, Inc., Class A	*	10,335		183,446
Insight Enterprises, Inc.	*	2,944		34,533
Iteris, Inc.	*†	4,264		10,788
Itron, Inc.	*†	2,233		219,616
Keithley Instruments, Inc.		2,170		20,615
Kemet Corp.	*†	5,278		17,101
L-1 Identity Solutions, Inc.	*†	4,772		63,563
LeCroy Corp.	*†	2,720		24,262
Lightpath Technologies, Inc., Class A	*	1,527		2,306
Littelfuse, Inc.	*†	1,479		46,662
LoJack Corp.	*	1,880		14,965
Maxwell Technologies, Inc.	*	3,381		35,906
Measurement Specialties, Inc.	*	1,430		25,154
Mechanical Technology, Inc.	*	654		817
Mercury Computer Systems, Inc.	*†	2,443		18,396
Merix Corp.	*	2,175		5,002
Mesa Laboratories, Inc.		1,200		28,800
Methode Electronics, Inc.		2,784		29,093
Mettler Toledo International, Inc.	*	2,418		229,371
MTS Systems Corp.	†	1,370		49,156
National Instruments Corp.		3,628		102,926
Newport Corp.	*†	3,015		34,341
NU Horizons Electronics Corp.	*	3,069		14,915
OI Corp.		1,600		18,544
OSI Systems, Inc.	*	867		18,571
Park Electrochemical Corp.		1,087		26,425
PC Connection, Inc.	*†	2,755		25,649
Photon Dynamics, Inc.	*	2,009		30,296
Planar Systems, Inc.	*	1,786		4,644
Plexus Corp.	*†	3,210		88,853
Radisys Corp.	*†	2,757		24,978
Research Frontiers, Inc.	*†	2,932		18,501
Rofin-Sinar Technologies, Inc.	*†	2,208		66,682
Rogers Corp.	*	1,417		53,265
Sanmina-SCI Corp.	*	39,169		50,136
ScanSource, Inc.	*	1,797		48,088
Sigmatron International, Inc.	*	283		1,653
Smart Modular Technologies WWH, Inc. (Cayman Islands)	*†	2,050		7,851
Spectrum Control, Inc.	*	1,195		9,799

224 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
SYNNEX Corp.	*†	1,034	$	25,943
Tech Data Corp.	*	3,805		128,951
Technitrol, Inc.	†	2,766		46,994
Trans-Lux Corp.	*	867		3,121
Trimble Navigation Ltd.	*†	7,780		277,746
TTM Technologies, Inc.	*	3,547		46,856
Universal Display Corp.	*†	2,789		34,360
Vishay Intertechnology, Inc.	*	11,318		100,391
X-Rite, Inc.	*†	2,441		6,249
Zygo Corp.	*	2,489		24,467
				4,709,092
Energy Equipment & Services—3.7%
Allis-Chalmers Energy, Inc.	*†	2,146		38,199
Atwood Oceanics, Inc.	*	1,881		233,884
Basic Energy Services, Inc.	*†	1,420		44,730
Bolt Technology Corp.	*	645		14,558
Bristow Group, Inc.	*†	1,533		75,868
Bronco Drilling Co., Inc.	*†	1,667		30,639
Cal Dive International, Inc.	*†	3,108		44,413
CARBO Ceramics, Inc.	†	1,582		92,310
Complete Production Services, Inc.	*	3,072		111,882
Dawson Geophysical Co.	*†	930		55,298
Diamond Offshore Drilling, Inc.		4,270		594,128
Dresser-Rand Group, Inc.	*	5,745		224,629
Dril-Quip, Inc.	*	1,912		120,456
Exterran Holdings, Inc.	*	4,339		310,195
FMC Technologies, Inc.	*	8,454		650,366
Global Industries Ltd.	*	5,289		94,832
Grey Wolf, Inc.	*†	13,740		124,072
Gulfmark Offshore, Inc.	*	1,545		89,888
Helix Energy Solutions Group, Inc.	*	5,589		232,726
Helmerich & Payne, Inc.		6,351		457,399
Hercules Offshore, Inc.	*	5,476		208,198
Hornbeck Offshore Services, Inc.	*†	1,749		98,836
ION Geophysical Corp.	*†	5,372		93,741
Key Energy Services, Inc.	*	9,195		178,567
Lufkin Industries, Inc.		1,255		104,516
Matrix Service Co.	*	2,410		55,575
Mitcham Industries, Inc.	*†	1,100		18,788
NATCO Group, Inc., Class A	*†	1,320		71,980
Natural Gas Services Group, Inc.	*	1,260		38,405
Newpark Resources, Inc.	*†	6,294		49,471
Oceaneering International, Inc.	*	3,630		279,692
Oil States International, Inc.	*†	3,412		216,457
OYO Geospace Corp.	*†	550		32,417
Parker Drilling Co.	*†	9,263		92,723
Patterson-UTI Energy, Inc.		10,334		372,437
PHI, Inc.	*	774		31,092
Pioneer Drilling Co.	*	2,930		55,113
Pride International, Inc.	*	10,885		514,752
RPC, Inc.	†	2,280		38,304
SEACOR Holdings, Inc.	*	1,646		147,333
Sulphco, Inc.	*†	8,130		18,455
Superior Energy Services, Inc.	*	5,436		299,741
T-3 Energy Services, Inc.	*	975		77,483
Tetra Technologies, Inc.	*	5,233		124,074
Tidewater, Inc.		3,764		244,773
Trico Marine Services, Inc.	*†	1,353		49,276
Unit Corp.	*	3,122		259,032
W-H Energy Services, Inc.	*	2,151		205,937
				7,617,640
Entertainment—0.0%
Macrovision Solutions Corp.	*†	5,642		84,404
Food & Staples Retailing—0.4%
Andersons, Inc. (The)	†	1,222		49,748
Arden Group, Inc., Class A	†	260		32,952
BJ’s Wholesale Club, Inc.	*	4,027		155,845
Casey’s General Stores, Inc.		3,169		73,426
Great Atlantic & Pacific Tea Co.	*	2,493		56,890
Longs Drug Stores Corp.	†	2,310		97,274
Nash Finch Co.	†	1,190		40,781
Nyer Medical Group, Inc.	*	2,533		3,698
Pantry, Inc. (The)	*	2,139		22,802
Rite Aid Corp.	*	32,808		52,165
Ruddick Corp.		2,548		87,422
Spartan Stores, Inc.		1,780		40,940
United Natural Foods, Inc.	*†	2,888		56,258
Weis Markets, Inc.	†	852		27,664
Winn-Dixie Stores, Inc.	*†	4,340		69,527
				867,392
Food Products—1.3%
Bridgford Foods Corp.	*	560		3,511
Bunge Ltd.		7,866		847,090
Calavo Growers, Inc.	†	1,225		15,006
Chiquita Brands International, Inc.	*†	3,049		46,253
Corn Products International, Inc.		4,935		242,358
Darling International, Inc.	*	4,873		80,502
Del Monte Foods Co.		13,700		97,270
Diamond Foods, Inc.		1,375		31,680
Farmer Bros Co.	†	930		19,670
Flowers Foods, Inc.		5,145		145,809
Fresh Del Monte Produce, Inc. (Cayman Islands)	*	2,755		64,935
Green Mountain Coffee Roasters, Inc.	*†	1,500		56,355
Griffin Land & Nurseries, Inc.		650		19,955
Hain Celestial Group, Inc.	*†	2,166		50,858
Hormel Foods Corp.		4,471		154,741
Inventure Group, Inc. (The)	*†	683		1,175
J.M. Smucker Co. (The)		3,896		158,333
John B. Sanfilippo & Son, Inc.	*	370		3,236
Lancaster Colony Corp.	†	1,510		45,723
Lance, Inc.		2,511		47,132
Omega Protein Corp.	*†	1,515		22,649
Pilgrim’s Pride Corp.		3,351		43,530
Ralcorp Holdings, Inc.	*†	1,618		79,994
Sanderson Farms, Inc.		1,537		53,057
Seaboard Corp.	†	23		35,673
Smithfield Foods, Inc.	*†	8,467		168,324
Tootsie Roll Industries, Inc.	†	1,765		44,354
TreeHouse Foods, Inc.	*	2,074		50,315
				2,629,488
Gas Utilities—1.5%
AGL Resources, Inc.		5,318		183,896
AmeriGas Partners LP		2,300		73,255
Atmos Energy Corp.		6,081		167,653
Chesapeake Utilities Corp.		1,039		26,723
Delta Natural Gas Co., Inc.		380		9,926
Energen Corp.		4,319		337,012
EnergySouth, Inc.	†	520		25,511

See accompanying notes to financial statements. 225

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Equitable Resources, Inc.		8,019	$	553,792
Ferrellgas Partners, LP		2,612		51,404
Laclede Group, Inc. (The)	†	1,170		47,233
National Fuel Gas Co.		4,695		279,259
New Jersey Resources Corp.	†	2,941		96,024
Northwest Natural Gas Co.		1,634		75,589
Oneok, Inc.		6,102		297,961
Piedmont Natural Gas Co.		4,965		129,884
South Jersey Industries, Inc.		1,794		67,024
Southern Union Co.		6,540		176,711
Southwest Gas Corp.		3,043		90,468
Suburban Propane Partners LP		2,323		88,808
UGI Corp.		7,088		203,496
WGL Holdings, Inc.	†	3,492		121,312
				3,102,941
Health Care Equipment & Supplies—2.4%
Abaxis, Inc.	*†	1,864		44,978
Abiomed, Inc.	*†	2,606		46,257
Advanced Medical Optics, Inc.	*	4,249		79,626
Align Technology, Inc.	*†	4,029		42,264
American Medical Systems Holdings, Inc.	*†	5,369		80,267
Analogic Corp.		884		55,754
Angiodynamics, Inc.	*†	2,450		33,369
Arthrocare Corp.	*†	1,902		77,621
Aspect Medical Systems, Inc.	*†	2,322		14,605
Beckman Coulter, Inc.		4,161		280,992
Bioject Medical Technologies, Inc.	*	4,491		1,841
Biolase Technology, Inc.	*	3,105		10,619
Candela Corp.	*	2,794		6,510
Cantel Medical Corp.	*	1,690		17,103
Cardiac Science Corp.	*	1,600		13,120
Cerus Corp.	*†	3,201		13,092
Clarient, Inc.	*†	3,308		6,682
Clinical Data, Inc.	*†	1,998		28,512
Conceptus, Inc.	*	2,419		44,727
Conmed Corp.	*	2,086		55,383
Cooper Cos, Inc. (The)		3,206		119,103
CryoLife, Inc.	*†	4,037		46,183
Cutera, Inc.	*†	1,264		11,414
Cyberonics, Inc.	*	2,351		51,017
Cynosure, Inc., Class A	*†	772		15,301
Datascope Corp.		1,121		52,687
Dentsply International, Inc.		9,343		343,822
DexCom, Inc.	*	3,175		19,177
Edwards Lifesciences Corp.	*	3,660		227,066
Endologix, Inc.	*	1,350		3,119
EP Medsystems, Inc.	*	5,240		15,615
ev3, Inc.	*†	5,996		56,842
Gen-Probe, Inc.	*	3,465		164,518
Greatbatch, Inc.	*	1,594		27,576
Haemonetics Corp.	*	1,865		103,433
HealthTronics, Inc.	*	2,530		8,273
Hill-Rom Holdings, Inc.	†	3,951		106,598
Hologic, Inc.	*†	16,598		361,836
ICU Medical, Inc.	*†	1,096		25,077
Idexx Laboratories, Inc.	*	4,146		202,076
I-Flow Corp.	*†	2,590		26,289
Immucor, Inc.	*†	4,745		122,801
Integra LifeSciences Holdings Corp.	*	1,190		52,931
Invacare Corp.	†	1,874		38,305
Inverness Medical Innovations, Inc.	*	4,339		143,925
IRIS International, Inc.	*†	2,570		40,221
Kensey Nash Corp.	*	867		27,787
Kinetic Concepts, Inc.	*†	3,605		143,876
Masimo Corp.	*	2,580		88,623
Medical Action Industries, Inc.	*	1,860		19,288
Mentor Corp.	†	2,401		66,796
Meridian Bioscience, Inc.	†	2,700		72,684
Merit Medical Systems, Inc.	*†	2,509		36,882
Micrus Endovascular Corp.	*†	1,353		18,969
Natus Medical, Inc.	*	1,717		35,954
NuVasive, Inc.	*†	2,738		122,279
NxStage Medical, Inc.	*†	3,660		14,054
OraSure Technologies, Inc.	*	4,328		16,187
Orthofix International NV	*†	1,020		29,529
Osteotech, Inc.	*	1,499		8,529
Palomar Medical Technologies, Inc.	*†	1,117		11,148
Quidel Corp.	*	2,820		46,586
Resmed, Inc.	*†	5,166		184,633
Rochester Medical Corp.	*†	870		9,065
RTI Biologics, Inc.	*†	3,227		28,236
Sirona Dental Systems, Inc.	*†	1,040		26,957
Somanetics Corp.	*†	1,572		33,326
Sonic Innovations, Inc.	*†	2,950		9,853
SonoSite, Inc.	*	1,650		46,217
Spectranetics Corp.	*†	3,376		33,287
Staar Surgical Co.	*	2,688		8,333
STERIS Corp.		4,157		119,555
SurModics, Inc.	*†	1,185		53,135
Synovis Life Technologies, Inc.	*	957		18,020
Theragenics Corp.	*	5,822		21,134
ThermoGenesis Corp.	*†	4,317		6,044
Thoratec Corp.	*†	3,337		58,030
TomoTherapy, Inc.	*	1,340		11,966
Urologix, Inc.	*	1,050		1,922
Vision-Sciences, Inc.	*†	4,110		15,413
Vital Signs, Inc.	†	635		36,055
West Pharmaceutical Services, Inc.		2,425		104,954
Wright Medical Group, Inc.	*†	2,180		61,934
Young Innovations, Inc.		677		14,095
Zoll Medical Corp.	*	1,232		41,482
				5,041,344
Health Care Providers & Services—2.2%
Access Plans USA, Inc.	*	3,538		2,954
Alliance Imaging, Inc.	*†	1,820		15,779
Amedisys, Inc.	*†	1,560		78,655
America Service Group, Inc.	*	1,972		18,044
American Dental Partners, Inc.	*†	1,668		19,799
Amerigroup Corp.	*	4,191		87,173
AMN Healthcare Services, Inc.	*	2,247		38,019
Amsurg Corp.	*	2,315		56,370
Apria Healthcare Group, Inc.	*	2,542		49,289
Bio-Reference Labs, Inc.	*†	1,000		22,310
BioScrip, Inc.	*	3,476		9,003
Brookdale Senior Living, Inc.		2,392		48,701
Capital Senior Living Corp.	*†	2,245		16,927
Centene Corp.	*	2,702		45,367
Chemed Corp.		1,472		53,890
Chindex International, Inc.	*†	1,527		22,401
Community Health Systems, Inc.	*	6,485		213,875
Cross Country Healthcare, Inc.	*†	2,631		37,913
DaVita, Inc.	*	6,879		365,481
Emergency Medical Services Corp., Class A	*†	758		17,154
Five Star Quality Care, Inc.	*†	4,500		21,285

226 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Gentiva Health Services, Inc.	*†	2,330	$	44,387
Hanger Orthopedic Group, Inc.	*	3,263		53,807
Health Management Associates, Inc., Class A	*	14,732		95,905
Health Net, Inc.	*	6,938		166,928
HealthExtras, Inc.	*	2,673		80,564
Healthsouth Corp.	*†	5,951		98,965
Healthspring, Inc.	*	4,297		72,533
Healthways, Inc.	*	2,272		67,251
Henry Schein, Inc.	*	5,826		300,447
inVentiv Health, Inc.	*†	2,050		56,969
Kindred Healthcare, Inc.	*	2,053		59,044
Landauer, Inc.		599		33,688
LifePoint Hospitals, Inc.	*†	4,098		115,973
Lincare Holdings, Inc.	*	4,990		141,716
Magellan Health Services, Inc.	*	2,460		91,094
Medical Staffing Network Holdings, Inc.	*	1,686		6,508
Molina Healthcare, Inc.	*	1,190		28,965
MWI Veterinary Supply, Inc.	*	908		30,064
National Healthcare Corp.	†	890		40,789
National Research Corp.		1,250		33,087
NovaMed, Inc.	*	4,904		18,488
Odyssey HealthCare, Inc.	*	3,093		30,126
Omnicare, Inc.	†	8,076		211,753
Owens & Minor, Inc.	†	2,882		131,679
PDI, Inc.	*	703		6,123
Pediatrix Medical Group, Inc.	*	3,274		161,179
PharMerica Corp.	*†	2,249		50,805
Providence Service Corp. (The)	*†	1,639		34,599
PSS World Medical, Inc.	*†	4,966		80,946
Psychemedics Corp.		902		14,793
Psychiatric Solutions, Inc.	*†	3,778		142,960
RehabCare Group, Inc.	*	1,590		25,488
Res-Care, Inc.	*	2,426		43,134
Rural/Metro Corp.	*†	1,600		3,232
Skilled Healthcare Group, Inc., Class A	*	1,556		20,882
Sun Healthcare Group, Inc.	*	3,022		40,465
Sunrise Senior Living, Inc.	*†	2,650		59,572
U.S. Physical Therapy, Inc.	*	2,083		34,182
United American Healthcare Corp.	*†	4,252		8,504
Universal American Corp.	*†	2,892		29,556
Universal Health Services, Inc., Class B		3,491		220,701
VCA Antech, Inc.	*†	5,600		155,568
WellCare Health Plans, Inc.	*	2,578		93,195
				4,477,003
Health Care Technology—0.3%
Allscripts Healthcare Solutions, Inc.	*†	5,116		63,490
AMICAS, Inc.	*	2,496		7,089
Cerner Corp.	*†	4,231		191,157
Computer Programs & Systems, Inc.		1,065		18,456
Eclipsys Corp.	*†	3,465		63,617
HLTH Corp.	*	12,463		141,081
Mediware Information Systems	*	1,089		6,371
Merge Healthcare, Inc.	*	4,320		5,011
Omnicell, Inc.	*†	2,638		34,769
Phase Forward, Inc.	*	2,752		49,453
Trizetto Group, Inc.	*	2,710		57,940
Vital Images, Inc.	*†	1,498		18,635
				657,069
Home Builders—0.0%
Woodbridge Holdings Corp.	*	2,063		2,393
Hotels, Restaurants & Leisure—1.9%
AFC Enterprises	*†	2,170		17,338
Ambassadors Group, Inc.	†	1,380		20,590
Ambassadors International, Inc.	*†	524		2,295
Ameristar Casinos, Inc.	†	1,420		19,624
Bally Technologies, Inc.	*	3,012		101,806
Benihana, Inc., Class A	*†	680		4,311
Bluegreen Corp.	*†	1,800		10,890
Bob Evans Farms, Inc.	†	2,055		58,773
Boyd Gaming Corp.	†	3,538		44,437
Brinker International, Inc.		6,752		127,613
Buffalo Wild Wings, Inc.	*†	1,120		27,810
Burger King Holdings, Inc.		4,648		124,520
California Pizza Kitchen, Inc.	*	2,265		25,345
CBRL Group, Inc.	†	1,879		46,054
CEC Entertainment, Inc.	*	1,994		55,852
Cedar Fair, LP		3,180		59,752
Cheesecake Factory (The)	*†	4,778		76,018
Chipotle Mexican Grill, Inc., Class A	*†	2,125		175,568
Choice Hotels International, Inc.		2,346		62,169
Churchill Downs, Inc.	†	639		22,282
CKE Restaurants, Inc.		4,056		50,578
Cosi, Inc.	*†	3,120		7,831
Domino’s Pizza, Inc.	*†	2,750		31,625
Dover Downs Gaming & Entertainment, Inc.	†	1,687		10,831
Dover Motorsports, Inc.	†	1,645		8,373
Empire Resorts, Inc.	*†	2,513		7,363
Gaylord Entertainment Co.	*†	2,528		60,571
Great Wolf Resorts, Inc.	*†	3,072		13,425
International Speedway Corp., Class A		2,450		95,623
Isle of Capri Casinos, Inc.	*†	1,251		5,992
Jack in the Box, Inc.	*	3,756		84,172
Jamba, Inc.	*†	4,465		8,260
Krispy Kreme Doughnuts, Inc.	*†	5,000		24,950
Landry’s Restaurants, Inc.		1,254		22,534
Las Vegas Sands Corp.	*†	6,998		331,985
Life Time Fitness, Inc.	*†	2,354		69,561
Luby’s, Inc.	*	3,380		20,618
Marcus Corp.		1,805		26,985
McCormick & Schmick’s Seafood Restaurants, Inc.	*†	1,401		13,506
MGM Mirage	*	7,376		249,973
Monarch Casino & Resort, Inc.	*†	700		8,260
Morgans Hotel Group Co.	*†	2,390		24,617
MTR Gaming Group, Inc.	*†	4,525		21,584
Multimedia Games, Inc.	*†	2,902		12,827
O’Charleys, Inc.		3,157		31,759
Orient-Express Hotels Ltd., Class A (Bermuda)	†	2,744		119,199
P.F. Chang’s China Bistro, Inc.	*†	1,496		33,421
Panera Bread Co., Class A	*	1,900		87,894
Papa John’s International, Inc.	*†	1,581		42,039
Peet’s Coffee & Tea, Inc.	*†	1,297		25,707
Penn National Gaming, Inc.	*	4,893		157,310
Pinnacle Entertainment, Inc.	*†	4,289		44,992
Progressive Gaming International Corp.	*	7,390		9,237
Red Robin Gourmet Burgers, Inc.	*†	1,203		33,371
Royal Caribbean Cruises Ltd.	†	9,195		206,612
Ruby Tuesday, Inc.	†	3,481		18,797

