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

Form N-CSR (Page 1 of 6)

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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, Suite 600, Washington D.C. 20002-4240            
(Address of principal executive offices)               (Zip code)

Angela Montez, Secretary of the Registrant                                             
            777 North Capitol Street, NE, Suite 600, Washington D.C. 20002-4240            
(Name and address of agent for service

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

Date of fiscal year end:   12/31/09        

Date of reporting period:   01/01/09 - 12/31/09       

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.

Form N-CSR (Page 2 of 6)

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

 

TABLE OF CONTENTS

Shareholder Expenses		1
Management’s Discussion of Fund Performance		3
Vantagepoint Funds
	��
Report of Independent Registered Public Accounting Firm		91
Statements of Assets and Liabilities		92
Statements of Operations		99
Statements of Changes in Net Assets		106
Financial Highlights		123
Notes to Financial Statements		158
Schedules of Investments		215

 

Shareholder Expenses

As a shareholder of a Vantagepoint Fund, you incur ongoing expenses, such as advisory 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 July 1, 2009 to December 31, 2009.

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										HYPOTHETICAL
Beginning Account Value 7/01/09	Ending Account Value 12/31/09		2009 Annualized Expense Ratio			Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 7/01/09		Ending Account Value 12/31/09		2009 Annualized Expense Ratio			Expenses Paid During Period*
$1,000.00	$	1,000.00		0.42	%	$	2.12	Money Market**	$	1,000.00	$	1,023.09		0.42	%	$	2.14
$1,000.00	$	1,038.90		0.67	%	$	3.44	Low Duration Bond	$	1,000.00	$	1,021.83		0.67	%	$	3.41
$1,000.00	$	1,047.70		0.66	%	$	3.41	Inflation Protected Securities	$	1,000.00	$	1,021.88		0.66	%	$	3.36
$1,000.00	$	1,167.30		0.80	%	$	4.37	Asset Allocation	$	1,000.00	$	1,021.17		0.80	%	$	4.08
$1,000.00	$	1,253.20		0.88	%	$	5.00	Equity Income	$	1,000.00	$	1,020.77		0.88	%	$	4.48
$1,000.00	$	1,230.80		0.81	%	$	4.55	Growth & Income	$	1,000.00	$	1,021.12		0.81	%	$	4.13
$1,000.00	$	1,225.20		0.83	%	$	4.66	Growth	$	1,000.00	$	1,021.02		0.83	%	$	4.23
$1,000.00	$	1,269.50		1.04	%	$	5.95	Select Value	$	1,000.00	$	1,019.96		1.04	%	$	5.30
$1,000.00	$	1,284.00		0.98	%	$	5.64	Aggressive Opportunities	$	1,000.00	$	1,020.27		0.98	%	$	4.99
$1,000.00	$	1,263.60		0.97	%	$	5.53	Discovery	$	1,000.00	$	1,020.32		0.97	%	$	4.94
$1,000.00	$	1,212.40		1.04	%	$	5.80	International	$	1,000.00	$	1,019.96		1.04	%	$	5.30
$1,000.00	$	1,033.00		0.94	%	$	4.82	Diversified Assets***	$	1,000.00	$	1,020.47		0.94	%	$	4.79
$1,000.00	$	1,036.20		0.42	%	$	2.16	Core Bond Index Class I	$	1,000.00	$	1,023.09		0.42	%	$	2.14
$1,000.00	$	1,037.00		0.22	%	$	1.13	Core Bond Index Class II	$	1,000.00	$	1,024.10		0.22	%	$	1.12
$1,000.00	$	1,223.50		0.43	%	$	2.41	500 Stock Index Class I	$	1,000.00	$	1,023.04		0.43	%	$	2.19
$1,000.00	$	1,225.30		0.23	%	$	1.29	500 Stock Index Class II	$	1,000.00	$	1,024.05		0.23	%	$	1.17
$1,000.00	$	1,227.30		0.42	%	$	2.36	Broad Market Index Class I	$	1,000.00	$	1,023.09		0.42	%	$	2.14
$1,000.00	$	1,228.40		0.22	%	$	1.24	Broad Market Index Class II	$	1,000.00	$	1,024.10		0.22	%	$	1.12
$1,000.00	$	1,247.60		0.47	%	$	2.66	Mid/Small Company Index Class I	$	1,000.00	$	1,022.84		0.47	%	$	2.40
$1,000.00	$	1,249.90		0.27	%	$	1.53	Mid/Small Company Index Class II	$	1,000.00	$	1,023.84		0.27	%	$	1.38
$1,000.00	$	1,212.40		0.55	%	$	3.07	Overseas Equity Index Class I	$	1,000.00	$	1,022.43		0.55	%	$	2.80
$1,000.00	$	1,213.90		0.35	%	$	1.95	Overseas Equity Index Class II	$	1,000.00	$	1,023.44		0.35	%	$	1.79
$1,000.00	$	1,086.80		0.88	%	$	4.63	Model Portfolio Savings Oriented**	$	1,000.00	$	1,020.77		0.88	%	$	4.48
$1,000.00	$	1,114.70		0.88	%	$	4.69	Model Portfolio Conservative Growth**	$	1,000.00	$	1,020.77		0.88	%	$	4.48
$1,000.00	$	1,156.60		0.93	%	$	5.06	Model Portfolio Traditional Growth**	$	1,000.00	$	1,020.52		0.93	%	$	4.74
$1,000.00	$	1,187.70		0.97	%	$	5.35	Model Portfolio Long-Term Growth**	$	1,000.00	$	1,020.32		0.97	%	$	4.94
$1,000.00	$	1,241.40		1.05	%	$	5.93	Model Portfolio All-Equity Growth**	$	1,000.00	$	1,019.91		1.05	%	$	5.35
$1,000.00	$	1,095.00		0.98	%	$	5.17	Milestone Retirement Income**	$	1,000.00	$	1,020.27		0.98	%	$	4.99
$1,000.00	$	1,102.50		0.96	%	$	5.09	Milestone 2010**	$	1,000.00	$	1,020.37		0.96	%	$	4.89
$1,000.00	$	1,138.30		0.93	%	$	5.01	Milestone 2015**	$	1,000.00	$	1,020.52		0.93	%	$	4.74

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ACTUAL										HYPOTHETICAL
Beginning Account Value 7/01/09	Ending Account Value 12/31/09		2009 Annualized Expense Ratio			Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 7/01/09		Ending Account Value 12/31/09		2009 Annualized Expense Ratio			Expenses Paid During Period*
$1,000.00	$	1,156.10		0.92	%	$	5.00	Milestone 2020**	$	1,000.00	$	1,020.57		0.92	%	$	4.69
$1,000.00	$	1,172.10		0.95	%	$	5.20	Milestone 2025**	$	1,000.00	$	1,020.42		0.95	%	$	4.84
$1,000.00	$	1,188.70		0.97	%	$	5.35	Milestone 2030**	$	1,000.00	$	1,020.32		0.97	%	$	4.94
$1,000.00	$	1,202.20		1.01	%	$	5.61	Milestone 2035**	$	1,000.00	$	1,020.11		1.01	%	$	5.14
$1,000.00	$	1,214.60		0.98	%	$	5.47	Milestone 2040**	$	1,000.00	$	1,020.27		0.98	%	$	4.99

 

*  Expenses are calculated using each fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value over the period, multiplied by [number of days in most recent fiscal half year divided by total number of days in fiscal year e.g. 184/365] (to reflect the one-half year period).

**  This fund invests in one or more other mutual funds. The annualized expense ratio includes this fund’s proportionate share of the expense ratio of such other mutual fund(s).

***  Renamed Diversifying Strategies Fund effective January 4, 2010.

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Vantagepoint Money Market Fund

The Vantagepoint Money Market Fund’s objective is to seek maximum current income, consistent with maintaining liquidity and a stable share price of $1.00. Its principal investment strategy is to invest substantially all of its assets in the Short-Term Investments Trust Liquid Assets Portfolio (the “Portfolio”), an unaffiliated registered money market mutual fund, which seeks to provide as high a level of current income as is consistent with the preservation of capital and liquidity.The Portfolio invests in high-quality, U.S. dollar-denominated short-term debt obligations and is advised by Invesco Aim Advisors, Inc.The Portfolio invests primarily in securities issued by the U.S. Government or its agencies, bankers’ acceptances, certificates of deposit and time deposits from U.S. or foreign banks, repurchase agreements, commercial paper, municipal securities, and master notes.The Portfolio may invest up to 50% of its assets in U.S. dollar denominated foreign securities and may invest in securities that may carry foreign credit exposure.The Fund’s portfolio has an average maturity of 90 days or less. At the end of 2009, the Portfolio’s weighted average maturity was 51 days, up from 43 days at the beginning of the year.

Performance

The Vantagepoint Money Market Fund’s total return for the year ended December 31, 2009, was 0.16%.The Fund’s market benchmark, the 30-Day U.S. Treasury Bill, returned 0.10%, while the Fund’s peer group benchmark, the MFR Prime Retail Funds Average, returned 0.17%.The Fund closed the year with a 7-day effective and current yield of 0.00%, down from a 7-day effective yield of 1.19% and a 7-day current yield of 1.18%, at the end of 2008.

Commentary

Fixed income markets were marked by two distinct phases in 2009.The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, high demand for U.S. Treasury securities, and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year. The overall effect was a negative return for intermediate and longer-dated U.S. Treasury securities in 2009 and positive returns for short-dated U.S. Treasury securities and most other sectors of the bond market. Money market funds experienced a difficult year.The combination of the Fed’s near-zero interest rate policy and tighter credit spreads caused a substantial portion of the money market fund universe, including the Fund, to introduce fee waivers to maintain a $1.00 NAV. As a result, many funds, including the Fund, offered zero yields for the second half of the year.

The Fund’s performance relative to its market benchmark was the result of the Fund’s credit exposure and voluntary fee waivers by the investment adviser to the Portfolio and Vantagepoint Investment Advisers, LLC provided during the second half of the year. Without these voluntary fee waivers, the Fund would have underperformed the benchmark for the year.The Fund’s slight underperformance relative to its peer average was due to fee waivers made by other funds in the peer group.

3

*These are the reported holdings of the underlying Short-Term Investments Trust Liquid Assets Portfolio.
Other: Tax-Exempt Commercial Paper 1.0%, U.S. Agency Floaters 0.8%, and Corporate Bonds 0.1%.

4

Vantagepoint Money Market Fund vs. 30-Day U.S. Treasury Bill:

Growth of $10,000 Invested December 31, 1999*

Vantagepoint Money Market Fund
Average Annual Total Return for the periods ended December 31, 2009*
One Year	0.16%**
Three Years	2.42%
Five Years	2.89%
Ten Years	2.68%
Fund Inception Date	March 1, 1999

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

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

**Due to voluntary fee waivers, the Fund’s yield for the latter half of 2009 was zero. Most of the Fund’s positive return occurred earlier during the year.

5

Vantagepoint Low Duration Bond Fund

The Vantagepoint Low Duration Bond Fund’s objective is to seek total return that is consistent with preservation of capital.The principal investment strategy is to invest, under normal circumstances, at least 80% of its net assets in bonds of varying maturities.The Fund also normally invests at least 65% of its total assets in debt securities with more than one year to maturity, and seeks to maintain a portfolio effective duration of no greater than three years.

Performance

The Vantagepoint Low Duration Bond Fund returned 10.63% in 2009.The Fund’s market benchmark, the Merrill Lynch 1–3 Year US Corporate & Government Index, returned positive 3.84% while the Fund’s peer group benchmark, the Morningstar Short-Term Bond Funds Average, a group of mutual funds with similar investment objectives, experienced a gain of 9.30%.

Commentary

Fixed income markets were marked by two distinct phases in 2009.The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, high demand for U.S. Treasury securities, and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year.The overall effect was a negative return for intermediate and longer-dated U.S. Treasury securities in 2009 and positive returns for most other sectors of the bond market. Generally, sectors that performed the worst in 2008 performed the best in 2009. High-yield bonds were the highest returning category of fixed income securities with nearly a 60% return, followed by emerging markets debt, commercial mortgage-backed securities, asset-backed securities, investment grade corporate bonds, and U.S. Treasury inflation protected securities, all with double digit returns.

The Fund’s absolute return as well as return relative to the Fund’s market benchmark in 2009 were the result of favorable exposure to spread products, especially corporate bonds and asset-backed securities, as yield differences between U.S. Treasury securities and other bond sectors declined.The Fund’s absolute return was somewhat diminished during the year as yields rose, which lowered the value of bond holdings.

The Fund’s outperformance relative to its peer group average was largely the result of a slightly shorter duration as rates rose and the Fund’s above average exposure to asset-backed securities. A lower exposure to high-yield (lower quality) securities compared to peers detracted from relative performance as they outperformed higher quality securities during the year.

The Fund employs a multi-manager investment approach that brings together two subadvisers, each with a distinct investing style.The multi-manager approach seeks to provide favorable performance results with more consistency over time than a single manager fund.

Subadviser Data

Payden & Rygel
Founded:	1983
Investment Style:	Low duration
STW Fixed Income Management Ltd.
Founded:	1977
Investment Style:	Low duration

6

Vantagepoint Low Duration Bond Fund
Sector Allocation as of December 31, 2009

7

Vantagepoint Low Duration Bond Fund vs. Merrill Lynch 1-3 Year US Corporate & Government Index:

Growth of $10,000 Invested December 4, 2000*

Vantagepoint Low Duration Bond Fund
Total Return for the periods ended December 31, 2009*
One Year	10.63%
Three Years	4.67%
Five Years	3.84%
Since Inception	3.98%
Fund Inception Date	December 4, 2000

*On November 8, 2004, the Fund underwent changes to its investment objective, strategies and investment subadvisers. On May 1, 2007, the Fund changed its name and principal investment strategy. Performance prior to 2004, should not be considered representative of the Fund as currently managed.

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

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

8

Vantagepoint Inflation Protected Securities Fund

The Vantagepoint Inflation Protected Securities Fund’s objective is to offer current income.The principal investment strategy is to invest, under normal circumstances, at least 80% of its net assets in inflation adjusted U.S. and non-U.S. fixed income securities.The Fund will, under normal circumstances, invest at least 50% of its net assets in U.S. Treasury inflation protected securities.

Performance

The Vantagepoint Inflation Protected Securities Fund gained 9.75% in 2009.The Fund’s market benchmark, the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L), gained 11.41%, while the Fund’s peer group, the Morningstar Inflation-Protected Bond Funds Average, a group of mutual funds with similar investment objectives, had an average return of 10.88%.

Commentary

Fixed income markets were marked by two distinct phases in 2009.The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, high demand for U.S. Treasury securities, and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March when yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year. Real yields (yields adjusted for inflation) declined over the year and provided a boost to returns of inflation adjusted securities. The overall effect was positive returns for most sectors of the bond market, including inflation adjusted securities.

The Fund’s absolute positive return in 2009 was the result of the favorable results achieved by U.S. Treasury inflation protected securities as real yields declined during the year, and the Fund’s allocations to Corporate bonds and U.S. Government Agency mortgage-backed securities.

The Fund’s underperformance relative to its market benchmark was largely the result of tactical duration and yield curve positionings (i.e., holding securities with different yields and maturities to those in the benchmark) over time. The Fund’s exposure to spread sectors, particularly Financials and Agency mortgage-backed securities, helped offset some of the underperformance.

The Fund’s underperformance relative to its peer group average was mainly a result of a lower allocation to credit sectors of the bond market compared to most peers. This was offset somewhat by the shorter maturity structure of the Fund’s holdings over time, which helped performance relative to peers as shorter dated bonds generally outperformed longer dated bonds.

The majority of the Fund was invested in U.S. Treasury inflation protected securities, which is limited to only 35 issues, and the Fund’s subadvisers actively traded those securities to seek to achieve performance results. This was the leading contributor to the Fund’s portfolio turnover, which exceeded 100% in 2009.

The Fund employs a multi-manager investment approach that brings together two subadvisers, each with a distinct investing style.The multi-manager approach seeks to provide favorable performance results with more consistency over time than a single manager fund.

9

Subadviser Data

BlackRock Financial Management, Inc.
Founded:	1988
Investment Style:	Broad-based inflation-linked
Pacific Investment Management Company LLC
Founded:	1971
Investment Style:	Broad-based inflation-linked

Vantagepoint Inflation Protected Securities Fund
Sector Allocation as of December 31, 2009

The primary source of sector allocation classification is BondEdge.

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

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Vantagepoint Inflation Protected Securities Fund vs. Barclays Capital U.S. TIPS Index (Series L):

Growth of $10,000 Invested December 31, 1999*

Vantagepoint Inflation Protected Securities Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	9.75%
Three Years	6.22%
Five Years	4.59%
Ten Years	5.42%
Fund Inception Date	July 1, 1992
Fund Registration Date	March 1, 1999

*Prior to May 1, 2007, the Fund had a different name and different principal investment strategies. On May 1, 2007, the Fund underwent changes to its name, principal investment strategies, and investment subadvisers. Performance prior to May 1, 2007, should not be considered representative of the performance of the Fund as currently managed. There is no assurance that the Fund will be able to achieve long-term investment results similar to those achieved prior to May 1, 2007. Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money.The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member FINRA/SIPC. 800-669-7400.

The Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L) consists of all U.S. Treasury inflation protected securities rated investment grade or better, having at least one year to final maturity and at least $250 million par amount outstanding. The Series-L reference identifies this index as the former Lehman Brothers U.S. TIPS Index, and differentiates it from the legacy Barclays Capital TIPS Index. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.The Fund’s portfolio may differ significantly from the securities held in the indexes.

11

Vantagepoint Asset Allocation Fund

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

Performance

The Vantagepoint Asset Allocation Fund gained 17.62% for 2009.The Fund’s market benchmark, the S&P 500 Index, gained 26.46%, while the Fund’s peer group benchmark, the Morningstar Moderate Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 24.13%.The Fund’s custom benchmark, which is composed of 65% S&P 500 Index, 25% Barclays Capital U.S. Long Treasury Bond Index and 10% 91-Day U.S. Treasury Bills, gained 13.24%.

Commentary

During the past year, equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Debt instruments provided more subdued returns for the year, with the fixed income market as measured by the Barclays Capital U.S. Aggregate Bond Index producing a return of 5.93%.

The Fund’s underperformance in 2009 versus the S&P 500 Index resulted from the Fund subadviser’s allocation decisions throughout the year.The Fund began 2009 with an allocation of 100% stocks, but shifted away from equities and into bonds as equity markets moved higher and became less attractive from the subadviser’s perspective.The Fund ended the year 70% stocks and 30% debt instruments.The high allocation to stocks early in the year when the equity markets experienced significant negative returns, and the underweight to equities relative to the S&P 500 Index in the latter half of the year detracted from performance. However, the allocations produced outperformance compared to the Fund’s custom benchmark, which combines stock, bond and cash indexes, and is more reflective of how the Fund is positioned typically over longer time periods.

The Fund underperformed its peer group average also as a result of relative asset allocation positioning early in 2009.The Fund had a meaningfully higher allocation to equities early in 2009 than most peer group funds, when the equity markets experienced significant negative returns. Additionally, peer exposure to international investments, emerging markets, and convertible securities that outperformed in 2009—while the Fund was void of such exposures—resulted in a drag on relative performance.

Subadviser Data

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

12

Vantagepoint Asset Allocation Fund
Allocation of Assets for the 5 Years Ended December 31, 2009

Vantagepoint Asset Allocation Fund vs. S&P 500 Index and Custom Benchmark:

Growth of $10,000 Invested December 31, 1999*

13

Vantagepoint Asset Allocation Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	17.62%
Three Years	-7.52%
Five Years	-0.92%
Ten Years	0.51%
Fund Inception Date	December 1, 1974
Fund Registration Date	March 1, 1999

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. 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. 800-669-7400.

The Fund’s market benchmark, the S&P 500 Index, consists of 500 companies representing larger capitalization stocks traded in the U.S. and the Fund’s custom benchmark is comprised of 65% S&P 500 Index, 25% Barclays Capital U.S. Long Treasury Bond Index, and 10% 91-Day Treasury Bills. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.The Fund’s portfolio may differ significantly from the securities in the indexes.

14

Vantagepoint Equity Income Fund

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

Performance

The Vantagepoint Equity Income Fund gained 35.28% in 2009.The Fund’s market benchmark, the Russell 1000 Value Index gained 19.69%, while the Fund’s peer group benchmark, the Morningstar Large Value Funds Average, a group of mutual funds with similar investment objectives, gained 24.13%.

Commentary

During the past year, equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied.The gains were led by the Information Technology sector, which gained nearly 62%. Financials, the hardest hit sector in 2008, rebounded and gained 17% for the year. Mid-capitalization stocks outperformed both large- and small-capitalization stocks, and growth-oriented strategies generally outperformed value-oriented strategies.

The Fund’s absolute and relative returns in 2009 were the result of favorable positioning both at the sector and security holdings level. All sectors contributed positively to the Fund’s absolute return, led by the Information Technology and Consumer Discretionary Sectors.

The Fund’s outperformance relative to its market benchmark was the result of favorable stock holdings in most sectors, particularly the Energy, Industrials, and Consumer Discretionary sectors. An overweight to the Consumer Discretionary and Information Technology sectors and underweight Consumer Staples and Financials sectors boosted relative performance. Stock holdings in the Materials and Financials sectors hurt performance the most, on a relative basis, as did being overweight the Industrials sector.

The Fund’s outperformance relative to its peer group average was largely the result of specific stock holdings in most sectors, particularly in the Energy, Consumer Discretionary, and Industrials sectors. Being overweight Consumer Discretionary and Information Technology stocks and underweight Financials stocks boosted relative performance. Specific stocks holdings in Financials and Materials sectors hurt performance the most relative to peers. Being underweight Energy stocks was a slight drag on 2009 performance.

The Fund employs a multi-manager investment approach that brings together three subadvisers, each with a distinct investing style.The multi-manager approach seeks to provide favorable performance results with more consistency over time than a single manager fund.

15

Subadviser Data

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

The primary source of sector allocation classification is FactSet.

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

16

Vantagepoint Equity Income Fund vs. Russell 1000 Value Index:

Growth of $10,000 Invested December 31, 1999*

Vantagepoint Equity Income Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	35.28%
Three Years	-5.14%
Five Years	1.40%
Ten Years	5.36%
Fund Inception Date	April 1, 1994
Fund Registration Date	March 1, 1999

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. 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. 800-669-7400.

The Fund’s market benchmark, the Russell 1000 Value Index, consists of a subset of the Russell 1000 Index that measures the performance of the large-cap value segment of the U.S. equity universe, and includes companies with lower price-to-book ratios and lower forecasted growth values. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.The Fund’s portfolio may differ significantly from the securities in the index.

17

Vantagepoint Growth & Income Fund

The Vantagepoint Growth & Income Fund’s objective is to offer long-term capital growth and current income.The principal investment strategy is to invest primarily in common stocks that the Fund’s subadvisers believe offer the potential for capital appreciation and, secondarily, current income by investing in dividend-paying stocks. Strategies used by the Fund’s subadvisers include: 1) focusing on large-capitalization companies whose stocks are believed to offer potential for price appreciation because of undervaluation, earnings growth or both; and 2) emphasizing stocks that may pay dividends. The Fund may also invest in bonds, convertible securities, and securities of foreign issuers.

Performance

The Vantagepoint Growth & Income Fund gained 33.61% in 2009.The Fund’s market benchmark, the S&P 500 Index, gained 26.46%, while the Fund’s peer group benchmark, the Morningstar Large Blend Funds Average, a group of mutual funds with similar investment objectives, gained 28.17%.

Commentary

During the past year, equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied.The gains were led by the Information Technology sector, which gained nearly 62%. Financials, the hardest hit sector in 2008, rebounded and gained 17% for the year. Mid-capitalization stocks outperformed both large- and small-capitalization stocks, and growth-oriented strategies generally outperformed value-oriented strategies.

The Fund’s absolute and relative returns in 2009 were the result of favorable positioning both at the sector and security holdings level. All sectors contributed positively to the Fund’s absolute return, led by the Information Technology, Consumer Discretionary and Materials sectors.

The Fund’s outperformance relative to its market benchmark was the result of favorable stock holdings in most sectors, particularly the Energy, Industrials and Consumer Discretionary sectors. An overweight in capital market industry stocks, which performed strongly within the Financials sector, and underweights in Energy and Utilities, also benefited performance. While the Fund’s Technology weighting provided the strongest return to the portfolio on an absolute basis, stock holdings within the sector detracted from performance relative to the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group average was largely the result of specific stock holdings in most sectors, particularly in the Healthcare, Consumer Staples, and Consumer Discretionary sectors. Sector weights also benefited performance, notably overweights to Technology and Consumer Discretionary and underweights to Energy and Consumer Staples; however stock holdings within the Technology sector hurt performance.The Fund’s modest growth tilt relative to peers aided relative performance, while the Fund’s holdings in mid-capitalization stocks, relative to peers, detracted from performance.

In January 2009, Fiduciary Management, Inc. replaced Capital Guardian Trust Company as a subadviser of the Fund.The transition resulted in turnover of approximately a third of Fund assets. As a result, overall portfolio turnover was unusually high for the year at over 100%.

The Fund employs a multi-manager investment approach that brings together three subadvisers, each with a distinct investing style.The multi-manager approach seeks to provide favorable performance results with more consistency over time than a single manager fund.

18

Subadviser Data

Fiduciary Management, Inc.
Founded:	1980
Investment Style:	Large-cap blend
T. Rowe Price Associates, Inc.
Founded:	1937
Investment Style:	Blue chip growth
Wellington Management Company, LLP
Founded:	1928
Investment Style:	Yield focused

Vantagepoint Growth & Income Fund
Sector Allocation as of December 31, 2009

The primary source of sector allocation classification is FactSet.

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

19

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

Growth of $10,000 Invested December 31, 1999*

Vantagepoint Growth & Income Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	33.61%
Three Years	-4.33%
Five Years	1.01%
Ten Years	1.34%
Fund Inception Date	October 2, 1998
Fund Registration Date	March 1, 1999

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. 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. 800-669-7400.

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

20

Vantagepoint Growth Fund

The Vantagepoint Growth Fund’s objective is to offer long-term capital growth. The principal investment strategy is to invest primarily in common stocks that are considered by the Fund’s subadvisers to have above-average potential for growth, with emphasis on stocks of seasoned medium- and large-capitalization firms.The Fund may also invest in bonds, convertible securities, small capitalization stocks, and securities of foreign issuers.

Performance

The Vantagepoint Growth Fund gained 31.02% in 2009. The Fund’s market benchmark, the Russell 1000 Growth Index, gained 37.21% for the year.The Fund’s peer group benchmark, the Morningstar Large Growth Funds Average, a group of mutual funds with similar investment objectives, gained 35.68%.

Commentary

During the past year, equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied.The gains were led by the Information Technology sector, which gained nearly 62%. Financials, the hardest hit sector in 2008, rebounded and gained 17% for the year. Mid-capitalization stocks outperformed both large- and small-capitalization stocks, and growth-oriented strategies generally outperformed value-oriented strategies.

The Fund’s absolute return in 2009 was the result of positive performance in all sectors of the U.S. stock market, led by the Information Technology, Energy and Materials sectors.

The Fund’s underperformance relative to its market benchmark was driven by specific stock holdings in the Information Technology sector combined with an underweight position in that sector during the first half of 2009. Stock holdings within Financial and Healthcare sectors were also leading detractors from performance relative to the market benchmark.The impact of these factors was somewhat offset by stock holdings in the Energy and Materials sectors. An underweight to Industrial stocks and limited exposure to Utility stocks also aided relative performance.

The Fund’s underperformance relative to its peer group average was largely the result of stock holdings in the Information Technology and Consumer Discretionary sectors. An overweight stance in the Consumer Staples and Industrial sectors also hindered relative results. However, the Fund benefited from stock holdings in the Materials and Consumer Staples sectors.The allocation to the Energy and Utilities sectors was also additive to relative performance versus peers.

The Fund employs a multi-manager investment approach that brings together five subadvisers, each with a distinct investing style. The multi-manager approach seeks to provide favorable performance results with more consistency over time than a single manager fund.

21

Subadviser Data

Columbus Circle Investors
Founded:	1975
Investment Style:	Large-cap growth
D.G. Capital Management Trust
Founded:	1996
Investment Style:	Opportunistic growth
Legg Mason Capital Management, Inc.
Founded:	1982
Investment Style:	Opportunistic growth
Tukman Grossman Capital Management, Inc.
Founded:	1980
Investment Style:	Contrarian growth
Westfield Capital Management Company, L.P.
Founded:	1989
Investment Style:	Growth

Vantagepoint Growth Fund
Sector Allocation as of December 31, 2009

The primary source of sector allocation classification is FactSet.

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

22

Vantagepoint Growth Fund vs. Russell 1000 Growth Index:

Growth of $10,000 Invested December 31, 1999*

Vantagepoint Growth Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	31.02%
Three Years	-6.34%
Five Years	-1.03%
Ten Years	-2.33%
Fund Inception Date	April 1, 1983
Fund Registration Date	March 1, 1999

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. 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. 800-669-7400.

The Fund’s market benchmark, the Russell 1000 Growth Index, consists of a subset of the Russell 1000 Index that measures the performance of the large-cap segment of the U.S. equity universe and includes companies with higher price-to-book ratios and higher forecasted growth values. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.The Fund’s portfolio may differ significantly from the securities in the index.

23

Vantagepoint Select Value Fund

The Vantagepoint Select Value Fund’s objective is to offer long-term growth from dividend income and capital appreciation.The principal investment strategy is to invest, under normal circumstances, primarily in common stocks of mid-capitalization U.S. companies that the Fund’s subadvisers believe present attractive investment opportunities at favorable prices in relation to the intrinsic worth of the issuer.The Fund may also invest in REITs, preferred stock, stocks of foreign issuers, and convertible securities.

Performance

The Vantagepoint Select Value Fund gained 36.99% in 2009. The Fund’s market benchmark, the Russell Midcap Value Index, gained 34.21%, while the Fund’s peer group benchmark, the Morningstar Mid-Cap Value Funds Average, a group of mutual funds with similar investment objectives, gained 35.41%.

Commentary

During the past year, equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied.The gains were led by the Information Technology sector, which gained nearly 62%. Financials, the hardest hit sector in 2008, rebounded and gained 17% for the year. Mid-capitalization stocks outperformed both large- and small-capitalization stocks, and growth-oriented strategies generally outperformed value-oriented strategies.

The Fund’s absolute and relative returns in 2009 were the result of favorable positioning both at the sector and security holdings level. Nine of the ten sectors contributed positively to the Fund’s absolute return, led by the Materials, Information Technology, and Energy sectors.

The Fund’s outperformance relative to its market benchmark was the result of favorable stock holdings, particularly in the Financials, Materials, and Energy sectors. Being overweight Information Technology and underweight Utilities and Financials stocks boosted relative performance.The Fund’s stock holdings in Consumer Discretionary and Telecommunications Services sectors hurt performance the most, on a relative basis, as did an overweight to Industrials and underweight to Materials.

The Fund’s outperformance relative to its peer group average was largely the result of specific stock holdings, particularly in the Financials, Materials, and Consumer Discretionary sectors. Being overweight Consumer Discretionary and underweight Consumer Staples stocks boosted performance relative to peers. Stock holdings in Telecommunications Services, Consumer Staples, and Industrials sectors hurt performance the most relative to peers. Being underweight Materials and Energy and overweight Industrials stocks also detracted from 2009 performance.

The Fund employs a multi-manager investment approach that brings together three subadvisers, each with a distinct investing style.The multi-manager approach seeks to provide favorable performance results with more consistency over time than a single manager fund.

24

Subadviser Data

Artisan Partners Limited Partnership
Founded:	1995
Investment Style:	Contrarian value
Systematic Financial Management, L.P.
Founded:	1982
Investment Style:	Relative value
WEDGE Capital Management, L.L.P.
Founded:	1984
Investment Style:	Concentrated traditional value

Vantagepoint Select Value Fund
Sector Allocation as of December 31, 2009

The primary source of sector allocation classification is FactSet.

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

25

Vantagepoint Select Value Fund vs. Russell Midcap Value Index:

Growth of $10,000 Invested October 30, 2007*

Vantagepoint Select Value Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	36.99%
Since Inception	-7.11%
Fund Inception Date	October 30, 2007

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

The Fund’s market benchmark, the Russell Midcap Value Index, measures the performance of the mid-cap value segment of the U.S. equity universe and includes companies with lower price-to-book ratios and lower forecasted growth values. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.The Fund’s portfolio may differ significantly from the securities in the index.

26

Vantagepoint Aggressive Opportunities Fund

The Vantagepoint Aggressive Opportunities Fund’s objective is to offer high long-term capital appreciation.The principal investment strategy is to invest, under normal circumstances, primarily in common stocks of small- to mid-capitalization U.S. and foreign companies that the Fund’s subadvisers believe offer the opportunity for high capital appreciation.The Fund’s investments may also include debt instruments, preferred stock, foreign stocks and bonds, convertible securities, and derivatives such as futures and options.

Performance

The Vantagepoint Aggressive Opportunities Fund gained 50.95% in 2009.The Fund’s market benchmark, the Russell Midcap Growth Index, gained 46.29%, while its peer group benchmark, the Morningstar Mid-Cap Growth Funds Average, a group of mutual funds with similar investment objectives, gained 39.11%.

Commentary

During the past year, equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied.The gains were led by the Information Technology sector, which gained nearly 62%. Financials, the hardest hit sector in 2008, rebounded and gained 17% for the year. Mid-capitalization indexes outperformed both large- and small-capitalization indexes, and growth-oriented strategies generally outperformed value-oriented strategies.

The Fund’s absolute and relative returns in 2009 were the result of favorable positioning both at the sector and security holdings level. All sectors contributed positively to the Fund’s absolute return, led by Information Technology and Consumer Discretionary sectors. Smaller capitalization stocks held by the Fund added to the Fund’s positive absolute results.

The Fund’s outperformance relative to its market benchmark was the result of favorable stock holdings in most sectors, particularly in the Consumer Discretionary, Information Technology and Consumer Staples sectors. However, specific stock holdings in Industrials, Energy and Materials sectors detracted from relative performance. Also, the Fund’s exposure to cash dampened results.

The Fund’s outperformance relative to its peer group average was largely the result of specific stock holdings in most sectors, particularly in the Consumer Discretionary, Healthcare and Industrials sectors. Sector allocation also aided performance, notably the underweight to Consumer Staples and overweight to Information Technology sectors. Relative to peers, the Fund’s modest underweight to mid-cap and larger-cap growth oriented stocks and its overweight to smaller-cap value stocks detracted from peer relative results.

The Fund employs a multi-manager investment approach that brings together four subadvisers, each with a distinct investing style. The multi-manager approach seeks to provide favorable performance results with more consistency over time than a single manager fund.

27

Subadviser Data

Legg Mason Capital Management, Inc.
Founded:	1982
Investment Style:	Opportunistic growth
Southeastern Asset Management, Inc.
Founded:	1975
Investment Style:	Special situations
T. Rowe Price Associates, Inc.
Founded:	1937
Investment Style:	Emerging growth
TimesSquare Capital Management, LLC
Founded:	2004
Investment Style:	Growth opportunities

Vantagepoint Aggressive Opportunities Fund
Sector Allocation as of December 31, 2009

The primary source of sector allocation classification is FactSet.

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

28

Vantagepoint Aggressive Opportunities Fund vs. Russell Midcap Growth Index:

Growth of $10,000 Invested December 31, 1999*

Vantagepoint Aggressive Opportunities Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	50.95%
Three Years	-2.21%
Five Years	3.72%
Ten Years	-0.31%
Fund Inception Date	October 1, 1994
Fund Registration Date	March 1, 1999

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. 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. 800-669-7400.

The Fund’s market benchmark, the Russell Midcap Growth Index, is a subset of the Russell Midcap Index that measures the performance of the mid-cap growth segment of the U.S. equity universe and includes companies with higher price-to-book ratios and higher forecasted growth values. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.The Fund’s portfolio may differ significantly from the securities in the index.

29

Vantagepoint Discovery Fund

The Vantagepoint Discovery Fund’s objective is to offer long-term capital growth. The principal investment strategy is to invest, under normal circumstances, in a combination of U.S. common stocks of small capitalization companies, Russell 2000 Index futures contracts and fixed income securities.

Performance

The Vantagepoint Discovery Fund gained 39.32% in 2009.The Fund’s market benchmark, the Russell 2000 Index, gained 27.17%, while its peer group benchmark, the Morningstar Small Blend Funds Average, a group of mutual funds with similar investment objectives, gained 31.80%.

Commentary

During the past year, equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. The gains were led by the Information Technology sector, which gained nearly 62%. Financials, the hardest hit sector in 2008, rebounded and gained 17% for the year. Mid-capitalization stocks outperformed both large- and small-capitalization stocks, and growth-oriented strategies generally outperformed value-oriented strategies.

The Fund’s absolute and relative returns in 2009 were the result of favorable positioning both at the sector and security holdings level. Nearly all sectors contributed positively to the Fund’s absolute return, led by the Information Technology, Consumer Discretionary and Financials sectors, while the Fund’s holdings in the Telecommunication Services sector posted a negative return for the year.The fixed income portion of the Fund representing the cash collateral that underlies the Fund’s equity futures contracts was also additive to Fund performance results, producing positive results from income generated by the holdings.

The Fund’s outperformance relative to its market benchmark was the result of favorable stock holdings in most sectors, particularly in the Financials sector, followed by the Consumer Staples and Industrials sectors. Allocations to Healthcare and Material stocks were also a benefit to relative performance. However, an underweight stance in the Consumer Discretionary sector hurt performance relative to the Fund’s market benchmark as did specific stock holdings in Information Technology and Telecommunication Services sectors.

The Fund’s outperformance relative to its peer average was largely the result of favorable stock holdings in most sectors, particularly in the Financials sector, followed by the Materials, Consumer Discretionary and Consumer Staples sectors. Overweight holdings in Technology and Energy stocks also benefitted the Fund’s performance. However, specific stock holdings in the Telecommunication Services sector hindered performance relative to peers. A small overweight to Healthcare stocks was also a slight detractor from performance relative to peers.

The Fund employs a multi-manager investment approach that brings together two subadvisers, each with a distinct investing style.The multi-manager approach seeks to provide favorable performance results with more consistency over time than a single manager fund.

30

Subadviser Data

Payden & Rygel
Founded:	1983
Investment Style:	Enhanced index
Wellington Management Company, LLP
Founded:	1928
Investment Style:	Diversified small-blend

Vantagepoint Discovery Fund Asset Class Exposure
as of December 31, 2009*

* Portfolio exposures represent the market value of physical securities and the measurement of exposure through the derivative instruments held by the 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 results in a total percentage in the chart that exceeds 100%.

31

Vantagepoint Discovery Fund
Fixed Income Sector Allocation as of December 31, 2009

The Fixed Income Sector Allocation reflected in this pie chart was calculated using the actual fixed income securities held by the Fund. This pie represents the portion of the Fund classified as Bonds in the Asset Class Exposure Table. The primary source of fixed income sector classification is BondEdge. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Discovery Fund
Equity Sector Allocation as of December 31, 2009

The Equity Sector Allocation reflected in this pie chart was calculated using the actual equity securities held by the Fund and blending them with the sectors represented in the Russell 2000 Index futures held by this Fund. This pie represents the portion of the Fund classified as Stocks in the Asset Class Exposure Table.
The primary source of equity sector classification is FactSet.
Due to rounding, pie chart allocations may not add up to 100%.

32

Vantagepoint Discovery Fund vs. Russell 2000 Index:

Growth of $10,000 Invested October 30, 2007*

Vantagepoint Discovery Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	39.32%
Since Inception	-9.68%
Fund Inception Date	October 30, 2007

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

The Fund’s market benchmark, the Russell 2000 Index, measures the performance of the small-cap segment of the U.S. equity universe. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.The Fund’s portfolio may differ significantly from the securities in the index.

33

Vantagepoint International Fund

The Vantagepoint International Fund’s objective is to offer long-term capital growth and diversification by country.The principal investment strategy is to invest primarily in the common stocks of companies headquartered outside of the United States. The Fund will invest, under normal circumstances, at least 80% of its assets in foreign equity securities. The Fund may also invest a portion of its assets in U.S. or foreign bonds, U.S. stocks, convertible securities, and derivatives, including futures, options and forward currency contracts.

Performance

The Vantagepoint International Fund gained 29.97% in 2009.The Fund’s market benchmark, the Morgan Stanley Capital International Europe Australasia and Far East (MSCI EAFE) (Net) Index, gained 31.78%. The Fund’s peer group benchmark, the Morningstar Foreign Large Blend Funds Average, a group of mutual funds with similar investment objectives, gained 31.24%.

Commentary

During the past year, equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied.The Information Technology sector led the gains, while Financials, the hardest hit sector in 2008, rebounded and produced attractive gains as a sector. Non-U.S. equity markets generally outperformed U.S. markets in 2009, particularly emerging markets, which after a poor second half in 2008, recovered and produced returns higher than the developed markets as a whole. From a U.S. dollar perspective, Asia (excluding Japan) produced the highest regional appreciation.

The Fund’s absolute returns in 2009 were the result of favorable positioning at the country, sector, and security holdings level. Exposure to countries such as the United Kingdom and France enhanced returns. Every sector produced positive returns, notably the Consumer Discretionary, Energy, Information Technology and Materials sectors. In spite of the U.S. Dollar rally during December, foreign currency exposure produced over 14% of the positive absolute return. Currency returns were the highest in North America and the United Kingdom.

The Fund’s underperformance relative to its market benchmark was the result of several primary factors. Stock holdings and underweight exposure in the Financials sector negatively impacted relative performance. Similarly, appreciation in Asia ex-Japan and United Kingdom securities was favorable but lagged that of the benchmark. Finally, the Fund’s foreign currency gains lagged those of the unmanaged market benchmark.The Fund’s relative performance benefitted from the Fund maintaining an underweight exposure to Japan, and specific stock holdings there. From a sector perspective, stock holdings in the Information Technology, Energy and Consumer Discretionary sectors added significant value relative to holdings in the market benchmark. Finally, an overweight exposure to North America, specifically Canada, aided relative results.

The Fund’s underperformance relative to its peer group average was largely the result of stock holdings in Latin America, Africa and emerging Europe, as well as an underweight to Australasia. Concurrently, underweight exposure and specific stock holdings in the Materials sector also detracted.The Fund’s stock holdings in Japan and Asia (developed and emerging) were additive. Relative performance was also aided by overweight exposure to Canada, and specific stock holdings in the Information Technology and Energy sectors.

In October, 2009, Mondrian Investment Partners Limited replaced Capital Guardian Trust Company as a subadviser to the Fund. Concurrently, the Fund’s target allocation to Artisan Partners Limited Partnership was reduced in conjunction with increased allocations to Walter Scott & Partners Limited and GlobeFlex Capital.The transition resulted in turnover of greater than a third of the Fund assets.The elevated volatility of the stock markets also resulted in higher trading by Fund subadvisers. As a result, overall portfolio turnover was unusually high for the year at 164%.

The Fund employs a multi-manager investment approach that brings together four subadvisers, each with a distinct investing style. The multi-manager approach seeks to provide favorable performance results with more consistency over time than a single manager fund.

34

Subadviser Data

Artisan Partners Limited Partnership
Founded:	1995
Investment Style:	International growth opportunities
GlobeFlex Capital, LP
Founded:	1994
Investment Style:	International diversified all cap
Mondrian Investment Partners Limited
Founded:	1990
Investment Style:	Active, value-oriented global
Walter Scott & Partners Limited
Founded:	1983
Investment Style:	International concentrated growth

Vantagepoint International Fund
Country Allocation as of December 31, 2009

*Other represents countries with under a 1.5% individual weighting.

The primary source of country allocation classification is FactSet.

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

35

Vantagepoint International Fund vs. MSCI EAFE (Net) Index and MSCI EAFE (Gross) Index:

Growth of $10,000 Invested December 31, 1999*

Vantagepoint International Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	29.97%
Three Years	-5.37%
Five Years	3.71%
Ten Years	0.34%
Fund Inception Date	October 1, 1994
Fund Registration Date	March 1, 1999

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. 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. 800-669-7400.

The Fund’s market benchmark, the MSCI EAFE Index (Net), is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada, and approximates the minimum possible dividend reinvestment after deduction of withholding tax according to MSCI Barra’s methodology. Prior to May 1, 2009, the Fund compared its performance to the MSCI EAFE (Gross) Index, which approximates the maximum possible dividend reinvestment. The Fund changed the index to which it compares its performance because the MSCI EAFE (Net) Index is considered to be a more appropriate comparison. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.The Fund’s portfolio may differ significantly from the securities in the index.

36

Vantagepoint Diversified Assets Fund*

The Vantagepoint Diversified Assets Fund’s objective is to offer long-term capital growth.The Fund uses several principal investment strategies to seek to achieve its objective. As of December 31, 2009, the Fund allocated its assets to: investments in derivative instruments that gave it investment exposure to the global equity, bond and currency markets; short and intermediate maturity U.S. and foreign fixed income securities; and high quality, short-term fixed income securities. In combination, the Fund’s above investment strategies seek to provide investment exposure to domestic and foreign stocks and bonds and foreign currencies through direct investment in such instruments or through the use of derivative instruments.

Performance

The Vantagepoint Diversified Assets Fund gained 6.64% during 2009.The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Bond Index, gained 6.46%. The Fund’s custom benchmark is an equal-weighted blend of the S&P 500 Index and the Barclays Capital U.S. Intermediate Aggregate Bond Index and returned 16.65%.

Commentary

During the past year, equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Non-U.S. equity markets followed a similar path, and generally outperformed U.S. markets in 2009. Emerging markets, after a poor second half in 2008, recovered and produced returns higher than the developed markets as a whole. From a U.S. dollar perspective, Asia (excluding Japan) produced the highest regional appreciation.

Fixed income markets were likewise marked by two distinct phases in 2009.The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, leading to high demand for U.S. Treasury securities and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year.The overall effect was a negative return for intermediate and longer-dated U. S. Treasury securities in 2009 and positive returns for all other sectors of the bond market.

The Fund’s absolute and relative performance versus its market benchmark in 2009 was the result of favorable performance within the Fund’s low duration strategy that benefited from continued strength in credit sectors of fixed income markets and within the Fund’s strategy that tactically allocates across global stocks, bonds and currencies. Allocations across global equities made strong contributions to performance. Although allocations across global equities generally contributed to performance, there were small detractors from short positions in specific markets, namely Canadian equities.

The Fund’s underperformance relative to its custom benchmark was the result of the Fund’s more conservative orientation during a year that as a whole favored riskier holdings, e.g. lower quality securities such as high-yield bonds.

The Fund’s portfolio turnover was over 100% for the year, primarily due to active trading employed by the Fund’s subadvisers that tactically allocate across global stocks, bonds and currencies.

In April 2009, Payden & Rygel replaced Drake Capital Management, LLC as a subadviser to the Fund.

The Fund employs a multi-manager investment approach that brings together a number of subadvisers, each with a distinct investing style.The multi-manager approach seeks to provide favorable performance results with more consistency over time than a single manager fund.

*As of January 4, 2010, the Fund’s name was changed to the Diversifying Strategies Fund. Also effective on that date were changes to the Fund’s principal investment strategies to include a convertible securities strategy and the addition of two new subadvisers to manage the Fund’s assets in that strategy. Please see the Fund’s January 4, 2010 prospectus for additional information.

37

Subadviser Data

Analytic Investors, LLC
Founded:	1970
Investment Style:	Global tactical asset allocation
Mellon Capital Management Corporation
Founded:	1983
Investment Style:	Global tactical asset allocation
Payden & Rygel
Founded:	1983
Investment Style:	Low duration bond
Payden & Rygel
Founded:	1983
Investment Style:	Short-duration fixed income

Vantagepoint Diversified Assets Fund Asset Class Exposure
as of December 31, 2009*

*Portfolio exposures represent the market value of physical securities and the measurement of exposure to asset classes through the derivative instruments held by the 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 results in a total percentage reflected in the chart that exceeds 100%.

In its use of derivative instruments, the 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.

38

Vantagepoint Diversified Assets Fund vs. Barclays Capital U.S. Intermediate Aggregate Index

and Custom Benchmark: Growth of $10,000 Invested October 30, 2007*

Vantagepoint Diversified Assets Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	6.64%
Since Inception	-0.28%
Fund Inception Date	October 30, 2007

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

The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Index, is comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to ten years. The Fund’s custom benchmark is an equal-blend of the Barclays Capital U.S. Intermediate Aggregate Index and the S&P 500 Index, which consists of 500 companies representing larger capitalization stocks traded in the U.S. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.The Fund’s portfolio may differ significantly from the securities in the indexes.

39

Vantagepoint Index Funds

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

1)	The Vantagepoint Core Bond Index Fund’s objective is to offer current income by approximating the performance of the Barclays Capital U.S. Aggregate Bond Index.
2)	The Vantagepoint 500 Stock Index Fund’s objective is to offer long-term capital growth by approximating the performance of the S&P 500 Index.
3)	The Vantagepoint Broad Market Index Fund’s objective is to offer long-term capital growth by approximating the performance of the Wilshire 5000 Total Market Index.
4)	The Vantagepoint Mid/Small Company Index Fund’s objective is to offer long-term capital growth by approximating the performance of the Wilshire 4500 Completion Index.
5)	The Vantagepoint Overseas Equity Index Fund’s objective is to offer long-term capital growth and diversification by approximating the performance of the Morgan Stanley Capital International (MSCI) Europe Australasia Far East (EAFE) (Net) Index.

Performance & Commentary

During the past year, equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Non-U.S. equity markets followed a similar path, and generally outperformed U.S. markets in 2009. Fixed income markets were likewise marked by two distinct phases in 2009. The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, leading to high demand for U.S. Treasury securities and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year. The overall effect was a negative return for intermediate and longer-dated U.S. Treasury securities in 2009 and positive returns for most other sectors of the bond market.

The Vantagepoint Core Bond Index Fund gained 5.57% (Class I shares) and 5.74% (Class II shares). The Fund’s market benchmark, the Barclays Capital U.S. Aggregate Bond Index, gained 5.93%.

The Vantagepoint 500 Stock Index Fund gained 26.13% (Class I shares) and 26.35% (Class II shares). The Fund’s market benchmark, the S&P 500 Index, gained 26.46%.

The Vantagepoint Broad Market Index Fund gained 27.78% (Class I shares) and 28.04% (Class II shares). The Fund’s market benchmark, the Wilshire 5000 Total Market Index, gained 28.30%.

The Vantagepoint Mid/Small Company Index Fund gained 36.19% (Class I shares) and 36.47% (Class II shares). The Fund’s market benchmark, the Wilshire 4500 Completion Index, gained 36.99%.

The Vantagepoint Overseas Equity Index Fund gained 28.63% (Class I shares) and 28.94% (Class II shares). The Fund’s market benchmark, the MSCI EAFE (Net) Index. advanced 32.46%.

40

Subadviser Data

Mellon Capital Management Corporation
Founded:	1983
Investment Style:	Index portfolio

Vantagepoint Core Bond Index Fund
Sector Allocation as of December 31, 2009

The primary source of sector allocation classification is BondEdge.

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

41

Vantagepoint Core Bond Index Fund Class I vs. Barclays Capital U.S. Aggregate Bond Index:

Growth of $10,000 Invested December 31, 1999*

Vantagepoint Core Bond Index Fund Class II vs. Barclays Capital U.S. Aggregate Bond Index:

Growth of $10,000 Invested December 31, 1999*

42

Vantagepoint Core Bond Index Fund

Average Annual Total Return for the periods ended December 31, 2009*

	Class I Shares	Class II Shares
One Year	5.57%	5.74%
Three Years	5.57%	5.75%
Five Years	4.49%	4.70%
Ten Years	5.94%	6.16%
Fund Inception Date	June 2, 1997	April 5, 1999
Offering Date	March 1, 1999	April 5, 1999

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. 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. 800-669-7400.

The Fund’s benchmark, the Barclays Capital U.S. Aggregate Bond Index, consists of investment-grade U.S. fixed income securities. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

43

Vantagepoint 500 Stock Index Fund
Sector Allocation as of December 31, 2009

The primary source of sector allocation classification is FactSet.

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

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

Growth of $10,000 Invested December 31, 1999*

44

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

Growth of $10,000 Invested December 31, 1999*

Vantagepoint 500 Stock Index Fund

Average Annual Total Return for the periods ended December 31, 2009*

	Class I Shares	Class II Shares
One Year	26.13%	26.35%
Three Years	-5.99%	-5.81%
Five Years	0.00%	0.20%
Ten Years	-1.38%	-1.19%
Fund Inception Date	June 2, 1997	April 5, 1999
Offering Date	March 1, 1999	April 5, 1999

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. 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. 800-669-7400.

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

45

Vantagepoint Broad Market Index Fund
Sector Allocation as of December 31, 2009

The primary source of sector allocation classification is FactSet.

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

Vantagepoint Broad Market Index Fund Class I vs. Wilshire 5000 Total Market Index:

Growth of $10,000 Invested December 31, 1999*

46

Vantagepoint Broad Market Index Fund Class II vs. Wilshire 5000 Total Market Index:

Growth of $10,000 Invested December 31, 1999*

Vantagepoint Broad Market Index Fund

Average Annual Total Return for the periods ended December 31, 2009*

	Class I Shares	Class II Shares
One Year	27.78%	28.04%
Three Years	-5.43%	-5.26%
Five Years	0.68%	0.89%
Ten Years	-0.66%	-0.47%
Fund Inception Date	October 1, 1994	April 5, 1999
Offering Date	March 1, 1999	April 5, 1999

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. 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. 800-669-7400.

The Wilshire 5000 Total Market Index consists of all U.S. equity securities with readily available price data and is calculated using a float-adjusted market capitalization weighting.The float adjusted methodology adjusts an individual stock’s market capitalization to account for (by excluding) shares that may be restricted or otherwise unavailable for purchase. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

47

Vantagepoint Mid/Small Company Index Fund
Sector Allocation as of December 31, 2009

The primary source of sector allocation classification is FactSet.

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

Vantagepoint Mid/Small Company Index Fund Class I vs. Wilshire 4500 Completion Index:

Growth of $10,000 Invested December 31, 1999*

48

Vantagepoint Mid/Small Company Index Fund Class II vs. Wilshire 4500 Completion Index:

Growth of $10,000 Invested December 31, 1999*

Vantagepoint Mid/Small Company Index Fund

Average Annual Total Return for the periods ended December 31, 2009*

	Class I Shares	Class II Shares
One Year	36.19%	36.47%
Three Years	-4.24%	-4.04%
Five Years	2.06%	2.27%
Ten Years	1.50%	1.70%
Fund Inception Date	June 2, 1997	April 5, 1999
Offering Date	March 1, 1999	April 5, 1999

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. 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. 800-669-7400.

The Wilshire 4500 Completion Index consists of all small- and mid-cap stocks. It is constructed using the Wilshire 5000 Total Market Index securities with the companies in the S&P 500 Index removed and is calculated using a float-adjusted market capitalization weighting.The float-adjusted methodology adjusts an individual stock’s market capitalization to account for (by excluding) shares that may be restricted or otherwise unavailable for purchase. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

49

Vantagepoint Overseas Equity Index Fund
Country Allocation as of December 31, 2009

*Other represents countries with under a 1.5% individual weighting.

The primary source of country allocation classification is FactSet.

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

Vantagepoint Overseas Equity Index Fund Class I vs. MSCI EAFE (Net) Index and MSCI EAFE Free (Gross) Index:

Growth of $10,000 Invested December 31, 1999*

50

Vantagepoint Overseas Equity Index Fund Class II vs. MSCI EAFE (Net) Index

and MSCI EAFE Free (Gross) Index: Growth of $10,000 Invested December 31, 1999*

Vantagepoint Overseas Equity Index Fund

Average Annual Total Return for the periods ended December 31, 2009*

`
	Class I Shares	Class II Shares
One Year	28.63%	28.94%
Three Years	-6.35%	-6.16%
Five Years	3.02%	3.25%
Ten Years	0.55%	0.77%
Fund Inception Date	June 2, 1997	April 5, 1999
Offering Date	March 1, 1999	April 5, 1999

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. 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. 800-669-7400.

The Fund’s benchmark, the MSCI EAFE (Net) Index, is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada and approximates the maximum possible dividend reinvestment after deduction of withholding tax according to MSCI Barra’s methodology. Prior to May 1, 2009, the Fund compared its performance to the MSCI EAFE Free (Gross) Index, which is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.The Fund changed the index to which it compares its performance because the MSCI EAFE (Net) Index is considered to be a more appropriate comparison. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

51

Vantagepoint Model Portfolio Savings Oriented Fund

The Vantagepoint Model Portfolio Savings Oriented Fund’s objective is to offer capital preservation, reasonable current income and some capital growth while seeking to limit risk. As of December 31, 2009, the principal investment strategy was to invest in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 65% fixed income investments, 25% equity investments, and 10% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund) by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:*

FIXED ICOME
Vantagepoint Low Duration Bond Fund	38%-48%
Vantagepoint Core Bond Index Fund (Class I)	8%-18%
Vantagepoint Inflation Protected Securities Fund	4%-14%
EQUIRY
Vantagepoint Equity Income Fund	5%-15%
Vantagepoint Growth & Income Fund	5%-15%
Vantagepoint International Fund	0%-10%
MULTI -STRATEGY
Vantagepoint Diversified Assets Fund	8%-12%

Performance

The Vantagepoint Model Portfolio Savings Oriented Fund gained 15.18% in 2009.The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Bond Index, gained 6.46%, while the Fund’s peer group benchmark, the Morningstar Conservative Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 20.77%.The Fund’s custom benchmark gained 11.59%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages corresponding to the historical target allocation to those asset classes for the Fund.

Commentary

Fixed income markets were marked by two distinct phases in 2009. The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, leading to high demand for U.S. Treasury securities and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year. The overall effect was a negative return for intermediate and longer-dated U.S. Treasury securities in 2009 and positive returns for most other sectors of the bond market. Equities generally outperformed bonds for the year, after experiencing significant lows in March that reversed and ultimately produced positive returns for investors who remained in the equity market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Non-U.S. equity markets followed a similar path, and generally outperformed U.S. markets in 2009.

All the underlying funds of the Model Portfolio Savings Oriented Fund earned positive returns in 2009. The Core Bond Index Fund (Class I) gained 5.57%, the Low Duration Bond Fund gained 10.63%, and the Inflation Protected Securities Fund returned 9.75%. Even stronger results came from the Fund’s three equity fund investments – the Equity Income Fund, the Growth & Income Fund, and the International Fund – each producing returns near or in excess of 30%. The Fund’s allocation to the Diversified Assets Fund was also additive to absolute performance, gaining 6.64%. Please refer to each underlying fund’s commentary within this report for more information.

52

The Fund outperformed its market benchmark due to its allocation to equity funds, which meaningfully outperformed bonds as represented by the Fund’s market benchmark. The Fund outperformed its custom benchmark primarily due to favorable performance of the Fund’s underlying equity funds compared to the equity index (the S&P 500 Index) used in calculating the custom benchmark. The Fund’s underlying fixed income funds also contributed to the outperformance, with the exception of the Core Bond Index Fund, as they outperformed the fixed income index (the Barclays Capital U.S. Intermediate Aggregate Bond Index) used in calculating the custom benchmark.

The Fund underperformed its peer group due to an underweight to equity funds in comparison to peers during the strong equity rally, and an overweight to conservative fixed income funds, investing in higher-quality and also lower duration fixed income securities, compared to those held by its peers during the period when lower credit quality fixed income securities outperformed those of high credit quality in 2009.

*Effective January 4, 2010, the Fund changed its principal investment strategies including changes to the asset class allocations and underlying fund allocations and ranges. Please see the prospectus dated January 4, 2010 for additional information.

Vantagepoint Model Portfolio Savings Oriented Fund
Underlying Fund Allocation as of December 31, 2009

53

Vantagepoint Model Portfolio Savings Oriented Fund vs. Barclays Capital U.S. Intermediate Aggregate

Bond Index and Custom Benchmark: Growth of $10,000 Invested December 4, 2000*

Vantagepoint Model Portfolio Savings Oriented Fund

Average Annual Total Return for the periods ended December 31, 2009*

One Year	15.18%
Three Years	2.60%
Five Years	3.54%
Ten Years	4.09%
Fund Inception Date	February 9, 1995
Fund Registration Date	December 4, 2000

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to December 4, 2000, is of a commingled fund that had the same investment objectives and policies as the Fund and was advised by an affiliate of the Fund’s adviser. This past performance was adjusted at the time of the Fund’s registration to reflect the expenses of the Fund. The commingled fund was not a registered mutual fund so it was not subject to the same investment and tax restrictions as the Fund. If it had been, the commingled fund’s 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. 800-669-7400.

The Barclays Capital U.S. Intermediate Aggregate Bond Index is an unmanaged index comprised of U.S. Government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

54

Vantagepoint Model Portfolio Conservative Growth Fund

The Vantagepoint Model Portfolio Conservative Growth Fund’s objective is to offer reasonable current income and capital preservation, with modest potential for capital growth. As of December 31, 2009, the principal investment strategy was to invest in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 50% fixed income investments, 40% equity investments, and 10% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund) by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:*

FIXED INCOME
Vantagepoint Low Duration Bond Fund	18%-28%
Vantagepoint Core Bond Index Fund (Class I)	16%-26%
Vantagepoint Inflation Protected Securities Fund	2%-12%
EQUITY
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
Vantagepoint Diversified Assets Fund	8%-12%

Performance

The Model Portfolio Conservative Growth Fund gained 18.50% in 2009. The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Bond Index, gained 6.46%, while the Fund’s peer group benchmark, the Morningstar Conservative Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 20.77%. The Fund’s custom benchmark gained 14.64%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages corresponding to the historical target allocation to those asset classes for the Fund.

Commentary

Fixed income markets were marked by two distinct phases in 2009. The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, leading to high demand for U.S. Treasury securities and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year. The overall effect was a negative return for intermediate and longer-dated U.S. Treasury securities in 2009 and positive returns for most other sectors of the bond market. Equities generally outperformed bonds for the year, after experiencing significant lows in March that reversed and ultimately produced positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Non-U.S. equity markets followed a similar path, and generally outperformed U.S. markets in 2009.

All the underlying funds of the Model Portfolio Conservative Growth Fund earned positive returns in 2009. The Core Bond Index Fund (Class I) rose 5.57%, the Low Duration Bond Fund gained 10.63%, and the Inflation Protected Securities Fund increased 9.75%. Even stronger results came from the Fund’s six equity fund investments – the Equity Income Fund, the Growth & Income Fund, the Growth Fund, the Select Value Fund, the Aggressive Opportunities Fund, and the International Fund – each producing returns near or in excess of 30%. The Fund’s allocation to the Diversified Assets Fund was also

55

additive to absolute performance, gaining 6.64%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund outperformed its market benchmark due to its allocation to equity funds, which meaningfully outperformed the bonds represented by the Fund’s market benchmark. The Fund outperformed its custom benchmark primarily due to favorable performance of the Fund’s underlying equity funds compared to the equity index (the S&P 500 Index) used in calculating the custom benchmark. The Fund’s underlying fixed income funds also contributed to the outperformance, with the exception of the Core Bond Index Fund, as they outperformed the fixed income index (the Barclays Capital U.S. Intermediate Aggregate Bond Index) used in calculating the custom benchmark.

The Fund underperformed its peer group due to its conservative positioning in higher-quality and lower duration fixed income securities, compared to those held by its peers during the period when lower credit quality fixed income securities outperformed those of high credit quality in 2009.

*Effective January 4, 2010, the Fund changed its principal investment strategies including changes to the asset class allocations and underlying fund allocations and ranges. Please see the prospectus dated January 4, 2010 for additional information.

Vantagepoint Model Portfolio Conservative Growth Fund
Underlying Fund Allocation as of December 31, 2009

56

Vantagepoint Model Portfolio Conservative Growth Fund vs. Barclays Capital U.S. Intermediate

Aggregate Bond Index and Custom Benchmark: Growth of $10,000 Invested December 4, 2000*

Vantagepoint Model Portfolio Conservative Growth Fund
Average Annual Total Return for the periods ended December 31, 2009*
One Year	18.50%
Three Years	1.35%
Five Years	3.31%
Ten Years	3.49%
Fund Inception Date	April 1, 1996
Fund Registration Date	December 4, 2000

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to December 4, 2000, when the Fund began operating, is of a commingled fund that had the same investment objectives and policies as the Fund and was advised by an affiliate of the Fund’s adviser. This past performance was adjusted at the time of the Fund’s registration to reflect the expenses of the Fund.The commingled fund was not a registered mutual fund so it was not subject to the same investment and tax restrictions as the Fund. If it had been, the commingled fund’s 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. 800-669-7400.

The Barclays Capital U.S. Intermediate Aggregate Bond Index is an unmanaged index comprised of U.S. Government, mortgage, corporate and asset-backed securities with maturities of one to 10 years.The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

57

Vantagepoint Model Portfolio Traditional Growth Fund

The Vantagepoint Model Portfolio Traditional Growth Fund’s objective is to offer moderate capital growth and reasonable current income. As of December 31, 2009, the principal investment strategy of the Fund was to invest in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 30% fixed income investments, 60% equity investments, and 10% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund) by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:*

FIXED INCOME
Vantagepoint Low Duration Bond Fund	3%-13%
Vantagepoint Core Bond Index Fund (Class I)	13%-23%
Vantagepoint Inflation Protected Securities Fund	0%-10%
EQUITY
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 - SSTRATEGY
Vantagepoint Diversified Assets Fund	8%-12%

Performance

The Vantagepoint Model Portfolio Traditional Growth Fund gained 23.72% in 2009.The Fund’s market benchmark, the S&P 500 Index, gained 26.46%, while the Fund’s peer group benchmark, the Morningstar Moderate Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 24.13%.The Fund’s custom benchmark gained 18.66%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages corresponding to the historical target allocation to those asset classes for the Fund.

Commentary

Equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Non-U.S. equity markets followed a similar path, and generally outperformed U.S. markets in 2009. Fixed income markets were likewise marked by two distinct phases in 2009. The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, leading to high demand for U.S. Treasury securities and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year. The overall effect was a negative return for intermediate and longer-dated U.S. Treasury securities in 2009 and positive returns for most other sectors of the bond market, albeit at levels generally lower than those of the equity markets.

All the underlying funds of the Model Portfolio Traditional Growth Fund earned positive returns in 2009. The Fund’s seven underlying equity funds produced strong returns ranging from 29.97% for the International Fund to 50.95% for the Aggressive Opportunities Fund. The Fund’s three underlying bond funds returned between 5.57% for the Core Bond Index

58

Fund (Class I) and 10.63% for the Low Duration Bond Fund. The Fund’s allocation to the Diversified Assets Fund was also additive to absolute performance, gaining 6.64%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund underperformed its market benchmark due to its allocation to non-equity funds, which meaningfully underperformed equities as represented by the Fund’s market benchmark. The Fund outperformed its custom benchmark primarily due to favorable performance of the Fund’s underlying equity funds compared to the equity index (the S&P 500 Index) used in calculating the custom benchmark. The Fund’s underlying fixed income funds also contributed to the outperformance, with the exception of the Core Bond Index Fund, as they outperformed the fixed income index (the Barclays Capital U.S. Intermediate Aggregate Bond Index) used in calculating the custom benchmark.

The Fund underperformed its peer group due to an underweight to equity funds in comparison to peers during the strong equity rally, and an overweight to fixed income funds investing in higher-quality and lower duration fixed income securities, compared to those held by its peers during the period when lower quality fixed income securities outperformed those of high credit quality in 2009.

*Effective January 4, 2010, the Fund changed its principal investment strategies including changes to the asset class allocations and underlying fund allocations and ranges. Please see the prospectus dated January 4, 2010 for additional information.

Vantagepoint Model Portfolio Traditional Growth Fund
Underlying Fund Allocation as of December 31, 2009

59

Vantagepoint Model Portfolio Traditional Growth Fund vs. S&P 500 Index

and Custom Benchmark: Growth of $10,000 Invested December 4, 2000*

Vantagepoint Model Portfolio Traditional Growth Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	23.72%
Three Years	-0.41%
Five Years	2.91%
Ten Years	2.63%
Fund Inception Date	April 1, 1996
Fund Registration Date	December 4, 2000

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to December 4, 2000, when the Fund began operating, is of a commingled fund that had the same investment objectives and policies as the Fund and was advised by an affiliate of the Fund’s adviser. This past performance was adjusted at the time of the Fund’s registration to reflect the expenses of the Fund.The commingled fund was not a registered mutual fund so it was not subject to the same investment and tax restrictions as the Fund. If it had been, the commingled fund’s 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. 800-669-7400.

The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The Barclays Capital U.S. Intermediate Aggregate Bond Index is an unmanaged index comprised of U.S. Government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

60

Vantagepoint Model Portfolio Long-Term Growth Fund

The Vantagepoint Model Portfolio Long-Term Growth Fund’s objective is to offer high long-term capital growth and modest current income. As of December 31, 2009, the principal investment strategy of the Fund was to invest in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 15% fixed income investments, 75% equity investments, and 10% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund) in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:*

FIXED INCOME
Vantagepoint Core Bond Index Fund (Class I)	10%-20%
EQUITY
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
Vantagepoint Diversified Assets Fund	8%-12%

Performance

The Vantagepoint Model Portfolio Long-Term Growth Fund gained 27.67% in 2009. The Fund’s market benchmark, the S&P 500 Index, gained 26.46%, while the Fund’s peer group benchmark, the Morningstar Large Blend Funds Average, a group of mutual funds with similar investment objectives, gained 28.17%. The Fund’s custom benchmark gained 21.62%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages corresponding to the historical target allocation to those asset classes for the Fund.

Commentary

Equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Non-U.S. equity markets followed a similar path, and generally outperformed U.S. markets in 2009. Fixed income markets were likewise marked by two distinct phases in 2009. The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, leading to high demand for U.S. Treasury securities and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year. The overall effect was a negative return for intermediate and longer-dated U.S. Treasury securities in 2009 and positive returns for most other sectors of the bond market, albeit at levels generally lower than those of the equity markets.

All the underlying funds of the Model Portfolio Long-Term Growth Fund earned positive returns in 2009. The Fund’s seven underlying equity funds produced strong returns ranging from 29.97% for the International Fund to 50.95% for the Aggressive Opportunities Fund. The Fund’s single fixed income investment, the Core Bond Index Fund (Class I), rose 5.57%. The Fund’s allocation to the Diversified Assets Fund was also additive to absolute performance, gaining 6.64%. Please refer to each underlying fund’s commentary within this report for more information.

61

The Fund outperformed its equity market benchmark due to the strong relative performance of the Fund’s underlying equity funds, which more than offset the relative drag resulting from the Fund’s investments in non-equity funds that produced more muted results. The Fund outperformed its custom benchmark primarily due to favorable performance of the Fund’s underlying equity funds compared to the equity index (the S&P 500 Index) used in calculating the custom benchmark. The Fund’s allocation to the Core Bond Index Fund modestly detracted from performance as it underperformed the fixed income index (the Barclays Capital U.S. Intermediate Aggregate Bond Index) used in calculating the custom benchmark.

The Fund underperformed its peer group due to an underweighted exposure to equities compared to peers during the strong equity rally.

*Effective January 4, 2010, the Fund changed its principal investment strategies including changes to the asset class allocations and underlying fund allocations and ranges. Please see the prospectus dated January 4, 2010 for additional information.

Vantagepoint Model Portfolio Long-Term Growth Fund
Underlying Fund Allocation as of December 31, 2009

62

Vantagepoint Model Portfolio Long-Term Growth Fund vs. S&P 500 Index

and Custom Benchmark: Growth of $10,000 Invested December 4, 2000*

Vantagepoint Model Portfolio Long-Term Growth Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	27.67%
Three Years	-1.72%
Five Years	2.75%
Ten Years	1.85%
Fund Inception Date	April 1, 1996
Fund Registration Date	December 4, 2000

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to December 4, 2000, when the Fund began operating, is of a commingled fund that had the same investment objectives and policies as the Fund and was advised by an affiliate of the Fund’s adviser. This past performance was adjusted at the time of the Fund’s registration to reflect the expenses of the Fund.The commingled fund was not a registered mutual fund so it was not subject to the same investment and tax restrictions as the Fund. If it had been, the commingled fund’s 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. 800-669-7400

.The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The Barclays Capital U.S. Intermediate Aggregate Bond Index is an unmanaged index comprised of U.S. Government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

63

Vantagepoint Model Portfolio All-Equity Growth Fund

The Vantagepoint Model Portfolio All-Equity Growth Fund’s objective is to offer high long-term capital growth. The principal investment strategy of the Fund is to invest, under normal circumstances, 100% in equity Funds by investing in Vantagepoint Funds whose assets are invested, under normal circumstances, at least 80% in equity securities or instruments that provide equity exposure. The investment strategy is implemented by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:

EQUITY
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%

Performance

The Vantagepoint Model Portfolio All-Equity Growth Fund gained 35.07% in 2009. The Fund’s market benchmark, the S&P 500 Index, gained 26.46%, while the Fund’s peer group benchmark, the Morningstar Large Blend Funds Average, a group of mutual funds with similar investment objectives, gained 28.17%. The Fund’s custom benchmark gained 27.58%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages corresponding to the historical target allocation to those asset classes for the Fund.

Commentary

Equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Non-U.S. equity markets followed a similar path, and generally outperformed U.S. markets in 2009.

All the underlying funds of the Model Portfolio All-Equity Growth Fund earned positive returns in 2009. Equity markets realized strong gains across geographic, style, and size segments. The Fund’s seven underlying equity funds produced strong returns ranging from 29.97% for the International Fund to 50.95% for the Aggressive Opportunities Fund. Please refer to each underlying fund’s commentary within this report for more information.

The Fund outperformed its equity market benchmark due to the strong relative performance of the Fund’s underlying equity funds. The Fund outperformed its custom benchmark primarily due to favorable performance of the Fund’s underlying U.S. equity funds compared to the equity index (the S&P 500 Index) used in calculating the custom benchmark. The Fund’s allocation to the International Fund modestly detracted from performance as it underperformed the non-U.S. equity index (the MSCI EAFE (Net) Index) used in calculating the custom benchmark.

The Fund outperformed its peer group due to an overweight exposure to international and small-cap equities in comparison to other funds in its peer group. Smaller-cap equities outperformed larger-cap equities and international equities outperformed domestic equities in 2009.

64

Vantagepoint Model Portfolio All-Equity Growth Fund
Underlying Fund Allocation as of December 31, 2009

Vantagepoint Model Portfolio All-Equity Growth Fund vs. S&P 500 Index

and Custom Benchmark: Growth of $10,000 Invested December 4, 2000*

65

Vantagepoint Model Portfolio All-Equity Growth Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	35.07%
Three Years	-4.34%
Five Years	1.70%
Since Inception	0.30%
Fund Inception Date	October 1, 2000
Fund Registration Date	December 4, 2000

*Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to December 4, 2000, when the Fund began operating, is of a commingled fund that had the same investment objectives and policies as the Fund and was advised by an affiliate of the Fund’s adviser. This past performance was adjusted at the time of the Fund’s registration to reflect the expenses of the Fund. The commingled fund was not a registered mutual fund so it was not subject to the same investment and tax restrictions as the Fund. If it had been, the commingled fund’s 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. 800-669-7400.