See accompanying notes to financial statements. 227

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Scientific Games Corp., Class A	*†	4,772	$	141,347
Shuffle Master, Inc.	*†	5,440		26,874
Six Flags, Inc.	*†	3,814		4,386
Sonic Corp.	*†	4,259		63,033
Speedway Motorsports, Inc.		650		13,247
Steak N Shake Co. (The)	*†	2,198		13,913
Texas Roadhouse, Inc., Class A	*†	4,130		37,046
Triarc Cos, Inc., Class B	†	4,026		25,485
Trump Entertainment Resorts, Inc.	*	2,320		4,431
Vail Resorts, Inc.	*†	1,891		80,992
WMS Industries, Inc.	*†	2,775		82,612
Wynn Resorts Ltd.	†	4,001		325,481
Youbet.com, Inc.	*	2,200		2,794
				3,927,070
Household Durables—0.9%
American Greetings Corp., Class A	†	3,420		42,203
Bassett Furniture Industries, Inc.		610		7,198
Beazer Homes USA, Inc.	†	2,117		11,792
Blyth, Inc.		1,634		19,657
Brookfield Homes Corp.	†	858		10,536
California Coastal Communities, Inc.	*†	1,028		3,927
Cavco Industries, Inc.	*†	470		15,383
Champion Enterprises, Inc.	*†	6,043		35,351
CSS Industries, Inc.		420		10,172
Ethan Allen Interiors, Inc.	†	1,648		40,541
Furniture Brands International, Inc.		4,572		61,082
Garmin Ltd. (Cayman Islands)	†	8,199		351,245
Helen of Troy Ltd. (Bermuda)	*	2,105		33,933
Hooker Furniture Corp.	†	1,125		19,485
Hovnanian Enterprises, Inc., Class A	*	3,491		19,131
Jarden Corp.	*†	4,170		76,061
La-Z-Boy, Inc., Class Z	†	2,895		22,147
Lenox Group, Inc.	*	1,340		348
Libbey, Inc.	†	2,250		16,740
M/I Homes, Inc.		1,741		27,386
MDC Holdings, Inc.		2,535		99,017
Meritage Homes Corp.	*	2,628		39,867
Mohawk Industries, Inc.	*†	3,596		230,504
National Presto Industries, Inc.	†	656		42,102
NVR, Inc.	*†	328		164,026
Palm Harbor Homes, Inc.	*†	1,182		6,536
Russ Berrie & Co., Inc.	*†	1,157		9,221
Ryland Group, Inc.		3,067		66,891
Sealy Corp.	†	2,640		15,153
Skyline Corp.	†	918		21,573
Standard Pacific Corp.		10,118		34,199
Syntax-Brillian Corp.	*†	4,531		2,356
Tempur-Pedic International, Inc.	†	4,765		37,215
Toll Brothers, Inc.	*	9,179		171,923
Tupperware Brands Corp.		3,940		134,827
Universal Electronics, Inc.	*	1,589		33,210
WCI Communities, Inc.	*†	6,851		9,934
				1,942,872
Household Products—0.3%
Central Garden and Pet Co.	*†	3,162		14,387
Central Garden and Pet Co., Class A	*	2,770		11,357
Church & Dwight Co., Inc.		4,402		248,053
Energizer Holdings, Inc.	*	3,713		271,383
Spectrum Brands, Inc.	*	6,161		15,711
WD-40 Co.		950		27,787
				588,678
Independent Power Producers & Energy Traders—1.1%
Calpine Corp.	*	25,040		564,902
Mirant Corp.	*†	14,922		584,196
NRG Energy, Inc.	*	15,465		663,449
Ormat Technologies, Inc.		1,195		58,770
Reliant Energy, Inc.	*	22,733		483,531
				2,354,848
Industrial Conglomerates—0.8%
Carlisle Cos, Inc.		4,292		124,468
Icahn Enterprises LP		533		37,491
McDermott International, Inc.	*	14,863		919,871
Raven Industries, Inc.	†	1,490		48,842
Standex International Corp.	†	724		15,016
Teleflex, Inc.		2,631		146,257
Tredegar Corp.		1,607		23,623
Walter Industries, Inc.		3,281		356,875
				1,672,443
Insurance—7.5%
Alleghany Corp.	*	328		108,912
Allied World Assurance Co. Holdings Ltd. (Bermuda)		3,096		122,664
American Financial Group, Inc.		4,187		112,002
American Independence Corp.	*	430		2,752
American National Insurance Co.		1,095		107,332
American Physicians Capital, Inc.		1,201		58,176
American Safety Insurance Holdings Ltd. (Bermuda)	*	1,082		15,559
Arch Capital Group Ltd. (Bermuda)	*	2,876		190,736
Argo Group International Holdings Ltd. (Bermuda)	*	1,884		63,227
Arthur J. Gallagher & Co.	†	6,047		145,733
Aspen Insurance Holdings Ltd.		5,236		123,936
Assured Guaranty Ltd. (Bermuda)		4,137		74,425
Axis Capital Holdings Ltd. (Bermuda)	†	9,232		275,206
Baldwin & Lyons, Inc., Class B		946		16,536
Berkshire Hathaway, Inc., Class A		68		8,211,000
Brown & Brown, Inc.		7,747		134,720
Citizens, Inc.	*	2,504		15,350
CNA Financial Corp.	†	1,883		47,357
CNA Surety Corp.	*†	1,486		18,783
Conseco, Inc.	*	12,970		128,662
Crawford & Co., Class B	*†	1,891		15,109
Delphi Financial Group, Inc., Class A	†	2,972		68,772
Donegal Group, Inc., Class B	†	759		13,704
EMC Insurance Group, Inc.	†	1,041		25,067
Employers Holdings, Inc.		3,690		76,383
Endurance Specialty Holdings Ltd.		3,634		111,891
Erie Indemnity Co., Class A		3,264		150,634
Everest Re Group Ltd. (Bermuda)		4,133		329,441
FBL Financial Group, Inc., Class A		1,058		21,033

228 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Fidelity National Financial, Inc., Class A		15,066	$	189,832
First American Corp.		5,058		133,531
FPIC Insurance Group, Inc.	*	1,050		47,586
Greenlight Capital Re Ltd., Class A (Cayman Islands)	*†	1,960		44,806
Hanover Insurance Group, Inc. (The)		3,548		150,790
Harleysville Group, Inc.		1,278		43,235
HCC Insurance Holdings, Inc.		7,571		160,051
Hilb Rogal & Hobbs Co.		2,629		114,256
Hilltop Holdings, Inc.	*	3,923		40,446
Horace Mann Educators Corp.		3,101		43,476
Independence Holding Co.	†	963		9,409
Infinity Property & Casualty Corp.		1,280		53,146
IPC Holdings Ltd.		4,430		117,616
Kansas City Life Insurance Co.		903		37,700
LandAmerica Financial Group, Inc.	†	1,087		24,121
Markel Corp.	*	657		241,119
Max Capital Group Ltd. (Bermuda)		3,010		64,203
Mercury General Corp.	†	1,639		76,574
Montpelier Re Holdings Ltd. (Bermuda)	†	5,770		85,108
National Financial Partners Corp.	†	2,348		46,537
Nationwide Financial Services, Class A		3,334		160,065
Navigators Group, Inc.	*	939		50,753
Odyssey Re Holdings Corp.	†	1,814		64,397
Old Republic International Corp.		15,561		184,242
OneBeacon Insurance Group Ltd. (Bermuda)		2,457		43,169
PartnerRe Ltd. (Bermuda)		3,786		261,726
Penn Treaty American Corp.	*	1,630		7,889
Philadelphia Consolidated Holding Co.	*	4,115		139,787
Phoenix Cos, Inc. (The)		6,807		51,801
Platinum Underwriters Holdings Ltd. (Bermuda)		4,036		131,614
PMA Capital Corp., Class A	*†	1,826		16,817
Presidential Life Corp.	†	2,568		39,599
ProAssurance Corp.	*†	2,078		99,973
Protective Life Corp.		4,733		180,091
Reinsurance Group of America, Inc.		1,841		80,120
RenaissanceRe Holdings Ltd. (Bermuda)		4,464		199,407
RLI Corp.	†	1,602		79,251
Safety Insurance Group, Inc.		1,040		37,076
SCPIE Holdings, Inc.	*	690		19,313
Security Capital Assurance Ltd. (Bermuda)	†	3,744		1,086
Selective Insurance Group	†	3,400		63,784
StanCorp Financial Group, Inc.		3,075		144,402
State Auto Financial Corp.		958		22,925
Stewart Information Services Corp.		1,684		32,569
Tower Group, Inc.	†	2,119		44,902
Transatlantic Holdings, Inc.		1,615		91,199
United Fire & Casualty Co.		1,472		39,641
Unitrin, Inc.		3,311		91,284
Validus Holdings Ltd. (Bermuda)	†	2,110		44,838
W.R. Berkley Corp.		10,659		257,521
Wesco Financial Corp.		115		43,930
White Mountains Insurance Group Ltd.		532		228,228
Zenith National Insurance Corp.	†	2,791		98,132
				15,560,175
Internet & Catalog Retail—0.5%
1-800-FLOWERS.COM, Inc., Class A	*†	2,113		13,629
Blue Nile, Inc.	*†	1,063		45,199
Bluefly, Inc.	*	234		962
dELiA*s, Inc.	*	2,555		5,136
drugstore.com, Inc.	*	3,800		7,220
GSI Commerce, Inc.	*	1,470		20,036
Hollywood Media Corp.	*†	1,495		3,663
Liberty Media Corp.—Interactive, Class A	*	38,530		568,703
NetFlix, Inc.	*†	3,659		95,390
NutriSystem, Inc.	†	1,970		27,856
Overstock.com, Inc.	*	771		20,007
priceline.com, Inc.	*	2,301		265,673
Stamps.com, Inc.	*	2,642		32,972
Valuevision Media, Inc., Class A	*	6,193		22,109
				1,128,555
Internet Software & Services—0.8%
Ariba, Inc.	*†	6,761		99,454
Art Technology Group, Inc.	*	8,335		26,672
Autobytel, Inc.	*†	4,755		6,752
Bankrate, Inc.	*†	1,084		42,352
Chordiant Software, Inc.	*	1,859		9,295
CMGI, Inc.	*†	3,461		36,687
DealerTrack Holdings, Inc.	*†	2,690		37,956
Digital River, Inc.	*†	2,337		90,162
Earthlink, Inc.	*†	8,664		74,944
Entrust, Inc.	*†	7,470		21,962
Equinix, Inc.	*†	2,047		182,633
Greenfield Online, Inc.	*	3,133		46,744
I-many, Inc.	*†	952		952
Imergent, Inc.	†	1,043		12,349
Infospace, Inc.		2,262		18,843
Internap Network Services Corp.	*†	3,720		17,410
Internet Capital Group, Inc.	*†	3,445		26,630
Interwoven, Inc.	*	3,812		45,782
Intraware, Inc.	*	783		3,289
Ipass, Inc.	*†	6,163		12,757
j2 Global Communications, Inc.	*	3,065		70,495
Jupitermedia Corp.	*	4,020		5,628
Keynote Systems, Inc.	*	1,400		18,032
Knot, Inc. (The)	*	3,458		33,819
LivePerson, Inc.	*†	3,334		9,369
Looksmart Ltd.	*†	4,010		16,120
Marchex, Inc., Class B	†	2,710		33,387
MIVA, Inc.	*	6,581		6,976
Move, Inc.	*	12,712		29,619
NaviSite, Inc.	*†	3,725		14,155
NIC, Inc.	†	2,450		16,734
Omniture, Inc.	*†	4,717		87,595
On2 Technologies, Inc.	*†	4,620		2,818
Openwave Systems, Inc.	*†	4,311		6,423
Perficient, Inc.	*†	2,090		20,189
RealNetworks, Inc.	*†	5,844		38,570
S1 Corp.	*	5,886		44,557

See accompanying notes to financial statements. 229

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Saba Software, Inc.	*†	1,576	$	5,059
SAVVIS, Inc.	*†	1,629		21,030
SonicWALL, Inc.	*	4,632		29,876
Terremark Worldwide, Inc.	*†	3,200		17,472
Tumbleweed Communications Corp.	*†	2,952		7,734
United Online, Inc.	†	4,189		42,016
Valueclick, Inc.	*†	6,880		104,232
Vignette Corp.	*†	2,329		27,948
VistaPrint Ltd.	*†	2,857		76,453
Vocus, Inc.	*†	1,701		54,721
WebMD Health Corp., Class A	*†	510		14,229
Websense, Inc.	*†	2,638		44,424
Website Pros, Inc.	*	1,785		14,869
Zix Corp.	*†	12,056		33,516
				1,761,690
IT Services—4.0%
Accenture Ltd., Class A (Bermuda)		39,318		1,601,029
Acxiom Corp.	†	4,224		48,534
Alliance Data Systems Corp.	*	5,128		289,988
BearingPoint, Inc.	*†	16,170		13,098
Broadridge Financial Solutions, Inc.		9,336		196,523
CACI International, Inc., Class A	*	2,174		99,504
Ciber, Inc.	*†	2,445		15,183
CSG Systems International, Inc.	*	2,623		28,906
Cybersource Corp.	*	5,414		90,576
DST Systems, Inc.	*	3,068		168,893
Edgewater Technology, Inc.	*	1,533		7,374
Euronet Worldwide, Inc.	*†	2,924		49,416
Forrester Research, Inc.	*†	963		29,737
Gartner, Inc., Class A	*	4,089		84,724
Gevity HR, Inc.	†	4,914		26,437
Global Payments, Inc.		5,385		250,941
Hackett Group, Inc. (The)	*	2,851		16,365
Heartland Payment Systems, Inc.	†	1,720		40,592
Hewitt Associates, Inc., Class A	*	6,066		232,510
iGATE Corp.	*†	2,997		24,366
Integral Systems, Inc.	†	1,178		45,589
Iron Mountain, Inc.	*†	11,900		315,945
Lionbridge Technologies, Inc.	*†	7,889		20,354
Management Network Group, Inc.	*	1,600		2,304
Mantech International Corp., Class A	*†	1,168		56,204
Mastercard, Inc., Class A		4,656		1,236,261
MAXIMUS, Inc.	†	1,558		54,250
Metavante Technologies, Inc.	*	7,182		162,457
MoneyGram International, Inc.		5,957		5,373
NeuStar, Inc., Class A	*†	4,678		100,858
Online Resources Corp.	*†	2,780		23,213
Perot Systems Corp., Class A	*†	5,641		84,671
Pfsweb, Inc.	*	1,209		5,803
Safeguard Scientifics, Inc.	*†	10,874		13,484
SAIC, Inc.	*	11,236		233,821
Sapient Corp.	*†	4,601		29,538
SRA International, Inc., Class A	*	3,081		69,199
StarTek, Inc.	*	1,875		17,625
Syntel, Inc.	†	647		21,817
TeleTech Holdings, Inc.	*	2,499		49,880
TNS, Inc.	*†	1,539		36,874
VeriFone Holdings, Inc.	*	4,060		48,517
Visa, Inc., Class A	*	29,194		2,373,764
Wright Express Corp.	*	2,520		62,496
				8,384,993
Leisure Equipment & Products—0.2%
Arctic Cat, Inc.	†	1,738		13,643
Brunswick Corp.	†	5,723		60,664
Callaway Golf Co.	†	3,931		46,504
Concord Camera Corp.	*	572		2,048
Fairchild Corp. (The), Class A	*	3,266		6,891
Jakks Pacific, Inc.	*	2,425		52,986
Leapfrog Enterprises, Inc.	*†	3,363		27,980
Meade Instruments Corp.	*	1,640		1,476
Nautilus, Inc.		2,480		12,599
Polaris Industries, Inc.	†	2,511		101,394
Pool Corp.	†	2,836		50,367
RC2 Corp.	*	1,530		28,397
Steinway Musical Instruments	*	683		18,031
Sturm Ruger & Co., Inc.	*†	2,146		15,151
				438,131
Life Sciences Tools & Services—1.3%
Accelrys, Inc.	*	3,326		16,065
Affymetrix, Inc.	*	4,310		44,350
Albany Molecular Research, Inc.	*	1,371		18,193
AMAG Pharmaceuticals, Inc.	*†	1,051		35,839
Bio-Rad Laboratories, Inc., Class A	*	1,338		108,231
Bruker Corp.	*†	4,130		53,071
Caliper Life Sciences, Inc.	*†	3,187		8,254
Cambrex Corp.	*†	2,958		17,363
Charles River Laboratories International, Inc.	*	4,497		287,448
Covance, Inc.	*	4,206		361,800
Dionex Corp.	*	1,309		86,878
Enzo Biochem, Inc.	*	2,553		28,645
eResearchTechnology, Inc.	*	4,314		75,236
Exelixis, Inc.	*†	6,955		34,775
Illumina, Inc.	*	3,446		300,181
Interleukin Genetics, Inc.	*	2,825		3,362
Invitrogen Corp.	*	6,250		245,375
Kendle International, Inc.	*	790		28,701
Luminex Corp.	*†	3,213		66,027
Medivation, Inc.	*†	2,987		35,336
Nanogen, Inc.	*	2,280		866
Nektar Therapeutics	*	8,780		29,413
Ore Pharmaceuticals, Inc.	*	190		251
Parexel International Corp.	*†	3,688		97,031
Pharmaceutical Product Development, Inc.		6,933		297,426
PharmaNet Development Group, Inc.	*	1,036		16,338
Sequenom, Inc.	*†	3,594		57,360
Techne Corp.	*	2,532		195,952
Varian, Inc.	*	2,067		105,541
				2,655,308
Machinery—3.5%
3D Systems Corp.	*†	1,159		11,010
Actuant Corp., Class A	†	3,968		124,397
AGCO Corp.	*	6,022		315,613
Albany International Corp., Class A	†	2,060		59,740
Ampco-Pittsburgh Corp.		986		43,857
Astec Industries, Inc.	*†	1,322		42,489