The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes. Those asset class benchmarks are the S&P 500 Index and the MSCI EAFE (Net) Index.The MSCI Europe Australasia Far East (EAFE) (Net) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada, and approximates the minimum possible dividend reinvestment after deduction of withholding tax according to MSCI Barra’s methodology. Should the percentage allocations to those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

66

Vantagepoint Milestone Retirement Income Fund

The Vantagepoint Milestone Retirement Income Fund’s objective is to seek to offer current income and opportunities for capital growth that have limited risk. This Fund may be appropriate for investors who are very close to retirement or are already in retirement. As of December 31, 2009, the Fund’s principal investment strategy was to invest in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 60% fixed income investments, approximately 30% equity investments, and 10% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund) by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:*

FIXED INCOME
Vantagepoint Low Duration Bond Fund	35%-45%
Vantagepoint Core Bond Index Fund (Class I)	6%-16%
Vantagepoint Inflation Protected Securities Fund	4%-14%
EQUITY
Vantagepoint Equity Income Fund	7%-17%
Vantagepoint Growth & Income Fund	7%-17%
Vantagepoint International Fund	1%-11%
MULTI - STRATEGY
Vantagepoint Diversified Assets Fund	5%-15%

Performance

The Vantagepoint Milestone Retirement Income Fund gained 16.53% in 2009. The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Bond Index, gained 6.46%, while the Fund’s peer group benchmark, the Morningstar Retirement Income Funds Average, a group of mutual funds with similar investment objectives, gained 18.36%. The Fund’s custom benchmark gained 12.61%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

Commentary

Fixed income markets were marked by two distinct phases in 2009. The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, leading to high demand for U.S. Treasury securities and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year. The overall effect was a negative return for intermediate and longer-dated U.S. Treasury securities in 2009 and positive returns for most other sectors of the bond market. Equities generally outperformed bonds for the year, after experiencing significant lows in March that reversed and ultimately produced positive returns for investors who remained in the equity market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Non-U.S. equity markets followed a similar path, and generally outperformed U.S. markets in 2009.

All the underlying funds of the Milestone Retirement Income Fund earned positive returns in 2009. The Core Bond Index Fund (Class I) rose 5.57%, the Low Duration Bond Fund gained 10.63%, and the Inflation Protected Securities Fund increased 9.75%. Even stronger results came from the Fund’s three equity fund investments – the Equity Income Fund, the Growth & Income Fund, and the International Fund – each producing returns near or in excess of 30%. The Fund’s allocation to the Diversified Assets Fund was also additive to absolute performance, gaining 6.64%. Please refer to each underlying fund’s commentary within this report for more information.

67

The Fund outperformed its market benchmark due to its allocation to equity funds, which meaningfully outperformed bonds as represented by the Fund’s market benchmark. The Fund outperformed its custom benchmark primarily due to favorable performance of the Fund’s underlying U.S. equity funds compared to the equity index (the S&P 500 Index) used in calculating the custom benchmark. The Fund’s underlying fixed income funds also contributed to the outperformance, with the exception of the Core Bond Index Fund, as they outperformed the fixed income index (the Barclays Capital U.S. Intermediate Aggregate Bond Index) used in calculating the custom benchmark.

The Fund underperformed its peer group average due to conservative positioning during the year. It had an underweighted exposure to equities relative to its peer group during the strong equity market rally in 2009. In addition, the fixed income exposure in the Fund generally had a higher average credit quality than its peer group during the period when lower credit quality securities outperformed those of high credit quality in 2009.

*Effective January 4, 2010, the Fund changed its principal investment strategies including changes to the asset class allocations and underlying fund allocations and ranges. Please see the prospectus dated January 4, 2010 for additional information.

Vantagepoint Milestone Retirement Income Fund
Underlying Fund Allocation as of December 31, 2009

68

Vantagepoint Milestone Retirement Income Fund vs. Barclays Capital U.S. Intermediate Aggregate

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

Vantagepoint Milestone Retirement Income Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	16.53%
Three Years	2.15%
Five Years	3.45%
Since Inception	3.45%
Fund Inception Date	January 3, 2005

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

The Barclays Capital U.S. Intermediate Aggregate Bond Index is an unmanaged index comprised of U.S. Government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

69

Vantagepoint Milestone 2010 Fund

The Vantagepoint Milestone 2010 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. As of December 31, 2009, the Fund’s principal investment strategy was to invest in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to retire in or begin withdrawals around the year 2010.

At year-end, the Fund was invested in nine Vantagepoint Funds at target allocations within the percentage ranges indicated:

FIXED INCOME
Vantagepoint Low Duration Bond Fund	33%-43%
Vantagepoint Core Bond Index Fund (Class I)	6%-16%
Vantagepoint Inflation Protected Securities Fund	3%-13%
EQUITY
Vantagepoint Equity Income Fund	8%-18%
Vantagepoint Growth & Income Fund	7%-17%
Vantagepoint Growth Fund	0%-10%
Vantagepoint Mid/Small Company Index Fund (Class I)	0%-10%
Vantagepoint International Fund	0%-10%
MULTI - STRATEGY
Vantagepoint Diversified Assets Fund	5%-15%

In 2009, the Fund’s strategy was to periodically decrease its allocation to equity Funds and correspondingly increase its allocation to fixed income Funds and the multi-strategy Fund so that by June 30 of the year 2010, the Fund’s asset allocation would be approximately 30% equity Funds, 60% fixed income Funds, and 10% in a multi-strategy Fund.*

Performance

The Vantagepoint Milestone 2010 Fund gained 17.71% in 2009. The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Bond Index, gained 6.46%, while the Fund’s peer group benchmark, the Morningstar Target Date 2000-2010 Funds Average, a group of mutual funds with similar investment objectives, gained 22.42%. The Fund’s custom benchmark gained 13.45%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

Commentary

Fixed income markets were marked by two distinct phases in 2009.The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, leading to high demand for U.S. Treasury securities and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year. The overall effect was a negative return for intermediate and longer-dated U.S. Treasury securities in 2009 and positive returns for most other sectors of the bond market. Equities generally outperformed bonds for the year, after experiencing significant lows in March that reversed and ultimately produced positive returns for investors who remained in the equity market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Non-U.S. equity markets followed a similar path, and generally outperformed U.S. markets in 2009.

All the underlying funds of the Milestone 2010 Fund earned positive returns in 2009. The Fund’s five underlying equity funds each produced strong returns near or in excess of 30%. The Fund’s three underlying bond funds returned between 5.57% for the Core Bond Index Fund (Class I) and 10.63% for the Low Duration Bond Fund. The Fund’s allocation to the

70

Diversified Assets Fund was also additive to absolute performance, gaining 6.64%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund outperformed its market benchmark due to its allocation to equity funds, which meaningfully outperformed bonds as represented by the Fund’s market benchmark. The Fund outperformed its custom benchmark primarily due to favorable performance of the Fund’s underlying equity funds compared to the equity index (the S&P 500 Index) used in calculating the custom benchmark. The Fund’s underlying fixed income funds also contributed to the outperformance, with the exception of the Core Bond Index Fund, as they outperformed the fixed income index (the Barclays Capital U.S. Intermediate Aggregate Bond Index) used in calculating the custom benchmark.

The Fund underperformed its peer group average due to conservative positioning during the year. It had an underweighted exposure to equities relative to its peer group during the strong equity market rally in 2009. In addition, the fixed income exposure in the Fund generally had a higher average credit quality than its peer group during the period when lower credit quality securities outperformed those of high credit quality in 2009.

*Effective January 4, 2010, the Fund changed its principal investment strategies including changes to the asset class allocations and underlying fund allocations and ranges. Please see the prospectus dated January 4, 2010 for additional information.

Vantagepoint Milestone 2010 Fund
Underlying Fund Allocation as of December 31, 2009

71

Vantagepoint Milestone 2010 Fund vs. Barclays Capital U.S. Intermediate Aggregate Bond Index

and Custom Benchmark: Growth of $10,000 Invested January 3, 2005*

Vantagepoint Milestone 2010 Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	17.71%
Three Years	1.17%
Five Years	3.38%
Since Inception	3.38%
Fund Inception Date	January 3, 2005

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

The Barclays Capital U.S. Intermediate Aggregate Bond Index is an unmanaged index comprised of U.S. Government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

72

Vantagepoint Milestone 2015 Fund

The Vantagepoint Milestone 2015 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. As of December 31, 2009, the Fund’s principal investment strategy was to invest in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to retire in or begin withdrawals around the year 2015.

At year-end, the Fund was invested in nine Vantagepoint Funds at target allocations within the percentage ranges indicated:

FIXED INCOME
Vantagepoint Low Duration Bond Fund	15%-25%
Vantagepoint Core Bond Index Fund (Class I)	8%-18%
Vantagepoint Inflation Protected Securities Fund	0%-10%
EQUITY
Vantagepoint Equity Income Fund	13%-23%
Vantagepoint Growth & Income Fund	6%-16%
Vantagepoint Growth Fund	2%-12%
Vantagepoint Mid/Small Company Index Fund (Class I)	0%-10%
Vantagepoint International Fund	5%-15%
MULTI - STRATEGY
Vantagepoint Diversified Assets Fund	5%-15%

In 2009, the Fund’s strategy was to periodically decrease its allocation to equity Funds and correspondingly increase its allocation to fixed income Funds and the multi-strategy Fund so that by June 30 of the year 2015, the Fund’s asset allocation would be approximately 30% equity Funds, 60% fixed income Funds, and 10% in a multi-strategy Fund.*

Performance

The Vantagepoint Milestone 2015 Fund gained 21.84% in 2009. The Fund’s market benchmark, the S&P 500 Index, gained 26.46%, while the Fund’s peer group benchmark, the Morningstar Target Date 2011-2015 Funds Average, a group of mutual funds with similar investment objectives, gained 23.55%. The Fund’s custom benchmark gained 17.06%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

Commentary

Equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Non-U.S. equity markets followed a similar path, and generally outperformed U.S. markets in 2009. Fixed income markets were likewise marked by two distinct phases in 2009.The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, leading to high demand for U.S. Treasury securities and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year. The overall effect was a negative return for intermediate and longer-dated U.S. Treasury securities in 2009 and positive returns for most other sectors of the bond market, albeit at levels generally lower than those of the equity markets.

All the underlying funds of the Milestone 2015 Fund earned positive returns in 2009. The Fund’s five underlying equity funds each produced strong returns near or in excess of 30%. The Fund’s three underlying bond funds returned between 5.57% for the Core Bond Index Fund (Class I) and 10.63% for the Low Duration Bond Fund. The Fund’s allocation to the

73

Diversified Assets Fund was also additive to absolute performance, gaining 6.64%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund underperformed its market benchmark due to its allocation to non-equity funds, which meaningfully underperformed equities as represented by the Fund’s market benchmark. The Fund outperformed its custom benchmark primarily due to favorable performance of the Fund’s underlying equity funds compared to the equity index (the S&P 500 Index) used in calculating the custom benchmark. The Fund’s underlying fixed income funds also contributed to the outperformance, with the exception of the Core Bond Index Fund, as they outperformed the fixed income index (the Barclays Capital U.S. Intermediate Aggregate Bond Index) used in calculating the custom benchmark.

The Fund underperformed its peer group average due to conservative positioning during the year. It had an underweighted exposure to equities relative to its peer group during the strong equity market rally in 2009. In addition, the fixed income exposure in the Fund generally had a higher average credit quality than its peer group during the period when lower credit quality securities outperformed those of high credit quality in 2009.

*Effective January 4, 2010, the Fund changed its principal investment strategies including changes to the asset class allocations and underlying fund allocations and ranges. Please see the prospectus dated January 4, 2010 for additional information.

Vantagepoint Milestone 2015 Fund
Underlying Fund Allocation as of December 31, 2009

74

Vantagepoint Milestone 2015 Fund vs. S&P 500 Index and Custom Benchmark:

Growth of $10,000 Invested January 3, 2005*

Vantagepoint Milestone 2015 Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	21.84%
Three Years	-0.15%
Five Years	3.18%
Since Inception	3.18%
Fund Inception Date	January 3, 2005

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

The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S.The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The Barclays Capital U.S. Intermediate Aggregate Bond Index is an unmanaged index comprised of U.S. Government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

75

Vantagepoint Milestone 2020 Fund

The Vantagepoint Milestone 2020 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. As of December 31, 2009, the Fund’s principal investment strategy was to invest in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to retire in or begin withdrawals around the year 2020.

At year-end, the Fund was invested in eight Vantagepoint Funds at target allocations within the percentage ranges indicated:

FIXED INCOME
Vantagepoint Low Duration Bond Fund	4%-14%
Vantagepoint Core Bond Index Fund (Class I)	14%-24%
EQUITY
Vantagepoint Equity Income Fund	16%-26%
Vantagepoint Growth & Income Fund	6%-16%
Vantagepoint Growth Fund	3%-13%
Vantagepoint Mid/Small Company Index Fund (Class I)	3%-13%
Vantagepoint International Fund	7%-17%
MULTI - STRATEGY
Vantagepoint Diversified Assets Fund	5%-15%

In 2009, the Fund’s strategy was to periodically decrease its allocation to equity Funds and correspondingly increase its allocation to fixed income Funds and the multi-strategy Fund so that by June 30 of the year 2020, the Fund’s asset allocation would be approximately 30% equity Funds, 60% fixed income Funds, and 10% in a multi-strategy Fund.*

Performance

The Vantagepoint Milestone 2020 Fund gained 23.43% in 2009. The Fund’s market benchmark, the S&P 500 Index, gained 26.46%, while the Fund’s peer group benchmark, the Morningstar Target Date 2016-2020 Funds Average, a group of mutual funds with similar investment objectives, gained 24.25%. The Fund’s custom benchmark gained 18.99%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

Commentary

Equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Non-U.S. equity markets followed a similar path, and generally outperformed U.S. markets in 2009. Fixed income markets were likewise marked by two distinct phases in 2009. The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, leading to high demand for U.S. Treasury securities and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year. The overall effect was a negative return for intermediate and longer-dated U.S. Treasury securities in 2009 and positive returns for most other sectors of the bond market, albeit at levels generally lower than those of the equity markets.

All the underlying funds of the Milestone 2020 Fund earned positive returns in 2009.The Fund’s five underlying equity funds each produced strong returns near or in excess of 30%. The Fund’s two underlying bond funds returned 5.57% for the Core Bond Index Fund (Class I) and 10.63% for the Low Duration Bond Fund. The Fund’s allocation to the Diversified

76

Assets Fund was also additive to absolute performance, gaining 6.64%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund underperformed its market benchmark due to its allocation to non-equity funds, which meaningfully underperformed equities as represented by the Fund’s market benchmark. The Fund outperformed its custom benchmark primarily due to favorable performance of the Fund’s underlying equity funds compared to the equity index (the S&P 500 Index) used in calculating the custom benchmark. The Fund’s allocation to fixed income funds was also additive, despite mixed results from the underlying funds compared to the fixed income benchmark (the Barclays Capital U.S. Intermediate Aggregate Bond Index) used in calculating the custom benchmark.

The Fund also underperformed its peer group due to conservative positioning during the year. It had an underweighted exposure to equities relative to its peer group average during the strong equity market rally in 2009. In addition, the fixed income exposure in the Fund generally had a higher average credit quality than its peer group during the period when lower credit quality securities outperformed those of high credit quality in 2009.

*Effective January 4, 2010, the Fund changed its principal investment strategies including changes to the asset class allocations and underlying fund allocations and ranges. Please see the prospectus dated January 4, 2010 for additional information.

Vantagepoint Milestone 2020 Fund
Underlying Fund Allocation as of December 31, 2009

77

Vantagepoint Milestone 2020 Fund vs. S&P 500 Index and Custom Benchmark:

Growth of $10,000 Invested January 3, 2005*

Vantagepoint Milestone 2020 Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	23.43%
Three Years	-1.09%
Five Years	2.89%
Since Inception	2.89%
Fund Inception Date	January 3, 2005

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

The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S.The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund.Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class.The Barclays Capital U.S. Intermediate Aggregate Bond Index is an unmanaged index comprised of U.S. Government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

78

Vantagepoint Milestone 2025 Fund

The Vantagepoint Milestone 2025 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. As of December 31, 2009, the Fund’s principal investment strategy was to invest in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to retire in or begin withdrawals around the year 2025.

At year-end, the Fund was invested in eight Vantagepoint Funds at target allocations within the percentage ranges indicated:

FIXED INCOME
Vantagepoint Low Duration Bond Fund	0%-10%
Vantagepoint Core Bond Index Fund (Class I)	10%-20%
EQUITY
Vantagepoint Equity Income Fund	18%-28%
Vantagepoint Growth & Income Fund	8%-18%
Vantagepoint Growth Fund	4%-14%
Vantagepoint Mid/Small Company Index Fund (Class I)	6%-16%
Vantagepoint International Fund	9%-19%
MULTI - STRATEGY
Vantagepoint Diversified Assets Fund	5%-15%

In 2009 the Fund’s strategy was to periodically decrease its allocation to equity Funds and correspondingly increase its allocation to fixed income Funds and the multi-strategy Fund so that by June 30 of the year 2025, the Fund’s asset allocation would be approximately 30% equity Funds, 60% fixed income Funds, and 10% in a multi-strategy Fund.*

Performance

The Vantagepoint Milestone 2025 Fund gained 25.40% in 2009. The Fund’s market benchmark, the S&P 500 Index, gained 26.46%, while the Fund’s peer group benchmark, the Morningstar Target Date 2021-2025 Funds Average, a group of mutual funds with similar investment objectives, gained 28.32%.The Fund’s custom benchmark gained 20.62%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

Commentary

Equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Non-U.S. equity markets followed a similar path, and generally outperformed U.S. markets in 2009. Fixed income markets were likewise marked by two distinct phases in 2009. The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, leading to high demand for U.S. Treasury securities and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year. The overall effect was a negative return for intermediate and longer-dated U.S. Treasury securities in 2009 and positive returns for most other sectors of the bond market, albeit at levels generally lower than those of the equity markets

All the underlying funds of the Milestone 2025 Fund earned positive returns in 2009. The Fund’s five underlying equity funds each produced strong returns near or in excess of 30%. The Fund’s two underlying bond funds returned 5.57% for the Core Bond Index Fund (Class I) and 10.63% for the Low Duration Bond Fund. The Fund’s allocation to the Diversified Assets Fund was also additive to absolute performance, gaining 6.64%. Please refer to each underlying fund’s commentary within this report for more information.

79

The Fund underperformed its market benchmark due to its allocation to non-equity funds, which meaningfully underperformed equities as represented by the Fund’s market benchmark. The Fund outperformed its custom benchmark primarily due to favorable performance of the Fund’s underlying equity funds compared to the equity index (the S&P 500 Index) used in calculating the custom benchmark. The Fund’s allocation to fixed income funds was also additive, despite mixed results from the underlying funds compared to the fixed income benchmark (the Barclays Capital U.S. Intermediate Aggregate Bond Index) used in calculating the custom benchmark.

The Fund also underperformed its peer group due to conservative positioning during the year. It had an underweighted exposure to equities relative to its peer group during the strong equity market rally in 2009. In addition, the fixed income exposure in the Fund generally had a higher average credit quality than its peer group during the period when lower credit quality securities outperformed those of high credit quality in 2009.

*Effective January 4, 2010, the Fund changed its principal investment strategies including changes to the asset class allocations and underlying fund allocations and ranges. Please see the prospectus dated January 4, 2010 for additional information.

Vantagepoint Milestone 2025 Fund
Underlying Fund Allocation as of December 31, 2009

80

Vantagepoint Milestone 2025 Fund vs. S&P 500 Index and Custom Benchmark:

Growth of $10,000 Invested January 3, 2005*

Vantagepoint Milestone 2025 Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	25.40%
Three Years	-1.97%
Five Years	2.62%
Since Inception	2.62%
Fund Inception Date	January 3, 2005

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

The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S.The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class.The Barclays Capital U.S. Intermediate Aggregate Bond Index is an unmanaged index comprised of U.S. Government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

81

Vantagepoint Milestone 2030 Fund

The Vantagepoint Milestone 2030 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. As of December 31, 2009, the Fund’s principal investment strategy was to invest in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to retire in or begin withdrawals around the year 2030.

At year-end the Fund was invested in seven Vantagepoint Funds at target allocations within the percentage ranges indicated:

FIXED INCOME
Vantagepoint Core Bond Index Fund (Class I)	8%-18%
EQUITY
Vantagepoint Equity Income Fund	20%-30%
Vantagepoint Growth & Income Fund	9%-19%
Vantagepoint Growth Fund	5%-15%
Vantagepoint Mid/Small Company Index Fund (Class I)	8%-18%
Vantagepoint International Fund	11%-21%
MULTI - STRATEGY
Vantagepoint Diversified Assets Fund	4%-14%

In 2009, the Fund’s strategy was to periodically decrease its allocation to equity Funds and correspondingly increase its allocation to fixed income Funds and the multi-strategy Fund so that by June 30 of the year 2030, the Fund’s asset allocation would be approximately 30% equity Funds, 60% fixed income Funds, and 10% in a multi-strategy Fund.*

Performance

The Vantagepoint Milestone 2030 Fund gained 27.33% in 2009.The Fund’s market benchmark, the S&P 500 Index, gained 26.46%, while the Fund’s peer group benchmark, the Morningstar Target Date 2026-2030 Funds Average, a group of mutual funds with similar investment objectives, gained 28.87%. The Fund’s custom benchmark gained 22.18%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

Commentary

Equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Non-U.S. equity markets followed a similar path, and generally outperformed U.S. markets in 2009. Fixed income markets were likewise marked by two distinct phases in 2009. The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, leading to high demand for U.S. Treasury securities and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year. The overall effect was a negative return for intermediate and longer-dated U.S. Treasury securities in 2009 and positive returns for most other sectors of the bond market, albeit at levels generally lower than those of the equity markets.

All the underlying funds of the Milestone 2030 Fund earned positive returns in 2009.The Fund’s five underlying equity funds each produced strong returns near or in excess of 30%. The Fund’s single underlying bond fund – the Core Bond Index Fund (Class I) – returned 5.57%.The Fund’s allocation to the Diversified Assets Fund was also additive to absolute performance, gaining 6.64%. Please refer to each underlying fund’s commentary within this report for more information.

82

The Fund outperformed its equity market benchmark due to the strong relative performance of the Fund’s underlying equity funds, which more than offset the relative drag resulting from the Fund’s investments in non-equity funds that produced more muted results. The Fund outperformed its custom benchmark primarily due to favorable performance of the Fund’s underlying equity funds compared to the equity index (the S&P 500 Index) used in calculating the custom benchmark.The Fund’s allocation to the Core Bond Index Fund modestly detracted from performance as it underperformed the fixed income index (the Barclays Capital U.S. Intermediate Aggregate Bond Index) used in calculating the custom benchmark.

The Fund underperformed its peer group average due to conservative positioning during the year. It had an underweighted exposure to equities relative to its peer group during the strong equity market rally in 2009. In addition, the fixed income exposure in the Fund generally had a higher average credit quality than its peer group during the period when lower credit quality securities outperformed those of high credit quality in 2009.

*Effective January 4, 2010, the Fund changed its principal investment strategies including changes to the asset class allocations and underlying fund allocations and ranges. Please see the prospectus dated January 4, 2010 for additional information.

Vantagepoint Milestone 2030 Fund
Underlying Fund Allocation as of December 31, 2009

83

Vantagepoint Milestone 2030 Fund vs. S&P 500 Index and Custom Benchmark:

Growth of $10,000 Invested January 3, 2005*

Vantagepoint Milestone 2030 Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	27.33%
Three Years	-2.74%
Five Years	2.38%
Since Inception	2.38%
Fund Inception Date	January 3, 2005

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

The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S.The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class.The Barclays Capital U.S. Intermediate Aggregate Bond Index is an unmanaged index comprised of U.S. Government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

84

Vantagepoint Milestone 2035 Fund

The Vantagepoint Milestone 2035 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. As of December 31, 2009, the Fund’s principal investment strategy was to invest in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to retire in or begin withdrawals around the year 2035.

At year-end the Fund was invested in seven Vantagepoint Funds at target allocations within the percentage ranges indicated:

FIXED INCOME
Vantagepoint Core Bond Index Fund (Class I)	6%-16%
EQUITY
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)	11%-21%
Vantagepoint International Fund	12%-22%
MULTI - STRATEGY
Vantagepoint Diversified Assets Fund	0%-10%

In 2009, the Fund’s strategy was to periodically decrease its allocation to equity Funds and correspondingly increase its allocation to fixed income Funds and the multi-strategy Fund so that by June 30 of the year 2035, the Fund’s asset allocation would be approximately 30% equity Funds, 60% fixed income Funds, and 10% in a multi-strategy Fund.*

Performance

The Vantagepoint Milestone 2035 Fund gained 29.22% in 2009.The Fund’s market benchmark, the S&P 500 Index, gained 26.46%, while the Fund’s peer group benchmark, the Morningstar Target Date 2031-2035 Funds Average, a group of mutual funds with similar investment objectives, gained 30.06%.The Fund’s custom benchmark gained 23.49%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

Commentary

Equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Non-U.S. equity markets followed a similar path, and generally outperformed U.S. markets in 2009. Fixed income markets were likewise marked by two distinct phases in 2009.The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, leading to high demand for U.S. Treasury securities and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year.The overall effect was a negative return for intermediate and longer-dated U.S. Treasury securities in 2009 and positive returns for most other sectors of the bond market, albeit at levels generally lower than those of the equity markets.

All the underlying funds of the Milestone 2035 Fund earned positive returns in 2009.The Fund’s five underlying equity funds each produced strong returns near or in excess of 30%. The Fund’s single underlying bond fund – the Core Bond Index Fund (Class I) – returned 5.57%. The Fund’s allocation to the Diversified Assets Fund was also additive to absolute performance, gaining 6.64%. Please refer to each underlying fund’s commentary within this report for more information.

85

The Fund outperformed its equity market benchmark due to the strong relative performance of the Fund’s underlying equity funds, which more than offset the relative drag resulting from the Fund’s investments in non-equity funds that produced more muted results.The Fund outperformed its custom benchmark primarily due to favorable performance of the Fund’s underlying equity funds compared to the equity index (the S&P 500 Index) used in calculating the custom benchmark.The Fund’s allocation to the Core Bond Index Fund modestly detracted from performance as it underperformed the fixed income index (the Barclays Capital U.S. Intermediate Aggregate Bond Index) used in calculating the custom benchmark.

The Fund underperformed its peer group average due to conservative positioning during the year. It had an underweighted exposure to equities relative to its peer group during the strong equity market rally in 2009. In addition, the fixed income exposure in the Fund generally had a higher average credit quality than its peer group during the period when lower credit quality securities outperformed those of high credit quality in 2009.

*Effective January 4, 2010, the Fund changed its principal investment strategies including changes to the asset class allocations and underlying fund target and allocations and ranges. Please see the prospectus dated January 4, 2010 for additional details.

Vantagepoint Milestone 2035 Fund
Underlying Fund Allocation as of December 31, 2009

86

Vantagepoint Milestone 2035 Fund vs. S&P 500 Index and Custom Benchmark:

Growth of $10,000 Invested January 3, 2005*

Vantagepoint Milestone 2035 Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	29.22%
Three Years	-3.38%
Five Years	2.14%
Since Inception	2.14%
Fund Inception Date	January 3, 2005

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

The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S.The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund.Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class.The Barclays Capital U.S. Intermediate Aggregate Bond Index is an unmanaged index comprised of U.S. Government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

87

Vantagepoint Milestone 2040 Fund

The Vantagepoint Milestone 2040 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. As of December 31, 2009, the Fund’s principal investment strategy was to invest in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to retire in or begin withdrawals around the year 2040.

At year-end the Fund was invested in six Vantagepoint Funds at target allocations within the percentage ranges indicated:

FIXED INCOME
Vantagepoint Core Bond Index Fund (Class I)	5%-15%
EQUITY
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%

In 2009, the Fund followed a strategy that as time elapses, the Fund’s strategy was to periodically decrease its allocation to equity Funds and correspondingly increase its allocation to fixed income Funds and the multi-strategy Fund so that by June 30 of the year 2040, the Fund’s asset allocation would be approximately 30% equity Funds, 60% fixed income Funds, and 10% in a multi-strategy Fund.*

Performance

The Vantagepoint Milestone 2040 Fund gained 30.70% in 2009.The Fund’s market benchmark, the S&P 500 Index, gained 26.46%, while the Fund’s peer group benchmark, the Morningstar Target Date 2036-2040 Funds Average, a group of mutual funds with similar investment objectives, gained 30.90%. The Fund’s custom benchmark gained 27.47%.The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

Commentary

Equity markets experienced significant lows in March before reversing and ultimately producing positive returns for investors who remained in the market for 2009. A number of variables drove losses early in the year, notably the continuation of the global recession that began in 2008 resulting from market dislocations, poor housing market conditions and a marked increase in unemployment. Government programs around the world provided an economic boost and helped lower previously high market volatility as the year progressed. As economic and market conditions began to stabilize, and in some cases improve, equity markets rallied. Non-U.S. equity markets followed a similar path, and generally outperformed U.S. markets in 2009. Fixed income markets were likewise marked by two distinct phases in 2009.The early part of the year saw a continuation of the financial crisis marked by broad risk aversion on the part of investors, leading to high demand for U.S. Treasury securities and an increasing difference between yields of higher quality versus lower quality bonds. This trend reversed in mid-March, when U.S. Treasury security yields began to rise (and prices began to decline since prices and yields move in opposite directions), and yield differences between higher quality and lower quality bonds generally began to decline through the remainder of the year.The overall effect was a negative return for intermediate and longer-dated U.S. Treasury securities in 2009 and positive returns for most other sectors of the bond market, albeit at levels generally lower than those of the equity markets.

All the underlying funds of the Milestone 2040 Fund earned positive returns in 2009.The Fund’s five underlying equity funds each produced strong returns near or in excess of 30%. The Fund’s single underlying bond fund – the Core Bond Index Fund (Class I) – returned 5.57%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund outperformed its equity market benchmark due to the strong relative performance of the Fund’s underlying equity funds, which more than offset the relative drag resulting from the Fund’s investments in non-equity funds that produced more muted results.The Fund outperformed its custom benchmark primarily due to favorable performance of the Fund’s

88

underlying U.S. equity funds compared to the equity index (the S&P 500 Index) used in calculating the custom benchmark. The Fund’s allocation to the International Fund modestly detracted from performance as it underperformed the non-U.S. equity index (the MSCI EAFE (Net) Index) used in calculating the custom benchmark.

The Fund slightly underperformed its peer group due to its conservative fixed income component. The fixed income exposure in the Fund generally had a higher average credit quality than its peer group during the period when lower credit quality securities outperformed those of high credit quality in 2009.

*Effective January 4, 2010, the Fund changed its principal investment strategies including changes to the asset class allocations and underlying fund allocations and ranges. Please see the prospectus dated January 4, 2010 for additional information.

Vantagepoint Milestone 2040 Fund
Underlying Fund Allocation as of December 31, 2009

89

Vantagepoint Milestone 2040 Fund vs. S&P 500 Index and Custom Benchmark:

Growth of $10,000 Invested January 3, 2005*

Vantagepoint Milestone 2040 Fund

Average Annual Total Return for the periods ended December 31, 2009*
One Year	30.70%
Three Years	-3.63%
Five Years	2.01%
Since Inception	2.01%
Fund Inception Date	January 3, 2005

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

The S&P 500 is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S.The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the S&P 500 Index and the MSCI EAFE (Net) Index.The MSCI EAFE (Net) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada, and approximates the minimum possible dividend reinvestment after deduction of withholding tax according to MSCI Barra’s methodology. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

90

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments and the related statements of operations and changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Money Market Fund, Low Duration Bond Fund, Inflation Protected Securities Fund, Asset Allocation Fund, Equity Income Fund, Growth & Income Fund, Growth Fund, Select Value Fund, Aggressive Opportunities Fund, Discovery Fund, International Fund, Diversified Assets Fund, Core Bond Index Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, Overseas Equity Index Fund, Milestone Retirement Income Fund, Milestone 2010 Fund, Milestone 2015 Fund, Milestone 2020 Fund, Milestone 2025 Fund, Milestone 2030 Fund, Milestone 2035 Fund, Milestone 2040 Fund, Model Portfolio Savings Oriented Fund, Model Portfolio Conservative Growth Fund, Model Portfolio Traditional Growth Fund, Model Portfolio Long-Term Growth Fund, and Model Portfolio All-Equity Growth Fund (hereafter referred to as the “Funds”) at December 31, 2009, and the results of each of their operations for the year then ended and changes in each of their net assets for each of the fiscal periods presented, and the financial highlights for each of the fiscal periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, and confirmation of the underlying funds by correspondence with the transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Baltimore, Maryland
March 1, 2010

91

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities
December 31, 2009

	Money Market		Low Duration Bond(1)			Inflation Protected Securities(2)			Asset Allocation			Equity Income
ASSETS:
Investment in securities, at value†	$	452,107,065	$	558,689,023		$	389,459,181		$	486,012,314		$	1,700,054,622
Cash		—		—			—			182,617			77,558
Cash denominated in foreign currencies		—		—			980,375			—			—
Receivables:
Dividends		70,479		16,272			4,181			380,941			2,150,665
Interest		—		3,361,091			2,842,985			1,466,337			4,192
Security lending income		—		4,495			4,139			5,946			9,559
Investments sold		—		—			716,818			4,264,550			837,044
Fund shares sold		2,274,198		622,356			1,552,522			295,012			1,072,605
Due from investment adviser(a)		127,246		—			—			—			—
Variation margin on futures contracts		—		20,062			—			—			—
Due from broker—swap agreements collateral		—		—			70,000			—			—
Unrealized appreciation on swap agreements		—		—			112,296			—			—
Unrealized appreciation on forward foreign currency exchange contracts		—		244,664			79,451			—			—
Total Assets		454,578,988		562,957,963			395,821,948			492,607,717			1,704,206,245
LIABILITIES:
Payables:
Investments purchased		—		—			372,809			4,255,728			745,311
Distributions		—		51,317			1,068,554			244,912			—
Fund shares redeemed		—		9,107			—			114,498			99,749
Variation margin on futures contracts		—		—			8,167			520,290			—
Collateral for securities loaned		—		44,728,953			54,283,620			50,270,860			184,896,427
Options written, at value (Premium $0, $0, $260,700, $0 and $0, respectively)		—		—			353,518			—			—
Due to custodian		—		5,422			6,418			—			—
Due to broker—futures contracts collateral		—		—			570,000			—			—
Unrealized depreciation on forward foreign currency exchange contracts		—		—			16,720			—			—
Accrued Expenses:
Advisory fees		38,998		43,494			28,987			37,218			127,211
Subadviser fees		—		197,925			133,004			307,851			1,471,130
Fund services fees		136,496		152,231			101,457			130,265			445,247
Administration fees		3,728		4,475			4,475			4,475			4,475
Directors’ fees and expenses		2,190		2,110			1,496			2,198			5,673
Other accrued expenses		123,505		104,083			83,116			129,057			212,391
Total Liabilities		304,917		45,299,117			57,032,341			56,017,352			188,007,614
NET ASSETS	$	454,274,071	$	517,658,846		$	338,789,607		$	436,590,365		$	1,516,198,631
NET ASSETS REPRESENTED BY:
Paid-in capital	$	454,274,071	$	519,656,438		$	330,715,880		$	513,485,400		$	1,576,569,460
Undistributed net investment income (loss)		—		(109,831	)		115,873			1,498,946			17,872,857
Accumulated net realized loss on investments, futures contracts, foreign currency contracts, written options and swap agreements		—		(11,357,427	)		(3,112,910	)		(75,667,937	)		(145,172,126	)
Net unrealized appreciation (depreciation) on investments, futures contracts, foreign currency transactions, written options and swap agreements		—		9,469,666			11,070,764			(2,726,044	)		66,928,440
NET ASSETS	$	454,274,071	$	517,658,846		$	338,789,607		$	436,590,365		$	1,516,198,631
CAPITAL SHARES:
Net Assets	$	454,274,071	$	517,658,846		$	338,789,607		$	436,590,365		$	1,516,198,631
Shares Outstanding		454,274,071		52,001,799			31,613,592			71,495,060			196,877,938
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	1.00	$	9.95		$	10.72		$	6.11		$	7.70
Cost of investments	$	452,107,065	$	549,591,382		$	378,446,919		$	487,444,758		$	1,633,124,860
Cost of cash denominated in foreign currencies	$	—	$	—		$	975,363		$	—		$	—
†Includes securities on loan with values of (Note 7):	$	—	$	44,250,183		$	53,107,347		$	48,764,472		$	178,527,606

 

(1) Formerly Short-Term Bond Fund.

(2) Formerly US Government Securities Fund.

(a) Voluntary fee waiver (Note 4).

See Notes to Financial Statements.

92

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities
December 31, 2009

	Growth & Income			Growth			Select Value			Aggressive Opportunities
ASSETS:
Investment in securities, at value†	$	1,104,090,605		$	2,013,069,701		$	331,571,072		$	1,251,813,519
Cash		23			287,580			1,642			5,915
Cash denominated in foreign currencies		—			—			—			16
Receivables:
Dividends		1,186,074			1,936,848			440,320			454,913
Security lending income		3,824			39,313			3,170			23,485
Investments sold		3,484,767			5,509,807			9,572,973			1,866,179
Fund shares sold		953,168			622,806			96,877			173,049
Recoverable foreign taxes		10,189			31			—			—
Total Assets		1,109,728,650			2,021,466,086			341,686,054			1,254,337,076
LIABILITIES:
Payables:
Investments purchased		2,086,447			8,532,371			902,703			1,756,361
Distributions		204,707			—			26,562			—
Fund shares redeemed		181,586			286,954			—			785
Collateral for securities loaned		82,251,772			195,541,773			44,370,471			240,717,338
Accrued Expenses:
Advisory fees		86,559			152,569			24,766			84,176
Subadviser fees		804,754			1,528,964			385,843			1,192,766
Fund services fees		302,960			534,000			86,684			294,621
Administration fees		4,475			4,466			4,475			4,475
Directors’ fees and expenses		3,862			9,272		��	1,098			3,629
Other accrued expenses		165,928			343,217			83,263			184,659
Total Liabilities		86,093,050			206,933,586			45,885,865			244,238,810
NET ASSETS	$	1,023,635,600		$	1,814,532,500		$	295,800,189		$	1,010,098,266
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,070,792,040		$	2,366,442,567		$	340,064,401		$	1,010,941,066
Undistributed net investment income		3,224,383			497,760			114,887			2
Accumulated net realized loss on investments and foreign currency contracts		(213,364,388	)		(793,901,722	)		(80,928,334	)		(159,330,743	)
Net unrealized appreciation on investments and foreign currency transactions		162,983,565			241,493,895			36,549,235			158,487,941
NET ASSETS	$	1,023,635,600		$	1,814,532,500		$	295,800,189		$	1,010,098,266
CAPITAL SHARES:
Net Assets	$	1,023,635,600		$	1,814,532,500		$	295,800,189		$	1,010,098,266
Shares Outstanding		120,577,865			235,792,576			35,857,795			106,135,753
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	8.49		$	7.70		$	8.25		$	9.52
Cost of investments	$	941,106,884		$	1,771,575,806		$	295,021,837		$	1,093,325,578
Cost of cash denominated in foreign currencies	$	—		$	—		$	—		$	16
†Includes securities on loan with values of (Note 7):	$	79,698,585		$	189,988,524		$	42,584,724		$	232,614,390

 

See Notes to Financial Statements.

93

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities
December 31, 2009

	Discovery			International			Diversified Assets(3)
ASSETS:
Investment in securities, at value†	$	204,488,509		$	1,083,277,793		$	451,520,330
Cash		27,675			364,618			—
Cash denominated in foreign currencies		30			4,325,814			2,164
Receivables:
Dividends		168,967			1,344,869			14,033
Interest		532,239			—			2,179,410
Security lending income		6,051			6,288			—
Investments sold		3,982,127			1,295,110			—
Fund shares sold		262,803			906,193			938,431
Recoverable foreign taxes		—			618,646			—
Due from broker—forward foreign currency exchange contracts collateral		—			—			750,000
Due from broker—futures contracts collateral		—			—			350,000
Unrealized appreciation on forward foreign currency exchange contracts		22,262			—			1,064,738
Total Assets		209,490,663			1,092,139,331			456,819,106
LIABILITIES:
Payables:
Investments purchased		165,565			5,874,326			—
Distributions		235,015			182,846			—
Fund shares redeemed		—			9,029			—
Variation margin on futures contracts		944,508			—			513,385
Collateral for securities loaned		29,670,214			68,440,543			—
Due to custodian		—			—			178,253
Unrealized depreciation on forward foreign currency exchange contracts		—			—			2,109,370
Accrued Expenses:
Advisory fees		14,790			85,340			38,087
Subadviser fees		172,504			1,271,884			538,794
Fund services fees		51,765			298,696			133,306
Administration fees		4,475			4,475			4,475
Directors’ fees and expenses		628			3,883			1,828
Other accrued expenses		56,935			341,661			105,793
Total Liabilities		31,316,399			76,512,683			3,623,291
NET ASSETS	$	178,174,264		$	1,015,626,648		$	453,195,815
NET ASSETS REPRESENTED BY:
Paid-in capital	$	213,249,098		$	1,139,314,894		$	456,273,500
Undistributed net investment income		61,983			12,898,017			3,795,786
Accumulated net realized loss on investments, futures contracts and foreign currency contracts		(55,858,957	)		(204,084,072	)		(7,391,564	)
Net unrealized appreciation on investments, futures contracts and foreign currency transactions		20,722,140			67,497,809			518,093
NET ASSETS	$	178,174,264		$	1,015,626,648		$	453,195,815
CAPITAL SHARES:
Net Assets	$	178,174,264		$	1,015,626,648		$	453,195,815
Shares Outstanding		23,644,974			114,738,152			46,028,696
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	7.54		$	8.85		$	9.85
Cost of investments	$	186,722,811		$	1,015,758,642		$	449,206,730
Cost of cash denominated in foreign currencies	$	30		$	4,361,167		$	2,257
†Includes securities on loan with values of (Note 7):	$	28,774,455		$	65,471,243		$	—

 

(3) Renamed Diversifying Strategies Fund effective January 4, 2010.

See Notes to Financial Statements.

94

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities
December 31, 2009

	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index		Overseas Equity Index
ASSETS:
Investment in securities, at value†	$	1,363,139,686		$	353,638,469		$	532,656,328		$	291,017,540	$	193,433,054
Cash		1,304			3,534			3,829			2,647		—
Cash denominated in foreign currencies		—			—			—			—		199,569
Receivables:
Dividends		6,201			449,614			623,341			257,878		186,352
Interest		8,850,966			—			—			—		—
Security lending income		16,015			4,540			12,698			19,010		1,197
Investments sold		27,576,411			—			—			334,584		—
Fund shares sold		7,867,832			333,945			222,526			348,775		6,117
Recoverable foreign taxes		—			—			—			—		204,341
Variation margin on futures contracts		—			—			—			—		1,524
Unrealized appreciation on forward foreign currency exchange contracts		—			—			—			—		139,056
Total Assets		1,407,458,415			354,430,102			533,518,722			291,980,434		194,171,210
LIABILITIES:
Payables:
Investments purchased		91,964,578			59,073			—			—		3,164
Distributions		4,772,853			—			—			42,844		—
Fund shares redeemed		81,683			—			74,622			—		103,763
Variation margin on futures contracts		—			66,019			53,645			66,770		—
Collateral for securities loaned		214,395,238			30,623,579			55,146,175			60,108,194		12,542,046
Due to custodian		—			—			—			—		104,424
Unrealized depreciation on forward foreign currency exchange contracts		—			—			—			—		293,395
Accrued Expenses:
Advisory fees		46,533			14,241			20,315			9,754		7,733
Subadviser fees		58,131			17,666			28,385			22,620		32,397
Fund services fees		237,884			42,813			60,771			41,853		24,369
Administration fees		4,476			4,475			4,475			4,475		4,475
Directors’ fees and expenses		4,654			1,353			2,033			790		680
Other accrued expenses		195,164			85,353			101,373			64,840		116,205
Total Liabilities		311,761,194			30,914,572			55,491,794			60,362,140		13,232,651
NET ASSETS	$	1,095,697,221		$	323,515,530		$	478,026,928		$	231,618,294	$	180,938,559
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,111,292,349		$	266,385,618		$	398,661,824		$	224,678,594	$	198,885,034
Undistributed net investment income (loss)		—			188,998			5,657,890			369,749		(246,977	)
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency contracts		(31,601,594	)		(23,450,556	)		(15,285,800	)		1,359,052		(3,468,743	)
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency transactions		16,006,466			80,391,470			88,993,014			5,210,899		(14,230,755	)
NET ASSETS	$	1,095,697,221		$	323,515,530		$	478,026,928		$	231,618,294	$	180,938,559
CAPITAL SHARES:
Net Assets—Class I	$	857,504,357		$	85,772,095		$	119,777,184		$	134,165,302	$	52,936,635
Shares Outstanding—Class I		86,714,101			9,739,100			12,649,308			10,864,380		5,138,077
Net Asset Value—Class I, offering and redemption price per share (net assets divided by shares outstanding)	$	9.89		$	8.81		$	9.47		$	12.35	$	10.30
Net Assets—Class II	$	238,192,864		$	237,743,435		$	358,249,744		$	97,452,992	$	128,001,924
Shares Outstanding—Class II		23,957,730			28,576,681			40,196,221			8,310,757		13,210,717
Net Asset Value—Class II, offering and redemption price per share (net assets divided by shares outstanding)	$	9.94		$	8.32		$	8.91		$	11.73	$	9.69
Cost of investments	$	1,347,133,220		$	273,282,557		$	443,747,756		$	285,949,716	$	207,552,646
Cost of cash denominated in foreign currencies	$	—		$	—		$	—		$	—	$	199,284
†Includes securities on loan with values of (Note 7):	$	209,702,889		$	29,533,161		$	53,096,305		$	57,810,316	$	11,951,816

 

See Notes to Financial Statements.

95

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities
December 31, 2009

	Model Portfolio Funds
	Savings Oriented			Conservative Growth			Traditional Growth			Long-Term Growth			All-Equity Growth
ASSETS:
Investment in securities of affiliated Mutual Funds, at value(a)	$	307,363,741		$	528,279,679		$	1,353,239,051		$	1,621,309,770		$	591,617,680
Receivables:
Dividends		277,969			598,546			1,313,327			1,224,398			117,828
Investments sold		25,878			44,370			103,952			121,708			48,766
Fund shares sold		6,476,141			10,473,933			21,518,183			26,100,085			9,632,472
Total Assets		314,143,729			539,396,528			1,376,174,513			1,648,755,961			601,416,746
LIABILITIES:
Payables:
Investments purchased		486,845			970,342			1,898,029			2,709,960			597,865
Distributions		6,268,261			10,102,929			20,934,222			24,614,523			9,152,373
Fund shares redeemed		—			—			—			—			62
Accrued Expenses:
Advisory fees		26,722			45,814			107,342			125,690			50,373
Administration fees		3,727			3,727			3,727			3,727			3,727
Directors’ fees and expenses		1,325			2,315			5,536			6,210			2,015
Other accrued expenses		60,302			88,305			176,133			193,509			77,263
Total Liabilities		6,847,182			11,213,432			23,124,989			27,653,619			9,883,678
NET ASSETS	$	307,296,547		$	528,183,096		$	1,353,049,524		$	1,621,102,342		$	591,533,068
NET ASSETS REPRESENTED BY:
Paid-in capital	$	316,694,145		$	554,846,530		$	1,456,909,135		$	1,738,534,965		$	686,577,368
Undistributed net investment income		647,536			1,405,028			6,786,279			7,764,277			1,416,003
Accumulated net realized loss on investments		(5,474,790	)		(16,249,149	)		(69,429,168	)		(42,216,965	)		(7,360,807	)
Net unrealized depreciation on investments		(4,570,344	)		(11,819,313	)		(41,216,722	)		(82,979,935	)		(89,099,496	)
NET ASSETS	$	307,296,547		$	528,183,096		$	1,353,049,524		$	1,621,102,342		$	591,533,068
CAPITAL SHARES:
Net Assets	$	307,296,547		$	528,183,096		$	1,353,049,524		$	1,621,102,342		$	591,533,068
Shares Outstanding		13,236,041			23,863,383			66,719,537			84,001,329			34,029,617
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	23.22		$	22.13		$	20.28		$	19.30		$	17.38
Cost of investments	$	311,934,085		$	540,098,992		$	1,394,455,773		$	1,704,289,705		$	680,717,176

 

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

See Notes to Financial Statements.

96

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities
December 31, 2009

	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
ASSETS:
Investment in securities of affiliated Mutual Funds, at value(a)	$	76,720,060		$	90,829,312		$	186,036,899		$	186,194,358		$	146,438,758
Receivables:
Dividends		63,897			73,964			145,570			166,839			111,346
Investments sold		6,275			7,638			15,517			15,523			12,200
Fund shares sold		1,563,165			2,348,331			3,718,983			4,943,573			3,796,785
Total Assets		78,353,397			93,259,245			189,916,969			191,320,293			150,359,089
LIABILITIES:
Payables:
Investments purchased		364,050			804,648			646,654			603,200			446,162
Distributions		1,263,012			1,617,648			3,217,898			4,507,213			3,461,969
Accrued Expenses:
Advisory fees		6,484			7,885			16,027			16,033			12,602
Administration fees		3,727			3,727			3,728			3,727			3,728
Directors’ fees and expenses		231			330			618			562			409
Other accrued expenses		32,703			35,458			43,016			41,498			37,470
Total Liabilities		1,670,207			2,469,696			3,927,941			5,172,233			3,962,340
NET ASSETS	$	76,683,190		$	90,789,549		$	185,989,028		$	186,148,060		$	146,396,749
NET ASSETS REPRESENTED BY:
Paid-in capital	$	79,397,168		$	96,760,809		$	200,409,986		$	199,685,210		$	157,067,833
Undistributed net investment income		195,858			424,795			1,031,149			91,628			13,575
Accumulated net realized loss on investments		(4,680,937	)		(7,637,430	)		(6,038,823	)		(3,611,600	)		(2,029,490	)
Net unrealized appreciation (depreciation) on investments		1,771,101			1,241,375			(9,413,284	)		(10,017,178	)		(8,655,169	)
NET ASSETS	$	76,683,190		$	90,789,549		$	185,989,028		$	186,148,060		$	146,396,749
CAPITAL SHARES:
Net Assets	$	76,683,190		$	90,789,549		$	185,989,028		$	186,148,060		$	146,396,749
Shares Outstanding		7,813,822			9,495,949			19,525,716			19,736,815			15,771,223
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	9.81		$	9.56		$	9.53		$	9.43		$	9.28
Cost of investments	$	74,948,959		$	89,587,937		$	195,450,183		$	196,211,536		$	155,093,927

 

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

See Notes to Financial Statements.

97

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities
December 31, 2009

	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040
ASSETS:
Investment in securities of affiliated Mutual Funds, at value(a)	$	121,258,020		$	76,910,470		$	91,383,534
Receivables:
Dividends		77,788			44,438			47,879
Investments sold		10,053			6,331			7,557
Fund shares sold		3,426,085			2,000,321			2,427,616
Total Assets		124,771,946			78,961,560			93,866,586
LIABILITIES:
Payables:
Investments purchased		631,411			241,658			422,060
Distributions		2,872,462			1,783,226			2,053,435
Fund shares redeemed		—			19,875			—
Accrued Expenses:
Advisory fees		10,385			6,542			7,809
Administration fees		3,728			3,727			3,727
Directors’ fees and expenses		328			189			192
Other accrued expenses		35,036			31,377			31,591
Total Liabilities		3,553,350			2,086,594			2,518,814
NET ASSETS	$	121,218,596		$	76,874,966		$	91,347,772
NET ASSETS REPRESENTED BY:
Paid-in capital	$	128,996,359		$	81,375,016		$	93,706,597
Undistributed net investment income		13,726			9,402			10,815
Accumulated net realized loss on investments		(1,567,538	)		(913,441	)		(1,230,683	)
Net unrealized depreciation on investments		(6,223,951	)		(3,596,011	)		(1,138,957	)
NET ASSETS	$	121,218,596		$	76,874,966		$	91,347,772
CAPITAL SHARES:
Net Assets	$	121,218,596		$	76,874,966		$	91,347,772
Shares Outstanding		13,092,381			8,446,905			10,076,133
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	9.26		$	9.10		$	9.07
Cost of investments	$	127,481,971		$	80,506,481		$	92,522,491

 

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

See Notes to Financial Statements.

98

VANTAGEPOINT FUNDS

Statements of Operations
For the Year Ended December 31, 2009

	Money Market			Low Duration Bond(1)			Inflation Protected Securities(2)			Asset Allocation			Equity Income
INVESTMENT INCOME:
Dividends	$	2,593,496		$	183,964		$	106,885		$	7,881,396		$	28,479,096
Interest		—			17,083,675			5,389,395			1,585,528			94,340
Security lending income		—			105,928			137,915			342,157			892,720
Foreign taxes withheld on dividends		—			(23,886	)		—			—			(171,176	)
Total investment income		2,593,496			17,349,681			5,634,195			9,809,081			29,294,980
EXPENSES:
Advisory (Note 4)		468,367			441,405			312,145			403,451			1,234,188
Subadviser		—			676,501			474,883			1,156,915			4,867,130
Fund services		1,639,312			1,544,943			1,092,525			1,412,101			4,319,725
Custodian		—			28,182			16,154			14,626			24,161
Administration		14,958			17,951			17,951			17,951			17,951
Fund accounting		12,465			22,325			22,325			22,325			39,956
Legal		94,129			80,643			59,222			74,870			200,777
Audit		17,694			23,552			23,516			33,912			25,895
Directors		7,730			7,281			4,984			8,067			20,367
State license fees and memberships		63,849			25,932			32,154			63,555			33,412
Other expenses		68,687			44,904			40,230			45,503			130,767
Total expenses		2,387,191			2,913,619			2,096,089			3,253,276			10,914,329
Less waivers (Note 4)		(543,029	)		—			—			—			(55,105	)
Net Expenses		1,844,162			2,913,619			2,096,089			3,253,276			10,859,224
NET INVESTMENT INCOME		749,334			14,436,062			3,538,106			6,555,805			18,435,756
NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on:
Investments		—			(3,870,673	)		1,579,187			(13,841,128	)		(40,464,575	)
Forward contracts and foreign currency transactions		—			(1,973,458	)		(7,021	)		—			1,885
Futures contracts		—			(190,784	)		254,841			(1,933,951	)		—
Options written		—			—			619,574			—			—
Swap agreements		—			—			2,081,828			—			—
Net realized gain (loss)		—			(6,034,915	)		4,528,409			(15,775,079	)		(40,462,690	)
Net change in unrealized appreciation (depreciation) on:
Investments		—			34,265,819			21,914,718			75,834,661			414,727,088
Forward contracts and foreign currency transactions		—			986,153			118,343			—			(462	)
Futures contracts		—			12,234			19,538			(1,975,189	)		—
Options written		—			—			193,282			—			—
Swap agreements		—			—			(1,492,715	)		—			—
Net change in unrealized appreciation		—			35,264,206			20,753,166			73,859,472			414,726,626
NET GAIN		—			29,229,291			25,281,575			58,084,393			374,263,936
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	749,334		$	43,665,353		$	28,819,681		$	64,640,198		$	392,699,692

 

(1) Formerly Short-Term Bond Fund.

(2)   Formerly US Government Securities Fund.

See Notes to Financial Statements.

99

VANTAGEPOINT FUNDS

Statements of Operations
For the Year Ended December 31, 2009

	Growth & Income			Growth			Select Value			Aggressive Opportunities
INVESTMENT INCOME:
Dividends	$	18,362,626		$	22,314,834		$	5,814,612		$	6,695,908
Interest		22			—			—			—
Security lending income		296,564			794,803			106,138			1,060,863
Foreign taxes withheld on dividends		(9,934	)		(16,052	)		(5,806	)		(64,207	)
Total investment income		18,649,278			23,093,585			5,914,944			7,692,564
EXPENSES:
Advisory (Note 4)		844,448			1,541,808			240,822			796,653
Subadviser		2,743,278			5,636,935			1,241,248			3,948,077
Fund services		2,955,616			5,396,413			842,891			2,788,330
Custodian		22,195			32,209			15,310			24,573
Administration		17,951			17,951			17,951			17,951
Fund accounting		28,535			56,661			24,950			31,019
Legal		139,388			267,943			40,203			126,869
Audit		24,508			38,221			23,463			26,132
Directors		13,698			39,703			3,851			13,125
State license fees and memberships		27,242			32,592			20,534			26,300
Other expenses		92,506			153,024			26,771			76,913
Total expenses		6,909,365			13,213,460			2,497,994			7,875,942
Less waivers (Note 4)		(39,906	)		(298,553	)		—			(41,998	)
Net Expenses		6,869,459			12,914,907			2,497,994			7,833,944
NET INVESTMENT INCOME (LOSS)		11,779,819			10,178,678			3,416,950			(141,380	)
NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on:
Investments		(99,521,936	)		(150,368,859	)		(23,794,242	)		(64,063,382	)
Forward contracts and foreign currency transactions		(6,787	)		—			—			1,648
Net realized loss		(99,528,723	)		(150,368,859	)		(23,794,242	)		(64,061,734	)
Net change in unrealized appreciation (depreciation) on:
Investments		344,165,923			570,146,164			100,368,071			399,139,075
Forward contracts and foreign currency transactions		308			—			—			31
Net change in unrealized appreciation		344,166,231			570,146,164			100,368,071			399,139,106
NET GAIN		244,637,508			419,777,305			76,573,829			335,077,372
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	256,417,327		$	429,955,983		$	79,990,779		$	334,935,992

 

See Notes to Financial Statements.

100

VANTAGEPOINT FUNDS

Statements of Operations
For the Year Ended December 31, 2009

	Discovery			International			Diversified Assets(3)
INVESTMENT INCOME:
Dividends	$	1,201,233		$	24,642,212		$	281,255
Interest		2,031,509			12,348			7,450,609
Security lending income		93,679			951,603			—
Foreign taxes withheld on dividends		(9,131	)		(2,438,748	)		(6,343	)
Total investment income		3,317,290			23,167,415			7,725,521
EXPENSES:
Advisory (Note 4)		141,574			841,741			383,749
Subadviser		599,184			4,334,142			1,708,269
Fund services		495,517			2,946,139			1,343,141
Custodian		34,129			354,505			38,278
Administration		17,951			17,951			17,951
Fund accounting		22,881			32,082			29,271
Legal		22,870			139,237			100,786
Audit		23,463			24,699			23,463
Directors		2,211			13,852			6,363
State license fees and memberships		23,502			28,048			2,980
Other expenses		15,440			106,103			36,911
Total expenses		1,398,722			8,838,499			3,691,162
Less waivers (Note 4)		—			—			(52,316	)
Net Expenses		1,398,722			8,838,499			3,638,846
NET INVESTMENT INCOME		1,918,568			14,328,916			4,086,675
NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on:
Investments		(11,214,080	)		(90,041,342	)		(855,215	)
Forward contracts and foreign currency transactions		(333,046	)		342,608			2,146,330
Futures contracts		21,997,943			—			8,965,183
Net realized gain (loss)		10,450,817			(89,698,734	)		10,256,298
Net change in unrealized appreciation (depreciation) on:
Investments		40,830,429			309,398,466			11,553,357
Forward contracts and foreign currency transactions		240,963			(150,419	)		(978,364	)
Futures contracts		(3,219,803	)		—			(987,662	)
Swap agreements		—			—			(332,335	)
Net change in unrealized appreciation		37,851,589			309,248,047			9,254,996
NET GAIN		48,302,406			219,549,313			19,511,294
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	50,220,974		$	233,878,229		$	23,597,969

 

(3) Renamed Diversifying Strategies Fund effective January 4, 2010.

See Notes to Financial Statements.

101

VANTAGEPOINT FUNDS

Statements of Operations
For the Year Ended December 31, 2009

	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index			Overseas Equity Index
INVESTMENT INCOME:
Dividends	$	105,966		$	7,463,910		$	9,849,453		$	3,292,651		$	4,943,782
Interest		41,995,890			837			3,819			6,516			424
Security lending income		744,735			261,706			409,796			305,203			212,657
Foreign taxes withheld on dividends		(3,485	)		—			(959	)		(2,098	)		(463,403	)
Total investment income		42,843,106			7,726,453			10,262,109			3,602,272			4,693,460
EXPENSES:
Advisory (Note 4)		484,553			146,169			206,263			92,400			72,972
Subadviser		207,141			62,209			96,028			81,957			107,565
Fund services Class I		2,206,740			207,156			303,207			304,508			122,875
Fund services Class II		233,508			223,284			311,454			83,294			104,986
Custodian		96,189			9,106			31,374			21,360			107,891
Administration		17,951			17,951			17,951			17,951			17,951
Fund accounting		29,253			22,325			22,686			26,394			22,325
Legal		176,221			47,907			70,777			28,407			22,960
Audit		23,703			23,488			23,488			23,463			23,463
Directors		15,998			4,852			7,371			2,806			2,529
State license fees and memberships		32,876			55,860			26,375			26,545			4,376
Other expenses		99,926			26,379			42,207			19,484			42,997
Total expenses		3,624,059			846,686			1,159,181			728,569			652,890
NET INVESTMENT INCOME		39,219,047			6,879,767			9,102,928			2,873,703			4,040,570
NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on:
Investments		61,557			13,170,718			2,895,806			3,162,460			(940,758	)
Forward contracts and foreign currency transactions		—			—			—			—			473,073
Futures contracts		—			1,492,920			1,394,571			1,625,655			476,433
Net realized gain		61,557			14,663,638			4,290,377			4,788,115			8,748
Net change in unrealized appreciation (depreciation) on:
Investments		14,114,167			53,052,461			93,240,945			53,869,454			34,996,561
Forward contracts and foreign currency transactions		—			—			—			—			(248,236	)
Futures contracts		—			(48,426	)		(109,929	)		16,249			(30,935	)
Net change in unrealized appreciation		14,114,167			53,004,035			93,131,016			53,885,703			34,717,390
NET GAIN		14,175,724			67,667,673			97,421,393			58,673,818			34,726,138
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	53,394,771		$	74,547,440		$	106,524,321		$	61,547,521		$	38,766,708

 

See Notes to Financial Statements.

102

VANTAGEPOINT FUNDS

Statements of Operations
For the Year Ended December 31, 2009

	Model Portfolio Funds
	Savings Oriented			Conservative Growth			Traditional Growth			Long-Term Growth			All-Equity Growth
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	6,841,050		$	11,003,682		$	23,096,415		$	23,841,120		$	6,641,298
Total investment income		6,841,050			11,003,682			23,096,415			23,841,120			6,641,298
EXPENSES:
Advisory (Note 4)		271,170			467,983			1,077,528			1,231,649			458,493
Custodian		664			800			4,836			6,029			1,773
Administration		14,958			14,958			14,958			14,958			14,958
Fund accounting		12,465			13,917			33,522			38,577			13,006
Legal		50,074			85,704			202,943			227,258			71,981
Audit		17,812			18,055			18,598			18,494			17,719
Directors		4,560			8,076			19,437			21,829			7,194
State license fees and memberships		22,747			26,125			30,971			26,807			23,443
Other expenses		30,607			51,128			130,418			154,640			50,233
Total expenses		425,057			686,746			1,533,211			1,740,241			658,800
NET INVESTMENT INCOME		6,415,993			10,316,936			21,563,204			22,100,879			5,982,498
NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on investments		(3,729,514	)		(4,028,708	)		(8,749,178	)		(7,376,648	)		(5,487,811	)
Net change in unrealized appreciation (depreciation) on investments		35,490,254			73,147,871			237,730,560			327,469,912			145,987,231
NET GAIN		31,760,740			69,119,163			228,981,382			320,093,264			140,499,420
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	38,176,733		$	79,436,099		$	250,544,586		$	342,194,143		$	146,481,918

 

(a) Received from other Vantagepoint Funds (Note 1).

See Notes to Financial Statements.

103

VANTAGEPOINT FUNDS

Statements of Operations
For the Year Ended December 31, 2009

	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	1,399,409		$	1,801,490		$	3,287,423		$	3,341,374		$	2,414,122
Total investment income		1,399,409		��	1,801,490			3,287,423			3,341,374			2,414,122
EXPENSES:
Advisory (Note 4)		55,100			75,984			146,794			142,783			108,817
Custodian		365			365			365			365			365
Administration		14,958			14,958			14,958			14,957			14,958
Fund accounting		12,465			12,465			12,465			12,465			12,465
Legal		8,667			12,759			23,593			21,907			15,889
Audit		17,719			17,719			17,719			17,719			17,719
Directors		795			1,118			2,109			1,892			1,384
State license fees and memberships		21,021			21,115			23,301			22,672			21,954
Other expenses		5,390			8,751			16,283			16,253			11,864
Total expenses		136,480			165,234			257,587			251,013			205,415
Less reimbursements/waivers (Note 4)		(26,965	)		(17,230	)		(12,138	)		(8,147	)		(12,156	)
Net Expenses		109,515			148,004			245,449			242,866			193,259
NET INVESTMENT INCOME		1,289,894			1,653,486			3,041,974			3,098,508			2,220,863
NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on investments		(3,001,541	)		(6,227,767	)		(5,218,726	)		(3,215,932	)		(1,780,024	)
Net change in unrealized appreciation (depreciation) on investments		10,183,438			17,177,761			32,034,154			31,775,045			26,094,056
NET GAIN		7,181,897			10,949,994			26,815,428			28,559,113			24,314,032
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,471,791		$	12,603,480		$	29,857,402		$	31,657,621		$	26,534,895

 

(a) Received from other Vantagepoint Funds (Note 1).

See Notes to Financial Statements.

104

VANTAGEPOINT FUNDS

Statements of Operations
For the Year Ended December 31, 2009

	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	1,881,033		$	1,171,389		$	1,388,499
Total investment income		1,881,033			1,171,389			1,388,499
EXPENSES:
Advisory (Note 4)		89,726			53,896			60,867
Custodian		365			365			365
Administration		14,958			14,958			14,958
Fund accounting		12,465			12,465			12,465
Legal		13,000			7,463			7,704
Audit		17,719			17,719			17,719
Directors		1,096			629			636
State license fees and memberships		20,314			19,270			19,768
Other expenses		10,110			5,868			6,171
Total expenses		179,753			132,633			140,653
Less reimbursements/waivers (Note 4)		(10,676	)		(12,022	)		(12,030	)
Net Expenses		169,077			120,611			128,623
NET INVESTMENT INCOME		1,711,956			1,050,778			1,259,876
NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on investments		(1,338,826	)		(774,330	)		(858,323	)
Net change in unrealized appreciation (depreciation) on investments		23,295,872			15,019,707			17,901,529
NET GAIN		21,957,046			14,245,377			17,043,206
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,669,002		$	15,296,155		$	18,303,082

 

(a) Received from other Vantagepoint Funds (Note 1).

See Notes to Financial Statements.

105

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Money Market						Low Duration Bond(1)
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008			For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income	$	749,334		$	8,525,978		$	14,436,062		$	18,049,962
Net realized gain (loss)		—			3,355			(6,034,915	)		2,854,920
Net change in unrealized appreciation (depreciation)		—			—			35,264,206			(27,701,753	)
Net increase (decrease) in net assets resulting from operations		749,334			8,529,333			43,665,353			(6,796,871	)
Distributions to shareholders from:
Net investment income		(749,334	)		(8,525,978	)		(13,619,201	)		(19,313,137	)
Net realized gain		—			(3,355	)		—			—
Total distributions		(749,334	)		(8,529,333	)		(13,619,201	)		(19,313,137	)
Capital share transactions:
Proceeds from sale of shares		136,019,180			213,026,415			115,378,152			46,164,681
Reinvestment of distributions		1,236,240			8,042,427			13,619,201			19,313,137
Value of shares redeemed		(141,016,375	)		(69,833,191	)		(36,088,687	)		(151,784,055	)
Net increase (decrease) from capital share transactions		(3,760,955	)		151,235,651			92,908,666			(86,306,237	)
Total increase (decrease) in net assets		(3,760,955	)		151,235,651			122,954,818			(112,416,245	)
NET ASSETS at beginning of year		458,035,026			306,799,375			394,704,028			507,120,273
NET ASSETS at end of year	$	454,274,071		$	458,035,026		$	517,658,846		$	394,704,028
Undistributed net investment loss included in net assets at end of year	$	—		$	—		$	(109,831	)	$	(27,515	)
SHARE TRANSACTIONS:
Number of shares sold		136,019,180			213,026,415			11,872,410			4,750,110
Number of shares issued through reinvestment of dividends and distributions		1,236,240			8,042,427			1,411,165			2,007,964
Number of shares redeemed		(141,016,375	)		(69,833,191	)		(3,810,655	)		(15,836,639	)
Net increase (decrease) in shares outstanding		(3,760,955	)		151,235,651			9,472,920			(9,078,565	)

 

(1) Formerly Short-Term Bond Fund.

See Notes to Financial Statements.

106

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Inflation Protected Securities(2)						Asset Allocation
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008			For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income	$	3,538,106		$	15,109,595		$	6,555,805		$	10,121,593
Net realized gain (loss)		4,528,409			(3,069,369	)		(15,775,079	)		(58,247,675	)
Net change in unrealized appreciation (depreciation)		20,753,166			(17,866,376	)		73,859,472			(210,254,179	)
Net increase (decrease) in net assets resulting from operations		28,819,681			(5,826,150	)		64,640,198			(258,380,261	)
Distributions to shareholders from:
Net investment income		(3,796,019	)		(15,002,206	)		(6,232,625	)		(8,684,265	)
Net realized gain		—			—			—			(1,418,715	)
Return of capital		—			(3,023,235	)		—			—
Total distributions		(3,796,019	)		(18,025,441	)		(6,232,625	)		(10,102,980	)
Capital share transactions:
Proceeds from sale of shares		62,296,704			142,024,194			9,619,555			24,615,058
Reinvestment of distributions		3,796,019			18,025,441			6,232,625			10,102,980
Value of shares redeemed		(52,474,428	)		(110,259,075	)		(56,199,780	)		(104,033,272	)
Net increase (decrease) from capital share transactions		13,618,295			49,790,560			(40,347,600	)		(69,315,234	)
Total increase (decrease) in net assets		38,641,957			25,938,969			18,059,973			(337,798,475	)
NET ASSETS at beginning of year		300,147,650			274,208,681			418,530,392			756,328,867
NET ASSETS at end of year	$	338,789,607		$	300,147,650		$	436,590,365		$	418,530,392
Undistributed net investment income (loss) included in net assets at end of year	$	115,873		$	(115,552	)	$	1,498,946		$	1,533,477
SHARE TRANSACTIONS:
Number of shares sold		6,009,514			13,373,935			1,825,816			3,413,851
Number of shares issued through reinvestment of dividends and distributions		356,714			1,708,246			1,021,676			1,895,493
Number of shares redeemed		(5,131,455	)		(10,916,351	)		(10,697,778	)		(14,652,613	)
Net increase (decrease) in shares outstanding		1,234,773			4,165,830			(7,850,286	)		(9,343,269	)

 

(2) Formerly US Government Securities Fund.

See Notes to Financial Statements.

107

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Equity Income						Growth & Income
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008			For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:					��
Net investment income	$	18,435,756		$	25,287,631		$	11,779,819		$	11,473,402
Net realized loss		(40,462,690	)		(83,606,134	)		(99,528,723	)		(105,554,058	)
Net change in unrealized appreciation (depreciation)		414,726,626			(616,365,520	)		344,166,231			(338,533,863	)
Net increase (decrease) in net assets resulting from operations		392,699,692			(674,684,023	)		256,417,327			(432,614,519	)
Distributions to shareholders from:
Net investment income		(25,286,784	)		—			(11,876,196	)		(8,196,016	)
Net realized gain		—			(29,223,972	)		—			(3,259,751	)
Total distributions		(25,286,784	)		(29,223,972	)		(11,876,196	)		(11,455,767	)
Capital share transactions:
Proceeds from sale of shares		118,098,980			220,012,799			87,093,692			160,104,937
Reinvestment of distributions		25,286,363			29,222,714			11,875,945			11,455,513
Value of shares redeemed		(96,631,716	)		(178,045,400	)		(66,907,082	)		(82,158,711	)
Net increase from capital share transactions		46,753,627			71,190,113			32,062,555			89,401,739
Total increase (decrease) in net assets		414,166,535			(632,717,882	)		276,603,686			(354,668,547	)
NET ASSETS at beginning of year		1,102,032,096			1,734,749,978			747,031,914			1,101,700,461
NET ASSETS at end of year	$	1,516,198,631		$	1,102,032,096		$	1,023,635,600		$	747,031,914
Undistributed net investment income included in net assets at end of year	$	17,872,857		$	25,340,551		$	3,224,383		$	3,324,664
SHARE TRANSACTIONS:
Number of shares sold		19,014,964			29,484,424			12,298,844			19,440,636
Number of shares issued through reinvestment of dividends and distributions		3,327,153			5,012,472			1,418,525			1,776,049
Number of shares redeemed		(15,695,533	)		(21,612,639	)		(9,294,730	)		(9,399,564	)
Net increase in shares outstanding		6,646,584			12,884,257			4,422,639			11,817,121

 

See Notes to Financial Statements.

108

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Growth						Select Value
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008			For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income	$	10,178,678		$	13,126,201		$	3,416,950		$	4,435,827
Net realized loss		(150,368,859	)		(360,977,349	)		(23,794,242	)		(54,515,848	)
Net change in unrealized appreciation (depreciation)		570,146,164			(720,780,481	)		100,368,071			(48,589,429	)
Net increase (decrease) in net assets resulting from operations		429,955,983			(1,068,631,629	)		79,990,779			(98,669,450	)
Distributions to shareholders from:
Net investment income		(9,946,245	)		(14,021,331	)		(2,291,563	)		(4,337,777	)
Total distributions		(9,946,245	)		(14,021,331	)		(2,291,563	)		(4,337,777	)
Capital share transactions:
Proceeds from sale of shares		83,366,281			185,731,169			15,452,911			50,508,186
Reinvestment of distributions		9,946,245			14,021,331			2,291,563			4,337,777
Value of shares redeemed		(126,464,350	)		(257,269,492	)		(20,598,604	)		(25,041,010	)
Net increase (decrease) from capital share transactions		(33,151,824	)		(57,516,992	)		(2,854,130	)		29,804,953
Total increase (decrease) in net assets		386,857,914			(1,140,169,952	)		74,845,086			(73,202,274	)
NET ASSETS at beginning of year		1,427,674,586			2,567,844,538			220,955,103			294,157,377
NET ASSETS at end of year	$	1,814,532,500		$	1,427,674,586		$	295,800,189		$	220,955,103
Undistributed net investment income included in net assets at end of year	$	497,760		$	—		$	114,887		$	171,781
SHARE TRANSACTIONS:
Number of shares sold		13,217,058			23,151,008			2,312,296			7,235,708
Number of shares issued through reinvestment of dividends and distributions		1,313,903			2,344,704			281,475			735,217
Number of shares redeemed		(20,304,324	)		(29,697,797	)		(3,113,993	)		(2,950,888	)
Net increase (decrease) in shares outstanding		(5,773,363	)		(4,202,085	)		(520,222	)		5,020,037

 

See Notes to Financial Statements.