230 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Axsys Technologies, Inc.	*	885	$	46,055
Badger Meter, Inc.	†	880		44,466
Barnes Group, Inc.	†	3,373		77,883
Blount International, Inc.	*	2,743		31,846
Briggs & Stratton Corp.		3,124		39,612
Bucyrus International, Inc., Class A		4,926		359,697
Cascade Corp.	†	779		32,967
Chart Industries, Inc.	*	1,742		84,731
CIRCOR International, Inc.		1,232		60,356
Clarcor, Inc.		3,469		121,762
Colfax Corp.	*	1,231		30,886
Columbus McKinnon Corp.	*	1,765		42,501
Commercial Vehicle Group, Inc.	*	3,457		32,323
Crane Co.		3,212		123,758
Donaldson Co., Inc.		4,695		209,585
Dynamic Materials Corp.	†	875		28,831
EnPro Industries, Inc.	*	1,474		55,039
ESCO Technologies, Inc.	*†	1,724		80,890
Federal Signal Corp.	†	3,130		37,560
Flow International Corp.	*†	3,379		26,356
Flowserve Corp.		3,762		514,265
Force Protection, Inc.	*†	3,780		12,512
FreightCar America, Inc.	†	930		33,015
Gardner Denver, Inc.	*	3,267		185,566
Gehl Co.	*†	995		14,716
Gorman-Rupp Co. (The)	†	1,890		75,298
Graco, Inc.	†	4,074		155,097
Graham Corp.		441		32,683
Greenbrier Cos, Inc.		1,195		24,259
Harsco Corp.		5,522		300,452
Hurco Cos, Inc.	*†	750		23,168
IDEX Corp.		5,417		199,562
Joy Global, Inc.		7,113		539,379
Kadant, Inc.	*	1,553		35,098
Kaydon Corp.	†	1,780		91,510
Kennametal, Inc.		5,158		167,893
L.B. Foster Co., Class A	*†	951		31,573
Lincoln Electric Holdings, Inc.		2,766		217,684
Lindsay Corp.		628		53,361
Lydall, Inc.	*	2,150		26,983
Middleby Corp.	*†	980		43,032
Mueller Industries, Inc.	†	2,172		69,938
Mueller Water Products, Inc., Class A		5,532		44,643
Mueller Water Products, Inc., Class B	†	4,149		35,432
NACCO Industries, Inc., Class A		310		23,049
NN, Inc.		2,240		31,226
Nordson Corp.		1,942		141,552
Oshkosh Corp.	†	4,859		100,533
Paragon Technologies, Inc.	*	900		5,490
Pentair, Inc.		6,763		236,840
RBC Bearings, Inc.	*	1,322		44,049
Robbins & Myers, Inc.		1,736		86,574
Spire Corp.	*†	1,921		23,974
SPX Corp.		3,498		460,792
Tecumseh Products Co., Class A	*	1,703		55,824
Tennant Co.	†	1,394		41,918
Timken Co.		4,943		162,822
Titan International, Inc.		1,768		62,976
Toro Co.	†	2,570		85,504
Trinity Industries, Inc.	†	5,371		186,320
TurboChef Technologies, Inc.	*	4,027		19,249
Valmont Industries, Inc.	†	1,162		121,185
Wabash National Corp.	†	2,596		19,626
Wabtec Corp.	†	3,117		151,549
Watts Water Technologies, Inc., Class A		1,839		45,791
				7,198,172
Marine—0.4%
Alexander & Baldwin, Inc.		2,992		136,286
American Commercial Lines, Inc.	*†	2,906		31,763
Eagle Bulk Shipping, Inc.	†	3,076		90,957
Excel Maritime Carriers Ltd. (Liberia)		2,506		98,360
Genco Shipping & Trading Ltd.		2,073		135,160
Kirby Corp.	*	3,585		172,080
OceanFreight, Inc.		1,037		24,027
TBS International Ltd., Class A (Bermuda)	*†	929		37,113
				725,746
Media—2.7%
4Kids Entertainment, Inc.	*	2,466		18,273
Acme Communications, Inc.	*	1,200		1,656
AH Belo Corp., Class A	†	3,861		22,008
Alloy, Inc.	*	462		3,340
Arbitron, Inc.	†	2,121		100,747
Beasley Broadcasting Group, Inc., Class A		1,150		5,255
Belo Corp., Class A	†	6,361		46,499
Cablevision Systems Corp., Class A	*	14,877		336,220
Carmike Cinemas, Inc.		1,009		5,923
Charter Communications, Inc., Class A	*†	28,067		29,470
Citadel Broadcasting Corp.	*†	11,863		14,473
CKX, Inc.	*	6,718		58,782
Clear Channel Outdoor Holdings, Inc., Class A	*†	2,470		44,040
Cox Radio, Inc., Class A	*†	3,253		38,385
Crown Media Holdings, Inc., Class A	*†	4,399		20,851
Cumulus Media, Inc., Class A	*	3,854		15,185
Discovery Holding Co., Class A	*	18,159		398,772
DISH Network Corp., Class A	*	13,480		394,694
DreamWorks Animation SKG, Inc., Class A	*	5,002		149,110
Emmis Communications Corp., Class A	*†	4,461		11,242
Entercom Communications Corp., Class A	†	1,873		13,148
Entravision Communications Corp., Class A	*	4,930		19,819
Getty Images, Inc.	*	3,670		124,523
Gray Television, Inc.	†	3,878		11,130
Harris Interactive, Inc.	*†	6,590		13,246
Harte-Hanks, Inc.		3,759		43,041
Hearst-Argyle Television, Inc.	†	1,654		31,757
Idearc, Inc.		9,584		22,522
Image Entertainment, Inc.	*	300		282
Interactive Data Corp.		2,351		59,081
John Wiley & Sons, Inc., Class A		3,091		139,188
Journal Communications, Inc., Class A	†	3,220		15,520
Lamar Advertising Co., Class A	*†	4,390		158,172
Lee Enterprises, Inc.	†	6,600		26,334

See accompanying notes to financial statements. 231

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Liberty Global, Inc.	*	300	$	9,108
Liberty Global, Inc., Class A	*	22,898		719,684
Liberty Media Corp.—Capital, Series A, Class A	*	8,284		119,290
Liberty Media Corp.—Entertainment, Series A	*	33,136		802,885
LIN TV Corp., Class A	*†	2,390		14,244
Live Nation, Inc.	*†	5,574		58,973
Martha Stewart Living Omnimedia, Class A	*†	1,860		13,764
Marvel Entertainment, Inc.	*	2,901		93,238
McClatchy Co., Class A	†	3,506		23,771
Media General, Inc., Class A	†	1,595		19,060
Mediacom Communications Corp., Class A	*†	3,433		18,332
Morningstar, Inc.	*	1,058		76,208
National CineMedia, Inc.	†	3,917		41,755
National Lampoon, Inc.	*	3,300		5,280
Navarre Corp.	*	6,720		11,021
New Frontier Media, Inc.		2,079		8,129
Playboy Enterprises, Inc., Class B	*†	1,251		6,180
Primedia, Inc.	†	1,508		7,027
R.H. Donnelley Corp.	*†	4,669		14,007
Radio One, Inc., Class A	*†	4,327		6,101
Radio Unica Communications Corp.	*‡da	1,900		—
RCN Corp.	*†	2,170		23,393
Regal Entertainment Group, Class A	†	4,903		74,918
Regent Communications, Inc.	*	3,610		3,236
Salem Communications Corp., Class A		850		1,674
Scholastic Corp.	*†	2,095		60,043
Sinclair Broadcast Group, Inc., Class A	†	4,220		32,072
Sirius Satellite Radio, Inc.	*†	87,151		167,330
Spanish Broadcasting System, Inc., Class A	*†	4,320		4,925
Time Warner Cable, Inc., Class A	*	10,268		271,897
Valassis Communications, Inc.	*†	4,011		50,218
Value Line, Inc.		573		19,052
Virgin Media, Inc.		19,047		259,230
Warner Music Group Corp.	†	2,380		16,993
Westwood One, Inc.	*†	16,919		20,980
World Wrestling Entertainment, Inc., Class A	†	1,031		15,950
XM Satellite Radio Holdings, Inc., Class A	*	20,116		157,709
Young Broadcasting, Inc., Class A	*	831		116
				5,640,481
Metals & Mining—1.8%
AMCOL International Corp.	†	1,767		50,289
Brush Engineered Materials, Inc.	*†	1,805		44,078
Carpenter Technology Corp.		3,068		133,918
Century Aluminum Co.	*†	1,797		119,483
Cleveland-Cliffs, Inc.		5,942		708,227
Coeur d’Alene Mines Corp.	*†	37,188		107,845
Commercial Metals Co.		8,014		302,128
Compass Minerals International, Inc.		2,020		162,731
Esmark, Inc.	*†	2,709		51,796
Haynes International, Inc.	*†	1,057		60,830
Hecla Mining Co.	*†	8,305		76,904
Kaiser Aluminum Corp.		1,080		57,813
Olympic Steel, Inc.	†	630		47,830
Reliance Steel & Aluminum Co.		4,201		323,855
Rock of Ages Corp.	*	1,387		4,591
Royal Gold, Inc.		2,716		85,174
RTI International Metals, Inc.	*†	1,370		48,800
Schnitzer Steel Industries, Inc., Class A		1,484		170,066
Southern Copper Corp.	†	4,741		505,533
Steel Dynamics, Inc.		12,591		491,930
Stillwater Mining Co.	*†	4,292		50,774
Universal Stainless & Alloy Products, Inc.	*†	500		18,520
Worthington Industries, Inc.	†	4,120		84,460
				3,707,575
Multiline Retail—0.2%
99 Cents Only Stores	*†	5,211		34,393
Dollar Tree, Inc.	*	6,490		212,158
Fred’s, Inc., Class A	†	3,463		38,924
Retail Ventures, Inc.	*	5,577		25,654
Saks, Inc.	*†	8,548		93,857
Tuesday Morning Corp.	*	1,816		7,464
				412,450
Multi-Utilities—1.3%
Alliant Energy Corp.		6,922		237,148
Aquila, Inc.	*	23,560		88,821
Avista Corp.	†	3,418		73,350
Black Hills Corp.	†	2,648		84,895
CH Energy Group, Inc.	†	1,074		38,202
Energy East Corp.		10,428		257,780
MDU Resources Group, Inc.		11,080		386,249
NorthWestern Corp.		2,859		72,676
NSTAR		6,464		218,612
OGE Energy Corp.	†	6,120		194,065
PNM Resources, Inc.	†	4,834		57,815
Puget Energy, Inc.		7,924		190,097
SCANA Corp.		6,955		257,335
Vectren Corp.		5,280		164,789
Wisconsin Energy Corp.		7,661		346,430
				2,668,264
Office Electronics—0.1%
Zebra Technologies Corp., Class A	*	4,673		152,527
Oil, Gas & Consumable Fuels—9.0%
Abraxas Petroleum Corp.	*†	7,445		40,277
Adams Resources & Energy, Inc.		1,462		49,562
Alliance Resource Partners LP		1,280		71,270
Alpha Natural Resources, Inc.	*	4,616		481,403
American Oil & Gas, Inc.	*	4,104		16,088
APCO Argentina, Inc. (Cayman Islands)	†	2,488		72,028
Arch Coal, Inc.		9,365		702,656
Arena Resources, Inc.	*	2,280		120,430
Arlington Tankers Ltd.	†	1,590		36,920
Atlas America, Inc.		2,823		127,176
Atlas Energy Resources LLC	†	1,862		71,035
Atlas Pipeline Partners LP		2,391		93,392
ATP Oil & Gas Corp.	*†	1,989		78,506
Aurora Oil & Gas Corp.	*†	12,100		5,203
Berry Petroleum Co., Class A	†	2,362		139,075
Bill Barrett Corp.	*	2,112		125,474

232 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Blue Dolphin Energy Co.	*	3,650	$	7,738
Boardwalk Pipeline Partners LP		2,501		58,748
Bois d’Arc Energy, Inc.	*	1,634		39,723
BP Prudhoe Bay Royalty Trust		1,528		157,934
BPZ Resources, Inc.	*	4,084		120,070
BreitBurn Energy Partners LP	†	4,554		98,503
Brigham Exploration Co.	*†	3,121		49,405
Buckeye Partners LP		2,828		120,954
Callon Petroleum Co.	*	3,060		83,722
Cano Petroleum, Inc.	*	5,875		46,647
Carrizo Oil & Gas, Inc.	*	1,600		108,944
Cheniere Energy, Inc.	*†	8,135		35,550
Cimarex Energy Co.		5,589		389,386
Clayton Williams Energy, Inc.	*	550		60,473
CNX Gas Corp.	*†	2,120		89,125
Comstock Resources, Inc.	*	3,195		269,754
Concho Resources, Inc.	*	3,431		127,976
Contango Oil & Gas Co.	*†	1,270		118,008
Continental Resources, Inc.	*†	2,672		185,223
Copano Energy LLC		2,947		99,461
CREDO Petroleum Corp.	*	700		9,653
Cross Timbers Royalty Trust		833		50,130
Crosstex Energy, Inc.	†	3,380		117,151
CVR Energy, Inc.	*†	3,255		62,659
DCP Midstream Partners LP		1,386		40,540
Delta Petroleum Corp.	*†	4,988		127,294
Denbury Resources, Inc.	*	15,852		578,598
Dorchester Minerals LP		1,880		59,784
Double Hull Tankers, Inc. (Jersey, C.I.)	†	1,931		19,368
Edge Petroleum Corp.	*†	5,201		28,033
Enbridge Energy Partners LP		3,973		199,882
Encore Acquisition Co.	*	3,216		241,811
Energy Partners Ltd.	*	1,667		24,872
Energy Transfer Equity LP		9,037		261,983
Energy Transfer Partners LP		5,145		223,653
Enterprise GP Holdings LP		2,516		75,681
Enterprise Products Partners LP		18,030		532,606
Evergreen Energy, Inc.	*†	4,470		7,778
EXCO Resources, Inc.	*	5,400		199,314
Forest Oil Corp.	*	5,265		392,243
Foundation Coal Holdings, Inc.		3,128		277,078
Frontier Oil Corp.		7,101		169,785
FX Energy, Inc.	*†	2,797		14,740
General Maritime Corp.		2,040		52,999
Genesis Energy LP		2,211		40,793
Global Partners LP		839		13,281
GMX Resources, Inc.	*	675		50,018
Goodrich Petroleum Corp.	*	1,698		140,798
Harvest Natural Resources, Inc.	*†	3,340		36,940
Holly Corp.	†	2,856		105,444
Holly Energy Partners LP		670		26,130
Hugoton Royalty Trust		3,289		121,693
Inergy LP		3,461		90,055
International Coal Group, Inc.	*	7,310		95,396
James River Coal Co.	*	1,950		114,445
Kinder Morgan Energy Partners LP		10,777		600,602
Kinder Morgan Management LLC	*	4,360		234,786
Kodiak Oil & Gas Corp.	*	6,000		27,360
K-Sea Transportation Partners LP		470		14,979
Linn Energy LLC		8,419		209,212
Magellan Midstream Partners LP		4,527		161,116
Mariner Energy, Inc.	*	5,512		203,779
MarkWest Energy Partners LP		3,316		118,381
Martin Midstream Partners LP		1,200		39,516
McMoRan Exploration Co.	*†	3,772		103,805
Meridian Resource Corp.	*†	11,330		33,423
National Coal Corp.	*	2,117		18,778
Natural Resource Partners LP		2,000		82,400
Newfield Exploration Co.	*	8,443		550,906
NGAS Resources, Inc.	*	6,300		58,464
NuStar Energy LP		2,540		120,371
NuStar GP Holdings LLC		3,028		65,617
ONEOK Partners LP		3,165		176,923
Overseas Shipholding Group, Inc.	†	1,739		138,285
Pacific Ethanol, Inc.	*	9,943		17,997
Parallel Petroleum Corp.	*	2,560		51,533
Patriot Coal Corp.	*	1,842		282,360
Penn Virginia Corp.		2,681		202,201
Penn Virginia Resource Partners LP		2,276		61,634
PetroHawk Energy Corp.	*	13,896		643,524
Petroleum Development Corp.	*	1,030		68,485
Petroquest Energy, Inc.	*†	3,600		96,840
Pioneer Natural Resources Co.		7,869		615,985
Plains All American Pipeline LP		7,065		318,702
Plains Exploration & Production Co.	*	7,375		538,154
Quest Resource Corp.	*	5,130		58,533
Quicksilver Resources, Inc.	*	7,500		289,800
Regency Energy Partners LP		830		20,119
Rentech, Inc.	*	14,020		26,638
Rosetta Resources, Inc.	*	3,732		106,362
SandRidge Energy, Inc.	*	5,340		344,857
Ship Finance International Ltd. (Bermuda)		2,540		75,006
St. Mary Land & Exploration Co.		4,302		278,081
Stone Energy Corp.	*	1,868		123,120
Sunoco Logistics Partners LP		970		45,493
Swift Energy Co.	*†	2,182		144,143
Syntroleum Corp.	*†	9,066		15,503
TC Pipelines LP		1,766		62,234
Teekay Corp. (Bahamas)	†	2,957		133,597
Teekay Offshore Partners LP		883		17,439
TEPPCO Partners LP		4,968		164,888
Toreador Resources Corp.	*†	2,250		19,192
Transmeridian Exploration, Inc.	*	12,000		7,560
Transmontaigne Partners LP		786		21,238
Tri-Valley Corp.	*	2,100		15,603
TXCO Resources, Inc.	*†	3,031		35,645
U.S. Shipping Partners LP		1,660		3,154
Ultra Petroleum Corp.	*	10,085		990,347
Uranium Resources, Inc.	*	5,500		20,295
USEC, Inc.	*†	8,684		52,799
Vaalco Energy, Inc.	*	8,030		68,014
Verenium Corp.	*	1,790		3,455
W&T Offshore, Inc.		2,081		121,759
Warren Resources, Inc.	*†	3,440		50,499
Western Refining, Inc.	†	2,380		28,179
Westmoreland Coal Co.	*†	1,390		29,343
Whiting Petroleum Corp.	*	2,867		304,131
Williams Partners LP		2,767		90,896
World Fuel Services Corp.	†	1,832		40,194
				18,764,701

See accompanying notes to financial statements. 233

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Paper & Forest Products—0.2%
AbitibiBowater, Inc.		3,872	$	36,126
Buckeye Technologies, Inc.	*	2,191		18,536
Deltic Timber Corp.	†	724		38,741
Domtar Corp. (Canada)	*	29,053		158,339
Glatfelter		3,315		44,786
Louisiana-Pacific Corp.	†	6,527		55,414
MAXXAM, Inc.	*	857		21,751
Neenah Paper, Inc.	†	890		14,872
Schweitzer-Mauduit International, Inc.		724		12,199
Wausau Paper Corp.	†	3,503		27,008
				427,772
Personal Products—0.4%
Alberto-Culver Co.		5,896		154,888
Bare Escentuals, Inc.	*†	3,370		63,120
Chattem, Inc.	*†	1,188		77,279
Elizabeth Arden, Inc.	*	1,677		25,457
Herbalife Ltd. (Cayman Islands)		4,225		163,719
Mannatech, Inc.	†	2,631		14,313
Medifast, Inc.	*†	2,284		12,014
NBTY, Inc.	*	4,147		132,953
Nu Skin Enterprises, Inc., Class A		3,019		45,043
Prestige Brands Holdings, Inc.	*	2,900		30,914
Reliv International, Inc.	†	1,110		6,072
USANA Health Sciences, Inc.	*†	743		19,964
				745,736
Pharmaceuticals—0.9%
Adolor Corp.	*	8,628		47,281
Alexza Pharmaceuticals, Inc.	*†	2,897		11,414
Alpharma, Inc., Class A	*†	2,513		56,618
Anesiva, Inc.	*	1,779		5,248
APP Pharmaceuticals, Inc.	*†	1,744		29,160
Atherogenics, Inc.	*	2,914		1,709
Auxilium Pharmaceuticals, Inc.	*†	2,347		78,906
AVANIR Pharmaceuticals, Class A	*	9,525		9,525
Bentley Pharmaceuticals, Inc.	*†	2,011		32,478
BioMimetic Therapeutics, Inc.	*†	2,327		27,738
Cadence Pharmaceuticals, Inc.	*†	3,700		22,533
Columbia Laboratories, Inc.	*†	5,940		19,602
Cypress Bioscience, Inc.	*†	4,031		28,983
Depomed, Inc.	*†	2,500		8,025
Discovery Laboratories, Inc.	*†	10,296		16,988
Durect Corp.	*	7,330		26,901
Emisphere Technologies, Inc.	*	3,412		9,144
Endo Pharmaceuticals Holdings, Inc.	*	8,848		214,033
Heska Corp.	*	4,463		5,356
Hi-Tech Pharmacal Co., Inc.	*†	2,404		24,040
Hollis-Eden Pharmaceuticals	*	3,834		5,866
Immtech Pharmaceuticals, Inc.	*†	3,841		3,764
Inspire Pharmaceuticals, Inc.	*	4,570		19,560
KV Pharmaceutical Co., Class A	*†	3,009		58,164
Matrixx Initiatives, Inc.	*†	1,810		30,155
Medicines Co. (The)	*	3,094		61,323
Medicis Pharmaceutical Corp., Class A		4,522		93,967
NitroMed, Inc.	*	2,250		2,250
Noven Pharmaceuticals, Inc.	*†	1,350		14,432
Optimer Pharmaceuticals, Inc.	*†	4,269		34,622
Pain Therapeutics, Inc.	*†	3,499		27,642
Par Pharmaceutical Cos, Inc.	*†	3,271		53,088
Penwest Pharmaceuticals Co.	*†	5,730		15,471
Perrigo Co.		5,083		161,487
Pharmos Corp.	*	1,375		536
Pozen, Inc.	*†	1,922		20,911
Salix Pharmaceuticals Ltd.	*†	4,445		31,248
Santarus, Inc.	*	7,750		15,578
Sciele Pharma, Inc.	*†	2,476		47,911
SCOLR Pharma, Inc.	*	2,400		2,400
Sepracor, Inc.	*	7,237		144,161
SuperGen, Inc.	*†	3,719		7,624
SupportSoft, Inc.	*	4,962		16,127
Valeant Pharmaceuticals International	*†	5,975		102,232
Viropharma, Inc.	*†	4,402		48,686
Vivus, Inc.	*†	4,800		32,064
Warner Chilcott Ltd., Class A (Bermuda)	*	5,318		90,140
XenoPort, Inc.	*	1,873		73,103
				1,890,194
Real Estate Investment Trusts (REIT)—4.9%
Acadia Realty Trust REIT	†	2,059		47,666
Agree Realty Corp. REIT	†	1,045		23,042
Alesco Financial, Inc. REIT	†	5,693		11,386
Alexander’s, Inc. REIT	*†	119		36,961
Alexandria Real Estate Equities, Inc. REIT	†	2,006		195,264
AMB Property Corp. REIT	†	6,448		324,850
American Campus Communities, Inc. REIT	†	2,323		64,672
American Land Lease, Inc. REIT	†	729		13,851
American Mortgage Acceptance Co. REIT		1,732		1,091
Annaly Capital Management, Inc. REIT		34,335		532,536
Anthracite Capital, Inc. REIT	†	3,940		27,738
Anworth Mortgage Asset Corp. REIT		6,810		44,333
Arbor Realty Trust, Inc. REIT	†	1,450		13,007
Ashford Hospitality Trust, Inc. REIT	†	7,797		36,022
Associated Estates Realty Corp. REIT	†	2,550		27,311
BioMed Realty Trust, Inc. REIT		4,010		98,365
Brandywine Realty Trust REIT	†	6,205		97,791
BRE Properties, Inc. REIT	†	3,450		149,316
BRT Realty Trust REIT	†	916		10,992
Camden Property Trust REIT		3,369		149,112
Capital Alliance Income Trust Ltd. REIT	*	799		3,336
Capital Trust, Inc., Class A REIT	†	923		17,731
CapitalSource, Inc. REIT	†	11,343		125,680
CapLease, Inc. REIT		2,320		17,377
Capstead Mortgage Corp. REIT		3,102		33,657
CBL & Associates Properties, Inc. REIT		4,638		105,932
CBRE Realty Finance, Inc. REIT	†	3,335		11,472
Cedar Shopping Centers, Inc. REIT	†	4,496		52,693
Colonial Properties Trust REIT		2,752		55,095
Corporate Office Properties Trust SBI MD REIT	†	2,852		97,909