109

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Aggressive Opportunities
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	(141,380	)	$	2,800,502
Net realized loss		(64,061,734	)		(91,788,841	)
Net change in unrealized appreciation (depreciation)		399,139,106			(369,780,589	)
Net increase (decrease) in net assets resulting from operations		334,935,992			(458,768,928	)
Distributions to shareholders from:
Net investment income		(2,051,261	)		(895,850	)
Net realized gain		—			(28,096,325	)
Total distributions		(2,051,261	)		(28,992,175	)
Capital share transactions:
Proceeds from sale of shares		76,057,691			105,261,023
Reinvestment of distributions		2,051,261			28,992,175
Value of shares redeemed		(69,298,172	)		(132,834,825	)
Net increase from capital share transactions		8,810,780			1,418,373
Total increase (decrease) in net assets		341,695,511			(486,342,730	)
NET ASSETS at beginning of year		668,402,755			1,154,745,485
NET ASSETS at end of year	$	1,010,098,266		$	668,402,755
Undistributed net investment income included in net assets at end of year	$	2		$	3,011,138
SHARE TRANSACTIONS:
Number of shares sold		9,738,562			12,677,701
Number of shares issued through reinvestment of dividends and distributions		219,386			4,653,640
Number of shares redeemed		(9,660,025	)		(14,073,351	)
Net increase in shares outstanding		297,923			3,257,990

 

See Notes to Financial Statements.

110

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Discovery						International
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008			For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,918,568		$	3,236,157		$	14,328,916		$	18,719,392
Net realized gain (loss)		10,450,817			(60,852,641	)		(89,698,734	)		(109,502,098	)
Net change in unrealized appreciation (depreciation)		37,851,589			(9,133,750	)		309,248,047			(412,762,188	)
Net increase (decrease) in net assets resulting from operations		50,220,974			(66,750,234	)		233,878,229			(503,544,894	)
Distributions to shareholders from:
Net investment income		(1,533,607	)		(3,602,006	)		(18,665,287	)		(1,905,212	)
Net realized gain		—			—			—			(11,922,689	)
Return of capital		—			(1,224,171	)		—			—
Total distributions		(1,533,607	)		(4,826,177	)		(18,665,287	)		(13,827,901	)
Capital share transactions:
Proceeds from sale of shares		19,243,961			37,194,140			80,381,724			218,070,393
Reinvestment of distributions		1,533,607			4,826,177			18,665,287			13,827,901
Value of shares redeemed		(17,672,774	)		(17,571,917	)		(64,842,908	)		(93,344,702	)
Net increase from capital share transactions		3,104,794			24,448,400			34,204,103			138,553,592
Total increase (decrease) in net assets		51,792,161			(47,128,011	)		249,417,045			(378,819,203	)
NET ASSETS at beginning of year		126,382,103			173,510,114			766,209,603			1,145,028,806
NET ASSETS at end of year	$	178,174,264		$	126,382,103		$	1,015,626,648		$	766,209,603
Undistributed net investment income (loss) included in net assets at end of year	$	61,983		$	(1,476	)	$	12,898,017		$	14,648,764
SHARE TRANSACTIONS:
Number of shares sold		3,104,451			5,588,128			10,785,180			23,891,401
Number of shares issued through reinvestment of dividends and distributions		207,369			926,329			2,147,524			1,989,626
Number of shares redeemed		(2,804,416	)		(2,129,085	)		(8,667,366	)		(9,351,422	)
Net increase in shares outstanding		507,404			4,385,372			4,265,338			16,529,605

 

See Notes to Financial Statements.

111

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Diversified Assets(3)
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income	$	4,086,675		$	9,659,704
Net realized gain (loss)		10,256,298			(32,967,303	)
Net change in unrealized appreciation (depreciation)		9,254,996			(5,025,014	)
Net increase (decrease) in net assets resulting from operations		23,597,969			(28,332,613	)
Distributions to shareholders from:
Net investment income		(2,104,166	)		—
Net realized gain		—			(7,650	)
Total distributions		(2,104,166	)		(7,650	)
Capital share transactions:
Proceeds from sale of shares		112,250,366			37,452,080
Reinvestment of distributions		2,104,166			7,650
Value of shares redeemed		(20,742,714	)		(136,203,815	)
Net increase (decrease) from capital share transactions		93,611,818			(98,744,085	)
Total increase (decrease) in net assets		115,105,621			(127,084,348	)
NET ASSETS at beginning of year		338,090,194			465,174,542
NET ASSETS at end of year	$	453,195,815		$	338,090,194
Undistributed net investment income (loss) included in net assets at end of year	$	3,795,786		$	(553,185	)
SHARE TRANSACTIONS:
Number of shares sold		11,596,021			3,802,171
Number of shares issued through reinvestment of dividends and distributions		213,188			829
Number of shares redeemed		(2,216,822	)		(14,138,289	)
Net increase (decrease) in shares outstanding		9,592,387			(10,335,289	)

 

(3) Renamed Diversifying Strategies Fund effective January 4, 2010.

See Notes to Financial Statements.

112

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Core Bond Index						500 Stock Index
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008			For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income	$	39,219,047		$	47,439,766		$	6,879,767		$	7,002,287
Net realized gain		61,557			276,878			14,663,638			1,475,561
Net change in unrealized appreciation (depreciation)		14,114,167			(7,301,207	)		53,004,035			(158,003,031	)
Net increase (decrease) in net assets resulting from operations		53,394,771			40,415,437			74,547,440			(149,525,183	)
Distributions to shareholders from:
Net investment income—Class I		(34,095,496	)		(39,915,020	)		(1,595,466	)		(1,410,603	)
Net investment income—Class II		(11,167,739	)		(11,062,187	)		(5,028,709	)		(5,548,789	)
Total distributions		(45,263,235	)		(50,977,207	)		(6,624,175	)		(6,959,392	)
Capital share transactions:
Proceeds from sale of shares—Class I		212,991,537			82,995,603			15,529,076			10,720,302
Proceeds from sale of shares—Class II		36,266,130			43,947,884			42,291,858			43,829,250
Reinvestment of distributions—Class I		34,095,496			39,915,020			1,594,817			1,409,940
Reinvestment of distributions—Class II		11,167,739			11,062,128			5,028,709			5,548,789
Value of shares redeemed—Class I		(52,039,525	)		(345,645,270	)		(7,127,922	)		(12,464,661	)
Value of shares redeemed—Class II		(31,550,194	)		(35,193,171	)		(62,461,398	)		(43,763,464	)
Net increase (decrease) from capital share transactions		210,931,183			(202,917,806	)		(5,144,860	)		5,280,156
Total increase (decrease) in net assets		219,062,719			(213,479,576	)		62,778,405			(151,204,419	)
NET ASSETS at beginning of year		876,634,502			1,090,114,078			260,737,125			411,941,544
NET ASSETS at end of year	$	1,095,697,221		$	876,634,502		$	323,515,530		$	260,737,125
Undistributed net investment income included in net assets at end of year	$	—		$	144,064		$	188,998		$	142,916
SHARE TRANSACTIONS:
Number of shares sold—Class I		21,699,516			8,484,591			2,120,572			1,208,103
Number of shares issued through reinvestment of dividends and distributions—Class I		3,463,451			4,096,009			183,313			196,097
Number of shares redeemed—Class I		(5,336,437	)		(35,684,635	)		(954,191	)		(1,245,519	)
Net increase (decrease) in shares outstanding—Class I		19,826,530			(23,104,035	)		1,349,694			158,681
Number of shares sold—Class II		3,661,690			4,483,496			6,056,965			4,979,208
Number of shares issued through reinvestment of dividends and distributions—Class II		1,129,557			1,131,685			611,765			815,999
Number of shares redeemed—Class II		(3,178,007	)		(3,588,535	)		(7,948,426	)		(4,656,576	)
Net increase (decrease) in shares outstanding—Class II		1,613,240			2,026,646			(1,279,696	)		1,138,631

 

See Notes to Financial Statements.

113

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Broad Market Index						Mid/Small Company Index
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008			For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income	$	9,102,928		$	10,451,557		$	2,873,703		$	3,002,931
Net realized gain		4,290,377			6,259,070			4,788,115			5,921,460
Net change in unrealized appreciation (depreciation)		93,131,016			(248,549,635	)		53,885,703			(96,835,294	)
Net increase (decrease) in net assets resulting from operations		106,524,321			(231,839,008	)		61,547,521			(87,910,903	)
Distributions to shareholders from:
Net investment income—Class I		(1,868,167	)		(2,222,805	)		(1,462,005	)		(1,441,088	)
Net investment income—Class II		(6,543,966	)		(8,208,047	)		(1,257,705	)		(1,451,846	)
Net realized gain—Class I		—			—			—			(4,842,940	)
Net realized gain—Class II		—			—			—			(4,429,446	)��
Return of capital—Class I		—			—			—			(133,703	)
Return of capital—Class II		—			—			—			(134,701	)
Total distributions		(8,412,133	)		(10,430,852	)		(2,719,710	)		(12,433,724	)
Capital share transactions:
Proceeds from sale of shares—Class I		8,785,979			9,673,227			29,149,222			32,582,640
Proceeds from sale of shares—Class II		19,781,575			37,283,921			14,516,741			14,843,027
Reinvestment of distributions—Class I		1,868,167			2,222,805			1,461,859			6,416,887
Reinvestment of distributions—Class II		6,543,966			8,208,047			1,257,705			6,015,993
Value of shares redeemed—Class I		(9,884,210	)		(27,435,790	)		(12,174,315	)		(12,782,018	)
Value of shares redeemed—Class II		(37,188,399	)		(52,793,027	)		(16,013,772	)		(19,585,073	)
Net increase (decrease) from capital share transactions		(10,092,922	)		(22,840,817	)		18,197,440			27,491,456
Total increase (decrease) in net assets		88,019,266			(265,110,677	)		77,025,251			(72,853,171	)
NET ASSETS at beginning of year		390,007,662			655,118,339			154,593,043			227,446,214
NET ASSETS at end of year	$	478,026,928		$	390,007,662		$	231,618,294		$	154,593,043
Undistributed net investment income included in net assets at end of year	$	5,657,890		$	5,577,749		$	369,749		$	347,225
SHARE TRANSACTIONS:
Number of shares sold—Class I		1,119,245			989,537			2,930,819			2,686,183
Number of shares issued through reinvestment of dividends and distributions—Class I		199,804			294,411			120,389			716,970
Number of shares redeemed—Class I		(1,250,528	)		(2,627,138	)		(1,196,442	)		(894,092	)
Net increase (decrease) in shares outstanding—Class I		68,521			(1,343,190	)		1,854,766			2,509,061
Number of shares sold—Class II		2,675,039			4,019,341			1,498,355			1,169,646
Number of shares issued through reinvestment of dividends and distributions—Class II		743,632			1,154,437			109,047			707,764
Number of shares redeemed—Class II		(4,865,153	)		(5,411,842	)		(1,559,886	)		(1,492,600	)
Net increase (decrease) in shares outstanding—Class II		(1,446,482	)		(238,064	)		47,516			384,810

 

See Notes to Financial Statements.

114

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Overseas Equity Index
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income	$	4,040,570		$	6,118,412
Net realized gain		8,748			2,692,054
Net change in unrealized appreciation (depreciation)		34,717,390			(107,217,124	)
Net increase (decrease) in net assets resulting from operations		38,766,708			(98,406,658	)
Distributions to shareholders from:
Net investment income—Class I		(1,209,617	)		(1,336,462	)
Net investment income—Class II		(3,308,887	)		(3,924,003	)
Net realized gain—Class I		—			(249,251	)
Net realized gain—Class II		—			(676,220	)
Total distributions		(4,518,504	)		(6,185,936	)
Capital share transactions:
Proceeds from sale of shares—Class I		9,107,878			6,859,056
Proceeds from sale of shares—Class II		21,495,194			16,619,604
Reinvestment of distributions—Class I		1,209,617			1,585,713
Reinvestment of distributions—Class II		3,308,887			4,600,223
Value of shares redeemed—Class I		(2,983,796	)		(13,507,891	)
Value of shares redeemed—Class II		(14,187,399	)		(32,207,815	)
Net increase (decrease) from capital share transactions		17,950,381			(16,051,110	)
Total increase (decrease) in net assets		52,198,585			(120,643,704	)
NET ASSETS at beginning of year		128,739,974			249,383,678
NET ASSETS at end of year	$	180,938,559		$	128,739,974
Undistributed net investment loss included in net assets at end of year	$	(246,977	)	$	(200,943	)
SHARE TRANSACTIONS:
Number of shares sold—Class I		986,669			556,826
Number of shares issued through reinvestment of dividends and distributions—Class I		119,883			192,441
Number of shares redeemed—Class I		(360,106	)		(1,137,746	)
Net increase (decrease) in shares outstanding—Class I		746,446			(388,479	)
Number of shares sold—Class II		2,494,024			1,470,231
Number of shares issued through reinvestment of dividends and distributions—Class II		348,671			592,812
Number of shares redeemed—Class II		(1,638,307	)		(2,832,342	)
Net increase (decrease) in shares outstanding—Class II		1,204,388			(769,299	)

 

See Notes to Financial Statements.

115

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio
	Savings Oriented						Conservative Growth
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008			For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income	$	6,415,993		$	8,527,986		$	10,316,936		$	12,939,271
Net realized gain (loss)		(3,729,514	)		(956,543	)		(4,028,708	)		310,601
Net change in unrealized appreciation (depreciation)		35,490,254			(43,980,970	)		73,147,871			(116,156,750	)
Net increase (decrease) in net assets resulting from operations		38,176,733			(36,409,527	)		79,436,099			(102,906,878	)
Distributions to shareholders from:
Net investment income		(6,178,805	)		(8,184,379	)		(10,102,929	)		(11,657,680	)
Net realized gain		(89,456	)		(6,116,677	)		—			(15,629,609	)
Total distributions		(6,268,261	)		(14,301,056	)		(10,102,929	)		(27,287,289	)
Capital share transactions:
Proceeds from sale of shares		36,993,776			40,058,210			59,975,334			61,047,551
Reinvestment of distributions		6,267,265			14,298,539			10,102,137			27,285,031
Value of shares redeemed		(23,842,977	)		(59,131,415	)		(60,660,053	)		(106,480,414	)
Net increase (decrease) from capital share transactions		19,418,064			(4,774,666	)		9,417,418			(18,147,832	)
Total increase (decrease) in net assets		51,326,536			(55,485,249	)		78,750,588			(148,341,999	)
NET ASSETS at beginning of year		255,970,011			311,455,260			449,432,508			597,774,507
NET ASSETS at end of year	$	307,296,547		$	255,970,011		$	528,183,096		$	449,432,508
Undistributed net investment income included in net assets at end of year	$	647,536		$	445,678		$	1,405,028		$	1,271,503
SHARE TRANSACTIONS:
Number of shares sold		1,657,657			1,677,397			2,888,413			2,619,171
Number of shares issued through reinvestment of dividends and distributions		269,908			704,015			456,491			1,462,220
Number of shares redeemed		(1,126,809	)		(2,555,444	)		(3,091,971	)		(4,753,682	)
Net increase (decrease) in shares outstanding		800,756			(174,032	)		252,933			(672,291	)

 

See Notes to Financial Statements.

116

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio
	Traditional Growth						Long-Term Growth
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008			For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income	$	21,563,204		$	22,871,242		$	22,100,879		$	17,159,801
Net realized gain (loss)		(8,749,178	)		1,417,309			(7,376,648	)		5,563,184
Net change in unrealized appreciation (depreciation)		237,730,560			(400,745,680	)		327,469,912			(556,065,057	)
Net increase (decrease) in net assets resulting from operations		250,544,586			(376,457,129	)		342,194,143			(533,342,072	)
Distributions to shareholders from:
Net investment income		(19,944,289	)		(18,147,087	)		(17,548,530	)		(14,835,289	)
Net realized gain		(989,933	)		(56,318,526	)		(7,065,993	)		(81,346,774	)
Total distributions		(20,934,222	)		(74,465,613	)		(24,614,523	)		(96,182,063	)
Capital share transactions:
Proceeds from sale of shares		104,314,253			128,026,199			135,760,589			192,635,516
Reinvestment of distributions		20,933,481			74,462,712			24,614,523			96,182,063
Value of shares redeemed		(73,884,585	)		(166,714,463	)		(60,448,266	)		(133,684,969	)
Net increase from capital share transactions		51,363,149			35,774,448			99,926,846			155,132,610
Total increase (decrease) in net assets		280,973,513			(415,148,294	)		417,506,466			(474,391,525	)
NET ASSETS at beginning of year		1,072,076,011			1,487,224,305			1,203,595,876			1,677,987,401
NET ASSETS at end of year	$	1,353,049,524		$	1,072,076,011		$	1,621,102,342		$	1,203,595,876
Undistributed net investment income included in net assets at end of year	$	6,786,279		$	5,345,856		$	7,764,277		$	3,270,009
SHARE TRANSACTIONS:
Number of shares sold		5,731,985			5,851,468			8,112,765			9,185,144
Number of shares issued through reinvestment of dividends and distributions		1,032,223			4,604,991			1,275,364			6,498,788
Number of shares redeemed		(4,427,502	)		(7,929,999	)		(3,796,408	)		(6,437,541	)
Net increase in shares outstanding		2,336,706			2,526,460			5,591,721			9,246,391

 

See Notes to Financial Statements.

117

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio
	All-Equity Growth
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,982,498		$	2,880,068
Net realized gain (loss)		(5,487,811	)		6,949,052
Net change in unrealized appreciation (depreciation)		145,987,231			(255,635,031	)
Net increase (decrease) in net assets resulting from operations		146,481,918			(245,805,911	)
Distributions to shareholders from:
Net investment income		(4,890,721	)		(3,151,587	)
Net realized gain		(4,261,652	)		(39,945,687	)
Total distributions		(9,152,373	)		(43,097,274	)
Capital share transactions:
Proceeds from sale of shares		79,959,327			82,578,115
Reinvestment of distributions		9,152,373			43,097,274
Value of shares redeemed		(20,565,073	)		(49,088,708	)
Net increase from capital share transactions		68,546,627			76,586,681
Total increase (decrease) in net assets		205,876,172			(212,316,504	)
NET ASSETS at beginning of year		385,656,896			597,973,400
NET ASSETS at end of year	$	591,533,068		$	385,656,896
Undistributed net investment income included in net assets at end of year	$	1,416,003		$	348,040
SHARE TRANSACTIONS:
Number of shares sold		5,516,041			4,141,968
Number of shares issued through reinvestment of dividends and distributions		526,604			3,456,076
Number of shares redeemed		(1,517,775	)		(2,373,655	)
Net increase in shares outstanding		4,524,870			5,224,389

 

See Notes to Financial Statements.

118

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone Retirement Income						Milestone 2010
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008			For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,289,894		$	1,389,780		$	1,653,486		$	1,702,431
Net realized loss		(3,001,541	)		(1,482,460	)		(6,227,767	)		(883,671	)
Net change in unrealized appreciation (depreciation)		10,183,438			(7,199,573	)		17,177,761			(14,388,882	)
Net increase (decrease) in net assets resulting from operations		8,471,791			(7,292,253	)		12,603,480			(13,570,122	)
Distributions to shareholders from:
Net investment income		(1,131,661	)		(1,362,640	)		(1,254,740	)		(1,721,769	)
Net realized gain		(131,351	)		(1,379,482	)		(362,908	)		(2,117,316	)
Total distributions		(1,263,012	)		(2,742,122	)		(1,617,648	)		(3,839,085	)
Capital share transactions:
Proceeds from sale of shares		38,952,559			23,704,479			27,945,309			27,918,306
Reinvestment of distributions		1,263,012			2,742,122			1,617,648			3,839,085
Value of shares redeemed		(14,064,321	)		(27,661,583	)		(14,802,207	)		(19,707,726	)
Net increase (decrease) from capital share transactions		26,151,250			(1,214,982	)		14,760,750			12,049,665
Total increase (decrease) in net assets		33,360,029			(11,249,357	)		25,746,582			(5,359,542	)
NET ASSETS at beginning of year		43,323,161			54,572,518			65,042,967			70,402,509
NET ASSETS at end of year	$	76,683,190		$	43,323,161		$	90,789,549		$	65,042,967
Undistributed net investment income included in net assets at end of year	$	195,858		$	51,822		$	424,795		$	43,936
SHARE TRANSACTIONS:
Number of shares sold		4,204,269			2,352,936			3,149,826			2,811,603
Number of shares issued through reinvestment of dividends and distributions		128,747			325,281			169,210			473,377
Number of shares redeemed		(1,581,577	)		(2,759,763	)		(1,691,970	)		(2,028,709	)
Net increase (decrease) in shares outstanding		2,751,439			(81,546	)		1,627,066			1,256,271

 

See Notes to Financial Statements.

119

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2015						Milestone 2020
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008			For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income	$	3,041,974		$	2,438,482		$	3,098,508		$	1,785,923
Net realized gain (loss)		(5,218,726	)		758,929			(3,215,932	)		1,303,024
Net change in unrealized appreciation (depreciation)		32,034,154			(38,533,409	)		31,775,045			(39,201,986	)
Net increase (decrease) in net assets resulting from operations		29,857,402			(35,335,998	)		31,657,621			(36,113,039	)
Distributions to shareholders from:
Net investment income		(2,039,306	)		(2,474,669	)		(3,020,640	)		(1,810,723	)
Net realized gain		(1,178,592	)		(5,077,309	)		(1,486,573	)		(4,585,919	)
Total distributions		(3,217,898	)		(7,551,978	)		(4,507,213	)		(6,396,642	)
Capital share transactions:
Proceeds from sale of shares		51,762,958			40,523,338			51,504,692			49,804,866
Reinvestment of distributions		3,217,898			7,551,978			4,507,213			6,396,642
Value of shares redeemed		(15,880,219	)		(23,473,293	)		(9,454,164	)		(13,315,901	)
Net increase from capital share transactions		39,100,637			24,602,023			46,557,741			42,885,607
Total increase (decrease) in net assets		65,740,141			(18,285,953	)		73,708,149			375,926
NET ASSETS at beginning of year		120,248,887			138,534,840			112,439,911			112,063,985
NET ASSETS at end of year	$	185,989,028		$	120,248,887		$	186,148,060		$	112,439,911
Undistributed net investment income included in net assets at end of year	$	1,031,149		$	44,921		$	91,628		$	16,841
SHARE TRANSACTIONS:
Number of shares sold		5,994,475			4,044,233			6,052,676			5,005,265
Number of shares issued through reinvestment of dividends and distributions		337,660			973,193			477,965			841,663
Number of shares redeemed		(1,905,953	)		(2,364,993	)		(1,146,576	)		(1,344,430	)
Net increase in shares outstanding		4,426,182			2,652,433			5,384,065			4,502,498

 

See Notes to Financial Statements.

120

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2025						Milestone 2030
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008			For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income	$	2,220,863		$	1,043,313		$	1,711,956		$	696,576
Net realized gain (loss)		(1,780,024	)		1,165,865			(1,338,826	)		1,014,347
Net change in unrealized appreciation (depreciation)		26,094,056			(32,407,196	)		23,295,872			(27,122,358	)
Net increase (decrease) in net assets resulting from operations		26,534,895			(30,198,018	)		23,669,002			(25,411,435	)
Distributions to shareholders from:
Net investment income		(2,222,049	)		(1,064,717	)		(1,712,689	)		(707,098	)
Net realized gain		(1,239,920	)		(3,910,687	)		(1,159,773	)		(3,092,036	)
Total distributions		(3,461,969	)		(4,975,404	)		(2,872,462	)		(3,799,134	)
Capital share transactions:
Proceeds from sale of shares		43,932,965			37,449,628			34,947,904			35,509,674
Reinvestment of distributions		3,461,969			4,975,404			2,872,462			3,799,134
Value of shares redeemed		(5,387,805	)		(9,826,405	)		(3,580,829	)		(5,380,669	)
Net increase from capital share transactions		42,007,129			32,598,627			34,239,537			33,928,139
Total increase (decrease) in net assets		65,080,055			(2,574,795	)		55,036,077			4,717,570
NET ASSETS at beginning of year		81,316,694			83,891,489			66,182,519			61,464,949
NET ASSETS at end of year	$	146,396,749		$	81,316,694		$	121,218,596		$	66,182,519
Undistributed net investment income included in net assets at end of year	$	13,575		$	15,443		$	13,726		$	15,428
SHARE TRANSACTIONS:
Number of shares sold		5,350,578			3,766,466			4,336,313			3,653,529
Number of shares issued through reinvestment of dividends and distributions		373,057			678,773			310,201			529,127
Number of shares redeemed		(682,625	)		(977,278	)		(441,272	)		(525,365	)
Net increase in shares outstanding		5,041,010			3,467,961			4,205,242			3,657,291

 

See Notes to Financial Statements.

121

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2035						Milestone 2040
	For the Year Ended December 31, 2009			For the Year Ended December 31, 2008			For the Year Ended December 31, 2009			For the Year Ended December 31, 2008
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,050,778		$	375,574		$	1,259,876		$	374,130
Net realized gain (loss)		(774,330	)		624,613			(858,323	)		441,008
Net change in unrealized appreciation (depreciation)		15,019,707			(16,765,639	)		17,901,529			(16,808,677	)
Net increase (decrease) in net assets resulting from operations		15,296,155			(15,765,452	)		18,303,082			(15,993,539	)
Distributions to shareholders from:
Net investment income		(1,050,895	)		(382,900	)		(1,260,704	)		(382,517	)
Net realized gain		(732,331	)		(1,859,445	)		(792,731	)		(1,838,729	)
Total distributions		(1,783,226	)		(2,242,345	)		(2,053,435	)		(2,221,246	)
Capital share transactions:
Proceeds from sale of shares		26,621,956			21,490,208			38,629,715			26,240,631
Reinvestment of distributions		1,783,226			2,242,345			2,053,435			2,221,246
Value of shares redeemed		(2,418,029	)		(3,180,578	)		(3,586,173	)		(5,127,590	)
Net increase from capital share transactions		25,987,153			20,551,975			37,096,977			23,334,287
Total increase in net assets		39,500,082			2,544,178			53,346,624			5,119,502
NET ASSETS at beginning of year		37,374,884			34,830,706			38,001,148			32,881,646
NET ASSETS at end of year	$	76,874,966		$	37,374,884		$	91,347,772		$	38,001,148
Undistributed net investment income included in net assets at end of year	$	9,402		$	10,345		$	10,815		$	11,607
SHARE TRANSACTIONS:
Number of shares sold		3,381,530			2,230,550			4,950,336			2,756,161
Number of shares issued through reinvestment of dividends and distributions		195,959			323,571			226,399			326,174
Number of shares redeemed		(315,341	)		(314,653	)		(455,748	)		(502,991	)
Net increase in shares outstanding		3,262,148			2,239,468			4,720,987			2,579,344

 

See Notes to Financial Statements.

122

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Money Market
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations:
Net investment income		0.00	#		0.02			0.05			0.04			0.03
Net realized and unrealized gain (loss)		—			0.00	#		—			(0.00	)#		—
Total from investment operations		0.00	#		0.02			0.05			0.04			0.03
Less distributions:
From net investment income		(0.00	)#		(0.02	)		(0.05	)		(0.04	)		(0.03	)
From net realized gain		—			(0.00	)#		—			(0.00	)#		—
Total distributions		(0.00	)#		(0.02	)		(0.05	)		(0.04	)		(0.03	)
Net Asset Value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.16	%		2.41	%		4.75	%		4.51	%		2.70	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.51	%		0.51	%		0.51	%		0.52	%		0.52	%
Expenses net of reimbursements/waivers, if any		0.39	%		0.51	%		0.51	%		0.52	%		0.52	%
Net investment income before reimbursements/waivers		0.04	%		2.34	%		4.64	%		4.47	%		2.70	%
Net investment income net of reimbursements/waivers, if any		0.16	%		2.34	%		4.64	%		4.47	%		2.70	%
Supplemental Data:
Net assets, end of year (000)	$	454,274		$	458,035		$	306,799		$	217,771		$	142,979
Portfolio turnover		N/A			N/A			N/A			N/A			N/A

 

# Rounds to less than $0.01

See Notes to Financial Statements.

123

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Low Duration Bond(1)
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	9.28		$	9.83		$	9.76		$	9.79		$	9.98
Income from investment operations:
Net investment income		0.32			0.37			0.41			0.37			0.30
Net realized and unrealized gain (loss)		0.65			(0.51	)		0.09			0.01			(0.18	)
Total from investment operations		0.97			(0.14	)		0.50			0.38			0.12
Less distributions:
From net investment income		(0.30	)		(0.41	)		(0.43	)		(0.38	)		(0.31	)
Return of capital		—			—			—			(0.03	)		—
Total distributions		(0.30	)		(0.41	)		(0.43	)		(0.41	)		(0.31	)
Net Asset Value, end of year	$	9.95		$	9.28		$	9.83		$	9.76		$	9.79
Total return		10.63	%		(1.52	)%		5.24	%		3.98	%		1.27	%
Ratios to Average Net Assets:
Expenses		0.66	%		0.66	%		0.65	%		0.65	%		0.65	%
Net investment income		3.27	%		3.82	%		4.15	%		3.82	%		3.10	%
Supplemental Data:
Net assets, end of year (000)	$	517,659		$	394,704		$	507,120		$	607,673		$	543,913
Portfolio turnover		63	%		91	%		149	%		123	%		120	%

 

(1) Formerly Short-Term Bond Fund.

See Notes to Financial Statements.

124

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Inflation Protected Securities(2)
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	9.88		$	10.46		$	10.03		$	10.12		$	10.33
Income from investment operations:
Net investment income		0.11			0.57			0.50			0.39			0.31
Net realized and unrealized gain (loss)		0.85			(0.59	)		0.43			(0.06	)		(0.20	)
Total from investment operations		0.96			(0.02	)		0.93			0.33			0.11
Less distributions:
From net investment income		(0.12	)		(0.46	)		(0.50	)		(0.39	)		(0.32	)
Return of capital		—			(0.10	)		—			(0.03	)		—
Total distributions		(0.12	)		(0.56	)		(0.50	)		(0.42	)		(0.32	)
Net Asset Value, end of year	$	10.72		$	9.88		$	10.46		$	10.03		$	10.12
Total return		9.75	%		(0.40	)%		9.64	%		3.34	%		1.05	%
Ratios to Average Net Assets:
Expenses		0.67	%		0.67	%		0.68	%		0.60	%		0.59	%
Net investment income		1.13	%		4.64	%		4.86	%		3.85	%		3.01	%
Supplemental Data:
Net assets, end of year (000)	$	338,790		$	300,148		$	274,209		$	142,540		$	151,335
Portfolio turnover		105	%		149	%		174	%		69	%		91	%

 

(2) Formerly US Government Securities Fund.

See Notes to Financial Statements.

125

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Asset Allocation
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	5.27		$	8.53		$	8.40		$	7.51		$	7.33
Income from investment operations:
Net investment income		0.09			0.13			0.17			0.14			0.12
Net realized and unrealized gain (loss)		0.84			(3.26	)		0.36			1.03			0.22
Total from investment operations		0.93			(3.13	)		0.53			1.17			0.34
Less distributions:
From net investment income		(0.09	)		(0.11	)		(0.19	)		(0.14	)		(0.12	)
From net realized gain		—			(0.02	)		(0.21	)		(0.14	)		(0.04	)
Total distributions		(0.09	)		(0.13	)		(0.40	)		(0.28	)		(0.16	)
Net Asset Value, end of year	$	6.11		$	5.27		$	8.53		$	8.40		$	7.51
Total return		17.62	%		(36.71	)%		6.25	%		15.51	%		4.54	%
Ratios to Average Net Assets:
Expenses		0.81	%		0.77	%		0.75	%		0.75	%		0.75	%
Net investment income		1.62	%		1.70	%		1.87	%		1.67	%		1.48	%
Supplemental Data:
Net assets, end of year (000)	$	436,590		$	418,530		$	756,329		$	768,381		$	737,783
Portfolio turnover		35	%		5	%		4	%		15	%		9	%

 

See Notes to Financial Statements.

126

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Equity Income
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	5.79		$	9.78		$	9.90		$	8.87		$	8.95
Income from investment operations:
Net investment income		0.09			0.13			0.13			0.14			0.16
Net realized and unrealized gain (loss)		1.95			(3.96	)		0.25			1.52			0.36
Total from investment operations		2.04			(3.83	)		0.38			1.66			0.52
Less distributions:
From net investment income		(0.13	)		—			(0.14	)		(0.14	)		(0.16	)
From net realized gain		—			(0.16	)		(0.36	)		(0.49	)		(0.44	)
Total distributions		(0.13	)		(0.16	)		(0.50	)		(0.63	)		(0.60	)
Net Asset Value, end of year	$	7.70		$	5.79		$	9.78		$	9.90		$	8.87
Total return		35.28	%		(39.19	)%		3.76	%		18.73	%		5.76	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.88	%		0.88	%		0.88	%		0.89	%		0.90	%
Expenses net of reimbursements/waivers, if any		0.88	%		0.88	%		0.88	%		0.89	%		0.89	%
Net investment income before reimbursements/waivers		1.49	%		1.74	%		1.22	%		1.48	%		1.77	%
Net investment income net of reimbursements/waivers, if any		1.49	%		1.74	%		1.23	%		1.49	%		1.78	%
Supplemental Data:
Net assets, end of year (000)	$	1,516,199		$	1,102,032		$	1,734,750		$	1,467,953		$	1,260,470
Portfolio turnover		22	%		29	%		18	%		18	%		16	%

 

See Notes to Financial Statements.

127

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Growth & Income
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	6.43		$	10.56		$	11.49		$	10.64		$	10.12
Income from investment operations:
Net investment income		0.10			0.10			0.12			0.10			0.09
Net realized and unrealized gain (loss)		2.06			(4.13	)		0.58			1.32			0.52
Total from investment operations		2.16			(4.03	)		0.70			1.42			0.61
Less distributions:
From net investment income		(0.10	)		(0.07	)		(0.15	)		(0.10	)		(0.09	)
From net realized gain		—			(0.03	)		(1.48	)		(0.47	)		—
Total distributions		(0.10	)		(0.10	)		(1.63	)		(0.57	)		(0.09	)
Net Asset Value, end of year	$	8.49		$	6.43		$	10.56		$	11.49		$	10.64
Total return		33.61	%		(38.16	)%		5.98	%		13.28	%		6.02	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.82	%		0.81	%		0.81	%		0.81	%		0.82	%
Expenses net of reimbursements/waivers, if any		0.81	%		0.80	%		0.80	%		0.81	%		0.82	%
Net investment income before reimbursements/waivers		1.39	%		1.20	%		0.90	%		0.89	%		0.87	%
Net investment income net of reimbursements/waivers, if any		1.39	%		1.21	%		0.90	%		0.90	%		0.88	%
Supplemental Data:
Net assets, end of year (000)	$	1,023,636		$	747,032		$	1,101,700		$	1,176,614		$	1,016,831
Portfolio turnover		111	%		58	%		41	%		38	%		27	%

 

See Notes to Financial Statements.

128

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Growth
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	5.91		$	10.45		$	9.56		$	8.70		$	8.31
Income from investment operations:
Net investment income		0.04			0.06			0.05			0.03			0.01
Net realized and unrealized gain (loss)		1.79			(4.54	)		0.89			0.86			0.39
Total from investment operations		1.83			(4.48	)		0.94			0.89			0.40
Less distributions:
From net investment income		(0.04	)		(0.06	)		(0.05	)		(0.03	)		(0.01	)
Total distributions		(0.04	)		(0.06	)		(0.05	)		(0.03	)		(0.01	)
Net Asset Value, end of year	$	7.70		$	5.91		$	10.45		$	9.56		$	8.70
Total return		31.02	%		(42.89	)%		9.81	%		10.21	%		4.86	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.86	%		0.88	%		0.87	%		0.90	%		0.94	%
Expenses net of reimbursements/waivers, if any		0.84	%		0.87	%		0.87	%		0.90	%		0.94	%
Net investment income before reimbursements/waivers		0.64	%		0.63	%		0.41	%		0.31	%		0.11	%
Net investment income net of reimbursements/waivers, if any		0.66	%		0.64	%		0.41	%		0.31	%		0.11	%
Supplemental Data:
Net assets, end of year (000)	$	1,814,533		$	1,427,675		$	2,567,845		$	2,783,795		$	2,816,803
Portfolio turnover		89	%		175	%		50	%		62	%		85	%

 

See Notes to Financial Statements.

129

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Select Value
	For the Year Ended December 31,
	2009			2008			For the Period from October 30, 2007* to December 31, 2007
Net Asset Value, beginning of year	$	6.07		$	9.38		$	10.00
Income from investment operations:
Net investment income		0.10			0.12			0.04
Net realized and unrealized gain (loss)		2.14			(3.31	)		(0.62	)
Total from investment operations		2.24			(3.19	)		(0.58	)
Less distributions:
From net investment income		(0.06	)		(0.12	)		(0.04	)
Total distributions		(0.06	)		(0.12	)		(0.04	)
Net Asset Value, end of year	$	8.25		$	6.07		$	9.38
Total return		36.99	%		(33.96	)%		(5.85	)%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		1.04	%		1.01	%		1.04	%†
Expenses net of reimbursements/waivers, if any		1.04	%		0.98	%		1.00	%†
Net investment income before reimbursements/waivers		1.42	%		1.65	%		2.02	%†
Net investment income net of reimbursements/waivers, if any		1.42	%		1.68	%		2.06	%†
Supplemental Data:
Net assets, end of year (000)	$	295,800		$	220,955		$	294,157
Portfolio turnover		85	%		211	%		11	%††

 

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements.

130

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Aggressive Opportunities
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	6.32		$	11.26		$	12.85		$	11.63		$	10.52
Income from investment operations:
Net investment income (loss)		(0.00	)#		0.03			0.01			(0.00	)#		0.04
Net realized and unrealized gain (loss)		3.22			(4.68	)		0.72			1.56			1.35
Total from investment operations		3.22			(4.65	)		0.73			1.56			1.39
Less distributions:
From net investment income		(0.02	)		(0.01	)		—			(0.05	)		(0.28	)
From net realized gain		—			(0.28	)		(2.32	)		(0.29	)		—
Total distributions		(0.02	)		(0.29	)		(2.32	)		(0.34	)		(0.28	)
Net Asset Value, end of year	$	9.52		$	6.32		$	11.26		$	12.85		$	11.63
Total return		50.95	%		(41.29	)%		5.53	%		13.36	%		13.21	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.99	%		1.01	%		1.02	%		1.05	%		1.24	%
Expenses net of reimbursements/waivers, if any		0.98	%		0.96	%		1.02	%		1.04	%		1.22	%
Net investment income (loss) before reimbursements/waivers		(0.02	)%		0.25	%		0.07	%		(0.04	)%		0.29	%
Net investment income (loss) net of reimbursements/waivers, if any		(0.02	)%		0.30	%		0.08	%		(0.03	)%		0.31	%
Supplemental Data:
Net assets, end of year (000)	$	1,010,098		$	668,403		$	1,154,745		$	1,366,708		$	1,252,413
Portfolio turnover		53	%		57	%		45	%		88	%		45	%

 

# Rounds to less than $0.01

See Notes to Financial Statements.

131

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Discovery
	For the Year Ended December 31,
	2009			2008			For the Period from October 30, 2007* to December 31, 2007
Net Asset Value, beginning of year	$	5.46		$	9.25		$	10.00
Income from investment operations:
Net investment income		0.08			0.20			0.03
Net realized and unrealized gain (loss)		2.07			(3.77	)		(0.68	)
Total from investment operations		2.15			(3.57	)		(0.65	)
Less distributions:
From net investment income		(0.07	)		(0.17	)		(0.03	)
From net realized gain		—			—			(0.07	)
Return of capital		—			(0.05	)		—
Total distributions		(0.07	)		(0.22	)		(0.10	)
Net Asset Value, end of year	$	7.54		$	5.46		$	9.25
Total return		39.32	%		(38.51	)%		(6.46	)%††
Ratios to Average Net Assets:
Expenses		0.99	%		0.99	%		1.07	%†
Net investment income		1.35	%		2.12	%		2.08	%†
Supplemental Data:
Net assets, end of year (000)	$	178,174		$	126,382		$	173,510
Portfolio turnover		85	%		111	%		36	%††

 

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements.

132

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	International
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	6.94		$	12.19		$	12.57		$	11.56		$	10.06
Income from investment operations:
Net investment income		0.12			0.17			0.18			0.16			0.11
Net realized and unrealized gain (loss)		1.96			(5.29	)		1.37			2.29			1.59
Total from investment operations		2.08			(5.12	)		1.55			2.45			1.70
Less distributions:
From net investment income		(0.17	)		(0.02	)		(0.21	)		(0.20	)		(0.20	)
From net realized gain		—			(0.11	)		(1.72	)		(1.24	)		—
Total distributions		(0.17	)		(0.13	)		(1.93	)		(1.44	)		(0.20	)
Net Asset Value, end of year	$	8.85		$	6.94		$	12.19		$	12.57		$	11.56
Total return		29.97	%		(42.03	)%		12.46	%		21.14	%		16.88	%
Ratios to Average Net Assets:
Expenses		1.05	%		1.07	%		1.10	%		1.11	%		1.17	%
Net investment income		1.70	%		1.95	%		1.15	%		1.08	%		1.06	%
Supplemental Data:
Net assets, end of year (000)	$	1,015,627		$	766,210		$	1,145,029		$	1,049,831		$	722,161
Portfolio turnover		164	%		59	%		60	%		65	%		42	%

 

See Notes to Financial Statements.

133

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Diversified Assets(3)
	For the Year Ended December 31,
	2009			2008			For the Period from October 30, 2007* to December 31, 2007
Net Asset Value, beginning of year	$	9.28		$	9.95		$	10.00
Income from investment operations:
Net investment income		0.09			0.28			0.06
Net realized and unrealized gain (loss)		0.53			(0.95	)		(0.07	)
Total from investment operations		0.62			(0.67	)		(0.01	)
Less distributions:
From net investment income		(0.05	)		—			(0.04	)
From net realized gain		—			(0.00	)#		—
Total distributions		(0.05	)		(0.00	)#		(0.04	)
Net Asset Value, end of year	$	9.85		$	9.28		$	9.95
Total return		6.64	%		(6.73	)%		(0.07	)%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.96	%		1.00	%		1.02	%†
Expenses net of reimbursements/waivers, if any		0.95	%		0.99	%		1.01	%†
Net investment income before reimbursements/waivers		1.05	%		2.30	%		3.52	%†
Net investment income net of reimbursements/waivers, if any		1.06	%		2.31	%		3.53	%†
Supplemental Data:
Net assets, end of year (000)	$	453,196		$	338,090		$	465,175
Portfolio turnover		129	%		89	%		16	%††

 

(3) Renamed Diversifying Strategies Fund effective January 4, 2010.

* Commencement of operations

# Rounds to less than $0.01

†† Not annualized

† Annualized

See Notes to Financial Statements.

134

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Core Bond Index Class I
	For the Year Ended December 31,
	2009			2008			2007			2006			2005(a)
Net Asset Value, beginning of year	$	9.81		$	9.87		$	9.75		$	9.90		$	10.17
Income from investment operations:
Net investment income		0.40			0.46			0.47			0.44			0.41
Net realized and unrealized gain (loss)		0.13			(0.02	)		0.15			(0.08	)		(0.21	)
Total from investment operations		0.53			0.44			0.62			0.36			0.20
Less distributions:
From net investment income		(0.45	)		(0.50	)		(0.50	)		(0.47	)		(0.47	)
Return of capital		—			—			—			(0.04	)		—
Total distributions		(0.45	)		(0.50	)		(0.50	)		(0.51	)		(0.47	)
Net Asset Value, end of year	$	9.89		$	9.81		$	9.87		$	9.75		$	9.90
Total return		5.57	%		4.63	%		6.52	%		3.82	%		1.98	%
Ratios to Average Net Assets:
Expenses		0.42	%		0.44	%		0.44	%		0.44	%		0.45	%
Net investment income		3.99	%		4.70	%		4.71	%		4.50	%		4.03	%
Supplemental Data:
Net assets, end of year (000)	$	857,504		$	656,279		$	888,541		$	988,984		$	865,929
Portfolio turnover		60	%		49	%		76	%		28	%		31	%

 

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

See Notes to Financial Statements.

135

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Core Bond Index Class II
	For the Year Ended December 31,
	2009			2008			2007			2006			2005(a)
Net Asset Value, beginning of year	$	9.86		$	9.92		$	9.80		$	9.94		$	10.21
Income from investment operations:
Net investment income		0.42			0.48			0.49			0.46			0.43
Net realized and unrealized gain (loss)		0.13			(0.02	)		0.15			(0.07	)		(0.21	)
Total from investment operations		0.55			0.46			0.64			0.39			0.22
Less distributions:
From net investment income		(0.47	)		(0.52	)		(0.52	)		(0.49	)		(0.49	)
Return of capital		—			—			—			(0.04	)		—
Total distributions		(0.47	)		(0.52	)		(0.52	)		(0.53	)		(0.49	)
Net Asset Value, end of year	$	9.94		$	9.86		$	9.92		$	9.80		$	9.94
Total return		5.74	%		4.82	%		6.71	%		4.11	%		2.17	%
Ratios to Average Net Assets:
Expenses		0.22	%		0.24	%		0.24	%		0.24	%		0.25	%
Net investment income		4.21	%		4.90	%		4.91	%		4.70	%		4.23	%
Supplemental Data:
Net assets, end of year (000)	$	238,193		$	220,355		$	201,573		$	170,987		$	165,467
Portfolio turnover		60	%		49	%		76	%		28	%		31	%

 

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

See Notes to Financial Statements.

136

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	500 Stock Index Class I
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	7.12		$	11.63		$	11.23		$	9.87		$	9.58
Income from investment operations:
Net investment income		0.16			0.18			0.22			0.18			0.15
Net realized and unrealized gain (loss)		1.70			(4.52	)		0.35			1.33			0.28
Total from investment operations		1.86			(4.34	)		0.57			1.51			0.43
Less distributions:
From net investment income		(0.17	)		(0.17	)		(0.17	)		(0.15	)		(0.14	)
Total distributions		(0.17	)		(0.17	)		(0.17	)		(0.15	)		(0.14	)
Net Asset Value, end of year	$	8.81		$	7.12		$	11.63		$	11.23		$	9.87
Total return		26.13	%		(37.31	)%		5.06	%		15.27	%		4.44	%
Ratios to Average Net Assets:
Expenses		0.44	%		0.46	%		0.45	%		0.45	%		0.46	%
Net investment income		2.19	%		1.92	%		1.55	%		1.53	%		1.42	%
Supplemental Data:
Net assets, end of year (000)	$	85,772		$	59,748		$	95,694		$	107,977		$	108,030
Portfolio turnover		15	%		7	%		5	%		4	%		5	%

 

See Notes to Financial Statements.

137

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	500 Stock Index Class II
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	6.73		$	11.01		$	10.65		$	9.36		$	9.10
Income from investment operations:
Net investment income		0.19			0.19			0.20			0.17			0.15
Net realized and unrealized gain (loss)		1.58			(4.28	)		0.36			1.29			0.27
Total from investment operations		1.77			(4.09	)		0.56			1.46			0.42
Less distributions:
From net investment income		(0.18	)		(0.19	)		(0.20	)		(0.17	)		(0.16	)
Total distributions		(0.18	)		(0.19	)		(0.20	)		(0.17	)		(0.16	)
Net Asset Value, end of year	$	8.32		$	6.73		$	11.01		$	10.65		$	9.36
Total return		26.35	%		(37.15	)%		5.22	%		15.60	%		4.57	%
Ratios to Average Net Assets:
Expenses		0.24	%		0.26	%		0.25	%		0.25	%		0.26	%
Net investment income		2.40	%		2.13	%		1.75	%		1.73	%		1.62	%
Supplemental Data:
Net assets, end of year (000)	$	237,743		$	200,989		$	316,248		$	287,392		$	241,849
Portfolio turnover		15	%		7	%		5	%		4	%		5	%

 

See Notes to Financial Statements.

138

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Broad Market Index Class I
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	7.53		$	12.25		$	11.81		$	10.35		$	9.90
Income from investment operations:
Net investment income		0.17			0.21			0.26			0.22			0.17
Net realized and unrealized gain (loss)		1.92			(4.75	)		0.35			1.38			0.42
Total from investment operations		2.09			(4.54	)		0.61			1.60			0.59
Less distributions:
From net investment income		(0.15	)		(0.18	)		(0.17	)		(0.14	)		(0.14	)
Total distributions		(0.15	)		(0.18	)		(0.17	)		(0.14	)		(0.14	)
Net Asset Value, end of year	$	9.47		$	7.53		$	12.25		$	11.81		$	10.35
Total return		27.78	%		(37.06	)%		5.15	%		15.46	%		5.91	%
Ratios to Average Net Assets:
Expenses		0.43	%		0.44	%		0.44	%		0.44	%		0.45	%
Net investment income		2.05	%		1.81	%		1.48	%		1.42	%		1.37	%
Supplemental Data:
Net assets, end of year (000)	$	119,777		$	94,710		$	170,584		$	195,651		$	208,588
Portfolio turnover		7	%		4	%		2	%		2	%		2	%

 

See Notes to Financial Statements.

139

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Broad Market Index Class II
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	7.09		$	11.57		$	11.17		$	9.80		$	9.37
Income from investment operations:
Net investment income		0.18			0.20			0.20			0.17			0.15
Net realized and unrealized gain (loss)		1.81			(4.48	)		0.40			1.37			0.44
Total from investment operations		1.99			(4.28	)		0.60			1.54			0.59
Less distributions:
From net investment income		(0.17	)		(0.20	)		(0.20	)		(0.17	)		(0.16	)
Total distributions		(0.17	)		(0.20	)		(0.20	)		(0.17	)		(0.16	)
Net Asset Value, end of year	$	8.91		$	7.09		$	11.57		$	11.17		$	9.80
Total return		28.04	%		(36.97	)%		5.35	%		15.68	%		6.27	%
Ratios to Average Net Assets:
Expenses		0.23	%		0.24	%		0.24	%		0.24	%		0.25	%
Net investment income		2.26	%		2.03	%		1.68	%		1.63	%		1.52	%
Supplemental Data:
Net assets, end of year (000)	$	358,250		$	295,297		$	484,534		$	449,961		$	389,843
Portfolio turnover		7	%		4	%		2	%		2	%		2	%

 

See Notes to Financial Statements.

140

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Mid/Small Company Index Class I
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	9.17		$	16.23		$	16.52		$	14.99		$	13.80
Income from investment operations:
Net investment income		0.13			0.18			0.16			0.16			0.13
Net realized and unrealized gain (loss)		3.19			(6.46	)		0.68			2.09			1.20
Total from investment operations		3.32			(6.28	)		0.84			2.25			1.33
Less distributions:
From net investment income		(0.14	)		(0.18	)		(0.20	)		(0.12	)		(0.14	)
From net realized gain		—			(0.59	)		(0.93	)		(0.60	)		—
Return of capital		—			(0.01	)		—			—			—
Total distributions		(0.14	)		(0.78	)		(1.13	)		(0.72	)		(0.14	)
Net Asset Value, end of year	$	12.35		$	9.17		$	16.23		$	16.52		$	14.99
Total return		36.19	%		(38.57	)%		4.98	%		14.99	%		9.63	%
Ratios to Average Net Assets:
Expenses		0.48	%		0.50	%		0.50	%		0.51	%		0.52	%
Net investment income		1.46	%		1.47	%		1.16	%		1.04	%		1.01	%
Supplemental Data:
Net assets, end of year (000)	$	134,165		$	82,628		$	105,496		$	78,663		$	68,330
Portfolio turnover		25	%		15	%		18	%		20	%		12	%

 

See Notes to Financial Statements.

141

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Mid/Small Company Index Class II
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	8.71		$	15.48		$	15.80		$	14.36		$	13.22
Income from investment operations:
Net investment income		0.17			0.23			0.22			0.20			0.17
Net realized and unrealized gain (loss)		3.00			(6.20	)		0.61			2.00			1.14
Total from investment operations		3.17			(5.97	)		0.83			2.20			1.31
Less distributions:
From net investment income		(0.15	)		(0.20	)		(0.22	)		(0.16	)		(0.17	)
From net realized gain		—			(0.59	)		(0.93	)		(0.60	)		—
Return of capital		—			(0.01	)		—			—			—
Total distributions		(0.15	)		(0.80	)		(1.15	)		(0.76	)		(0.17	)
Net Asset Value, end of year	$	11.73		$	8.71		$	15.48		$	15.80		$	14.36
Total return		36.47	%		(38.44	)%		5.20	%		15.24	%		9.87	%
Ratios to Average Net Assets:
Expenses		0.28	%		0.30	%		0.30	%		0.31	%		0.32	%
Net investment income		1.66	%		1.63	%		1.36	%		1.24	%		1.20	%
Supplemental Data:
Net assets, end of year (000)	$	97,453		$	71,965		$	121,950		$	106,900		$	95,502
Portfolio turnover		25	%		15	%		18	%		20	%		12	%
									��

 

See Notes to Financial Statements.

142

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Overseas Equity Index Class I
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	8.20		$	14.80		$	13.79		$	11.26		$	10.17
Income from investment operations:
Net investment income		0.22			0.39			0.35			0.21			0.18
Net realized and unrealized gain (loss)		2.12			(6.61	)		1.05			2.64			1.12
Total from investment operations		2.34			(6.22	)		1.40			2.85			1.30
Less distributions:
From net investment income		(0.24	)		(0.32	)		(0.38	)		(0.32	)		(0.21	)
From net realized gain		—			(0.06	)		(0.01	)		—			—
Total distributions		(0.24	)		(0.38	)		(0.39	)		(0.32	)		(0.21	)
Net Asset Value, end of year	$	10.30		$	8.20		$	14.80		$	13.79		$	11.26
Total return		28.63	%		(42.05	)%		10.17	%		25.35	%		12.74	%
Ratios to Average Net Assets:
Expenses		0.59	%		0.63	%		0.63	%		0.73	%		0.95	%
Net investment income		2.61	%		3.07	%		2.36	%		2.15	%		1.82	%
Supplemental Data:
Net assets, end of year (000)	$	52,937		$	36,021		$	70,723		$	55,259		$	32,639
Portfolio turnover		5	%		6	%		5	%		3	%		8	%

 

See Notes to Financial Statements.

143

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Overseas Equity Index Class II
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	7.72		$	13.98		$	13.06		$	10.67		$	9.64
Income from investment operations:
Net investment income		0.23			0.39			0.35			0.25			0.20
Net realized and unrealized gain (loss)		2.00			(6.25	)		0.99			2.48			1.06
Total from investment operations		2.23			(5.86	)		1.34			2.73			1.26
Less distributions:
From net investment income		(0.26	)		(0.34	)		(0.41	)		(0.34	)		(0.23	)
From net realized gain		—			(0.06	)		(0.01	)		—			—
Total distributions		(0.26	)		(0.40	)		(0.42	)		(0.34	)		(0.23	)
Net Asset Value, end of year	$	9.69		$	7.72		$	13.98		$	13.06		$	10.67
Total return		28.94	%		(41.90	)%		10.30	%		25.64	%		13.03	%
Ratios to Average Net Assets:
Expenses		0.39	%		0.43	%		0.43	%		0.53	%		0.75	%
Net investment income		2.83	%		3.27	%		2.56	%		2.37	%		1.98	%
Supplemental Data:
Net assets, end of year (000)	$	128,002		$	92,719		$	178,661		$	107,963		$	56,920
Portfolio turnover		5	%		6	%		5	%		3	%		8	%

 

See Notes to Financial Statements.

144

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Model Portfolio Savings Oriented
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	20.58		$	24.70		$	24.70		$	24.23		$	24.21
Income from investment operations:
Net investment income		0.49			0.73			0.88			0.84			0.72
Net realized and unrealized gain (loss)		2.64			(3.63	)		0.63			0.83			0.02
Total from investment operations		3.13			(2.90	)		1.51			1.67			0.74
Less distributions:
From net investment income		(0.48	)		(0.70	)		(0.96	)		(0.86	)		(0.72	)
From net realized gain		(0.01	)		(0.52	)		(0.55	)		(0.34	)		—
Total distributions		(0.49	)		(1.22	)		(1.51	)		(1.20	)		(0.72	)
Net Asset Value, end of year	$	23.22		$	20.58		$	24.70		$	24.70		$	24.23
Total return		15.18	%		(11.67	)%		6.15	%		6.90	%		3.06	%
Ratios to Average Net Assets:
Expenses		0.16	%		0.16	%		0.15	%		0.15	%		0.16	%
Net investment income		2.36	%		2.88	%		3.66	%		3.36	%		3.01	%
Supplemental Data:
Net assets, end of year (000)	$	307,297		$	255,970		$	311,455		$	292,287		$	281,036
Portfolio turnover		7	%		18	%		27	%		11	%		9	%

 

See Notes to Financial Statements.

145

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Model Portfolio Conservative Growth
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	19.04		$	24.62		$	24.48		$	23.24		$	22.87
Income from investment operations:
Net investment income		0.44			0.58			0.68			0.69			0.62
Net realized and unrealized gain (loss)		3.08			(4.92	)		0.92			1.26			0.37
Total from investment operations		3.52			(4.34	)		1.60			1.95			0.99
Less distributions:
From net investment income		(0.43	)		(0.53	)		(0.75	)		(0.71	)		(0.62	)
From net realized gain		—			(0.71	)		(0.71	)		—			—
Total distributions		(0.43	)		(1.24	)		(1.46	)		(0.71	)		(0.62	)
Net Asset Value, end of year	$	22.13		$	19.04		$	24.62		$	24.48		$	23.24
Total return		18.50	%		(17.56	)%		6.57	%		8.38	%		4.31	%
Ratios to Average Net Assets:
Expenses		0.15	%		0.15	%		0.14	%		0.15	%		0.15	%
Net investment income		2.20	%		2.40	%		2.99	%		2.86	%		2.72	%
Supplemental Data:
Net assets, end of year (000)	$	528,183		$	449,433		$	597,775		$	549,966		$	512,992
Portfolio turnover		13	%		19	%		27	%		9	%		7	%

 

See Notes to Financial Statements.

146

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Model Portfolio Traditional Growth
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	16.65		$	24.04		$	24.26		$	22.46		$	21.67
Income from investment operations:
Net investment income		0.33			0.38			0.46			0.48			0.47
Net realized and unrealized gain (loss)		3.62			(6.53	)		1.25			1.86			0.79
Total from investment operations		3.95			(6.15	)		1.71			2.34			1.26
Less distributions:
From net investment income		(0.30	)		(0.30	)		(0.56	)		(0.51	)		(0.47	)
From net realized gain		(0.02	)		(0.94	)		(1.37	)		(0.03	)		—
Total distributions		(0.32	)		(1.24	)		(1.93	)		(0.54	)		(0.47	)
Net Asset Value, end of year	$	20.28		$	16.65		$	24.04		$	24.26		$	22.46
Total return		23.72	%		(25.39	)%		7.03	%		10.42	%		5.79	%
Ratios to Average Net Assets:
Expenses		0.13	%		0.13	%		0.13	%		0.13	%		0.14	%
Net investment income		1.86	%		1.74	%		2.23	%		2.13	%		2.21	%
Supplemental Data:
Net assets, end of year (000)	$	1,353,050		$	1,072,076		$	1,487,224		$	1,331,012		$	1,135,671
Portfolio turnover		8	%		20	%		28	%		6	%		4	%

 

See Notes to Financial Statements.

147

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Model Portfolio Long-Term Growth
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	15.35		$	24.26		$	24.56		$	22.16		$	21.02
Income from investment operations:
Net investment income		0.26			0.24			0.26			0.34			0.38
Net realized and unrealized gain (loss)		3.99			(7.81	)		1.64			2.43			1.14
Total from investment operations		4.25			(7.57	)		1.90			2.77			1.52
Less distributions:							��
From net investment income		(0.21	)		(0.21	)		(0.43	)		(0.32	)		(0.38	)
From net realized gain		(0.09	)		(1.13	)		(1.77	)		(0.05	)		—
Total distributions		(0.30	)		(1.34	)		(2.20	)		(0.37	)		(0.38	)
Net Asset Value, end of year	$	19.30		$	15.35		$	24.26		$	24.56		$	22.16
Total return		27.67	%		(30.99	)%		7.74	%		12.50	%		7.24	%
Ratios to Average Net Assets:
Expenses		0.13	%		0.13	%		0.12	%		0.13	%		0.14	%
Net investment income		1.63	%		1.16	%		1.57	%		1.51	%		1.87	%
Supplemental Data:
Net assets, end of year (000)	$	1,621,102		$	1,203,596		$	1,677,987		$	1,470,918		$	1,209,329
Portfolio turnover		5	%		14	%		27	%		6	%		7	%

 

See Notes to Financial Statements.

148

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Model Portfolio All-Equity Growth
	For the Year Ended December 31,
	2009			2008			2007			2006			2005
Net Asset Value, beginning of year	$	13.07		$	24.63		$	25.88		$	22.96		$	21.39
Income from investment operations:
Net investment income		0.18			0.11			0.04			0.15			0.25
Net realized and unrealized gain (loss)		4.41			(10.01	)		1.98			3.19			1.57
Total from investment operations		4.59			(9.90	)		2.02			3.34			1.82
Less distributions:
From net investment income		(0.15	)		(0.12	)		(0.21	)		(0.19	)		(0.25	)
From net realized gain		(0.13	)		(1.54	)		(3.06	)		(0.23	)		—
Total distributions		(0.28	)		(1.66	)		(3.27	)		(0.42	)		(0.25	)
Net Asset Value, end of year	$	17.38		$	13.07		$	24.63		$	25.88		$	22.96
Total return		35.07	%		(39.86	)%		7.75	%		14.58	%		8.49	%
Ratios to Average Net Assets:
Expenses		0.14	%		0.15	%		0.14	%		0.15	%		0.16	%
Net investment income		1.30	%		0.57	%		0.82	%		0.71	%		1.30	%
Supplemental Data:
Net assets, end of year (000)	$	591,533		$	385,657		$	597,973		$	470,888		$	303,975
Portfolio turnover		3	%		7	%		23	%		6	%		2	%

 

See Notes to Financial Statements.

149

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone Retirement Income
	For the Year Ended December 31,
	2009			2008			2007			2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of year	$	8.56		$	10.61		$	10.51		$	10.14		$	10.00
Income from investment operations:
Net investment income		0.16			0.29			0.27			0.29			0.19
Net realized and unrealized gain (loss)		1.26			(1.76	)		0.36			0.48			0.15
Total from investment operations		1.42			(1.47	)		0.63			0.77			0.34
Less distributions:
From net investment income		(0.15	)		(0.29	)		(0.29	)		(0.29	)		(0.19	)
From net realized gain		(0.02	)		(0.29	)		(0.24	)		(0.11	)		(0.01	)
Total distributions		(0.17	)		(0.58	)		(0.53	)		(0.40	)		(0.20	)
Net Asset Value, end of year	$	9.81		$	8.56		$	10.61		$	10.51		$	10.14
Total return		16.53	%		(13.76	)%		6.05	%		7.52	%		3.39	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.25	%		0.27	%		0.30	%		0.53	%		1.20	%†
Expenses net of reimbursements/waivers, if any		0.20	%		0.07	%		0.14	%		0.16	%		0.15	%†
Net investment income before reimbursements/waivers		2.29	%		2.55	%		3.48	%		3.06	%		2.54	%†
Net investment income net of reimbursements/waivers, if any		2.34	%		2.74	%		3.63	%		3.43	%		3.59	%†
Supplemental Data:
Net assets, end of year (000)	$	76,683		$	43,323		$	54,573		$	22,534		$	13,146
Portfolio turnover		14	%		36	%		63	%		25	%		35	%††

 

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements.

150

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone 2010
	For the Year Ended December 31,
	2009			2008			2007			2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of year	$	8.27		$	10.65		$	10.85		$	10.28		$	10.00
Income from investment operations:
Net investment income		0.18			0.23			0.27			0.24			0.18
Net realized and unrealized gain (loss)		1.29			(2.09	)		0.42			0.68			0.29
Total from investment operations		1.47			(1.86	)		0.69			0.92			0.47
Less distributions:
From net investment income		(0.14	)		(0.23	)		(0.30	)		(0.25	)		(0.18	)
From net realized gain		(0.04	)		(0.29	)		(0.59	)		(0.10	)		(0.01	)
Total distributions		(0.18	)		(0.52	)		(0.89	)		(0.35	)		(0.19	)
Net Asset Value, end of year	$	9.56		$	8.27		$	10.65		$	10.85		$	10.28
Total return		17.71	%		(17.34	)%		6.43	%		8.95	%		4.65	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.22	%		0.23	%		0.24	%		0.32	%		0.62	%†
Expenses net of reimbursements/waivers, if any		0.19	%		0.13	%		0.18	%		0.18	%		0.15	%†
Net investment income before reimbursements/waivers		2.15	%		2.31	%		2.97	%		2.74	%		2.49	%†
Net investment income net of reimbursements/waivers, if any		2.17	%		2.41	%		3.02	%		2.88	%		2.97	%†
Supplemental Data:
Net assets, end of year (000)	$	90,790		$	65,043		$	70,403		$	48,483		$	26,638
Portfolio turnover		20	%		27	%		58	%		15	%		18	%††

 

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements.

151

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone 2015
	For the Year Ended December 31,
	2009			2008			2007			2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of year	$	7.96		$	11.13		$	11.29		$	10.44		$	10.00
Income from investment operations:
Net investment income		0.16			0.17			0.22			0.19			0.15
Net realized and unrealized gain (loss)		1.58			(2.80	)		0.56			0.94			0.44
Total from investment operations		1.74			(2.63	)		0.78			1.13			0.59
Less distributions:
From net investment income		(0.11	)		(0.18	)		(0.25	)		(0.20	)		(0.15	)
From net realized gain		(0.06	)		(0.36	)		(0.69	)		(0.08	)		(0.00	)#
Total distributions		(0.17	)		(0.54	)		(0.94	)		(0.28	)		(0.15	)
Net Asset Value, end of year	$	9.53		$	7.96		$	11.13		$	11.29		$	10.44
Total return		21.84	%		(23.54	)%		6.88	%		10.87	%		5.93	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.18	%		0.19	%		0.18	%		0.24	%		0.48	%†
Expenses net of reimbursements/waivers, if any		0.17	%		0.14	%		0.18	%		0.17	%		0.15	%†
Net investment income before reimbursements/waivers		2.06	%		1.81	%		2.57	%		2.33	%		2.43	%†
Net investment income net of reimbursements/waivers, if any		2.07	%		1.85	%		2.57	%		2.39	%		2.76	%†
Supplemental Data:
Net assets, end of year (000)	$	185,989		$	120,249		$	138,535		$	84,357		$	41,455
Portfolio turnover		12	%		21	%		40	%		10	%		8	%††

 

* Commencement of operations

# Rounds to less than $0.01

†† Not annualized

† Annualized

See Notes to Financial Statements.

152

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone 2020
	For the Year Ended December 31,
	2009			2008			2007			2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of year	$	7.83		$	11.38		$	11.52		$	10.50		$	10.00
Income from investment operations:
Net investment income		0.16			0.13			0.20			0.18			0.14
Net realized and unrealized gain (loss)		1.68			(3.20	)		0.63			1.07			0.50
Total from investment operations		1.84			(3.07	)		0.83			1.25			0.64
Less distributions:
From net investment income		(0.16	)		(0.14	)		(0.23	)		(0.18	)		(0.14	)
From net realized gain		(0.08	)		(0.34	)		(0.74	)		(0.05	)		(0.00	)#
Total distributions		(0.24	)		(0.48	)		(0.97	)		(0.23	)		(0.14	)
Net Asset Value, end of year	$	9.43		$	7.83		$	11.38		$	11.52		$	10.50
Total return		23.43	%		(26.86	)%		7.17	%		11.92	%		6.48	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.18	%		0.19	%		0.20	%		0.28	%		0.67	%†
Expenses net of reimbursements/waivers, if any		0.17	%		0.15	%		0.19	%		0.18	%		0.15	%†
Net investment income before reimbursements/waivers		2.16	%		1.50	%		2.23	%		2.05	%		2.14	%†
Net investment income net of reimbursements/waivers, if any		2.17	%		1.54	%		2.24	%		2.16	%		2.67	%†
Supplemental Data:
Net assets, end of year (000)	$	186,148		$	112,440		$	112,064		$	62,402		$	27,240
Portfolio turnover		7	%		12	%		40	%		5	%		6	%††

 

* Commencement of operations

# Rounds to less than $0.01

†† Not annualized

† Annualized

See Notes to Financial Statements.

153

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone 2025
	For the Year Ended December 31,
	2009			2008			2007			2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of year	$	7.58		$	11.55		$	11.72		$	10.58		$	10.00
Income from investment operations:
Net investment income		0.14			0.10			0.16			0.15			0.14
Net realized and unrealized gain (loss)		1.78			(3.57	)		0.68			1.19			0.58
Total from investment operations		1.92			(3.47	)		0.84			1.34			0.72
Less distributions:
From net investment income		(0.14	)		(0.11	)		(0.20	)		(0.16	)		(0.14	)
From net realized gain		(0.08	)		(0.39	)		(0.81	)		(0.04	)		(0.00	)#
Total distributions		(0.22	)		(0.50	)		(1.01	)		(0.20	)		(0.14	)
Net Asset Value, end of year	$	9.28		$	7.58		$	11.55		$	11.72		$	10.58
Total return		25.40	%		(29.90	)%		7.17	%		12.70	%		7.18	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.19	%		0.21	%		0.22	%		0.33	%		0.90	%†
Expenses net of reimbursements/waivers, if any		0.18	%		0.15	%		0.18	%		0.18	%		0.15	%†
Net investment income before reimbursements/waivers		2.03	%		1.17	%		1.98	%		1.81	%		1.81	%†
Net investment income net of reimbursements/waivers, if any		2.04	%		1.22	%		2.02	%		1.96	%		2.56	%†
Supplemental Data:
Net assets, end of year (000)	$	146,397		$	81,317		$	83,891		$	48,804		$	19,479
Portfolio turnover		5	%		11	%		38	%		4	%		7	%††

 

* Commencement of operations

# Rounds to less than $0.01

†† Not annualized

† Annualized

See Notes to Financial Statements.

154

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone 2030
	For the Year Ended December 31,
	2009			2008			2007			2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of year	$	7.45		$	11.75		$	11.88		$	10.64		$	10.00
Income from investment operations:
Net investment income		0.13			0.08			0.14			0.14			0.13
Net realized and unrealized gain (loss)		1.90			(3.92	)		0.70			1.30			0.64
Total from investment operations		2.03			(3.84	)		0.84			1.44			0.77
Less distributions:
From net investment income		(0.13	)		(0.09	)		(0.18	)		(0.15	)		(0.13	)
From net realized gain		(0.09	)		(0.37	)		(0.79	)		(0.05	)		(0.00	)#
Total distributions		(0.22	)		(0.46	)		(0.97	)		(0.20	)		(0.13	)
Net Asset Value, end of year	$	9.26		$	7.45		$	11.75		$	11.88		$	10.64
Total return		27.33	%		(32.54	)%		7.11	%		13.52	%		7.68	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.20	%		0.23	%		0.26	%		0.51	%		1.75	%†
Expenses net of reimbursements/waivers, if any		0.19	%		0.16	%		0.20	%		0.18	%		0.15	%†
Net investment income before reimbursements/waivers		1.89	%		1.01	%		1.78	%		1.43	%		0.98	%†
Net investment income net of reimbursements/waivers, if any		1.90	%		1.07	%		1.85	%		1.76	%		2.58	%†
Supplemental Data:
Net assets, end of year (000)	$	121,219		$	66,183		$	61,465		$	26,007		$	10,054
Portfolio turnover		4	%		10	%		43	%		3	%		15	%††

 

* Commencement of operations

# Rounds to less than $0.01

†† Not annualized

† Annualized

See Notes to Financial Statements.

155

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone 2035
	For the Year Ended December 31,
	2009			2008			2007			2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of year	$	7.21		$	11.83		$	11.98		$	10.69		$	10.00
Income from investment operations:
Net investment income		0.13			0.08			0.12			0.13			0.12
Net realized and unrealized gain (loss)		1.98			(4.23	)		0.75			1.36			0.69
Total from investment operations		2.11			(4.15	)		0.87			1.49			0.81
Less distributions:
From net investment income		(0.13	)		(0.08	)		(0.17	)		(0.13	)		(0.12	)
From net realized gain		(0.09	)		(0.39	)		(0.85	)		(0.07	)		(0.00	)#
Total distributions		(0.22	)		(0.47	)		(1.02	)		(0.20	)		(0.12	)
Net Asset Value, end of year	$	9.10		$	7.21		$	11.83		$	11.98		$	10.69
Total return		29.22	%		(34.91	)%		7.25	%		14.00	%		8.13	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.25	%		0.31	%		0.40	%		0.76	%		3.50	%†
Expenses net of reimbursements/waivers, if any		0.22	%		0.19	%		0.20	%		0.18	%		0.15	%†
Net investment income (loss) before reimbursements/waivers		1.92	%		0.90	%		1.60	%		1.04	%		(1.09	)%†
Net investment income net of reimbursements/waivers, if any		1.95	%		1.03	%		1.80	%		1.62	%		2.26	%†
Supplemental Data:
Net assets, end of year (000)	$	76,875		$	37,375		$	34,831		$	16,418		$	4,458
Portfolio turnover		4	%		9	%		40	%		10	%		13	%††

 

* Commencement of operations

# Rounds to less than $0.01

†† Not annualized

† Annualized

See Notes to Financial Statements.

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VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone 2040
	For the Year Ended December 31,
	2009			2008			2007			2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of year	$	7.10		$	11.85		$	11.91		$	10.68	��	$	10.00
Income from investment operations:
Net investment income		0.13			0.08			0.11			0.12			0.12
Net realized and unrealized gain (loss)		2.05			(4.38	)		0.75			1.39			0.70
Total from investment operations		2.18			(4.30	)		0.86			1.51			0.82
Less distributions:
From net investment income		(0.13	)		(0.08	)		(0.16	)		(0.13	)		(0.12	)
From net realized gain		(0.08	)		(0.37	)		(0.76	)		(0.15	)		(0.02	)
Total distributions		(0.21	)		(0.45	)		(0.92	)		(0.28	)		(0.14	)
Net Asset Value, end of year	$	9.07		$	7.10		$	11.85		$	11.91		$	10.68
Total return		30.70	%		(36.13	)%		7.23	%		14.14	%		8.14	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.23	%		0.32	%		0.43	%		1.11	%		5.49	%†
Expenses net of reimbursements/waivers, if any		0.21	%		0.19	%		0.19	%		0.18	%		0.15	%†
Net investment income (loss) before reimbursements/waivers		2.05	%		0.92	%		1.61	%		0.90	%		(2.91	)%†
Net investment income net of reimbursements/waivers, if any		2.06	%		1.05	%		1.85	%		1.83	%		2.43	%†
Supplemental Data:
Net assets, end of year (000)	$	91,348		$	38,001		$	32,882		$	12,699		$	3,087
Portfolio turnover		4	%		11	%		47	%		24	%		35	%††

 

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements.