234 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Cousins Properties, Inc. REIT	†	3,311	$	76,484
DCT Industrial Trust, Inc. REIT	†	10,500		86,940
Deerfield Capital Corp. REIT	†	5,227		4,129
DiamondRock Hospitality Co. REIT	†	5,836		63,554
Digital Realty Trust, Inc. REIT	†	3,825		156,481
Douglas Emmett, Inc. REIT	†	7,399		162,556
Duke Realty Corp. REIT	†	9,861		221,379
DuPont Fabros Technology, Inc. REIT		2,483		46,283
EastGroup Properties, Inc. REIT	†	1,761		75,547
Education Realty Trust, Inc. REIT		1,700		19,805
Entertainment Properties Trust REIT	†	1,919		94,875
Equity Lifestyle Properties, Inc. REIT	†	1,281		56,364
Equity One, Inc. REIT	†	2,445		50,245
Essex Property Trust, Inc. REIT		1,578		168,057
Extra Space Storage, Inc. REIT		5,609		86,154
Federal Realty Investment Trust REIT	†	3,700		255,300
FelCor Lodging Trust, Inc. REIT	†	3,938		41,349
First Industrial Realty Trust, Inc. REIT	†	2,823		77,548
First Potomac Realty Trust REIT	†	2,349		35,799
Franklin Street Properties Corp. REIT		3,670		46,389
Friedman Billings Ramsey Group, Inc., Class A REIT		14,580		21,870
Getty Realty Corp. REIT	†	1,418		20,433
Glimcher Realty Trust REIT	†	4,014		44,877
Gramercy Capital Corp., New York REIT	†	3,048		35,326
Health Care, Inc. REIT		5,872		261,304
Healthcare Realty Trust, Inc. REIT	†	3,757		89,304
Hersha Hospitality Trust REIT		5,335		40,279
Highwoods Properties, Inc. REIT		4,003		125,774
HMG Courtland Properties REIT	*a	1,250		9,238
Home Properties, Inc. REIT	†	2,101		100,974
Hospitality Properties Trust REIT		6,378		156,006
HRPT Properties Trust REIT		15,802		106,980
IMPAC Mortgage Holdings, Inc. REIT	*†	9,264		6,948
Inland Real Estate Corp. REIT	†	3,790		54,652
iStar Financial, Inc. REIT	†	8,506		112,364
JER Investors Trust, Inc. REIT	†	2,190		13,797
Kilroy Realty Corp. REIT		2,262		106,382
Kite Realty Group Trust REIT		2,870		35,875
LaSalle Hotel Properties REIT	†	2,501		62,850
Lexington Realty Trust REIT		4,080		55,610
Liberty Property Trust REIT		6,264		207,652
LTC Properties, Inc. REIT	†	1,460		37,318
Macerich Co. (The) REIT	†	4,664		289,774
Mack-Cali Realty Corp. REIT		4,130		141,122
Maguire Properties, Inc. REIT	†	2,300		27,991
Medical Properties Trust, Inc. REIT		5,307		53,707
MFA Mortgage Investments, Inc. REIT		14,151		92,265
Mid-America Apartment Communities, Inc. REIT		1,821		92,944
Mission West Properties, Inc. REIT		1,418		15,541
Monmouth Real Estate Investment Corp., Class A REIT	†	4,925		31,520
National Health Investors, Inc. REIT	†	1,871		53,342
National Retail Properties, Inc. REIT	†	4,114		85,983
Nationwide Health Properties, Inc. REIT	†	6,139		193,317
Newcastle Investment Corp. REIT		4,400		30,844
NorthStar Realty Finance Corp. REIT	†	3,990		33,197
Omega Healthcare Investors, Inc. REIT	†	4,792		79,787
Pacific Office Properties Trust, Inc. REIT		1,050		7,035
Parkway Properties, Inc. REIT	†	1,147		38,688
Pennsylvania Real Estate Investment Trust REIT	†	2,750		63,635
PMC Commercial Trust REIT		2,035		16,280
Post Properties, Inc. REIT	†	3,035		90,291
Potlatch Corp. REIT	†	2,433		109,777
PS Business Parks, Inc. REIT	†	1,123		57,947
RAIT Financial Trust REIT		5,932		44,015
Ramco-Gershenson Properties Trust REIT		1,412		29,003
Rayonier, Inc. REIT		5,154		218,839
Realty Income Corp. REIT	†	6,792		154,586
Redwood Trust, Inc. REIT	†	2,425		55,266
Regency Centers Corp. REIT		4,549		268,937
Resource Capital Corp. REIT	†	3,788		27,312
Saul Centers, Inc. REIT		882		41,445
Senior Housing Properties Trust REIT		6,322		123,469
SL Green Realty Corp. REIT		3,849		318,389
Sovran Self Storage, Inc. REIT	†	1,711		71,109
Strategic Hotels & Resorts, Inc. REIT	†	4,710		44,133
Sun Communities, Inc. REIT		1,061		19,342
Sunstone Hotel Investors, Inc. REIT		3,566		59,196
Tanger Factory Outlet Centers REIT	†	2,180		78,327
Taubman Centers, Inc. REIT	†	3,271		159,134
Thornburg Mortgage, Inc.	†	8,965		1,811
UDR, Inc. REIT	†	9,100		203,658
Universal Health Realty Income Trust REIT	†	617		18,510
Urstadt Biddle Properties, Inc. REIT	†	2,334		34,216
U-Store-It Trust REIT	†	3,040		36,328
Ventas, Inc. REIT		9,192		391,303
Washington Real Estate Investment Trust REIT	†	2,885		86,694
Weingarten Realty Investors REIT	†	4,779		144,899
				10,192,147
Real Estate Management & Development—0.4%
Brookfield Properties Corp. (Canada)		13,501		240,183

See accompanying notes to financial statements. 235

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Consolidated-Tomoka Land Co.	†	530	$	22,292
Forest City Enterprises, Inc., Class A	†	4,558		146,859
Forestar Real Estate Group, Inc.	*	2,113		40,253
FX Real Estate and Entertainment, Inc.	*†	824		1,565
Grubb & Ellis Co.	†	2,553		9,829
Jones Lang LaSalle, Inc.		2,490		149,873
St. Joe Co. (The)		5,875		201,630
Tejon Ranch Co.	*†	763		27,514
Thomas Properties Group, Inc.	†	2,396		23,576
				863,574
Retail—0.0%
DineEquity, Inc.	†	1,079		40,311
Walking Co. Holdings, Inc. (The)	*	1,621		9,110
				49,421
Road & Rail—0.7%
Amerco, Inc.	*†	547		26,081
Arkansas Best Corp.	†	1,383		50,673
Avis Budget Group, Inc.	*	6,267		52,455
Celadon Group, Inc.	*†	1,972		19,700
Con-way, Inc.		2,747		129,823
Dollar Thrifty Automotive Group	*†	1,428		13,495
Genesee & Wyoming, Inc., Class A	*†	2,371		80,661
Heartland Express, Inc.		4,044		60,296
Hertz Global Holdings, Inc.	*	8,962		86,035
J.B. Hunt Transport Services, Inc.	†	6,256		208,200
Kansas City Southern	*†	5,104		224,525
Knight Transportation, Inc.		3,878		70,967
Landstar System, Inc.	†	3,340		184,435
Old Dominion Freight Line, Inc.	*†	1,783		53,526
PAM Transportation Services, Inc.	*	1,139		12,130
Quality Distribution, Inc.	*†	914		2,212
Saia, Inc.	*	2,862		31,253
Werner Enterprises, Inc.	†	2,916		54,179
YRC Worldwide, Inc.	*†	4,618		68,670
				1,429,316
Semiconductors & Semiconductor Equipment—2.5%
Actel Corp.	*	4,134		69,658
Advanced Energy Industries, Inc.	*†	2,649		36,291
Amkor Technology, Inc.	*†	7,212		75,077
Anadigics, Inc.	*†	4,986		49,112
Applied Micro Circuits Corp.	*†	4,025		34,454
Asyst Technologies, Inc.	*†	3,243		11,578
Atheros Communications, Inc.	*†	3,455		103,650
Atmel Corp.	*	25,393		88,368
ATMI, Inc.	*†	2,219		61,954
Axcelis Technologies, Inc.	*	6,926		33,799
AXT, Inc.	*	4,552		19,073
Brooks Automation, Inc.	*	4,415		36,512
Cabot Microelectronics Corp.	*†	1,450		48,068
California Micro Devices Corp.	*	2,476		7,700
Catalyst Semiconductor, Inc.	*	2,416		10,485
Cavium Networks, Inc.	*†	1,626		34,146
Centillium Communications, Inc.	*	1,589		1,033
Ceva, Inc.	*	3,092		24,643
Cirrus Logic, Inc.	*	5,397		30,007
Cohu, Inc.		1,889		27,731
Conexant Systems, Inc.	*†	2,553		11,489
Credence Systems Corp.	*†	12,850		16,705
Cree, Inc.	*†	4,821		109,967
Cymer, Inc.	*†	1,929		51,852
Cypress Semiconductor Corp.	*†	10,012		247,797
Diodes, Inc.	*†	1,956		54,064
DSP Group, Inc.	*†	4,251		29,757
Electroglas, Inc.	*†	3,991		7,583
Emcore Corp.	*†	6,178		38,674
Entegris, Inc.	*	7,678		50,291
ESS Technology, Inc.	*	1,759		2,867
Exar Corp.	*†	3,475		26,201
Fairchild Semiconductor International, Inc.	*	7,633		89,535
FEI Co.	*†	2,138		48,704
Formfactor, Inc.	*†	3,763		69,352
FSI International, Inc.	*†	4,280		5,735
HI/FN, Inc.	*†	1,882		8,676
Integrated Device Technology, Inc.	*	11,957		118,853
Integrated Silicon Solution, Inc.	*	2,930		16,291
International Rectifier Corp.	*	4,883		93,754
Intersil Corp., Class A		8,868		215,670
inTEST Corp.	*	950		1,881
IXYS Corp.	*	3,270		39,044
Kopin Corp.	*	5,031		14,439
Kulicke & Soffa Industries, Inc.	*	4,089		29,809
Lam Research Corp.	*	7,856		283,994
Lattice Semiconductor Corp.	*	7,425		23,240
LTX Corp.	*	6,381		14,038
Marvell Technology Group Ltd. (Bermuda)	*	29,891		527,875
Mattson Technology, Inc.	*†	4,081		19,426
Maxim Integrated Products, Inc.		2,247		47,524
Micrel, Inc.		3,731		34,139
Microsemi Corp.	*†	4,144		104,346
Mindspeed Technologies, Inc.	*	4,010		3,450
MIPS Technologies, Inc., Class A	*†	5,359		20,096
MKS Instruments, Inc.	*†	3,260		71,394
MoSys, Inc.	*†	3,592		17,637
NVE Corp.	*	771		24,410
Omnivision Technologies, Inc.	*	4,446		53,752
ON Semiconductor Corp.	*†	27,218		249,589
PDF Solutions, Inc.	*†	3,093		18,403
Pericom Semiconductor Corp.	*	2,254		33,449
Photronics, Inc.	*	1,989		14,003
PLX Technology, Inc.	*†	2,950		22,508
PMC—Sierra, Inc.	*†	14,713		112,554
Power Integrations, Inc.	*	1,948		61,576
QuickLogic Corp.	*	4,080		6,814
Rambus, Inc.	*†	6,688		127,540
Ramtron International Corp.	*	1,920		8,083
RF Micro Devices, Inc.	*†	18,530		53,737
Rudolph Technologies, Inc.	*†	2,516		19,373
Semitool, Inc.	*†	2,320		17,423
Semtech Corp.	*†	4,634		65,200
Sigma Designs, Inc.	*†	1,937		26,905
Silicon Image, Inc.	*†	6,882		49,894
Silicon Laboratories, Inc.	*	3,387		122,237
Silicon Storage Technology, Inc.	*	7,634		21,146
SiRF Technology Holdings, Inc.	*†	3,832		16,554

236 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Skyworks Solutions, Inc.	*	11,729	$	115,765
Spansion, Inc., Class A	*†	5,768		12,978
Standard Microsystems Corp.	*	1,446		39,259
Tegal Corp.	*	312		1,292
Tessera Technologies, Inc.	*	3,278		53,661
Transwitch Corp.	*	2,483		2,284
Trident Microsystems, Inc.	*†	5,092		18,586
TriQuint Semiconductor, Inc.	*	8,519		51,625
Ultra Clean Holdings	*†	1,756		13,978
Ultratech, Inc.	*	2,462		38,210
Varian Semiconductor Equipment Associates, Inc.	*†	4,645		161,739
Veeco Instruments, Inc.	*	2,611		41,985
Virage Logic Corp.	*	3,332		23,857
Volterra Semiconductor Corp.	*†	2,210		38,145
White Electronic Designs Corp.	*	2,284		10,484
Zoran Corp.	*	3,474		40,646
				5,159,132
Software—3.1%
ACI Worldwide, Inc.	*†	3,078		54,142
Activision, Inc.	*	19,352		659,323
Actuate Corp.	*†	6,674		26,095
Advent Software, Inc.	*†	1,325		47,806
American Software, Inc., Class A		1,950		10,998
Ansys, Inc.	*	5,191		244,600
Authentidate Holding Corp.	*	1,023		399
Blackbaud, Inc.	†	3,188		68,223
Blackboard, Inc.	*†	2,275		86,973
Borland Software Corp.	*†	6,776		9,215
Bottomline Technologies, Inc.	*	3,578		34,814
Cadence Design Systems, Inc.	*	18,175		183,568
Callidus Software, Inc.	*†	2,703		13,515
Captaris, Inc.	*	3,554		14,394
Catapult Communications Corp.	*	750		5,340
Concur Technologies, Inc.	*†	3,019		100,321
DataTRAK International, Inc.	*	1,359		612
Datawatch Corp.	*	3,500		8,190
Double-Take Software, Inc.	*	1,672		22,973
Ebix, Inc.	*†	1,040		80,829
Epicor Software Corp.	*	3,383		23,377
EPIQ Systems, Inc.	*	2,722		38,652
ePresence, Inc.	*‡da	1,173		—
Evans & Sutherland Computer Co.	*	1,883		1,902
Evolving Systems, Inc.	*	1,054		2,393
Factset Research Systems, Inc.	†	2,999		169,024
Fair Isaac Corp.	†	3,740		77,680
FalconStor Software, Inc.	*†	1,374		9,728
infoGROUP, Inc.		2,708		11,888
Informatica Corp.	*	6,099		91,729
Interactive Intelligence, Inc.	*†	950		11,058
InterVoice, Inc.	*†	4,035		23,000
Jack Henry & Associates, Inc.	†	5,229		113,156
JDA Software Group, Inc.	*	2,379		43,060
Lawson Software, Inc.	*†	8,950		65,067
Magma Design Automation, Inc.	*†	3,929		23,849
Manhattan Associates, Inc.	*	2,125		50,426
McAfee, Inc.	*	10,396		353,776
Mentor Graphics Corp.	*†	5,458		86,236
Micros Systems, Inc.	*	5,578		170,073
MicroStrategy, Inc., Class A	*	791		51,217
Napster, Inc.	*	6,796		9,650
NAVTEQ Corp.	*	6,341		488,257
Netscout Systems, Inc.	*	3,784		40,413
Nuance Communications, Inc.	*†	11,463		179,625
Parametric Technology Corp.	*	6,972		116,223
Pegasystems, Inc.		2,142		28,831
Phoenix Technologies Ltd.	*	2,710		29,810
PLATO Learning, Inc.	*	1,826		4,839
Progress Software Corp.	*†	2,503		64,002
PROS Holdings, Inc.	*	1,506		16,912
QAD, Inc.		1,363		9,228
Quality Systems, Inc.	†	1,208		35,370
Quest Software, Inc.	*	4,128		61,136
Radiant Systems, Inc.	*†	2,709		29,068
Red Hat, Inc.	*	12,786		264,542
Renaissance Learning, Inc.	†	1,354		15,178
Salesforce.com, Inc.	*	6,750		460,553
Scientific Learning Corp.	*	3,146		12,112
Secure Computing Corp.	*	5,420		22,439
Smith Micro Software, Inc.	*†	2,612		14,888
Solera Holdings, Inc.	*	3,302		91,333
Sonic Foundry, Inc.	*	6,100		3,721
Sonic Solutions, Inc.	*†	1,810		10,788
SourceForge, Inc.	*†	6,619		10,590
SPSS, Inc.	*	1,231		44,771
SumTotal Systems, Inc.	*	1,899		8,887
Sybase, Inc.	*	6,272		184,522
Symyx Technologies	*†	1,965		13,716
Synchronoss Technologies, Inc.	*†	1,415		12,777
Synopsys, Inc.	*	9,737		232,812
Take-Two Interactive Software, Inc.	*	4,344		111,076
TeleCommunication Systems, Inc., Class A	*	6,400		29,632
THQ, Inc.	*†	4,685		94,918
TIBCO Software, Inc.	*	13,039		99,748
Tivo, Inc.	*	5,766		35,576
Tyler Technologies, Inc.	*	3,715		50,413
Ultimate Software Group, Inc.	*†	2,043		72,792
Vasco Data Security International, Inc.	*	1,767		18,607
Versant Corp.	*	330		8,643
VMware, Inc., Class A	*†	2,506		134,973
Wave Systems Corp., Class A	*	1,004		994
Wayside Technology Group, Inc.		1,787		13,974
Wind River Systems, Inc.	*	6,438		70,110
				6,348,070
Specialty Retail—2.2%
A.C. Moore Arts & Crafts, Inc.	*†	1,967		13,867
Aaron Rents, Inc.		3,865		86,305
Advance Auto Parts, Inc.		6,810		264,432
Aeropostale, Inc.	*	5,417		169,715
American Eagle Outfitters, Inc.		11,536		157,236
America’s Car-Mart, Inc.	*†	1,569		28,116
AnnTaylor Stores Corp.	*†	3,874		92,821
Asbury Automotive Group, Inc.		2,072		26,625
Barnes & Noble, Inc.	†	3,301		81,997
Bebe Stores, Inc.	†	2,040		19,604
Big 5 Sporting Goods Corp.	†	1,892		14,322
Blockbuster, Inc., Class A	*†	16,050		40,125
Borders Group, Inc.	†	3,582		21,492
Brown Shoe Co., Inc.		3,758		50,921
Buckle, Inc. (The)		1,042		47,651
Build-A-Bear Workshop, Inc., Class A	*	960		6,979
Cabela’s, Inc.	*†	3,090		34,021
Cache, Inc.	*†	2,130		22,791

See accompanying notes to financial statements. 237

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Carmax, Inc.	*†	14,256	$	202,293
Casual Male Retail Group, Inc.	*†	2,471		7,537
Cato Corp. (The), Class A		1,762		25,091
Charlotte Russe Holding, Inc.	*†	1,100		19,536
Charming Shoppes, Inc.	*†	10,301		47,282
Chico’s FAS, Inc.	*†	11,979		64,327
Childrens Place Retail Stores, Inc. (The)	*†	2,219		80,106
Christopher & Banks Corp.		2,379		16,177
Circuit City Stores, Inc.	†	10,088		29,154
Coldwater Creek, Inc.	*†	3,983		21,030
Collective Brands, Inc.	*†	4,848		56,382
Cost Plus, Inc.	*†	2,725		6,813
CSK Auto Corp.	*	4,270		44,750
Dick’s Sporting Goods, Inc.	*	5,503		97,623
Dress Barn, Inc.	*†	2,592		34,681
DSW, Inc., Class A	*†	1,395		16,433
Eddie Bauer Holdings, Inc.	*	2,438		10,118
Finish Line, Class A	*†	3,667		31,903
Foot Locker, Inc.		10,828		134,809
Genesco, Inc.	*	1,421		43,866
Group 1 Automotive, Inc.		1,591		31,613
Guess ?, Inc.		3,690		138,191
Gymboree Corp.	*	1,960		78,537
Haverty Furniture Cos, Inc.	†	2,301		23,102
Hibbett Sports, Inc.	*†	1,926		40,639
Hot Topic, Inc.	*	2,815		15,229
J Crew Group, Inc.	*†	2,936		96,917
Jo-Ann Stores, Inc.	*†	2,192		50,482
JOS A. Bank Clothiers, Inc.	*†	1,078		28,837
Kirkland’s, Inc.	*†	833		1,874
Lithia Motors, Inc., Class A	†	2,689		13,230
MarineMax, Inc.	*†	3,026		21,696
Men’s Wearhouse, Inc.	†	3,382		55,093
Midas, Inc.	*†	1,278		17,253
Monro Muffler, Inc.		1,635		25,326
Mothers Work, Inc.	*	684		6,888
NexCen Brands, Inc.	*†	4,629		2,593
OfficeMax, Inc.		4,961		68,958
O’Reilly Automotive, Inc.	*	7,547		168,675
Pacific Sunwear of California, Inc.	*†	5,046		43,042
Penske Auto Group, Inc.	†	3,166		46,667
PEP Boys-Manny Moe & Jack	†	3,451		30,093
PetSmart, Inc.		8,991		179,370
Pier 1 Imports, Inc.	*†	6,447		22,178
Rent-A-Center, Inc., Class A	*	4,059		83,494
Rex Stores Corp.	*	1,034		11,943
Ross Stores, Inc.		8,596		305,330
Sally Beauty Holdings, Inc.	*†	6,343		40,976
Select Comfort Corp.	*	3,139		5,148
Sonic Automotive, Inc., Class A	†	1,869		24,091
Stage Stores, Inc.	†	3,672		42,852
Stein Mart, Inc.	†	5,792		26,122
Systemax, Inc.		1,358		23,969
Talbots, Inc.	†	1,205		13,966
Tractor Supply Co.	*†	2,356		68,418
Trans World Entertainment Corp.	*†	1,932		5,487
TravelCenters of America LLC	*	964		2,188
Tween Brands, Inc.	*	1,441		23,719
Urban Outfitters, Inc.	*†	7,217		225,098
West Marine, Inc.	*†	2,443		10,016
Wet Seal, Inc. (The), Class A	*†	16,190		77,226
Williams-Sonoma, Inc.	†	5,416		107,453
Zale Corp.	*†	2,902		54,819
				4,527,729
Textiles, Apparel & Luxury Goods—0.6%
Carter’s, Inc.	*†	2,956		40,852
Charles & Colvard Ltd.	*	693		776
Cherokee, Inc.	†	995		20,049
Columbia Sportswear Co.	†	940		34,545
CROCS, Inc.	*†	4,977		39,866
Culp, Inc.	*	888		6,234
Deckers Outdoor Corp.	*†	840		116,928
Forward Industries, Inc.	*	630		1,688
Fossil, Inc.	*†	3,335		96,948
Hallwood Group, Inc.	*	100		6,914
Hanesbrands, Inc.	*	5,900		160,126
Iconix Brand Group, Inc.	*†	4,935		59,615
Kenneth Cole Productions, Inc., Class A	†	956		12,141
K-Swiss, Inc., Class A	†	1,706		25,078
Lazare Kaplan International, Inc.	*	1,140		10,146
Movado Group, Inc.	†	1,527		30,235
Nitches, Inc.	*	2,850		2,765
Oxford Industries, Inc.	†	956		18,307
Phillips-Van Heusen Corp.		3,743		137,069
Quiksilver, Inc.	*	7,789		76,488
Skechers U.S.A., Inc., Class A	*†	2,697		53,293
Sport-Haley, Inc.	*	1,043		2,180
Steven Madden Ltd.	*	1,528		28,085
Tarrant Apparel Group	*	1,107		697
Timberland Co., Class A	*	3,249		53,121
Under Armour, Inc., Class A	*†	2,477		63,510
Unifi, Inc.	*†	9,669		24,366
Warnaco Group, Inc. (The)	*	2,900		127,803
Wolverine World Wide, Inc.		3,299		87,984
				1,337,809
Thrifts & Mortgage Finance—1.0%
Anchor Bancorp Wisconsin, Inc.	†	1,412		9,898
Astoria Financial Corp.		5,705		114,556
Bank Mutual Corp.	†	5,557		55,792
BankAtlantic Bancorp, Inc., Class A	†	3,411		6,003
BankUnited Financial Corp., Class A	†	2,413		2,317
Beneficial Mutual Bancorp, Inc.	*†	3,251		35,989
Brookline Bancorp, Inc.		6,167		58,895
Capitol Federal Financial	†	1,516		57,017
Centerline Holding Co.	†	3,935		6,571
CFS Bancorp, Inc.		1,873		22,083
Charter Financial Corp.		350		8,400
Corus Bankshares, Inc.	†	4,380		18,221
Dime Community Bancshares		3,549		58,594
Doral Financial Corp. (Puerto Rico)	*	585		7,921
Downey Financial Corp.	†	4,878		13,512
Federal Agricultural Mortgage Corp., Class C		1,507		37,344
First Financial Holdings, Inc.		990		17,008
First Financial Northwest, Inc.	†	2,164		21,489
First Financial Service Corp.		988		17,843
First Niagara Financial Group, Inc.	†	8,276		106,429
First Place Financial Corp.		1,727		16,234
FirstFed Financial Corp.	*†	2,632		21,161
Flagstar Bancorp, Inc.	†	2,770		8,338
Flushing Financial Corp.	†	1,450		27,478

238 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Franklin Bank Corp.	*†	1,930	$	1,177
Guaranty Financial Group, Inc.	*†	6,461		34,696
Harrington West Financial Group, Inc.		1,172		4,489
Imperial Capital Bancorp, Inc.		680		3,896
IndyMac Bancorp, Inc.	†	6,281		3,894
Kearny Financial Corp.		3,008		33,088
NASB Financial, Inc.	†	529		9,406
New York Community Bancorp, Inc.	†	21,841		389,643
NewAlliance Bancshares, Inc.	†	7,265		90,667
Northwest Bancorp, Inc.		1,598		34,868
Ocwen Financial Corp.	*†	3,062		14,238
Parkvale Financial Corp.		1,077		25,126
People’s United Financial, Inc.		10,532		164,299
PFF Bancorp, Inc.	†	1,563		1,688
PMI Group, Inc. (The)	†	5,087		9,920
Provident Financial Services, Inc.		5,182		72,600
Provident New York Bancorp	†	3,488		38,577
Radian Group, Inc.		7,245		10,505
Riverview Bancorp, Inc.		2,602		19,255
SouthFirst Bancshares, Inc.		400		3,300
TFS Financial Corp.	†	6,639		76,946
TierOne Corp.		1,971		9,047
Triad Guaranty, Inc.	*†	5,663		5,890
Trustco Bank Corp.	†	7,080		52,534
United Western Bancorp, Inc.		974		12,233
Washington Federal, Inc.	†	5,612		101,577
Westfield Financial, Inc.	†	4,068		36,815
Willow Financial Bancorp, Inc.		1,237		10,082
WSFS Financial Corp.		610		27,206
				2,046,755
Tobacco—0.1%
Alliance One International, Inc.	*†	6,420		32,806
Universal Corp.	†	1,971		89,129
Vector Group Ltd.	†	2,389		38,534
				160,469
Trading Companies & Distributors—0.6%
Aceto Corp.		1,070		8,175
Aircastle Ltd. (Bermuda)	†	3,110		26,155
Applied Industrial Technologies, Inc.	†	2,868		69,320
Beacon Roofing Supply, Inc.	*†	2,640		28,010
Building Materials Holding Corp.		4,826		8,542
Electro Rent Corp.		951		11,925
Fastenal Co.		9,186		396,468
GATX Corp.		2,878		127,582
H&E Equipment Services, Inc.	*†	1,490		17,910
Houston Wire & Cable Co.	†	1,569		31,223
Interline Brands, Inc.	*	2,320		36,958
Kaman Corp., Class A		1,920		43,699
MSC Industrial Direct Co., Class A		2,782		122,714
Rush Enterprises, Inc., Class A	*	3,059		36,739
United Rentals, Inc.	*	5,536		108,561
Watsco, Inc.	†	1,593		66,587
WESCO International, Inc.	*	2,870		114,915
Willis Lease Finance Corp.	*	1,234		13,179
				1,268,662
Transportation Infrastructure—0.0%
Macquarie Infrastructure Co. LLC	†	3,017		76,300
Water Utilities—0.2%
American States Water Co.	†	1,492		52,130
American Water Works Co., Inc.	*	3,772		83,663
Aqua America, Inc.		8,998		143,698
California Water Service Group	†	1,589		52,072
Connecticut Water Service, Inc.	†	500		11,200
Middlesex Water Co.		550		9,125
SJW Corp.	†	1,012		26,717
Southwest Water Co.	†	2,215		22,194
				400,799
Wireless Telecommunication Services—1.2%
Centennial Communications Corp.	*	5,437		38,005
Clearwire Corp., Class A	*†	4,151		53,797
Crown Castle International Corp.	*	17,141		663,871
FiberTower Corp.	*†	6,580		9,212
iPCS, Inc.	*†	1,789		53,008
Kratos Defense & Security Solutions, Inc.	*†	2,399		4,702
LCC International, Inc., Class A	*	1,000		960
Leap Wireless International, Inc.	*	3,284		141,770
MetroPCS Communications, Inc.	*	12,141		215,017
NII Holdings, Inc., Class B	*	11,168		530,368
Rural Cellular Corp., Class A	*	1,266		56,350
SBA Communications Corp., Class A	*	7,115		256,211
Syniverse Holdings, Inc.	*	1,860		30,132
Telephone & Data Systems, Inc.	†	5,823		275,253
Telephone & Data Systems, Inc. (Special Shares), Class L		1,314		57,947
US Cellular Corp.	*	921		52,083
				2,438,686
TOTAL COMMON STOCKS (Cost $180,142,016)				203,687,081

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bill—0.1%
U.S. Treasury Bill
1.959%	09/18/2008	‡‡
(Cost $184,209)			$	185,000	184,276

See accompanying notes to financial statements. 239

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Mid/Small Company Index Fund

		Shares	Value
RIGHTS—0.0%
Apparel—0.0%
Mossimo, Inc.,
Expires TBD	*‡da
(Cost $—)		2,807	$	—
WARRANTS—0.0%
Financial Services—0.0%
Equitex, Inc.,
Expires 02/7/2010	*‡da	264		—
Equitex, Inc.,
Expires 02/7/2010	*‡da	264		—
Pegasus Wireless Corp.,
Expires 08/11/2008	*‡da	200		—
TOTAL WARRANTS (Cost $—)				—
CASH EQUIVALENTS—27.0%
Institutional Money Market Funds—27.0%
AIM Short-Term Investments Trust Liquid Assets Portfolio	††	11,692,039		11,692,039
AIM Short-Term Investments Trust Prime Assets Portfolio	††	40,748,813		40,748,813
JPMorgan Prime Money Market Fund, Capital Shares		3,750,556		3,750,556
TOTAL CASH EQUIVALENTS (Cost $56,191,408)				56,191,408
TOTAL INVESTMENTS—125.1% (Cost $236,517,633)				260,062,765
Other assets less liabilities—(25.1%)				(52,256,833	)
NET ASSETS—100.0%			$	207,805,932

Notes to the Schedule of Investments:

REIT	Real Estate Investment Trust
†	Denotes all or a portion of security on loan.
*	Non-income producing.
d	Security has no market value at 06/30/2008.
a	Illiquid Security.
‡	Security valued at fair value as determined by policies approved by the board of directors.
‡‡	Security has been pledged as collateral for futures contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.

240 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Overseas Equity Index Fund

		Shares	Value
COMMON STOCKS—95.4%
Australia—6.6%
AGL Energy Ltd.		7,248	$	99,285
Alumina Ltd.		20,052		91,027
Amcor Ltd.		11,838		57,349
AMP Ltd.		30,846		197,512
Aristocrat Leisure Ltd.		6,119		37,583
Asciano Group		9,173		30,512
ASX Ltd.		3,254		97,977
Australia & New Zealand Banking Group Ltd.		30,788		553,341
AXA Asia Pacific Holdings Ltd.		14,164		63,507
Babcock & Brown Ltd.	†	3,777		27,117
Bendigo and Adelaide Bank Ltd.	†	3,459		36,248
BHP Billiton Ltd.		55,892		2,378,780
Billabong International Ltd.		3,672		37,974
BlueScope Steel Ltd.		12,806		139,148
Boart Longyear Group		23,649		50,568
Boral Ltd.		7,953		43,082
Brambles Ltd.		22,972		192,274
Caltex Australia Ltd.		2,904		36,285
CFS Retail Property Trust REIT	†	24,195		42,927
Coca-Cola Amatil Ltd.		7,823		52,573
Cochlear Ltd.		767		32,214
Commonwealth Bank of Australia		22,089		851,740
Computershare Ltd.		9,803		86,409
Crown Ltd.		8,998		80,041
CSL Ltd.		8,915		305,169
CSR Ltd.		18,904		44,343
Dexus Property Group REIT		55,958		74,079
Fairfax Media Ltd.		24,051		67,566
Fortescue Metals Group Ltd.	*	21,130		240,058
Foster’s Group Ltd.		31,606		153,650
Goodman Fielder Ltd.		12,355		16,647
Goodman Group REIT		24,482		72,527
GPT Group REIT		30,675		65,364
Harvey Norman Holdings Ltd.		10,998		32,548
Incitec Pivot Ltd.		766		135,635
Insurance Australia Group Ltd.		31,863		106,174
Leighton Holdings Ltd.	†	2,521		122,759
Lend Lease Corp. Ltd.	†	6,835		62,625
Lion Nathan Ltd.		6,303		51,632
Macquarie Airports		9,138		18,074
Macquarie Group Ltd.	†	4,238		197,302
Macquarie Infrastructure Group	†	40,325		89,724
Macquarie Office Trust REIT		42,146		31,448
Meinl European Land Ltd.	*	5,430		60,879
Metcash Ltd.		10,088		35,789
Mirvac Group REIT		19,844		56,358
National Australia Bank Ltd.		27,496		698,164
Newcrest Mining Ltd.		7,242		200,987
OneSteel Ltd.		14,808		105,552
Orica Ltd.		5,586		156,785
Origin Energy Ltd.		16,532		255,776
Oxiana Ltd.	†	43,462		108,844
Paladin Energy Ltd.	*	9,064		55,341
Perpetual Ltd.		532		21,809
Qantas Airways Ltd.		18,484		53,864
QBE Insurance Group Ltd.		14,106		303,294
Rio Tinto Ltd.		4,708		609,155
Santos Ltd.		10,914		224,801
Sims Group Ltd.		2,622		104,848
Sonic Healthcare Ltd.		5,297		73,968
St George Bank Ltd.		8,511		221,458
Stockland REIT		24,404		126,188
Suncorp-Metway Ltd.		16,390		205,385
Tabcorp Holdings Ltd.		9,246		86,935
Tatts Group Ltd.		17,158		38,708
Telstra Corp. Ltd.		76,003		308,828
Toll Holdings Ltd.		9,173		53,080
Transurban Group	†	18,847		76,620
Wesfarmers Ltd.		13,328		477,158
Westfield Group REIT		28,734		448,986
Westpac Banking Corp.		31,404		603,175
Woodside Petroleum Ltd.		7,778		502,740
Woolworths Ltd.		20,256		474,696
WorleyParsons Ltd.		2,239		81,127
				14,034,095
Austria—0.6%
Andritz AG		484		30,359
Erste Bank der Oesterreichischen Sparkassen AG	†	3,450		213,370
Immoeast AG	*	7,515		66,458
Immofinanz Immobilien Anlagen AG		7,160		73,719
OMV AG		2,644		206,576
Raiffeisen International Bank Holding AG	†	778		98,846
Strabag SE	†	850		66,039
Telekom Austria AG		6,281		136,101
Verbund—Oesterreichische Elektrizitaetswirtschafts AG, Class A		1,510		134,834
Vienna Insurance Group		618		40,723
Voestalpine AG		1,825		149,349
Wienerberger AG	†	1,303		54,482
				1,270,856
Belgium—1.0%
Belgacom SA		2,883		123,686
Colruyt SA		332		87,515
Delhaize Group		1,861		124,646
Dexia SA	†	8,587		136,721
Fortis		34,845		553,492
Groupe Bruxelles Lambert SA		1,526		165,878
InBev NV		3,045		210,534
KBC Ancora		284		24,730
KBC Groep NV		2,886		319,022
Mobistar SA		449		36,242
Nationale A Portefeuille		359		26,800
Solvay SA		1,015		132,234
UCB SA		2,101		77,509
Umicore		1,995		98,121
				2,117,130
Bermuda—0.1%
Seadrill Ltd.		4,479		136,713
China—0.0%
Foxconn International Holdings Ltd.	*	41,000		39,781
Denmark—1.0%
A P Moller—Maersk A/S, Class B		18		219,546
A P Moller—Maersk A/S, Class A		8		97,730
Carlsberg A/S, Class B		1,354		130,430
Coloplast A/S, Class B		274		23,801
Danisco A/S		833		53,406