157

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS

1. Organization

The Vantagepoint Funds (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and was organized as a Delaware statutory trust on July 28, 1998. The Company consisted of the following series on December 31, 2009:

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 (Renamed Diversifying Strategies Fund effective January 4, 2010)
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” or the “Adviser”), 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 Inflation Protected Securities Fund (then known as the US Government Securities Fund) was 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.

158

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(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. Each Model Portfolio 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 Model Portfolio Fund and the investment allocation in each underlying fund as of December 31, 2009, were as follows:

	Model Portfolio Funds
Fund	Savings Oriented			Conservative Growth			Traditional Growth			Long-Term Growth			All-Equity Growth
Fixed Income—%
Low Duration Bond		43.00	%		23.00	%		8.00	%		0.00	%		0.00	%
Core Bond Index, Class I		13.00	%		20.50	%		18.00	%		15.00	%		0.00	%
Inflation Protected Securities		9.00	%		6.50	%		4.00	%		0.00	%		0.00	%
Total Fixed Income—%		65.00	%		50.00	%		30.00	%		15.00	%		0.00	%
Equity—%
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	%
Total Equity—%		25.00	%		40.00	%		60.00	%		75.00	%		100.00	%
Multi-Strategy—%
Diversified Assets		10.00	%		10.00	%		10.00	%		10.00	%		0.00	%
Total Multi-Strategy—%		10.00	%		10.00	%		10.00	%		10.00	%		0.00	%
Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%

 

159

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

The Milestone Funds Structure

The Milestone Funds invest entirely in underlying funds. Subject to the supervision of the 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 Milestone Fund. Each fund invests in a combination of underlying funds that is believed to be appropriate given the time remaining until a Milestone Fund’s stated retirement date, except for the Milestone Retirement Fund, which is designed for investors who are very close or who at retirement. 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 investment allocation in each underlying fund as of December 31, 2009, were as follows:

	Milestone Funds
Fund	Retirement Income			2010			2015			2020
Fixed Income—%
Low Duration Bond		40.00	%		36.50	%		20.00	%		9.00	%
Core Bond Index, Class I		11.00	%		11.00	%		12.80	%		19.35	%
Inflation Protected Securities		9.00	%		8.50	%		5.20	%		0.00	%
Total Fixed Income—%		60.00	%		56.00	%		38.00	%		28.35	%
Equity—%
Equity Income		12.00	%		13.00	%		17.80	%		21.30	%
Growth & Income		12.00	%		11.80	%		11.00	%		11.30	%
Growth		0.00	%		1.40	%		7.20	%		8.20	%
Mid/Small Company Index, Class I		0.00	%		1.00	%		5.60	%		8.50	%
International		6.00	%		6.80	%		10.40	%		12.35	%
Total Equity—%		30.00	%		34.00	%		52.00	%		61.65	%
Multi-Strategy—%
Diversified Assets		10.00	%		10.00	%		10.00	%		10.00	%
Total Multi-Strategy—%		10.00	%		10.00	%		10.00	%		10.00	%
Total—%		100.00	%		100.00	%		100.00	%		100.00	%

 

	Milestone Funds
Fund	2025			2030			2035			2040
Fixed Income—%
Low Duration Bond		4.00	%		0.00	%		0.00	%		0.00	%
Core Bond Index, Class I		16.10	%		13.15	%		11.40	%		10.00	%
Inflation Protected Securities		0.00	%		0.00	%		0.00	%		0.00	%
Total Fixed Income—%		20.10	%		13.15	%		11.40	%		10.00	%
Equity—%
Equity Income		22.80	%		24.20	%		25.20	%		26.00	%
Growth & Income		12.80	%		14.10	%		14.60	%		15.00	%
Growth		9.20	%		10.20	%		11.20	%		12.00	%
Mid/Small Company Index, Class I		11.00	%		13.60	%		16.60	%		19.00	%
International		14.10	%		15.75	%		17.00	%		18.00	%
Total Equity—%		69.90	%		77.85	%		84.60	%		90.00	%
Multi-Strategy—%
Diversified Assets		10.00	%		9.00	%		4.00	%		0.00	%
Total Multi-Strategy—%		10.00	%		9.00	%		4.00	%		0.00	%
Total—%		100.00	%		100.00	%		100.00	%		100.00	%

 

* Effective January 4, 2010, the Milestone Funds changed their principal investment strategies including changes to their asset class allocations and underlying funds allocation and ranges. Please see the prospectus dated January 4, 2010 for additional details.

160

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

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.

Subadviser Changes from December 31, 2008 to December 31, 2009

At a meeting held on December 12, 2008 (the “December 2008 Meeting”), VIA recommended and the Board approved, the appointment of Fiduciary Management, Inc. (“FMI”) to serve as a subadviser to the Growth & Income Fund, which became effective in January 2009. Also at the December 2008 Meeting, VIA recommended and the Board approved, the termination of Capital Guardian Trust Company (“Capital Guardian”) as subadviser to the Growth & Income Fund, which became effective on January 21, 2009.

Drake Capital Management, LLC (“Drake”) was terminated as a subadviser to the Diversified Assets Fund on April 10, 2009. At a meeting held on March 27, 2009, VIA recommended and the Board, approved an amendment to the existing subadvisory agreement among VIA, the Company and Payden & Rygel providing for Payden & Rygel to receive a fee for managing additional assets of the Diversified Assets Fund, on an interim basis, pursuant to a low duration global fixed income strategy. These assets were previously managed by Drake. The amendment became effective April 3, 2009.

At a meeting on September 25, 2009 (the “September Meeting”), VIA recommended and the Board, approved the termination of Capital Guardian Trust Company (“Capital Guardian”) as a subadviser to the International Fund. Also, at the September Meeting, VIA recommended and the Board, approved the appointment of Mondrian Investment Partners Limited (“Mondrian”) as a subadviser to the International Fund effective October 12, 2009. Also, at the September Meeting, VIA recommended and the Board, approved Payden & Rygel’s appointment to manage the Diversified Assets Fund’s low duration bond strategy on an ongoing basis and approved an amendment to the existing fee schedule with Payden & Rygel (the Board had previously appointed Payden & Rygel to manage this strategy on an interim basis at a meeting on March 27, 2009). Also at the September Meeting, VIA recommended and the Board, approved the appointment of Calamos Advisors, LLC and Shenkman Capital Management, Inc. to manage the convertible securities strategy of the Diversified Assets Fund effective January 4, 2010.

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 and those differences could be material. Certain prior year amounts have been reclassified to conform to the current year presentation.

FASB Financial Accounting Standards Codification

In June 2009, the Financial Accounting Standards Board (“FASB”) issued FASB ASC 105, The FASB Accounting Standards Codification^TM (“ASC”) and the Hierarchy of Generally Accepted Accounting Principles, (formerly FAS 168). FASB ASC 105 replaces the FAS 162, The Hierarchy of Generally Accepted Accounting Principles, and establishes the FASB Accounting Standards Codification (“Codification”) as the source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity with GAAP. The Codification became the exclusive authoritative reference at September 30, 2009. Updates to the Codification Standards are issued as Accounting Standard Updates (“ASU”s) by the FASB. The adoption of the Codification does not impact the Company’s financial statements except for references made to authoritative accounting literature in the accompanying notes to the financial statements.

Investment Policy and Security Valuation

The equity securities that are traded on a national securities exchange (other than Nasdaq Global/Global Select and Capital Market securities traded primarily on the Nasdaq Stock Market, Inc. exchange (“Nasdaq”)) held by each fund normally will be valued at the last reported sale price on the exchange on which the security is primarily traded. If,

161

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

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

Shares of the underlying funds in which the Model Portfolio and Milestone Funds invest are valued by using the underlying funds’ current net asset values (“NAVs”) for purchase and/or redemption orders that day.

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

On September 10, 2009, in accordance with applicable orders of the United States Bankruptcy Court for the Southern District of New York, the Vantagepoint Diversified Assets Fund filed claims, each in the amount of $54,298, against Lehman Brothers Special Financing Inc. (“LBSF”) and its parent company, Lehman Brothers Holdings, Inc. (“LBHI”). The claims arise out of certain derivatives transactions between the Diversified Assets Fund and LBSF that were guaranteed as to payment by LBHI. The derivatives transactions were terminated upon the bankruptcy filings of LBHI and LBSF and subsequently liquidated, resulting in claims. The timing and amount of distributions payable in connection with the claims (if any) is not presently known.

Valuation of Foreign Equity Securities

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

ASC 820

The Company adopted Financial Accounting Standards Board’s Accounting Standards Codification^TM (“ASC”), Fair Value Measurements and Disclosures (“ASC 820”), (formerly known as FAS 157), effective January 1, 2008. In accordance with ASC 820, fair value is defined as the price that the fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. ASC 820 established a three-tier hierarchy, which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly

162

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

Level 1— quoted prices in active markets for identical investments

Level 2— other significant observable inputs (including quoted prices for similar investments in active markets, interest rates and yield curves, prepayment speeds, credit risks, etc.)

Level 3— significant unobservable inputs (including the fund’s own assumptions about the assumptions that market participants would use in determining the fair value of investments)

The valuation techniques used by the funds to measure fair value during the year ended December 31, 2009, maximized the use of observable inputs and minimized the use of unobservable inputs. The funds utilized fair value techniques such as multi-dimensional relational pricing model and option adjusted spread pricing to estimate prices that would have prevailed in a liquid market given information available at the time of evaluation.

The following is a summary of the inputs used as of December 31, 2009, in valuing each fund’s investment carried at value:

Investment Type	��	Level 1		Level 2		Level 3		Total
Low Duration Bond Fund
Investments in Securities:
Corporate Obligations		$	—	$	222,183,654	$	—	$	222,183,654
U.S. Government Agency Obligations			—		29,624,576		—		29,624,576
U.S. Government Agency Mortgage-Backed Securities			—		29,548,560		—		29,548,560
U.S. Treasury Obligations			—		25,662,021		—		25,662,021
Municipal Obligations			—		8,236,626		—		8,236,626
Sovereign Debt Obligations			—		5,502,691		—		5,502,691
Asset Backed Securities			—		85,762,932		—		85,762,932
Non-Government Mortgage-Backed Securities			—		10,453,055		—		10,453,055
Non-U.S. Government Agency Obligations			—		7,194,538		—		7,194,538
Cash Equivalents			134,520,370		—		—		134,520,370
Total Investments in Securities		$	134,520,370	$	424,168,653	$	—	$	558,689,023
Derivative Instruments:
Assets
Futures			127,803		—		—		127,803
Forward Currency Contracts			—		244,664		—		244,664
Total Assets		$	127,803	$	244,664	$	—	$	372,467
Total Derivative Instruments		$	127,803	$	244,664	$	—	$	372,467

 

163

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Investment Type	Level 1			Level 2			Level 3		Total
Inflation Protected Securities Fund
Investments in Securities:
Corporate Obligations	$	—		$	2,635,694		$	—	$	2,635,694
U.S. Government Agency Obligations		—			12,103,531			—		12,103,531
U.S. Treasury Obligations		—			307,666,284			—		307,666,284
Sovereign Debt Obligations		—			533,871			—		533,871
Cash Equivalents		66,519,801			—			—		66,519,801
Total Investments in Securities	$	66,519,801		$	322,939,380		$	—	$	389,459,181
Derivative Instruments:
Assets
Futures		32,326			—			—		32,326
Forward Currency Contracts		—			79,451			—		79,451
Written Options		—			91,492			—		91,492
Swap Agreements		—			112,296			—		112,296
Total Assets	$	32,326		$	283,239		$	—	$	315,565
Liabilities:
Futures		(60,430	)		—			—		(60,430	)
Forward Currency Contracts		—			(16,720	)		—		(16,720	)
Written Options		—			(184,310	)		—		(184,310	)
Total Liabilities		(60,430	)		(201,030	)		—		(261,460	)
Total Derivative Instruments	$	(28,104	)	$	82,209		$	—	$	54,105
Asset Allocation Fund
Investments in Securities:
Common Stocks	$	279,116,497		$	—		$	—	$	279,116,497
U.S. Treasury Obligations		—			94,717,292			—		94,717,292
Commercial Paper		—			49,583,927			—		49,583,927
Cash Equivalents		62,594,598			—			—		62,594,598
Total Investments in Securities	$	341,711,095		$	144,301,219		$	—	$	486,012,314
Derivative Instruments:
Assets
Futures		494,208			—			—		494,208
Total Assets	$	494,208		$	—		$	—	$	494,208
Liabilities:
Futures		(1,787,808	)		—			—		(1,787,808	)
Total Liabilities		(1,787,808	)		—			—		(1,787,808	)
Total Derivative Instruments	$	(1,293,600	)	$	—		$	—	$	(1,293,600	)

164

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Investment Type	Level 1		Level 2		Level 3		Total
Equity Income Fund
Investments in Securities:
Common Stocks	$	1,383,418,125	$	3,354,846	$	—	$	1,386,772,971
Convertible Debt Obligations		—		2,676,960		—		2,676,960
Cash Equivalents		310,604,691		—		—		310,604,691
Total Investments in Securities	$	1,694,022,816	$	6,031,806	$	—	$	1,700,054,622
Growth & Income Fund
Investments in Securities:
Common Stocks	$	983,898,255	$	5,106,384	$	—	$	989,004,639
Convertible Preferred Stocks		—		3,912,024		—		3,912,024
Cash Equivalents		111,173,942		—		—		111,173,942
Total Investments in Securities	$	1,095,072,197	$	9,018,408	$	—	$	1,104,090,605
Growth Fund
Investments in Securities:
Common Stocks	$	1,764,952,445	$	—	$	—	$	1,764,952,445
Cash Equivalents		248,117,256		—		—		248,117,256
Total Investments in Securities	$	2,013,069,701	$	—	$	—	$	2,013,069,701
Select Value Fund
Investments in Securities:
Common Stocks	$	274,841,972	$	—	$	—	$	274,841,972
Cash Equivalents		56,729,100		—		��		56,729,100
Total Investments in Securities	$	331,571,072	$	—	$	—	$	331,571,072
Aggressive Opportunities Fund
Investments in Securities:
Common Stocks	$	937,718,705	$	16,521,568	$	—	$	954,240,273
Warrants		173,727		—		—		173,727
Cash Equivalents		297,399,519		—		—		297,399,519
Total Investments in Securities	$	1,235,291,951	$	16,521,568	$	—	$	1,251,813,519

165

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Investment Type	Level 1		Level 2		Level 3		Total
Discovery Fund
Investments in Securities:
Common Stocks	$	78,898,665	$	601,255	$	—	$	79,499,920
Convertible Preferred Stocks		—		1,033,905		—		1,033,905
Warrants		69,317		—		—		69,317
Corporate Obligations		—		32,590,310		—		32,590,310
U.S. Government Agency Obligations		—		21,231,901		—		21,231,901
U.S. Government Agency Mortgage-Backed Securities		—		8,702,588		—		8,702,588
U.S. Treasury Obligations		—		11,990,199		—		11,990,199
Municipal Obligations		—		1,277,231		—		1,277,231
Sovereign Debt Obligations		—		411,414		—		411,414
Asset Backed Securities		—		5,517,081		—		5,517,081
Non-Government Mortgage-Backed Securities		—		2,263,733		—		2,263,733
Non-U.S. Government Agency Obligations		—		908,967		—		908,967
Commercial Paper		—		799,912		—		799,912
Cash Equivalents		38,192,031		—		—		38,192,031
Total Investments in Securities	$	117,160,013	$	87,328,496	$	—	$	204,488,509
Derivative Instruments:
Assets
Futures		2,934,446		—		—		2,934,446
Forward Currency Contracts		—		22,262		—		22,262
Total Assets	$	2,934,446	$	22,262	$	—	$	2,956,708
Total Derivative Instruments	$	2,934,446	$	22,262	$	—	$	2,956,708
International Fund
Investments in Securities:
Common Stocks	$	83,827,150	$	897,145,025	$	—	$	980,972,175
Preferred Stocks		—		1,280,052		—		1,280,052
Cash Equivalents		101,025,566		—		—		101,025,566
Total Investments in Securities	$	184,852,716	$	898,425,077	$	—	$	1,083,277,793

166

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Investment Type	Level 1			Level 2			Level 3		Total
Diversified Assets Fund
Investments in Securities:
Corporate Obligations	$	—		$	166,097,712		$	—	$	166,097,712
U.S. Government Agency Obligations		—			89,411,110			—		89,411,110
U.S. Government Agency Mortgage-Backed Securities		—			16,686,230			—		16,686,230
U.S. Treasury Obligations		—			62,203,146			—		62,203,146
Municipal Obligations		—			9,500,378			—		9,500,378
Sovereign Debt Obligations		—			8,559,496			—		8,559,496
Asset Backed Securities		—			31,449,515			—		31,449,515
Non-Government Mortgage-Backed Securities		—			2,592,344			—		2,592,344
Non-U.S. Government Agency Obligations		—			2,454,350			—		2,454,350
Certificates of Deposit		—			6,759,143			—		6,759,143
Commercial Paper		—			2,199,441			—		2,199,441
Cash Equivalents		51,214,149			—			—		51,214,149
Total Investments in Securities	$	51,214,149		$	397,912,865		$	—	$	449,127,014
Derivative Instruments:
Assets
Futures		1,267,112			—			—		1,267,112
Forward Currency Contracts		—			1,064,738			—		1,064,738
Purchased Options		2,393,316			—			—		2,393,316
Total Assets	$	3,660,428		$	1,064,738		$	—	$	4,725,166
Liabilities:
Futures		(2,017,894	)		—			—		(2,017,894	)
Forward Currency Contracts		—			(2,109,370	)		—		(2,109,370	)
Total Liabilities		(2,017,894	)		(2,109,370	)		—		(4,127,264	)
Total Derivative Instruments	$	1,642,534		$	(1,044,632	)	$	—	$	597,902

167

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Investment Type	Level 1		Level 2		Level 3		Total
Core Bond Index Fund
Investments in Securities:
Corporate Obligations	$	—	$	211,806,196	$	—	$	211,806,196
U.S. Government Agency Obligations		—		90,903,478		—		90,903,478
U.S. Government Agency Mortgage-Backed Securities		—		401,523,759		—		401,523,759
U.S. Treasury Obligations		—		314,181,190		—		314,181,190
Municipal Obligations		—		2,553,646		—		2,553,646
Sovereign Debt Obligations		—		16,251,582		—		16,251,582
Asset Backed Securities		—		3,627,371		—		3,627,371
Non-Government Mortgage-Backed Securities		—		29,216,398		—		29,216,398
Non-U.S. Government Agency Obligations		—		13,300,591		—		13,300,591
Cash Equivalents		279,775,475		—		—		279,775,475
Total Investments in Securities	$	279,775,475	$	1,083,364,211	$	—	$	1,363,139,686
500 Stock Index Fund
Investments in Securities:
Common Stocks	$	316,727,745	$	—	$	—	$	316,727,745
U.S. Treasury Obligations		—		459,971		—		459,971
Cash Equivalents		36,450,753		—		—		36,450,753
Total Investments in Securities	$	353,178,498	$	459,971	$	—	$	353,638,469
Derivative Instruments:
Assets
Futures		35,558		—		—		35,558
Total Assets	$	35,558	$	—	$	—	$	35,558
Total Derivative Instruments	$	35,558	$	—	$	—	$	35,558
Broad Market Index Fund
Investments in Securities:
Common Stocks	$	472,808,703	$	3,169	$	—	$	472,811,872
Rights		509		—		—		509
Warrants		—		—		—		—
U.S. Treasury Obligations		—		389,975		—		389,975
Cash Equivalents		59,453,972		—		—		59,453,972
Total Investments in Securities	$	532,263,184	$	393,144	$	—	$	532,656,328
Derivative Instruments:
Assets
Futures		84,442		—		—		84,442
Total Assets	$	84,442	$	—	$	—	$	84,442
Total Derivative Instruments	$	84,442	$	—	$	—	$	84,442

168

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Investment Type	Level 1		Level 2			Level 3		Total
Mid/Small Company Index Fund
Investments in Securities:
Common Stocks	$	225,405,017	$	7,072		$	—	$	225,412,089
Rights		4,301		76			—		4,377
Warrants		—		—			—		—
U.S. Treasury Obligations		—		454,971			—		454,971
Cash Equivalents		65,146,103		—			—		65,146,103
Total Investments in Securities	$	290,555,421	$	462,119		$	—	$	291,017,540
Derivative Instruments:
Assets
Futures		143,075		—			—		143,075
Total Assets	$	143,075	$	—		$	—	$	143,075
Total Derivative Instruments	$	143,075	$	—		$	—	$	143,075
Overseas Equity Index Fund
Investments in Securities:
Common Stocks	$	—	$	177,985,986		$	—	$	177,985,986
Preferred Stocks		—		630,721			—		630,721
Rights		—		—			—		—
Warrants		—		1,551			—		1,551
U.S. Treasury Obligations		—		164,990			—		164,990
Cash Equivalents		14,649,806		—			—		14,649,806
Total Investments in Securities	$	14,649,806	$	178,783,248		$	—	$	193,433,054
Derivative Instruments:
Assets
Futures		34,562		—			—		34,562
Forward Currency Contracts		—		139,056			—		139,056
Total Assets	$	34,562	$	139,056		$	—	$	173,618
Liabilities:
Forward Currency Contracts		—		(293,395	)		—		(293,395	)
Total Liabilities		—		(293,395	)		—		(293,395	)
Total Derivative Instruments	$	34,562	$	(154,339	)	$	—	$	(119,777	)

 

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

As of December 31, 2009, the funds did not hold any investment with significant unobservable inputs (Level 3).

When Issued Securities

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

Foreign Currency

The accounting records of the funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated (but not actually converted) into U.S. dollars daily at the closing spot rates supplied by the WM/Reuters Intraday Spot exchange rates provided as of 4:00 pm Eastern Time. Purchases and sales of securities, income receipts and expense payments are translated (but not actually converted) into U.S. dollars

169

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

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.

Currency symbols utilized throughout the notes to the financial statements are defined as follows:

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

 

Options (other than Swaptions)

Exchange traded options normally will be priced based on the last reported sale price or official closing price (if available) on the exchange on which the option is primarily traded. 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 normally will be priced using an option valuation model and will be provided by a pricing service.

Futures

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

Futures exchange abbreviations utilized throughout the notes to the financial statements are defined as follows:

CBT— Chicago Board of Trade Exchange	MIL— Borsa Italiana Exchange
CME— Chicago Mercantile Exchange	MSE— Montreal Exchange
EOE— Dutch Options Exchange	NYF— New York Futures Exchange
EOP— Euronext Paris Exchange	SFE— Sydney Futures Exchange
EUX— Eurex Deutschland Exchange	SGX— Singapore Exchange
HKG— Hong Kong Futures Exchange	SSE— Stockholm Stock Exchange
LIF— Liffe Exchange	TSE— Tokyo Stock Exchange
MFM— Meff Renta Variable Exchange

 

Forward Currency Contracts

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

Interest Rate Swaps and Inflation Swaps

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

Interest Rate Swaptions

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

170

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Total Return Swaps

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

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.

Reclassification of Financial Information—Low Duration Bond Fund

As a result of a revision to the year ended December 31, 2008, amortized premium and discount on debt securities, certain amounts for the fiscal year ended December 31, 2008 have been restated. The impact to net investment income was an increase of $1,609,713 with a corresponding decrease to realized gain and increase to unrealized depreciation of $136,204 and $1,473,509, respectively. The revision has no impact on the net assets and is not material to the financial statements taken as a whole.

Dividends and Distributions to Shareholders

Dividends received from mutual fund investments are reflected as dividend income; capital gain distributions are reflected as realized gain/loss. Dividends from net investment income, if any, are declared and paid monthly to shareholders of the Core Bond Index, Low Duration Bond, and Inflation Protected Securities Funds. Dividends from net investment income, if any, are declared daily and paid monthly to shareholders of the Money Market Fund. For the remaining funds, dividends from net investment income, if any, are declared and paid annually to shareholders. Distributions from any net realized capital gains, if any, 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, treasury inflation-protected securities adjustments, taxable over-distributions or returns of capital, and adjustments relating to income received from, or dispositions of, real estate investment trust, passive foreign investment company, publicly traded partnership, and mutual fund company securities. The following reclassifications were made in the financial statements to present the components of fund net assets and distributions on a tax basis for the year ended December 31, 2009. 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.

Fund	Paid-in Capital Increase/(Decrease)			Undistributed Net Investment Income Increase/(Decrease)			Accumulated Net Realized Gain/(Loss) Increase/(Decrease)
Low Duration Bond	$	—		$	(899,177	)	$	899,177
Inflation Protected Securities		—			489,338			(489,338	)
Asset Allocation		543			(357,711	)		357,168
Equity Income		1			(616,666	)		616,665
Growth & Income		—			(3,904	)		3,904
Growth		(32,952	)		265,327			(232,375	)
Select Value		(110,733	)		(1,182,281	)		1,293,014
Aggressive Opportunities		(294,066	)		(818,495	)		1,112,561

171

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Fund	Paid-in Capital Increase/(Decrease)			Undistributed Net Investment Income Increase/(Decrease)			Accumulated Net Realized Gain/(Loss) Increase/(Decrease)
Discovery	$	(51,453	)	$	(321,502	)	$	372,955
International		(10,637	)		2,585,624			(2,574,987	)
Diversified Assets		—			2,366,462			(2,366,462	)
Core Bond Index		(71,898	)		5,900,124			(5,828,226	)
500 Stock Index		18,103,366			(209,510	)		(17,893,856	)
Broad Market Index		4,086,920			(610,654	)		(3,476,266	)
Mid/Small Company Index		1,776,790			(131,469	)		(1,645,321	)
Overseas Equity Index		1,112,207			431,900			(1,544,107	)
Model Portfolio Savings Oriented		—			(35,330	)		35,330
Model Portfolio Conservative Growth		—			(80,482	)		80,482
Model Portfolio Traditional Growth		—			(178,492	)		178,492
Model Portfolio Long-Term Growth		—			(58,081	)		58,081
Model Portfolio All-Equity Growth		—			(23,814	)		23,814
Milestone Retirement Income		—			(14,197	)		14,197
Milestone 2010		—			(17,887	)		17,887
Milestone 2015		—			(16,440	)		16,440
Milestone 2020		—			(3,081	)		3,081
Milestone 2025		(1,196	)		(682	)		1,878
Milestone 2030		(736	)		(969	)		1,705
Milestone 2035		(119	)		(826	)		945
Milestone 2040		(829	)		36			793

 

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

The Financial Accounting Standards Board issued Interpretation ASC 740 (formerly known as “FIN 48”), “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 application of ASC 740 had no material impact on the Company’s financial statements. Accordingly, no adjustments for unrecognized tax benefits or related interest or penalties were required as of December 31, 2009. If applicable, the Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in “Other Expenses” in the Statement of Operations. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease in the next twelve months. Each of the tax years in the four year period ending December 31, 2009 remains subject to examination by taxing authorities.

At December 31, 2009, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Gains		Total Distributable Earnings
Low Duration Bond	$	134,813	$	—	$	134,813
Inflation Protected Securities		118,975		—		118,975
Asset Allocation		1,428,535		—		1,428,535
Equity Income		17,872,857		—		17,872,857
Growth & Income		3,181,205		—		3,181,205
Growth		490,902		—		490,902
International		14,111,892		—		14,111,892
Diversified Assets		2,823,013		—		2,823,013

172

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Fund	Undistributed Ordinary Income		Undistributed Long-Term Gains		Total Distributable Earnings
500 Stock Index	$	107,139	$	—	$	107,139
Broad Market Index		5,213,300		—		5,213,300
Mid/Small Company Index		1,806,344		—		1,806,344
Overseas Equity Index		184,429		—		184,429
Model Portfolio Savings Oriented		513,500		—		513,500
Model Portfolio Conservative Growth		1,229,673		—		1,229,673
Model Portfolio Traditional Growth		6,245,449		—		6,245,449
Model Portfolio Long-Term Growth		7,275,975		—		7,275,975
Model Portfolio All-Equity Growth		1,091,762		—		1,091,762
Milestone Retirement Income		177,046		—		177,046
Milestone 2010		398,746		—		398,746
Milestone 2015		1,002,663		—		1,002,663
Milestone 2020		77,861		—		77,861

 

The tax character of distributions paid during 2009 was as follows:

Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Capital Gains		Returns of Capital		Total Distributions
Money Market	$	749,334	$	—	$	—	$	749,334
Low Duration Bond		13,619,201		—		—		13,619,201
Inflation Protected Securities		3,796,019		—		—		3,796,019
Asset Allocation		6,232,625		—		—		6,232,625
Equity Income		25,286,784		—		—		25,286,784
Growth & Income		11,876,196		—		—		11,876,196
Growth		9,946,245		—		—		9,946,245
Select Value		2,291,563		—		—		2,291,563
Aggressive Opportunities		2,051,261		—		—		2,051,261
Discovery		1,533,607		—		—		1,533,607
International		18,665,287		—		—		18,665,287
Diversified Assets		2,104,166		—		—		2,104,166
Core Bond Index		45,263,235		—		—		45,263,235
500 Stock Index		6,624,175		—		—		6,624,175
Broad Market Index		8,412,133		—		—		8,412,133
Mid/Small Company Index		2,719,710		—		—		2,719,710
Overseas Equity Index		4,518,504		—		—		4,518,504
Model Portfolio Savings Oriented		6,178,805		89,456		—		6,268,261
Model Portfolio Conservative Growth		10,102,929		—		—		10,102,929
Model Portfolio Traditional Growth		19,944,289		989,933		—		20,934,222
Model Portfolio Long-Term Growth		17,548,530		7,065,993		—		24,614,523
Model Portfolio All-Equity Growth		4,890,721		4,261,652		—		9,152,373
Milestone Retirement Income		1,194,129		68,883		—		1,263,012
Milestone 2010		1,254,740		362,908		—		1,617,648
Milestone 2015		2,039,306		1,178,592		—		3,217,898
Milestone 2020		3,020,640		1,486,573		—		4,507,213
Milestone 2025		2,222,049		1,239,920		—		3,461,969
Milestone 2030		1,712,689		1,159,773		—		2,872,462
Milestone 2035		1,050,895		732,331		—		1,783,226
Milestone 2040		1,260,704		792,731		—		2,053,435

 

173

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

At December 31, 2009, the following funds had net capital loss carryovers:

	Expiring December 31
Fund	2010		2011		2012		2013
Low Duration Bond	$	—	$	—	$	—	$	2,517,298
Inflation Protected Securities		—		—		—		—
Asset Allocation		—		—		—		—
Equity Income		—		—		—		—
Growth & Income		—		—		—		—
Growth		125,817,886		82,974,331		—		—
Select Value		—		—		—		—
Aggressive Opportunities		—		—		—		—
Discovery		—		—		—		—
International		—		—		—		—
Diversified Assets		—		—		—		—
Core Bond Index		—		—		—		4,825,601
500 Stock Index		8,310,436		3,056,924		—		—
Broad Market Index		7,397,404		7,434,496		—		—
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		—		—		—		—

 

	Expiring December 31
Fund	2014		2015		2016		2017
Low Duration Bond	$	3,180,132	$	261,945	$	—	$	5,317,652
Inflation Protected Securities		422,040		48,256		1,913,837		—
Asset Allocation		—		—		53,747,955		16,049,109
Equity Income		—		—		78,459,730		44,412,591
Growth & Income		—		—		75,418,372		120,473,836
Growth		—		—		218,570,902		314,413,233
Select Value		—		—		35,743,246		37,613,177
Aggressive Opportunities		—		—		45,967,040		101,968,528
Discovery		—		—		32,801,107		16,410,988
International		—		—		36,965,418		150,182,044
Diversified Assets		—		—		5,949,499		—
Core Bond Index		8,705,385		4,299,528		2,798,291		4,404,280
500 Stock Index		—		—		7,028,727		1,183,403
Broad Market Index		—		—		265,032		—
Overseas Equity Index		—		—		—		3,000,588
Model Portfolio Savings Oriented		—		—		—		2,061,533
Model Portfolio Conservative Growth		—		—		19,410		6,632,356
Model Portfolio Traditional Growth		—		—		—		17,709,713
Model Portfolio Long-Term Growth		—		—		—		7,029,301
Model Portfolio All-Equity Growth		—		—		—		1,085,637
Milestone Retirement Income		—		—		—		224,204
Milestone 2010		—		—		—		2,710,996
Milestone 2015		—		—		—		1,002,314
Milestone 2020		—		—		—		79,247

 

174

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

At December 31, 2009, the following funds elected to defer post-October net capital losses and currency losses of:

Fund	Capital Losses		Currency Losses
Inflation Protected Securities	$	—	$	102,877
Growth & Income		3,038,127		—
Growth		6,578,549		—
Select Value		2,161,000		—
Discovery		—		1,788
International		3,094,439		—
Diversified Assets		1,946,551		71,859
500 Stock Index		160,206		—
Overseas Equity Index		—		200,738
Model Portfolio Savings Oriented		78,014		—
Milestone 2010		231,730		—
Milestone 2015		4,523		—
Milestone 2020		3,122		—
Milestone 2025		11,755		—
Milestone 2030		165,837		—
Milestone 2035		4,518		—
Milestone 2040		25,678		—

 

3. Investments in Derivative Instruments

Some of the funds use derivative instruments in pursuing their investment objectives. The following discussion provides more detailed information about each type of derivative instrument held by the funds during or as of the end of the reporting period.

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.

A fund may enter into futures contracts for purposes of seeking to protect portfolio value against the risk of decline (overall price risk) or seeking to increase portfolio value. Use of derivatives to seek increased portfolio value increases the funds exposure to the risk of loss due to adverse market changes.

Certain funds may enter into futures contracts to seek to manage or “hedge” against certain investment risks to which a fund may be exposed from time to time in pursuing its investment objectives. These risks may include, for example, interest rate risk (which is the risk that interest rates will rise, causing bond prices to fall) or stock market risk (which is the risk that stock prices overall will decline over short or extended periods). Some funds also may use futures contracts to obtain investment exposure to an asset or asset class without purchasing or selling those assets directly.

Funds that may use futures contracts to seek to manage interest rate risk include: the Low Duration Bond Fund, Inflation Protected Securities Fund, Asset Allocation Fund, Discovery Fund, Diversified Assets Fund, and Core Bond Index Fund. Funds that may use futures contracts to seek to manage stock market risks include: Asset Allocation Fund, Equity Income Fund, Growth & Income Fund, Growth Fund, Select Value Fund, Aggressive Opportunities Fund, Discovery Fund, International Fund, Diversified Assets Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, and Overseas Equity Index Fund. Funds that may use futures contracts to obtain investment exposure to a certain asset or asset class include: the Asset Allocation Fund, Discovery Fund, Diversified Asset Fund, Low Duration Bond Fund, Inflation Protected Securities Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund and Overseas Equity Index Fund. Certain funds also may be permitted (but are not required) to use futures contracts for other purposes, as described in the prospectus and statement of additional information, but any such uses generally would not be as common as the uses described above. No fund is required to use futures contracts for any or all of the uses described herein.

A fund may enter into futures contracts based on an equity index in order to increase or to decrease its exposure to changes in equity market conditions, including the risk of market value decreases (equity price risk) or the risk of not participating in equity market increases (risk of missing opportunities for gains).

175

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

A fund may enter into futures contracts based on a bond index or a specific underlying fixed income security to increase or decrease its exposure to changes in bond market conditions or to changes in the market value of the specific underlying security, including the risk of market value decreases (price risk, interest rate risk, credit risk) or the risk of not participating in market increases (risk of missing opportunities for gains).

Pursuant to the contract, upon entering the contract the fund agrees to deposit an amount equal to a certain percentage of the contract value (initial margin). The fund agrees to subsequently receive from or pay 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 realized 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. Realized gains and losses are a component of net realized gain (loss) on futures contracts in the Statements of Operations.

Risks of entering into futures contracts include the possibility that there may be an illiquid market for the contract and that a change in the value of the contracts may not correlate with the changes in the value of the underlying securities. The amount of risk associated with a futures contract may significantly exceed the amount(s) reflected in the financial statements.

During the year ended December 31, 2009, the following funds purchased or sold futures contracts: Low Duration Bond Fund, Inflation Protected Securities Fund, Asset Allocation Fund, Discovery Fund, Diversified Assets Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, and Overseas Equity Index Fund.

As of December 31, 2009, the following funds had open futures contracts outstanding:

Low Duration Bond Fund

Number of Contracts	Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
Sold
23	CBT	U.S. 10 Year Treasury Note	March 2010	$	2,655,422	$	66,761
19	CBT	U.S. 2 Year Treasury Note	March 2010		4,109,047		16,854
26	CBT	U.S. 5 Year Treasury Note	March 2010		2,973,953		44,188
						$	127,803

 

Inflation Protected Securities Fund

Number of Contracts	Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
Purchased
8	CBT	U.S. 10 Year Treasury Note	March 2010	$	923,625	$	(2,394	)
39	CBT	U.S. 5 Year Treasury Note	March 2010		4,460,930		(58,036	)
						$	(60,430	)
Sold
11	CBT	U.S. 30 Year Treasury Bond	March 2010	$	1,269,125	$	32,326
						$	(28,104	)

 

176

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Asset Allocation Fund

Number of Contracts	Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
Purchased
128	CME	S&P 500 Index	March 2010	$	35,542,400	$	484,402
324	CBT	U.S. 30 Year Treasury Bond	March 2010		37,381,500		(1,787,808	)
						$	(1,303,406	)
Sold
29	CME	E-MINI S&P 500 Index	March 2010	$	1,610,515	$	9,806
						$	(1,293,600	)

 

Discovery Fund

Number of Contracts	Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
Purchased
1,388	NYF	E-MINI Russell 2000 Index	March 2010	$	86,597,320	$	2,927,648
Sold
4	CBT	U.S. 5 Year Treasury Note	March 2010	$	457,531		6,798
						$	2,934,446

 

Diversified Assets Fund

Number of Contracts	Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
Purchased
4	EOE	Amsterdam Index	January 2010	$	384,765	$	11,924
120	SFE	Australian Government 10 Year Bond	March 2010		10,973,590		(148,753	)
190	EOP	CAC 40 Index	January 2010		10,735,641		256,875
45	MSE	Canadian Government 10 Year Bond	March 2010		5,070,326		(78,471	)
8	EUX	DAX Index	March 2010		1,708,648		18,693
125	CME	E-MINI S&P 500 Index	March 2010		6,941,875		(19,562	)
180	LIF	FTSE 100 Index	March 2010		15,587,811		292,072
6	MIL	FTSE/MIB Index	March 2010		1,001,320		19,713
100	MFM	IBEX 35 Index	January 2010		17,093,650		424,985
1,026	SSE	OMX Stockholm 30 Index	January 2010		13,659,159		(95,334	)
4	MSE	S&P/TSX 60 Index	March 2010		528,412		13,458
24	SFE	SPI 200 Index	March 2010		2,629,537		141,419
1	CBT	U.S. 10 Year Treasury Note	March 2010		115,453		(2,148	)
72	LIF	UK Gilt Long Bond	March 2010		13,309,894		(293,830	)
						$	541,041

 

177

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Diversified Assets Fund (continued)

Number of Contracts	Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
Sold
336	SGX	10 Year Mini-JGB	March 2010	$	50,409,921	$	(124,502	)
15	EOE	Amsterdam Index	January 2010		1,442,868		(52,728	)
248	EOP	CAC 40 Index	January 2010		14,012,836		(412,495	)
23	EUX	DAX Index	March 2010		4,912,364		(135,734	)
129	CME	E-MINI S&P 500 Index	March 2010		7,164,015		(91,478	)
35	MIL	FTSE/MIB Index	March 2010		5,841,035		(142,730	)
20	HKG	Hang Seng Index	January 2010		2,827,792		(88,870	)
18	SFE	SPI 200 Index	March 2010		1,972,153		(90,859	)
207	TSE	TOPIX Index	March 2010		20,103,237		(240,400	)
5	CBT	U.S. 10 Year Treasury Note	March 2010		577,266		14,379
44	CBT	U.S. 5 Year Treasury Note	March 2010		5,032,844		73,594
						$	(1,291,823	)
						$	(750,782	)
500 Stock Index Fund
Number of Contracts	Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
Purchased			��
118	CME	E-MINI S&P 500 Index	March 2010	$	6,553,130	$	35,558
						$	35,558
Broad Market Index Fund
Number of Contracts	Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
Purchased
13	NYF	E-MINI Russell 2000 Index	March 2010	$	811,070	$	34,806
79	CME	E-MINI S&P 500 Index	March 2010		4,387,265		49,636
						$	84,442
Mid/Small Company Index Fund
Number of Contracts	Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
Purchased
48	NYF	E-MINI Russell 2000 Index	March 2010	$	2,994,720	$	81,052
41	CME	E-MINI S&P MidCap 400	March 2010		2,972,090		62,023
						$	143,075

 

178

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Overseas Equity Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
Purchased
23	EUX	DJ Euro STOXX 50 Index	March 2010	$	979,917	$	14,639
6	LIF	FTSE 100 Index	March 2010		519,594		9,274
2	SFE	SPI 200 Index	March 2010		219,128		9,836
6	TSE	TOPIX Index	March 2010		582,703		813
						$	34,562

 

Forward Foreign Currency Exchange Contracts

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

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

The following funds are permitted (but not required) to use forward foreign currency exchange contracts to manage any foreign currency risk to which they may be exposed from time to time: the Low Duration Bond Fund, Inflation Protected Securities Fund, Equity Income Fund, Growth & Income Fund, Growth Fund, Select Value Fund, Aggressive Opportunities Fund, Discovery Fund, International Fund, Diversified Assets Fund, and Overseas Equity Index Fund. Certain funds, such as the Diversified Assets Fund, may enter into forward foreign currency exchange contracts in order to gain investment exposure to a foreign currency. Certain funds may be permitted (but are not required) to enter into forward foreign currency exchange contracts for other purposes, as described in the prospectus and/or statement of additional information, but any such uses generally would not be as common as the primary and secondary uses described above. No fund is required to use forward foreign currency exchange contracts for any or all of the uses described herein.

Risks of entering into forward foreign currency exchange contracts include the possibility that foreign currency values may change unfavorably relative to the U.S. dollar, there may be an illiquid market or a change in the value of the contracts may not correlate with changes in the value of the underlying currency. The amount at risk for such forward foreign currency exchange contracts may exceed the amount reflected in the financial statements. The use of over-the-counter forward foreign currency exchange contracts includes counterparty risk, which is the risk that the other party to a contract may not fulfill its obligations. The risk of loss from non-performance by the counterparty may be reduced by the use of a written agreement with the counterparty that includes certain safeguards regarding the counterparty’s obligations.

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

During the year ended December 31, 2009, the following funds purchased or sold forward foreign currency exchange contracts: Low Duration Bond Fund, Inflation Protected Securities Fund, Discovery Fund, Diversified Assets Fund, and Overseas Equity Index Fund.

179

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

As of December 31, 2009, the following funds had open forward foreign currency exchange contracts outstanding:

Low Duration Bond Fund

Contract Type	Currency to Deliver	In Exchange For	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2009		Net Unrealized Appreciation
Sale	EUR	USD	01/11/2010	$	7,475,490	$	7,230,826	$	244,664

 

Inflation Protected Securities Fund

Contract Type	Currency to Deliver	In Exchange For	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2009		Net Unrealized Appreciation/ (Depreciation)
Purchase	EUR	JPY	02/05/2010	$	1,548,230	$	1,531,510	$	(16,720	)
Purchase	JPY	EUR	02/05/2010		1,541,810		1,548,230		6,420
								$	(10,300	)
Sale	EUR	USD	01/20/2010	$	1,498,697	$	1,425,666	$	73,031
								$	62,731

 

Discovery Fund

Contract Type	Currency to Deliver	In Exchange For	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2009		Net Unrealized Appreciation
Sale	EUR	USD	01/11/2010	$	680,261	$	657,999	$	22,262

 

Diversified Assets Fund

Contract Type	Currency to Deliver	In Exchange For	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2009		Net Unrealized Appreciation/ (Depreciation)
Purchase	USD	AUD	01/07/2010	$	22,051,368	$	21,725,211	$	(326,157	)
Purchase	USD	AUD	02/03/2010		18,447,691		18,423,279		(24,412	)
Purchase	USD	CAD	01/07/2010		3,440,348		3,456,117		15,769
Purchase	USD	CHF	01/07/2010		11,604,055		11,347,024		(257,031	)
Purchase	USD	CHF	02/03/2010		7,950,131		7,944,622		(5,509	)
Purchase	USD	EUR	01/07/2010		10,410,667		10,073,556		(337,111	)
Purchase	USD	GBP	01/07/2010		32,666,822		32,721,166		54,344
Purchase	USD	JPY	01/07/2010		14,267,657		13,194,526		(1,073,131	)
Purchase	USD	JPY	02/03/2010		10,022,733		10,018,374		(4,359	)
Purchase	USD	NOK	01/07/2010		4,736,787		4,737,879		1,092
Purchase	USD	NOK	02/03/2010		4,743,091		4,732,215		(10,876	)
Purchase	USD	NZD	01/07/2010		8,788,798		8,942,449		153,651
Purchase	USD	NZD	02/03/2010		6,343,172		6,328,091		(15,081	)
Purchase	USD	SEK	01/07/2010		2,547,417		2,542,198		(5,219	)
								$	(1,834,030	)

180

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Contract Type	Currency to Deliver	In Exchange For	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2009		Net Unrealized Appreciation/ (Depreciation)
Sale	AUD	USD	01/07/2010	$	21,823,133	$	21,725,211	$	97,922
Sale	CAD	USD	01/07/2010		3,433,120		3,456,118		(22,998	)
Sale	CAD	USD	02/03/2010		2,774,436		2,781,068		(6,632	)
Sale	CHF	USD	01/07/2010		11,334,737		11,347,024		(12,287	)
Sale	EUR	USD	01/07/2010		10,112,175		10,073,556		38,619
Sale	EUR	USD	02/03/2010		3,277,212		3,274,654		2,558
Sale	GBP	USD	01/07/2010		33,219,419		32,721,164		498,255
Sale	GBP	USD	02/03/2010		26,272,997		26,280,102		(7,105	)
Sale	JPY	USD	01/07/2010		13,320,773		13,194,526		126,247
Sale	NOK	USD	01/07/2010		4,748,550		4,737,878		10,672
Sale	NZD	USD	01/07/2010		8,940,987		8,942,449		(1,462	)
Sale	SEK	USD	01/07/2010		2,602,630		2,542,198		60,432
Sale	SEK	USD	02/03/2010		2,547,727		2,542,550		5,177
								$	789,398
								$	(1,044,632	)

 

Overseas Equity Index Fund

Contract Type	Currency to Deliver	In Exchange For	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2009		Net Unrealized Appreciation/ (Depreciation)
Purchase	USD	AUD	03/17/2010	$	670,755	$	667,154	$	(3,601	)
Purchase	USD	EUR	03/17/2010		4,133,314		4,043,512		(89,802	)
Purchase	USD	GBP	03/17/2010		2,466,872		2,457,576		(9,296	)
Purchase	USD	JPY	03/17/2010		3,756,200		3,565,504		(190,696	)
								$	(293,395	)
Sale	AUD	USD	03/17/2010	$	597,071	$	589,673	$	7,398
Sale	EUR	USD	03/17/2010		2,817,078		2,773,139		43,939
Sale	GBP	USD	03/17/2010		1,689,970		1,681,557		8,413
Sale	JPY	USD	03/17/2010		1,687,067		1,607,761		79,306
								$	139,056
								$	(154,339	)

 

Option Contracts

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

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

181

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Funds that may use option contracts to, among other things, seek to manage debt instrument risks include: the Low Duration Bond Fund, Inflation Protected Securities Fund, and the Diversified Assets Fund. Funds that may use option contracts to seek to manage stock market risk include: the Growth Fund, Select Value Fund, Aggressive Opportunities Fund, Discovery Fund, International Fund, and Diversified Assets Fund. In addition, the Diversified Assets Fund and Inflation Protected Securities Fund, may use option contracts to obtain investment exposure to a certain asset or asset class. Certain funds also may be permitted to use option contracts for other purposes, as described in the prospectus and statement of additional information, but any such uses generally would not be as common as the primary and secondary uses described above. No fund is required to use option contracts for any or all of the uses described herein.

Purchases of put and call options are recorded as an investment, the value of which is marked to market at each valuation date. When a purchased option expires, the fund will realize a loss equal to the premium paid. When a fund enters into a closing sale transaction, the fund will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. When a fund exercises a put option, it will realize a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When a fund exercises a call option, the cost of the security which the fund purchases upon exercise will be increased by the premium originally paid. When a fund writes a call or put option, an amount equal to the premium received by the fund is recorded as a liability, the value of each option is marked to market at each valuation date. When a written option expires, the fund realizes a gain equal to the amount of the premium originally received. When a fund enters into a closing purchase transaction, the fund realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium originally received when the option was sold/written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is eliminated. When a written 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 written put option is exercised, the amount of the premium originally received will reduce the cost of the security that the fund purchased upon exercise. Options written are reported as a liability in a fund’s Statement of Assets and Liabilities. Gains and losses are reported in a fund’s Statement of Operations. Option contract transactions may incur a commission, in addition to the premium paid or received.

A risk in writing, which is selling, a call option is that the fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. A risk in writing a put option is that the fund may incur a loss if the market price of the security decreases and the option is exercised. A risk in buying an option is that the fund pays a premium whether or not the option is exercised. The use of over-the-counter option contracts may also include counterparty risk, which is the risk that the other party to the contract may not fulfill its obligations. The risk of loss from non-performance by the counterparty may be reduced by the use of a written agreement with the counterparty that includes certain safeguards regarding the counterparty’s obligations.

During the year ended December 31, 2009, the following funds purchased or sold put options and call options: Inflation Protected Securities Fund and Diversified Assets Fund.

Written option activity for the year ended December 31, 2009 was as follows:

	Call Options				Put Options						Total
Inflation Protected Securities Fund	Number of Contracts		Premium		Number of Contracts			Premium			Number of Contracts			Premium
Beginning balance as of 01/01/2009		—	$	—		—		$	—			—		$	—
Written		—		—		28			9,547			28			9,547
Closed		—		—		(23	)		(7,842	)		(23	)		(7,842	)
Expired		—		—		(5	)		(1,705	)		(5	)		(1,705	)
Ending balance as of 12/31/2009		—	$	—		—		$	—			—		$	—

 

Swap Agreements

Generally, a swap is a privately-negotiated agreement between two parties to exchange the return generated by one instrument for the return generated by another instrument. Interest rate swap agreements involve the exchange between two parties of their respective commitments to pay or receive interest with respect to a notional amount of principal.

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NOTES TO THE FINANCIAL STATEMENTS—(Continued)

An inflation swap agreement involves the exchange between two parties of their respective commitments to pay or receive a fixed rate in exchange for the actual rate of change of an inflation index with respect to a notional amount of principal. Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Credit default swaps are contracts whereby one party makes periodic payments to a counterparty in exchange for the right to receive from the counterparty a payment equal to the par (or other agreed-upon) value of a referenced debt obligation in the event of a default by the issuer of the debt obligation.

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

Funds that may use swap agreements to seek to manage interest rate or credit risks include: the Low Duration Bond Fund, Inflation Protected Securities Fund, Discovery Fund, Diversified Assets Fund, and Core Bond Index Fund. In addition, some funds, such as the Diversified Assets Fund and Inflation Protected Securities Fund, may use swap agreements to obtain investment exposure to a certain asset or asset class. Certain funds also may be permitted to use swap agreements for other purposes, as described in the prospectus and statement of additional information, but any such uses generally would not be as common as the uses described above. No fund is required to use swap agreements for any or all of the uses described herein.

The risks of entering into swap agreements include the possible lack of liquidity and unfavorable changes in the underlying investments or instruments. The use of swap agreements may also include counterparty risk, which is the risk that the other party to a swap agreement may not fulfill its obligations. The risk of loss from non-performance by the counterparty may be reduced by the use of a written agreement with the counterparty that includes certain safeguards regarding the counterparty’s obligations.

In certain types of swap transactions, the risk of loss is increased because the fund may be required to make additional or higher payments to the counterparty as a result of market volatility. In addition, swap agreements are not traded on exchanges or other organized markets and thus may be less liquid than other derivative instruments.

The swap listed below is marked to market daily using pricing services or fair values, and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations.

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

During the year ended December 31, 2009, the following fund participated in interest rate swap agreements: Inflation Protected Securities Fund.

As of December 31, 2009, the following swap agreement was outstanding:

Inflation Protected Securities Fund

Interest Rate Swaps
	Rates Exchanged
Swap Counterparty	Payments Made By The Fund	Payments Received By The Fund			Termination Date		Notional Amount		Net Unrealized Appreciation
Morgan Stanley Capital Services	Daily Brazil CETIP Interbank Deposit Rate		12.54	%		01/02/2012		BRL6,600,000	$	112,296

 

Swap Options (“Swaptions”)

A swaption is a contract that gives a counterparty the right (but not the obligation), in return for the payment of a premium, to enter into a new swap agreement, or shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When a fund purchases a swaption, it risks losing only

183

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NOTES TO THE FINANCIAL STATEMENTS—(Continued)

the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a fund writes a swaption, upon exercise of the option the fund will become obligated according to the terms of the underlying agreement. The use of swaptions includes counterparty risk, which is the risk that the other party to a swaption may not fulfill its obligations. The risk of loss from non-performance by the counterparty may be reduced by the use of a written agreement with the counterparty that includes certain safeguards regarding the counterparty’s obligations.

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

Funds that may use swaptions to seek to manage interest rate or credit risks include: the Low Duration Bond Fund, Inflation Protected Securities Fund, Discovery Fund, Diversified Assets Fund, and Core Bond Index Fund. Some funds, such as the Diversified Assets Fund and the Inflation Protected Securities Fund, also may use swaptions to obtain investment exposure to a certain asset or asset class. Certain funds also may be permitted to use swaptions for other purposes, as described in the prospectus and statement of additional information, but any such uses generally would not be as common as the uses described above. No fund is required to use swaptions for any or all of the uses described herein.

Purchases of put and call swaptions are recorded as an investment, the value of which is marked to market at each valuation date. When a purchased swaption 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 swaption. When a fund exercises a put swaption, 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 swaption, 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 swaption, an amount equal to the premium received by the fund is recorded as a liability, the value of each swaption is marked to market at each valuation date. When a written swaption 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 swaption was sold/written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such swaption is eliminated. When a written call swaption 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 written put swaption is exercised, the amount of the premium originally received will reduce the cost of the security that the fund purchased upon exercise. Swaptions written are reported as a liability in a fund’s Statement of Assets and Liabilities. Gains and losses are reported in a fund’s Statement of Operations. Swaption contract transactions may incur a commission, in addition to the premium paid or received.

During the year ended December 31, 2009, the following fund participated in interest rate swaption agreements: Inflation Protected Securities Fund.

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NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Written swaption activity for the year ended December 31, 2009 was as follows:

	Call Swaptions						Put Swaptions						Total
Inflation Protected Securities Fund	Notional Amount			Premium			Notional Amount			Premium			Notional Amount			Premium
Beginning balance as of 01/01/2009	$	4,400,000		$	107,490		$	1,800,000		$	12,343		$	6,200,000		$	119,833
Written		56,150,000			257,830			102,150,000			730,081			158,300,000			987,911
Closed		(47,150,000	)		(258,525	)		(82,950,000	)		(588,519	)		(130,100,000	)		(847,044	)
Expired		—			—			—			—			—			—
Ending balance as of 12/31/2009	$	13,400,000		$	106,795		$	21,000,000		$	153,905		$	34,400,000		$	260,700

 

Exchange	Contract	Notional Amount		Strike Rate			Expiration Date		Net Unrealized Appreciation/ (Depreciation)
OTC	Put—Interest Rate Swaption	$	5,300,000		3.50	%		2/17/2010	$	(53,103	)
OTC	Call—Interest Rate Swaption		2,900,000		3.25	%		4/19/2010		24,037
OTC	Put—Interest Rate Swaption		2,900,000		4.25	%		4/19/2010		(25,550	)
OTC	Call—Interest Rate Swaption		2,200,000		2.75	%		4/19/2010		1,805
OTC	Put—Interest Rate Swaption		2,200,000		4.00	%		4/19/2010		(7,240	)
OTC	Call—Interest Rate Swaption		2,000,000		3.25	%		2/17/2010		19,649
OTC	Put—Interest Rate Swaption		1,800,000		4.00	%		4/19/2010		(12,421	)
OTC	Call—Interest Rate Swaption		1,800,000		3.25	%		4/19/2010		6,850
OTC	Put—Interest Rate Swaption		1,800,000		4.25	%		4/19/2010		(14,895	)
OTC	Call—Interest Rate Swaption		1,800,000		2.75	%		4/19/2010		13,177
OTC	Put—Interest Rate Swaption		1,800,000		4.00	%		2/17/2010		(13,949	)
OTC	Call—Interest Rate Swaption		1,700,000		3.25	%		2/17/2010		14,768
OTC	Put—Interest Rate Swaption		1,700,000		4.00	%		2/17/2010		(19,294	)
OTC	Put—Interest Rate Swaption		1,500,000		4.00	%		2/17/2010		(17,983	)
OTC	Put—Interest Rate Swaption		1,000,000		4.25	%		4/19/2010		(8,650	)
OTC	Put—Interest Rate Swaption		1,000,000		4.25	%		4/19/2010		(11,225	)
OTC	Call—Interest Rate Swaption		1,000,000		3.25	%		4/19/2010		11,206
									$	(92,818	)

 

185

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NOTES TO THE FINANCIAL STATEMENTS—(Continued)

In April 2009, the Company adopted FASB ASC 815 “Disclosure about Derivative Instruments and Hedging Activities” (“ASC 815”), which requires enhanced disclosures about the funds’ derivatives and hedging activities. The following tables reflect the value of the funds’ derivative contracts by certain risk exposure types as of December 31, 2009.

	Asset Derivatives				Liability Derivatives
Risk Exposure	Statement of Assets and Liabilities Location	Value			Statement of Assets and Liabilities Location	Value
Low Duration Bond Fund
Interest rate	Receivable for variation margin on futures contracts	$	127,803	*	Payable for variation margin on futures contracts	$	—
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		244,664		Unrealized depreciation on forward foreign currency exchange contracts		—
Total		$	372,467			$	—
Inflation Protected Securities Fund
Interest rate	Receivable for variation margin on futures contracts and unrealized appreciation on swap agreements	$	144,622	*	Payable for variation margin on futures contracts and written options at value	$	413,948	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		79,451		Unrealized depreciation on forward foreign currency exchange contracts		16,720
Total		$	224,073			$	430,668
Asset Allocation Fund
Interest rate	Receivable for variation margin on futures contracts	$	—		Payable for variation margin on futures contracts	$	1,787,808	*
Equity	Receivable for variation margin on futures contracts		494,208	*	Payable for variation margin on futures contracts		—
Total		$	494,208			$	1,787,808
Discovery Fund
Interest rate	Receivable for variation margin on futures contracts	$	6,798	*	Payable for variation margin on futures contracts	$	—
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		22,262		Unrealized depreciation on forward foreign currency exchange contracts		—
Equity	Receivable for variation margin on futures contracts		2,927,648	*	Payable for variation margin on futures contracts		—
Total		$	2,956,708			$	—
Diversified Assets Fund
Interest rate	Investment in securities, at value — purchased options and receivable for variation margin on futures contracts	$	2,481,289	ˆ	Payable for variation margin on futures contracts		$647,704	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		1,064,738		Unrealized depreciation on forward foreign currency exchange contracts		2,109,370
Equity	Receivable for variation margin on futures contracts		1,179,139	*	Payable for variation margin on futures contracts		1,370,190	*
Total		$	4,725,166			$	4,127,264

186

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

	Asset Derivatives				Liability Derivatives
Risk Exposure	Statement of Assets and Liabilities Location	Value			Statement of Assets and Liabilities Location	Value
500 Stock Index Fund
Equity	Receivable for variation margin on futures contracts	$	35,558	*	Payable for variation margin on futures contracts	$	—
Total		$	35,558			$	—
Broad Market Index Fund
Equity	Receivable for variation margin on futures contracts	$	84,442	*	Payable for variation margin on futures contracts	$	—
Total		$	84,442			$	—
Mid/Small Company Index Fund
Equity	Receivable for variation margin on futures contracts	$	143,075	*	Payable for variation margin on futures contracts	$	—
Total		$	143,075			$	—
Overseas Equity Index Fund
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	139,056		Unrealized depreciation on forward foreign currency exchange contracts	$	293,395
Equity	Receivable for variation margin on futures contracts		34,562	*	Payable for variation margin on futures contracts		—
Total		$	173,618			$	293,395

 

* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Notes to Financial Statements. Only the current day’s variation margin is reported within the asset and liability sections of the Statements of Assets and Liabilities.

ˆ Includes cumulative appreciation (depreciation) of futures contracts and options on futures at value as reported in the Notes to Financial Statements and Schedule of Investments, respectively. Only the current day’s variation margin is reported within the asset and liability sections of the Statements of Assets and Liabilities.

187

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

The following tables reflect the funds’ gains (losses) related to derivative activities by risk exposure types for the year ended December 31, 2009 in accordance with ASC 815. These gains (losses) are included in net realized gain (loss) or net change in unrealized appreciation (depreciation) in the Statements of Operations.

Low Duration Bond Fund

Net Realized Gain (Loss)
Risk Exposure	Option Contracts		Futures Contracts			Forward Foreign Currency Contracts			Swap Agreements		Total
Interest rate	$	—	$	(190,784	)	$	—		$	—	$	(190,784	)
Foreign currency		—		—			(2,517,392	)		—		(2,517,392	)
Total	$	—	$	(190,784	)	$	(2,517,392	)	$	—	$	(2,708,176	)
Net Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Option Contracts		Futures Contracts			Forward Foreign Currency Contracts			Swap Agreements		Total
Interest rate	$	—	$	12,234		$	—		$	—	$	12,234
Foreign currency		—		—			985,933			—		985,933
Total	$	—	$	12,234		$	985,933		$	—	$	998,167

 

Inflation Protected Securities Fund

Net Realized Gain (Loss)
Risk Exposure	Option Contracts		Futures Contracts		Forward Foreign Currency Contracts		Swap Agreements		Total
Interest rate	$	619,574	$	254,841	$	—	$	2,081,828	$	2,956,243
Foreign currency		—		—		54,020		—		54,020
Total	$	619,574	$	254,841	$	54,020	$	2,081,828	$	3,010,263

 

Net Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Option Contracts		Futures Contracts		Forward Foreign Currency Contracts		Swap Agreements			Total
Interest rate	$	51,664	$	19,538	$	—	$	(1,492,715	)	$	(1,421,513	)
Foreign currency		—		—		62,731		—			62,731
Total	$	51,664	$	19,538	$	62,731	$	(1,492,715	)	$	(1,358,782	)

 

Asset Allocation Fund

Net Realized Gain (Loss)
Risk Exposure	Option Contracts		Futures Contracts			Forward Foreign Currency Contracts		Swap Agreements		Total
Interest rate	$	—	$	(1,305,980	)	$	—	$	—	$	(1,305,980	)
Equity		—		(627,971	)		—		—		(627,971	)
Total	$	—	$	(1,933,951	)	$	—	$	—	$	(1,933,951	)

 

Net Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Option Contracts		Futures Contracts			Forward Foreign Currency Contracts		Swap Agreements		Total
Interest rate	$	—	$	(1,787,808	)	$	—	$	—	$	(1,787,808	)
Equity		—		(187,381	)				—		(187,381	)
Total	$	—	$	(1,975,189	)	$	—	$	—	$	(1,975,189	)

 

188

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Discovery Fund

Net Realized Gain (Loss)
Risk Exposure	Option Contracts		Futures Contracts			Forward Foreign Currency Contracts			Swap Agreements		Total
Interest rate	$	—	$	(2,684	)	$	—		$	—	$	(2,684	)
Foreign currency		—		—			(319,791	)		—		(319,791	)
Equity		—		22,000,627			—			—		22,000,627
Total	$	—	$	21,997,943		$	(319,791	)	$	—	$	21,678,152

 

Net Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Option Contracts		Futures Contracts			Forward Foreign Currency Contracts		Swap Agreements		Total
Interest rate	$	—	$	6,798		$	—	$	—	$	6,798
Foreign currency		—		—			241,047		—		241,047
Equity		—		(3,226,601	)		—		—		(3,226,601	)
Total	$	—	$	(3,219,803	)	$	241,047	$	—	$	(2,978,756	)

 

International Fund

Net Realized Gain (Loss)
Risk Exposure	Option Contracts		Futures Contracts		Forward Foreign Currency Contracts		Swap Agreements		Total
Foreign currency	$	—	$	—	$	182,227	$	—	$	182,227

 

Net Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Option Contracts		Futures Contracts		Forward Foreign Currency Contracts			Swap Agreements		Total
Foreign currency	$	—	$	—	$	(127,698	)	$	—	$	(127,698	)

 

Diversified Assets Fund

Net Realized Gain (Loss)
Risk Exposure	Option Contracts		Futures Contracts		Forward Foreign Currency Contracts		Swap Agreements		Total
Interest rate	$	1,833,185	$	858,072	$	—	$	—	$	2,691,257
Foreign currency		—		—		2,083,458		—		2,083,458
Equity		—		8,107,111		—		—		8,107,111
Total	$	1,833,185	$	8,965,183	$	2,083,458	$	—	$	12,881,826

 

Net Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Option Contracts			Futures Contracts			Forward Foreign Currency Contracts			Swap Agreements			Total
Interest rate	$	(220,241	)	$	(732,180	)	$	—		$	(332,335	)	$	(1,284,756	)
Foreign currency		—			—			(982,686	)		—			(982,686	)
Equity		—			(255,482	)		—			—			(255,482	)
Total	$	(220,241	)	$	(987,662	)	$	(982,686	)	$	(332,335	)	$	(2,522,924	)

 

189

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

500 Stock Index Fund

Net Realized Gain (Loss)
Risk Exposure	Option Contracts		Futures Contracts		Forward Foreign Currency Contracts		Swap Agreements		Total
Equity	$	—	$	1,492,920	$	—	$	—	$	1,492,920

 

Net Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Option Contracts		Futures Contracts			Forward Foreign Currency Contracts		Swap Agreements		Total
Equity	$	—	$	(48,426	)	$	—	$	—	$	(48,426	)

 

Broad Market Index Fund

Net Realized Gain (Loss)
Risk Exposure	Option Contracts		Futures Contracts		Forward Foreign Currency Contracts		Swap Agreements		Total
Equity	$	—	$	1,394,571	$	—	$	—	$	1,394,571

 

Net Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Option Contracts		Futures Contracts			Forward Foreign Currency Contracts		Swap Agreements		Total
Equity	$	—	$	(109,929	)	$	—	$	—	$	(109,929	)

 

Mid/Small Company Index Fund

Net Realized Gain (Loss)
Risk Exposure	Option Contracts		Futures Contracts		Forward Foreign Currency Contracts		Swap Agreements		Total
Equity	$	—	$	1,625,655	$	—	$	—	$	1,625,655

 

Net Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Option Contracts		Futures Contracts		Forward Foreign Currency Contracts		Swap Agreements		Total
Equity	$	—	$	16,249	$	—	$	—	$	16,249

 

Overseas Equity Index Fund

Net Realized Gain (Loss)
Risk Exposure	Option Contracts		Futures Contracts		Forward Foreign Currency Contracts			Swap Agreements		Total
Foreign currency	$	—	$	—	$	578,244		$	—	$	578,244
Equity		—		476,433		—	��		—		476,433
Total	$	—	$	476,433	$	578,244		$	—	$	1,054,677

 

Net Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Option Contracts		Futures Contracts			Forward Foreign Currency Contracts			Swap Agreements		Total
Foreign currency	$	—	$	—		$	(269,480	)	$	—	$	(269,480	)
Equity		—		(30,935	)		—			—		(30,935	)
Total	$	—	$	(30,935	)	$	(269,480	)	$	—	$	(300,415	)

 

The value of derivative instruments at period end and effect of derivatives on the Statements of Operations is indicative of the funds’ typical volume of derivative activity.

190

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

4. 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 and Milestone Fund and 0.05% of the average daily net assets of the Index Funds. Effective July 1, 2005, VIA is entitled to receive 0.10% on the first $500 million of net assets, 0.09% on the next $500 million of net assets, and 0.08% on net assets over $1 billion for each Model Portfolio Fund. For these services, VIA received $12,570,739 in the aggregate for the year ended December 31, 2009.

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, LLC 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 Company’s prospectus and statement of additional information. Fees paid by each fund to Subadvisers during the year ended December 31, 2009 are presented in the “Additional Information” section of these Notes. The Subadviser’s fees during the year ended December 31, 2009 are shown here as an annual percentage of average net assets under management, except that the subadviser fee for Analytic Investors, LLC and Mellon Capital Management Corporation for the Diversified Assets Fund which is calculated based on the average net asset value of the assets allocated and assigned to each of them by VIA.

Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)
Low Duration Bond	Payden & Rygel		0.10%
	STW Fixed Income Management Ltd.		0.20%
Inflation Protected Securities	Pacific Investment Management Company, LLC		0.20%
	BlackRock Financial Management, Inc.		0.11%
Asset Allocation	Mellon Capital Management Corporation		0.29%
Equity Income	Barrow, Hanley, Mewhinney & Strauss, Inc.		0.25%
	T. Rowe Price Associates, Inc.		0.38%
	Southeastern Asset Management, Inc.		0.53%
Growth & Income	Capital Guardian Trust Company (1)		0.24%
	Fiduciary Management, Inc. (2)		0.29%
	T. Rowe Price Associates, Inc.		0.38%
	Wellington Management Company, LLP		0.29%
Growth	Columbus Circle Investors		0.35%
	D.G. Capital Management Trust		0.46%
	Legg Mason Capital Management, Inc.		0.32%
	Tukman Grossman Capital Management, Inc.		0.40%
	Westfield Capital Management Company, L.P.		0.34%
Select Value	Artisan Partners Limited Partnership		0.55%
	Systematic Financial Management L.P.		0.45%
	WEDGE Capital Management L.L.P.		0.56%
Aggressive Opportunities	Legg Mason Capital Management, Inc.		0.32%
	Southeastern Asset Management, Inc.		0.58%
	TimesSquare Capital Management, LLC		0.50%
	T. Rowe Price Associates, Inc.		0.58%

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VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)
Discovery	Payden & Rygel		0.15%
	Wellington Management Company, LLP		0.73%
International	Artisan Partners Limited Partnership		0.70%
	Capital Guardian Trust Company (3)		0.47%
	GlobeFlex Capital, LP		0.40%
	Mondrian Investment Partners Limited (4)		0.44%
	Walter Scott & Partners Limited		0.58%
Diversified Assets	Analytic Investors, LLC		0.45%
	Drake Capital Management, LLC (5)		0.23%
	Mellon Capital Management Corporation		0.65%
	Payden & Rygel (short-duration fixed income strategy)		0.08%
	Payden & Rygel (low duration bond strategy) (6)		0.09%
Core Bond Index	Mellon Capital Management Corporation		0.02%
500 Stock Index	Mellon Capital Management Corporation		0.02%
Broad Market Index	Mellon Capital Management Corporation		0.02%
Mid/Small Company Index	Mellon Capital Management Corporation		0.04%
Overseas Equity Index	Mellon Capital Management Corporation		0.07%

 

(1) Terminated as a subadviser on January 31, 2009.

(2) Began serving as a subadviser on January 21, 2009.

(3) Terminated as a subadviser on October 11, 2009. Minimum fee of $337,500 per year.

(4) Began serving as a subadviser on October 12, 2009.

(5) Terminated as a subadviser on April 10, 2009.

(6) Began serving as a subadviser to this portion of the fund on April 3, 2009.

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

VIA will waive its management fee or reimburse expenses to the extent necessary as a result of any increase in subadvisory fees payable by the Growth Fund that would cause the aggregate management and subadvisory fees of the Growth Fund to exceed 0.54% as a result of subadvisory changes. This commitment will continue until such time as shareholders approve an increase in this limit. For the year ended December 31, 2009, no waiver or reimbursement was required.

During the year ended December 31, 2009, VIA waived its fee, on a voluntary basis, for the Money Market Fund. The waived amount during this period was $543,029. Any such waivers were voluntary and there can be no assurance that additional waivers can or will be made in the future.

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VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

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%

 

For the year ended December 31, 2009, VIA reimbursed each fund as follows:

Milestone Retirement Income	$26,965
Milestone 2010	$17,230
Milestone 2015	$12,138
Milestone 2020	$  8,147
Milestone 2025	$12,156
Milestone 2030	$10,676
Milestone 2035	$12,022
Milestone 2040	$12,030

 

T. Rowe Price Associates, Inc. (“T. Rowe Price”) voluntarily waives a portion of its aggregate subadvisory fees for the Growth & Income, Equity Income, and Aggressive Opportunities Funds. These voluntary fee waivers were first implemented on May 1, 2003. The fee for each fund managed by T. Rowe Price is voluntarily reduced by the following percentages, which are determined based on the total amount of assets managed by T. Rowe Price for The Vantagepoints Funds: a 2.5% waiver on the first $500 million in total assets and a 5% waiver on total assets above $500 million. For the year ended December 31, 2009, the fee waiver for the Growth & Income Fund totaled $39,906, the fee waiver for the Equity Income Fund totaled $55,105 and the fee waiver for the Aggressive Opportunities Fund totaled $41,998. Payden & Rygel has contractually agreed to waive a portion of its subadvisory fee for assets managed pursuant to its short-duration fixed income strategy until April 30, 2010, for the Diversified Assets Fund so that its fees will not exceed 0.08% of the Diversified Assets Fund’s annual average daily net assets under its management for this strategy. For the year ended December 31, 2009, this waiver totaled $40,059. Payden & Rygel also agreed to voluntarily waive a portion of its subadvisory fee for assets managed pursuant to its low duration bond strategy so that its fee will not exceed 0.08% of the Diversified Assets Fund’s annual average daily net assets under its management for this strategy from April 3, 2009 through September 27, 2009. For the year ended December 31, 2009, this waiver totaled $12,257. Effective October 1, 2008, Tukman Grossman Capital Management, Inc. (“Tukman Grossman”) voluntarily agreed to waive a portion of its subadvisory fee in an amount equal to 0.10% of the average daily market value of the assets of the Growth Fund’s assets under its management. This waiver totaled $298,553 for the year ended December 31, 2009.