See accompanying notes to financial statements. 241

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Overseas Equity Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Danske Bank A/S		7,929	$	228,314
DSV A/S		4,086		97,476
FLSmidth & Co. A/S		950		103,793
Jyske Bank A/S	*	1,193		70,987
Novo Nordisk A/S, Class B		7,599		500,246
Novozymes A/S, Class B		839		75,533
Sydbank A/S		700		26,604
Topdanmark A/S	*	339		51,009
TrygVesta AS		350		24,704
Vestas Wind Systems A/S	*	3,110		404,913
William Demant Holding	*	358		23,512
				2,132,004
Finland—1.5%
Cargotec Corp., Class B		834		28,854
Elisa Oyj	†	1,951		40,720
Fortum Oyj		7,265		367,721
Kesko Oyj, Class B		1,238		39,835
Kone Oyj, Class B		3,042		106,335
Metso Oyj		2,116		95,772
Neste Oil Oyj	†	2,491		73,011
Nokia Oyj		65,558		1,602,425
Nokian Renkaat Oyj		1,550		73,519
Orion Oyj, Class B		1,592		31,618
Outokumpu Oyj		2,272		78,953
Pohjola Bank plc		1,100		18,990
Rautaruukki Oyj		1,584		71,903
Sampo Oyj, Class A		7,783		195,514
SanomaWSOY Oyj		1,909		42,234
Stora Enso Oyj, Class R		9,940		92,608
UPM-Kymmene Oyj		9,367		152,625
Wartsila Oyj		1,429		89,230
YIT Oyj		1,800		44,948
				3,246,815
France—9.5%
Accor SA		3,273		217,425
Aeroports de Paris		565		52,721
Air France-KLM		2,488		59,346
Air Liquide		4,186		551,089
Alcatel-Lucent	*	38,733		233,825
Alstom SA		1,670		382,940
Atos Origin		1,417		78,054
AXA SA		25,733		758,244
BNP Paribas		13,782		1,240,612
Bouygues		3,628		239,363
Bureau Veritas SA		488		28,926
Cap Gemini SA		2,519		147,682
Carrefour SA		10,925		615,817
Casino Guichard Perrachon SA		865		97,683
Christian Dior SA		796		81,767
Cie de Saint-Gobain	†	4,861		301,044
Cie Generale de Geophysique-Veritas	*	2,080		98,203
Cie Generale d’Optique Essilor International SA	†	3,156		192,513
CNP Assurances		676		76,217
Compagnie Generale des Etablissements Michelin, Class B		2,404		171,900
Credit Agricole SA	†	14,914		302,760
Dassault Systemes SA		1,254		76,126
Eiffage SA		489		33,396
Electricite de France		3,010		285,139
Eramet		86		84,999
Eurazeo		242		25,751
Eutelsat Communications		1,153		31,984
France Telecom SA		30,288		888,256
Gaz de France SA	†	3,477		222,627
Gecina SA REIT		146		17,645
Groupe Danone	†	7,418		519,067
Hermes International		1,113		174,761
Icade REIT		336		39,185
Imerys SA		730		52,714
JC Decaux SA		1,530		38,783
Klepierre REIT		990		49,632
Lafarge SA		2,413		367,951
Lagardere SCA		2,073		117,266
Legrand SA		862		21,691
L’Oreal SA		4,245		460,439
LVMH Moet Hennessy Louis Vuitton SA		4,140		431,871
M6-Metropole Television		1,711		36,815
Natixis		6,203		68,282
Neopost SA		600		63,258
PagesJaunes Groupe	†	1,314		19,219
Pernod-Ricard SA		2,725		278,072
Peugeot SA	†	2,438		131,681
PPR		1,274		140,640
Publicis Groupe		2,281		73,595
Renault SA		3,133		254,984
Safran SA		2,404		46,366
Sanofi-Aventis SA		16,979		1,128,263
Schneider Electric SA		3,613		388,680
SCOR SE		3,593		81,812
Societe BIC SA		239		12,477
Societe Generale		7,865		681,887
Societe Television Francaise 1		2,508		41,751
Sodexo		1,672		109,381
Suez SA		17,217		1,167,096
Suez SA VVPR Strips	*	880		14
Technip SA		1,700		156,875
Thales SA		1,497		85,152
Total SA		35,908		3,056,428
Unibail-Rodamco REIT	*	1,288		296,797
Valeo SA		1,258		40,266
Vallourec		870		304,265
Veolia Environnement		5,919		330,441
Vinci SA	†	6,855		418,593
Vivendi Universal SA		19,737		744,208
Wendel		384		38,878
Zodiac SA		569		26,031
				20,089,621
Germany—8.3%
Adidas AG		3,316		208,818
Allianz SE (Registered)		7,464		1,312,940
Arcandor AG	*	920		10,710
BASF SE		16,122		1,111,149
Bayer AG	†	12,337		1,038,012
Bayerische Motoren Werke AG	†	4,977		239,128
Beiersdorf AG		1,579		115,923
Bilfinger Berger AG		720		62,434
Celesio AG		1,532		55,333
Commerzbank AG	†	10,489		311,605
Continental AG	†	2,550		262,468
Daimler AG		15,194		942,419
Deutsche Bank AG (Registered)		8,617		743,860
Deutsche Boerse AG		3,297		372,693
Deutsche Lufthansa AG		4,369		94,134
Deutsche Post AG		13,562		354,091
Deutsche Postbank AG		1,429		125,629
Deutsche Telekom AG		48,159		789,336
E.ON AG		10,375		2,091,018

242 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Overseas Equity Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Fresenius Medical Care AG & Co. KGaA		3,132	$	172,564
Fresenius SE		330		28,573
GEA Group AG		2,256		79,653
Hamburger Hafen und Logistik AG		293		22,758
Hannover Rueckversicherung AG		795		39,160
HeidelbergCement AG		348		50,468
Henkel AG & Co. KGaA		2,008		75,294
Hochtief AG		816		82,770
Hypo Real Estate Holding AG	†	3,623		101,939
Infineon Technologies AG	*	12,151		105,465
IVG Immobilien AG		1,302		25,645
K+S AG		590		339,698
Linde AG		2,048		287,662
MAN AG		1,752		194,269
Merck KGAA		1,015		144,233
Metro AG		2,019		128,801
Muenchener Rueckversicherungs AG		3,413		598,618
Puma AG Rudolf Dassler Sport		91		30,475
Q-Cells AG	*	906		91,779
Rheinmetall AG		723		52,190
RWE AG	†	7,554		953,736
Salzgitter AG		639		117,057
SAP AG	†	14,938		781,815
Siemens AG		14,506		1,608,134
Solarworld AG	†	1,548		73,665
ThyssenKrupp AG		5,881		368,942
TUI AG	†	3,859		89,335
United Internet AG		1,658		32,666
Volkswagen AG	†	2,443		705,656
Wacker Chemie AG		213		44,498
				17,669,218
Greece—0.6%
Alpha Bank AE		6,130		185,577
Coca Cola Hellenic Bottling Co. SA		2,441		66,412
EFG Eurobank Ergasias SA		5,185		123,458
Hellenic Petroleum SA		890		12,232
Hellenic Telecommunications Organization SA	*	4,880		122,933
Marfin Investment Group SA	*	10,995		86,986
National Bank of Greece SA		7,807		351,368
OPAP SA		3,163		110,670
Piraeus Bank SA		4,966		135,156
Public Power Corp. SA		2,009		69,682
Titan Cement Co. SA		500		19,856
				1,284,330
Hong Kong—2.0%
ASM Pacific Technology Ltd.		2,000		15,116
Bank of East Asia Ltd.		25,200		137,011
BOC Hong Kong Holdings Ltd.		59,500		157,718
Cathay Pacific Airways Ltd.		18,000		34,284
Cheung Kong Holdings Ltd.		24,000		324,552
Cheung Kong Infrastructure Holdings Ltd.		5,000		21,186
CLP Holdings Ltd.		31,000		265,850
Esprit Holdings Ltd.		17,500		182,219
Hang Lung Group Ltd.		12,000		53,520
Hang Lung Properties Ltd.		38,000		121,994
Hang Seng Bank Ltd.		12,300		259,704
Henderson Land Development Co. Ltd.		20,000		125,045
Hong Kong & China Gas Co. Ltd.		72,600		172,756
Hong Kong Exchanges and Clearing Ltd.		18,000		263,677
HongKong Electric Holdings	†	26,000		155,576
Hopewell Holdings		11,000		39,102
Hutchison Telecommunications International Ltd.	*	28,000		39,650
Hutchison Whampoa Ltd.		35,000		352,951
Hysan Development Co. Ltd.		7,000		19,263
Kerry Properties Ltd.		11,000		57,850
Kingboard Chemical Holdings Ltd.		11,000		50,791
Li & Fung Ltd.		39,600		119,491
Link (The) REIT		38,000		86,585
Mongolia Energy Co. ltd	*†	56,000		108,213
MTR Corp.		27,000		85,063
New World Development Ltd.		37,600		76,801
Noble Group Ltd.		31,200		54,609
Orient Overseas International Ltd.		2,200		11,019
Pacific Basin Shipping Ltd.		28,000		40,064
PCCW Ltd.		58,000		35,127
Pou Sheng International Holdings Ltd.	*	275		85
Shangri-La Asia Ltd.		18,000		42,175
Shun Tak Holdings Ltd.	†	12,000		11,248
Sino Land Co.		26,000		51,743
Sun Hung Kai Properties Ltd.		23,000		312,664
Swire Pacific Ltd.		14,500		148,420
Television Broadcasts Ltd.		5,000		28,881
Wharf Holdings Ltd.		21,125		88,443
Wheelock & Co. Ltd.		8,000		21,495
Wing Hang Bank Ltd.		2,000		26,487
Yue Yuen Industrial Holdings Ltd.		11,000		26,134
				4,224,562
Ireland—0.6%
Allied Irish Banks plc		14,714		226,756
Anglo Irish Bank Corp. plc		11,206		104,524
Bank of Ireland		17,295		149,174
CRH plc		9,192		267,152
Elan Corp. plc	*	7,416		262,279
Experian Group Ltd.		17,497		129,407
Kerry Group plc, Class A		2,758		81,409
				1,220,701
Italy—3.6%
A2A SpA		17,876		65,268
Alleanza Assicurazioni SpA		6,413		69,367
Assicurazioni Generali SpA		17,887		683,612
Atlantia SpA		4,057		122,532
Autogrill SpA	*†	2,618		31,302
Banca Carige SpA		9,271		32,607
Banca Monte dei Paschi di Siena SpA		33,744		95,113
Banca Popolare di Milano Scarl		8,299		77,459
Banco Popolare SC		10,888		192,351
Bulgari SpA		2,013		20,236
Enel SpA	†	73,413		696,425
ENI SpA		43,293		1,608,347
Fiat SpA		11,496		187,119
Finmeccanica SpA		4,830		126,285
Fondiaria-Sai SpA		1,454		47,917
IFIL—Investments SpA		3,300		21,326

See accompanying notes to financial statements. 243

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Overseas Equity Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Intesa Sanpaolo SpA		130,790	$	743,520
Intesa Sanpaolo SpA RNC		14,283		73,598
Italcementi SpA		992		16,411
Lottomatica SpA		894		26,637
Luxottica Group SpA	†	2,714		63,339
Mediaset SpA		13,265		87,245
Mediobanca SpA		7,721		130,847
Mediolanum SpA		3,095		12,816
Parmalat SpA		23,969		62,352
Pirelli & C SpA		39,884		27,363
Prysmian SpA		1,905		48,093
Saipem SpA		3,909		182,697
Snam Rete Gas SpA		14,205		96,827
Telecom Italia RNC		100,213		161,781
Telecom Italia SpA	†	176,142		352,300
Terna Rete Elettrica Nazionale SpA	†	24,044		101,603
UniCredit SpA		183,799		1,118,020
Unione di Banche Italiane SCPA		10,800		252,349
Unipol Gruppo Finanziario SpA		21,870		51,383
				7,686,447
Japan—20.5%
77 Bank Ltd. (The)		8,000		50,305
Acom Co. Ltd.		960		29,714
Advantest Corp.		2,400		50,587
Aeon Co. Ltd.		11,500		142,354
Aeon Credit Service Co. Ltd.		900		11,278
Aeon Mall Co. Ltd.		600		17,749
Aiful Corp.		2,075		24,004
Aisin Seiki Co. Ltd.		3,200		105,116
Ajinomoto Co., Inc.	†	11,000		104,213
Alfresa Holdings Corp.		700		50,100
All Nippon Airways Co. Ltd.	†	9,000		33,660
Alps Electric Co. Ltd.		2,000		20,686
Amada Co. Ltd.		5,000		39,555
Aozora Bank Ltd.		6,000		13,725
Asahi Breweries Ltd.	†	7,600		142,071
Asahi Glass Co. Ltd.		16,000		193,711
Asahi Kasei Corp.		22,000		115,344
Asics Corp.		4,000		43,719
Astellas Pharma, Inc.		8,275		351,896
Bank of Kyoto Ltd. (The)		4,000		41,810
Bank of Yokohama Ltd. (The)		21,000		145,221
Benesse Corp.		900		36,451
Bridgestone Corp.		11,200		171,819
Brother Industries Ltd.		2,300		31,712
Canon Marketing Japan, Inc.		900		15,831
Canon, Inc.		18,000		926,567
Casio Computer Co. Ltd.		4,500		51,203
Central Japan Railway Co.		26		286,584
Chiba Bank Ltd. (The)		14,000		98,304
Chubu Electric Power Co., Inc.		11,400		278,456
Chugai Pharmaceutical Co. Ltd.	†	4,500		71,954
Chugoku Bank Ltd. (The)		2,000		29,058
Chugoku Electric Power Co., Inc. (The)		4,000		85,354
Chuo Mitsui Trust Holdings, Inc.		13,000		77,430
Citizen Holdings Co. Ltd.		4,700		35,856
Coca-Cola West Holdings Co. Ltd.	†	1,200		28,005
Cosmo Oil Co. Ltd.		12,000		43,478
Credit Saison Co. Ltd.	†	2,400		50,344
CSK Holdings Corp.		800		15,762
Dai Nippon Printing Co. Ltd.		11,000		161,944
Daicel Chemical Industries Ltd.		3,000		16,899
Daido Steel Co. Ltd.		8,000		44,764
Daiichi Sankyo Co. Ltd.		11,702		322,371
Daikin Industries Ltd.		4,200		212,364
Daito Trust Construction Co. Ltd.		1,600		77,602
Daiwa House Industry Co. Ltd.		9,000		84,724
Daiwa Securities Group, Inc.		22,000		202,307
Dena Co. Ltd.		5		29,451
Denki Kagaku Kogyo K K		6,000		22,251
Denso Corp.		7,900		272,087
Dentsu, Inc.		33		70,028
DIC Corp.		14,000		40,628
Dowa Holdings Co., Ltd.	†	3,000		21,915
East Japan Railway Co.		56		456,137
Eisai Co. Ltd.		4,100		144,828
Electric Power Development Co. Ltd.		2,340		86,875
Elpida Memory, Inc.	*†	1,500		48,106
FamilyMart Co. Ltd.		600		24,559
Fanuc Ltd.		3,100		303,172
Fast Retailing Co. Ltd.		1,000		94,873
Fuji Electric Holdings Co. Ltd.	†	7,000		24,750
Fuji Heavy Industries Ltd.		7,000		34,341
FUJIFILM Holdings Corp.		8,500		292,787
Fujitsu Ltd.		30,000		222,775
Fukuoka Financial Group, Inc.		12,000		54,246
Furukawa Electric Co. Ltd.		8,000		34,822
Gunma Bank Ltd. (The)		5,000		33,333
Hachijuni Bank Ltd. (The)		6,000		38,929
Hakuhodo DY Holdings, Inc.		660		35,229
Hankyu Hanshin Holdings, Inc.		18,600		78,158
Haseko Corp.		17,000		22,747
Hikari Tsushin, Inc.		200		6,598
Hino Motors Ltd.		2,000		12,422
Hirose Electric Co. Ltd.		630		63,301
Hiroshima Bank Ltd. (The)		10,000		44,587
Hisamitsu Pharmaceutical Co., Inc.		800		34,836
Hitachi Chemical Co. Ltd.		2,300		47,467
Hitachi Construction Machinery Co. Ltd.		2,000		56,072
Hitachi High-Technologies Corp.		700		16,243
Hitachi Ltd.		58,000		417,686
Hokkaido Electric Power Co., Inc.		3,000		61,096
Hokuhoku Financial Group, Inc.		19,000		55,114
Hokuriku Electric Power Co.		2,400		57,076
Honda Motor Co. Ltd.		26,300		897,531
HOYA Corp.		7,100		164,452
Ibiden Co. Ltd.		2,200		80,115
Idemitsu Kosan Co. Ltd.		200		17,787
IHI Corp.		21,000		42,538
Inpex Holdings, Inc.		14		176,797
Isetan Mitsukoshi Holdings Ltd.	*†	5,940		63,604
Isuzu Motors Ltd.		18,000		86,679
Ito En Ltd.	†	800		12,602
ITOCHU Corp.		25,000		266,544
Itochu Techno-Solutions Corp.		300		9,749
Iyo Bank Ltd./The		3,000		35,126
J Front Retailing Co. Ltd.		8,600		45,531

244 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Overseas Equity Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Jafco Co. Ltd.		400	$	13,695
Japan Airlines Corp.	*	14,000		29,405
Japan Petroleum Exploration Co.		500		35,697
Japan Prime Realty Investment Corp. REIT		12		35,504
Japan Real Estate Investment Corp. REIT		6		63,372
Japan Retail Fund Investment Corp. REIT		4		23,063
Japan Steel Works Ltd. (The)		6,000		116,699
Japan Tobacco, Inc.		78		332,659
JFE Holdings, Inc.	†	8,900		448,722
JGC Corp.		3,000		59,075
Joyo Bank Ltd. (The)		14,000		68,180
JS Group Corp.		4,900		78,017
JSR Corp.		3,800		75,518
JTEKT Corp.		3,700		58,781
Jupiter Telecommunications Co. Ltd.		23		17,842
Kajima Corp.	†	19,000		66,472
Kamigumi Co. Ltd.		5,000		37,908
Kaneka Corp.		6,000		40,871
Kansai Electric Power Co., Inc. (The)		12,600		295,185
Kansai Paint Co. Ltd.		2,000		13,849
Kao Corp.		9,000		236,272
Kawasaki Heavy Industries Ltd.		30,000		80,130
Kawasaki Kisen Kaisha Ltd.		9,000		84,579
KDDI Corp.		46		284,621
Keihin Electric Express Railway Co. Ltd.	†	7,000		43,388
Keio Corp.	†	12,000		60,729
Keisei Electric Railway Co. Ltd.		7,000		35,832
Keyence Corp.		630		150,175
Kikkoman Corp.		2,000		24,432
Kinden Corp.		1,000		10,095
Kintetsu Corp.	†	30,000		94,107
Kirin Holdings Co. Ltd.		13,000		203,285
Kobe Steel Ltd.		46,000		131,727
Komatsu Ltd.		15,000		418,892
Konami Corp.		1,200		41,971
Konica Minolta Holdings, Inc.		7,500		127,039
Kubota Corp.		19,000		136,551
Kuraray Co. Ltd.		7,000		83,523
Kurita Water Industries Ltd.	†	1,500		55,655
Kyocera Corp.		2,900		273,567
Kyowa Hakko Kogyo Co. Ltd.		4,000		41,011
Kyushu Electric Power Co., Inc.		6,000		125,549
Lawson, Inc.		800		38,976
Leopalace21 Corp.		2,400		34,429
Mabuchi Motor Co. Ltd.		400		21,724
Makita Corp.		2,100		85,942
Marubeni Corp.		27,000		225,207
Marui Group Co. Ltd.	†	4,000		31,141
Matsushita Electric Industrial Co. Ltd.		31,000		663,207
Matsushita Electric Works Ltd.		7,000		71,431
Mazda Motor Corp.		12,000		62,469
Mediceo Paltac Holdings Co. Ltd.		2,100		38,672
Meiji Dairies Corp.		6,000		30,787
Minebea Co. Ltd.		5,000		28,594
Mitsubishi Chemical Holdings Corp.		22,000		128,106
Mitsubishi Corp.		22,300		734,801
Mitsubishi Electric Corp.		33,000		356,924
Mitsubishi Estate Co. Ltd.		19,000		434,998
Mitsubishi Gas Chemical Co., Inc.		7,000		50,428
Mitsubishi Heavy Industries Ltd.		56,000		267,472
Mitsubishi Logistics Corp.	†	3,000		32,859
Mitsubishi Materials Corp.		18,000		76,975
Mitsubishi Motors Corp.	*	52,000		94,655
Mitsubishi Rayon Co. Ltd.	†	10,000		31,542
Mitsubishi Tanabe Pharma Corp.		4,000		52,499
Mitsubishi UFJ Financial Group, Inc.		167,820		1,483,100
Mitsubishi UFJ Lease & Finance Co. Ltd.		710		30,850
Mitsubishi UFJ NICOS Co, Ltd.	*	6,000		19,850
Mitsui & Co. Ltd.		28,000		617,990
Mitsui Chemicals, Inc.	†	13,000		64,197
Mitsui Engineering & Shipbuilding Co. Ltd.	†	12,000		38,058
Mitsui Fudosan Co. Ltd.		14,000		299,642
Mitsui Mining & Smelting Co. Ltd.		12,000		35,434
Mitsui OSK Lines Ltd.		18,000		256,715
Mitsui Sumitomo Insurance Group Holdings, Inc.	*	6,300		217,738
Mitsumi Electric Co. Ltd.		1,700		37,901
Mizuho Financial Group, Inc.		157		730,495
Mizuho Trust & Banking Co. Ltd.		18,000		31,027
Murata Manufacturing Co. Ltd.		3,600		169,843
Namco Bandai Holdings, Inc.		4,150		47,057
NEC Corp.		34,000		178,516
NEC Electronics Corp.	*†	300		7,497
NGK Insulators Ltd.		5,000		97,478
NGK Spark Plug Co. Ltd.	†	2,000		23,021
NHK Spring Co. Ltd.		2,000		15,962
Nidec Corp.		2,000		133,219
Nikon Corp.	†	6,000		175,639
Nintendo Co. Ltd.		1,700		964,025
Nippon Building Fund, Inc. REIT		7		82,549
Nippon Electric Glass Co. Ltd.		6,500		112,983
Nippon Express Co. Ltd.		14,000		67,236
Nippon Meat Packers, Inc.		2,000		27,101
Nippon Mining Holdings, Inc.		16,000		100,458
Nippon Oil Corp.		21,000		141,484
Nippon Paper Group, Inc.		21		57,451
Nippon Sheet Glass Co. Ltd.	†	8,000		39,650
Nippon Steel Corp.		87,000		471,508
Nippon Telegraph & Telephone Corp.		87		429,282
Nippon Yusen Kabushiki Kaisha		18,000		173,373
Nipponkoa Insurance Co. Ltd.		9,000		78,164
Nishi-Nippon City Bank Ltd. (The)		16,000		47,718
Nissan Chemical Industries Ltd.		2,000		24,611
Nissan Motor Co. Ltd.		36,800		305,642
Nisshin Seifun Group, Inc.		2,200		27,652
Nisshin Steel Co. Ltd.		15,000		51,060
Nisshinbo Industries, Inc.	†	4,000		47,603
Nissin Food Products Co. Ltd.	†	2,000		67,057
Nitori Co. Ltd.		300		15,411
Nitto Denko Corp.		2,800		107,633
NOK Corp.		1,400		22,280

See accompanying notes to financial statements. 245

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Overseas Equity Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Nomura Holdings, Inc.		29,000	$	429,443
Nomura Real Estate Holdings, Inc.		600		12,678
Nomura Real Estate Office Fund, Inc. REIT		5		37,656
Nomura Research Institute Ltd.		2,250		52,755
NSK Ltd.		7,000		61,334
NTN Corp.		9,000		60,012
NTT Data Corp.		25		97,874
NTT DoCoMo, Inc.		279		409,220
NTT Urban Development Corp.	†	24		31,464
Obayashi Corp.		11,000		49,855
Obic Co. Ltd.	†	100		16,816
Odakyu Electric Railway Co. Ltd.		9,000		58,497
OJI Paper Co. Ltd.		16,000		75,245
OKUMA Corp.		2,000		19,911
Olympus Corp.	†	4,000		135,605
Omron Corp.		4,100		88,490
Ono Pharmaceutical Co. Ltd.		1,300		71,697
Onward Holdings Co. Ltd.		2,000		21,029
Oracle Corp. Japan	†	300		12,231
Oriental Land Co. Ltd.		700		41,821
ORIX Corp.		1,530		219,137
Osaka Gas Co. Ltd.		35,000		128,390
OSAKA Titanium Technologies Co.	†	200		10,504
Otsuka Corp.		200		13,812
Pioneer Corp.		2,000		16,089
Promise Co. Ltd.		1,060		29,636
Rakuten, Inc.		94		47,454
Resona Holdings, Inc.	†	94		144,378
Ricoh Co. Ltd.		12,000		217,192
Rohm Co. Ltd.		1,900		109,705
Sankyo Co. Ltd.		600		39,094
Santen Pharmaceutical Co. Ltd.		700		17,568
Sanyo Electric Co. Ltd.	*†	21,000		48,824
Sapporo Hokuyo Holdings, Inc.		4		27,067
Sapporo Holdings Ltd.		4,000		28,005
SBI Holdings, Inc.		111		24,294
SBI SECURITIES Co. Ltd.		25		19,526
Secom Co. Ltd.		3,500		170,479
Sega Sammy Holdings, Inc.		4,348		38,062
Seiko Epson Corp.		1,800		49,471
Sekisui Chemical Co. Ltd.		8,000		54,559
Sekisui House Ltd.		8,000		74,794
Seven & I Holdings Co. Ltd.		14,240		407,735
Sharp Corp.		17,000		277,122
Shikoku Electric Power Co., Inc.		2,700		74,240
Shimadzu Corp.		3,000		29,914
Shimamura Co. Ltd.		500		30,830
Shimano, Inc.		1,000		50,268
Shimizu Corp.		10,000		47,385
Shin-Etsu Chemical Co. Ltd.		6,700		415,769
Shinko Electric Industries Co. Ltd.		800		9,900
Shinko Securities Co. Ltd.		13,000		38,329
Shinsei Bank Ltd.		14,000		47,994
Shionogi & Co. Ltd.		4,000		79,199
Shiseido Co. Ltd.		6,000		137,502
Shizuoka Bank Ltd. (The)		11,000		112,416
Showa Denko KK		22,000		58,407
Showa Shell Sekiyu KK		2,900		31,838
SMC Corp.		1,100		120,732
Softbank Corp.	†	12,200		205,728
Sojitz Corp.		17,200		57,377
Sompo Japan Insurance, Inc.		14,000		131,635
Sony Corp.		17,000		745,172
Sony Financial Holdings, Inc.		18		72,467
Stanley Electric Co. Ltd.		2,500		60,609
Sumco Corp.		1,900		42,096
Sumitomo Chemical Co. Ltd.		28,000		176,402
Sumitomo Corp.		18,000		236,489
Sumitomo Electric Industries Ltd.		12,600		160,014
Sumitomo Heavy Industries Ltd.		10,000		67,824
Sumitomo Metal Industries Ltd.		66,000		290,585
Sumitomo Metal Mining Co. Ltd.		9,000		137,667
Sumitomo Mitsui Financial Group, Inc.		111		834,743
Sumitomo Realty & Development Co. Ltd.		6,000		119,358
Sumitomo Rubber Industries, Inc.		1,900		14,212
Sumitomo Trust & Banking Co. Ltd. (The)		22,000		153,695
Suruga Bank Ltd.		4,000		52,079
Suzuken Co. Ltd.		960		35,461
Suzuki Motor Corp.	†	5,300		125,528
T&D Holdings, Inc.		3,600		222,050
Taiheiyo Cement Corp.		15,000		30,138
Taisei Corp.		22,000		52,477
Taisho Pharmaceutical Co. Ltd.		2,300		42,788
Taiyo Nippon Sanso Corp.		6,000		50,062
Takashimaya Co. Ltd.	†	6,000		54,513
Takeda Pharmaceutical Co. Ltd.		14,320		728,308
Takefuji Corp.		2,390		33,281
TDK Corp.		2,000		119,676
Teijin Ltd.		13,000		44,606
Terumo Corp.		2,800		143,267
THK Co. Ltd.		1,600		31,134
Tobu Railway Co. Ltd.		13,000		61,626
Toho Co. Ltd.	†	1,400		28,614
Toho Gas Co. Ltd.		5,000		27,418
Toho Titanium Co. Ltd.	†	300		5,883
Tohoku Electric Power Co., Inc.		7,700		167,718
Tokai Rika Co. Ltd.		700		14,494
Tokio Marine Holdings, Inc.		11,900		463,804
Tokuyama Corp.		3,000		22,356
Tokyo Broadcasting System, Inc.		200		3,799
Tokyo Electric Power Co., Inc. (The)		20,000		514,968
Tokyo Electron Ltd.		3,000		173,004
Tokyo Gas Co. Ltd.		36,000		145,457
Tokyo Steel Manufacturing Co. Ltd.		1,300		15,057
Tokyo Tatemono Co. Ltd.		4,000		25,906
Tokyu Corp.		21,000		108,965
Tokyu Land Corp.		9,000		51,248
TonenGeneral Sekiyu KK	†	6,000		54,505
Toppan Printing Co. Ltd.		8,000		88,124
Toray Industries, Inc.	†	24,000		128,807
Toshiba Corp.	†	50,000		368,877
Tosoh Corp.	†	9,000		36,849
Toto Ltd.		3,000		21,137
Toyo Seikan Kaisha Ltd.		3,300		58,257
Toyo Suisan Kaisha Ltd.		1,000		22,633
Toyoda Gosei Co. Ltd.		900		26,338

246 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Overseas Equity Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Toyota Boshoku Corp.		1,400	$	37,541
Toyota Industries Corp.		2,700		86,689
Toyota Motor Corp.		45,100		2,128,901
Toyota Tsusho Corp.		4,300		100,927
Trend Micro, Inc.	†	2,000		65,954
Ube Industries Ltd.		19,000		67,299
Unicharm Corp.	†	500		35,567
UNY Co. Ltd.		2,000		19,716
Ushio, Inc.		2,600		42,576
USS Co. Ltd.		200		13,215
West Japan Railway Co.		30		147,248
Yahoo! Japan Corp.		290		111,695
Yakult Honsha Co. Ltd.		1,900		53,524
Yamada Denki Co. Ltd.		1,400		99,748
Yamaguchi Financial Group, Inc.		2,000		27,682
Yamaha Corp.		3,700		71,548
Yamaha Motor Co. Ltd.		2,900		54,311
Yamato Holdings Co. Ltd.		7,000		97,712
Yamato Kogyo Co. Ltd.		700		33,428
Yamazaki Baking Co. Ltd.		1,000		11,005
Yaskawa Electric Corp.		5,000		49,067
Yokogawa Electric Corp.		3,400		31,150
				43,438,224
Luxembourg—0.8%
ArcelorMittal		14,541		1,429,012
Millicom International Cellular		1,019		104,901
Oriflame Cosmetics SA		337		21,536
SES		4,413		111,476
				1,666,925
Netherlands—4.6%
Aegon NV		23,053		303,071
Akzo Nobel NV		4,432		303,298
ASML Holding NV		7,336		179,558
Corio NV REIT		518		40,347
European Aeronautic Defence and Space Co. NV		5,785		108,997
Fugro NV		1,178		100,309
Heineken Holding NV, Class A		1,582		72,409
Heineken NV		4,091		208,328
ING Groep NV		31,928		1,009,487
James Hardie Industries NV		6,561		26,638
Koninklijke Ahold NV		21,058		282,295
Koninklijke DSM		2,591		151,863
Koninklijke KPN		32,374		553,491
Koninklijke Philips Electronics NV		18,172		615,401
Randstad Holding NV		1,746		60,764
Reed Elsevier NV		11,277		188,729
Royal Dutch Shell plc, Class A		58,953		2,416,589
Royal Dutch Shell plc, Class B		45,921		1,838,833
SBM Offshore NV		2,337		85,991
SNS Reaal		1,725		33,329
TNT NV		6,285		213,904
TomTom NV	*†	1,191		34,025
Unilever NV		27,312		772,344
Wolters Kluwer NV		4,949		115,192
				9,715,192
New Zealand—0.1%
Auckland International Airport Ltd.		8,084		12,019
Contact Energy Ltd.		5,052		30,747
Fletcher Building Ltd.		10,277		49,709
Sky City Entertainment Group Ltd.		8,062		18,801
Telecom Corp of New Zealand Ltd.	†	27,345		74,307
				185,583
Norway—1.0%
Aker Solutions ASA		3,235		76,227
DnB NOR ASA		13,364		169,778
Norsk Hydro ASA	†	11,436		166,753
Orkla ASA		14,782		189,409
Petroleum Geo-Services ASA	*	2,899		70,992
Renewable Energy Corp. AS	*†	2,650		68,419
StatoilHydro ASA		21,541		803,690
Storebrand ASA		6,908		51,152
Telenor ASA		14,385		270,037
Yara International ASA		3,275		289,234
				2,155,691
Portugal—0.3%
Banco BPI SA, Class G		2,502		10,323
Banco Comercial Portugues SA, Class R	†	34,512		74,438
Banco Espirito Santo SA	†	3,113		48,420
Brisa	†	6,944		80,000
Cimpor Cimentos de Portugal SGPS SA	†	1,457		9,770
Energias de Portugal SA		31,876		165,752
Portugal Telecom SGPS SA		11,716		132,514
Sonae SGPS SA	†	18,467		22,123
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		3,994		33,128
				576,468
Singapore—1.1%
Ascendas Real Estate Investment Trust REIT		7,300		11,836
CapitaCommercial Trust REIT		20,000		28,123
CapitaLand Ltd.		23,000		96,648
CapitaMall Trust REIT		22,000		48,524
City Developments Ltd.		10,000		80,044
ComfortDelgro Corp. Ltd.		37,000		40,902
Cosco Corp. Singapore Ltd.		18,000		42,475
DBS Group Holdings Ltd.		19,000		264,346
Fraser and Neave Ltd.		10,000		33,362
Golden Agri-Resources Ltd.		83,000		54,788
Jardine Cycle & Carriage Ltd.		1,000		12,533
Keppel Corp. Ltd.		20,000		164,050
Keppel Land Ltd.		4,000		14,610
Neptune Orient Lines Ltd.		4,000		9,514
Olam International Ltd.		6,600		11,773
Oversea-Chinese Banking Corp.		40,600		244,544
Parkway Holdings Ltd.		15,000		25,594
SembCorp Industries Ltd.		10,340		31,741
SembCorp Marine Ltd.		21,000		62,598
Singapore Airlines Ltd.		8,400		90,915
Singapore Exchange Ltd.		15,000		76,518
Singapore Press Holdings Ltd.		24,500		76,604
Singapore Technologies Engineering Ltd.		26,000		52,636
Singapore Telecommunications Ltd.		135,159		360,298
United Overseas Bank Ltd.		20,000		274,566
UOL Group Ltd.		13,000		32,441
Venture Corp. Ltd.		5,000		36,180
Wilmar International Ltd.		10,000		37,158
				2,315,321

See accompanying notes to financial statements. 247

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Overseas Equity Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Spain—3.9%
Abertis Infraestructuras SA		4,221	$	99,864
Acciona SA		445		105,192
Acerinox SA		2,413		55,366
ACS Actividades de Construccion y Servicios SA	†	3,374		168,831
Banco Bilbao Vizcaya Argentaria SA		59,424		1,132,250
Banco de Sabadell SA	†	13,655		115,097
Banco Popular Espanol SA		13,647		188,063
Banco Santander SA		104,145		1,900,028
Bankinter SA		3,604		40,876
Cintra Concesiones de Infraestructuras de Transporte SA	†	2,974		33,180
Criteria Caixacorp SA		11,251		67,137
Enagas		2,796		78,925
Fomento de Construcciones y Contratas SA		687		40,645
Gamesa Corp. Tecnologica SA		2,739		134,092
Gas Natural SDG SA		1,797		104,354
Gestevision Telecinco SA		2,112		26,895
Grifols SA		1,686		53,699
Grupo Ferrovial SA	†	1,190		73,311
Iberdrola Renovables SA	*	11,579		89,207
Iberdrola SA	†	59,482		792,525
Iberia Lineas Aereas de Espana		9,947		23,682
Inditex SA	†	3,636		166,677
Indra Sistemas SA	†	1,576		40,858
Mapfre SA	†	13,081		62,444
Promotora de Informaciones SA	†	1,051		11,204
Red Electrica de Espana	†	2,045		132,747
Repsol YPF SA		12,303		482,823
Sacyr Vallehermoso SA		1,382		42,189
Telefonica SA		71,571		1,894,035
Union Fenosa SA		1,695		98,500
Zardoya Otis SA	†	2,751		56,937
				8,311,633
Sweden—2.0%
Alfa Laval AB		5,944		91,831
Assa Abloy AB, Class B	†	4,945		71,149
Atlas Copco AB, Class A		11,228		164,214
Atlas Copco AB, Class B		6,758		89,374
Boliden AB		4,792		38,691
Electrolux AB	†	4,438		56,393
Getinge AB, Class B		3,096		75,484
Hennes & Mauritz AB, Class B		8,223		443,633
Holmen AB, Class B	†	741		21,664
Husqvarna AB, Class B	†	3,553		30,905
Investor AB, Class B		6,722		141,125
Lundin Petroleum AB	*	2,845		41,865
Modern Times Group AB, Class B		680		39,806
Nordea Bank AB		34,197		468,585
Sandvik AB		16,020		217,656
Scania AB, Class B		5,968		81,255
Securitas AB, Class B		6,443		74,528
Skandinaviska Enskilda Banken AB, Class A		7,991		147,427
Skanska AB, Class B		5,991		85,446
SKF AB, Class B	†	6,189		96,457
Ssab Svenskt Stal AB		669		18,905
Ssab Svenskt Stal AB, Class A		2,460		78,895
Svenska Cellulosa AB, Class B		10,516		147,967
Svenska Handelsbanken AB, Class A		7,663		181,539
Swedbank AB	†	5,327		102,353
Swedish Match AB		4,102		83,597
Tele2 AB, Class B		4,495		87,413
Telefonaktiebolaget LM Ericsson, Class B		49,746		517,282
TeliaSonera AB		37,998		280,919
Volvo AB, Class B		17,694		215,461
				4,191,819
Switzerland—6.9%
ABB Ltd. (Registered)	*	36,907		1,044,684
Actelion Ltd.	*†	1,353		72,174
Adecco SA (Registered)		2,218		109,640
Baloise Holding AG		677		71,007
Compagnie Financiere Richemont SA		8,744		485,255
Credit Suisse Group AG (Registered)		17,336		789,083
EFG International AG		542		14,750
Geberit AG		650		95,432
Givaudan SA (Registered)		95		84,684
Holcim Ltd. (Registered)		3,416		276,122
Julius Baer Holding AG		3,883		260,406
Kuehne + Nagel International AG		1,071		101,340
Lindt & Spruengli AG		17		46,848
Logitech International SA	*	2,953		78,946
Lonza Group AG		741		102,405
Nestle SA (Registered)		65,040		2,931,006
Nobel Biocare Holding AG (Registered)		2,035		66,166
Novartis AG (Registered)		38,636		2,126,224
OC Oerlikon Corp. AG	*	92		25,386
Pargesa Holding SA		356		39,471
Roche Holding AG (Genusschein)		11,706		2,104,415
SGS SA (Registered)		84		119,788
Sonova Holding AG		891		73,534
STMicroelectronics NV		12,142		125,616
Straumann Holding AG		152		36,335
Sulzer AG		610		77,067
Swatch Group AG		1,197		156,640
Swiss Life Holding	*	529		140,724
Swiss Reinsurance (Registered)		6,044		400,668
Swisscom AG (Registered)		356		118,571
Syngenta AG (Registered)		1,735		562,093
Synthes, Inc.		987		135,754
UBS AG (Registered)	*	48,818		1,017,281
Zurich Financial Services AG (Registered)		2,448		623,884
				14,513,399
United Kingdom—18.8%
3i Group plc		6,812		111,432
Acergy SA		2,569		57,243
Alliance & Leicester plc		4,938		28,819
AMEC plc		4,597		81,005
Anglo American plc		22,035		1,547,612
Antofagasta plc		5,660		73,596
Associated British Foods plc		5,113		77,017
AstraZeneca plc		24,257		1,031,375
Aviva plc		43,493		431,197
BAE Systems plc		58,865		516,680
Balfour Beatty plc		8,544		71,875
Barclays plc		108,836		617,483
Berkeley Group Holdings plc	*	994		13,421