5. Investment Portfolio Transactions

Purchases and sales of investments, exclusive of short-term securities, for each fund for the year ended December 31, 2009 were as follows:

	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Low Duration Bond	$	—	$	—	$	252,153,862	$	258,276,751
Inflation Protected Securities		227,686,359		213,286,129		96,766,433		104,082,224
Asset Allocation		105,221,974		9,834,767		14,839,714		137,204,239
Equity Income		—		—		257,182,014		303,927,037
Growth & Income		—		—		930,987,629		900,877,521

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VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Growth	$	—	$	—	$	1,338,555,531	$	1,322,516,571
Select Value		—		—		198,038,064		211,711,592
Aggressive Opportunities		—		—		410,083,825		426,753,028
Discovery		17,031,073		18,991,062		108,195,354		91,125,642
International		—		—		1,379,410,971		1,332,995,654
Diversified Assets		—		—		418,030,172		354,980,236
Core Bond Index		361,596,076		243,209,832		428,774,520		337,279,084
500 Stock Index		—		—		41,796,622		46,451,455
Broad Market Index		—		—		26,537,582		30,017,512
Mid/Small Company Index		—		—		63,301,257		45,855,469
Overseas Equity Index		—		—		26,666,837		7,369,298
Model Portfolio Savings Oriented		—		—		39,360,948		20,069,830
Model Portfolio Conservative Growth		—		—		70,290,230		61,255,951
Model Portfolio Traditional Growth		—		—		138,582,448		87,898,511
Model Portfolio Long-Term Growth		—		—		161,034,309		64,841,128
Model Portfolio All-Equity Growth		—		—		80,827,050		15,571,438
Milestone Retirement Income		—		—		34,123,015		7,997,475
Milestone 2010		—		—		30,167,687		15,445,358
Milestone 2015		—		—		57,050,150		18,268,779
Milestone 2020		—		—		54,319,088		9,334,478
Milestone 2025		—		—		46,047,405		5,392,517
Milestone 2030		—		—		36,348,056		3,346,543
Milestone 2035		—		—		27,252,930		2,044,450
Milestone 2040		—		—		38,441,427		2,187,475

 

6. Tax Basis Unrealized Appreciation (Depreciation)

At December 31, 2009, net unrealized appreciation (depreciation) on investments was as follows:

Fund	Federal Income Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Tax Basis Net Unrealized Appreciation/ (Depreciation)
Money Market	$	452,107,065	$	—	$	—	$	—
Low Duration Bond		549,543,979		12,957,342		3,812,298		9,145,044
Inflation Protected Securities		379,203,800		10,452,059		196,678		10,255,381
Asset Allocation		494,538,822		53,821,803		62,348,311		(8,526,508	)
Equity Income		1,655,424,665		229,537,653		184,907,696		44,629,957
Growth & Income		955,497,757		166,484,643		17,891,795		148,592,848
Growth		1,817,115,769		245,790,265		49,836,333		195,953,932
Select Value		300,317,860		38,816,486		7,563,274		31,253,212
Aggressive Opportunities		1,104,720,753		197,581,594		50,488,828		147,092,766
Discovery		190,330,021		18,277,588		4,119,100		14,158,488
International		1,030,812,896		81,694,477		29,229,580		52,464,897
Diversified Assets		449,673,266		3,107,705		1,260,641		1,847,064
Core Bond Index		1,341,215,993		34,545,313		12,621,620		21,923,693
500 Stock Index		276,876,000		130,032,848		53,270,379		76,762,469
Broad Market Index		443,400,220		193,808,406		104,552,298		89,256,108
Mid/Small Company Index		285,816,384		47,244,260		42,043,104		5,201,156
Overseas Equity Index		207,637,687		16,948,721		31,153,354		(14,204,633	)
Model Portfolio Savings Oriented		315,135,293		1,899,772		9,671,324		(7,771,552	)
Model Portfolio Conservative Growth		549,521,019		1,805,726		23,047,066		(21,241,340	)

194

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Fund	Federal Income Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Tax Basis Net Unrealized Appreciation/ (Depreciation)
Model Portfolio Traditional Growth	$	1,445,634,399	$	817,226	$	93,212,574	$	(92,395,348	)
Model Portfolio Long-Term Growth		1,738,989,066		2,056,302		119,735,598		(117,679,296	)
Model Portfolio All-Equity Growth		686,668,106		—		95,050,426		(95,050,426	)
Milestone Retirement Income		79,386,882		—		2,666,822		(2,666,822	)
Milestone 2010		94,256,594		—		3,427,282		(3,427,282	)
Milestone 2015		200,453,683		965,309		15,382,093		(14,416,784	)
Milestone 2020		199,727,000		566,169		14,098,811		(13,532,642	)
Milestone 2025		157,098,088		350,101		11,009,431		(10,659,330	)
Milestone 2030		128,869,945		225,023		7,836,948		(7,611,925	)
Milestone 2035		81,406,002		96,504		4,592,036		(4,495,532	)
Milestone 2040		93,716,681		23,053		2,356,200		(2,333,147	)

 

7. Portfolio Securities Loaned

Certain funds lend securities to approved borrowers to seek to earn additional income. As of December 31, 2009, certain funds had loaned securities, which were collateralized by cash or other forms of collateral as provided for in the Company’s Securities Lending Agency Agreement with JPMorgan Chase Bank, N.A. at least equal to the market value of the securities loaned. The funds receive dividends and interest on the loaned securities and a portion of interest earned on reinvested collateral. All securities loaned are marked to market daily in U.S. dollars and collateral is received and released accordingly on the following day to achieve the required collateralization for the previous day’s market value. A fund retains a portion of the interest received on investment of the cash collateral or receives a fee from the borrower. A fund also continues to receive any distributions paid on the loaned securities. The fund may terminate a loan at any time and generally expects to receive the securities loaned within the normal settlement period for the security involved. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in collateral in the event of default or insolvency of the borrower. The fund may not retain voting rights on securities while they are on loan. Voting rights on the loaned securities may pass to the borrower. The funds, however, are entitled to terminate or recall the loans to vote proxies or otherwise obtain rights to vote or consent with respect to a material event.

The funds will be indemnified by its custodian for securities lending programs conducted through the custodian if, at the time of a default by a borrower, some or all of the loaned securities have not been returned by the borrower. The custodian, as soon as practicable after the time of default, shall deposit in the funds’ accounts securities of the same number, issue, type, class and series of the unreturned loaned securities. If the custodian is unable to purchase replacement securities, it will credit to the funds’ accounts an amount equal to the market value of the unreturned loaned securities.

The market value of the securities on loan and the value of the related collateral as of December 31, 2009, were as follows:

Fund	Securities on Loan		Collateral		Collateralization
Low Duration Bond	$	44,250,183	$	44,728,953		101	%
Inflation Protected Securities		53,107,347		54,283,620		102	%
Asset Allocation		48,764,472		50,270,860		103	%
Equity Income		178,527,606		184,896,427		104	%
Growth & Income		79,698,585		82,251,772		103	%
Growth		189,988,524		195,541,773		103	%
Select Value		42,584,724		44,370,471		104	%
Aggressive Opportunities		232,614,390		240,717,338		103	%
Discovery		28,774,455		29,670,214		103	%
International		65,471,243		68,440,543		105	%
Core Bond Index		209,702,889		214,395,238		102	%
500 Stock Index		29,533,161		30,623,579		104	%
Broad Market Index		53,096,305		55,146,175		104	%
Mid/Small Company Index		57,810,316		60,108,194		104	%
Overseas Equity Index		11,951,816		12,542,046		105	%

 

195

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

8. Transactions with Affiliated Funds

At December 31, 2009, the Model Portfolio Funds and Milestone Funds held investments in a number of the underlying funds. The figures presented below represent the percentages of shares outstanding in each of the underlying funds owned by the Model Portfolio and Milestone Funds on that date:

Underlying Fund	Model Portfolio Savings Oriented			Model Portfolio Conservative Growth			Model Portfolio Traditional Growth			Model Portfolio Long-Term Growth			Model Portfolio All-Equity Growth
Low Duration Bond		25.19	%		23.21	%		20.17	%		—			—
Inflation Protected Securities		8.04	%		10.00	%		15.45	%		—			—
Equity Income		2.14	%		3.91	%		11.03	%		13.99	%		7.00	%
Growth & Income		3.14	%		4.74	%		16.21	%		20.70	%		9.77	%
Growth		—			1.79	%		7.59	%		10.31	%		5.53	%
Select Value		—			5.56	%		26.25	%		47.68	%		19.15	%
Aggressive Opportunities		—			1.63	%		7.76	%		13.96	%		5.60	%
Discovery		—			—			23.74	%		42.20	%		30.46	%
International		1.56	%		4.19	%		16.08	%		25.37	%		11.58	%
Diversified Assets		6.67	%		11.50	%		28.70	%		34.96	%		—
Core Bond Index Class I		4.57	%		12.41	%		27.25	%		27.62	%		—

 

Underlying Fund	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
Low Duration Bond		5.93	%		6.40	%		7.17	%		3.22	%		1.13	%
Inflation Protected Securities		2.04	%		2.28	%		2.85	%		—			—
Equity Income		0.61	%		0.78	%		2.19	%		2.62	%		2.20	%
Growth & Income		0.90	%		1.05	%		2.00	%		2.05	%		1.83	%
Growth		—			0.07	%		0.74	%		0.84	%		0.74	%
International		0.45	%		0.61	%		1.90	%		2.27	%		2.04	%
Diversified Assets		1.69	%		2.00	%		4.09	%		4.09	%		3.21	%
Core Bond Index Class I		0.99	%		1.17	%		2.78	%		4.18	%		2.74	%
Mid/Small Company Index Class I		—			0.68	%		7.89	%		12.00	%		12.17	%

 

Underlying Fund	Milestone 2030			Milestone 2035			Milestone 2040
Equity Income		1.93	%		1.28	%		1.57	%
Growth & Income		1.67	%		1.10	%		1.34	%
Growth		0.68	%		0.47	%		0.60	%
International		1.88	%		1.29	%		1.62	%
Diversified Assets		2.40	%		0.68	%		—
Core Bond Index Class I		1.86	%		1.02	%		1.07	%
Mid/Small Company Index Class I		12.42	%		9.56	%		12.93	%

 

9. Control Persons and Principal Holders of Securities

As of December 31, 2009, 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 VantageTrust, a group trust established and maintained by VantageTrust Company (“Trust Company”). 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 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 Company’s adviser. The Trust Company therefore has the power to vote more than 25% of the fund’s voting securities and thus under the 1940 Act is considered a “control” person of the funds. Both the Trust Company and VIA are wholly owned subsidiaries of ICMA-RC. As a control person of

196

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

all the funds, the Trust Company may possess the ability to control the outcome of matters submitted to the vote of shareholders.

Additionally, at December 31, 2009, the VantageTrust, an affiliated group trust, held directly or indirectly, the outstanding shares of the Company in the percentages shown below:

Fund	% Owned by Vantage Trust
Money Market		38.13	%
Low Duration Bond		81.12	%
Inflation Protected Securities		90.42	%
Asset Allocation		97.35	%
Equity Income		92.97	%
Growth & Income		92.70	%
Growth		96.98	%
Select Value		95.08	%
Aggressive Opportunities		96.46	%
Discovery		95.15	%
International		93.83	%
Diversified Assets		92.29	%
Core Bond Index Class I		90.54	%
Core Bond Index Class II		93.74	%
500 Stock Index Class I		84.87	%
500 Stock Index Class II		99.95	%
Broad Market Index Class I		87.20	%
Broad Market Index Class II		90.67	%
Mid/Small Company Index Class I		82.49	%
Mid/Small Company Index Class II		99.90	%
Overseas Index Class I		82.48	%
Overseas Index Class II		99.91	%
Model Portfolio Savings Oriented		87.13	%
Model Portfolio Conservative Growth		89.63	%
Model Portfolio Traditional Growth		95.06	%
Model Portfolio Long-Term Growth		96.43	%
Model Portfolio All-Equity Growth		93.65	%
Milestone Retirement Income		71.87	%
Milestone 2010		78.78	%
Milestone 2015		84.58	%
Milestone 2020		86.22	%
Milestone 2025		86.80	%
Milestone 2030		85.23	%
Milestone 2035		82.89	%
Milestone 2040		81.13	%

 

197

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Other than VantageTrust below is the name, address, and percentage of ownership the entity owns of record or is known to own beneficially 5% or more of any class of any fund’s outstanding shares as of December 31, 2009:

Money Market Fund

Name	Address	Percentage of Shares Owned
Lee County Board of County Commissioners	P.O. Box 398 Fort Meyers, Florida 33902	9.44%

 

10. 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 Statements of Operations. For the year ended December 31, 2009, the funds recaptured the following amounts of brokerage commissions:

Fund	Recaptured Brokerage Commissions
Equity Income	$	54,089
Growth & Income		82,178
Growth		407,985
Select Value		60,589
Aggressive Opportunities		127,752
Discovery		11,465
International		58,973

 

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 Financial Highlights have been restated to reflect historical application of the “10 for 1” split in order to present these items on a comparable basis, as required by generally accepted accounting principles.

12. Subsequent Events

Management has evaluated events or transactions that may have occurred since December 31, 2009, that would merit recognition or disclosure in the financial statements. This evaluation was completed through March 1, 2010, the date the financial statements were available to be issued and except as already included below, has determined that no additional items require disclosure.

On January 4, 2010, changes became effective for certain funds as reflected in the Company’s prospectus and statement of additional information dated January 4, 2010. These changes include: (i) changes to the principal investment strategies for the Diversified Assets Fund, including the addition of a convertibles securities strategy and the addition of two new investment subadvisers to manage fund assets in that strategy; (ii) changes to the name of the Diversified Assets Fund, now called the Diversifying Strategies Fund; (iii) changes to the principal investment strategies for each of the Model Portfolio Funds (except the Model Portfolio All-Equity Growth Fund) resulting in an overall reduction in each fund’s then-current fixed income investment allocation, and an increase in the then-current allocation to the multi-strategy fund, with no change to the allocation to equity investments; and (iv) changes to the principal investment strategies for the Milestone Funds involving: extending by 10 years the point in time at which each “dated” Milestone Fund reaches its final constant target allocation; altering the manner in which the dated Milestone Funds’ assets are allocated over time as depicted by their “glide path”; altering the final constant target asset allocation of the dated Milestone Funds; and altering the target asset allocation of the Milestone Retirement Income Fund. Also on January 4, 2010, the Milestone 2045 Fund, a new series of the Company, became effective.

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A. Tax Disclosures

For corporate shareholders, a portion of the ordinary dividends paid during the fund’s year ended December 31, 2009, qualified for the dividends received deduction as follows:

Fund
Asset Allocation	100.00	%
Equity Income	100.00	%
Growth & Income	98.22	%
Growth	100.00	%
Select Value	98.69	%
Aggressive Opportunities	51.99	%
International	3.51	%
500 Stock Index	100.00	%
Broad Market Index	100.00	%
Mid/Small Company Index	88.26	%
Model Portfolio Savings Oriented	14.88	%
Model Portfolio Conservative Growth	18.76	%
Model Portfolio Traditional Growth	31.67	%
Model Portfolio Long-Term Growth	48.66	%
Model Portfolio All-Equity Growth	84.65	%
Milestone Retirement Income	21.57	%
Milestone 2010	27.15	%
Milestone 2015	47.70	%
Milestone 2020	38.11	%
Milestone 2025	45.62	%
Milestone 2030	53.60	%
Milestone 2035	59.19	%
Milestone 2040	62.29	%

 

Pursuant to Section 852 of the Internal Revenue Code, the Company designated the following capital gain dividends for the year ended December 31, 2009:

Fund	Long Term Capital Gain Dividend
Model Portfolio Savings Oriented	$	89,456
Model Portfolio Traditional Growth		989,933
Model Portfolio Long-Term Growth		7,065,993
Model Portfolio All-Equity Growth		4,261,652
Milestone Retirement Income		68,883
Milestone 2010		362,908
Milestone 2015		1,178,592
Milestone 2020		1,486,573
Milestone 2025		1,239,920
Milestone 2030		1,159,773
Milestone 2035		732,331
Milestone 2040		792,731

 

B. Foreign Taxes Paid

For the year ended December 31, 2009, dividends from foreign countries were $24,261,930 and $4,925,114 for the International and the Overseas Equity Index Funds, respectively. Taxes paid to foreign countries that qualify for the foreign tax credit were $871,899 and $104,647 for the International and the Overseas Equity Index Funds, respectively.

All other funds treat any foreign taxes paid as a reduction of net investment company taxable income by these amounts.

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C. Sources of Income

The following table summarizes the percentage of income received by the Company in 2009 from various obligors:

Fund	U.S. Treasury Obligations			GNMA			FNMA			FHL Bank			FHLMC			Other U.S. Government Agencies
Low Duration Bond		0.39	%		9.31	%		1.64	%		1.34	%		2.31	%		0.02	%
Inflation Protected Securities		76.90	%		0.00	%		0.08	%		0.19	%		0.21	%		0.21	%
Asset Allocation		14.89	%		0.00	%		0.02	%		0.01	%		0.01	%		0.00	%
Discovery		1.50	%		18.52	%		5.62	%		4.47	%		3.46	%		0.00	%
Diversified Assets		5.61	%		0.72	%		2.43	%		3.36	%		3.30	%		1.41	%
Core Bond Index		20.04	%		4.82	%		22.34	%		1.71	%		15.36	%		0.39	%
500 Stock Index		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Broad Market Index		0.02	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Mid/Small Company Index		0.02	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Overseas Equity Index		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

 

D. Qualified Dividend Income

The following are estimates of qualified dividend income received by the Company through December 31, 2009 that qualify for a reduced tax rate pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003:

Fund	Qualified Dividend Income
Asset Allocation		100.00	%
Equity Income		100.00	%
Growth & Income		100.00	%
Growth		100.00	%
Select Value		100.00	%
Aggressive Opportunities		51.99	%
Discovery		31.42	%
International		90.87	%
500 Stock Index		100.00	%
Broad Market Index		100.00	%
Mid/Small Company Index		74.80	%
Overseas Equity Index		72.25	%
Model Portfolio Savings Oriented		19.12	%
Model Portfolio Conservative Growth		25.65	%
Model Portfolio Traditional Growth		45.22	%
Model Portfolio Long-Term Growth		72.80	%
Model Portfolio All-Equity Growth		100.00	%
Milestone Retirement Income		27.85	%
Milestone 2010		35.14	%
Milestone 2015		62.26	%
Milestone 2020		49.62	%
Milestone 2025		59.60	%
Milestone 2030		70.06	%
Milestone 2035		77.21	%
Milestone 2040		81.17	%

 

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E. Directors Table

Independent Directors

Name, Address,* and Age	Positions Held with the Company	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Other Directorships Held By Director
N. Anthony Calhoun (62)	Director, Audit Committee Member and Chair, Investment Committee and Nominating Committee Member	Term expires October 2011 Director since November 1998	Executive Deputy State Treasurer—Commonwealth of Pennsylvania (August 2007–March 2009); Secretary to Senate Finance Committee/Minority—State of New York Legislature (January 2007–August 2007); Retired (October 2005–January 2007); and Deputy Chief Financial Officer and Treasurer—District of Columbia (2001–2005)	N/A
Donna K. Gilding (70)	Director, Investment Committee Member and Chair, and Nominating Committee Member	Term expires October 2011 Director since November 1998	Chief Investment Officer—Lowenhaupt Global Advisors, LLC (Sept. 2006–present); Chief Investment Officer—Lowenhaupt & Chasnoff (2005–Sept. 2006) (wealth management law firm); Chief Investment Officer—Progress Investment Management Company (2000–2005); and Trustee (2007–present) and Chair (2009–present)—The National YMCA Fund, Inc.	N/A
Arthur R. Lynch (55)	Chair of the Board and Director, Audit Committee Member, Investment Committee Member, and Nominating Committee Member	Term expires October 2011 Director since November 1998	President and Chief Executive Officer—SRJ Government Consultants, LLC (October 2009–present); Deputy City Manager—City of Glendale, Arizona (2005–October 2009); and Chief Financial Officer—City of Glendale, Arizona (1985–2005)	N/A
Timothy M. O���Brien (60)	Director, Audit Committee Member, Investment Committee Member, and Nominating Committee Member	Term expires October 2014 Director since September 2005	Independent Consultant (pension consulting) (2003–present); and President and Chief Executive Officer—American Humane Association (1999–2003)	N/A
Robert A. Rudell (61)	Director, Investment Committee Member and Nominating Committee Member	Term expires October 2014 Director since March 2007	Director—Medtox Scientific, Inc. (medical device/clinical lab) (2002–present); Director—Search Institute (non-profit) (2002–present); Trustee—Optimum Fund Trust (registered investment company) (2003–present) Director—Bloodhound Investment Research, Inc. (portfolio construction software) (2003–present); Director/Chairman—Diverse Emerging Music Organization (non-profit) (2004–present); Director/Independent Chair—Heartland Funds (registered investment company (2005–present); and Director—American Investors Bank & Mortgage (bank) (2005–present)	Director—Medtox Scientific, Inc.; Trustee—Optimum Fund Trust (6 portfolios); Director/Independent Chair—Heartland Funds (3 portfolios)
Robin L. Wiessmann (56)	Director and Investment Committee Member and Nominating Committee Member	Term expires October 2013 Director since November 1998	State Treasurer—Commonwealth of Pennsylvania (April 2007–January 2009); Director—Merrill, Lynch, Pierce, Fenner & Smith Incorporated, (2006–April 2007); and Consultant—Brown Wiessmann Group (financial services consulting) (2002–2006)	Director—Met-Pro Corporation (December 2009–present)

 

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Interested Directors and Officers

Name, Address,* and Age	Positions Held with the Company	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Other Directorships Held By Director
Robert O’Neill (58)**	Director	Term expires October 2010. Director since June 2008	Executive Director-ICMA (2002–present)	Director—ICMA Retirement Corporation
Joan McCallen (57)**	President and Principal Executive Officer	Since September 2003	Chief Executive Officer—ICMA Retirement Corporation (Aug. 2003–present); President and Manager—Vantagepoint Investment Advisers, LLC; ICMA-RC Services, LLC (broker-dealer); President and Manager—Vantagepoint Transfer Agents, LLC (2003–present); and Director and President, VantageTrust Company (2003–present)	N/A
Bruce James Rohrbacher (57)**	Vice President and Chief Compliance Officer	Since September 2004	Senior Vice President and Chief Compliance Officer—ICMA Retirement Corporation (2004–present); Chief Compliance Officer— Vantagepoint Investment Advisers, LLC and ICMA-RC Services, LLC (broker-dealer) (2004–present); and Chief Compliance Officer, VantageTrust Company (2004–present)	N/A
Elizabeth Glista (45)**	Treasurer and Principal Financial Officer	Since March 2009	Senior Vice President and Chief Financial Officer—ICMA Retirement Corporation (April 2009–present); Treasurer—Vantagepoint Investment Advisers, LLC, and Vantagepoint Transfer Agents, LLC (April 2009–present); Treasurer—ICMA-RC Services, LLC (broker-dealer) (April 2009–present); Treasurer—VantageTrust Company (April 2009–present); Managing Vice President, Financial Operations, Analysis & Treasury—ICMA Retirement Corporation (January 2009–April 2009); Vice President Financial Planning & Analysis and Treasury—ICMA-RC (January 2000–September 2007) and (March 2008–January 2009); and Acting Vice President, Internal Audit—ICMA-RC (September 2007–March 2008)	N/A
Angela Montez (42)**	Secretary	Since December 2006	Managing Vice President, Deputy General Counsel and Assistant Secretary—ICMA Retirement Corporation (2006–present) Corporate Counsel—ICMA Retirement Corporation (2000–2006); Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLC and ICMA-RC Services, LLC (broker-dealer) (2006–2007); and Assistant Secretary—VantageTrust Company (February 2008–present)	N/A

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Name, Address,* and Age	Positions Held with the Company	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Other Directorships Held By Director
Kathryn B. McGrath (65)**	Assistant Secretary	Since March 2008	Senior Vice President and General Counsel—ICMA Retirement Corporation (October 2007–present); Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLP and ICMA-RC Services, LLC (broker-dealer) (December 2007–present); Secretary—VantageTrust Company (February 2008–present); Partner—Mayer Brown LLP (law firm) (2005–October 2007); and Partner—Crowell & Moring LLP (law firm) (2002–2005)	N/A

 

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

** Mr. O’Neill is considered an Interested Director because he is a director of ICMA Retirement Corporation, the parent corporation of VIA and ICMA-RC Services. Mses. McCallen, Glista, Montez, and McGrath and Mr. Rohrbacher are considered to be “interested persons” of the Company, as that term is defined under the 1940 Act due to their positions as officers of VIA and ICMA-RC Services, the distributor of the Funds, ICMA-RC, the parent company of VIA and ICMA-RC Services, and VantageTrust Company.

Aggregate compensation that was paid to the directors during the year ended December 31, 2009 totaled $117,158. Executive officers do not receive any compensation from the Company. However, the Company pays a portion of the compensation of the Chief Compliance Officer of the Company and the amount paid by the Company during the year ended December 31, 2009 totaled $247,347.

The statement of additional information includes additional information about the Company’s Board and is available, without charge, upon request, by calling 1-800-669-7400 and on ICMA-RC’s website at www.icmarc.org.

F. Subadviser Fees

Presented below are the fees paid by each fund to Subadvisers during the year ended December 31, 2009. Fees are shown as an annual percentage of average net assets under management except that the subadviser fee for Analytic Investors, LLC 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. The total dollars below represent amounts paid to Subadvisers for services performed during the period July 1, 2008 through September 30, 2009.

Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)			Dollars Paid
Low Duration Bond	Payden & Rygel		0.10	%	$	191,489
	STW Fixed Income Management Ltd.		0.20	%		427,336
Inflation Protected Securities	Pacific Investment Management Company, LLC		0.20	%		297,352
	BlackRock Financial Management, Inc.		0.11	%		168,009
Asset Allocation	Mellon Capital Management Corporation		0.29	%		1,150,515
Equity Income	Barrow, Hanley, Mewhinney & Strauss, Inc.		0.25	%		929,330
	T. Rowe Price Associates, Inc.		0.38	%		1,383,900
	Southeastern Asset Management, Inc.		0.53	%		2,060,060
Growth & Income	Capital Guardian Trust Company (1)		0.24	%		167,365
	Fiduciary Management, Inc. (2)		0.29	%		529,385
	T. Rowe Price Associates, Inc.		0.38	%		997,563
	Wellington Management Company, LLP		0.29	%		746,843

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Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)			Dollars Paid
Growth	Columbus Circle Investors		0.35	%	$	875,442
	D.G. Capital Management Trust		0.46	%		768,958
	Legg Mason Capital Management, Inc.		0.32	%		1,195,111
	Tukman Grossman Capital Management, Inc.		0.40	%		1,182,382
	Westfield Capital Management Company, L.P.		0.34	%		1,264,176
Select Value	Artisan Partners Limited Partnership		0.55	%		402,544
	Systematic Financial Management L.P.		0.45	%		326,809
	WEDGE Capital Management L.L.P.		0.56	%		409,028
Aggressive Opportunities	Legg Mason Capital Management, Inc.		0.32	%		607,173
	Southeastern Asset Management, Inc.		0.58	%		829,801
	TimesSquare Capital Management, LLC		0.50	%		1,068,866
	T. Rowe Price Associates, Inc.		0.58	%		1,026,737
Discovery	Payden & Rygel		0.15	%		94,177
	Wellington Management Company, LLP		0.73	%		458,690
International	Artisan Partners Limited Partnership		0.70	%		1,361,142
	Capital Guardian Trust Company (3)		0.47	%		1,184,166
	GlobeFlex Capital, LP		0.40	%		758,326
	Mondrian Investment Partners Limited (4)		0.44	%		—
	Walter Scott & Partners Limited		0.58	%		694,626
Diversified Assets	Analytic Investors, LLC		0.45	%		516,333
	Drake Capital Management, LLC (5)		0.23	%		66,420
	Mellon Capital Management Corporation		0.65	%		745,919
	Payden & Rygel (short-duration fixed income strategy)		0.08	%		153,919
	Payden & Rygel (low duration bond strategy) (6)		0.09	%		49,027
Core Bond Index	Mellon Capital Management Corporation		0.02	%		208,120
500 Stock Index	Mellon Capital Management Corporation		0.02	%		60,762
Broad Market Index	Mellon Capital Management Corporation		0.02	%		95,937
Mid/Small Company Index	Mellon Capital Management Corporation		0.04	%		78,085
Overseas Equity Index	Mellon Capital Management Corporation		0.07	%		99,063

 

(1) Terminated as a subadviser on January 31, 2009.

(2) Began serving as a subadviser on January 21, 2009.

(3) Terminated as a subadviser on October 11, 2009. Minimum fee of $337,500 per year.

(4) Began serving as a subadviser on October 12, 2009.

(5) Terminated as a subadviser on April 10, 2009.

(6) Began serving as a subadviser to this portion of the fund on April 3, 2009.

G. Directors’ Consideration of Investments Advisory and Subadvisory Agreements

The following relates to the consideration by the Board of Directors of the Company (“Directors” or “Board”), during the period beginning July 1, 2009 through December 31, 2009, of the approval of the Second Master Investment Advisory Agreements between VIA and the Milestone 2045 Fund and certain Investment Subadvisory Agreements for the funds.

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Consideration of the Investment Advisory Agreements and Certain Subadvisory Agreements.

Vantagepoint Milestone 2045 Fund

At a meeting held on September 25, 2009 (“September Meeting”), the Board, including a majority of the Directors who are not “interested persons” as defined in the Investment Company Act of 1940 (“Independent Directors”), initially approved the Second Master Investment Advisory Agreement (“Master Agreement”) between the Company and VIA for the Vantagepoint Milestone 2045 Fund, a new series of the Company (“Milestone 2045 Fund”). Before approving the Master Agreement, the Board considered the recommendations of, and supporting analyses and data presented by, VIA.

With respect to the Board’s initial approval of the Master Agreement between the Company and VIA for the Milestone 2045 Fund, the Directors received written information in advance of the September Meeting, including information regarding: (1) the nature, quality and extent of the services to be provided by VIA; (2) the adequacy of the compliance program that is in place that would relate to the Milestone 2045 Fund; (3) the level of investment advisory fees to be charged by VIA and the fees charged by VIA to each of the other seven series of the Company with a target-date designated in its name (“Dated Milestone Fund Series”); (4) VIA’s experience as investment adviser to the other series of the Company and with respect to the investment strategies to be employed by the Milestone 2045 Fund; (5) the Milestone 2045 Fund’s overall investment advisory fee and expected total expense ratio compared to a group of investment companies categorized by Morningstar, Inc., a provider of independent investment company data (“Morningstar”), as 2041-2045 target-date funds (“Milestone 2045 peer group”); and (6) the expected costs of the services to be provided and net margins (“profit margin”) to be realized by VIA and its affiliates from its relationship with the Milestone 2045 Fund.

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

In determining to approve the Master Agreement with VIA for the Milestone 2045 Fund, the Directors considered the information received in advance of the September Meeting, the presentations made by, and discussions held with, VIA’s personnel and the Company’s Chief Compliance Officer (“CCO”), prior to the September Meeting and at the September Meeting, as applicable, 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 Master Agreement with VIA relating to the Milestone 2045 Fund.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the services expected to be provided by VIA to the Milestone 2045 Fund under the Master Agreement, the Directors considered the specific investment services to be provided, including the development of customized age and time appropriate asset allocations both initially and over time, the monitoring of the underlying funds’ performance and the monitoring of aging (glide) paths and underlying fund allocations, by VIA in managing the assets of the Milestone 2045 Fund. They also considered the experience of VIA’s investment staff with regard to managing the Dated Milestone Fund Series and the adequacy of the compliance program that would relate to the Milestone 2045 Fund. The Directors concluded that the nature, extent and quality of the investment advisory services expected to be provided by VIA were appropriate for the Milestone 2045 Fund in light of its investment objective and strategies and, thus, supported a decision to approve the Master Agreement with VIA relating to the Milestone 2045 Fund.

Investment Performance. At the time of the Board’s consideration of the Master Agreement, the Milestone 2045 Fund had not commenced operations and, therefore, there was no information for the Directors to evaluate regarding the Milestone 2045 Fund’s actual performance.

Advisory Fee, Expense Ratio and Economies of Scale. The Directors considered a comparison of the fee to be charged by VIA to the Milestone 2045 Fund with the fee VIA charges to the other Dated Milestone Fund Series. The Directors considered that the proposed fee for the Milestone 2045 Fund is the same as the fee for the Dated Milestone Fund Series; and the type of services VIA would provide to the Milestone 2045 Fund is comparable to the services currently provided by VIA to the Dated Milestone Fund Series. The Directors also considered comparative data provided by VIA on the advisory fees of the Milestone 2045 peer group. The information provided by VIA showed that the proposed investment advisory fee rate for the Milestone 2045 Fund would be lower than the average and at the median investment

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advisory fee of the Milestone 2045 peer group. The Directors also considered the comparative data provided by VIA with respect to the expected total expense ratio of the Milestone 2045 Fund as compared to the expense ratios of the Milestone 2045 peer group and further noted VIA’s proposed agreement to limit the total operating expenses of the Milestone 2045 Fund until April 30, 2010. The foregoing comparisons assisted the Directors in considering the Master Agreement relating to the Milestone 2045 Fund by providing them with a basis for evaluating the investment advisory fee to be paid to VIA and the Milestone 2045 Fund’s expected total expense ratio on a relative basis. Based on this information, the Directors concluded that the investment advisory fee appeared to be within a reasonable range for the services to be provided.

With respect to the expected costs and profit margins to be realized by VIA (and its affiliates) from its relationship with the Milestone 2045 Fund, the Directors considered the information provided by VIA, which stated that VIA expected to experience similar costs and margins as for the other Dated Milestone Fund Series once the Milestone 2045 Fund achieves a similar asset size. Based on this information, the Directors concluded that VIA may not realize economies of scale with regard to the Milestone 2045 Fund over the short-term and that the proposed fee is appropriate at this time.

Other Considerations. The Directors also considered the potential “fall-out” or ancillary benefits that may accrue to VIA due to its relationship with the Milestone 2045 Fund and that VIA does not expect any direct “fall-out” benefits by virtue of its relationship with the Milestone 2045 Fund. VIA indicated, however, that it may benefit from the enhancement to the set of the Vantagepoint Milestone Funds from a competitive perspective.

Conclusion. After full consideration of the foregoing factors, with no single factor identified as being of paramount importance, the Directors, including a majority of the Independent Directors, concluded that the initial approval of the Master Agreement with VIA relating to the Milestone 2045 Fund was the best interest of the Milestone 2045 Fund and its shareholders, and approved the Master Agreement with, and the fee to be paid to, VIA.

Vantagepoint International Fund

At the September Meeting, the Board, including a majority of the Independent Directors, approved an initial Investment Subadvisory Agreement (“International Subadvisory Agreement”) among the Company, VIA and Mondrian Investment Partners Limited (“Mondrian”), relating to the Vantagepoint International Fund (“International Fund”). Also at the September Meeting, VIA recommended and the Board approved the termination of Capital Guardian Trust Company (“Capital Guardian”) as subadviser to the International Fund. Before approving the appointment of Mondrian as a subadviser to the International Fund, the Board of the Company considered the recommendations of, and supporting analyses and data presented by, VIA.

With respect to the Board’s consideration of the International Subadvisory Agreement with Mondrian, the Directors received written information in advance of the September Meeting from VIA, which included: (1) the process by which VIA selected and recommended for Board approval Mondrian as a subadviser to the International Fund; (2) the nature, extent and quality of the services that Mondrian would provide to the International Fund; (3) Mondrian’s experience, investment management business, personnel and operations; (4) Mondrian’s brokerage and trading policies and practices; (5) the level of the subadvisory fee to be charged to the International Fund by Mondrian and a comparison of that fee to the: (a) fees charged by Mondrian to manage other foreign large cap value accounts; and (b) fees charged by a group of U.S. separate account investment managers utilizing an active international large cap value style; (6) Mondrian’s compliance program; (7) the performance information for Mondrian with respect to a foreign large cap value mandate, and such performance compared to a relevant benchmark and peer group; (8) the International Fund’s expected overall investment advisory fee and projected total expense ratio, taking into account the change in subadvisers, compared to a group of foreign large cap blend funds; and (9) Mondrian’s financial condition.

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

In determining whether to approve the International Subadvisory Agreement, the Directors considered the information received in advance of the September Meeting, the presentations made by, and discussions held with, representatives of Mondrian, VIA’s personnel and the Company’s CCO prior to the September Meeting and at the September Meeting, as applicable, 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 International Subadvisory Agreement.

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Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the services expected to be provided by Mondrian under the International Subadvisory Agreement, the Directors considered the specific investment process to be employed by Mondrian in managing the assets of the International Fund to be allocated to it; the qualifications of Mondrian’s investment management personnel with regard to implementing a foreign large cap value mandate; the performance information for Mondrian with respect to a foreign large cap value mandate as compared to a relevant benchmark and peer group; Mondrian’s infrastructure and whether it appeared to adequately support a foreign large cap value strategy; and VIA’s review process and favorable assessment as to the nature, quality and extent of the subadvisory services expected to be provided by Mondrian to the International Fund. The Directors acknowledged that Mondrian has experienced portfolio management personnel and appeared to have adequate infrastructure and support staff to seek to achieve favorable results implementing a foreign large cap value mandate for the International Fund. The Directors concluded that the nature, extent and quality of the subadvisory services expected to be provided by Mondrian were appropriate for the International Fund in light of its investment strategy and, thus, supported a decision to approve the International Subadvisory Agreement.

Investment Performance. The Directors evaluated the investment performance information provided by VIA for Mondrian, and considered the performance information versus a relevant benchmark and peer group (based on information provided by an independent third-party source). The Directors concluded that the performance information provided supported approval of the International Subadvisory Agreement with Mondrian.

Subadvisory Fee, Expense Ratio Impact and Economies of Scale. In evaluating the proposed subadvisory fee, the Directors reviewed Mondrian’s subadvisory fee schedule. The Directors considered comparisons of the subadvisory fee to be charged by Mondrian to the International Fund with its fee schedule for managing other accounts with an investment mandate similar to the mandate Mondrian is to employ on behalf of the International Fund. The Directors also considered that, according to the information provided by VIA, the proposed fee schedule for Mondrian reflected the lowest fee rate currently charged by Mondrian to other accounts for which it provides advisory services utilizing a similar mandate, with the exception of a separate account that was the initial client in the strategy. Additionally, the nature of the subadvisory services Mondrian is to provide to the International Fund appeared to be comparable to those Mondrian currently provides to its other subadvisory clients.

The Directors reviewed information provided by VIA (which was based on an independent third-party source) on the fees charged to accounts with assets comparable to the amount of assets to be allocated initially to Mondrian to a group of U.S. separate account investment managers that employ a similar investment style to the investment style Mondrian is to employ for the International Fund. According to the information provided, the effective fee rate to be paid by the International Fund to Mondrian at the proposed initial asset allocation level for Mondrian would be below the median fee charged by such managers.

The Directors also considered information from VIA showing that there would be no increase in the overall contractual subadvisory fees and, therefore, no increase in the total expense ratio of the International Fund as a result of the appointment of Mondrian and the termination of Capital Guardian and given the fee rates of the International Fund’s other three subadvisers and the proposed asset allocation levels. Referring to data provided by VIA and compiled by Morningstar, the Directors also noted that the expected total contractual investment advisory fee for the International Fund, taking into account the proposed subadviser change, was lower than the average and median investment advisory fee of a group of mutual funds in Morningstar’s foreign large cap blend category. The Directors also considered information provided by VIA and compiled by Morningstar on the total expense ratios of a group of mutual funds in Morningstar’s foreign large cap blend category, which showed that, if Mondrian served as a subadviser to the International Fund at the proposed subadvisory fee rate and initial asset allocation level, along with the International Fund’s three other existing subadvisers at their current subadvisory fee rates and based on their proposed asset allocation levels, the International Fund’s expected total expense ratio would be below the average and median expense ratios of such funds.

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

The Directors also reviewed the information provided by Mondrian regarding the estimated profits to be realized from its relationship with the International Fund. In reviewing the extent to which economies of scale may be realized by

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Mondrian as the assets of the International Fund to be managed by it grow, and whether the proposed fee levels reflect these economies, the Directors considered that Mondrian’s proposed fee schedule included breakpoints, which indicates that the proposed subadvisory fee rate is intended to capture certain anticipated economies of scale for the benefit of the International Fund’s shareholders in connection with the services to be provided. The Directors concluded that the proposed fee schedule with respect to Mondrian was appropriate at this time.

Other Considerations. The Directors considered VIA’s judgment that the addition of Mondrian as a subadviser to the International Fund would add value by complementing the investment approach of the International Fund’s current subadvisers, Artisan Partners Limited Partnership, GlobeFlex Capital L.P. and Walter Scott & Partners Limited. In this regard, the Directors considered VIA’s belief that the addition of Mondrian as a subadviser, along with VIA’s recommendation to terminate Capital Guardian and to modify the amount of the International Fund’s assets currently allocated to the existing subadvisers, should serve to enhance the International Fund’s risk/return profile, resulting in higher and more consistent expected returns.

The Directors considered the selection and due diligence process employed by VIA in deciding to recommend Mondrian as a subadviser to the International Fund and also considered VIA’s conclusion that the fee to be paid to Mondrian for its services to the International Fund is reasonable and appropriate in light of the nature and quality of services to be provided by Mondrian and the reasons supporting that conclusion. The Directors also considered information from VIA concerning its strategy to efficiently implement the subadviser transition. The Directors concluded that VIA’s recommendations and conclusions supported approval of the International Subadvisory Agreement.

The Directors also considered the potential “fall-out” or ancillary benefits that may accrue to Mondrian due to its relationship with the International Fund. The Directors considered that Mondrian may direct the International 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 International Fund’s requirements for seeking best execution, and that VIA monitors and evaluates the subadvisers’ trade execution with respect to International Fund brokerage transactions on a regular basis and provides reports to the Board in this regard. In addition, Mondrian indicated that it may receive fall-out benefits from its relationship with the International Fund through the possibility of increased business due to the additional exposure Mondrian would receive by serving as subadviser to the International Fund. The Directors concluded that the potential benefits that may accrue to Mondrian by virtue of its relationship with the International Fund appeared to be reasonable.

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

Vantagepoint Diversified Assets Fund

Approval of Amended Fee Schedule with Payden & Rygel. At the September Meeting, the Board, including a majority of the Independent Directors, approved an amendment, effective September 28, 2009, to the fee schedule (“Amended Fee Schedule”) to the Investment Subadvisory Agreement (“Payden Subadvisory Agreement”) among the Company, VIA and Payden and Rygel (“Payden”), relating to the Vantagepoint Diversified Assets Fund (“Diversified Assets Fund”), in connection with Payden providing investment subadvisory services to the Diversified Assets Fund utilizing its low duration fixed income strategy on an ongoing basis. Payden has served as a subadviser to the Diversified Assets Fund since its inception utilizing a short duration fixed income strategy, and has also served as a subadviser to the Diversified Assets Fund on an interim basis since April 3, 2009, utilizing a low duration fixed income strategy. On March 27, 2009, the Board approved: (i) Payden to manage the assets of the Diversified Assets Fund formerly managed by a different subadviser, Drake Capital Management, LLC (“Drake”), pursuant to a low duration fixed income mandate on an interim basis, while VIA considered Payden, as well as other investment subadvisers, to manage the assets formerly allocated to Drake on an ongoing basis; and (ii) a related amendment to the fee schedule of the Payden Subadvisory Agreement. At the September Meeting, VIA recommended to the Board that Payden continue to manage the portion of the Diversified Assets Fund’s assets allocated to it utilizing its low duration fixed income strategy on an ongoing basis and that the Board approve the Amended Fee Schedule. Before approving the Amended Fee Schedule, the Board of the Company considered the recommendations of, and supporting analyses and data presented by, VIA.

With respect to the Board’s consideration of the Amended Fee Schedule, the Directors received written information in advance of the September Meeting from VIA, which included: (1) VIA’s rationale for recommending to the Board

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that Payden continue to manage the portion of the Diversified Assets Fund’s assets allocated to it pursuant to a low duration fixed income strategy on an ongoing basis; (2) the nature, extent and quality of the services that Payden would provide to the Diversified Assets Fund; (3) Payden’s experience, investment management business, personnel and operations; (4) Payden’s brokerage and trading policies and practices; (5) the level of the subadvisory fee to be charged to the Diversified Assets Fund by Payden for managing Fund assets pursuant to a low duration fixed income strategy and a comparison of that fee to the: (a) fees charged by Payden for managing other comparable accounts; and (b) fees charged by a group of U.S. separate account investment managers utilizing a short duration fixed income mandate (which includes low duration fixed income mandates); (6) Payden’s historical performance returns utilizing a low duration fixed income mandate and such performance compared to a relevant benchmark and peer group; (7) the Diversified Assets Fund’s expected overall investment advisory fee and projected total expense ratio, taking into account the Amended Fee Schedule, compared to a group of long-short funds; and (8) Payden’s financial condition.

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

In determining whether to approve the Amended Fee Schedule, the Directors considered the information received in advance of the September Meeting and discussions held with VIA’s personnel and the Company’s CCO, 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 Amended Fee Schedule.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the services expected to be provided by Payden with respect to its low duration fixed income strategy, the Directors considered the specific investment process to be employed by Payden in managing the Diversified Assets Fund’s assets pursuant to this strategy; the qualifications of Payden’s investment management team with regard to implementing a low duration fixed income mandate; Payden’s overall favorable performance record as compared to a relevant benchmark and peer group; Payden’s infrastructure and whether it appeared to adequately support a low duration fixed income strategy; and VIA’s rationale and favorable assessment as to the nature, quality and extent of the subadvisory services expected to be provided by Payden to the Diversified Assets Fund on an ongoing basis with respect to a low duration fixed income strategy. The Directors acknowledged that Payden has a successful performance record as a low duration fixed income manager; has an experienced portfolio management team; and appears to have adequate infrastructure and support staff to seek to achieve favorable results implementing a low duration fixed income mandate for the Diversified Assets Fund. The Directors concluded that the nature, extent and quality of the subadvisory services expected to be provided by Payden with respect to employing a low duration fixed income strategy on an ongoing basis were appropriate for the Diversified Assets Fund in light of its investment strategy and, thus, supported a decision to approve the Amended Fee Schedule.

Investment Performance. The Directors evaluated Payden’s historical investment performance record in managing its clients’ assets utilizing a low duration fixed income mandate and considered the performance record versus a relevant benchmark and peer group (based on information provided by an independent third-party source). The Directors concluded that the overall historical investment performance record of Payden with respect to employing a low duration fixed income strategy supported approval of the Amended Fee Schedule.

Subadvisory Fee, Expense Ratio Impact and Economies of Scale. In evaluating the proposed subadvisory fee for the low duration fixed income strategy that Payden is to employ for the Diversified Assets Fund on an ongoing basis, the Directors reviewed Payden’s Amended Fee Schedule. The Directors considered comparisons of the subadvisory fee to be charged by Payden to the Diversified Assets Fund for the low duration fixed income mandate under the Amended Fee Schedule with its fee schedule for managing other accounts with an investment mandate similar to the low duration fixed income mandate Payden would continue to employ on behalf of the Diversified Assets Fund. The Directors also considered that, according to the information provided by VIA, the Amended Fee Schedule for Payden reflected the lowest fee rate currently charged by Payden to other accounts similar in size and mandate to the Diversified Assets Fund’s assets allocated to Payden with respect to its low duration fixed income mandate, and, according to the information provided by VIA, is lower than Payden’s standard fee schedule for managing accounts with a similar mandate. Additionally, the nature of the subadvisory services Payden is to provide to the Diversified Assets Fund appeared to be comparable to those Payden currently provides to its other subadvisory relationships.

The Directors reviewed information provided by VIA (which was based on an independent third-party source) on the fees charged to accounts with assets comparable to the amount of assets currently allocated to Payden with respect to

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the low duration fixed income mandate to a group of U.S. separate account investment managers that employ a similar investment style to the investment style Payden is to employ. According to the information provided, the effective fee rate to be paid by the Diversified Assets Fund to Payden for the low duration fixed income mandate at the current asset allocation level would be below the median fee charged by such managers.

The Directors also considered that there would be no increase in the overall contractual subadvisory fees and, therefore, no increase in the total expense ratio of the Diversified Assets Fund due to the Amended Fee Schedule. Referring to data provided by VIA and compiled by Morningstar, the Directors also noted that the expected total investment advisory fee for the Diversified Assets Fund, taking into account the subadvisory fee to be paid to Payden under the Amended Fee Schedule, was lower than the average and median investment advisory fee of a group of mutual funds in Morningstar’s long-short category. The Directors also considered information provided by VIA and compiled by Morningstar on the total expense ratios of a group of mutual funds in Morningstar’s long-short category, which showed that, if Payden continued to manage a low duration fixed income mandate for the Diversified Assets Fund at the current asset allocation level, but under the Amended Fee Schedule, and taking into account the Diversified Assets Fund’s other existing subadvisory arrangements and current subadvisory fee rates, the Diversified Assets Fund’s expected total expense ratio would be below the average and median expense ratios of such funds.

The foregoing comparisons assisted the Directors in considering the Amended Fee Schedule by providing them with a basis for evaluating Payden’s fee for managing the Diversified Assets Fund’s assets pursuant to a low duration fixed income strategy on an ongoing basis, including in light of the Diversified Assets Fund’s expected overall investment advisory fee and total expense ratio, on a relative basis. Based on this information, the Directors concluded that Payden’s subadvisory fee under the Amended Fee Schedule for managing the low duration fixed income mandate for the Diversified Assets Fund appeared to be within a reasonable range for the services to be provided.

The Directors also reviewed the information provided by Payden regarding the estimated profits to be realized from its relationship with the Diversified Assets Fund for managing the assets of the Diversified Assets Fund pursuant to a low duration fixed income mandate under the Amended Fee Schedule. In reviewing the extent to which economies of scale may be realized by the Diversified Assets Fund as the assets of the Diversified Assets Fund to be managed by Payden in the low duration fixed income mandate grow, and whether the proposed fee levels reflect these economies, the Directors considered that Payden’s Amended Fee Schedule for this mandate included breakpoints, which indicates that the proposed subadvisory fee rate is intended to capture certain anticipated economies of scale for the benefit of the Diversified Assets Fund’s shareholders in connection with the services to be provided. The Directors concluded that Payden’s Amended Fee Schedule for managing the assets of the Diversified Assets Fund on an ongoing basis pursuant to a low duration fixed income mandate was appropriate at this time.

Other Considerations. The Directors considered VIA’s judgment that Payden’s experience in managing a low duration fixed income mandate is expected to add value by contributing positively to the Diversified Assets Fund’s performance while controlling risk. The Directors also considered their experience with Payden as a current subadviser to the Diversified Assets Fund and certain other series of the Company, as well as Payden’s familiarity with the Diversified Assets Fund and other series of the Company.

The Directors considered the selection and due diligence process employed by VIA in deciding to recommend that Payden provide ongoing subadvisory services to the Diversified Assets Fund with respect to the low duration fixed income mandate and also considered VIA’s conclusion that the fee to be paid by the Diversified Assets Fund to Payden under the Amended Fee Schedule for managing the Diversified Assets Fund’s assets pursuant to this strategy is reasonable and appropriate in light of the nature and quality of services to be provided by Payden and the reasons supporting that conclusion. The Directors concluded that VIA’s recommendations and conclusions supported approval of the Amended Fee Schedule.

The Directors also considered the potential “fall-out” or ancillary benefits that may accrue to Payden due to its relationship with the Diversified Assets Fund. The Directors considered that Payden does not anticipate any such benefits due to its relationship with the Diversified Assets Fund.

Conclusion. After full consideration of the foregoing factors, with no single factor identified as being of paramount importance, the Directors, including a majority of the Independent Directors, concluded that the approval of the Amended Fee Schedule was in the best interests of the Diversified Assets Fund and its shareholders, and approved the Amended Fee Schedule and the fee to be paid to Payden for managing Diversified Assets Fund assets pursuant to a low duration fixed income strategy on an ongoing basis.

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Vantagepoint Diversified Assets Fund

Approval of New Subadvisory Agreements. Also at the September Meeting, VIA recommended, and the Board approved, the implementation of an additional principal investment strategy for the Diversified Assets Fund, effective January 4, 2010. The additional principal investment strategy provides that the Diversified Assets Fund allocate a portion of its assets to a portfolio of convertible securities of U.S. or foreign companies (which may include those in emerging markets) or replicate exposure to convertible securities by using a combination of either convertible or non-convertible bonds with common stock or equity options (“convertible securities strategy”). In connection with the approval of the convertible securities strategy, the Board, including a majority of the Independent Directors, approved, effective January 4, 2010, two initial Investment Subadvisory Agreements (each a “Diversified Assets Subadvisory Agreement”) among the Company, VIA and each of Calamos Advisors LLC (“Calamos”) and Shenkman Capital Management, Inc. (“Shenkman”), relating to the Diversified Assets Fund. Before approving the appointment of Calamos and Shenkman as subadvisers to the Diversified Assets Fund, the Board of the Company considered the recommendations of, and supporting analyses and data presented by, VIA.

With respect to the Board’s consideration of the respective Diversified Assets Subadvisory Agreements with Calamos and Shenkman, the Directors received written information in advance of the September Meeting from VIA, which included: (1) VIA’s rationale for the convertible securities strategy for the Diversified Assets Fund; (2) the process by which VIA selected and recommended for Board approval Calamos and Shenkman as subadvisers of the Diversified Assets Fund to implement the convertible securities strategy; (3) the nature, extent and quality of the services that Calamos and Shenkman would be expected to provide to the Diversified Assets Fund; (4) each of Calamos’ and Shenkman’s experience, investment management business, personnel and operations; (5) each of Calamos’ and Shenkman’s brokerage and trading policies and practices; (6) the level of the subadvisory fees to be charged to the Diversified Assets Fund by Calamos and Shenkman and a comparison of those fees to the: (a) fees charged by each of Calamos and Shenkman for managing other comparable accounts; and (b) fees charged by a group of U.S. separate account investment managers utilizing an active convertible securities strategy; (7) Calamos’ and Shenkman’s respective compliance programs; (8) Calamos’ and Shenkman’s respective historical performance returns utilizing: (i) a global convertible securities mandate with respect to Calamos; and (ii) a convertible securities bond mandate with respect to Shenkman, and such performance compared to a relevant benchmark and peer group; (9) the Diversified Assets Fund’s expected overall investment advisory fee and projected total expense ratio, taking into account the proposed new subadvisory arrangement, compared to a group of long-short funds; and (10) each of Calamos’ and Shenkman’s financial condition.

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

In determining whether to approve each Diversified Assets Subadvisory Agreement, the Directors considered the information received in advance of the September Meeting, the presentations made by, and discussions held with, representatives of Calamos and Shenkman, VIA’s personnel and the Company’s CCO prior to the September Meeting and at the September Meeting, as applicable, 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 Diversified Assets Subadvisory Agreements.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the services expected to be provided by Calamos and Shenkman under their respective Diversified Assets Subadvisory Agreements, the Directors considered the specific investment process to be employed by each of Calamos and Shenkman in managing the assets of the Diversified Assets Fund to be allocated to them; the qualifications of Calamos’ and Shenkman’s respective investment management personnel with regard to implementing a global convertible securities mandate and convertible securities bond mandate, respectively; each of Calamos’ and Shenkman’s overall favorable performance record as compared to a relevant benchmark and peer group; each of Calamos’ and Shenkman’s infrastructure and whether it appeared to adequately support a global convertible securities strategy and a convertible securities bond strategy, respectively; and VIA’s review process and favorable assessment as to the nature, quality and extent of the subadvisory services expected to be provided by each of Calamos and Shenkman to the Diversified Assets Fund. The Directors acknowledged that Calamos and Shenkman each has a successful performance record as a global convertible securities strategy manager and convertible securities bond strategy manager, respectively; and Calamos and Shenkman each has

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experienced portfolio management personnel and appeared to have adequate infrastructure and support staff to seek to achieve favorable results implementing a global convertible securities strategy and a convertible securities bond strategy, respectively, for the Diversified Assets Fund. The Directors concluded that the nature, extent and quality of the subadvisory services expected to be provided by each of Calamos and Shenkman were appropriate for the Diversified Assets Fund in light of its new convertible securities strategy, effective January 4, 2010, and, thus, supported a decision to approve each Diversified Assets Subadvisory Agreement.

Investment Performance. The Directors evaluated Calamos’ and Shenkman’s historical investment performance record in managing their clients’ assets utilizing a global convertible securities mandate with respect to Calamos and a convertible securities bond mandate with respect to Shenkman and considered each performance record versus a relevant benchmark and peer group (based on information provided by an independent third-party source). The Directors concluded that the historical investment performance record of each of Calamos and Shenkman supported approval of each Diversified Assets Subadvisory Agreement.

Subadvisory Fees, Expense Ratio Impact and Economies of Scale. In evaluating each proposed subadvisory fee, the Directors reviewed Calamos’ and Shenkman’s respective subadvisory fee schedules. The Directors considered comparisons of the subadvisory fee to be charged by each of Calamos and Shenkman to the Diversified Assets Fund with its respective fee schedule for managing other accounts with an investment mandate similar to the mandate the subadviser is to employ on behalf of the Diversified Assets Fund. The Directors also considered that, according to the information provided by VIA, the proposed fee schedule for each of Calamos and Shenkman: (i) reflected the lowest fee rate currently charged by the subadviser to other accounts for which it provides advisory services utilizing a similar mandate; and (ii) is lower than its standard fee schedule for managing accounts with a similar mandate. Additionally, the nature of the subadvisory services each of Calamos and Shenkman is to provide to the Diversified Assets Fund appeared to be comparable to those each subadviser currently provides to its other subadvisory relationships.

The Directors reviewed information provided by VIA (which was based on an independent third-party source) on the fees charged to accounts with assets comparable to the amount of assets to be allocated initially to each of Calamos and Shenkman by a group of U.S. separate account investment managers that employ a similar investment style to the investment style each subadviser is to employ for the Diversified Assets Fund. According to the information provided, the effective fee rate to be paid by the Diversified Assets Fund to each of Calamos and Shenkman at the proposed initial asset allocation levels would be below the median fee charged by such managers.

The Directors also considered that there would be no increase in the overall contractual subadvisory fees to be paid by the Diversified Assets Fund and, therefore, no increase in the total expense ratio of the Diversified Assets Fund as a result of the appointment of each of Calamos and Shenkman. Referring to data provided by VIA and compiled by Morningstar, the Directors also noted that the expected total investment advisory fee for the Diversified Assets Fund, taking into account the proposed subadviser changes, was lower than the average and median investment advisory fee of a group of mutual funds in Morningstar’s long-short category. The Directors also considered information provided by VIA and compiled by Morningstar on the total expense ratios of a group of mutual funds in Morningstar’s long-short category, which showed that, if Calamos and Shenkman each served as a subadviser to the Diversified Assets Fund at the proposed subadvisory fee rate and initial asset allocation level, along with the Diversified Assets Fund’s three other existing subadvisers at their current subadvisory fee rates, the Diversified Assets Fund’s expected total expense ratio would be below the average and median expense ratios of such funds.

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

With respect to the estimated profits to be realized by Calamos and Shenkman from their relationship with the Diversified Assets Fund, and in reviewing the extent to which economies of scale may be realized by Calamos and Shenkman as the assets of the Diversified Assets Fund to be managed by each subadviser grow and whether the proposed fee levels reflect these economies, the Directors considered that each subadviser’s proposed fee schedule included breakpoints, which indicates that each proposed subadvisory fee rate is intended to capture certain anticipated economies of scale for the benefit of the Diversified Assets Fund’s shareholders in connection with the services to be provided. The Directors concluded that each proposed fee schedule with respect to Calamos and Shenkman was appropriate at this time.

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Other Considerations. The Directors considered VIA’s judgment that the addition of the convertible securities strategy to the Diversified Assets Fund, and the addition of Calamos and Shenkman as subadvisers to the Diversified Assets Fund to implement the new convertible securities strategy, would add value by complementing the investment approach of the Diversified Assets Fund’s current investment subadvisers, Analytic Investors, LLC, Mellon Capital Management Corporation and Payden. In this regard, the Directors considered VIA’s belief that the addition of the convertible securities strategy to the Diversified Assets Fund, and the addition of each of Calamos and Shenkman as a subadviser, should serve to better diversify the Diversified Assets Fund with attractive risk/return attributes.

The Directors considered the selection and due diligence process employed by VIA in deciding to recommend Calamos and Shenkman as subadvisers to the Diversified Assets Fund to implement the convertible securities strategy and also considered VIA’s conclusion that the fee to be paid to each of Calamos and Shenkman for their respective services to the Diversified Assets Fund is reasonable and appropriate in light of the nature and quality of services to be provided by each subadviser and the reasons supporting that conclusion. The Directors concluded that VIA’s recommendations and conclusions supported approval of each Diversified Assets Subadvisory Agreement.

The Directors also considered the potential “fall-out” or ancillary benefits that may accrue to Calamos and Shenkman due to each subadviser’s relationship with the Diversified Assets Fund. The Directors considered that Calamos may direct the Diversified Assets 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 Diversified Assets Fund’s requirements for seeking best execution, and that VIA monitors and evaluates the subadvisers’ trade execution with respect to Diversified Assets Fund brokerage transactions on a regular basis and provides reports to the Board in this regard. With respect to Shenkman, the Board considered that Shenkman indicated that, by serving as subadviser to the Diversified Assets Fund, it may receive fall-out benefits from its relationship with the Diversified Assets Fund through the potential exposure of the firm and its products. The Directors concluded that the potential benefits that may accrue to Calamos and Shenkman by virtue of their relationships with the Diversified Assets Fund appeared to be reasonable.

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

H. Householding

Only one copy of this Annual Report may be mailed to households, even if more than one person in a household is a shareholder of record, unless The Vantagepoint Funds have received instructions to the contrary. If you need additional copies of this Annual Report, please contact The Vantagepoint Funds toll free at 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 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 800-669-7400.

I. 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, 2009 are available without charge, upon request by calling 800-669-7400, on the Company’s website at www.icmarc.org, or by accessing the Securities and Exchange Commission’s website at www.sec.gov.

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

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Wilshire®, the Wilshire Indexes^SM, Wilshire 5000 Total Market Index^SM, and Wilshire 4500 Completion Index^SM are service marks of Wilshire Associates Incorporated (“Wilshire”) and have been licensed for use by The Vantagepoint Funds, on behalf of the Broad Market Index Fund and the Mid/Small Company Index Fund, respectively. All content of the Wilshire Indexes^SM and the aforementioned indexes is ©2009 Wilshire Associates Incorporated, all rights reserved. Wilshire has no relationship with The Vantagepoint Funds, other than the licensing of the aforementioned indexes and its service marks for use in connection with these two Funds. Wilshire does not:

•   Sponsor, endorse, sell or promote the Funds.

•   Recommend that any person invest in the Funds or any other securities.

•   Have any responsibility or liability for or make any decisions about the timing, amount or pricing of the Funds.

•   Have any responsibility or liability for the administration, management or marketing of the Funds.

•   Consider the needs of the Funds or their shareholders in determining, composing or calculating the above indexes or have any obligation to do so.

Wilshire shall have no liability in connection with these Funds. Specifically, Wilshire makes no representation or warranty, express or implied, regarding:

•   The results to be obtained by the Funds, their shareholders or any other person in connection with the use of the above indexes and the data included in those indexes;

•   The accuracy or completeness of these indexes and any related data; or

•   The merchantability or the fitness for a particular purpose or use of these indexes and/or its related data.

Wilshire shall not have any liability for any errors, omissions or interruptions in the above indexes or related data. Under no circumstances will Wilshire be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if Wilshire knows that they might occur. The licensing agreement between The Vantagepoint Funds, on behalf of the Broad Market Index Fund and the Mid/Small Company Index Fund, and Wilshire is solely for the Funds’ benefit and not for the benefit of Fund shareholders or any other third parties.”

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

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SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Money Market Fund	Shares			Value
MUTUAL FUND—100.0%
Short-Term Investments Trust Liquid Assets Portfolio (Cost $452,107,065)		452,107,065	$	452,107,065
TOTAL INVESTMENTS—100.0%
(Cost $452,107,065)				452,107,065
Other assets less liabilities—0.0%				2,167,006
NET ASSETS—100.0%			$	454,274,071

 

See accompanying notes to financial statements.

215

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Low Duration
Bond Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—42.9%
Aerospace & Defense—0.6%
Boeing Co. (The)
1.875%	11/20/2012	†	$	2,960,000	$	2,929,059
Beverages—0.4%
Bottling Group LLC
6.950%	03/15/2014			975,000		1,122,878
Dr. Pepper Snapple Group, Inc.
1.700%	12/21/2011			1,060,000		1,059,445
						2,182,323
Capital Markets—1.4%
Bank of New York Mellon Corp. (The)
4.300%	05/15/2014			1,170,000		1,232,606
Goldman Sachs Group, Inc. (The) MTN
6.000%	05/01/2014			901,000		986,428
3.625%	08/01/2012			700,000		721,655
Macquarie Bank Ltd. (Australia)
2.600%	01/20/2012	ˆ		1,230,000		1,256,515
Morgan Stanley
6.000%	05/13/2014			700,000		753,364
4.200%	11/20/2014			720,000		721,290
Morgan Stanley, Series F MTN
2.373%	05/14/2010	#		700,000		705,096
TD Ameritrade Holding Corp.
4.150%	12/01/2014			1,140,000		1,125,191
						7,502,145
Chemicals—1.6%
Dow Chemical Co. (The)
7.600%	05/15/2014			4,385,000		4,994,349
4.850%	08/15/2012			2,700,000		2,839,336
Praxair, Inc.
1.750%	11/15/2012			570,000		564,882
						8,398,567
Commercial Banks—9.2%
Barclays Bank plc (United Kingdom)
5.450%	09/12/2012			4,940,000		5,345,648
2.700%	03/05/2012	ˆ		1,000,000		1,022,286
BB&T Corp. MTN
3.850%	07/27/2012			4,818,000		4,989,930
BB&T Corp., Series A MTN
3.375%	09/25/2013			700,000		706,130
Capital One Financial Corp.
7.375%	05/23/2014	†		4,130,000		4,680,550
Commonwealth Bank of Australia (Australia)
2.400%	01/12/2012	ˆ		1,404,000		1,440,246
ING Bank NV (Netherlands)
2.625%	02/09/2012	ˆ		1,700,000		1,738,121
M&T Bank Corp.
5.375%	05/24/2012	†		5,000,000		5,216,535
National Australia Bank Ltd. (Australia)
2.550%	01/13/2012	ˆ		1,665,000		1,690,583
Regions Financial Corp.
7.750%	11/10/2014			3,000,000		2,961,603
SunTrust Banks, Inc.
5.250%	11/05/2012	†		4,950,000		5,139,283
Swedbank AB (Sweden)
2.800%	02/10/2012	ˆ		900,000		919,866
Toronto-Dominion Bank (The) MTN (Canada)
1.516%	09/10/2010	#		EUR 750,000		1,080,493
US Bancorp
4.200%	05/15/2014		$	1,300,000	$	1,350,795
US Bancorp MTN
0.678%	05/06/2010	#		1,200,000		1,201,958
Wachovia Bank NA, Bank Note
7.800%	08/18/2010			1,750,000		1,826,356
Wachovia Corp.
0.406%	06/01/2010	#		3,280,000		3,282,755
Wells Fargo & Co.
5.300%	08/26/2011			1,240,000		1,313,781
5.250%	10/23/2012			1,000,000		1,068,271
Wells Fargo & Co., Series I MTN
3.750%	10/01/2014			660,000		658,764
						47,633,954
Communications Equipment—0.2%
Cisco Systems, Inc.
5.250%	02/22/2011			1,250,000		1,312,021
Computers & Peripherals—1.0%
Hewlett-Packard Co.
4.250%	02/24/2012			730,000		766,115
2.250%	05/27/2011			1,000,000		1,014,549
International Business Machines Corp.
4.950%	03/22/2011			1,250,000		1,305,381
2.100%	05/06/2013			2,170,000		2,167,396
						5,253,441
Consumer Finance—1.3%
American Express Credit Corp.
5.125%	08/25/2014	†		1,000,000		1,054,819
Caterpillar Financial Services Corp. MTN
5.750%	02/15/2012	†		900,000		971,941
HSBC Finance Corp.
6.375%	10/15/2011			3,150,000		3,351,515
John Deere Capital Corp., Series D MTN
0.984%	01/18/2011	#		1,170,000		1,177,486
						6,555,761
Containers & Packaging—0.1%
Ball Corp.
6.875%	12/15/2012			455,000		462,962
Diversified Consumer Services—0.1%
Yale University, Series B MTN
2.900%	10/15/2014			570,000		568,523
Diversified Financial Services—8.4%
American Express Travel Related Services Co., Inc.
5.250%	11/21/2011	ˆ†		6,000,000		6,294,882
Bank of America Corp.
6.500%	08/01/2016			900,000		969,087
4.875%	09/15/2012			3,910,000		4,099,651
4.875%	01/15/2013	†		1,000,000		1,040,688
4.375%	12/01/2010			1,240,000		1,280,409
BP Capital Markets plc (United Kingdom)
5.250%	11/07/2013			800,000		872,145
Citigroup, Inc.
6.375%	08/12/2014			1,000,000		1,047,947
1.973%	05/15/2018	#		7,186,000		6,687,349
CME Group, Inc.
5.750%	02/15/2014			4,850,000		5,309,668
Equifax, Inc.
4.450%	12/01/2014			240,000		241,468
General Electric Capital Corp.
5.900%	05/13/2014			680,000		735,837

See accompanying notes to financial statements.

216

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Low Duration
Bond Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
General Electric Capital Corp., Series A
3.750%	11/14/2014		$	6,180,000	$	6,176,002
Hutchison Whampoa International 03/33 Ltd. (Cayman Islands)
5.450%	11/24/2010	ˆ		1,500,000		1,545,333
JPMorgan Chase & Co.
6.750%	02/01/2011			1,240,000		1,308,355
4.750%	05/01/2013	†		5,650,000		5,968,281
						43,577,102
Diversified Telecommunication Services—0.9%
AT&T, Inc.
4.850%	02/15/2014	†		600,000		638,572
Cellco Partnership/Verizon Wireless Capital LLC
5.550%	02/01/2014			400,000		434,508
3.750%	05/20/2011			1,000,000		1,031,512
Deutsche Telekom International Finance BV (Netherlands)
5.375%	03/23/2011			1,250,000		1,303,815
Verizon Global Funding Corp.
7.250%	12/01/2010			1,250,000		1,321,262
						4,729,669
Electric Utilities—1.6%
Commonwealth Edison Co., Series 105
5.400%	12/15/2011			1,400,000		1,496,508
Consumers Energy Co., Series D
5.375%	04/15/2013			850,000		913,363
Duke Energy Carolinas LLC
6.250%	01/15/2012			1,165,000		1,260,112
FPL Group Capital, Inc.
5.625%	09/01/2011			910,000		968,377
Midamerican Energy Holdings Co.
3.150%	07/15/2012			1,000,000		1,019,250
Pacific Gas & Electric Co.
4.200%	03/01/2011			1,000,000		1,032,219
1.206%	06/10/2010	#		1,500,000		1,506,195
						8,196,024
Electronic Equipment, Instruments & Components—0.1%
Thermo Fisher Scientific, Inc.
2.150%	12/28/2012	ˆ		640,000		631,616
Food & Staples Retailing—0.2%
Safeway, Inc.
5.800%	08/15/2012			1,000,000		1,080,702
Food Products—1.5%
Campbell Soup Co.
6.750%	02/15/2011			800,000		851,419
Kellogg Co.
5.125%	12/03/2012			1,000,000		1,086,001
Kraft Foods, Inc.
6.750%	02/19/2014			3,999,000		4,426,233
Unilever Capital Corp.
7.125%	11/01/2010			1,175,000		1,238,807
						7,602,460
Health Care Providers & Services—0.9%
Express Scripts, Inc.
5.250%	06/15/2012			1,100,000		1,169,532	��
WellPoint, Inc.
6.800%	08/01/2012		$	3,290,000	$	3,632,084
						4,801,616
Household Durables—0.2%
Fortune Brands, Inc.
3.000%	06/01/2012			1,170,000		1,160,266
Household Products—0.1%
Procter & Gamble Co. (The)
3.500%	02/15/2015			400,000		409,682
Industrial Conglomerates—0.2%
3M Co., Series E MTN
4.500%	11/01/2011			1,000,000		1,059,092
Insurance—2.9%
Allstate Corp. (The)
6.200%	05/16/2014			800,000		885,582
American International Group, Inc.
4.700%	10/01/2010	†		1,000,000		999,465
4.250%	05/15/2013			2,800,000		2,588,354
Berkshire Hathaway Finance Corp.
4.000%	04/15/2012			700,000		733,979
Metropolitan Life Global Funding I
5.125%	04/10/2013	ˆ		4,730,000		5,014,680
1.001%	06/25/2010	#ˆ		1,100,000		1,101,531
New York Life Global Funding
0.379%	06/16/2011	#ˆ		1,000,000		995,047
Prudential Financial, Inc.
6.200%	01/15/2015			1,423,000		1,532,624
Prudential Financial, Inc., Series D MTN
3.625%	09/17/2012	†		1,100,000		1,116,986
						14,968,248
Life Sciences Tools & Services—0.4%
Howard Hughes Medical Institute
3.450%	09/01/2014			1,100,000		1,115,809
Roche Holdings, Inc.
4.500%	03/01/2012	ˆ		853,000		896,382
						2,012,191
Machinery—0.2%
Ingersoll-Rand Global Holding Co. Ltd. (Bermuda)
1.773%	08/13/2010	#		845,000		844,311
Media—0.7%
Comcast Corp.
5.450%	11/15/2010			2,250,000		2,325,823
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.750%	10/01/2014	ˆ		580,000		592,665
Viacom, Inc.
4.375%	09/15/2014	†		700,000		722,645
						3,641,133
Metals & Mining—2.8%
Alcoa, Inc.
6.000%	07/15/2013	†		5,525,000		5,824,831
Nucor Corp.
5.000%	06/01/2013			1,328,000		1,408,923
Rio Tinto Finance USA Ltd. (Australia)
5.875%	07/15/2013			6,974,000		7,531,215
						14,764,969

See accompanying notes to financial statements.

217

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Low Duration
Bond Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Multi-National—0.7%
European Investment Bank MTN (Supranational)
4.750%	04/15/2011			EUR 2,300,000	$	3,448,947
Oil, Gas & Consumable Fuels—1.0%
Chevron Corp.
3.450%	03/03/2012		$	1,800,000		1,871,748
ConocoPhillips
4.750%	02/01/2014			600,000		644,813
4.600%	01/15/2015			455,000		483,748
Shell International Finance BV (Netherlands)
5.625%	06/27/2011			1,860,000		1,981,893
						4,982,202
Paper & Forest Products—0.1%
Weyerhaeuser Co.
6.750%	03/15/2012			570,000		604,208
Pharmaceuticals—1.2%
Abbott Laboratories
5.600%	05/15/2011			1,150,000		1,220,132
Merck & Co., Inc.
1.875%	06/30/2011			2,100,000		2,120,561
Novartis Capital Corp.
4.125%	02/10/2014			310,000		326,172
Pfizer, Inc.
4.450%	03/15/2012			1,000,000		1,058,204
3.625%	06/03/2013			EUR    200,000		295,414
Wyeth
6.950%	03/15/2011			1,000,000		1,068,572
						6,089,055
Road & Rail—0.1%
Union Pacific Corp.
6.125%	01/15/2012			545,000		592,737
Software—0.6%
Microsoft Corp.
2.950%	06/01/2014			1,400,000		1,416,451
Oracle Corp.
5.000%	01/15/2011			1,547,000		1,609,137
						3,025,588
Specialty Retail—0.1%
GameStop Corp./GameStop, Inc.
8.000%	10/01/2012			325,000		338,406
Tobacco—2.1%
Altria Group, Inc.
8.500%	11/10/2013			5,319,000		6,151,918
Philip Morris International, Inc.
6.875%	03/17/2014			4,120,000		4,672,756
						10,824,674
TOTAL CORPORATE OBLIGATIONS
(Cost $213,343,585)						222,183,654
U.S. GOVERNMENT AGENCY OBLIGATIONS—5.7%
U.S. Government Agency Obligations—4.9%
Federal Farm Credit Bank
1.875%	12/07/2012		$	1,200,000	$	1,200,596
Federal Home Loan Bank
5.375%	08/19/2011			7,390,000		7,891,604
1.625%	01/21/2011			3,100,000		3,134,844
1.375%	05/16/2011	†		3,000,000		3,022,164
Federal Home Loan Mortgage Corp.
1.750%	06/15/2012			6,000,000		6,030,174
Federal National Mortgage Association
1.375%	04/28/2011			4,000,000		4,030,728
						25,310,110
U.S. Government Backed Corporate Obligations—0.8%
General Electric Capital Corp.
1.800%	03/11/2011	†		3,300,000		3,338,198
Western Corporate Federal Credit Union
1.750%	11/02/2012			980,000		976,268
						4,314,466
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $29,431,207)						29,624,576
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—5.7%
U.S. Government Agency Mortgage-Backed Securities—5.7%
Federal Home Loan Mortgage Corp.
6.000%	11/01/2022			1,160,826		1,241,874
Federal Home Loan Mortgage Corp. REMICS
5.000%	06/15/2024			393,690		396,122
Federal National Mortgage Association
6.000%	09/01/2037			2,911,484		3,092,997
3.191%	09/01/2034	#		285,784		290,934
3.150%	09/01/2034	#		348,461		354,702
2.998%	10/01/2034	#		3,026,788		3,079,890
2.782%	10/01/2034	#		556,671		568,095
Government National Mortgage Association
6.500%	10/20/2037- 09/20/2038			9,945,218		10,609,931
6.000%	07/20/2038			4,333,699		4,595,573
4.500%	04/20/2024- 08/20/2035			5,126,533		5,318,442
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $28,821,794)						29,548,560
U.S. TREASURY OBLIGATIONS—4.9%
U.S. Treasury Bills—4.9%
U.S. Treasury Bill
0.394%	07/29/2010	†		8,000,000		7,990,160
0.386%	09/23/2010	†		10,000,000		9,976,570
0.316%	10/21/2010	‡‡		1,000,000		996,939
0.163%	04/29/2010	†		6,700,000		6,698,352
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $25,647,314)						25,662,021

See accompanying notes to financial statements.

218

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Low Duration
Bond Fund

Coupon Rate	Maturity Date		Face		Value
MUNICIPAL OBLIGATIONS—1.6%
California General Obligation Bonds (California)
5.450%	04/01/2015		$	3,635,000	$	3,660,990
5.250%	04/01/2014			1,200,000		1,207,584
4.850%	10/01/2014			1,400,000		1,383,592
Citizens Property Insurance Corp. Revenue Bonds, Series 2007 A (Florida)
5.000%	03/01/2013			200,000		208,266
Citizens Property Insurance Corp. Revenue Bonds, Series 2009 A-1 (Florida)
5.000%	06/01/2012			1,700,000		1,776,194
TOTAL MUNICIPAL OBLIGATIONS
(Cost $8,116,444)						8,236,626
SOVEREIGN DEBT OBLIGATIONS—1.1%
Government Issued—1.1%
Caisse d’Amortissement de la Dette Sociale MTN (France)
4.250%	11/08/2010			1,200,000		1,234,242
Province of Ontario (Canada)
3.125%	09/08/2010			1,200,000		1,222,548
2.750%	02/22/2011	†		1,225,000		1,248,389
Province of Quebec, Series PJ (Canada)
6.125%	01/22/2011	†		1,700,000		1,797,512
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $5,371,051)						5,502,691
ASSET BACKED SECURITIES—16.6%
Automobile—8.4%
Ally Auto Receivables Trust
Series 2009-A, Class A2
1.320%	03/15/2012	ˆ		1,180,000		1,182,747
Bank of America Auto Trust
Series 2008-1A, Class A4
5.730%	01/20/2013	ˆ		2,630,000		2,762,079
Bank of America Auto Trust
Series 2009-2A, Class A2
1.160%	02/15/2012	ˆ		1,260,000		1,263,268
Bank of America Auto Trust
Series 2009-1A, Class A2
1.700%	12/15/2011	ˆ		510,000		512,681
BMW Vehicle Lease Trust
Series 2009-1, Class A2
2.040%	04/15/2011			2,900,000		2,915,976
BMW Vehicle Lease Trust
Series 2009-1, Class A1
0.792%	06/15/2010			973		973
Capital Auto Receivables Asset Trust
Series 2008-1, Class A4B
1.583%	07/15/2014	#		3,000,000		3,031,230
Capital Auto Receivables Asset Trust
Series 2007-1, Class A4B
0.273%	04/16/2012	#		1,000,000		994,730
Capital Auto Receivables Asset Trust
Series 2008-2, Class A3A
4.680%	10/15/2012			1,725,000		1,782,912
CarMax Auto Owner Trust
Series 2007-1, Class B
5.340%	10/15/2012			3,000,000		3,052,658
Chase Manhattan Auto Owner Trust
Series 2006-B, Class A4
5.110%	04/15/2014		$	1,929,673	$	1,974,179
Daimler Chrysler Auto Trust
Series 2008-B, Class A4A
5.320%	11/10/2014			2,000,000		2,093,877
Daimler Chrysler Auto Trust
Series 2008-A, Class A3A
3.700%	06/08/2012			1,295,761		1,316,741
Daimler Chrysler Auto Trust
Series 2006-C, Class A4
4.980%	11/08/2011			2,679,259		2,701,814
Ford Credit Auto Lease Trust
Series 2009-A, Class A2
2.600%	05/15/2011	ˆ		1,350,000		1,359,970
Ford Credit Auto Lease Trust
Series 2009-A, Class A1
1.237%	06/15/2010	ˆ		295,693		295,932
Ford Credit Auto Owner Trust
Series 2007-B, Class A4A
5.240%	07/15/2012			5,400,000		5,668,174
Ford Credit Auto Owner Trust
Series 2009-D, Class A2
1.210%	01/15/2012			900,000		902,633
Harley-Davidson Motorcycle Trust
Series 2006-3, Class A3
5.240%	01/15/2012			14,900		14,927
Harley-Davidson Motorcycle Trust
Series 2007-2, Class A4
5.120%	08/15/2013			2,725,000		2,843,921
Honda Auto Receivables Owner Trust
Series 2009-2, Class A2
2.220%	08/15/2011			1,300,000		1,308,951
Nissan Auto Lease Trust
Series 2009-A, Class A2
2.010%	04/15/2011			1,540,000		1,549,438
Nissan Auto Lease Trust
Series 2009-B, Class A2
1.220%	09/15/2011			1,130,000		1,131,800
USAA Auto Owner Trust
Series 2008-2, Class A3
4.640%	10/15/2012			1,007,562		1,036,292
USAA Auto Owner Trust
Series 2007-2, Class A3
4.900%	02/15/2012			705,085		714,181
Volkswagen Auto Lease Trust
Series 2009-A, Class A2
2.870%	07/15/2011			977,971		986,696
						43,398,780
Credit Card—8.2%
American Express Credit Account Master Trust
Series 2005-4, Class A
0.303%	01/15/2015	#		1,268,000		1,252,278
American Express Credit Account Master Trust
Series 2008-5, Class A
1.033%	03/15/2016	#		4,550,000		4,560,578
BA Credit Card Trust
Series 2008-A9, Class A9
4.070%	07/16/2012			1,650,000		1,656,781
BA Credit Card Trust
Series 2006-A15, Class A15
0.233%	04/15/2014	#		4,200,000		4,131,434
Capital One Multi-Asset Execution Trust
Series 2005-A10, Class A
0.313%	09/15/2015	#		1,000,000		981,484

See accompanying notes to financial statements.

219

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Low Duration
Bond Fund

Coupon Rate	Maturity Date		Face		Value
ASSET BACKED SECURITIES—(Continued)
Capital One Multi-Asset Execution Trust
Series 2007-A2, Class A2
0.313%	12/16/2019	#	$	2,500,000	$	2,317,363
Capital One Multi-Asset Execution Trust
Series 2008-A5, Class A5
4.850%	02/18/2014			2,550,000		2,662,278
Chase Issuance Trust
Series 2007-A9, Class A9
0.263%	06/16/2014	#		2,250,000		2,220,022
Citibank Credit Card Issuance Trust
Series 2009-A5, Class A5
2.250%	12/23/2014			4,230,000		4,188,044
Discover Card Master Trust
Series 2008-A3, Class A3
5.100%	10/15/2013			5,255,000		5,500,037
GE Capital Credit Card Master Note Trust
Series 2007-3, Class A2
5.400%	06/15/2013			5,915,000		6,032,897
GE Capital Credit Card Master Note Trust
Series 2007-4, Class A
0.283%	06/15/2015	#		500,000		484,508
Household Credit Card Master Note Trust I
Series 2007-2, Class A
0.783%	07/15/2013	#		6,400,000		6,376,448
						42,364,152
TOTAL ASSET BACKED SECURITIES
(Cost $83,657,838)						85,762,932
NON-GOVERNMENT MORTGAGE-BACKED SECURITIES—2.0%
Mortgage Backed—2.0%
Banc of America Mortgage Securities, Inc.
Series 2004-L, Class 1A1
4.874%	01/25/2035	#		892,623		792,163
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1
3.336%	09/25/2035	#		3,053,104		2,650,888
Harborview Mortgage Loan Trust Series 2005-14, Class 3A1A
5.315%	12/19/2035	#		3,856,560		2,906,543
MLCC Mortgage Investors, Inc.
Series 2004-1, Class 2A2
2.887%	12/25/2034	#		2,170,689		1,958,683
Provident Funding Mortgage Loan Trust
Series 2004-1, Class 1A1
3.195%	04/25/2034	#		331,969		309,338
Structured Asset Mortgage Investments, Inc.
Series 2004-AR5, Class 2A1
2.164%	10/19/2034	#		749,317		540,278
Thornburg Mortgage Securities Trust
Series 2004-1, Class II2A
3.133%	03/25/2044	#		667,833		581,431
Wells Fargo Mortgage Backed Securities Trust
Series 2004-S, Class B1
3.104%	09/25/2034	#		2,001,919		713,731
TOTAL NON-GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $13,618,707)						10,453,055
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS—1.4%
Non-U.S. Government Agency Obligations—1.4%
Export Development Canada (Canada)
3.750%	07/15/2011		$	1,365,000	$	1,418,030
Kreditanstalt fuer Wiederaufbau (Germany)
3.750%	06/27/2011			1,150,000		1,194,601
Nederlandse Waterschapsbank NV MTN (Netherlands)
4.625%	07/25/2011			EUR 1,500,000		2,251,455
Societe Financement de l’Economie Francaise (France)
2.125%	01/30/2012	ˆ		2,300,000		2,330,452
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $7,063,072)						7,194,538
				Shares		Value
CASH EQUIVALENTS—26.0%
Institutional Money Market Funds—26.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class				89,791,417		89,791,417
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		††		8,708,153		8,708,153
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class		††		9,000,000		9,000,000
Short-Term Investments Trust Liquid Assets Portfolio		††		9,000,000		9,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class		††		9,020,800		9,020,800
Wells Fargo Advantage Heritage Money Market Fund—Select Class		††		9,000,000		9,000,000
TOTAL CASH EQUIVALENTS
(Cost $134,520,370)						134,520,370
TOTAL INVESTMENTS—107.9%
(Cost $549,591,382)						558,689,023
Other assets less liabilities—(7.9%)						(41,030,177	)
NET ASSETS—100.0%					$	517,658,846

 

Notes to the Schedule of Investments:
EUR	European Monetary Unit
MTN	Medium Term Note
REMICS	Real Estate Mortgage Investment Conduits
†	Denotes all or a portion of the security on loan.
ˆ	Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. 144A securities amounted to $34,846,882, which represents 6.2% of Total Investments.
#	Rate is subject to change. Rate shown reflects current rate.
‡‡	Security or a portion of the security has been pledged as collateral for futures contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.

 

See accompanying notes to financial statements.

220

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Inflation Protected
Securities Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—0.8%
Capital Markets—0.1%
Bear Stearns Cos. LLC (The), Series CPI MTN
0.510%	03/10/2014	#	$	380,000	$	353,932
Commercial Banks—0.0%
Royal Bank of Scotland Group plc, Perpetual Bond (United Kingdom)
7.092%	09/29/2017	#		EUR 100,000		72,753
Consumer Finance—0.2%
SLM Corp. MTN
0.334%	04/01/2014	#		465,000		347,443
SLM Corp., Series B MTN
0.000%	03/15/2010	#		325,000		324,864
						672,307
Diversified Financial Services—0.2%
Citigroup, Inc.
0.361%	05/18/2011	#		700,000		688,273
Insurance—0.2%
ASIF I, Series E MTN (Cayman Islands)
0.432%	07/26/2010	#		600,000		576,495
Multi-National—0.1%
International Bank for Reconstruction & Development, Series CPI (Supranational)
0.000%	12/10/2013	#		275,000		271,934
TOTAL CORPORATE OBLIGATIONS
(Cost $2,690,700)						2,635,694
U.S. GOVERNMENT AGENCY OBLIGATIONS—3.6%
U.S. Government Agency Obligations—2.2%
Federal Home Loan Mortgage Corp. Discount Notes
0.121%	03/02/2010			200,000		199,987
0.100%	03/24/2010			900,000		899,921
0.060%	02/18/2010			2,000,000		1,999,837
Federal National Mortgage Association Discount Notes
0.648%	02/17/2010			100,000		99,996
0.220%	03/17/2010			800,000		799,936
0.047%	02/01/2010			2,400,000		2,399,884
Tennessee Valley Authority
5.250%	09/15/2039	†		900,000		895,100
						7,294,661
U.S. Government Backed Corporate Obligations—1.4%
GMAC, Inc.
0.253%	12/19/2012	#		4,800,000		4,808,870
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $12,089,060)						12,103,531
U.S. TREASURY OBLIGATIONS—90.8%
U.S. Treasury Inflation Protected Securities Bonds—30.9%
U.S. Treasury Bond
3.875%	04/15/2029	†		7,845,000		13,307,061
3.625%	04/15/2028			3,540,000		5,859,986
3.375%	04/15/2032	†		510,000		769,812
2.500%	01/15/2029	†		9,215,000		9,975,003
2.375%	01/15/2025	‡‡	$	25,725,000	$	31,203,725
2.375%	01/15/2027			7,545,000		8,531,513
2.000%	01/15/2026	†		18,780,000		20,593,831
1.750%	01/15/2028			14,513,000		14,397,843
						104,638,774
U.S. Treasury Inflation Protected Securities Notes—59.9%
U.S. Treasury Note
4.250%	01/15/2010			2,568,660		2,573,917
3.500%	01/15/2011			1,610,000		2,076,754
3.375%	01/15/2012			2,840,000		3,702,318
3.000%	07/15/2012			22,061,000		28,551,003
2.625%	07/15/2017			3,925,000		4,507,485
2.500%	07/15/2016			3,015,000		3,518,596
2.375%	01/15/2017			20,405,000		23,652,259
2.375%	04/15/2011	†		2,810,000		3,154,659
2.125%	01/15/2019	†		5,415,000		5,790,464
2.000%	04/15/2012	†		1,935,000		2,156,734
2.000%	01/15/2014- 07/15/2014	†‡‡		37,900,000		46,340,404
2.000%	01/15/2016			10,280,000		11,837,965
1.875%	07/15/2019	†		4,535,000		4,772,966
1.875%	07/15/2013- 07/15/2015			23,979,000		29,184,385
1.625%	01/15/2015			11,075,000		13,055,661
1.625%	01/15/2018	†		11,155,000		11,801,195
1.375%	07/15/2018	†		4,160,000		4,185,347
1.250%	04/15/2014	†		300,000		317,095
0.625%	04/15/2013	†		1,775,000		1,848,303
						203,027,510
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $296,605,535)						307,666,284
SOVEREIGN DEBT OBLIGATIONS—0.2%
Government Issued—0.2%
Israel Government AID Bond (Israel)
5.500%	09/18/2023
(Cost $541,823)				500,000		533,871
				Shares		Value
CASH EQUIVALENTS—19.6%
Institutional Money Market Funds—19.6%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class				12,236,181		12,236,181
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		††		10,326,389		10,326,389
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class		††		11,000,000		11,000,000
Short-Term Investments Trust Liquid Assets Portfolio		††		11,000,000		11,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class		††		10,957,231		10,957,231
Wells Fargo Advantage Heritage Money Market Fund—Select Class		††		11,000,000		11,000,000
TOTAL CASH EQUIVALENTS
(Cost $66,519,801)						66,519,801

 

See accompanying notes to financial statements.

221

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Inflation Protected
Securities Fund

	Value
TOTAL INVESTMENTS—115.0%
(Cost $378,446,919)	$	389,459,181
Other assets less liabilities—(15.0%)		(50,669,574	)
NET ASSETS—100.0%	$	338,789,607

 

Notes to the Schedule of Investments:
EUR	European Monetary Unit
MTN	Medium Term Note
#	Rate is subject to change. Rate shown reflects current rate.
†	Denotes all or a portion of the security on loan.
‡‡	Security or a portion of the security has been pledged as collateral for futures contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.

 

See accompanying notes to financial statements.

222

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint
Asset Allocation Fund

		Shares	Value
COMMON STOCKS—63.9%
Aerospace & Defense—1.8%
Boeing Co. (The)		20,474		$	1,108,258
General Dynamics Corp.		10,875			741,349
Goodrich Corp.		3,370			216,523
Honeywell International, Inc.		20,985			822,612
ITT Corp.		5,017			249,546
L-3 Communications Holdings, Inc.		3,273			284,587
Lockheed Martin Corp.		9,021			679,732
Northrop Grumman Corp.		8,853			494,440
Precision Castparts Corp.		3,999			441,290
Raytheon Co.		10,824			557,652
Rockwell Collins, Inc.		4,517			250,061
United Technologies Corp.		26,422			1,833,951
					7,680,001
Air Freight & Logistics—0.7%
C.H. Robinson Worldwide, Inc.		4,898			287,659
Expeditors International of Washington, Inc.	†	6,027			209,318
FedEx Corp.		8,814			735,528
United Parcel Service, Inc., Class B		28,083			1,611,122
					2,843,627
Airlines—0.1%
Southwest Airlines Co.		21,045			240,544
Auto Components—0.1%
Goodyear Tire & Rubber Co. (The)	*	6,976	��		98,362
Johnson Controls, Inc.		18,558			505,520
					603,882
Automobiles—0.2%
Ford Motor Co.	*†	91,344			913,440
Harley-Davidson, Inc.	†	6,777			170,780
					1,084,220
Beverages—1.7%
Brown-Forman Corp., Class B		3,112			166,710
Coca-Cola Co. (The)		65,263			3,719,991
Coca-Cola Enterprises, Inc.		8,881			188,277
Constellation Brands, Inc., Class A	*	5,953			94,831
Dr. Pepper Snapple Group, Inc.	†	7,149			202,317
Molson Coors Brewing Co., Class B		4,382			197,891
Pepsi Bottling Group, Inc.		4,012			150,450
PepsiCo, Inc.		43,952			2,672,282
					7,392,749
Biotechnology—1.0%
Amgen, Inc.	*	28,516			1,613,150
Biogen Idec, Inc.	*	8,164			436,774
Celgene Corp.	*	12,950			721,056
Cephalon, Inc.	*†	1,903			118,766
Genzyme Corp.	*	7,495			367,330
Gilead Sciences, Inc.	*	25,373			1,098,144
					4,355,220
Building Products—0.0%
Masco Corp.	†	10,095			139,412
Capital Markets—1.8%
Ameriprise Financial, Inc.		7,360		$	285,715
Bank of New York Mellon Corp. (The)		34,098			953,721
Charles Schwab Corp. (The)		26,851			505,336
E*Trade Financial Corp.	*	39,373			68,903
Federated Investors, Inc., Class B	†	2,858			78,595
Franklin Resources, Inc.	†	4,278			450,687
Goldman Sachs Group, Inc. (The)		14,442			2,438,387
Invesco Ltd.		11,785			276,830
Janus Capital Group, Inc.	†	3,725			50,101
Legg Mason, Inc.	†	4,439			133,880
Morgan Stanley		38,278			1,133,029
Northern Trust Corp.		6,770			354,748
State Street Corp.		13,929			606,469
T. Rowe Price Group, Inc.	†	7,271			387,181
					7,723,582
Chemicals—1.3%
Air Products & Chemicals, Inc.		5,917			479,632
Airgas, Inc.		2,338			111,289
CF Industries Holdings, Inc.		1,391			126,275
Dow Chemical Co. (The)		32,231			890,543
E.I. Du Pont de Nemours & Co.		25,508			858,854
Eastman Chemical Co.		2,053			123,673
Ecolab, Inc.		6,477			288,745
FMC Corp.	†	2,002			111,631
International Flavors & Fragrances, Inc.		2,025			83,308
Monsanto Co.		15,356			1,255,353
PPG Industries, Inc.		4,713			275,899
Praxair, Inc.		8,649			694,601
Sigma-Aldrich Corp.		3,603			182,060
					5,481,863
Commercial Banks—1.7%
BB&T Corp.	†	19,480			494,208
Comerica, Inc.	†	3,992			118,043
Fifth Third Bancorp		19,346			188,624
First Horizon National Corp.	*†	7,199			96,469
Huntington Bancshares, Inc./Ohio		17,666			64,481
KeyCorp	†	24,239			134,526
M&T Bank Corp.	†	2,048			136,991
Marshall & Ilsley Corp.	†	13,201			71,945
PNC Financial Services Group, Inc.		13,029			687,801
Regions Financial Corp.	†	30,870			163,302
SunTrust Banks, Inc.		13,147			266,753
U.S. Bancorp		53,904			1,213,379
Wells Fargo & Co.		142,708			3,851,689
Zions Bancorporation	†	3,265			41,890
					7,530,101
Commercial Services & Supplies—0.3%
Avery Dennison Corp.		2,744			100,129
Cintas Corp.		3,798			98,938
Iron Mountain, Inc.	*	5,228			118,989
Pitney Bowes, Inc.		5,882			133,874
R.R. Donnelley & Sons Co.		5,928			132,017
Republic Services, Inc.		9,239			261,556
Stericycle, Inc.	*†	2,469			136,215
Waste Management, Inc.	†	13,814			467,051
					1,448,769

See accompanying notes to financial statements.

223

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Asset Allocation Fund

		Shares	Value
COMMON STOCKS—(Continued)
Communications Equipment—1.7%
Cisco Systems, Inc.	*	161,993		$	3,878,113
Harris Corp.	†	3,788			180,120
JDS Uniphase Corp.	*	6,552			54,054
Juniper Networks, Inc.	*	14,772			393,969
Motorola, Inc.	*	65,186			505,843
QUALCOMM, Inc.		47,082			2,178,013
Tellabs, Inc.	*	11,354			64,491
					7,254,603
Computers & Peripherals—3.8%
Apple, Inc.	*	25,313			5,337,499
Dell, Inc.	*	49,178			706,196
EMC Corp.	*	57,115			997,799
Hewlett-Packard Co.		66,751			3,438,344
International Business Machines Corp.		36,978			4,840,420
Lexmark International, Inc., Class A	*†	1,871			48,609
NetApp, Inc.	*	9,742			335,027
QLogic Corp.	*	3,471			65,498
SanDisk Corp.	*†	6,738			195,335
Sun Microsystems, Inc.	*	20,042			187,793
Teradata Corp.	*	4,699			147,690
Western Digital Corp.	*	6,393			282,251
					16,582,461
Construction & Engineering—0.1%
Fluor Corp.		5,123			230,740
Jacobs Engineering Group, Inc.	*†	3,776			142,015
Quanta Services, Inc.	*†	5,546			115,579
					488,334
Construction Materials—0.0%
Vulcan Materials Co.	†	3,131			164,910
Consumer Finance—0.5%
American Express Co.		33,317			1,350,005
Capital One Financial Corp.		12,687			486,419
Discover Financial Services		15,018			220,915
SLM Corp.	*	12,411			139,872
					2,197,211
Containers & Packaging—0.1%
Ball Corp.	†	2,557			132,197
Bemis Co., Inc.		2,437			72,257
Owens-Illinois, Inc.	*	4,830			158,762
Pactiv Corp.	*	3,433			82,873
Sealed Air Corp.		4,940			107,988
					554,077
Distributors—0.0%
Genuine Parts Co.	†	4,583			173,971
Diversified Consumer Services—0.1%
Apollo Group, Inc., Class A	*	3,543			214,635
DeVry, Inc.	†	1,777			100,809
H&R Block, Inc.	†	9,852			222,852
					538,296
Diversified Financial Services—2.8%
Bank of America Corp.		279,748			4,213,005
Citigroup, Inc.		540,514			1,789,101
CME Group, Inc.		1,878			630,914
IntercontinentalExchange, Inc.	*	2,155			242,006
JPMorgan Chase & Co.		110,961		$	4,623,745
Leucadia National Corp.	*†	5,258			125,088
Moody’s Corp.	†	5,566			149,169
NASDAQ OMX Group, Inc. (The)	*†	3,891			77,120
NYSE Euronext		7,401			187,245
					12,037,393
Diversified Telecommunication Services—1.8%
AT&T, Inc.		166,127			4,656,540
CenturyTel, Inc.	†	8,309			300,869
Frontier Communications Corp.	†	8,927			69,720
Qwest Communications International, Inc.		39,089			164,564
Verizon Communications, Inc.		79,976			2,649,605
Windstream Corp.	†	12,417			136,463
					7,977,761
Electric Utilities—1.3%
Allegheny Energy, Inc.		4,715			110,708
American Electric Power Co., Inc.		13,529			470,674
Duke Energy Corp.	†	36,301			624,740
Edison International		9,418			327,558
Entergy Corp.		5,335			436,616
Exelon Corp.		18,637			910,790
FirstEnergy Corp.		8,600			399,470
FPL Group, Inc.		11,802			623,382
Northeast Utilities	†	4,291			110,665
Pepco Holdings, Inc.	†	5,821			98,084
Pinnacle West Capital Corp.		3,007			109,996
PPL Corp.		10,810			349,271
Progress Energy, Inc.		7,998			327,998
Southern Co.		22,078			735,639
					5,635,591
Electrical Equipment—0.3%
Emerson Electric Co.		21,218			903,887
First Solar, Inc.	*†	1,379			186,716
Rockwell Automation, Inc.	†	3,995			187,685
Roper Industries, Inc.		2,559			134,015
					1,412,303
Electronic Equipment, Instruments & Components—0.4%
Agilent Technologies, Inc.	*†	9,886			307,158
Amphenol Corp., Class A	†	5,038			232,655
Corning, Inc.		43,859			846,917
FLIR Systems, Inc.	*†	3,859			126,267
Jabil Circuit, Inc.		5,457			94,788
Molex, Inc.	†	3,869			83,377
					1,691,162
Energy Equipment & Services—1.2%
Baker Hughes, Inc.	†	8,894			360,029
BJ Services Co.		7,632			141,955
Cameron International Corp.	*†	6,115			255,607
Diamond Offshore Drilling, Inc.	†	2,023			199,104
FMC Technologies, Inc.	*	3,459			200,069
Halliburton Co.		25,481			766,723
Nabors Industries Ltd. (Bermuda)	*†	7,452			163,124
National Oilwell Varco, Inc.		11,797			520,130
Rowan Cos., Inc.	*	3,284			74,350
Schlumberger Ltd.		33,816			2,201,083

See accompanying notes to financial statements.

224

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Asset Allocation Fund

		Shares	Value
COMMON STOCKS—(Continued)
Smith International, Inc.		6,155		$	167,231
					5,049,405
Food & Staples Retailing—1.7%
Costco Wholesale Corp.	†	12,283			726,785
CVS Caremark Corp.		39,831			1,282,957
Kroger Co. (The)	†	18,379			377,321
Safeway, Inc.		11,484			244,494
SUPERVALU, Inc.	†	5,667			72,028
Sysco Corp.		16,763			468,358
Walgreen Co.		27,854			1,022,799
Wal-Mart Stores, Inc.		60,149			3,214,964
Whole Foods Market, Inc.	*†	4,161			114,219
					7,523,925
Food Products—1.1%
Archer-Daniels-Midland Co.		18,128			567,588
Campbell Soup Co.	†	5,535			187,083
ConAgra Foods, Inc.		12,530			288,817
Dean Foods Co.	*	4,133			74,559
General Mills, Inc.		9,211			652,231
H.J. Heinz Co.		9,003			384,968
Hershey Co. (The)	†	4,671			167,175
Hormel Foods Corp.	†	2,011			77,323
J.M. Smucker Co. (The)		3,411			210,629
Kellogg Co.	†	7,184			382,189
Kraft Foods, Inc., Class A		41,570			1,129,873
McCormick & Co., Inc.	†	3,772			136,282
Sara Lee Corp.		19,389			236,158
Tyson Foods, Inc., Class A	†	8,698			106,724
					4,601,599
Gas Utilities—0.1%
EQT Corp.	†	3,775			165,798
Nicor, Inc.	†	1,352			56,919
Questar Corp.		4,635			192,677
					415,394
Health Care Equipment & Supplies—1.3%
Baxter International, Inc.		17,020			998,734
Becton Dickinson and Co.	†	6,687			527,337
Boston Scientific Corp.	*	43,331			389,979
C.R. Bard, Inc.		2,732			212,823
CareFusion Corp.	*	5,192			129,852
DENTSPLY International, Inc.	†	4,297			151,126
Hospira, Inc.	*	4,624			235,824
Intuitive Surgical, Inc.	*	1,073			325,462
Medtronic, Inc.		31,182			1,371,384
St. Jude Medical, Inc.	*	9,444			347,350
Stryker Corp.	†	7,871			396,462
Varian Medical Systems, Inc.	*†	3,496			163,788
Zimmer Holdings, Inc.	*	5,991			354,128
					5,604,249
Health Care Providers & Services—1.4%
Aetna, Inc.		12,505			396,409
AmerisourceBergen Corp.		8,204			213,878
Cardinal Health, Inc.		10,387			334,877
CIGNA Corp.		7,802			275,177
Coventry Health Care, Inc.	*	3,905			94,852
DaVita, Inc.	*	2,934			172,343
Express Scripts, Inc.	*	7,652			661,515
Humana, Inc.	*	4,596			201,718
Laboratory Corp. of America Holdings	*†	3,007			225,044
McKesson Corp.		7,628		$	476,750
Medco Health Solutions, Inc.	*	13,520			864,063
Patterson Cos., Inc.	*	2,589			72,440
Quest Diagnostics, Inc.	†	4,391			265,129
Tenet Healthcare Corp.	*	13,376			72,097
UnitedHealth Group, Inc.		32,746			998,098
WellPoint, Inc.	*	12,964			755,672
					6,080,062
Health Care Technology—0.0%
IMS Health, Inc.		4,639			97,697
Hotels, Restaurants & Leisure—0.9%
Carnival Corp.	*	12,327			390,643
Darden Restaurants, Inc.		3,687			129,303
International Game Technology		8,520			159,920
Marriott International, Inc., Class A	†	7,360			200,560
McDonald’s Corp.		30,436			1,900,424
Starbucks Corp.	*	20,952			483,153
Starwood Hotels & Resorts Worldwide, Inc.	†	5,017			183,472
Wyndham Worldwide Corp.		4,235			85,420
Wynn Resorts Ltd.		1,499			87,287
Yum! Brands, Inc.	†	13,016			455,169
					4,075,351
Household Durables—0.2%
Black & Decker Corp.		1,716			111,248
D.R. Horton, Inc.	†	8,237			89,536
Fortune Brands, Inc.		4,231			182,779
Harman International Industries, Inc.	†	1,969			69,466
Leggett & Platt, Inc.	†	4,219			86,068
Lennar Corp., Class A		3,951			50,454
Newell Rubbermaid, Inc.	†	8,248			123,803
Pulte Homes, Inc.	*†	9,128			91,280
Whirlpool Corp.		1,906			153,738
					958,372
Household Products—1.6%
Clorox Co.		3,812			232,532
Colgate-Palmolive Co.		14,010			1,150,921
Kimberly-Clark Corp.		11,709			745,980
Procter & Gamble Co. (The)		82,258			4,987,303
					7,116,736
Independent Power Producers & Energy Traders—0.1%
AES Corp. (The)	*	18,980			252,624
Constellation Energy Group, Inc.		5,145			180,949
					433,573
Industrial Conglomerates—1.4%
3M Co.		19,709			1,629,343
General Electric Co.		299,811			4,536,141
Textron, Inc.	†	6,700			126,027
					6,291,511
Insurance—1.5%
Aflac, Inc.		13,301			615,171
Allstate Corp. (The)		15,239			457,780
American International Group, Inc.	*†	3,857			115,633
AON Corp.		7,743			296,867
Assurant, Inc.		3,199			94,306
Chubb Corp.		9,661			475,128

See accompanying notes to financial statements.

225

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Asset Allocation Fund

		Shares	Value
COMMON STOCKS—(Continued)
Cincinnati Financial Corp.	†	4,586		$	120,337
Genworth Financial, Inc., Class A	*	13,245			150,331
Hartford Financial Services Group, Inc.		10,998			255,813
Lincoln National Corp.		7,883			196,129
Loews Corp.		10,182			370,116
Marsh & McLennan Cos., Inc.		14,744			325,547
MetLife, Inc.		23,316			824,221
Principal Financial Group, Inc.	†	8,936			214,821
Progressive Corp. (The)	*	19,428			349,510
Prudential Financial, Inc.		13,130			653,349
Torchmark Corp.		2,352			103,370
Travelers Cos., Inc. (The)		15,456			770,636
Unum Group	†	9,393			183,351
XL Capital Ltd., Class A (Bermuda)		9,375			171,844
					6,744,260
Internet & Catalog Retail—0.4%
Amazon.com, Inc.	*	9,330			1,255,072
Expedia, Inc.	*	5,981			153,771
priceline.com, Inc.	*	1,202			262,637
					1,671,480
Internet Software & Services—1.3%
Akamai Technologies, Inc.	*†	4,824			122,192
eBay, Inc.	*	31,823			749,113
Google, Inc., Class A	*	6,786			4,207,184
VeriSign, Inc.	*†	5,398			130,848
Yahoo! Inc.	*	33,535			562,717
					5,772,054
IT Services—1.0%
Affiliated Computer Services, Inc., Class A	*	2,772			165,461
Automatic Data Processing, Inc.		14,237			609,628
Cognizant Technology Solutions Corp., Class A	*	8,175			370,327
Computer Sciences Corp.	*	4,226			243,122
Fidelity National Information Services, Inc.		8,862			207,725
Fiserv, Inc.	*	4,431			214,815
Mastercard, Inc., Class A	†	2,646			677,323
Paychex, Inc.	†	9,264			283,849
SAIC, Inc.	*	7,185			136,084
Total System Services, Inc.	†	5,640			97,403
Visa, Inc., Class A		12,282			1,074,184
Western Union Co. (The)		19,545			368,423
					4,448,344
Leisure Equipment & Products—0.1%
Eastman Kodak Co.	*†	8,962			37,820
Hasbro, Inc.	†	3,736			119,776
Mattel, Inc.		10,137			202,537
					360,133
Life Sciences Tools & Services—0.3%
Life Technologies Corp.	*	5,029			262,665
Millipore Corp.	*	1,552			112,287
PerkinElmer, Inc.		3,062			63,046
Thermo Fisher Scientific, Inc.	*	11,682			557,115
Waters Corp.	*†	2,808			173,984
					1,169,097
Machinery—1.1%
Caterpillar, Inc.	†	17,625		$	1,004,449
Cummins, Inc.		5,690			260,943
Danaher Corp.	†	7,355			553,096
Deere & Co.		12,080			653,407
Dover Corp.		5,413			225,235
Eaton Corp.		4,793			304,931
Flowserve Corp.		1,609			152,099
Illinois Tool Works, Inc.		10,986			527,218
PACCAR, Inc.	†	10,509			381,161
Pall Corp.		3,204			115,985
Parker Hannifin Corp.	†	4,604			248,063
Snap-On, Inc.	†	1,761			74,420
Stanley Works (The)	†	2,294			118,164
					4,619,171
Media—1.9%
CBS Corp., Class B	†	19,170			269,338
Comcast Corp., Class A		80,463			1,356,606
DIRECTV, Class A	*†	26,674			889,578
Gannett Co., Inc.	†	7,351			109,162
Interpublic Group of Cos., Inc.	*†	13,854			102,243
McGraw-Hill Cos., Inc. (The)	†	9,165			307,119
Meredith Corp.		1,069			32,979
New York Times Co. (The), Class A	*	2,728			33,718
News Corp., Class A		63,478			869,014
Omnicom Group, Inc.		8,714			341,153
Scripps Networks Interactive, Inc., Class A		2,551			105,867
Time Warner Cable, Inc.	†	9,944			411,582
Time Warner, Inc.	†	32,947			960,076
Viacom, Inc., Class B	*	17,338			515,459
Walt Disney Co. (The)		54,070			1,743,757
Washington Post Co. (The), Class B		182			80,007
					8,127,658
Metals & Mining—0.7%
AK Steel Holding Corp.		3,139			67,018
Alcoa, Inc.	†	27,407			441,801
Allegheny Technologies, Inc.	†	2,682			120,073
Cliffs Natural Resources, Inc.	†	3,074			141,681
Freeport-McMoRan Copper & Gold, Inc.	*	12,024			965,407
Newmont Mining Corp.		13,813			653,493
Nucor Corp.	†	8,888			414,625
Titanium Metals Corp.	*†	2,831			35,444
United States Steel Corp.	†	3,886			214,196
					3,053,738
Multiline Retail—0.5%
Big Lots, Inc.	*†	2,671			77,406
Family Dollar Stores, Inc.		4,064			113,101
J.C. Penney Co., Inc.		6,113			162,667
Kohl’s Corp.	*	8,791			474,099
Macy’s, Inc.	†	10,577			177,270
Nordstrom, Inc.	†	4,099			154,040
Sears Holdings Corp.	*†	1,379			115,078
Target Corp.		21,192			1,025,057
					2,298,718
Multi-Utilities—0.9%
Ameren Corp.		5,714			159,706
CenterPoint Energy, Inc.		9,450			137,119
CMS Energy Corp.	†	6,842			107,146
Consolidated Edison, Inc.		7,879			357,943

See accompanying notes to financial statements.

226

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Asset Allocation Fund

		Shares	Value
COMMON STOCKS—(Continued)
Dominion Resources, Inc.		16,660		$	648,407
DTE Energy Co.	†	4,564			198,945
Integrys Energy Group, Inc.	†	2,268			95,233
NiSource, Inc.	†	8,145			125,270
PG&E Corp.		10,627			474,496
Public Service Enterprise Group, Inc.		14,137			470,055
SCANA Corp.		3,151			118,730
Sempra Energy		6,954			389,285
TECO Energy, Inc.		6,212			100,759
Wisconsin Energy Corp.		3,395			169,173
Xcel Energy, Inc.	†	13,310			282,438
					3,834,705
Office Electronics—0.0%
Xerox Corp.	†	25,123			212,541
Oil, Gas & Consumable Fuels—6.2%
Anadarko Petroleum Corp.		13,992			873,381
Apache Corp.		9,481			978,155
Cabot Oil & Gas Corp.		3,098			135,042
Chesapeake Energy Corp.		18,009			466,073
Chevron Corp.		56,501			4,350,012
ConocoPhillips		41,798			2,134,624
Consol Energy, Inc.		5,201			259,010
Denbury Resources, Inc.	*†	7,263			107,492
Devon Energy Corp.		12,523			920,440
El Paso Corp.		19,049			187,252
EOG Resources, Inc.		7,173			697,933
Exxon Mobil Corp.		133,528			9,105,274
Hess Corp.		8,123			491,441
Marathon Oil Corp.		19,963			623,245
Massey Energy Co.	†	2,550			107,125
Murphy Oil Corp.		5,497			297,937
Noble Energy, Inc.	†	4,803			342,070
Occidental Petroleum Corp.		22,862			1,859,824
Peabody Energy Corp.		7,570			342,240
Pioneer Natural Resources Co.		3,240			156,071
Range Resources Corp.	†	4,460			222,331
Southwestern Energy Co.	*	9,850			474,770
Spectra Energy Corp.		18,246			374,225
Sunoco, Inc.	†	3,360			87,696
Tesoro Corp.	†	4,334			58,726
Valero Energy Corp.		16,030			268,502
Williams Cos., Inc. (The)		16,518			348,199
XTO Energy, Inc.		16,369			761,650
					27,030,740
Paper & Forest Products—0.2%
International Paper Co.		12,263			328,403
MeadWestvaco Corp.		4,887			139,915
Weyerhaeuser Co.		6,106			263,413
					731,731
Personal Products—0.2%
Avon Products, Inc.		12,305			387,608
Estee Lauder Cos., Inc. (The), Class A	†	3,473			167,954
Mead Johnson Nutrition Co., Class A	†	5,395			235,761
					791,323
Pharmaceuticals—4.1%
Abbott Laboratories		43,541			2,350,779
Allergan, Inc.		8,676			546,675
Bristol-Myers Squibb Co.	†	48,072			1,213,818
Eli Lilly & Co.	†	28,497		$	1,017,628
Forest Laboratories, Inc.	*†	8,799			282,536
Johnson & Johnson		77,668			5,002,596
King Pharmaceuticals, Inc.	*†	6,841			83,939
Merck & Co., Inc.		85,985			3,141,892
Mylan, Inc.	*†	8,816			162,479
Pfizer, Inc.		227,164			4,132,113
Watson Pharmaceuticals, Inc.	*	2,837			112,373
					18,046,828
Professional Services—0.1%
Dun & Bradstreet Corp.		1,570			132,461
Equifax, Inc.		3,897			120,378
Monster Worldwide, Inc.	*†	3,812			66,329
Robert Half International, Inc.	†	4,132			110,448
					429,616
Real Estate Investment Trusts (REITs)—0.7%
Apartment Investment & Management Co., Class A REIT	†	2,622			41,742
AvalonBay Communities, Inc. REIT	†	2,127			174,648
Boston Properties, Inc. REIT	†	3,919			262,847
Equity Residential REIT		7,799			263,450
HCP, Inc. REIT	†	8,190			250,123
Health Care REIT, Inc. REIT		2,833			125,558
Host Hotels & Resorts, Inc. REIT	*†	15,597			182,017
Kimco Realty Corp. REIT		10,441			141,267
Plum Creek Timber Co., Inc. REIT	†	4,764			179,889
ProLogis REIT	†	12,041			164,841
Public Storage REIT	†	3,529			287,437
Simon Property Group, Inc. REIT	†	8,022			640,156
Ventas, Inc. REIT		3,992			174,610
Vornado Realty Trust REIT	†	4,405			308,086
					3,196,671
Real Estate Management & Development—0.0%
CB Richard Ellis Group, Inc., Class A	*†	7,019			95,248
Road & Rail—0.6%
Burlington Northern Santa Fe Corp.		7,389			728,703
CSX Corp.		11,081			537,318
Norfolk Southern Corp.		10,532			552,087
Ryder System, Inc.		1,466			60,355
Union Pacific Corp.		14,225			908,978
					2,787,441
Semiconductors & Semiconductor Equipment—1.7%
Advanced Micro Devices, Inc.	*†	15,864			153,564
Altera Corp.	†	8,748			197,967
Analog Devices, Inc.		8,319			262,714
Applied Materials, Inc.		37,509			522,876
Broadcom Corp., Class A	*	12,169			382,715
Intel Corp.		155,758			3,177,463
KLA-Tencor Corp.		4,693			169,699
Linear Technology Corp.	†	6,231			190,295
LSI Corp.	*	18,627			111,948
MEMC Electronic Materials, Inc.	*	7,043			95,926
Microchip Technology, Inc.	†	5,165			150,095
Micron Technology, Inc.	*†	20,493			216,406
National Semiconductor Corp.	†	6,020			92,467

See accompanying notes to financial statements.

227

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Asset Allocation Fund

		Shares	Value
COMMON STOCKS—(Continued)
Novellus Systems, Inc.	*	2,716		$	63,391
NVIDIA Corp.	*†	15,444			288,494
Teradyne, Inc.	*†	5,033			54,004
Texas Instruments, Inc.		35,320			920,439
Xilinx, Inc.		7,791			195,242
					7,245,705
Software—2.8%
Adobe Systems, Inc.	*	14,814			544,859
Autodesk, Inc.	*	5,953			151,266
BMC Software, Inc.	*	5,402			216,620
CA, Inc.		11,264			252,989
Citrix Systems, Inc.	*†	5,182			215,623
Compuware Corp.	*	6,686			48,340
Electronic Arts, Inc.	*	9,154			162,484
Intuit, Inc.	*†	9,219			283,115
McAfee, Inc.	*	4,396			178,346
Microsoft Corp.		217,558			6,633,343
Novell, Inc.	*	12,340			51,211
Oracle Corp.		110,082			2,701,412
Red Hat, Inc.	*	5,442			168,158
Salesforce.com, Inc.	*†	3,115			229,794
Symantec Corp.	*	22,863			409,019
					12,246,579
Specialty Retail—1.3%
Abercrombie & Fitch Co., Class A		2,735			95,315
AutoNation, Inc.	*†	2,133			40,847
AutoZone, Inc.	*†	852			134,676
Bed Bath & Beyond, Inc.	*	7,471			288,605
Best Buy Co., Inc.		9,718			383,472
GameStop Corp., Class A	*†	5,012			109,963
Gap, Inc. (The)		13,063			273,670
Home Depot, Inc.		47,886			1,385,342
Limited Brands, Inc.		7,632			146,840
Lowe’s Cos., Inc.		41,511			970,942
Office Depot, Inc.	*	7,888			50,878
O’Reilly Automotive, Inc.	*†	3,932			149,888
RadioShack Corp.		3,692			71,994
Ross Stores, Inc.	†	2,899			123,816
Sherwin-Williams Co. (The)	†	2,807			173,052
Staples, Inc.		20,460			503,111
Tiffany & Co.	†	3,294			141,642
TJX Cos., Inc.		11,837			432,642
					5,476,695
Textiles, Apparel & Luxury Goods—0.3%
Coach, Inc.		9,018			329,427
NIKE, Inc., Class B		11,054			730,338
Polo Ralph Lauren Corp.	†	1,463			118,474
V.F. Corp.		2,626			192,328
					1,370,567
Thrifts & Mortgage Finance—0.1%
Hudson City Bancorp, Inc.		13,622			187,030
People’s United Financial, Inc.	†	10,017			167,284
					354,314
Tobacco—1.0%
Altria Group, Inc.		58,547			1,149,278
Lorillard, Inc.		4,550			365,046
Philip Morris International, Inc.		53,704		$	2,587,996
Reynolds American, Inc.		4,703			249,118
					4,351,438
Trading Companies & Distributors—0.1%
Fastenal Co.	†	3,595			149,696
W.W. Grainger, Inc.		1,779			172,260
					321,956
Wireless Telecommunication Services—0.2%
American Tower Corp., Class A	*	11,375			491,514
MetroPCS Communications, Inc.	*†	7,236			55,211
Sprint Nextel Corp.	*	82,269			301,104
					847,829
TOTAL COMMON STOCKS
(Cost $276,382,086)					279,116,497

 

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—21.7%
U.S. Treasury Bills—0.9%
U.S. Treasury Bill
0.027%	03/11/2010	‡‡	$	3,815,000		3,814,756
U.S. Treasury Bonds—20.8%
U.S. Treasury Bond
8.750%	08/15/2020			2,466,000		3,489,390
8.500%	02/15/2020			871,000		1,207,288
8.000%	11/15/2021	†		5,151,000		7,015,827
7.875%	02/15/2021			1,921,000		2,582,544
7.625%	02/15/2025	†		4,157,000		5,617,799
7.250%	08/15/2022	†		2,848,000		3,690,387
7.125%	02/15/2023			5,102,000		6,544,912
6.875%	08/15/2025			810,000		1,028,321
6.625%	02/15/2027			3,063,000		3,826,358
6.500%	11/15/2026			758,000		934,591
6.250%	05/15/2030	†		5,014,000		6,126,486
6.250%	08/15/2023			1,534,000		1,832,651
6.125%	11/15/2027			1,366,000		1,627,675
6.125%	08/15/2029	†		617,000		740,979
6.000%	02/15/2026			1,021,000		1,194,730
5.500%	08/15/2028			772,000		860,539
5.375%	02/15/2031	†		6,014,000		6,647,352
5.250%	11/15/2028	†		746,000		808,595
5.250%	02/15/2029			760,000		823,651
5.000%	05/15/2037			965,000		1,025,162
4.750%	02/15/2037			5,961,000		6,093,263
4.500%	08/15/2039			10,150,000		9,923,219
4.500%	02/15/2036- 05/15/2038	†		3,030,000		2,977,526
4.375%	11/15/2039			2,230,000		2,135,227
4.375%	02/15/2038	†		1,033,000		992,003
4.250%	05/15/2039			3,450,000		3,237,611
3.500%	02/15/2039			9,664,000		7,918,450
						90,902,536
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $98,883,408)						94,717,292

 

See accompanying notes to financial statements.

228

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Asset Allocation Fund

Coupon Rate	Maturity Date		Face		Value
COMMERCIAL PAPER—11.4%
Commercial Banks—6.2%
Bank of Nova Scotia (Canada)
0.150%	02/19/2010		$	9,000,000	$	8,997,713
Lloyds TSB Bank plc (United Kingdom)
0.200%	03/19/2010			2,000,000		1,999,000
0.190%	02/19/2010			16,000,000		15,995,778
						26,992,491
Diversified Financial Services—5.2%
Calyon North America, Inc.
0.205%	03/24/2010			11,000,000		10,994,830
CBA Delaware Finance, Inc.
0.300%	03/22/2010			1,600,000		1,599,456
Societe Generale North America, Inc.
0.180%	02/16/2010			10,000,000		9,997,150
						22,591,436
TOTAL COMMERCIAL PAPER
(Cost $49,584,666)						49,583,927
				Shares		Value
CASH EQUIVALENTS—14.3%
Institutional Money Market Funds—14.3%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class				12,323,738		12,323,738
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		††		8,628,022		8,628,022
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class		††		10,500,000		10,500,000
Short-Term Investments Trust Liquid Assets Portfolio		††		9,900,000		9,900,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class		††		10,742,838		10,742,838
Wells Fargo Advantage Heritage Money Market Fund—Select Class		††		10,500,000		10,500,000
TOTAL CASH EQUIVALENTS
(Cost $62,594,598)						62,594,598
TOTAL INVESTMENTS—111.3%
(Cost $487,444,758)						486,012,314
Other assets less liabilities—(11.3%)						(49,421,949	)
NET ASSETS—100.0%					$	436,590,365

 

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

 

See accompanying notes to financial statements.

229

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint
Equity Income Fund

		Shares	Value
COMMON STOCKS—91.4%
Aerospace & Defense—2.5%
Boeing Co. (The)		91,600		$	4,958,308
Honeywell International, Inc.		387,300			15,182,160
L-3 Communications Holdings, Inc.		60,200			5,234,390
Lockheed Martin Corp.		39,000			2,938,650
Raytheon Co.		187,900			9,680,608
					37,994,116
Air Freight & Logistics—1.2%
FedEx Corp.		168,600			14,069,670
United Parcel Service, Inc., Class B		84,800			4,864,976
					18,934,646
Airlines—0.2%
Southwest Airlines Co.		255,800			2,923,794
Automobiles—0.2%
Harley-Davidson, Inc.	†	96,000			2,419,200
Biotechnology—0.2%
Amgen, Inc.	*	51,400			2,907,698
Building Products—0.3%
Masco Corp.	†	233,500			3,224,635
USG Corp.	*†	77,900			1,094,495
					4,319,130
Capital Markets—1.5%
Bank of New York Mellon Corp. (The)		663,900			18,569,283
Legg Mason, Inc.	†	122,800			3,703,648
					22,272,931
Chemicals—1.1%
E.I. Du Pont de Nemours & Co.		391,646			13,186,721
International Flavors & Fragrances, Inc.		95,500			3,928,870
					17,115,591
Commercial Banks—3.0%
Allied Irish Banks plc ADR (Ireland)	*	124,800			438,048
KeyCorp	†	262,800			1,458,540
Marshall & Ilsley Corp.		123,500			673,075
PNC Financial Services Group, Inc.	†	150,000			7,918,500
Regions Financial Corp.		252,500			1,335,725
SunTrust Banks, Inc.	†	510,900			10,366,161
U.S. Bancorp		313,600			7,059,136
Wells Fargo & Co.		590,200			15,929,498
					45,178,683
Commercial Services & Supplies—0.5%
Avery Dennison Corp.		92,300			3,368,027
Pitney Bowes, Inc.	†	202,600			4,611,176
					7,979,203
Communications Equipment—0.6%
Cisco Systems, Inc.	*	84,400			2,020,536
Nokia Oyj ADR (Finland)	†	566,800			7,283,380
					9,303,916
Computers & Peripherals—4.0%
Dell, Inc.	*	2,785,700		$	40,002,652
Hewlett-Packard Co.		194,600			10,023,846
International Business Machines Corp.		84,400			11,047,960
					61,074,458
Construction Materials—1.9%
Cemex SAB de CV ADR (Mexico)	*	2,139,922			25,293,878
Vulcan Materials Co.	†	73,100			3,850,177
					29,144,055
Consumer Finance—3.1%
American Express Co.		605,900			24,551,068
Capital One Financial Corp.	†	296,700			11,375,478
SLM Corp.	*	914,400			10,305,288
					46,231,834
Distributors—0.1%
Genuine Parts Co.	†	53,552			2,032,834
Diversified Consumer Services—0.1%
H&R Block, Inc.	†	41,700			943,254
Diversified Financial Services—3.4%
Bank of America Corp.	†	1,084,906			16,338,684
Citigroup, Inc.		1,299,500			4,301,345
JPMorgan Chase & Co.		682,700			28,448,109
NYSE Euronext		96,200			2,433,860
					51,521,998
Diversified Telecommunication Services—3.4%
AT&T, Inc.		717,942			20,123,914
Level 3 Communications, Inc.	*†	7,327,000			11,210,310
Qwest Communications International, Inc.		699,300			2,944,053
Verizon Communications, Inc.		532,441			17,639,771
					51,918,048
Electric Utilities—1.9%
Duke Energy Corp.		199,400			3,431,674
Entergy Corp.		158,100			12,938,904
Exelon Corp.		35,100			1,715,337
FirstEnergy Corp.		45,000			2,090,250
Pinnacle West Capital Corp.		72,000			2,633,760
PPL Corp.		61,800			1,996,758
Progress Energy, Inc.	†	91,000			3,731,910
					28,538,593
Electrical Equipment—0.8%
Cooper Industries plc		71,400			3,044,496
Emerson Electric Co.		219,000			9,329,400
					12,373,896
Energy Equipment & Services—0.5%
BJ Services Co.		75,700			1,408,020
Schlumberger Ltd.		90,600			5,897,154
					7,305,174
Food & Staples Retailing—0.1%
Wal-Mart Stores, Inc.		33,700			1,801,265
Food Products—0.8%
Hershey Co. (The)	†	179,100			6,409,989

See accompanying notes to financial statements.

230

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Equity Income Fund

		Shares	Value
COMMON STOCKS—(Continued)
Kraft Foods, Inc., Class A		133,200		$	3,620,376
McCormick & Co., Inc.	†	53,500			1,932,955
					11,963,320
Health Care Equipment & Supplies—0.5%
Baxter International, Inc.		116,400			6,830,352
Health Care Providers & Services—1.5%
UnitedHealth Group, Inc.		312,500			9,525,000
WellPoint, Inc.	*	223,700			13,039,473
					22,564,473
Hotels, Restaurants & Leisure—4.2%
Carnival Corp.	*	291,200			9,228,128
Marriott International, Inc., Class A	†	831,869			22,668,430
MGM MIRAGE	*†	125,500			1,144,560
Yum! Brands, Inc.		889,000			31,088,330
					64,129,448
Household Durables—1.0%
Black & Decker Corp.		34,100			2,210,703
D.R. Horton, Inc.	†	80,300			872,861
Fortune Brands, Inc.		136,300			5,888,160
Harman International Industries, Inc.	†	45,700			1,612,296
Whirlpool Corp.		62,200			5,017,052
					15,601,072
Household Products—0.2%
Kimberly-Clark Corp.		57,559			3,667,084
Independent Power Producers & Energy Traders—0.2%
Constellation Energy Group, Inc.		69,400			2,440,798
NRG Energy, Inc.	*	49,300			1,163,973
					3,604,771
Industrial Conglomerates—3.8%
3M Co.		194,500			16,079,315
General Electric Co.		1,058,600			16,016,618
Koninklijke Philips Electronics NV NYRS (Netherlands)	†	854,000			25,141,760
					57,237,693
Insurance—6.6%
Allstate Corp. (The)		236,700			7,110,468
AON Corp.		297,000			11,386,980
Berkshire Hathaway, Inc., Class A	*	204			20,236,800
Chubb Corp.		43,600			2,144,248
Fairfax Financial Holdings Ltd. (Canada)	†	93,600			36,500,256
Lincoln National Corp.		145,590			3,622,279
Marsh & McLennan Cos., Inc.		223,200			4,928,256
Progressive Corp. (The)	*	110,600			1,989,694
Sun Life Financial, Inc. (Canada)	†	112,300			3,225,256
Travelers Cos., Inc. (The)		166,006			8,277,059
					99,421,296
Internet & Catalog Retail—1.3%
Liberty Media Corp.— Interactive, Series A	*	1,835,500			19,896,820
Internet Software & Services—0.2%
eBay, Inc.	*	124,500		$	2,930,730
IT Services—0.3%
Computer Sciences Corp.	*	84,200			4,844,026
Leisure Equipment & Products—0.2%
Mattel, Inc.		173,600			3,468,528
Machinery—3.2%
Deere & Co.		94,100			5,089,869
Dover Corp.	†	180,700			7,518,927
Eaton Corp.		26,800			1,705,016
Illinois Tool Works, Inc.		396,900			19,047,231
Pall Corp.		26,000			941,200
Stanley Works (The)	†	278,500			14,345,535
					48,647,778
Media—7.9%
Cablevision Systems Corp., Class A		137,200			3,542,504
DIRECTV, Class A	*†	1,667,276			55,603,655
McGraw-Hill Cos., Inc. (The)	†	163,800			5,488,938
New York Times Co. (The), Class A	*	208,200			2,573,352
Time Warner, Inc.	†	223,033			6,499,182
Walt Disney Co. (The)		1,376,200			44,382,450
WPP plc (United Kingdom)		142,900			1,397,605
					119,487,686
Metals & Mining—0.5%
Alcoa, Inc.	†	133,900			2,158,468
Nucor Corp.	†	112,400			5,243,460
					7,401,928
Multiline Retail—0.5%
J.C. Penney Co., Inc.	†	200,300			5,329,983
Macy’s, Inc.	†	93,700			1,570,412
					6,900,395
Multi-Utilities—2.0%
CenterPoint Energy, Inc.		66,600			966,366
Dominion Resources, Inc.		267,000			10,391,640
NiSource, Inc.	†	265,700			4,086,466
PG&E Corp.		68,700			3,067,455
Sempra Energy	†	133,800			7,490,124
TECO Energy, Inc.		65,900			1,068,898
Xcel Energy, Inc.		172,600			3,662,572
					30,733,521
Oil, Gas & Consumable Fuels—11.8%
Anadarko Petroleum Corp.		55,000			3,433,100
BP plc ADR (United Kingdom)	†	106,298			6,162,095
Cenovus Energy, Inc. (Canada)		57,100			1,438,920
Chesapeake Energy Corp.		1,559,000			40,346,920
Chevron Corp.		167,658			12,907,990
ConocoPhillips	†	314,800			16,076,836
Consol Energy, Inc.		9,800			488,040
EnCana Corp. (Canada)		102,300			3,313,497
Exxon Mobil Corp.		167,560			11,425,916
Marathon Oil Corp.		364,600			11,382,812
Murphy Oil Corp.		95,300			5,165,260
Occidental Petroleum Corp.		244,300			19,873,805
Pioneer Natural Resources Co.	†	527,000			25,385,590

See accompanying notes to financial statements.

231

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Equity Income Fund

				Shares	Value
COMMON STOCKS—(Continued)
Royal Dutch Shell plc, Class A ADR (Netherlands)				159,481		$	9,586,403
Spectra Energy Corp.				454,912			9,330,245
Sunoco, Inc.		†		87,800			2,291,580
Williams Cos., Inc. (The)				48,800			1,028,704
							179,637,713
Paper & Forest Products—0.8%
International Paper Co.				250,500			6,708,390
MeadWestvaco Corp.				115,700			3,312,491
Weyerhaeuser Co.				42,700			1,842,078
							11,862,959
Pharmaceuticals—3.8%
Bristol-Myers Squibb Co.		†		688,700			17,389,675
Eli Lilly & Co.				120,600			4,306,626
Johnson & Johnson				212,800			13,706,448
Merck & Co., Inc.				157,600			5,758,704
Pfizer, Inc.				890,087			16,190,683
							57,352,136
Road & Rail—0.8%
Burlington Northern Santa Fe Corp.				128,400			12,662,808
Semiconductors & Semiconductor Equipment—1.9%
Analog Devices, Inc.				148,600			4,692,788
Applied Materials, Inc.				775,300			10,807,682
Intel Corp.				637,100			12,996,840
Texas Instruments, Inc.				25,000			651,500
							29,148,810
Software—3.2%
Electronic Arts, Inc.		*		106,000			1,881,500
Microsoft Corp.				701,000			21,373,490
Symantec Corp.		*		1,387,000			24,813,430
							48,068,420
Specialty Retail—1.7%
Bed Bath & Beyond, Inc.		*†		138,800			5,361,844
Home Depot, Inc.				584,600			16,912,478
Tiffany & Co.				66,500			2,859,500
							25,133,822
Tobacco—1.7%
Altria Group, Inc.				243,300			4,775,979
Imperial Tobacco Group plc ADR (United Kingdom)				189,700			12,023,186
Philip Morris International, Inc.				197,300			9,507,887
							26,307,052
Wireless Telecommunication Services—0.2%
Sprint Nextel Corp.		*		294,200			1,076,772
Vodafone Group plc (United Kingdom)				845,200			1,957,241
							3,034,013
TOTAL COMMON STOCKS
(Cost $1,321,931,028)							1,386,772,971
Coupon Rate	Maturity Date		Face			Value
CONVERTIBLE DEBT OBLIGATIONS—0.2%
Automobiles—0.2%
Ford Motor Co.
4.250%	12/15/2036
(Cost $589,141)			$	2,112,000		$	2,676,960
				Shares			Value
CASH EQUIVALENTS—20.5%
Institutional Money Market Funds—20.5%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class				125,708,264			125,708,264
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		††		37,118,867			37,118,867
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class		††		38,000,000			38,000,000
Short-Term Investments Trust Liquid Assets Portfolio		††		34,000,000			34,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class		††		37,777,560			37,777,560
Wells Fargo Advantage Heritage Money Market Fund—Select Class		††		38,000,000			38,000,000
TOTAL CASH EQUIVALENTS
(Cost $310,604,691)							310,604,691
TOTAL INVESTMENTS—112.1%
(Cost $1,633,124,860)							1,700,054,622
Other assets less liabilities—(12.1%)							(183,855,991	)
NET ASSETS—100.0%						$	1,516,198,631

 

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

 

See accompanying notes to financial statements.

232

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—96.6%
Aerospace & Defense—1.0%
Boeing Co. (The)		80,500	$	4,357,465
Goodrich Corp.		19,900		1,278,575
Precision Castparts Corp.		23,800		2,626,330
United Technologies Corp.		29,400		2,040,654
				10,303,024
Air Freight & Logistics—1.4%
Expeditors International of Washington, Inc.		24,100		836,993
United Parcel Service, Inc., Class B		232,000		13,309,840
				14,146,833
Airlines—0.3%
Delta Air Lines, Inc.	*†	235,800		2,683,404
Automobiles—0.4%
Ford Motor Co.	*†	368,000		3,680,000
Beverages—2.5%
Coca-Cola Co. (The)		1,600		91,200
Diageo plc ADR (United Kingdom)		214,500		14,888,445
Molson Coors Brewing Co., Class B		78,500		3,545,060
PepsiCo, Inc.		118,100		7,180,480
				25,705,185
Biotechnology—1.5%
Amgen, Inc.	*	74,800		4,231,436
Celgene Corp.	*	79,700		4,437,696
Gilead Sciences, Inc.	*	120,900		5,232,552
Vertex Pharmaceuticals, Inc.	*	26,800		1,148,380
				15,050,064
Capital Markets—5.9%
Ameriprise Financial, Inc.		139,400		5,411,508
Bank of New York Mellon Corp. (The)		723,618		20,239,596
BlackRock, Inc.	†	3,000		696,600
Charles Schwab Corp. (The)		120,900		2,275,338
Credit Suisse Group AG (Registered) (Switzerland)		6,325		313,349
Franklin Resources, Inc.		64,100		6,752,935
Goldman Sachs Group, Inc. (The)		81,600		13,777,344
Invesco Ltd.		55,500		1,303,695
Morgan Stanley		93,700		2,773,520
Northern Trust Corp.		32,600		1,708,240
State Street Corp.		36,300		1,580,502
TD Ameritrade Holding Corp.	*	20,900		405,042
UBS AG (Switzerland)	*	200,400		3,108,204
				60,345,873
Chemicals—1.6%
Dow Chemical Co. (The)		132,900		3,672,027
Ecolab, Inc.		1,300		57,954
Monsanto Co.		26,100		2,133,675
Mosaic Co. (The)		103,300		6,170,109
Praxair, Inc.		50,100		4,023,531
				16,057,296
Commercial Banks—2.8%
PNC Financial Services Group, Inc.		154,500	$	8,156,055
U.S. Bancorp		93,700		2,109,187
Wells Fargo & Co.		664,100		17,924,059
				28,189,301
Commercial Services & Supplies—1.6%
Cintas Corp.		474,000		12,347,700
Republic Services, Inc.		137,900		3,903,949
				16,251,649
Communications Equipment—2.0%
Cisco Systems, Inc.	*	368,600		8,824,284
Juniper Networks, Inc.	*†	183,000		4,880,610
QUALCOMM, Inc.		145,100		6,712,326
				20,417,220
Computers & Peripherals—2.9%
Apple, Inc.	*	96,800		20,411,248
EMC Corp.	*	45,600		796,632
Hewlett-Packard Co.		104,500		5,382,795
International Business Machines Corp.		25,100		3,285,590
				29,876,265
Consumer Finance—1.3%
American Express Co.		330,700		13,399,964
Containers & Packaging—0.4%
Rexam plc ADR (United Kingdom)	†	166,700		3,965,793
Diversified Consumer Services—0.0%
Apollo Group, Inc., Class A	*	8,400		508,872
Diversified Financial Services—2.6%
Bank of America Corp.		380,800		5,734,848
CME Group, Inc.		800		268,760
IntercontinentalExchange, Inc.	*	22,600		2,537,980
JPMorgan Chase & Co.		436,108		18,172,620
				26,714,208
Diversified Telecommunication Services—1.1%
AT&T, Inc.		283,206		7,938,264
Verizon Communications, Inc.		92,100		3,051,273
				10,989,537
Electric Utilities—1.0%
Edison International		93,700		3,258,886
Entergy Corp.		49,300		4,034,712
Exelon Corp.		55,600		2,717,172
				10,010,770
Electrical Equipment—1.2%
First Solar, Inc.	*†	3,300		446,820
Rockwell Automation, Inc.	†	244,800		11,500,704
				11,947,524
Electronic Equipment, Instruments & Components—1.4%
Tyco Electronics Ltd. (Switzerland)	†	568,000		13,944,400

See accompanying notes to financial statements.

233

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
Energy Equipment & Services—2.5%
Baker Hughes, Inc.	†	143,900	$	5,825,072
Cameron International Corp.	*	45,600		1,906,080
FMC Technologies, Inc.	*	34,500		1,995,480
Schlumberger Ltd.		217,900		14,183,111
Smith International, Inc.		81,600		2,217,072
				26,126,815
Food & Staples Retailing—4.0%
Costco Wholesale Corp.		2,200		130,174
CVS Caremark Corp.		151,786		4,889,027
Sysco Corp.		629,825		17,597,310
Walgreen Co.		5,400		198,288
Wal-Mart Stores, Inc.		344,775		18,428,224
				41,243,023
Food Products—2.5%
Dean Foods Co.	*	209,700		3,782,988
General Mills, Inc.		67,700		4,793,837
Kellogg Co.		5,800		308,560
Nestle SA ADR (Switzerland)	†	354,875		17,158,206
				26,043,591
Health Care Equipment & Supplies—4.3%
Alcon, Inc. (Switzerland)		2,100		345,135
Baxter International, Inc.		13,100		768,708
CareFusion Corp.	*	247,100		6,179,971
Covidien plc (Ireland)		332,600		15,928,214
DENTSPLY International, Inc.		342,975		12,062,431
Intuitive Surgical, Inc.	*	8,100		2,456,892
Medtronic, Inc.		6,500		285,870
St. Jude Medical, Inc.	*	31,100		1,143,858
Stryker Corp.		28,000		1,410,360
Zimmer Holdings, Inc.	*	65,300		3,859,883
				44,441,322
Health Care Providers & Services—3.1%
Cardinal Health, Inc.		270,000		8,704,800
Express Scripts, Inc.	*	71,900		6,215,755
McKesson Corp.		65,300		4,081,250
Medco Health Solutions, Inc.	*	140,500		8,979,355
UnitedHealth Group, Inc.		122,400		3,730,752
WellPoint, Inc.	*	800		46,632
				31,758,544
Health Care Technology—0.1%
Cerner Corp.	*†	14,600		1,203,624
Hotels, Restaurants & Leisure—1.8%
Carnival Corp.	*	49,100		1,555,979
Marriott International, Inc., Class A	†	100,572		2,740,587
McDonald’s Corp.		128,900		8,048,516
Starbucks Corp.	*	146,100		3,369,066
Wynn Macau Ltd. (Macau)	*	321,600		396,120
Wynn Resorts Ltd.		8,400		489,132
Yum! Brands, Inc.		60,200		2,105,194
				18,704,594
Household Products—1.4%
Kimberly-Clark Corp.		201,000		12,805,710
Procter & Gamble Co. (The)		28,175		1,708,250
				14,513,960
Industrial Conglomerates—4.8%
3M Co.		243,125	$	20,099,144
General Electric Co.		648,300		9,808,779
McDermott International, Inc.	*	45,700		1,097,257
Textron, Inc.	†	255,200		4,800,312
Tyco International Ltd. (Switzerland)	*	380,000		13,558,400
				49,363,892
Insurance—2.8%
ACE Ltd. (Switzerland)	*	88,800		4,475,520
AON Corp.		72,800		2,791,152
Berkshire Hathaway, Inc., Class B	*†	4,300		14,129,800
Principal Financial Group, Inc.	†	127,000		3,053,080
Prudential Financial, Inc.		1,300		64,688
Unum Group		202,100		3,944,992
				28,459,232
Internet & Catalog Retail—1.7%
Amazon.com, Inc.	*	101,300		13,626,876
Expedia, Inc.	*	76,600		1,969,386
priceline.com, Inc.	*	10,100		2,206,850
				17,803,112
Internet Software & Services—2.2%
eBay, Inc.	*	300		7,062
Google, Inc., Class A	*	28,900		17,917,422
Tencent Holdings Ltd. (China)	†	203,300		4,396,915
VeriSign, Inc.	*†	3,300		79,992
				22,401,391
IT Services—4.5%
Accenture plc, Class A (Ireland)		416,675		17,292,013
Automatic Data Processing, Inc.		325,900		13,955,038
Fiserv, Inc.	*	41,300		2,002,224
Mastercard, Inc., Class A	†	20,200		5,170,796
Visa, Inc., Class A	†	60,300		5,273,838
Western Union Co. (The)		113,700		2,143,245
				45,837,154
Leisure Equipment & Products—0.4%
Mattel, Inc.		226,000		4,515,480
Life Sciences Tools & Services—0.0%
Life Technologies Corp.	*	3,300		172,359
Machinery—2.7%
Cummins, Inc.		65,100		2,985,486
Danaher Corp.		130,600		9,821,120
Ingersoll-Rand plc (Ireland)		182,800		6,533,272
PACCAR, Inc.	†	93,300		3,383,991
Stanley Works (The)	†	95,500		4,919,205
				27,643,074
Media—4.2%
Comcast Corp., Class A		431,700		7,278,462
Discovery Communications, Inc., Series A	*†	68,650		2,105,495
Discovery Communications, Inc., Series C	*	77,450		2,053,974
McGraw-Hill Cos., Inc. (The)		402,100		13,474,371
Time Warner, Inc.		535,483		15,603,975
Walt Disney Co. (The)		84,000		2,709,000
				43,225,277

See accompanying notes to financial statements.

234

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Growth &
Income Fund

			Shares		Value
COMMON STOCKS—(Continued)
Metals & Mining—0.9%
Cliffs Natural Resources, Inc.		†	81,400	$	3,751,726
Freeport-McMoRan Copper & Gold, Inc.		*	8,200		658,378
Steel Dynamics, Inc.			250,800		4,444,176
	��				8,854,280
Multiline Retail—1.0%
Dollar Tree, Inc.		*	9,800		473,340
Kohl’s Corp.		*	79,700		4,298,221
Target Corp.			105,300		5,093,361
					9,864,922
Oil, Gas & Consumable Fuels—5.0%
BP plc ADR (United Kingdom)		†	284,000		16,463,480
ConocoPhillips			179,700		9,177,279
EOG Resources, Inc.			50,200		4,884,460
Exxon Mobil Corp.			1,600		109,104
Hess Corp.			72,600		4,392,300
Marathon Oil Corp.			168,000		5,244,960
Occidental Petroleum Corp.			65,000		5,287,750
Petroleo Brasileiro SA ADR (Brazil)			19,900		843,561
Southwestern Energy Co.		*	55,100		2,655,820
Suncor Energy, Inc. (Canada)			55,400		1,956,174
					51,014,888
Pharmaceuticals—4.4%
Abbott Laboratories			94,000		5,075,060
Allergan, Inc.			72,900		4,593,429
Johnson & Johnson			73,800		4,753,458
Merck & Co., Inc.			273,040		9,976,882
Pfizer, Inc.			686,600		12,489,254
Shire plc ADR (Ireland)		†	15,400		903,980
Teva Pharmaceutical Industries Ltd. ADR (Israel)			122,000		6,853,960
					44,646,023
Road & Rail—0.1%
Union Pacific Corp.			12,100		773,190
Semiconductors & Semiconductor Equipment—3.0%
Altera Corp.		†	67,600		1,529,788
Broadcom Corp., Class A		*	89,700		2,821,065
Intel Corp.			377,300		7,696,920
Marvell Technology Group Ltd. (Bermuda)		*	270,100		5,604,575
Maxim Integrated Products, Inc.		†	110,400		2,241,120
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)			318,900		3,648,216
Texas Instruments, Inc.			154,800		4,034,088
Xilinx, Inc.			143,400		3,593,604
					31,169,376
Software—2.0%
Adobe Systems, Inc.		*	12,200		448,716
Autodesk, Inc.		*	29,100		739,431
Electronic Arts, Inc.		*	15,300		271,575
Intuit, Inc.		*†	12,900		396,159
McAfee, Inc.		*	75,600	$	3,067,092
Microsoft Corp.			512,000		15,610,880
Salesforce.com, Inc.		*†	3,300		243,441
					20,777,294
Specialty Retail—1.9%
Bed Bath & Beyond, Inc.		*	81,600		3,152,208
CarMax, Inc.		*†	11,100		269,175
Gap, Inc. (The)			39,200		821,240
Home Depot, Inc.			121,700		3,520,781
Lowe’s Cos., Inc.			104,500		2,444,255
O’Reilly Automotive, Inc.		*	35,400		1,349,448
Sherwin-Williams Co. (The)		†	68,900		4,247,685
Staples, Inc.			147,100		3,617,189
					19,421,981
Textiles, Apparel & Luxury Goods—0.1%
NIKE, Inc., Class B			17,000		1,123,190
Tobacco—0.7%
Lorillard, Inc.			40,200		3,225,246
Philip Morris International, Inc.			83,800		4,038,322
					7,263,568
Trading Companies & Distributors—1.0%
Fastenal Co.		†	17,700		737,028
W.W. Grainger, Inc.		†	99,600		9,644,268
					10,381,296
Wireless Telecommunication Services—0.6%
American Tower Corp., Class A		*	140,500		6,071,005
TOTAL COMMON STOCKS
(Cost $825,999,942)					989,004,639
CONVERTIBLE PREFERRED STOCKS—0.4%
Diversified Financial Services—0.4%
Bank of America Corp., Perpetual 10.000%		#
(Cost $3,933,000)			262,200		3,912,024
CASH EQUIVALENTS—10.9%
Institutional Money Market Funds—10.9%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class			28,922,170		28,922,170
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		††	11,227,677		11,227,677
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class		††	19,000,000		19,000,000
Short-Term Investments Trust Liquid Assets Portfolio		††	16,000,000		16,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class		††	18,024,095		18,024,095

See accompanying notes to financial statements.