248 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Overseas Equity Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
BG Group plc		55,949	$	1,453,983
BHP Billiton plc		36,645		1,405,347
BP plc		312,268		3,619,397
British Airways plc		10,357		44,114
British American Tobacco plc		25,082		865,181
British Energy Group plc		16,175		227,552
British Land Co. plc REIT		9,097		127,927
British Sky Broadcasting Group plc		18,337		171,868
BT Group plc, Class A		136,413		540,429
Bunzl plc		6,330		82,219
Burberry Group plc		8,387		75,434
Cadbury plc		22,754		285,416
Cairn Energy plc	*	1,827		117,258
Capita Group plc (The)		10,792		147,218
Carnival plc		2,625		83,341
Carphone Warehouse Group plc		9,216		36,215
Centrica plc		61,989		381,265
Cobham plc		22,875		89,783
Compass Group plc		31,270		235,213
Daily Mail & General Trust, Class A		5,678		35,276
Diageo plc		43,343		794,101
Enterprise Inns plc		10,091		81,208
Eurasian Natural Resources Corp.	*	5,453		143,675
Firstgroup plc		6,943		71,599
Friends Provident plc		34,247		69,253
G4S plc		21,040		84,510
GKN plc		12,327		54,408
GlaxoSmithKline plc		90,759		2,006,313
Hammerson plc REIT		4,335		76,784
Hays plc		22,745		40,778
HBOS plc		63,374		346,963
Home Retail Group plc		15,769		68,141
HSBC Holdings plc		196,351		3,023,344
ICAP plc		8,924		95,588
IMI plc		4,190		36,184
Imperial Tobacco Group plc		17,112		635,692
Inchcape plc		8,732		55,269
Intercontinental Hotels Group plc		4,710		62,776
International Power plc		24,040		205,945
Invensys plc	*	15,349		79,308
Investec plc		7,041		42,872
J Sainsbury plc		19,488		123,024
Johnson Matthey plc		3,762		137,661
Kazakhmys plc		2,945		92,856
Kingfisher plc		43,785		97,072
Ladbrokes plc		10,175		51,700
Land Securities Group plc REIT		8,073		197,007
Legal & General Group plc		104,947		208,251
Liberty International plc REIT		4,854		82,843
Lloyds TSB Group plc		95,210		584,142
Logica plc		23,317		49,929
London Stock Exchange Group plc		2,311		35,683
Lonmin plc		2,297		144,956
Man Group plc		27,453		339,138
Marks & Spencer Group plc		27,328		177,702
Meggitt plc		11,533		48,653
Mondi plc		6,179		36,268
National Express Group plc		2,122		40,029
National Grid plc		43,163		565,796
Next plc		3,913		75,222
Old Mutual plc		92,615		170,018
Pearson plc		12,875		156,896
Persimmon plc		4,747		29,712
Prudential plc		41,215		434,728
Punch Taverns plc		4,246		26,388
Reckitt Benckiser Group plc		10,165		513,418
Reed Elsevier plc		19,747		225,029
Rentokil Initial plc		31,388		61,824
Rexam plc		9,593		73,694
Rio Tinto plc		16,596		1,998,621
Rolls-Royce Group plc	*	29,035		196,242
Royal Bank of Scotland Group plc		268,009		1,140,958
RSA Insurance Group plc		54,123		134,743
SABMiller plc		15,547		355,202
Sage Group plc		23,751		98,326
Schroders plc		2,678		48,493
Scottish & Southern Energy plc		14,681		409,056
Segro plc REIT		6,198		48,464
Serco Group plc		9,839		87,311
Severn Trent plc		4,129		105,070
Shire Ltd.		8,436		137,908
Smith & Nephew plc		14,645		160,678
Smiths Group plc		6,367		137,189
Stagecoach Group plc		7,725		42,848
Standard Chartered plc		22,635		641,015
Standard Life plc		35,072		145,806
Tate & Lyle plc		8,459		66,657
Taylor Wimpey plc		19,815		24,274
Tesco plc		130,591		955,190
Thomas Cook Group plc		10,332		47,901
Thomson Reuters plc		3,300		88,012
Tomkins plc		18,433		55,186
TUI Travel plc		12,225		49,679
Tullow Oil plc		11,565		219,770
Unilever plc		22,079		627,310
United Business Media plc		5,209		56,189
United Utilities plc		14,131		192,296
Vedanta Resources plc		2,066		89,222
Vodafone Group plc		884,434		2,605,838
Whitbread plc		3,770		91,936
William Hill plc		4,532		28,742
WM Morrison Supermarkets plc		36,417		191,979
Wolseley plc		11,133		82,950
WPP Group plc		18,522		176,991
Xstrata plc		10,638		847,434
				39,923,027
TOTAL COMMON STOCKS (Cost $176,304,608)				202,145,555

See accompanying notes to financial statements. 249

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Overseas Equity Index Fund

		Shares	Value
CONVERTIBLE PREFERRED STOCKS—0.0%
Germany—0.0%
Bayerische Motoren Werke AG		620	$	24,629
Italy—0.0%
IFI-Istituto Finanziario Industriale SpA	*	679		13,457
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $48,394)				38,086
PREFERRED STOCKS—0.4%
Germany—0.4%
Fresenius SE		1,113		96,162
Henkel AG & Co. KGaA		2,868		113,969
Porsche Automobil Holding SE		1,500		230,968
ProSiebenSat.1 Media AG	†	1,687		16,865
RWE AG		768		77,258
Volkswagen AG		1,699		246,027
				781,249
Italy—0.0%
Unipol Gruppo Finanziario SpA		16,591		31,878
Switzerland—0.0%
Schindler Holding AG		697		51,773
TOTAL PREFERRED STOCKS (Cost $673,554)				864,900
RIGHTS—0.0%
United Kingdom—0.0%
Barclays plc, Expires 07/17/2008	*‡	23,321		4,413
HBOS plc, Expires 07/18/2008	*	25,349		5,428
TOTAL RIGHTS (Cost $—)				9,841

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.3%
U.S. Treasury Bill—0.3%
U.S. Treasury Bill
1.960%	09/18/2008	‡‡
(Cost $697,005)			$	700,000	697,261

		Shares	Value
CASH EQUIVALENTS—7.7%
Institutional Money Market Funds—7.7%
AIM Short-Term Investments Trust Liquid Assets Portfolio	††	4,301,078	$	4,301,078
AIM Short-Term Investments Trust Prime Assets Portfolio	††	9,213,899		9,213,899
JPMorgan Prime Money Market Fund, Capital Shares		2,690,345		2,690,345
TOTAL CASH EQUIVALENTS (Cost $16,205,322)				16,205,322
TOTAL INVESTMENTS—103.8% (Cost $193,928,883)				219,960,965
Other assets less liabilities—(3.8%)				(7,958,978	)
NET ASSETS—100.0%			$	212,001,987

Notes to the Schedule of Investments:

REIT	Real Estate Investment Trust
RNC	Risparmio Non-Convertible Savings Shares
VVPR	Verlaagde Vooheffing Precompte Reduit
†	Denotes all or a portion of security on loan.
*	Non-income producing.
‡	Security valued at fair value as determined by policies approved by the board of directors.
‡‡	Security has been pledged as collateral for futures contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.

250 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS — (Continued)

June 30, 2008 (Unaudited)

Vantagepoint Overseas Equity Index Fund

Percentage of Portfolio by Industry (unaudited):
COMMON STOCKS
Commercial Banks	13.1	%
Oil, Gas & Consumable Fuels	8.4	%
Metals & Mining	7.3	%
Pharmaceuticals	5.5	%
Insurance	4.3	%
Diversified Telecommunication Services	4.1	%
Electric Utilities	3.9	%
Chemicals	3.5	%
Automobiles	3.0	%
Food Products	2.5	%
Capital Markets	2.3	%
Food & Staples Retailing	2.1	%
Machinery	2.0	%
Multi-Utilities	2.0	%
Industrial Conglomerates	1.7	%
Wireless Telecommunication Services	1.7	%
Real Estate Management & Development	1.5	%
Diversified Financial Services	1.5	%
Electrical Equipment	1.5	%
Electronic Equipment & Instruments	1.3	%
Media	1.3	%
Beverages	1.3	%
Communications Equipment	1.2	%
Trading Companies & Distributors	1.1	%
Software	1.0	%
Household Durables	1.0	%
Tobacco	0.9	%
Commercial Services & Supplies	0.8	%
Road & Rail	0.7	%
Textiles, Apparel & Luxury Goods	0.7	%
Office Electronics	0.7	%
Real Estate Investment Trusts (REIT)	0.7	%
Aerospace & Defense	0.7	%
Specialty Retail	0.7	%
Marine	0.6	%
Gas Utilities	0.6	%
Auto Components	0.6	%
Construction & Engineering	0.6	%
Building Products	0.5	%
Hotels, Restaurants & Leisure	0.5	%
Semiconductors & Semiconductor Equipment	0.5	%
Energy Equipment & Services	0.5	%
Health Care Equipment & Supplies	0.5	%
Household Products	0.4	%
Transportation Infrastructure	0.4	%
Air Freight & Logistics	0.4	%
Construction Materials	0.4	%
Personal Products	0.4	%
Computers & Peripherals	0.4	%
IT Services	0.3	%
Paper & Forest Products	0.3	%
Biotechnology	0.2	%
Multiline Retail	0.2	%
Independent Power Producers & Energy Traders	0.2	%
Airlines	0.1	%
Food	0.1	%
Water Utilities	0.1	%
Life Sciences Tools & Services	0.1	%
Consumer Finance	0.1	%
Health Care Providers & Services	0.1	%
Internet Software & Services	0.1	%
Leisure Equipment & Products	0.1	%
Distributors	0.1	%
	95.4	%
PREFERRED STOCKS
Automobiles	0.2	%
Household Products	0.1	%
Health Care Equipment & Supplies	0.1	%
	0.4	%
TOTAL COMMON STOCKS/PREFERRED STOCKS	95.8	%
CASH EQUIVALENTS
Institutional Money Market Funds	7.7	%
U.S. TREASURY OBLIGATIONS
U.S. Treasury Bills	0.3	%
TOTAL CASH EQUIVALENTS/ U.S. TREASURY OBLIGATIONS	8.0	%
TOTAL INVESTMENTS	103.8	%
Other assets less liabilities	(3.8	)%
TOTAL NET ASSETS	100.0	%

See accompanying notes to financial statements. 251

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Model Portfolio Savings Oriented Fund

	Shares	Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	4,179,540	$	40,708,715
Vantagepoint Diversified Assets Fund	3,111,680		31,241,264
Vantagepoint Equity Income Fund	3,397,613		29,457,309
Vantagepoint Growth & Income Fund	3,179,422		29,727,592
Vantagepoint Inflation Protected Securities Fund	2,672,209		28,432,303
Vantagepoint International Fund	1,353,501		15,023,864
Vantagepoint Low Duration Bond Fund	13,717,613		134,295,433
			308,886,480
TOTAL INVESTMENTS—100.0% (Cost $314,587,226)			308,886,480
Other assets less liabilities—(0.0%)			(47,845	)
NET ASSETS—100.0%		$	308,838,635

252 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Model Portfolio Conservative Growth Fund

	Shares	Value
MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	1,651,647	$	16,433,892
Vantagepoint Core Bond Index Fund Class I	12,118,548		118,034,653
Vantagepoint Diversified Assets Fund	5,747,313		57,703,027
Vantagepoint Equity Income Fund	6,915,681		59,958,953
Vantagepoint Growth & Income Fund	5,287,000		49,433,447
Vantagepoint Growth Fund	3,570,726		32,993,512
Vantagepoint Inflation Protected Securities Fund	3,551,191		37,784,676
Vantagepoint International Fund	3,994,599		44,340,047
Vantagepoint Low Duration Bond Fund	13,526,702		132,426,413
Vantagepoint Select Value Fund	1,899,758		16,546,892
			565,655,512
TOTAL INVESTMENTS—100.0% (Cost $562,042,032)			565,655,512
Other assets less liabilities—(0.0%)			(73,434	)
NET ASSETS—100.0%		$	565,582,078

See accompanying notes to financial statements. 253

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Model Portfolio Traditional Growth Fund

	Shares	Value
MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	7,591,422	$	75,534,645
Vantagepoint Core Bond Index Fund Class I	26,662,790		259,695,570
Vantagepoint Discovery Fund	4,883,560		41,607,933
Vantagepoint Diversified Assets Fund	14,394,369		144,519,463
Vantagepoint Equity Income Fund	18,780,172		162,824,090
Vantagepoint Growth & Income Fund	17,548,688		164,080,236
Vantagepoint Growth Fund	14,825,443		136,987,091
Vantagepoint Inflation Protected Securities Fund	5,487,934		58,391,614
Vantagepoint International Fund	14,934,066		165,768,129
Vantagepoint Low Duration Bond Fund	11,780,541		115,331,497
Vantagepoint Select Value Fund	8,720,176		75,952,735
			1,400,693,003
TOTAL INVESTMENTS—100.0% (Cost $1,374,372,420)			1,400,693,003
Other assets less liabilities—(0.0%)			(145,620	)
NET ASSETS—100.0%		$	1,400,547,383

254 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Model Portfolio Long-Term Growth Fund

	Shares	Value
MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	13,322,783	$	132,561,691
Vantagepoint Core Bond Index Fund Class I	25,396,008		247,357,117
Vantagepoint Discovery Fund	8,330,081		70,972,291
Vantagepoint Diversified Assets Fund	16,468,739		165,346,135
Vantagepoint Equity Income Fund	23,191,104		201,066,868
Vantagepoint Growth & Income Fund	21,638,847		202,323,224
Vantagepoint Growth Fund	19,341,350		178,714,071
Vantagepoint International Fund	22,712,927		252,113,486
Vantagepoint Select Value Fund	15,277,248		133,064,827
			1,583,519,710
TOTAL INVESTMENTS—100.0% (Cost $1,569,651,618)			1,583,519,710
Other assets less liabilities—(0.0%)			(162,036	)
NET ASSETS—100.0%		$	1,583,357,674

See accompanying notes to financial statements. 255

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Model Portfolio All-Equity Growth Fund

	Shares	Value
MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	5,198,939	$	51,729,447
Vantagepoint Discovery Fund	5,835,348		49,717,166
Vantagepoint Equity Income Fund	11,358,368		98,477,052
Vantagepoint Growth & Income Fund	9,984,388		93,354,025
Vantagepoint Growth Fund	10,120,890		93,517,028
Vantagepoint International Fund	10,017,899		111,198,682
Vantagepoint Select Value Fund	5,967,421		51,976,239
			549,969,639
TOTAL INVESTMENTS—100.0% (Cost $594,086,804)			549,969,639
Other assets less liabilities—(0.0%)			(65,877	)
NET ASSETS—100.0%		$	549,903,762

256 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Milestone Retirement Income Fund

	Shares	Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	607,662	$	5,918,629
Vantagepoint Diversified Assets Fund	534,108		5,362,444
Vantagepoint Equity Income Fund	716,458		6,211,689
Vantagepoint Growth & Income Fund	667,174		6,238,073
Vantagepoint Inflation Protected Securities Fund	459,142		4,885,269
Vantagepoint International Fund	283,302		3,144,655
Vantagepoint Low Duration Bond Fund	2,195,280		21,491,791
			53,252,550
TOTAL INVESTMENTS—100.0% (Cost $56,133,899)			53,252,550
Other assets less liabilities—(0.0%)			(6,766	)
NET ASSETS—100.0%		$	53,245,784

See accompanying notes to financial statements. 257

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Milestone 2010 Fund

	Shares	Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	823,859	$	8,024,384
Vantagepoint Diversified Assets Fund	723,721		7,266,159
Vantagepoint Equity Income Fund	1,173,056		10,170,395
Vantagepoint Growth & Income Fund	901,271		8,426,886
Vantagepoint Growth Fund	219,854		2,031,453
Vantagepoint Inflation Protected Securities Fund	549,840		5,850,298
Vantagepoint International Fund	497,464		5,521,846
Vantagepoint Low Duration Bond Fund	2,455,726		24,041,553
Vantagepoint Mid/Small Company Index Fund Class I	96,577		1,446,721
			72,779,695
TOTAL INVESTMENTS—100.0% (Cost $77,239,476)			72,779,695
Other assets less liabilities—(0.0%)			(28,911	)
NET ASSETS—100.0%		$	72,750,784

258 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Milestone 2015 Fund

	Shares	Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	2,095,798	$	20,413,071
Vantagepoint Diversified Assets Fund	1,389,193		13,947,503
Vantagepoint Equity Income Fund	2,907,144		25,204,937
Vantagepoint Growth & Income Fund	1,594,868		14,912,012
Vantagepoint Growth Fund	1,081,236		9,990,625
Vantagepoint Inflation Protected Securities Fund	517,576		5,507,006
Vantagepoint International Fund	1,339,178		14,864,871
Vantagepoint Low Duration Bond Fund	2,491,170		24,388,556
Vantagepoint Mid/Small Company Index Fund Class I	556,494		8,336,283
			137,564,864
TOTAL INVESTMENTS—100.0% (Cost $149,098,268)			137,564,864
Other assets less liabilities—(0.0%)			(32,419	)
NET ASSETS—100.0%		$	137,532,445

See accompanying notes to financial statements. 259

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Milestone 2020 Fund

	Shares	Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	2,392,242	$	23,300,436
Vantagepoint Diversified Assets Fund	1,239,342		12,442,990
Vantagepoint Equity Income Fund	3,065,576		26,578,541
Vantagepoint Growth & Income Fund	1,527,129		14,278,658
Vantagepoint Growth Fund	1,115,187		10,304,328
Vantagepoint International Fund	1,414,438		15,700,258
Vantagepoint Low Duration Bond Fund	1,014,788		9,934,779
Vantagepoint Mid/Small Company Index Fund Class I	735,829		11,022,717
			123,562,707
TOTAL INVESTMENTS—100.0% (Cost $134,455,188)			123,562,707
Other assets less liabilities—(0.0%)			(31,748	)
NET ASSETS—100.0%		$	123,530,959

260 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Milestone 2025 Fund

	Shares	Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	1,462,468	$	14,244,436
Vantagepoint Diversified Assets Fund	917,068		9,207,365
Vantagepoint Equity Income Fund	2,381,805		20,650,250
Vantagepoint Growth & Income Fund	1,252,493		11,710,811
Vantagepoint Growth Fund	906,153		8,372,854
Vantagepoint International Fund	1,181,303		13,112,464
Vantagepoint Low Duration Bond Fund	281,588		2,756,751
Vantagepoint Mid/Small Company Index Fund Class I	683,252		10,235,118
			90,290,049
TOTAL INVESTMENTS—100.0% (Cost $99,574,211)			90,290,049
Other assets less liabilities—(0.0%)			(29,985	)
NET ASSETS—100.0%		$	90,260,064

See accompanying notes to financial statements. 261

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Milestone 2030 Fund

	Shares	Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	915,525	$	8,917,211
Vantagepoint Diversified Assets Fund	552,900		5,551,121
Vantagepoint Equity Income Fund	1,950,143		16,907,739
Vantagepoint Growth & Income Fund	1,052,139		9,837,501
Vantagepoint Growth Fund	778,744		7,195,592
Vantagepoint International Fund	999,468		11,094,096
Vantagepoint Mid/Small Company Index Fund Class I	653,910		9,795,577
			69,298,837
TOTAL INVESTMENTS—100.0% (Cost $77,262,152)			69,298,837
Other assets less liabilities—(0.0%)			(29,208	)
NET ASSETS—100.0%		$	69,269,629

262 See accompanying notes to financial statements.

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Milestone 2035 Fund

	Shares	Value
MUTUAL FUNDS—100.1%
Vantagepoint Core Bond Index Fund Class I	453,397	$	4,416,084
Vantagepoint Diversified Assets Fund	119,265		1,197,420
Vantagepoint Equity Income Fund	1,144,635		9,923,986
Vantagepoint Growth & Income Fund	614,461		5,745,211
Vantagepoint Growth Fund	481,087		4,445,246
Vantagepoint International Fund	611,050		6,782,654
Vantagepoint Mid/Small Company Index Fund Class I	447,101		6,697,574
			39,208,175
TOTAL INVESTMENTS—100.1% (Cost $44,445,532)			39,208,175
Other assets less liabilities—(0.1%)			(27,845	)
NET ASSETS—100.0%		$	39,180,330

See accompanying notes to financial statements. 263

SCHEDULE OF INVESTMENTS

June 30, 2008 (Unaudited)

Vantagepoint Milestone 2040 Fund

	Shares	Value
MUTUAL FUNDS—100.1%
Vantagepoint Core Bond Index Fund Class I	398,543	$	3,881,805
Vantagepoint Equity Income Fund	1,136,327		9,851,957
Vantagepoint Growth & Income Fund	607,986		5,684,667
Vantagepoint Growth Fund	490,613		4,533,264
Vantagepoint International Fund	617,368		6,852,786
Vantagepoint Mid/Small Company Index Fund Class I	478,248		7,164,155
			37,968,634
TOTAL INVESTMENTS—100.1% (Cost $43,452,515)			37,968,634
Other assets less liabilities—(0.1%)			(28,616	)
NET ASSETS—100.0%		$	37,940,018

264 See accompanying notes to financial statements.

Item 2 (Code of Ethics):

Sub-item 2a. Not applicable to this filing.

Sub-item 2c. Effective June 27, 2008, the registrant adopted amendments to the code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, and to persons performing similar functions.

Sub-item 2d. Not applicable.

Sub-item 2e. Not applicable.

Sub-item 2f. Not applicable.

Item 3 (Audit Committee Financial Expert): Not applicable to this filing.

Item 4 (Principal Accountant Fees and Services): Not applicable to this filing.

Item 5 (Audit Committee of Listed Registrants): Not applicable to this registrant.

Item 6 (Investments):

Sub-item 6a. Not applicable; included under Item 1 above.

Sub-item 6b. Not applicable; the registrant did not divest itself of securities in accordance with Section 13(c) of the Investment Company Act.

Item 7 (Disclosure of Proxy Voting Policies & Procedures for Closed-end Management Investment Companies): Not applicable to this registrant.

Item 8 (Portfolio Managers of Closed-End Management Investment Companies): 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 most recent 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 amended and restated 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:	September 8, 2008

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

By:	/s/ Joan McCallen
	Joan McCallen, Principal Executive Officer
Date:	September 8, 2008
By:	/s/ Gerard P. Maus
	Gerard P. Maus, Principal Financial Officer
Date:	September 8, 2008