235

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Growth &
Income Fund

		Shares		Value
CASH EQUIVALENTS—(Continued)
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††	18,000,000	$	18,000,000
TOTAL CASH EQUIVALENTS
(Cost $111,173,942)				111,173,942
TOTAL INVESTMENTS—107.9%
(Cost $941,106,884)				1,104,090,605
Other assets less liabilities—(7.9%)				(80,455,005	)
NET ASSETS—100.0%			$	1,023,635,600

 

Notes to the Schedule of Investments:
ADR	American Depositary Receipt
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
#	Rate is subject to change. Rate shown reflects current rate.
††	Represents reinvestment of collateral received in conjunction with securities lending.

 

See accompanying notes to financial statements.

236

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint
Growth Fund

		Shares		Value
COMMON STOCKS—97.2%
Aerospace & Defense—2.4%
Goodrich Corp.		347,968	$	22,356,944
ITT Corp.		181,500		9,027,810
United Technologies Corp.		165,000		11,452,650
				42,837,404
Air Freight & Logistics—1.1%
Expeditors International of Washington, Inc.	†	250,500		8,699,865
FedEx Corp.		35,000		2,920,750
United Parcel Service, Inc., Class B		151,300		8,680,081
				20,300,696
Auto Components—0.1%
Lear Corp.	*	28,700		1,941,268
Automobiles—0.6%
Ford Motor Co.	*†	1,050,712		10,507,120
Beverages—6.3%
Anheuser-Busch InBev NV ADR (Belgium)	*†	65,000		3,381,950
Coca-Cola Co. (The)		638,500		36,394,500
Diageo plc ADR (United Kingdom)		91,210		6,330,886
Dr. Pepper Snapple Group, Inc.		103,000		2,914,900
Hansen Natural Corp.	*	93,953		3,607,795
PepsiCo, Inc.		1,001,600		60,897,280
				113,527,311
Biotechnology—2.3%
Amgen, Inc.	*	164,400		9,300,108
Celgene Corp.	*	255,350		14,217,888
Genzyme Corp.	*	191,200		9,370,712
Gilead Sciences, Inc.	*	213,850		9,255,428
				42,144,136
Capital Markets—1.9%
Goldman Sachs Group, Inc. (The)		161,170		27,211,943
Morgan Stanley		227,500		6,734,000
				33,945,943
Chemicals—3.5%
Dow Chemical Co. (The)		106,300		2,937,069
Monsanto Co.		104,400		8,534,700
Mosaic Co. (The)		230,810		13,786,281
Nalco Holding Co.		408,518		10,421,294
Potash Corp. of Saskatchewan, Inc. (Canada)		54,480		5,911,080
Praxair, Inc.		138,140		11,094,024
Syngenta AG ADR (Switzerland)		190,900		10,741,943
				63,426,391
Commercial Banks—2.1%
Banco Bradesco SA ADR (Brazil)	†	379,200		8,293,104
SunTrust Banks, Inc.		94,986		1,927,266
Wells Fargo & Co.		1,033,100		27,883,369
				38,103,739
Communications Equipment—4.5%
Cisco Systems, Inc.	*	1,602,775	$	38,370,434
Nokia Oyj ADR (Finland)	†	1,068,500		13,730,225
QUALCOMM, Inc.		634,350		29,345,031
				81,445,690
Computers & Peripherals—8.0%
Apple, Inc.	*	268,210		56,554,761
EMC Corp.	*	1,253,800		21,903,886
Hewlett-Packard Co.		327,450		16,866,949
International Business Machines Corp.		381,560		49,946,204
Netezza Corp.	*†	91,700		889,490
				146,161,290
Construction & Engineering—0.6%
Quanta Services, Inc.	*†	514,700		10,726,348
Construction Materials—0.2%
Martin Marietta Materials, Inc.	†	1,610		143,950
Vulcan Materials Co.	†	55,300		2,912,651
				3,056,601
Consumer Finance—2.0%
American Express Co.		744,100		30,150,932
Capital One Financial Corp.		164,857		6,320,617
				36,471,549
Diversified Consumer Services—0.2%
Apollo Group, Inc., Class A	*	49,400		2,992,652
Diversified Financial Services—1.1%
Bank of America Corp.		665,522		10,022,761
CME Group, Inc.		27,780		9,332,691
				19,355,452
Electrical Equipment—0.8%
ABB Ltd. ADR (Switzerland)	*	101,900		1,946,290
Emerson Electric Co.		280,750		11,959,950
				13,906,240
Electronic Equipment, Instruments & Components—1.0%
Amphenol Corp., Class A	†	135,134		6,240,488
Corning, Inc.		593,500		11,460,485
				17,700,973
Energy Equipment & Services—4.2%
Baker Hughes, Inc.		23,800		963,424
Ensco International plc ADR (United Kingdom)		91,900		3,670,486
Halliburton Co.		771,450		23,212,931
National Oilwell Varco, Inc.		289,800		12,777,282
Schlumberger Ltd.		216,700		14,105,003
Transocean Ltd. (Switzerland)	*	132,900		11,004,120
Weatherford International Ltd. (Switzerland)	*	585,450		10,485,409
				76,218,655
Food & Staples Retailing—3.4%
Costco Wholesale Corp.	†	145,400		8,603,318
CVS Caremark Corp.		342,450		11,030,315
Kroger Co. (The)		85,100		1,747,103
Wal-Mart Stores, Inc.		676,700		36,169,615
Whole Foods Market, Inc.	*†	126,600		3,475,170
				61,025,521

See accompanying notes to financial statements.

237

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Growth Fund

		Shares		Value
COMMON STOCKS—(Continued)
Food Products—0.4%
Bunge Ltd.	†	46,860	$	2,991,074
Kraft Foods, Inc., Class A		184,500		5,014,710
				8,005,784
Health Care Equipment & Supplies—3.1%
Covidien plc (Ireland)		244,750		11,721,078
Intuitive Surgical, Inc.	*	26,500		8,037,980
Medtronic, Inc.		452,100		19,883,358
Stryker Corp.	†	334,800		16,863,876
				56,506,292
Health Care Providers & Services—0.4%
McKesson Corp.		62,200		3,887,500
UnitedHealth Group, Inc.		90,700		2,764,536
				6,652,036
Hotels, Restaurants & Leisure—1.4%
International Game Technology	†	185,900		3,489,343
Las Vegas Sands Corp.	*†	462,645		6,911,916
Starbucks Corp.	*	203,400		4,690,404
Yum! Brands, Inc.	†	292,300		10,221,731
				25,313,394
Household Products—2.4%
Procter & Gamble Co. (The)		730,250		44,275,058
Industrial Conglomerates—1.3%
3M Co.		194,400		16,071,048
General Electric Co.		548,900		8,304,857
				24,375,905
Insurance—1.9%
ACE Ltd. (Switzerland)	*	96,300		4,853,520
Aflac, Inc.		295,500		13,666,875
Berkshire Hathaway, Inc., Class B	*†	4,515		14,836,290
Marsh & McLennan Cos., Inc.		66,800		1,474,944
				34,831,629
Internet & Catalog Retail—2.5%
Amazon.com, Inc.	*	288,600		38,822,472
priceline.com, Inc.	*	32,800		7,166,800
				45,989,272
Internet Software & Services—5.0%
eBay, Inc.	*	245,500		5,779,070
Equinix, Inc.	*†	11,944		1,267,855
Google, Inc., Class A	*	88,800		55,054,224
Rackspace Hosting, Inc.	*†	665,354		13,872,631
Yahoo! Inc.	*	894,400		15,008,032
				90,981,812
IT Services—4.8%
Accenture plc, Class A (Ireland)		240,800		9,993,200
Automatic Data Processing, Inc.	†	604,000		25,863,280
Cognizant Technology Solutions Corp., Class A	*	66,600		3,016,980
Mastercard, Inc., Class A	†	54,350		13,912,513
Paychex, Inc.	†	489,700		15,004,408
Visa, Inc., Class A	†	229,400		20,063,324
				87,853,705
Life Sciences Tools & Services—1.5%
Illumina, Inc.	*†	175,800	$	5,388,270
Life Technologies Corp.	*	61,800		3,227,814
Thermo Fisher Scientific, Inc.	*	398,100		18,985,389
				27,601,473
Machinery—0.7%
Caterpillar, Inc.		61,800		3,521,982
Danaher Corp.		129,600		9,745,920
				13,267,902
Media—2.0%
DIRECTV, Class A	*†	58,400		1,947,640
Viacom, Inc., Class B	*	255,750		7,603,447
Walt Disney Co. (The)	†	832,700		26,854,575
				36,405,662
Metals & Mining—2.1%
BHP Billiton Ltd. ADR (Australia)	†	50,520		3,868,822
Cliffs Natural Resources, Inc.	†	88,200		4,065,138
Freeport-McMoRan Copper & Gold, Inc.	*	127,110		10,205,662
Goldcorp, Inc. (Canada)	†	162,050		6,375,047
Newmont Mining Corp.		179,700		8,501,607
United States Steel Corp.	†	46,500		2,563,080
Xstrata plc ADR (Switzerland)	*	862,100		3,146,665
				38,726,021
Multiline Retail—1.5%
Kohl’s Corp.	*	314,100		16,939,413
Target Corp.		222,150		10,745,396
				27,684,809
Oil, Gas & Consumable Fuels—2.7%
Anadarko Petroleum Corp.		43,740		2,730,251
Chesapeake Energy Corp.		407,400		10,543,512
ConocoPhillips		103,500		5,285,745
Exxon Mobil Corp.		70,140		4,782,847
Noble Energy, Inc.		43,200		3,076,704
Occidental Petroleum Corp.		111,530		9,072,965
Suncor Energy, Inc. (Canada)		376,950		13,310,104
				48,802,128
Personal Products—1.1%
Avon Products, Inc.	†	306,600		9,657,900
Estee Lauder Cos., Inc. (The), Class A		106,003		5,126,305
Mead Johnson Nutrition Co., Class A	†	100,900		4,409,330
				19,193,535
Pharmaceuticals—5.1%
Allergan, Inc.		281,000		17,705,810
Elan Corp. plc ADR (Ireland)	*	881,900		5,749,988
Johnson & Johnson		386,300		24,881,583
Merck & Co., Inc.		155,100		5,667,354
Mylan, Inc.	*†	342,300		6,308,589
Pfizer, Inc.		320,400		5,828,076
Roche Holding AG ADR (Switzerland)		94,500		3,987,900
Teva Pharmaceutical Industries Ltd. ADR (Israel)		236,950		13,311,851
Warner Chilcott plc, Class A (Ireland)	*	316,267		9,004,121
				92,445,272

See accompanying notes to financial statements.

238

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Growth Fund

			Shares		Value
COMMON STOCKS—(Continued)
Professional Services—0.1%
Verisk Analytics, Inc., Class A	*		64,600	$	1,956,088
Semiconductors & Semiconductor Equipment—1.9%
Broadcom Corp., Class A	*		303,500		9,545,075
Intel Corp.		��	482,500		9,843,000
Marvell Technology Group Ltd. (Bermuda)	*†		434,300		9,011,725
NVIDIA Corp.	*†		285,017		5,324,118
					33,723,918
Software—6.1%
Autodesk, Inc.	*		457,600		11,627,616
Check Point Software Technologies (Israel)	*†		230,250		7,800,870
Microsoft Corp.			2,029,250		61,871,833
Oracle Corp.			769,400		18,881,076
Red Hat, Inc.	*		364,231		11,254,738
					111,436,133
Specialty Retail—2.3%
Bed Bath & Beyond, Inc.	*		130,900		5,056,667
Best Buy Co., Inc.			211,800		8,357,628
Gap, Inc. (The)			157,400		3,297,530
Home Depot, Inc.			199,000		5,757,070
Lowe’s Cos., Inc.	†		829,800		19,409,022
					41,877,917
Textiles, Apparel & Luxury Goods—0.6%
NIKE, Inc., Class B			170,300		11,251,721
TOTAL COMMON STOCKS
(Cost $1,523,458,550)					1,764,952,445
CASH EQUIVALENTS—13.7%
Institutional Money Market Funds—13.7%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class			52,575,483		52,575,483
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††		35,438,138		35,438,138
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class	††		43,000,000		43,000,000
Short-Term Investments Trust Liquid Assets Portfolio	††		35,000,000		35,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††		41,703,635		41,703,635
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††		40,400,000		40,400,000
TOTAL CASH EQUIVALENTS
(Cost $248,117,256)					248,117,256
TOTAL INVESTMENTS—110.9%
(Cost $1,771,575,806)					2,013,069,701
Other assets less liabilities—(10.9%)					(198,537,201	)
NET ASSETS—100.0%				$	1,814,532,500

 

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

 

See accompanying notes to financial statements.

239

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint
Select Value Fund

		Shares		Value
COMMON STOCKS—92.9%
Aerospace & Defense—2.7%
Esterline Technologies Corp.	*	8,400	$	342,468
ITT Corp.		16,775		834,389
L-3 Communications Holdings, Inc.		24,100		2,095,495
Rockwell Collins, Inc.		34,700		1,920,992
TransDigm Group, Inc.	†	59,719		2,836,055
				8,029,399
Auto Components—1.4%
Autoliv, Inc. (Sweden)	†	26,950		1,168,552
BorgWarner, Inc.	†	89,100		2,959,902
				4,128,454
Beverages—0.2%
Dr. Pepper Snapple Group, Inc.		20,700		585,810
Building Products—0.2%
Owens Corning, Inc.	*	27,100		694,844
Capital Markets—1.4%
Ameriprise Financial, Inc.		57,300		2,224,386
Stifel Financial Corp.	*†	32,050		1,898,642
				4,123,028
Chemicals—1.0%
Airgas, Inc.		28,000		1,332,800
Celanese Corp., Class A		23,950		768,795
Eastman Chemical Co.		14,500		873,480
				2,975,075
Commercial Banks—1.8%
Bank of Hawaii Corp.	†	59,800		2,814,188
Fulton Financial Corp.		135,400		1,180,688
Prosperity Bancshares, Inc.	†	30,000		1,214,100
				5,208,976
Commercial Services & Supplies—2.7%
Cintas Corp.		66,200		1,724,510
R.R. Donnelley & Sons Co.		176,113		3,922,037
Steelcase, Inc., Class A	†	309,600		1,969,056
United Stationers, Inc.	*†	8,250		469,012
				8,084,615
Communications Equipment—1.1%
Comtech Telecommunications Corp.	*†	57,100		2,001,355
JDS Uniphase Corp.	*	142,750		1,177,687
				3,179,042
Computers & Peripherals—0.9%
Seagate Technology (Cayman Islands)		38,700		703,953
Teradata Corp.	*	35,000		1,100,050
Western Digital Corp.	*	16,200		715,230
				2,519,233
Construction & Engineering—0.3%
Fluor Corp.		22,300		1,004,392
Consumer Finance—0.7%
Discover Financial Services		131,150		1,929,216
Student Loan Corp. (The)	†	5,803		270,246
				2,199,462
Containers & Packaging—2.4%
AptarGroup, Inc.		51,000	$	1,822,740
Sonoco Products Co.		126,400		3,697,200
Temple-Inland, Inc.		75,700		1,598,027
				7,117,967
Diversified Consumer Services—0.6%
H&R Block, Inc.	†	80,100		1,811,862
Diversified Telecommunication Services—0.5%
Qwest Communications International, Inc.		340,200		1,432,242
Electric Utilities—2.3%
American Electric Power Co., Inc.		56,900		1,979,551
NV Energy, Inc.		43,400		537,292
Pinnacle West Capital Corp.		76,900		2,813,002
PPL Corp.		45,600		1,473,336
				6,803,181
Electrical Equipment—1.8%
Acuity Brands, Inc.	†	45,400		1,618,056
Cooper Industries plc		38,200		1,628,848
Hubbell, Inc., Class B		42,000		1,986,600
				5,233,504
Electronic Equipment, Instruments & Components—2.9%
Arrow Electronics, Inc.	*	64,000		1,895,040
Avnet, Inc.	*	75,300		2,271,048
Ingram Micro, Inc., Class A	*	127,700		2,228,365
Tyco Electronics Ltd. (Switzerland)		87,200		2,140,760
				8,535,213
Energy Equipment & Services—2.8%
Nabors Industries Ltd. (Bermuda)	*	111,300		2,436,357
Noble Corp. (Switzerland)		108,200		4,403,740
Oil States International, Inc.	*	24,775		973,410
Pride International, Inc.	*†	17,700		564,807
				8,378,314
Food & Staples Retailing—1.8%
Kroger Co. (The)		96,600		1,983,198
Ruddick Corp.	†	70,171		1,805,500
Sysco Corp.		56,400		1,575,816
				5,364,514
Food Products—2.6%
Campbell Soup Co.		43,600		1,473,680
H.J. Heinz Co.		35,500		1,517,980
J.M. Smucker Co. (The)		29,050		1,793,838
Sara Lee Corp.		230,800		2,811,144
				7,596,642
Gas Utilities—1.6%
Energen Corp.		41,100		1,923,480
Questar Corp.		69,350		2,882,879
				4,806,359
Health Care Equipment & Supplies—1.6%
Beckman Coulter, Inc.		43,189		2,826,288
Stryker Corp.		40,400		2,034,948
				4,861,236

See accompanying notes to financial statements.

240

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Select Value Fund

		Shares		Value
COMMON STOCKS—(Continued)
Health Care Providers & Services—3.3%
Cardinal Health, Inc.		28,500	$	918,840
CIGNA Corp.		161,855		5,708,626
Health Management Associates, Inc., Class A	*	269,100		1,956,357
Healthsouth Corp.	*†	68,150		1,279,175
				9,862,998
Hotels, Restaurants & Leisure—2.1%
Burger King Holdings, Inc.		91,700		1,725,794
Carnival Corp.	*	10,600		335,914
Darden Restaurants, Inc.		56,100		1,967,427
Wyndham Worldwide Corp.		109,400		2,206,598
				6,235,733
Household Durables—1.6%
Fortune Brands, Inc.		26,600		1,149,120
Jarden Corp.		43,500		1,344,585
Mohawk Industries, Inc.	*	27,100		1,289,960
Newell Rubbermaid, Inc.	†	62,200		933,622
				4,717,287
Independent Power Producers & Energy Traders—0.6%
AES Corp. (The)	*	138,300		1,840,773
Industrial Conglomerates—0.8%
Carlisle Cos., Inc.		45,343		1,553,451
Textron, Inc.	†	42,200		793,782
				2,347,233
Insurance—11.9%
Alleghany Corp.	*†	9,396		2,593,296
Allied World Assurance Co. Holdings Ltd. (Bermuda)		33,500		1,543,345
Allstate Corp. (The)		192,000		5,767,680
Arch Capital Group Ltd. (Bermuda)	*†	75,550		5,405,602
Brown & Brown, Inc.	†	67,800		1,218,366
Endurance Specialty Holdings Ltd. (Bermuda)		53,600		1,995,528
Fidelity National Financial, Inc., Class A		147,500		1,985,350
HCC Insurance Holdings, Inc.	†	101,400		2,836,158
Lincoln National Corp.		150,560		3,745,933
Loews Corp.		34,850		1,266,798
Progressive Corp. (The)	*	91,200		1,640,688
Prudential Financial, Inc.		40,000		1,990,400
Unum Group		22,950		447,984
W.R. Berkley Corp.	†	54,500		1,342,880
XL Capital Ltd., Class A (Bermuda)		82,700		1,515,891
				35,295,899
IT Services—3.4%
Amdocs Ltd. (Guernsey, Channel Islands)	*	26,950		768,883
Computer Sciences Corp.	*	68,667		3,950,413
Hewitt Associates, Inc., Class A	*	49,900		2,108,774
SAIC, Inc.	*	87,200		1,651,568
Total System Services, Inc.	†	84,500		1,459,315
				9,938,953
Leisure Equipment & Products—0.6%
Mattel, Inc.		82,100		1,640,358
Life Sciences Tools & Services—0.7%
Covance, Inc.	*†	23,100	$	1,260,567
Life Technologies Corp.	*	17,575		917,942
				2,178,509
Machinery—2.6%
Dover Corp.		110,300		4,589,583
Ingersoll-Rand plc (Ireland)		53,400		1,908,516
Stanley Works (The)	†	25,250		1,300,628
				7,798,727
Marine—0.2%
Alexander & Baldwin, Inc.	†	20,600		705,138
Media—2.0%
Gannett Co., Inc.	†	74,650		1,108,553
Marvel Entertainment, Inc.	*	30,600		1,654,848
Omnicom Group, Inc.		51,700		2,024,055
Viacom, Inc., Class B	*	37,600		1,117,848
				5,905,304
Metals & Mining—0.6%
Cliffs Natural Resources, Inc.	†	25,050		1,154,554
Thompson Creek Metals Co., Inc. (Canada)	*†	58,950		690,894
				1,845,448
Multiline Retail—0.6%
Family Dollar Stores, Inc.		35,500		987,965
Kohl’s Corp.	*	15,700		846,701
				1,834,666
Multi-Utilities—3.4%
CMS Energy Corp.	†	136,700		2,140,722
DTE Energy Co.		29,200		1,272,828
NSTAR		20,250		745,200
OGE Energy Corp.		39,300		1,449,777
PG&E Corp.		63,000		2,812,950
SCANA Corp.		39,800		1,499,664
				9,921,141
Office Electronics—0.3%
Xerox Corp.		106,600		901,836
Oil, Gas & Consumable Fuels—3.6%
Alpha Natural Resources, Inc.	*	41,000		1,778,580
Cimarex Energy Co.	†	54,500		2,886,865
El Paso Corp.		100,650		989,389
EOG Resources, Inc.		10,700		1,041,110
Newfield Exploration Co.	*	50,050		2,413,912
Whiting Petroleum Corp.	*†	22,900		1,636,205
				10,746,061
Paper & Forest Products—0.2%
Schweitzer-Mauduit International, Inc.	†	9,150		643,703
Personal Products—0.6%
Bare Escentuals, Inc.	*	66,450		812,684
Nu Skin Enterprises, Inc., Class A		34,650		931,045
				1,743,729
Professional Services—2.1%
Dun & Bradstreet Corp.		19,700		1,662,089
Equifax, Inc.		65,100		2,010,939

See accompanying notes to financial statements.

241

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Select Value Fund

		Shares		Value
COMMON STOCKS—(Continued)
Manpower, Inc.		21,200	$	1,157,096
Robert Half International, Inc.	†	46,400		1,240,272
				6,070,396
Real Estate Investment Trusts (REITs)—5.1%
Annaly Capital Management, Inc. REIT		82,900		1,438,315
Boston Properties, Inc. REIT		18,875		1,265,946
Duke Realty Corp. REIT	†	324,132		3,944,686
Health Care REIT, Inc. REIT		9,950		440,984
Home Properties, Inc. REIT	†	15,200		725,192
Mack-Cali Realty Corp. REIT		23,150		800,296
Simon Property Group, Inc. REIT	†	79,346		6,331,811
				14,947,230
Road & Rail—1.5%
Ryder System, Inc.		36,400		1,498,588
Werner Enterprises, Inc.	†	149,200		2,952,668
				4,451,256
Semiconductors & Semiconductor Equipment—2.9%
Analog Devices, Inc.		45,300		1,430,574
Lam Research Corp.	*†	12,400		486,204
Microchip Technology, Inc.	†	97,700		2,839,162
Micron Technology, Inc.	*	150,800		1,592,448
National Semiconductor Corp.	†	112,200		1,723,392
Teradyne, Inc.	*	43,650		468,365
				8,540,145
Software—0.7%
Informatica Corp.	*†	15,750		407,295
Sybase, Inc.	*	21,700		941,780
Synopsys, Inc.	*	31,300		697,364
				2,046,439
Specialty Retail—0.4%
AutoZone, Inc.	*†	2,400		379,368
Guess?, Inc.		15,525		656,707
				1,036,075
Textiles, Apparel & Luxury Goods—1.8%
Phillips-Van Heusen Corp.		55,875		2,272,995
V.F. Corp.		41,200		3,017,488
				5,290,483
Thrifts & Mortgage Finance—1.4%
First Niagara Financial Group, Inc.		159,700		2,221,427
Hudson City Bancorp, Inc.		139,900		1,920,827
				4,142,254
Tobacco—0.4%
Reynolds American, Inc.		22,350		1,183,880
Trading Companies & Distributors—1.4%
GATX Corp.	†	39,300		1,129,875
United Rentals, Inc.	*†	190,066		1,864,547
W.W. Grainger, Inc.		10,200		987,666
				3,982,088
Water Utilities—0.3%
American Water Works Co., Inc.		42,200	$	945,702
Wireless Telecommunication Services—0.5%
NTELOS Holdings Corp.	†	80,200		1,429,164
TOTAL COMMON STOCKS
(Cost $238,292,737)				274,841,972
CASH EQUIVALENTS—19.2%
Institutional Money Market Funds—19.2%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		12,358,629		12,358,629
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††	6,342,204		6,342,204
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class	††	9,500,000		9,500,000
Short-Term Investments Trust Liquid Assets Portfolio	††	9,500,000		9,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††	9,528,267		9,528,267
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††	9,500,000		9,500,000
TOTAL CASH EQUIVALENTS
(Cost $56,729,100)				56,729,100
TOTAL INVESTMENTS—112.1%
(Cost $295,021,837)				331,571,072
Other assets less liabilities—(12.1%)				(35,770,883	)
NET ASSETS—100.0%			$	295,800,189

 

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

 

See accompanying notes to financial statements.

242

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—94.5%
Aerospace & Defense—1.1%
ITT Corp.		44,800	$	2,228,352
L-3 Communications Holdings, Inc.		48,700		4,234,465
Rockwell Collins, Inc.		88,600		4,904,896
				11,367,713
Air Freight & Logistics—1.0%
C.H. Robinson Worldwide, Inc.		52,600		3,089,198
FedEx Corp.		58,100		4,848,445
HUB Group, Inc., Class A	*	90,500		2,428,115
				10,365,758
Airlines—1.3%
Continental Airlines, Inc., Class B	*†	497,800		8,920,576
Delta Air Lines, Inc.	*†	353,300		4,020,554
				12,941,130
Automobiles—0.3%
Harley-Davidson, Inc.	†	131,400		3,311,280
Biotechnology—2.8%
Alexion Pharmaceuticals, Inc.	*	48,700		2,377,534
Alkermes, Inc.	*	466,049		4,385,521
Cephalon, Inc.	*†	72,200		4,506,002
Exelixis, Inc.	*†	315,800		2,327,446
Human Genome Sciences, Inc.	*†	193,400		5,918,040
Incyte Corp. Ltd.	*†	409,600		3,731,456
Pharmasset, Inc.	*	62,500		1,293,750
Regeneron Pharmaceuticals, Inc.	*	111,500		2,696,070
Seattle Genetics, Inc.	*	91,600		930,656
				28,166,475
Building Products—0.3%
Masco Corp.		218,500		3,017,485
Capital Markets—3.0%
Bank of New York Mellon Corp. (The)		173,000		4,838,810
Fortress Investment Group LLC, Class A	*†	879,900		3,915,555
Greenhill & Co., Inc.	†	25,200		2,022,048
Invesco Ltd.		211,100		4,958,739
Liberty Acquisition Holdings Corp.	*	65,600		642,880
Penson Worldwide, Inc.	*†	338,900		3,070,434
Riskmetrics Group, Inc.	*	166,750		2,652,992
SEI Investments Co.		319,700		5,601,144
TD Ameritrade Holding Corp.	*	131,900		2,556,222
				30,258,824
Chemicals—1.7%
Airgas, Inc.		64,700		3,079,720
Ecolab, Inc.		120,200		5,358,516
Intrepid Potash, Inc.	*†	70,800		2,065,236
Nalco Holding Co.		249,500		6,364,745
Senomyx, Inc.	*	180,823		681,703
				17,549,920
Commercial Banks—1.2%
Fifth Third Bancorp		246,800		2,406,300
KeyCorp		555,500		3,083,025
PrivateBancorp, Inc.	†	249,800	$	2,240,706
Signature Bank/New York	*	73,100		2,331,890
Western Alliance Bancorp	*†	442,200		1,671,516
				11,733,437
Commercial Services & Supplies—2.1%
Copart, Inc.	*†	181,200		6,637,356
EnerNOC, Inc.	*	74,012		2,249,225
Iron Mountain, Inc.	*	65,300		1,486,228
Mobile Mini, Inc.	*†	155,700		2,193,813
Stericycle, Inc.	*†	54,800		3,023,316
Waste Connections, Inc.	*†	156,250		5,209,375
				20,799,313
Communications Equipment—1.0%
Blue Coat Systems, Inc.	*†	167,300		4,774,742
Juniper Networks, Inc.	*†	119,600		3,189,732
Palm, Inc.	*†	235,700		2,366,428
				10,330,902
Computers & Peripherals—2.0%
Dell, Inc.	*	1,117,000		16,040,120
NCR Corp.	*	71,000		790,230
NetApp, Inc.	*	99,900		3,435,561
				20,265,911
Construction & Engineering—1.7%
ACS Actividades de Construccion y Servicios SA (Spain)		187,000		9,347,708
Quanta Services, Inc.	*	136,600		2,846,744
URS Corp.	*	107,200		4,772,544
				16,966,996
Construction Materials—1.0%
Cemex SAB de CV ADR (Mexico)	*	721,261		8,525,305
Martin Marietta Materials, Inc.	†	21,300		1,904,433
				10,429,738
Consumer Finance—0.4%
Capital One Financial Corp.		97,500		3,738,150
Distributors—0.3%
LKQ Corp.	*	171,700		3,363,603
Diversified Consumer Services—2.6%
American Public Education, Inc.	*	86,500		2,972,140
Apollo Group, Inc., Class A	*	84,100		5,094,778
Bridgepoint Education, Inc.	*†	77,500		1,164,050
Capella Education Co.	*†	66,500		5,007,450
Career Education Corp.	*†	174,000		4,055,940
K12, Inc.	*†	150,434		3,049,297
Strayer Education, Inc.	†	24,800		5,269,752
				26,613,407
Diversified Financial Services—1.0%
KKR Financial Holdings LLC		999,200		5,795,360
MSCI, Inc., Class A	*	129,500		4,118,100
				9,913,460
Diversified Telecommunication Services—0.1%
Iridium Communications, Inc.	*†	60,500		485,815
Electrical Equipment—1.0%
A123 Systems, Inc.	*†	31,500		706,860

See accompanying notes to financial statements.

243

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—(Continued)
AMETEK, Inc.		84,300	$	3,223,632
Roper Industries, Inc.	†	117,000		6,127,290
				10,057,782
Electronic Equipment, Instruments & Components—0.9%
Amphenol Corp., Class A		80,700		3,726,726
Dolby Laboratories, Inc., Class A	*†	58,500		2,792,205
DTS, Inc.	*†	72,800		2,490,488
				9,009,419
Energy Equipment & Services—2.0%
Cameron International Corp.	*	107,800		4,506,040
Complete Production Services, Inc.	*†	193,300		2,512,900
Exterran Holdings, Inc.	*†	196,800		4,221,360
FMC Technologies, Inc.	*†	124,800		7,218,432
Noble Corp. (Switzerland)		36,300		1,477,410
				19,936,142
Food & Staples Retailing—0.5%
Pantry, Inc. (The)	*	45,400		616,986
Safeway, Inc.		215,200		4,581,608
				5,198,594
Health Care Equipment & Supplies—3.6%
Arthrocare Corp.	*	43,000		1,019,100
C.R. Bard, Inc.		49,800		3,879,420
Conceptus, Inc.	*	125,600		2,356,256
Gen-Probe, Inc.	*†	101,500		4,354,350
IDEXX Laboratories, Inc.	*†	28,200		1,507,008
Mindray Medical International Ltd. ADR (China)	†	114,100		3,870,272
ResMed, Inc.	*†	123,000		6,429,210
St. Jude Medical, Inc.	*	93,800		3,449,964
Stryker Corp.		108,300		5,455,071
Zimmer Holdings, Inc.	*	69,600		4,114,056
				36,434,707
Health Care Providers & Services—5.3%
AMERIGROUP Corp.	*†	165,300		4,456,488
Catalyst Health Solutions, Inc.	*†	79,700		2,906,659
Centene Corp.	*	86,700		1,835,439
Coventry Health Care, Inc.	*†	60,450		1,468,331
DaVita, Inc.	*	232,100		13,633,554
Express Scripts, Inc.	*	83,900		7,253,155
Healthways, Inc.	*	100,566		1,844,380
Henry Schein, Inc.	*†	95,000		4,997,000
Humana, Inc.	*	76,800		3,370,752
Laboratory Corp. of America Holdings	*†	51,100		3,824,324
PSS World Medical, Inc.	*†	87,800		1,981,646
WellPoint, Inc.	*	92,300		5,380,167
				52,951,895
Health Care Technology—0.6%
Eclipsys Corp.	*	91,400		1,692,728
MedAssets, Inc.	*†	110,900		2,352,189
SXC Health Solutions Corp.	*	45,061		2,431,041
				6,475,958
Hotels, Restaurants & Leisure—4.2%
Burger King Holdings, Inc.		217,800		4,098,996
Chipotle Mexican Grill, Inc.	*	24,600		2,168,736
International Game Technology	†	414,900	$	7,787,673
Marriott International, Inc., Class A	†	263,850		7,189,913
P.F. Chang’s China Bistro, Inc.	*†	95,000		3,601,450
Panera Bread Co., Class A	*†	86,500		5,792,905
Yum! Brands, Inc.		330,000		11,540,100
				42,179,773
Household Durables—0.5%
Lennar Corp., Class A		390,600		4,987,962
Household Products—0.4%
Church & Dwight Co., Inc.	†	66,500		4,019,925
Independent Power Producers & Energy Traders—0.6%
Calpine Corp.	*	518,000		5,698,000
Industrial Conglomerates—0.9%
Koninklijke Philips Electronics NV NYRS (Netherlands)	†	315,000		9,273,600
Insurance—8.9%
Aflac, Inc.		152,500		7,053,125
Allied World Assurance Co. Holdings Ltd. (Bermuda)		84,200		3,879,094
AON Corp.		230,100		8,822,034
Assured Guaranty Ltd. (Bermuda)	†	586,600		12,764,416
Berkshire Hathaway, Inc., Class A	*	71		7,043,200
eHealth, Inc.	*†	28,600		469,898
Fairfax Financial Holdings Ltd. (Canada)	†	47,000		18,328,120
Genworth Financial, Inc., Class A	*	389,700		4,423,095
Nipponkoa Insurance Co. Ltd. (Japan)		1,260,000		7,173,860
Prudential Financial, Inc.		101,800		5,065,568
RenaissanceRe Holdings Ltd. (Bermuda)		129,800		6,898,870
Syncora Holdings Ltd. (Bermuda)	*†	626,661		238,131
Validus Holdings Ltd. (Bermuda)		115,945		3,123,559
XL Capital Ltd., Class A (Bermuda)		236,600		4,336,878
				89,619,848
Internet & Catalog Retail—1.4%
Expedia, Inc.	*	159,500		4,100,745
Liberty Media Corp.— Interactive, Series A	*	671,275		7,276,621
priceline.com, Inc.	*	13,700		2,993,450
				14,370,816
Internet Software & Services—2.1%
Constant Contact, Inc.	*	128,800		2,060,800
DealerTrack Holdings, Inc.	*†	185,700		3,489,303
Digital River, Inc.	*†	70,300		1,897,397
eBay, Inc.	*	296,600		6,981,964
Rackspace Hosting, Inc.	*†	236,400		4,928,940
SkillSoft plc ADR	*	129,100		1,352,968
				20,711,372
IT Services—5.6%
Alliance Data Systems Corp.	*†	77,100		4,979,889
Amdocs Ltd. (Guernsey, Channel Islands)	*	307,400		8,770,122

See accompanying notes to financial statements.

244

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—(Continued)
Cognizant Technology Solutions Corp., Class A	*	45,200	$	2,047,560
Euronet Worldwide, Inc.	*†	156,450		3,434,077
Global Payments, Inc.		253,900		13,675,054
NeuStar, Inc., Class A	*	413,200		9,520,128
Paychex, Inc.	†	176,100		5,395,704
RightNow Technologies, Inc.	*	286,700		4,979,979
Western Union Co. (The)		178,500		3,364,725
				56,167,238
Leisure Equipment & Products—0.5%
Hasbro, Inc.	†	86,600		2,776,396
Pool Corp.	†	102,800		1,961,424
				4,737,820
Life Sciences Tools & Services—0.4%
Illumina, Inc.	*†	114,800		3,518,620
Machinery—1.9%
Actuant Corp., Class A	†	280,200		5,192,106
Colfax Corp.	*	80,800		972,832
Kennametal, Inc.		200,100		5,186,592
PACCAR, Inc.	†	40,700		1,476,189
Parker Hannifin Corp.		55,900		3,011,892
Snap-On, Inc.	†	74,300		3,139,918
				18,979,529
Media—5.4%
DIRECTV, Class A	*†	614,000		20,476,900
Discovery Communications, Inc., Series C	*	237,200		6,290,544
Lamar Advertising Co., Class A	*†	105,900		3,292,431
National CineMedia, Inc.		138,700		2,298,259
Virgin Media, Inc.	†	466,100		7,844,463
Walt Disney Co. (The)		443,000		14,286,750
				54,489,347
Metals & Mining—0.4%
United States Steel Corp.	†	78,000		4,299,360
Oil, Gas & Consumable Fuels—3.6%
Bill Barrett Corp.	*	90,600		2,818,566
Chesapeake Energy Corp.	†	732,600		18,959,688
Concho Resources, Inc.	*	49,000		2,200,100
Denbury Resources, Inc.	*†	265,900		3,935,320
Range Resources Corp.	†	77,700		3,873,345
Ultra Petroleum Corp.	*	97,800		4,876,308
				36,663,327
Personal Products—0.4%
Herbalife Ltd. (Cayman Islands)		107,300		4,353,161
Pharmaceuticals—0.5%
Shire plc ADR (Ireland)	†	71,800		4,214,660
XenoPort, Inc.	*	54,769		1,016,513
				5,231,173
Professional Services—1.5%
Administaff, Inc.		31,370		740,018
Advisory Board Co. (The)	*	67,700		2,075,682
Dun & Bradstreet Corp.		42,400		3,577,288
Huron Consulting Group, Inc.	*	49,300		1,135,872
Korn/Ferry International	*†	298,300		4,921,950
Resources Connection, Inc.	*	119,800		2,542,156
School Specialty, Inc.	*†	24,226		566,646
				15,559,612
Real Estate Investment Trusts (REITs)—0.3%
Pennymac Mortgage Investment Trust REIT	*	186,100	$	3,197,198
Road & Rail—0.5%
Norfolk Southern Corp.		103,200		5,409,744
Semiconductors & Semiconductor Equipment—5.1%
Altera Corp.		149,700		3,387,711
Analog Devices, Inc.		189,100		5,971,778
ASML Holding NV NYRS (Netherlands)	†	194,300		6,623,687
Broadcom Corp., Class A	*	166,400		5,233,280
FEI Co.	*	144,300		3,370,848
Intersil Corp., Class A	†	165,100		2,532,634
KLA-Tencor Corp.		76,100		2,751,776
Linear Technology Corp.	†	59,900		1,829,346
Micron Technology, Inc.	*†	722,100		7,625,376
National Semiconductor Corp.	†	295,400		4,537,344
PMC-Sierra, Inc.	*†	225,500		1,952,830
Semtech Corp.	*	118,400		2,013,984
Silicon Laboratories, Inc.	*†	83,900		4,055,726
				51,886,320
Software—5.0%
Adobe Systems, Inc.	*	117,500		4,321,650
Ariba, Inc.	*†	101,600		1,272,032
Blackboard, Inc.	*†	66,300		3,009,357
Concur Technologies, Inc.	*†	36,500		1,560,375
EPIQ Systems, Inc.	*†	195,200		2,730,848
Factset Research Systems, Inc.		121,115		7,977,845
MICROS Systems, Inc.	*†	146,900		4,558,307
Red Hat, Inc.	*	273,100		8,438,790
Rosetta Stone, Inc.	*	76,895		1,380,265
Rovi Corp.	*	108,600		3,461,082
Salesforce.com, Inc.	*†	19,500		1,438,515
Take-Two Interactive Software, Inc.	*†	513,700		5,162,685
Taleo Corp., Class A	*	177,700		4,179,504
Ultimate Software Group, Inc.	*†	42,900		1,259,973
				50,751,228
Specialty Retail—1.5%
A.C. Moore Arts & Crafts, Inc.	*	96,500		283,710
AnnTaylor Stores Corp.	*†	196,700		2,682,988
J. Crew Group, Inc.	*†	48,400		2,165,416
O’Reilly Automotive, Inc.	*	133,100		5,073,772
Tiffany & Co.		71,600		3,078,800
Zumiez, Inc.	*†	151,500		1,927,080
				15,211,766
Thrifts & Mortgage Finance—0.4%
New York Community Bancorp, Inc.		200,500		2,909,255
Radian Group, Inc.	†	199,000		1,454,690
				4,363,945
Trading Companies & Distributors—0.5%
Fastenal Co.	†	67,100		2,794,044
Interline Brands, Inc.	*	134,600		2,324,542
				5,118,586
Wireless Telecommunication Services—3.2%
American Tower Corp., Class A	*	242,400		10,474,104
NII Holdings, Inc.	*	266,945		8,964,013
SBA Communications Corp., Class A	*†	297,800		10,172,848

See accompanying notes to financial statements.

245

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—(Continued)
Sprint Nextel Corp.	*	586,400	$	2,146,224
				31,757,189
TOTAL COMMON STOCKS
(Cost $795,926,059)				954,240,273
WARRANTS—0.0%
Diversified Telecommunication Services—0.0%
Iridium Communications, Inc., Expires 02/14/2013, Strike $7.00	*
(Cost $—)		59,700		173,727
CASH EQUIVALENTS—29.4%
Institutional Money Market Funds—29.4%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		56,682,181		56,682,181
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††	49,937,656		49,937,656
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class	††	53,000,000		53,000,000
Short-Term Investments Trust Liquid Assets Portfolio	††	40,000,000		40,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††	48,779,682		48,779,682
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††	49,000,000		49,000,000
TOTAL CASH EQUIVALENTS
(Cost $297,399,519)				297,399,519
TOTAL INVESTMENTS—123.9%
(Cost $1,093,325,578)				1,251,813,519
Other assets less liabilities—(23.9%)				(241,715,253	)
NET ASSETS—100.0%			$	1,010,098,266

 

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

 

See accompanying notes to financial statements.

246

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint
Discovery Fund

		Shares	Value
COMMON STOCKS—44.6%
Aerospace & Defense—0.7%
Cubic Corp.		14,200		$	529,660
GeoEye, Inc.	*†	27,100			755,548
					1,285,208
Biotechnology—1.6%
Acadia Pharmaceuticals, Inc.	*	128,500			169,620
Arena Pharmaceuticals, Inc.	*†	172,258			611,516
Incyte Corp. Ltd.	*†	95,600			870,916
Rigel Pharmaceuticals, Inc.	*†	116,700			1,109,817
					2,761,869
Building Products—0.4%
Ameron International Corp.	†	11,300			717,098
Capital Markets—2.3%
Artio Global Investors, Inc.	*	27,300			695,877
Cowen Group, Inc., Class A	*	114,700			679,024
Duff & Phelps Corp., Class A		40,200			734,052
Gluskin Sheff + Associates, Inc. (Canada)		27,200			534,455
Prospect Capital Corp.	†	62,400			736,944
Uranium Participation Corp. (Canada)	*	104,700			660,726
					4,041,078
Commercial Banks—1.2%
First Busey Corp.	†	65,997			256,728
Hudson Valley Holding Corp.		26,280			648,065
MB Financial, Inc.	†	23,200			457,504
Old National Bancorp/Indiana	†	57,000			708,510
					2,070,807
Communications Equipment—2.5%
Arris Group, Inc.	*	55,000			628,650
Brocade Communications Systems, Inc.	*	59,200			451,696
Comverse Technology, Inc.	*	89,000			841,050
Emulex Corp.	*	72,200			786,980
NETGEAR, Inc.	*†	32,800			711,432
Parkervision, Inc.	*†	168,713			308,745
SeaChange International, Inc.	*†	95,443			627,060
					4,355,613
Computers & Peripherals—0.9%
Imation Corp.	*†	98,100			855,432
Novatel Wireless, Inc.	*†	96,900			772,293
					1,627,725
Construction & Engineering—1.2%
EMCOR Group, Inc.	*	26,500			712,850
Great Lakes Dredge & Dock Corp.		96,400			624,672
Michael Baker Corp.	*	18,000			745,200
					2,082,722
Consumer Finance—0.7%
Dollar Financial Corp.	*†	30,300			716,898
World Acceptance Corp.	*†	16,550			592,986
					1,309,884
Containers & Packaging—0.4%
AptarGroup, Inc.	†	19,500			696,930
Diversified Consumer Services—0.8%
Lincoln Educational Services Corp.	*†	34,700		$	751,949
Regis Corp.	†	43,700			680,409
					1,432,358
Diversified Telecommunication Services—0.5%
Neutral Tandem, Inc.	*†	38,800			882,700
Electric Utilities—1.3%
Portland General Electric Co.	†	37,300			761,293
Unisource Energy Corp.		24,200			778,998
Westar Energy, Inc.		34,000			738,480
					2,278,771
Electronic Equipment, Instruments & Components—1.8%
OSI Systems, Inc.	*	41,900			1,143,032
Park Electrochemical Corp.		26,200			724,168
Trimble Navigation Ltd.	*	25,800			650,160
TTM Technologies, Inc.	*†	62,100			716,013
					3,233,373
Energy Equipment & Services—0.4%
Cal Dive International, Inc.	*	91,500			691,740
Food Products—2.0%
Cosan SA Industria e Comercio (Brazil)	*	59,500			874,900
Flowers Foods, Inc.	†	33,700			800,712
Kulim Malaysia BHD (Malaysia)		273,400			601,255
Lance, Inc.		27,100			712,730
Viterra, Inc. (Canada)	*	68,000			641,736
					3,631,333
Health Care Equipment & Supplies—0.8%
ICU Medical, Inc.	*	19,200			699,648
Quidel Corp.	*†	53,300			734,474
					1,434,122
Health Care Providers & Services—2.4%
Amsurg Corp.	*	39,200			863,184
Centene Corp.	*	36,500			772,705
LHC Group, Inc.	*†	21,800			732,698
Mednax, Inc.	*†	12,300			739,353
Odyssey HealthCare, Inc.	*	34,600			539,068
Res-Care, Inc.	*	58,300			652,960
					4,299,968
Industrial Conglomerates—0.3%
Carlisle Cos., Inc.		17,500			599,550
Insurance—0.5%
Platinum Underwriters Holdings Ltd. (Bermuda)		21,900			838,551
Internet & Catalog Retail—0.3%
Shutterfly, Inc.	*†	33,500			596,635
Internet Software & Services—0.9%
Akamai Technologies, Inc.	*	29,400			744,702
Knot, Inc. (The)	*†	89,400			900,258
					1,644,960

See accompanying notes to financial statements.

247

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Discovery Fund

		Shares	Value
COMMON STOCKS—(Continued)
IT Services—1.4%
Integral Systems, Inc.	*†	60,300		$	522,198
Mantech International Corp., Class A	*	13,700			661,436
MAXIMUS, Inc.	†	12,700			635,000
SRA International, Inc., Class A	*	30,600			584,460
					2,403,094
Machinery—1.0%
Crane Co.		18,900			578,718
Force Protection, Inc.	*	91,900			478,799
Terex Corp.	*	34,900			691,369
					1,748,886
Marine—0.4%
Kirby Corp.	*†	20,000			696,600
Metals & Mining—2.9%
Allied Nevada Gold Corp.	*†	55,300			833,924
AMCOL International Corp.		17,900			508,718
Carpenter Technology Corp.		26,100			703,395
Gammon Gold, Inc. (Canada)	*	61,500			677,115
Jaguar Mining, Inc.	*†	59,400			664,686
New Gold, Inc. (Canada)	*	204,600			744,744
Silvercorp Metals, Inc. (Canada)		71,600			477,174
Universal Stainless & Alloy Products, Inc.	*	32,700			616,722
					5,226,478
Multiline Retail—0.3%
Retail Ventures, Inc.	*	65,185			579,495
Office Electronics—0.3%
Zebra Technologies Corp., Class A	*	18,400			521,824
Oil, Gas & Consumable Fuels—2.9%
BPZ Resources, Inc.	*†	91,100			865,450
Clayton Williams Energy, Inc.	*	8,419			295,002
Northern Oil And Gas, Inc.	*	64,500			763,680
Oilsands Quest, Inc. (Canada)	*†	695,100			799,365
Rentech, Inc.	*†	399,800			491,754
Rosetta Resources, Inc.	*	35,100			699,543
Swift Energy Co.	*†	28,900			692,444
W&T Offshore, Inc.	†	51,100			597,870
					5,205,108
Personal Products—0.4%
NBTY, Inc.	*	16,500			718,410
Pharmaceuticals—1.2%
Inspire Pharmaceuticals, Inc.	*†	77,000			425,040
King Pharmaceuticals, Inc.	*	63,600			780,372
Medicines Co. (The)	*†	107,900			899,886
					2,105,298
Professional Services—0.5%
CRA International, Inc.	*†	31,300			834,145
Real Estate Investment Trusts (REITs)—2.0%
Anworth Mortgage Asset Corp. REIT	†	90,700		$	634,900
Capstead Mortgage Corp. REIT		53,500			730,275
Cogdell Spencer, Inc. REIT		101,345			573,613
CreXus Investment Corp. REIT	*	23,600			329,456
Investors Real Estate Trust REIT	†	75,800			682,200
MFA Financial, Inc. REIT		92,100			676,935
					3,627,379
Real Estate Management & Development—1.0%
Brasil Brokers Participacoes SA (Brazil)		195,300			726,906
General Shopping Brasil SA (Brazil)	*	83,100			408,102
Grubb & Ellis Co.	*†	433,700			555,136
					1,690,144
Semiconductors & Semiconductor Equipment—0.2%
DSP Group, Inc.	*	75,700			426,191
Software—0.9%
Ariba, Inc.	*†	55,400			693,608
JDA Software Group, Inc.	*	34,100			868,527
					1,562,135
Specialty Retail—1.7%
Cato Corp. (The), Class A		34,500			692,070
DSW, Inc., Class A	*	29,600			766,048
Hot Topic, Inc.	*†	139,800			889,128
OfficeMax, Inc.	*†	57,510			729,802
					3,077,048
Textiles, Apparel & Luxury Goods—0.4%
Carter’s, Inc.	*	28,800			756,000
Thrifts & Mortgage Finance—0.5%
First Financial Holdings, Inc.	†	21,909			284,598
Flushing Financial Corp.	†	59,400			668,844
					953,442
Trading Companies & Distributors—1.9%
Applied Industrial Technologies, Inc.	†	37,200			821,004
H&E Equipment Services, Inc.	*†	58,200			610,518
RSC Holdings, Inc.	*†	83,200			585,728
TAL International Group, Inc.	†	48,953			647,648
Textainer Group Holdings Ltd. (Bermuda)		41,900			708,110
					3,373,008
Water Utilities—0.4%
Companhia de Saneamento de Minas Gerais—Copasa MG (Brazil)		39,200			748,650
Wireless Telecommunication Services—0.4%
Leap Wireless International, Inc.	*	41,800			733,590
TOTAL COMMON STOCKS
(Cost $62,738,987)					79,499,920

See accompanying notes to financial statements.

248

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Discovery Fund

		Shares	Value
CONVERTIBLE PREFERRED STOCKS—0.6%
Leisure Equipment & Products—0.4%
Callaway Golf Co., Perpetual, Series B 7.500%	ˆ	5,700		$	702,525
Real Estate Management & Development—0.2%
Grubb & Ellis Co. 12.000%	*‡	3,500			331,380
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $916,930)					1,033,905
WARRANTS—0.1%
Oil, Gas & Consumable Fuels—0.1%
Oilsands Quest, Inc., Expires 05/12/2011, Strike $1.10	*
(Cost $—)		163,100			69,317

 

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—18.3%
Aerospace & Defense—0.3%
Boeing Co. (The)
1.875%	11/20/2012		$	450,000		445,296
Beverages—0.4%
Bottling Group LLC
6.950%	03/15/2014			250,000		287,917
Dr. Pepper Snapple Group, Inc.
1.700%	12/21/2011			380,000		379,801
						667,718
Capital Markets—1.3%
Bank of New York Mellon Corp. (The)
4.300%	05/15/2014			430,000		453,009
Goldman Sachs Group, Inc. (The) MTN
6.000%	05/01/2014			301,000		329,539
3.625%	08/01/2012			200,000		206,187
Macquarie Bank Ltd. (Australia)
2.600%	01/20/2012	ˆ		300,000		306,467
Morgan Stanley
6.000%	05/13/2014			200,000		215,247
4.200%	11/20/2014			250,000		250,448
Morgan Stanley, Series F MTN
2.373%	05/14/2010	#		200,000		201,456
TD Ameritrade Holding Corp.
4.150%	12/01/2014			410,000		404,674
						2,367,027
Chemicals—0.6%
Dow Chemical Co. (The)
4.850%	08/15/2012			900,000		946,446
Praxair, Inc.
1.750%	11/15/2012			200,000		198,204
						1,144,650
Commercial Banks—1.4%
BB&T Corp., Series A MTN
3.375%	09/25/2013			200,000		201,751
Commonwealth Bank of Australia (Australia)
2.400%	01/12/2012	ˆ		300,000		307,745
National Australia Bank Ltd. (Australia)
2.550%	01/13/2012	ˆ		300,000		304,610
Coupon Rate	Maturity Date		Face		Value
US Bancorp
4.200%	05/15/2014		$	500,000	$	519,537
US Bancorp MTN
0.678%	05/06/2010	#		400,000		400,653
Wells Fargo & Co.
5.300%	08/26/2011			430,000		455,585
Wells Fargo & Co., Series I MTN
3.750%	10/01/2014			240,000		239,550
						2,429,431
Communications Equipment—0.2%
Cisco Systems, Inc.
5.250%	02/22/2011			400,000		419,847
Computers & Peripherals—0.9%
Hewlett-Packard Co.
4.250%	02/24/2012			150,000		157,421
2.250%	05/27/2011			300,000		304,365
International Business Machines Corp.
4.950%	03/22/2011			400,000		417,722
2.100%	05/06/2013			730,000		729,124
						1,608,632
Consumer Finance—0.6%
American Express Credit Corp.
5.125%	08/25/2014	†		300,000		316,446
Caterpillar Financial Services Corp. MTN
5.750%	02/15/2012	†		275,000		296,982
John Deere Capital Corp., Series D MTN
0.984%	01/18/2011	#		430,000		432,751
						1,046,179
Diversified Consumer Services—0.1%
Yale University, Series B MTN
2.900%	10/15/2014			200,000		199,482
Diversified Financial Services—1.4%
Bank of America Corp.
4.375%	12/01/2010			430,000		444,013
BP Capital Markets plc (United Kingdom)
5.250%	11/07/2013			250,000		272,545
3.625%	05/08/2014			400,000		409,611
CME Group, Inc.
5.400%	08/01/2013			200,000		216,019
Equifax, Inc.
4.450%	12/01/2014			80,000		80,489
General Electric Capital Corp.
5.900%	05/13/2014			260,000		281,349
General Electric Capital Corp., Series A
3.750%	11/14/2014			390,000		389,748
JPMorgan Chase & Co.
6.750%	02/01/2011			430,000		453,704
						2,547,478
Diversified Telecommunication Services—1.4%
BellSouth Corp.
4.750%	11/15/2012			600,000		641,112
Cellco Partnership/Verizon Wireless Capital LLC
5.550%	02/01/2014			100,000		108,627
3.750%	05/20/2011			300,000		309,454
Deutsche Telekom International Finance BV (Netherlands)
5.375%	03/23/2011			400,000		417,221
Telstra Corp. Ltd. MTN (Australia)
6.375%	06/29/2011	EUR    420,000				638,271

 

See accompanying notes to financial statements.

249

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Discovery Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Verizon Global Funding Corp.
7.250%	12/01/2010		$	400,000	$	422,804
						2,537,489
Electric Utilities—2.0%
Alabama Power Co., Series HH
5.100%	02/01/2011			265,000		274,873
American Electric Power Co., Inc., Series C
5.375%	03/15/2010			400,000		403,651
Commonwealth Edison Co., Series 105
5.400%	12/15/2011			500,000		534,467
Consumers Energy Co., Series D
5.375%	04/15/2013			275,000		295,500
Duke Energy Carolinas LLC
6.250%	01/15/2012			400,000		432,657
FPL Group Capital, Inc.
5.625%	09/01/2011			280,000		297,962
Midamerican Energy Holdings Co.
3.150%	07/15/2012			300,000		305,775
Pacific Gas & Electric Co.
4.200%	03/01/2011			500,000		516,110
1.206%	06/10/2010	#		400,000		401,652
						3,462,647
Electronic Equipment, Instruments & Components—0.1%
Thermo Fisher Scientific, Inc.
2.150%	12/28/2012	ˆ		220,000		217,118
Food & Staples Retailing—0.2%
Safeway, Inc.
5.800%	08/15/2012			350,000		378,246
Food Products—0.8%
Campbell Soup Co.
6.750%	02/15/2011			485,000		516,172
Kellogg Co., Series B
6.600%	04/01/2011			400,000		426,719
Unilever Capital Corp.
7.125%	11/01/2010			410,000		432,265
						1,375,156
Health Care Providers & Services—0.4%
Express Scripts, Inc.
5.250%	06/15/2012			350,000		372,124
UnitedHealth Group, Inc.
5.250%	03/15/2011			300,000		310,952
						683,076
Hotels, Restaurants & Leisure—0.2%
McDonald’s Corp., Series G MTN
5.750%	03/01/2012			400,000		431,402
Household Durables—0.2%
Fortune Brands, Inc.
3.000%	06/01/2012			420,000		416,506
Household Products—0.1%
Procter & Gamble Co. (The)
3.500%	02/15/2015			100,000		102,421
Industrial Conglomerates—0.3%
3M Co., Series E MTN
4.500%	11/01/2011			450,000		476,591
Insurance—1.1%
Allstate Corp. (The)
6.200%	05/16/2014		$	300,000	$	332,093
Berkshire Hathaway Finance Corp.
4.200%	12/15/2010			400,000		414,209
4.000%	04/15/2012			150,000		157,281
Metropolitan Life Global Funding I
1.001%	06/25/2010	#ˆ		250,000		250,348
New York Life Global Funding
0.379%	06/16/2011	#ˆ		500,000		497,523
Prudential Financial, Inc., Series D MTN
3.625%	09/17/2012			355,000		360,482
						2,011,936
Life Sciences Tools & Services—0.2%
Howard Hughes Medical Institute
3.450%	09/01/2014			400,000		405,749
Machinery—0.2%
Ingersoll-Rand Global Holding Co. Ltd. (Bermuda)
1.773%	08/13/2010	#		300,000		299,755
Media—0.5%
Comcast Corp.
5.450%	11/15/2010			720,000		744,263
Viacom, Inc.
4.375%	09/15/2014			200,000		206,470
						950,733
Multiline Retail—0.2%
Costco Wholesale Corp.
5.300%	03/15/2012			300,000		323,798
Oil, Gas & Consumable Fuels—1.1%
Chevron Corp.
3.450%	03/03/2012			600,000		623,916
ConocoPhillips
8.750%	05/25/2010			400,000		413,368
4.750%	02/01/2014			200,000		214,937
Shell International Finance BV (Netherlands)
5.625%	06/27/2011			600,000		639,321
						1,891,542
Paper & Forest Products—0.1%
Weyerhaeuser Co.
6.750%	03/15/2012			210,000		222,603
Pharmaceuticals—1.1%
Abbott Laboratories
5.600%	05/15/2011			400,000		424,393
Eli Lilly & Co.
3.550%	03/06/2012			100,000		104,123
Merck & Co., Inc.
1.875%	06/30/2011			600,000		605,875
Novartis Capital Corp.
4.125%	02/10/2014			100,000		105,217
Wyeth
6.950%	03/15/2011			700,000		748,000
						1,987,608
Software—0.6%
Microsoft Corp.
2.950%	06/01/2014			500,000		505,875
Oracle Corp.
5.000%	01/15/2011			510,000		530,485
						1,036,360

See accompanying notes to financial statements.

250

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Discovery Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Wireless Telecommunication Services—0.3%
Vodafone Group plc (United Kingdom)
7.750%	02/15/2010		$	500,000	$	503,834
TOTAL CORPORATE OBLIGATIONS
(Cost $31,779,909)						32,590,310
U.S. GOVERNMENT AGENCY OBLIGATIONS—11.9%
U.S. Government Agency Obligations—10.6%
Federal Farm Credit Bank
0.185%	12/08/2011	#		1,500,000		1,498,921
Federal Home Loan Bank
5.375%	08/19/2011	‡‡		3,000,000		3,203,628
2.250%	04/13/2012	†		1,500,000		1,527,905
1.625%	09/26/2012	†		1,500,000		1,494,949
Federal Home Loan Mortgage Corp.
2.875%	06/28/2010			210,000		212,705
Federal Home Loan Mortgage Corp. Discount Note
0.462%	06/01/2010			1,000,000		999,424
Federal National Mortgage Association
1.875%	04/20/2012			1,000,000		1,010,980
1.500%	09/16/2010			4,500,000		4,517,834
1.375%	04/28/2011			3,000,000		3,023,046
1.000%	11/23/2011			1,500,000		1,497,201
						18,986,593
U.S. Government Backed Corporate Obligations—1.3%
Bank of America NA MTN
1.700%	12/23/2010	†		600,000		605,576
Wells Fargo & Co.
3.000%	12/09/2011	†		1,250,000		1,291,065
Western Corporate Federal Credit Union
1.750%	11/02/2012			350,000		348,667
						2,245,308
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $21,068,057)						21,231,901
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—4.9%
U.S. Government Agency Mortgage-Backed Securities—4.9%
Federal Home Loan Mortgage Corp.
6.000%	11/01/2022	‡‡		407,307		435,745
Federal Home Loan Mortgage Corp. REMICS
5.000%	06/15/2024			151,149		152,083
Federal National Mortgage Association
6.000%	09/01/2037			742,143		788,411
Government National Mortgage Association
6.500%	10/20/2037- 07/20/2038	‡‡		1,652,239		1,762,740
6.500%	12/20/2038			1,238,717		1,321,461
6.000%	07/20/2038	‡‡		2,265,623		2,402,529
4.500%	04/20/2024- 08/20/2035			1,773,289		1,839,619
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $8,513,560)						8,702,588
U.S. TREASURY OBLIGATIONS—6.7%
U.S. Treasury Bills—4.5%
U.S. Treasury Bill
0.386%	09/23/2010	†	$	5,000,000	$	4,988,285
0.170%	06/10/2010			3,000,000		2,997,750
						7,986,035
U.S. Treasury Cash Management Bills—1.1%
U.S. Treasury Cash Management Bill
0.162%	07/15/2010	†		2,000,000		1,997,952
U.S. Treasury Notes—1.1%
U.S. Treasury Note
1.125%	06/30/2011			1,000,000		1,004,376
1.000%	07/31/2011	†		1,000,000		1,001,836
						2,006,212
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $11,980,062)						11,990,199
MUNICIPAL OBLIGATIONS—0.7%
California General Obligation Bonds (California)
4.850%	10/01/2014			500,000		494,140
Citizens Property Insurance Corp. Revenue Bonds, Series 2007 A (Florida)
5.000%	03/01/2013			150,000		156,199
Citizens Property Insurance Corp. Revenue Bonds, Series 2009 A-1 (Florida)
5.000%	06/01/2012			600,000		626,892
TOTAL MUNICIPAL OBLIGATIONS
(Cost $1,264,724)						1,277,231
SOVEREIGN DEBT OBLIGATIONS—0.2%
Government Issued—0.2%
Caisse d’Amortissement de la Dette Sociale MTN (France)
4.250%	11/08/2010
(Cost $403,506)				400,000		411,414
ASSET BACKED SECURITIES—3.1%
Automobile—3.1%
Ally Auto Receivables Trust
Series 2009-A, Class A2
1.320%	03/15/2012	ˆ		440,000		441,024
Bank of America Auto Trust
Series 2009-2A, Class A2
1.160%	02/15/2012	ˆ		470,000		471,219
Bank of America Auto Trust
Series 2009-1A, Class A2
1.700%	12/15/2011	ˆ		500,000		502,629
BMW Vehicle Lease Trust
Series 2009-1, Class A1
0.792%	06/15/2010			328		328
BMW Vehicle Lease Trust
Series 2009-1, Class A2
2.040%	04/15/2011			1,000,000		1,005,509
Ford Credit Auto Lease Trust
Series 2009-A, Class A2
2.600%	05/15/2011	ˆ		450,000		453,323

See accompanying notes to financial statements.

251

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
Discovery Fund

Coupon Rate	Maturity Date		Face		Value
ASSET BACKED SECURITIES—(Continued)
Ford Credit Auto Lease Trust
Series 2009-A, Class A1
1.237%	06/15/2010	ˆ	$	98,565		$	98,644
Ford Credit Auto Owner Trust
Series 2009-D, Class A1
0.357%	09/15/2010	ˆ		421,033			421,140
Ford Credit Auto Owner Trust
Series 2009-D, Class A2
1.210%	01/15/2012			330,000			330,966
Honda Auto Receivables Owner Trust
Series 2009-2, Class A2
2.220%	08/15/2011			500,000			503,443
Nissan Auto Lease Trust
Series 2009-B, Class A2
1.220%	09/15/2011			410,000			410,653
Nissan Auto Lease Trust
Series 2009-A, Class A2
2.010%	04/15/2011			510,000			513,126
Volkswagen Auto Lease Trust
Series 2009-A, Class A2
2.870%	07/15/2011			361,849			365,077
TOTAL ASSET BACKED SECURITIES
(Cost $5,493,906)							5,517,081
NON-GOVERNMENT MORTGAGE-BACKED SECURITIES—1.3%
Mortgage Backed—1.3%
Harborview Mortgage Loan Trust
Series 2005-14, Class 3A1A
5.315%	12/19/2035	#		1,127,649			849,866
Thornburg Mortgage Securities Trust
Series 2004-1, Class II2A
3.133%	03/25/2044	#		1,290,132			1,123,219
WaMu Mortgage Pass Through Certificates
Series 2006-AR12, Class 1A1
6.038%	10/25/2036	#		355,768			290,648
TOTAL NON-GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $2,697,891)							2,263,733
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS—0.5%
Non-U.S. Government Agency Obligations—0.5%
Export Development Canada (Canada)
3.750%	07/15/2011	†		475,000			493,454
Kreditanstalt fuer Wiederaufbau (Germany)
3.750%	06/27/2011			400,000			415,513
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $873,331)							908,967
COMMERCIAL PAPER—0.5%
Diversified Financial Services—0.5%
ENI Finance USA, Inc.
0.150%	01/26/2010	ˆ
(Cost $799,917)			$	800,000		$	799,912
				Shares			Value
CASH EQUIVALENTS—21.4%
Institutional Money Market Funds—21.4%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class				8,521,817			8,521,817
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		††		4,486,035			4,486,035
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class		††		6,300,000			6,300,000
Short-Term Investments Trust Liquid Assets Portfolio		††		6,300,000			6,300,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class		††		6,284,179			6,284,179
Wells Fargo Advantage Heritage Money Market Fund—Select Class		††		6,300,000			6,300,000
TOTAL CASH EQUIVALENTS
(Cost $38,192,031)						$38,192,031
TOTAL INVESTMENTS—114.8%
(Cost $186,722,811)						$204,488,509
Other assets less liabilities—(14.8%)						(26,314,245		)
NET ASSETS—100.0%						$178,174,264

 

Notes to the Schedule of Investments:
EUR	European Monetary Unit
MTN	Medium Term Note
REIT	Real Estate Investment Trust
REMICS	Real Estate Mortgage Investment Conduits
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
ˆ	Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. 144A securities amounted to $5,774,227, which represents 2.8% 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 or a portion of the security has been pledged as collateral for futures contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.

 

See accompanying notes to financial statements.

252

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint
International Fund

			Shares	Value
COMMON STOCKS—96.6%
Australia—4.9%
Australia & New Zealand Banking Group Ltd.	†		44,900		$	914,994
BHP Billiton Ltd.			61,375			2,348,623
Boart Longyear Group	*		3,126,600			987,710
Commonwealth Bank of Australia			20,874			1,019,110
Incitec Pivot Ltd.			116,269			367,774
IOOF Holdings Ltd.			466,500			2,522,252
JB Hi-Fi Ltd.	†		197,409			3,984,981
Kagara Ltd.	*		1,026,724			958,476
Minara Resources Ltd.	*†		1,130,552			819,385
National Australia Bank Ltd.			50,024			1,220,792
QBE Insurance Group Ltd.			365,701			8,345,431
Rio Tinto Ltd.	†		13,900			927,893
SMS Management & Technology Ltd.			177,500			890,204
Telstra Corp. Ltd.			3,513,485			10,801,795
Wesfarmers Ltd.			335,246			9,371,771
Woodside Petroleum Ltd.	†		97,909			4,129,037
						49,610,228
Belgium—0.9%
Anheuser-Busch InBev NV			34,840			1,803,569
Colruyt SA			14,200			3,425,800
Delhaize Group SA			10,132			775,091
KBC Groep NV	*		18,800			807,746
Nyrstar	*		79,922			950,512
Sofina SA	†		8,887			864,012
Umicore			18,337			611,698
						9,238,428
Bermuda—0.3%
Catlin Group Ltd.			573,312			3,139,227
Brazil—1.2%
Cia de Concessoes Rodoviarias			59,300			1,358,689
CPFL Energia SA ADR			16,900			1,044,082
Investimentos Itau SA			123,600			841,275
Petroleo Brasileiro SA ADR			142,336			6,033,623
Redecard SA			111,400			1,855,600
Vale SA ADR			30,200			749,564
						11,882,833
Canada—4.0%
Alimentation Couche Tard, Inc., Class B			43,400			863,975
Bank of Montreal			17,500			934,527
BCE, Inc.			137,500			3,812,688
Canadian Pacific Railway Ltd.	†		72,262			3,902,148
Delphi Energy Corp.	*		529,100			865,096
First Quantum Minerals Ltd.			12,500			959,268
George Weston Ltd.			69,000			4,415,050
Grande Cache Coal Corp.	*		128,800			660,102
IAMGOLD Corp.			64,000			1,010,317
Laurentian Bank of Canada			23,900			976,933
Loblaw Cos. Ltd.			23,500			761,275
Lundin Mining Corp.	*		875,900			3,601,253
Metro, Inc., Class A			29,700			1,113,768
Royal Bank of Canada			107,400			5,791,806
Sherritt International Corp.			118,100			741,901
Suncor Energy, Inc.			48,900			1,739,799
Teck Resources Ltd., Class B	*		167,100			5,882,891
Uni-Select, Inc.			48,400			1,429,532
Western Coal Corp.	*		309,100			963,490
						40,425,819
Chile—0.2%
Enersis SA ADR			73,700		$	1,684,782
China—1.4%
China Construction Bank Corp., Class H			4,999,317			4,270,147
China Life Insurance Co. Ltd., Class H	†		604,500			2,957,984
China Merchants Bank Co. Ltd., Class H	†		159,100			413,963
China Shipping Development Co. Ltd., Class H			570,000			847,718
China Yurun Food Group Ltd.			540,000			1,602,450
Evergrande Real Estate Group	*†		1,719,600			951,464
Industrial & Commercial Bank of China, Class H			3,328,000			2,740,819
						13,784,545
Colombia—0.1%
BanColombia SA ADR			24,800			1,128,648
Czech Republic—0.2%
CEZ AS			18,267			857,697
Komercni Banka AS			5,393			1,155,601
						2,013,298
Denmark—0.7%
Carlsberg A/S, Class B			3,062			225,408
Danske Bank A/S	*	��	123,515			2,772,838
NKT Holding A/S	*		14,252			793,501
Novo Nordisk A/S, Class B			51,600			3,294,233
						7,085,980
Egypt—0.2%
Orascom Telecom Holdings S.A.E., Reg S GDR	*		26,700			611,427
Telecom Egypt			327,951			1,078,496
						1,689,923
Finland—0.6%
Huhtamaki Oyj			122,966			1,704,750
UPM-Kymmene Oyj			284,571			3,383,212
Uponor Oyj	†		45,200			967,271
						6,055,233
France—10.4%
Accor SA			55,552			3,039,924
AXA SA			12,231			287,172
BNP Paribas			112,243			8,902,898
Carrefour SA			225,502			10,816,614
Cie de Saint-Gobain			162,464			8,813,078
Cie Generale d’Optique Essilor International SA	†		62,000			3,708,320
Credit Agricole SA	†		305,603			5,363,294
Danone SA			55,208			3,384,355
Eutelsat Communications			31,150			999,420
France Telecom SA			360,387			9,005,453
L’Oreal SA			31,400			3,506,937
Natixis	*		327,273			1,634,188
Pernod-Ricard SA	†		51,070			4,366,982
Renault SA	*		119,871			6,149,366
Sanofi-Aventis SA			15,455			1,215,426
Societe BIC SA			11,337			783,218
Societe Generale			144,483			10,038,681
Societe Immobiliere de Location pour l’Industrie et le Commerce REIT			8,205			1,000,504
Technip SA			88,760			6,244,855

See accompanying notes to financial statements.

253

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
International Fund

		Shares	Value
COMMON STOCKS—(Continued)
Total SA		188,219		$	12,089,302
Unibail-Rodamco SE (Paris Exchange) REIT		8,120			1,783,802
Vinci SA		45,116			2,538,727
					105,672,516
Germany—6.5%
Adidas AG	†	73,100			3,959,496
Aixtron AG		66,583			2,237,672
Allianz SE (Registered)		17,933			2,222,976
Bayer AG		76,680			6,136,209
Daimler AG (Registered)		84,096			4,479,262
Deutsche Bank AG (Registered)	†	73,082			5,167,632
Deutsche Boerse AG		11,531			954,878
Deutsche Post AG (Registered)		116,994			2,261,122
Deutsche Telekom AG (Registered)	†	324,407			4,758,993
Fresenius Medical Care AG & Co. KGaA	†	26,050			1,381,874
Hannover Rueckversicherung AG (Registered)	*	120,447			5,627,331
Infineon Technologies AG	*†	165,403			920,201
Linde AG		47,785			5,757,248
Muenchener Rueckversicherungs AG (Registered)	†	26,661			4,152,713
Rhoen Klinikum AG		897			21,831
RWE AG		119,757			11,621,508
SAP AG		73,500			3,503,978
Tipp24 SE		21,440			884,648
					66,049,572
Greece—0.4%
Hellenic Petroleum SA		197,482			2,210,969
Motor Oil Hellas Corinth Refineries SA		57,700			878,340
Public Power Corp. SA	*	36,625			679,248
					3,768,557
Hong Kong—4.2%
Bank of East Asia Ltd.		308,796			1,213,124
Beijing Enterprises Holdings Ltd.		165,500			1,198,677
China Merchants Holdings International Co. Ltd.	†	601,800			1,941,370
China Mobile Ltd.	†	490,000			4,559,209
CLP Holdings Ltd.		480,000			3,248,432
CNOOC Ltd.		2,511,000			3,911,993
Esprit Holdings Ltd.		390,300			2,589,511
Genting Singapore plc	*	1,839,300			1,694,403
Hengan International Group Co. Ltd.		119,000			881,105
Hong Kong & China Gas Co. Ltd.		1,334,000			3,345,874
Hongkong Electric Holdings Ltd.		724,000			3,943,828
Huabao International Holdings Ltd.		620,000			666,693
Hutchison Whampoa Ltd.		478,000			3,270,409
Jardine Matheson Holdings Ltd.		32,800			985,401
Li & Fung Ltd.		276,000			1,141,105
NWS Holdings Ltd.		548,196			1,006,141
Wheelock & Co. Ltd.		2,257,000			6,884,483
					42,481,758
India—0.3%
ICICI Bank Ltd. ADR	†	76,562		$	2,887,153
Indonesia—0.1%
Perusahaan Gas Negara PT		2,702,000			1,116,538
Ireland—0.8%
Accenture plc, Class A		63,255			2,625,082
Covidien plc		56,482			2,704,923
Experian plc		179,893			1,776,932
Governor & Co. of the Bank of Ireland (The)	*	204,314			383,261
Shire plc		54,136			1,057,814
					8,548,012
Italy—2.0%
Assicurazioni Generali SpA	†	76,214			2,053,232
Enel SpA	†	578,608			3,349,788
Intesa Sanpaolo SpA	*	2,388,451			10,748,090
Maire Tecnimont SpA	†	177,460			627,993
Saipem SpA		67,162			2,317,791
Sorin SpA	*	457,900			872,276
					19,969,170
Japan—17.4%
Aeon Mall Co. Ltd.	†	116,500			2,257,048
Canon, Inc.		340,900			14,501,366
Chugai Pharmaceutical Co. Ltd.	†	167,200			3,125,228
Daikin Industries Ltd.		98,000			3,870,729
Daito Trust Construction Co. Ltd.		80,300			3,802,079
Denso Corp.		158,602			4,792,487
Fanuc Ltd.		43,000			4,007,687
FCC Co. Ltd.		51,600			913,953
Fujitsu Frontech Ltd.		135,700			1,017,782
Fujitsu Ltd.	†	731,000			4,743,028
Hirose Electric Co. Ltd.	†	30,600			3,208,416
Hitachi Capital Corp.		91,300			1,110,054
Honda Motor Co. Ltd.		80,000			2,714,296
HOYA Corp.		100,000			2,668,252
INPEX Corp.		381			2,880,782
ITOCHU Corp.		1,000,000			7,386,772
Kao Corp.		451,400			10,579,335
KDDI Corp.		934			4,947,131
Keihin Corp.		73,300			1,095,755
Keyence Corp.		16,520			3,428,621
Komatsu Ltd.		126,600			2,650,266
Kuroda Electric Co. Ltd.		146,600			2,134,986
Marubeni Corp.		850,000			4,695,382
MID Reit, Inc. REIT		953			2,017,570
Miraca Holdings, Inc.		182,500			5,022,599
Mitsubishi Corp.		94,700			2,358,843
Mitsubishi Estate Co. Ltd.		208,000			3,320,901
Mitsui & Co. Ltd.		588,800			8,352,784
Miyachi Corp.	*	84,200			569,417
Nintendo Co. Ltd.	†	12,900			3,080,998
Nippon Soda Co. Ltd.		170,000			612,428
Nippon Telegraph & Telephone Corp.		14			553
Nissan Motor Co. Ltd.	*	131,400			1,154,732
Nitori Co. Ltd.		1,450			107,927
Nitto Denko Corp.		26,500			951,982
Okabe Co. Ltd.		179,400			586,535
Okinawa Electric Power Co., Inc. (The)		21,700			1,158,876
Seven & I Holdings Co. Ltd.		305,500			6,237,836
Shimamura Co. Ltd.		27,000			2,579,800

See accompanying notes to financial statements.

254

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
International Fund

		Shares	Value
COMMON STOCKS—(Continued)
Shin-Etsu Chemical Co. Ltd.		63,200		$	3,568,168
Siix Corp.		194,900			2,405,169
Sumitomo Corp.		620,700			6,320,431
Suzuki Motor Corp.		96,676			2,380,842
Takeda Pharmaceutical Co. Ltd.		246,900			10,172,592
TOA Corp.		97,000			541,007
Tokio Marine Holdings, Inc.		325,300			8,877,178
Topy Industries Ltd.		205,000			371,393
Toyota Motor Corp.		216,200			9,115,200
Unipres Corp.	†	122,200			1,940,767
					176,337,963
Kazakhstan—0.1%
KazMunaiGas Exploration Production GDR		40,620			1,005,710
Korea, Republic of—0.2%
KB Financial Group, Inc.	*	19,181			976,702
KT&G Corp.		28,892			1,598,143
					2,574,845
Macau—0.0%
Wynn Macau Ltd.	*†	336,900			414,966
Malaysia—0.1%
Maxis Bhd		634,200			994,642
Mexico—0.7%
America Movil SAB de CV, Series L ADR		75,900			3,565,782
Grupo Televisa SA ADR		173,950			3,611,202
					7,176,984
Netherlands—3.6%
Akzo Nobel NV		30,622			2,030,696
ASML Holding NV		228,238			7,792,463
Brunel International NV		25,700			864,752
Heineken Holding NV		34,871			1,458,415
Heineken NV		41,102			1,951,258
ING Groep NV CVA	*	432,395			4,164,134
Reed Elsevier NV		478,192			5,867,104
Royal Dutch Shell plc, Class A		405,134			12,207,501
TNT NV		10,177			312,673
					36,648,996
Norway—0.6%
DnB NOR ASA	*	468,700			5,059,955
Yara International ASA		15,210			688,939
					5,748,894
Philippines—0.1%
Philippine Long Distance Telephone Co. ADR		22,400			1,269,408
Poland—0.1%
Bank Pekao SA	*	14,470			812,437
Russia—0.2%
Gazprom OAO ADR		37,975			951,274
Lukoil OAO ADR		18,100			1,020,840
					1,972,114
Singapore—3.5%
DBS Group Holdings Ltd.		390,000			4,239,683
Jardine Cycle & Carriage Ltd.		50,000			954,644
Oversea-Chinese Banking Corp. Ltd.		1,328,900		$	8,556,979
Singapore Telecommunications Ltd.		3,986,000			8,779,627
United Overseas Bank Ltd.		475,000			6,611,883
Wilmar International Ltd.		1,531,100			6,961,926
					36,104,742
South Africa—0.1%
Sasol Ltd.		30,020			1,203,022
Spain—4.4%
Banco Bilbao Vizcaya Argentaria SA		49,137			895,524
Banco Santander SA		433,333			7,160,687
Construcciones y Auxiliar de Ferrocarriles SA		3,170			1,709,472
Corporacion Financiera Alba, SA		14,938			780,033
Iberdrola SA		940,752			9,015,006
Inditex SA	†	93,456			5,836,563
Mapfre SA	†	213,036			894,651
Telefonica SA		636,570			17,816,996
Viscofan SA		33,057			839,533
					44,948,465
Sweden—1.7%
Electrolux AB, Series B	*†	239,976			5,639,235
Hennes & Mauritz AB, Class B	†	44,500			2,466,936
JM AB	*	159,900			2,732,408
NCC AB, Class B		54,200			888,277
Nordea Bank AB	†	84,700			858,181
Sandvik AB	†	97,122			1,169,537
Skandinaviska Enskilda Banken AB, Class A	*	154,086			952,541
Skanska AB, Class B	†	56,994			967,078
SKF AB, Class B		43,287			746,425
Svenska Handelsbanken AB, Class A	†	32,613			929,138
					17,349,756
Switzerland—7.6%
ABB Ltd. (Registered)	*	85,500			1,647,528
Actelion Ltd. (Registered)	*†	82,848			4,424,945
Adecco SA (Registered)		116,500			6,426,720
Alcon, Inc.		22,700			3,730,745
Credit Suisse Group AG (Registered)		159,415			7,897,637
Holcim Ltd. (Registered)	*†	73,024			5,675,239
Nestle SA (Registered)		168,490			8,177,432
Nobel Biocare Holding AG (Registered)	†	72,000			2,413,088
Novartis AG (Registered)	†	376,656			20,568,899
Roche Holding AG (Genusschein)		23,410			4,003,411
Roche Holding AG (Registered)		5,426			950,476
SGS SA (Registered)		2,500			3,263,701
UBS AG (Registered)	*	92,832			1,445,601
Valora Holding AG		3,865			954,931
Xstrata plc	*	67,749			1,208,377
Zurich Financial Services AG (Registered)		19,929			4,356,952
					77,145,682
Taiwan—0.9%
Asustek Computer, Inc.		803,000			1,546,637
Chinatrust Financial Holding Co. Ltd.		1,484,000			922,549

See accompanying notes to financial statements.

255

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
International Fund

		Shares	Value
COMMON STOCKS—(Continued)
Chunghwa Telecom Co. Ltd. ADR		7,900		$	146,703
Chunghwa Telecom Co. Ltd.		700,000			1,305,518
MediaTek, Inc.		76,000			1,320,467
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		204,808			2,343,004
Taiwan Semiconductor Manufacturing Co. Ltd.		964,000			1,942,917
					9,527,795
Thailand—0.1%
PTT pcl	‡	162,400			1,198,909
Turkey—0.3%
Coca-Cola Icecek AS		3,256			32,557
Tupras Turkiye Petrol Rafine		65,260			1,294,824
Turkcell Iletisim Hizmet AS		203,157			1,440,931
					2,768,312
United Kingdom—15.0%
Antofagasta plc		116,501			1,853,251
AstraZeneca plc (London Exchange)		126,594			5,949,572
Aviva plc		1,015,176			6,457,690
BG Group plc		220,287			3,977,567
BP plc		1,977,311			19,093,279
British American Tobacco plc		67,267			2,183,713
Cairn Energy plc	*	360,000			1,927,187
Centrica plc		849,000			3,845,590
Debenhams plc	*	3,621,430			4,531,894
Eurasian Natural Resources Corp. plc		84,911			1,243,738
GlaxoSmithKline plc		716,221			15,188,115
HSBC Holdings plc (Hong Kong Exchange)		53,133			604,385
HSBC Holdings plc (London Exchange)		897,968			10,244,334
Imperial Tobacco Group plc		98,454			3,105,966
Kazakhmys plc	*	312,219			6,610,782
Kingfisher plc		522,793			1,924,512
Legal & General Group plc		3,035,142			3,904,633
Micro Focus International plc		221,458			1,619,838
National Grid plc		210,477			2,297,341
Petrofac Ltd.		79,349			1,328,298
Reckitt Benckiser Group plc		70,800			3,832,414
SABMiller plc		109,659			3,223,328
Smith & Nephew plc		615,291			6,329,130
Standard Chartered plc (London Exchange)		122,692			3,097,472
Tesco plc		1,002,040			6,912,864
Tullett Prebon plc		147,036			658,312
Unilever plc		411,586			13,193,547
Vedanta Resources plc		28,162			1,177,901
Vodafone Group plc		5,369,038			12,433,155
Wm Morrison Supermarkets plc		850,000			3,792,392
					152,542,200
United States—0.5%
Activision Blizzard, Inc.	*	95,840			1,064,782
Philip Morris International, Inc.		45,087			2,172,743
Synthes, Inc.		13,400			1,756,588
					4,994,113
TOTAL COMMON STOCKS
(Cost $913,456,687)					980,972,175
PREFERRED STOCKS—0.2%
Germany—0.1%
Biotest AG		12,669		$	622,099
Korea, Republic of—0.1%
Hyundai Motor Co.		17,920			657,953
TOTAL PREFERRED STOCKS
(Cost $1,276,389)					1,280,052
CASH EQUIVALENTS—9.9%
Institutional Money Market Funds—9.9%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		32,585,023			32,585,023
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††	14,440,543			14,440,543
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class	††	13,500,000			13,500,000
Short-Term Investments Trust Liquid Assets Portfolio	††	13,500,000			13,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††	13,500,000			13,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††	13,500,000			13,500,000
TOTAL CASH EQUIVALENTS
(Cost $101,025,566)					101,025,566
TOTAL INVESTMENTS—106.7%
(Cost $1,015,758,642)					1,083,277,793
Other assets less liabilities—(6.7%)					(67,651,145	)
NET ASSETS—100.0%				$	1,015,626,648

 

Notes to the Schedule of Investments:
ADR	American Depositary Receipt
CVA	Dutch Certificate of Shares
GDR	Global Depositary Receipt
Reg S	Security purchased outside the United States and is not registered under the Securities Act of 1933. This security may be resold in the United States only if the offer and sale are made pursuant to such registration or are exempt from registration.
REIT	Real Estate Investment Trust
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
‡	Security valued at fair value as determined by policies approved by the Board of Directors.
††	Represents reinvestment of collateral received in conjunction with securities lending.

 

See accompanying notes to financial statements.

256

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint
International Fund

Percentage of Portfolio by Industry (unaudited):

COMMON STOCKS
Commercial Banks	11.6	%
Oil, Gas & Consumable Fuels	7.7	%
Pharmaceuticals	7.1	%
Diversified Telecommunication Services	5.7	%
Insurance	5.2	%
Food & Staples Retailing	4.8	%
Food Products	3.4	%
Metals & Mining	3.3	%
Trading Companies & Distributors	3.1	%
Wireless Telecommunication Services	2.9	%
Health Care Equipment & Supplies	2.6	%
Automobiles	2.6	%
Electric Utilities	2.5	%
Specialty Retail	2.0	%
Multi-Utilities	1.8	%
Capital Markets	1.7	%
Real Estate Management & Development	1.7	%
Semiconductors & Semiconductor Equipment	1.6	%
Chemicals	1.5	%
Office Electronics	1.4	%
Household Products	1.4	%
Building Products	1.3	%
Beverages	1.3	%
Professional Services	1.2	%
Electronic Equipment, Instruments & Components	1.2	%
Machinery	1.1	%
Media	1.0	%
Energy Equipment & Services	1.0	%
Software	0.9	%
Tobacco	0.9	%
Household Durables	0.9	%
Auto Components	0.9	%
Computers & Peripherals	0.7	%
Diversified Financial Services	0.7	%
Industrial Conglomerates	0.6	%
Construction Materials	0.6	%
Hotels, Restaurants & Leisure	0.6	%
Construction & Engineering	0.6	%
IT Services	0.5	%
Real Estate Investment Trusts (REITs)	0.5	%
Multiline Retail	0.4	%
Gas Utilities	0.4	%
Biotechnology	0.4	%
Personal Products	0.4	%
Textiles, Apparel & Luxury Goods	0.4	%
Road & Rail	0.4	%
Distributors	0.4	%
Paper & Forest Products	0.3	%
Transportation Infrastructure	0.3	%
Air Freight & Logistics	0.3	%
Containers & Packaging	0.2	%
Electrical Equipment	0.2	%
Health Care Providers & Services	0.1	%
Consumer Finance	0.1	%
Marine	0.1	%
Commercial Services & Supplies	0.1	%
	96.6	%
PREFERRED STOCKS
Automobiles	0.1	%
Biotechnology	0.1	%
	0.2	%
TOTAL COMMON STOCKS/PREFERRED STOCKS	96.8	%
CASH EQUIVALENTS
Institutional Money Market Funds	9.9	%
TOTAL INVESTMENTS	106.7	%
Other assets less liabilities	(6.7	)%
TOTAL NET ASSETS	100.0	%

 

See accompanying notes to financial statements.

257

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Diversified
Assets Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—36.7%
Aerospace & Defense—0.3%
Bombardier, Inc. (Canada)
6.750%	05/01/2012	ˆ	$	300,000	$	311,250
General Dynamics Corp.
4.500%	08/15/2010	§		900,000		923,368
						1,234,618
Airlines—0.1%
Continental Airlines, Inc., Series 2001-1, Class A-2
6.503%	06/15/2011			420,000		420,000
Beverages—1.0%
Anheuser-Busch InBev Worldwide, Inc.
3.000%	10/15/2012	ˆ		410,000		412,194
Coca-Cola Enterprises, Inc.
0.878%	05/06/2011	#§		2,100,000		2,117,476
Dr. Pepper Snapple Group, Inc.
1.700%	12/21/2011	§		1,790,000		1,789,062
						4,318,732
Capital Markets—3.2%
Bank of New York Mellon Corp. (The)
4.300%	05/15/2014			740,000		779,597
Bank of New York Mellon Corp. (The), Series G MTN
0.349%	03/23/2012	#§		1,530,000		1,520,861
Bear Stearns Cos. LLC (The), Series B MTN
4.550%	06/23/2010			1,400,000		1,423,582
FIH Erhvervsbank A/S (Denmark)
0.487%	12/06/2012	#ˆ		1,000,000		1,000,023
Goldman Sachs Group, Inc. (The)
0.551%	06/28/2010	#§		2,000,000		2,002,532
Goldman Sachs Group, Inc. (The) MTN
6.000%	05/01/2014			600,000		656,888
3.625%	08/01/2012			400,000		412,375
Macquarie Bank Ltd. (Australia)
2.600%	01/20/2012	ˆ§		1,050,000		1,072,635
Macquarie Group Ltd. (Australia)
7.300%	08/01/2014	ˆ		300,000		324,455
Morgan Stanley
6.000%	05/13/2014			400,000		430,493
5.050%	01/21/2011	§		800,000		829,961
4.200%	11/20/2014			480,000		480,860
Morgan Stanley, Series F MTN
2.373%	05/14/2010	#§		1,700,000		1,712,376
Nationwide Building Society (United Kingdom)
0.453%	05/17/2012	#ˆ		1,200,000		1,197,712
TD Ameritrade Holding Corp.
4.150%	12/01/2014			760,000		750,128
						14,594,478
Chemicals—1.0%
Dow Chemical Co. (The)
4.850%	08/15/2012			1,700,000		1,787,730
2.525%	08/08/2011	#§		1,700,000		1,730,799
E.I. du Pont de Nemours & Co.
4.125%	04/30/2010	§		1,000,000		1,013,506
						4,532,035
Commercial Banks—2.3%
BB&T Corp., Series A MTN
3.375%	09/25/2013		$	400,000	$	403,503
BNP Paribas MTN (France)
1.255%	06/11/2012	#§		1,400,000		1,418,687
BNP Paribas, Series 2 MTN (France)
2.125%	12/21/2012			500,000		497,774
CBQ Finance Ltd. (Bermuda)
5.000%	11/18/2014	ˆ		750,000		765,015
ICICI Bank Ltd. (India)
5.500%	03/25/2015	ˆ		900,000		896,774
Royal Bank of Scotland plc (The) (United Kingdom)
0.673%	04/08/2011	#ˆ		300,000		300,740
US Bancorp
4.200%	05/15/2014			800,000		831,258
US Bancorp, Series P MTN
0.679%	02/04/2010	#§		2,000,000		2,000,992
US Bancorp, Series R MTN
2.125%	02/15/2013			550,000		545,602
Wachovia Bank NA, Bank Note
1.173%	05/14/2010	#§		1,500,000		1,504,748
Wells Fargo & Co., Series E MTN
3.980%	10/29/2010			255,000		261,905
Wells Fargo & Co., Series I MTN
3.750%	10/01/2014			420,000		419,213
Westpac Banking Corp. (Australia)
2.250%	11/19/2012			700,000		698,832
						10,545,043
Communications Equipment—0.5%
Cisco Systems, Inc.
5.250%	02/22/2011	§		1,982,000		2,080,341
Computers & Peripherals—1.1%
Hewlett-Packard Co.
4.250%	02/24/2012			729,000		765,065
2.250%	05/27/2011	§		2,250,000		2,282,736
International Business Machines Corp.
2.100%	05/06/2013			630,000		629,244
0.318%	11/04/2011	#§		1,400,000		1,397,981
						5,075,026
Consumer Finance—0.8%
American Honda Finance Corp.
2.601%	06/29/2011	#ˆ		700,000		716,835
John Deere Capital Corp. MTN
1.006%	06/10/2011	#		650,000		656,362
0.770%	08/19/2010	#§		700,000		701,933
0.706%	02/26/2010	#§		1,300,000		1,300,980
LeasePlan Corp. NV (Netherlands)
3.000%	05/07/2012	ˆ		300,000		307,349
						3,683,459
Containers & Packaging—0.2%
Ball Corp.
6.875%	12/15/2012	§		445,000		452,787
Bemis Co., Inc.
5.650%	08/01/2014			290,000		308,983
						761,770
Diversified Consumer Services—0.1%
Stanford University
3.625%	05/01/2014			500,000		514,913

See accompanying notes to financial statements.

258

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Diversified
Assets Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Diversified Financial Services—3.0%
Bank of America Corp.
6.500%	08/01/2016		$	600,000	$	646,058
BP Capital Markets plc (United Kingdom)
4.875%	03/15/2010	§		900,000		908,385
3.625%	05/08/2014			1,700,000		1,740,848
3.125%	03/10/2012			500,000		515,295
0.463%	03/17/2010	#§		1,200,000		1,200,794
CME Group, Inc.
5.750%	02/15/2014			1,000,000		1,094,777
Deutsche Bank AG (Germany)
3.875%	08/18/2014			700,000		715,562
Dexia Credit Local (France)
0.899%	09/23/2011	#ˆ		1,200,000		1,210,763
Equifax, Inc.
4.450%	12/01/2014			160,000		160,979
General Electric Capital Corp.
5.900%	05/13/2014			430,000		465,309
General Electric Capital Corp., Series A MTN
6.125%	02/22/2011	§		3,500,000		3,699,461
General Electric Capital Corp., Series A
3.750%	11/14/2014			750,000		749,515
JPMorgan Chase & Co., Series F MTN
1.004%	06/13/2011	#§		500,000		503,484
						13,611,230
Diversified Telecommunication Services—2.4%
AT&T, Inc.
4.850%	02/15/2014			600,000		638,572
Bellsouth Capital Funding Corp.
7.750%	02/15/2010			1,640,000		1,653,713
British Telecommunications plc (United Kingdom)
9.125%	12/15/2010			650,000		696,520
Cellco Partnership/Verizon Wireless Capital LLC
5.550%	02/01/2014			500,000		543,135
3.750%	05/20/2011			600,000		618,907
2.869%	05/20/2011	#		500,000		517,178
Deutsche Telekom International Finance BV (Netherlands)
8.500%	06/15/2010	§		2,900,000		2,997,266
Qtel International Finance Ltd. (Bermuda)
6.500%	06/10/2014	ˆ		650,000		704,266
Qwest Capital Funding, Inc.
7.250%	02/15/2011			325,000		331,500
Verizon Global Funding Corp.
7.250%	12/01/2010			2,000,000		2,114,020
						10,815,077
Electric Utilities—4.0%
Columbus Southern Power Co., Series C
5.500%	03/01/2013			750,000		791,663
Commonwealth Edison Co., Series 105
5.400%	12/15/2011	§		2,039,000		2,179,556
Consumers Energy Co., Series D
5.375%	04/15/2013			575,000		617,863
Duke Energy Carolinas LLC
6.250%	01/15/2012			625,000		676,026
Duke Energy Carolinas LLC, Series D
7.375%	03/01/2010			1,850,000		1,869,318
FPL Group Capital, Inc.
5.625%	09/01/2011		$	1,583,000	$	1,684,551
1.133%	06/17/2011	#		550,000		556,487
Gulf Power Co., Series 09-A
0.351%	06/28/2010	#		200,000		200,140
Mirant Americas Generation LLC
8.300%	05/01/2011			320,000		329,600
Northern States Power Co.
4.750%	08/01/2010			2,300,000		2,355,706
Northern States Power Co., Series B
8.000%	08/28/2012			1,039,000		1,192,747
Pacific Gas & Electric Co.
4.200%	03/01/2011			750,000		774,164
1.206%	06/10/2010	#§		2,965,000		2,977,246
Southern Co., Series 2008-A
0.969%	08/20/2010	#§		1,650,000		1,657,040
Southern Co., Series A
5.300%	01/15/2012			350,000		375,178
						18,237,285
Electronic Equipment, Instruments & Components—0.1%
Thermo Fisher Scientific, Inc.
2.150%	12/28/2012	ˆ		420,000		414,498
Energy Equipment & Services—0.5%
Halliburton Co.
5.500%	10/15/2010			2,200,000		2,289,949
Food & Staples Retailing—0.2%
Safeway, Inc.
5.800%	08/15/2012			700,000		756,491
Food Products—0.1%
General Mills, Inc.
6.000%	02/15/2012			500,000		540,107
Gas Utilities—0.5%
KeySpan Corp.
7.625%	11/15/2010			2,300,000		2,425,842
Health Care Equipment & Supplies—0.1%
Boston Scientific Corp.
6.000%	06/15/2011	§		525,000		551,250
Health Care Providers & Services—0.6%
Express Scripts, Inc.
5.250%	06/15/2012			600,000		637,927
UnitedHealth Group, Inc.
0.433%	06/21/2010	#§		2,000,000		1,997,112
						2,635,039
Hotels, Restaurants & Leisure—0.2%
McDonald’s Corp., Series G MTN
5.750%	03/01/2012			750,000		808,879
Household Durables—1.6%
Clorox Co.
6.125%	02/01/2011	§		1,000,000		1,053,027
Emerson Electric Co.
7.125%	08/15/2010			2,000,000		2,087,116
Fortune Brands, Inc.
3.000%	06/01/2012	§		1,950,000		1,933,776
Kimberly-Clark Corp.
0.381%	07/30/2010	#§		2,200,000		2,201,362
						7,275,281

See accompanying notes to financial statements.

259

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Diversified
Assets Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Household Products—0.5%
Procter & Gamble International Funding SCA (Luxembourg)
1.350%	08/26/2011	§	$	2,420,000	$	2,433,426
Independent Power Producers & Energy Traders—0.2%
Orion Power Holdings, Inc.
12.000%	05/01/2010			650,000		669,500
Industrial Conglomerates—0.2%
3M Co., Series E MTN
4.375%	08/15/2013			750,000		808,153
Insurance—1.5%
Allstate Corp. (The)
6.200%	05/16/2014			510,000		564,559
Berkshire Hathaway Finance Corp.
4.125%	01/15/2010	§		1,000,000		1,001,508
4.000%	04/15/2012			750,000		786,405
0.584%	01/11/2011	#		1,000,000		1,002,377
Metropolitan Life Global Funding I
1.001%	06/25/2010	#ˆ		650,000		650,905
New York Life Global Funding
0.379%	06/16/2011	#ˆ		1,000,000		995,047
Prudential Financial, Inc., Series D MTN
5.100%	12/14/2011	§		1,100,000		1,148,656
3.625%	09/17/2012			710,000		720,964
						6,870,421
Life Sciences Tools & Services—0.2%
Howard Hughes Medical Institute
3.450%	09/01/2014			700,000		710,060
Machinery—0.6%
Honeywell International, Inc.
7.500%	03/01/2010	§		850,000		860,274
Ingersoll-Rand Global Holding Co. Ltd. (Bermuda)
1.773%	08/13/2010	#§		805,000		804,344
Siemens Financieringsmaatschappij NV MTN (Netherlands)
0.404%	03/16/2012	#		1,100,000		1,098,948
						2,763,566
Media—1.3%
Comcast Corp.
5.450%	11/15/2010			2,233,000		2,308,250
COX Communications, Inc.
5.450%	12/15/2014			500,000		536,257
4.625%	01/15/2010	§		1,500,000		1,501,964
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.750%	10/01/2014	ˆ		365,000		372,970
DISH DBS Corp.
6.375%	10/01/2011			325,000		336,375
Viacom, Inc.
4.375%	09/15/2014			500,000		516,175
Walt Disney Co. (The), Series B MTN
6.375%	03/01/2012			375,000		409,824
						5,981,815
Metals & Mining—0.9%
BHP Billiton Finance USA Ltd. (Australia)
5.125%	03/29/2012		$	1,400,000	$	1,490,952
5.000%	12/15/2010	§		2,000,000		2,082,380
Steel Dynamics, Inc.
7.375%	11/01/2012			325,000		336,375
						3,909,707
Multiline Retail—0.4%
Target Corp.
8.600%	01/15/2012	§		1,600,000		1,799,136
Multi-National—0.8%
International Bank for Reconstruction & Development (Supranational)
1.650%	05/18/2011	§		3,760,000		3,780,701
Oil, Gas & Consumable Fuels—2.3%
Chevron Corp.
3.950%	03/03/2014			1,000,000		1,045,017
ConocoPhillips
8.750%	05/25/2010	§		1,800,000		1,860,154
4.750%	02/01/2014			750,000		806,016
Consolidated Natural Gas Co., Series C
6.250%	11/01/2011			550,000		592,343
Kinder Morgan Energy Partners LP
7.125%	03/15/2012			900,000		981,915
OPTI Canada, Inc. (Canada)
9.000%	12/15/2012	ˆ		380,000		390,450
Petroleos Mexicanos (Mexico)
4.875%	03/15/2015	ˆ		1,400,000		1,401,820
Ras Laffan Liquefied Natural Gas Co. Ltd. III (Qatar)
4.500%	09/30/2012	ˆ		650,000		675,255
Shell International Finance BV (Netherlands)
0.281%	09/22/2011	#§		2,050,000		2,050,871
Woodside Finance Ltd. (Australia)
4.500%	11/10/2014	ˆ		560,000		565,603
						10,369,444
Paper & Forest Products—0.3%
Georgia-Pacific LLC
8.125%	05/15/2011			300,000		316,500
Weyerhaeuser Co.
6.750%	03/15/2012			970,000		1,028,214
						1,344,714
Pharmaceuticals—1.3%
GlaxoSmithKline Capital, Inc.
0.898%	05/13/2010	#§		2,000,000		2,004,718
Novartis Capital Corp.
4.125%	02/10/2014			600,000		631,300
Pfizer, Inc.
4.450%	03/15/2012			750,000		793,653
2.204%	03/15/2011	#§		1,750,000		1,791,052
Wyeth
6.950%	03/15/2011			500,000		534,286
						5,755,009
Road & Rail—0.1%
Canadian National Railway Co. (Canada)
6.375%	10/15/2011	§		500,000		543,242

See accompanying notes to financial statements.

260

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Diversified
Assets Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Software—0.7%
Microsoft Corp.
2.950%	06/01/2014		$	900,000	$	910,576
Oracle Corp.
0.333%	05/14/2010	#§		2,200,000		2,201,135
						3,111,711
Specialty Retail—0.1%
GameStop Corp./GameStop, Inc.
8.000%	10/01/2012	§		550,000		572,688
Wireless Telecommunication Services—1.4%
Millicom International Cellular SA (Luxembourg)
10.000%	12/01/2013			1,500,000		1,560,000
New Cingular Wireless Services, Inc.
8.125%	05/01/2012	§		455,000		514,396
Rogers Communications, Inc. (Canada)
6.375%	03/01/2014			360,000		398,956
Sprint Capital Corp.
8.375%	03/15/2012	§		905,000		941,200
Vodafone Group plc (United Kingdom)
7.750%	02/15/2010	§		2,000,000		2,016,019
4.150%	06/10/2014			1,090,000		1,122,505
						6,553,076
TOTAL CORPORATE OBLIGATIONS
(Cost $164,278,520)						166,097,712
U.S. GOVERNMENT AGENCY OBLIGATIONS—19.7%
U.S. Government Agency Obligations—16.9%
Federal Farm Credit Bank
4.750%	05/07/2010	§		12,500,000		12,697,837
0.632%	01/24/2011	#§		3,000,000		3,014,241
0.323%	05/18/2011	#§		5,000,000		5,008,570
Federal Home Loan Bank
1.000%	02/28/2011			3,000,000		3,011,196
Federal Home Loan Bank Discount Notes
1.010%	02/12/2010			1,700,000		1,699,920
0.999%	02/04/2010			1,000,000		999,958
0.857%	01/11/2010			10,000,000		9,999,832
0.705%	01/13/2010			3,500,000		3,499,958
Federal Home Loan Mortgage Corp.
1.625%	04/26/2011			7,905,000		7,992,643
Federal Home Loan Mortgage Corp. Discount Note
0.948%	02/08/2010			3,500,000		3,499,926
Federal National Mortgage Association
2.150%	05/04/2012			3,350,000		3,367,032
1.500%	09/16/2010	§		10,400,000		10,441,215
1.375%	04/28/2011			1,500,000		1,511,523
0.381%	12/01/2010			5,000,000		4,983,450
0.174%	07/13/2010	#		5,000,000		5,000,250
						76,727,551
U.S. Government Backed Corporate Obligations—2.8%
Bank of America NA MTN
1.700%	12/23/2010			2,400,000		2,422,303
Citigroup Funding, Inc.
0.381%	07/30/2010	#		2,000,000		2,002,036
General Electric Capital Corp.
1.800%	03/11/2011	§		2,000,000		2,023,150
JPMorgan Chase & Co.
1.650%	02/23/2011	§	$	1,175,000	$	1,188,490
State Street Bank and Trust Co.
0.454%	09/15/2011	#§		1,500,000		1,507,340
US Central Federal Credit Union
0.284%	10/19/2011	#§		2,900,000		2,902,677
Western Corporate Federal Credit Union
1.750%	11/02/2012			640,000		637,563
						12,683,559
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $89,124,857)						89,411,110
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—3.7%
U.S. Government Agency Mortgage-Backed Securities—3.7%
Federal Home Loan Mortgage Corp.
3.879%	12/01/2039	#		1,046,643		1,075,808
Federal Home Loan Mortgage Corp. REMICS
5.500%	07/15/2027	§		2,624,773		2,706,824
4.500%	12/15/2022			1,523,118		1,569,084
3.000%	03/15/2030	§		3,143,373		3,165,532
Federal National Mortgage Association
5.000%	01/01/2018			3,197,780		3,370,554
Federal National Mortgage Association REMICS
5.000%	06/25/2019			1,656,255		1,727,179
Government National Mortgage Association
6.500%	01/15/2039			1,237,771		1,317,222
4.500%	04/20/2024			1,692,146		1,754,027
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $16,571,807)						16,686,230
U.S. TREASURY OBLIGATIONS—13.7%
U.S. Treasury Bills—12.0%
U.S. Treasury Bill
0.391%	07/29/2010			7,500,000		7,490,775
0.386%	09/23/2010	‡‡		15,950,000		15,912,629
0.361%	08/26/2010			3,000,000		2,994,501
0.163%	04/29/2010	§		10,500,000		10,497,417
0.076%	01/21/2010			5,700,000		5,700,016
0.064%	03/25/2010			1,000,000		999,918
0.045%	02/18/2010			5,000,000		4,999,920
0.044%	03/04/2010			2,000,000		1,999,886
0.023%	03/11/2010	‡‡		3,960,000		3,959,747
						54,554,809
U.S. Treasury Inflation Protected Securities Notes—0.7%
U.S. Treasury Note
2.000%	01/15/2016	§		2,903,000		3,342,958
U.S. Treasury Notes—1.0%
U.S. Treasury Note
1.375%	04/15/2012	‡‡		4,300,000		4,305,379
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $62,051,011)						62,203,146

See accompanying notes to financial statements.

261

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Diversified
Assets Fund

Coupon Rate	Maturity Date		Face		Value
MUNICIPAL OBLIGATIONS—2.1%
California General Obligation Bonds (California)
5.250%	04/01/2014		$	700,000	$	704,424
4.850%	10/01/2014			300,000		296,484
Citizens Property Insurance Corp. Revenue Bonds, Series 2007 A (Florida)
5.000%	03/01/2013			290,000		301,986
Citizens Property Insurance Corp. Revenue Bonds, Series 2009 A-1 (Florida)
5.000%	06/01/2012			1,100,000		1,149,302
Citizens Property Insurance Corp. Revenue Notes, Series 2009 A-2 (Florida)
4.500%	06/01/2010	§		3,500,000		3,554,320
New Jersey Economic Development Authority Revenue Bonds (New Jersey)
5.000%	06/15/2011			400,000		407,000
New York Liberty Development Corp. Revenue Bonds (New York)
0.500%	12/01/2049	#		1,730,000		1,730,000
New York State Urban Development Corp. Revenue Bonds, Series A (New York)
5.500%	01/01/2017	#§		1,300,000		1,356,862
TOTAL MUNICIPAL OBLIGATIONS
(Cost $9,412,987)						9,500,378
SOVEREIGN DEBT OBLIGATIONS—1.9%
Government Issued—1.9%
Brazilian Government International Bond (Brazil)
10.250%	06/17/2013			1,010,000		1,252,400
Colombia Government International Bond (Colombia)
10.000%	01/23/2012			1,070,000		1,235,850
Indonesia Government International Bond, Reg S (Indonesia)
10.375%	05/04/2014			500,000		620,742
Mexico Government International Bond, Series A MTN (Mexico)
6.375%	01/16/2013			1,060,000		1,176,600
Panama Government International Bond (Panama)
9.375%	07/23/2012			450,000		526,500
Province of Ontario, Series 1 (Canada)
1.875%	11/19/2012			1,530,000		1,515,809
Qatar Government International Bond (Qatar)
4.000%	01/20/2015	ˆ		340,000		342,550
Republic of Chile (Chile)
5.500%	01/15/2013			650,000		720,395
Republic of South Africa (South Africa)
7.375%	04/25/2012			1,060,000		1,168,650
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $8,309,503)						8,559,496
ASSET BACKED SECURITIES—6.9%
Automobile—3.6%
Bank of America Auto Trust
Series 2009-1A, Class A2
1.700%	12/15/2011	ˆ		1,540,000		1,548,097
Bank of America Auto Trust
Series 2008-1A, Class A2B
1.533%	06/20/2011	#ˆ		622,329		624,004
BMW Vehicle Lease Trust
Series 2009-1, Class A1
0.792%	06/15/2010	§	$	2,298	$	2,299
BMW Vehicle Lease Trust
Series 2009-1, Class A2
2.040%	04/15/2011	§		4,600,000		4,625,341
Ford Credit Auto Lease Trust
Series 2009-A, Class A1
1.237%	06/15/2010	ˆ		179,208		179,353
Ford Credit Auto Lease Trust
Series 2009-A, Class A2
2.600%	05/15/2011	ˆ		830,000		836,130
Ford Credit Auto Owner Trust
Series 2009-D, Class A2
1.210%	01/15/2012			800,000		802,341
Honda Auto Receivables Owner Trust
Series 2009-2, Class A1
1.318%	05/17/2010	§		103,590		103,632
Mercedes-Benz Auto Receivables Trust
Series 2009-1, Class A1
0.267%	10/15/2010			1,707,931		1,708,212
Nissan Auto Lease Trust
Series 2009-A, Class A1
1.043%	06/15/2010	§		320,621		320,860
Nissan Auto Lease Trust
Series 2009-A, Class A2
2.010%	04/15/2011			1,440,000		1,448,825
Nissan Auto Lease Trust
Series 2009-B, Class A1
0.410%	09/15/2010			1,574,082		1,574,711
Volkswagen Auto Lease Trust
Series 2009-A, Class A2
2.870%	07/15/2011			1,271,363		1,282,705
Wachovia Auto Loan Owner Trust
Series 2007-1, Class A3A
5.290%	04/20/2012			1,157,158		1,178,546
World Omni Auto Receivables Trust
Series 2009-A, Class A1
1.622%	04/15/2010	§		29,068		29,084
						16,264,140
Credit Card—0.8%
Citibank Credit Card Issuance Trust
Series 2006-C4, Class C4
0.455%	01/09/2012	#		2,180,000		2,179,471
GE Capital Credit Card Master Note Trust
Series 2005-3, Class B
0.533%	06/15/2013	#		1,500,000		1,491,584
						3,671,055
Home Equity—2.5%
Ameriquest Mortgage Securities, Inc.
Series 2005-R7, Class A2C
0.491%	09/25/2035	#		149,370		146,828
Ameriquest Mortgage Securities, Inc.
Series 2003-AR3, Class M2
3.306%	10/25/2033	#		925,118		814,339
Argent Securities, Inc.
Series 2006-W3, Class A2B
0.351%	04/25/2036	#		104,752		102,537
Countrywide Asset-Backed Certificates
Series 2005-12, Class 2A3
5.069%	02/25/2036	#		872,754		828,940
Countrywide Asset-Backed Certificates
Series 2005-11, Class 3AV2
0.521%	02/25/2036	#		793,078		745,290

See accompanying notes to financial statements.

262

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Diversified
Assets Fund

Coupon Rate	Maturity Date		Face		Value
ASSET BACKED SECURITIES—(Continued)
Countrywide Asset-Backed Certificates
Series 2004-AB1, Class 2A3
0.751%	02/25/2035	#	$	713,042	$	667,803
Lehman XS Trust
Series 2005-8, Class 2A1A
0.431%	12/25/2035	#		637,950		612,505
Long Beach Mortgage Loan Trust
Series 2005-WL2, Class 3A1
0.411%	08/25/2035	#		41,158		40,854
Option One Mortgage Loan Trust
Series 2005-4, Class A3
0.491%	11/25/2035	#		1,296,982		1,237,043
Option One Mortgage Loan Trust
Series 2006-1, Class 2A2
0.361%	01/25/2036	#		64,422		63,852
Park Place Securities, Inc.
Series 2004-WHQ2, Class A3E
0.651%	02/25/2035	#		1,219,473		1,190,796
Residential Asset Mortgage Products, Inc.
Series 2005-RS2, Class AII3
0.581%	02/25/2035	#		569,192		549,255
Residential Asset Securities Corp.
Series 2005-KS5, Class M1
0.641%	06/25/2035	#		315,740		310,700
Saxon Asset Securities Trust
Series 2005-4, Class A2C
0.481%	11/25/2037	#		1,081,204		1,045,654
Soundview Home Equity Loan Trust
Series 2006-OPT4, Class 2A2
0.321%	06/25/2036	#		534,880		514,025
Specialty Underwriting & Residential Finance
Series 2005-BC3, Class A2C
0.601%	06/25/2036	#		643,779		627,635
Structured Asset Investment Loan Trust
Series 2006-BNC3, Class A2
0.271%	09/25/2036	#		155,200		153,981
Structured Asset Investment Loan Trust
Series 2003-BC1, Class A2
0.911%	01/25/2033	#		2,395,036		1,862,283
						11,514,320
TOTAL ASSET BACKED SECURITIES
(Cost $31,638,888)						31,449,515
NON-GOVERNMENT MORTGAGE-BACKED SECURITIES—0.6%
Mortgage Backed—0.6%
Thornburg Mortgage Securities Trust
Series 2004-1, Class II2A
3.133%	03/25/2044	#§		1,137,745		990,547
Wells Fargo Mortgage Backed Securities Trust
Series 2004-6, Class A13
0.681%	06/25/2034	#§	��	1,665,278		1,601,797
TOTAL NON-GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $2,629,069)						2,592,344
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS—0.5%
Non-U.S. Government Agency Obligations—0.5%
Export-Import Bank of Korea (Korea, Republic of)
5.500%	10/17/2012		$	500,000	$	532,368
Japan Finance Corp. (Japan)
2.000%	06/24/2011			500,000		506,212
Kreditanstalt fuer Wiederaufbau (Germany)
1.875%	03/15/2011	§		1,400,000		1,415,770
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $2,422,831)						2,454,350
CERTIFICATES OF DEPOSIT—1.5%
Commercial Banks—1.5%
Barclays Bank plc (United Kingdom)
1.550%	07/23/2010	§		3,100,000		3,119,034
Standard Chartered Bank yankee
0.673%	11/16/2011	§		3,640,000		3,640,109
TOTAL CERTIFICATES OF DEPOSIT
(Cost $6,740,000)						6,759,143
COMMERCIAL PAPER—0.5%
Commercial Banks—0.5%
Bank of Nova Scotia (Canada)
0.150%	02/19/2010
(Cost $2,199,551)				2,200,000		2,199,441
				Contracts		Value
PURCHASED OPTIONS—0.5%
Put—Euro Bund, Expires 02/26/2010, Strike EUR 130.00				52		656,738
Call—U.S. 10 Years Note Futures, Expires 02/19/2010, Strike 108.00				233		1,736,578
TOTAL PURCHASED OPTIONS
(Cost $2,613,557)						2,393,316
				Shares		Value
CASH EQUIVALENTS—11.3%
Institutional Money Market Fund—11.3%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class
(Cost $51,214,149)				51,214,149		51,214,149
TOTAL INVESTMENTS—99.6%
(Cost $449,206,730)						451,520,330
Other assets less liabilities—0.4%						1,675,485
NET ASSETS—100.0%						$453,195,815

 

See accompanying notes to financial statements.

263

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Diversified
Assets Fund

Notes to the Schedule of Investments:
EUR		European Monetary Unit
MTN		Medium Term Note
Reg S		Security purchased outside the United States and is not registered under the Securities Act of 1933. This security may be resold in the United States only if the offer and sale are made pursuant to such registration or are exempt from registration.
REMICS		Real Estate Mortgage Investment Conduits
ˆ		Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. 144A securities amounted to $18,216,693, which represents 4.0% of Total Investments.
§		Security has been segregated to cover economic leverage under certain derivatives contracts which may include, but are not limited to, futures, swaps, forwards, options and TBA’s, a security that is subject to delayed delivery.
#		Rate is subject to change. Rate shown reflects current rate.
‡‡	��	Security or a portion of the security has been pledged as collateral for futures contracts.

 

See accompanying notes to financial statements.

264

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—19.3%
Aerospace & Defense—0.2%
Boeing Co. (The)
6.125%	02/15/2033		$	100,000	$	104,166
5.125%	02/15/2013			250,000		267,406
Lockheed Martin Corp., Series B
6.150%	09/01/2036			250,000		265,479
Northrop Grumman Systems Corp.
7.750%	02/15/2031			250,000		309,768
United Technologies Corp.
6.700%	08/01/2028			150,000		168,580
6.100%	05/15/2012			50,000		54,707
4.875%	05/01/2015			500,000		537,328
						1,707,434
Auto Components—0.0%
Johnson Controls, Inc.
5.500%	01/15/2016			250,000		254,592
Automobiles—0.1%
Daimler Finance North America LLC
7.300%	01/15/2012			1,000,000		1,087,657
Beverages—0.4%
Anheuser-Busch Cos., Inc.
6.800%	01/15/2031			350,000		362,548
Bottling Group LLC
5.500%	04/01/2016	†		500,000		541,639
Cia de Bebidas das Americas (Brazil)
8.750%	09/15/2013			100,000		116,500
Coca-Cola Enterprises, Inc.
8.500%	02/01/2022			500,000		643,110
Diageo Finance BV (Netherlands)
5.300%	10/28/2015			750,000		810,215
Dr. Pepper Snapple Group, Inc.
6.820%	05/01/2018			500,000		561,813
PepsiCo, Inc.
3.750%	03/01/2014			1,000,000		1,034,390
						4,070,215
Biotechnology—0.2%
Amgen, Inc.
6.150%	06/01/2018	†		1,000,000		1,109,539
5.850%	06/01/2017			250,000		273,601
Genentech, Inc.
5.250%	07/15/2035			100,000		96,658
4.750%	07/15/2015			200,000		214,315
						1,694,113
Capital Markets—1.7%
Bear Stearns Cos. LLC (The)
7.250%	02/01/2018			250,000		287,411
6.400%	10/02/2017	†		1,000,000		1,091,758
5.700%	11/15/2014			50,000		55,075
Bear Stearns Cos. LLC (The), Series B MTN
6.950%	08/10/2012			500,000		558,974
Credit Suisse USA, Inc.
6.500%	01/15/2012			350,000		381,049
6.125%	11/15/2011			1,000,000		1,078,862
5.500%	08/15/2013	†		150,000		163,087
5.125%	01/15/2014			500,000		534,266
5.125%	08/15/2015			500,000		532,259
Goldman Sachs Group, Inc. (The)
6.875%	01/15/2011		$	250,000	$	265,173
6.600%	01/15/2012			650,000		706,978
6.250%	09/01/2017			1,000,000		1,074,052
6.150%	04/01/2018			500,000		536,118
6.125%	02/15/2033	†		1,200,000		1,208,794
5.700%	09/01/2012			250,000		269,082
5.450%	11/01/2012			500,000		537,943
5.150%	01/15/2014			500,000		529,411
5.125%	01/15/2015			500,000		525,958
5.000%	10/01/2014			1,053,000		1,111,560
Jefferies Group, Inc.
6.250%	01/15/2036			350,000		279,700
JP Morgan Chase Capital XXV, Series Y
6.800%	10/01/2037			500,000		498,320
Lehman Brothers Holdings, Inc.
6.875%	07/17/2037	Δ		500,000		150
6.500%	07/19/2017	Δ		500,000		150
Merrill Lynch & Co., Inc.
6.875%	11/15/2018			250,000		268,478
6.220%	09/15/2026			1,000,000		958,372
Merrill Lynch & Co., Inc. MTN
6.875%	04/25/2018			750,000		809,366
Morgan Stanley
7.250%	04/01/2032			100,000		114,083
6.750%	04/15/2011			1,500,000		1,589,715
Morgan Stanley MTN
5.450%	01/09/2017			1,000,000		1,012,176
Morgan Stanley, Series F MTN
6.000%	04/28/2015			1,000,000		1,066,434
5.950%	12/28/2017			500,000		516,535
Washington Mutual Bank FA
5.650%	08/15/2014	Δ		250,000		2,500
						18,563,789
Chemicals—0.4%
Dow Chemical Co. (The)
8.550%	05/15/2019			800,000		956,114
7.375%	11/01/2029			250,000		274,444
6.000%	10/01/2012			150,000		161,458
5.900%	02/15/2015			400,000		430,306
E.I. du Pont de Nemours & Co.
4.750%	11/15/2012			500,000		537,067
Monsanto Co.
5.500%	08/15/2025	†		500,000		498,605
Potash Corp. of Saskatchewan, Inc. (Canada)
4.875%	03/01/2013			500,000		528,478
Praxair, Inc.
3.950%	06/01/2013			150,000		156,468
3.250%	09/15/2015			500,000		499,429
						4,042,369
Commercial Banks—1.2%
Bank of Tokyo-Mitsubishi UFJ Ltd.
7.400%	06/15/2011			250,000		269,675
Bank One Corp.
5.900%	11/15/2011			750,000		800,824
Barclays Bank plc (United Kingdom)
5.450%	09/12/2012			1,000,000		1,082,115
BB&T Corp.
5.250%	11/01/2019			500,000		482,788
Capital One Financial Corp.
6.150%	09/01/2016			500,000		502,937
Fifth Third Capital Trust IV
6.500%	04/15/2037	#		1,000,000		735,000

See accompanying notes to financial statements.

265

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
First Union Institutional Capital I
8.040%	12/01/2026		$	1,000,000	$	984,840
FleetBoston Financial Corp.
6.875%	01/15/2028			150,000		149,060
HSBC Holdings plc (United Kingdom)
5.250%	12/12/2012			150,000		159,391
National City Corp.
6.875%	05/15/2019			500,000		530,167
Regions Bank
6.450%	06/26/2037			500,000		370,350
Royal Bank of Canada (Canada)
5.650%	07/20/2011			500,000		534,045
Royal Bank of Scotland Group plc (United Kingdom)
5.000%	10/01/2014			750,000		663,500
Suntrust Banks, Inc.
5.200%	01/17/2017			250,000		236,356
U.S. Bank NA, Bank Note
4.800%	04/15/2015			250,000		262,637
UBS AG (Switzerland)
7.000%	10/15/2015			100,000		106,416
5.875%	07/15/2016			1,000,000		1,013,829
UBS AG MTN (Switzerland)
7.375%	06/15/2017			100,000		105,202
Wachovia Bank NA, Bank Note
4.875%	02/01/2015			1,500,000		1,533,636
Wachovia Corp., Series G MTN
5.500%	05/01/2013			1,000,000		1,063,140
Wells Fargo & Co.
5.000%	11/15/2014			750,000		771,159
Wells Fargo Bank NA
5.950%	08/26/2036			500,000		489,621
Wells Fargo Bank NA, Bank Note
6.450%	02/01/2011			250,000		264,081
						13,110,769
Commercial Services & Supplies—0.1%
R.R. Donnelley & Sons Co.
4.950%	04/01/2014			550,000		550,687
Waste Management, Inc.
7.000%	07/15/2028			550,000		593,932
						1,144,619
Communications Equipment—0.1%
Cisco Systems, Inc.
5.500%	02/22/2016			500,000		549,669
4.950%	02/15/2019	†		500,000		513,440
Motorola, Inc.
7.500%	05/15/2025			500,000		479,489
						1,542,598
Computers & Peripherals—0.1%
International Business Machines Corp.
7.000%	10/30/2025			500,000		574,628
4.750%	11/29/2012			250,000		268,769
						843,397
Construction Materials—0.1%
CRH America, Inc.
6.000%	09/30/2016			750,000		784,428
Lafarge SA (France)
6.500%	07/15/2016			750,000		796,204
						1,580,632
Consumer Finance—0.8%
American Express Co.
8.150%	03/19/2038		$	500,000	$	627,553
6.800%	09/01/2066	#		1,000,000		905,000
4.875%	07/15/2013	†		1,000,000		1,044,223
Boeing Capital Corp.
6.100%	03/01/2011			500,000		528,664
HSBC Finance Capital Trust IX
5.911%	11/30/2035	#		500,000		415,000
HSBC Finance Corp.
7.000%	05/15/2012			1,500,000		1,631,934
6.375%	11/27/2012			1,000,000		1,089,756
International Lease Finance Corp., Series Q MTN
5.450%	03/24/2011			1,000,000		921,889
John Deere Capital Corp.
7.000%	03/15/2012			350,000		388,468
ORIX Corp. (Japan)
5.480%	11/22/2011			250,000		251,146
SLM Corp.
5.450%	04/25/2011			750,000		748,147
SLM Corp., Series A MTN
5.000%	10/01/2013			500,000		460,350
						9,012,130
Diversified Financial Services—2.2%
Associates Corp. of North America
6.950%	11/01/2018			250,000		253,189
Bank of America Corp.
7.750%	08/15/2015			750,000		823,771
6.800%	03/15/2028			500,000		493,210
5.750%	12/01/2017			1,000,000		1,025,636
5.420%	03/15/2017			700,000		691,988
BP Capital Markets plc (United Kingdom)
5.250%	11/07/2013			1,000,000		1,090,181
Citigroup, Inc.
8.125%	07/15/2039			500,000		566,026
6.625%	06/15/2032			150,000		136,782
6.125%	11/21/2017	†		750,000		757,152
6.000%	02/21/2012			350,000		369,680
6.000%	08/15/2017			600,000		600,677
5.850%	12/11/2034			500,000		442,489
5.625%	08/27/2012			150,000		154,380
5.500%	04/11/2013			2,000,000		2,075,074
Deutsche Bank AG (Germany)
6.000%	09/01/2017			1,150,000		1,255,694
Deutsche Bank Financial LLC MTN
5.375%	03/02/2015	†		250,000		261,047
General Electric Capital Corp.
6.375%	11/15/2067	#		1,000,000		873,750
4.800%	05/01/2013	†		1,000,000		1,046,071
General Electric Capital Corp. MTN
5.875%	01/14/2038			600,000		557,356
5.400%	02/15/2017			250,000		255,522
General Electric Capital Corp., Series A MTN
6.750%	03/15/2032			750,000		766,883
6.000%	06/15/2012			1,000,000		1,078,523
5.875%	02/15/2012			500,000		535,955
5.625%	09/15/2017			750,000		773,874
IBM International Group Capital LLC
5.050%	10/22/2012			990,000		1,073,099
JPMorgan Chase & Co.
6.625%	03/15/2012			1,500,000		1,638,336
6.400%	05/15/2038			300,000		331,366
5.750%	01/02/2013			750,000		800,416
5.375%	10/01/2012			270,000		292,362
4.750%	03/01/2015			1,000,000		1,041,142

See accompanying notes to financial statements.

266

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
JPMorgan Chase Bank NA, Bank Note
6.000%	10/01/2017		$	500,000	$	536,169
National Rural Utilities Cooperative Finance Corp., Series C MTN
7.250%	03/01/2012			500,000		549,896
Western Union Co. (The)
5.400%	11/17/2011			750,000		801,120
						23,948,816
Diversified Telecommunication Services—1.1%
AT&T, Inc.
6.550%	02/15/2039			600,000		634,307
6.300%	01/15/2038			250,000		254,773
6.250%	03/15/2011			250,000		264,820
6.150%	09/15/2034			500,000		495,807
5.625%	06/15/2016			150,000		161,354
BellSouth Capital Funding Corp.
7.875%	02/15/2030			900,000		1,030,384
BellSouth Corp.
6.875%	10/15/2031			350,000		368,662
6.000%	10/15/2011			250,000		270,444
British Telecommunications plc (United Kingdom)
9.625%	12/15/2030			150,000		191,621
Deutsche Telekom International Finance BV (Netherlands)
8.750%	06/15/2030			750,000		967,171
Embarq Corp.
7.082%	06/01/2016			500,000		553,006
France Telecom SA (France)
8.500%	03/01/2031			500,000		667,279
Qwest Corp.
6.500%	06/01/2017	†		500,000		493,750
Telecom Italia Capital SA (Luxembourg)
6.999%	06/04/2018			500,000		551,030
6.000%	09/30/2034			250,000		237,161
5.250%	11/15/2013			350,000		368,448
4.950%	09/30/2014			500,000		518,783
Telefonica Emisiones SAU (Spain)
6.421%	06/20/2016			500,000		555,706
Telefonica Europe BV (Netherlands)
8.250%	09/15/2030			350,000		436,961
Verizon Communications, Inc.
6.400%	02/15/2038			500,000		524,444
5.850%	09/15/2035			750,000		733,742
Verizon Global Funding Corp.
7.750%	12/01/2030			500,000		589,022
7.375%	09/01/2012			1,000,000		1,127,905
Verizon Virginia, Inc., Series A
4.625%	03/15/2013			250,000		259,807
						12,256,387
Electric Utilities—1.5%
Alabama Power Co., Series Q
5.500%	10/15/2017			150,000		160,063
Arizona Public Service Co.
6.500%	03/01/2012			150,000		161,314
Columbus Southern Power Co., Series C
5.500%	03/01/2013			150,000		158,333
Commonwealth Edison Co.
5.800%	03/15/2018			100,000		106,226
Consolidated Edison Co. of New York, Inc., Series 2006-C
5.500%	09/15/2016			500,000		528,048
Constellation Energy Group, Inc.
7.600%	04/01/2032		$	150,000	$	163,343
7.000%	04/01/2012			500,000		542,799
Consumers Energy Co., Series P
5.500%	08/15/2016			150,000		157,750
DTE Energy Co.
7.050%	06/01/2011			350,000		370,947
Duke Energy Carolinas LLC
6.450%	10/15/2032			500,000		546,361
Duke Energy Ohio, Inc.
5.700%	09/15/2012			150,000		162,781
Exelon Corp.
4.900%	06/15/2015			350,000		361,490
FirstEnergy Corp., Series B
6.450%	11/15/2011			8,000		8,582
FirstEnergy Corp., Series C
7.375%	11/15/2031			250,000		271,736
Florida Power & Light Co.
5.625%	04/01/2034			50,000		50,385
4.950%	06/01/2035			500,000		458,357
4.850%	02/01/2013			150,000		158,900
Florida Power Corp.
6.400%	06/15/2038	†		500,000		547,764
FPL Group Capital, Inc.
6.000%	03/01/2019	†		250,000		269,725
Indiana Michigan Power Co.
7.000%	03/15/2019			500,000		558,542
Jersey Central Power & Light
5.625%	05/01/2016			500,000		518,963
MidAmerican Energy Co.
6.750%	12/30/2031			250,000		280,432
MidAmerican Energy Holdings Co.
6.125%	04/01/2036			500,000		513,782
MidAmerican Energy Holdings Co., Series D
5.000%	02/15/2014			150,000		157,550
National Grid plc (United Kingdom)
6.300%	08/01/2016			250,000		272,256
Nisource Finance Corp.
5.450%	09/15/2020			500,000		485,817
Northern States Power Co.
5.250%	03/01/2018			500,000		524,699
Northern States Power Co., Series B
8.000%	08/28/2012			150,000		172,196
Ohio Power Co., Series K
6.000%	06/01/2016			500,000		530,789
Oncor Electric Delivery Co.
6.375%	05/01/2012			350,000		378,221
Ontario Electricity Financial Corp. (Canada)
7.450%	03/31/2013			350,000		399,745
Pacific Gas & Electric Co.
6.050%	03/01/2034			500,000		523,700
Pepco Holdings, Inc.
6.450%	08/15/2012			150,000		161,088
Potomac Electric Power Co.
7.900%	12/15/2038			500,000		640,814
PPL Capital Funding, Inc., Series A
6.700%	03/30/2067	#		500,000		433,095
Progress Energy, Inc.
7.750%	03/01/2031			250,000		294,763
7.100%	03/01/2011			188,000		199,039
PSEG Power LLC
8.625%	04/15/2031	†		500,000		648,103
Scottish Power Ltd. (United Kingdom)
5.375%	03/15/2015			500,000		531,479
South Carolina Electric & Gas Co.
5.300%	05/15/2033			150,000		143,863
Southern California Edison Co.
6.650%	04/01/2029	†		500,000		550,913

See accompanying notes to financial statements.

267

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Core Bond
Index Fund

Coupon Rate		Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Southern Power Co., Series D
4.875%		07/15/2015		$	350,000	$	364,726
Union Electric Co.
6.400%		06/15/2017			500,000		539,237
Virginia Electric and Power Co.
5.950%		09/15/2017			500,000		542,668
5.400%		04/30/2018			500,000		524,952
Virginia Electric and Power Co., Series B
6.000%		01/15/2036			500,000		519,102
Wisconsin Electric Power
5.625%		05/15/2033			250,000		251,896
							16,847,334
Electrical Equipment—0.0%
Emerson Electric Co.
5.000%		12/15/2014			150,000		161,431
Electronic Equipment, Instruments & Components—0.0%
Arrow Electronics, Inc.
6.875%		07/01/2013			250,000		272,877
Energy Equipment & Services—0.1%
Halliburton Co.
7.450%		09/15/2039			600,000		744,863
Transocean, Inc. (Cayman Islands)
6.800%		03/15/2038			500,000		560,959
							1,305,822
Food & Staples Retailing—0.1%
CVS Caremark Corp.
6.600%		03/15/2019			500,000		548,098
4.875%		09/15/2014			530,000		562,078
Kroger Co. (The)
7.500%		04/01/2031			200,000		233,457
							1,343,633
Food Products—0.4%
Archer-Daniels Midland Co.
5.450%		03/15/2018			750,000		800,167
Bunge Ltd. Finance Corp.
5.350%		04/15/2014			500,000		511,620
Campbell Soup Co.
4.875%		10/01/2013			250,000		270,335
ConAgra Foods, Inc.
6.750%		09/15/2011			11,000		11,881
5.875%		04/15/2014			1,000,000		1,090,784
5.819%		06/15/2017			153,000		159,153
General Mills, Inc.
5.700%		02/15/2017			500,000		541,520
H.J. Heinz Finance Co.
6.625%		07/15/2011			250,000		268,546
Kraft Foods, Inc.
6.875%		02/01/2038			500,000		526,361
6.500%		11/01/2031			100,000		100,745
							4,281,112
Gas Utilities—0.1%
Sempra Energy
6.150%		06/15/2018			500,000		531,472
Health Care Equipment & Supplies—0.2%
Baxter International, Inc.
5.900%		09/01/2016		$	400,000	$	441,297
CareFusion Corp.
6.375%		08/01/2019	ˆ		500,000		536,225
Covidien International Finance SA (Luxembourg)
6.000%		10/15/2017			500,000		541,274
Johnson & Johnson
5.950%		08/15/2037			250,000		275,930
4.950%		05/15/2033			200,000		195,519
							1,990,245
Health Care Providers & Services—0.2%
Aetna, Inc.
6.625%		06/15/2036			250,000		257,157
UnitedHealth Group, Inc.
6.000%		02/15/2018	†		500,000		517,300
5.375%		03/15/2016			500,000		515,242
WellPoint, Inc.
6.800%		08/01/2012			150,000		165,597
5.250%		01/15/2016			1,000,000		1,010,714
							2,466,010
Hotels, Restaurants & Leisure—0.1%
McDonald’s Corp., Series I MTN
5.350%		03/01/2018			500,000		536,999
Yum! Brands, Inc.
6.875%		11/15/2037			400,000		433,593
							970,592
Household Durables—0.1%
Fortune Brands, Inc.
5.375%		01/15/2016			750,000		747,463
Kimberly-Clark Corp.
6.125%		08/01/2017			500,000		555,133
5.625%		02/15/2012			250,000		269,476
							1,572,072
Household Products—0.0%
Procter & Gamble Co. (The)
5.800%		08/15/2034			250,000		266,880
Industrial Conglomerates—0.3%
3M Co. MTN
5.700%		03/15/2037			250,000		261,813
General Electric Co.
5.000%		02/01/2013			2,796,000		2,960,165
							3,221,978
Insurance—0.6%
AEGON Funding Co. LLC
5.750%		12/15/2020			500,000		461,355
Allstate Corp. (The)
5.350%		06/01/2033			500,000		470,896
American International Group, Inc.
4.250%		05/15/2013			100,000		92,441
American International Group, Inc., Series G MTN
5.850%		01/16/2018			1,000,000		821,773
Assurant, Inc.
5.625%	��	02/15/2014			500,000		513,126
AXA SA (France)
8.600%		12/15/2030			250,000		291,273
Berkshire Hathaway Finance Corp.
5.000%		08/15/2013			1,500,000		1,614,293

See accompanying notes to financial statements.

268

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Chubb Corp.
6.375%	03/29/2067	#	$	500,000	$	470,000
Cincinnati Financial Corp.
6.125%	11/01/2034			500,000		442,724
CNA Financial Corp.
5.850%	12/15/2014			600,000		592,009
Hartford Financial Services Group, Inc.
6.100%	10/01/2041			150,000		120,242
Lincoln National Corp.
6.150%	04/07/2036			250,000		225,562
Marsh & McLennan Cos., Inc.
5.750%	09/15/2015			250,000		261,133
MetLife, Inc.
5.700%	06/15/2035			250,000		247,716
Progressive Corp. (The)
6.625%	03/01/2029			150,000		153,485
Prudential Financial, Inc., Series D MTN
5.700%	12/14/2036			250,000		226,617
						7,004,645
IT Services—0.0%
Computer Sciences Corp.
7.375%	06/15/2011			100,000		107,655
Electronic Data Systems LLC, Series B
6.000%	08/01/2013			150,000		165,947
						273,602
Machinery—0.1%
Caterpillar, Inc.
6.050%	08/15/2036	†		500,000		534,877
Deere & Co.
6.950%	04/25/2014			250,000		288,859
Honeywell International, Inc.
6.125%	11/01/2011			250,000		272,647
Tyco International Finance SA (Luxembourg)
6.375%	10/15/2011			400,000		429,102
						1,525,485
Media—1.0%
CBS Corp.
7.875%	07/30/2030			250,000		270,344
5.625%	08/15/2012			50,000		52,295
Comcast Corp.
6.450%	03/15/2037	†		500,000		517,209
6.300%	11/15/2017			1,000,000		1,095,928
5.650%	06/15/2035			500,000		468,886
COX Communications, Inc.
5.500%	10/01/2015			75,000		79,694
5.450%	12/15/2014			300,000		321,754
4.625%	06/01/2013			250,000		260,176
News America Holdings, Inc.
8.000%	10/17/2016			150,000		176,870
7.750%	12/01/2045			200,000		223,986
Omnicom Group, Inc.
5.900%	04/15/2016			500,000		533,261
Thomson Reuters Corp. (Canada)
6.500%	07/15/2018			500,000		566,064
Time Warner Cable, Inc.
6.200%	07/01/2013			1,000,000		1,099,323
Time Warner Entertainment Co. LP
8.375%	03/15/2023			500,000		593,540
8.375%	07/15/2033			500,000		599,408
Time Warner, Inc.
6.875%	05/01/2012		$	150,000	$	164,300
5.875%	11/15/2016			2,000,000		2,162,076
Viacom, Inc.
6.875%	04/30/2036	†		400,000		433,889
6.250%	04/30/2016			500,000		545,657
Walt Disney Co. (The), Series B MTN
7.000%	03/01/2032	†		500,000		586,996
						10,751,656
Metals & Mining—0.4%
Alcoa, Inc.
5.550%	02/01/2017			750,000		746,809
BHP Billiton Finance USA Ltd. (Australia)
6.500%	04/01/2019			1,000,000		1,149,093
4.800%	04/15/2013			150,000		159,782
Rio Tinto Alcan, Inc. (Canada)
6.125%	12/15/2033			150,000		153,032
4.875%	09/15/2012			350,000		369,143
Rio Tinto Finance USA Ltd. (Australia)
5.875%	07/15/2013			1,000,000		1,079,899
Southern Copper Corp.
7.500%	07/27/2035			250,000		248,334
Vale Overseas Ltd. (Cayman Islands)
6.875%	11/21/2036			100,000	��	100,166
6.250%	01/23/2017			750,000		784,212
						4,790,470
Multiline Retail—0.3%
Target Corp.
7.000%	07/15/2031			350,000		392,881
6.000%	01/15/2018			500,000		552,731
Wal-Mart Stores, Inc.
7.550%	02/15/2030			250,000		310,640
5.250%	09/01/2035			750,000		740,060
4.550%	05/01/2013			500,000		533,139
4.125%	02/15/2011			250,000		259,033
						2,788,484
Multi-National—1.0%
African Development Bank (Supranational)
1.750%	10/01/2012			1,000,000		994,157
Asian Development Bank (Supranational)
2.750%	05/21/2014			1,000,000		999,245
Asian Development Bank MTN (Supranational)
2.125%	03/15/2012			1,000,000		1,016,194
European Investment Bank (Supranational)
5.125%	09/13/2016			1,000,000		1,090,225
4.625%	03/21/2012			2,000,000		2,132,874
4.625%	05/15/2014			500,000		536,584
3.375%	06/12/2013	†		500,000		517,139
1.750%	09/14/2012			1,000,000		997,379
Inter-American Development Bank (Supranational)
5.000%	04/05/2011			1,000,000		1,052,277
Inter-American Development Bank MTN (Supranational)
3.500%	03/15/2013			500,000		520,515
International Bank for Reconstruction & Development (Supranational)
7.625%	01/19/2023			250,000		319,537
International Finance Corp. (Supranational)
5.125%	05/02/2011			1,000,000		1,049,805
						11,225,931

See accompanying notes to financial statements.

269

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Office Electronics—0.2%
Pitney Bowes, Inc.
5.000%	03/15/2015		$	500,000	$	524,455
Pitney Bowes, Inc. MTN
4.750%	01/15/2016			200,000		208,271
Xerox Corp.
6.875%	08/15/2011			750,000		801,729
6.350%	05/15/2018	†		500,000		522,409
						2,056,864
Oil, Gas & Consumable Fuels—1.6%
Alberta Energy Co. Ltd. (Canada)
7.375%	11/01/2031			400,000		453,875
Anadarko Petroleum Corp.
8.700%	03/15/2019	†		500,000		622,992
Apache Finance Canada Corp. (Canada)
7.750%	12/15/2029			150,000		187,286
Canadian Natural Resources Ltd. (Canada)
5.850%	02/01/2035			500,000		491,203
5.450%	10/01/2012			250,000		267,663
CenterPoint Energy Resources Corp., Series B
7.875%	04/01/2013			850,000		958,110
ConocoPhillips Holding Co.
6.950%	04/15/2029			1,250,000		1,420,871
Devon Financing Corp. ULC (Canada)
6.875%	09/30/2011			750,000		815,073
EnCana Corp. (Canada)
6.300%	11/01/2011			250,000		269,002
Energy Transfer Partners LP
5.950%	02/01/2015			750,000		795,572
Enterprise Products Operating LLC, Series D
6.875%	03/01/2033			150,000		159,184
Enterprise Products Operating LLC, Series G
5.600%	10/15/2014			150,000		159,892
Hess Corp.
7.300%	08/15/2031			250,000		284,913
Kinder Morgan Energy Partners LP
7.300%	08/15/2033			500,000		546,934
6.500%	02/01/2037			400,000		404,316
Marathon Oil Corp.
6.125%	03/15/2012			350,000		376,410
5.900%	03/15/2018			500,000		527,523
Nexen, Inc. (Canada)
6.400%	05/15/2037			500,000		505,386
5.050%	11/20/2013			250,000		260,978
ONEOK Partners LP
6.150%	10/01/2016			500,000		526,134
Petrobras International Finance Co. (Cayman Islands)
8.375%	12/10/2018			250,000		297,187
6.125%	10/06/2016			500,000		538,750
Petro-Canada (Canada)
5.950%	05/15/2035			250,000		247,524
Petroleos Mexicanos (Mexico)
8.000%	05/03/2019			250,000		290,625
Shell International Finance BV (Netherlands)
5.200%	03/22/2017			1,000,000		1,078,495
Suncor Energy, Inc. (Canada)
7.150%	02/01/2032			500,000		552,432
Tennessee Gas Pipeline Co.
7.000%	10/15/2028			350,000		374,817
Texas Eastern Transmission LP
7.000%	07/15/2032			150,000		169,098
TransCanada PipeLines Ltd. (Canada)
5.850%	03/15/2036		$	500,000	$	505,592
4.000%	06/15/2013			250,000		256,317
Union Pacific Resources Group, Inc.
7.150%	05/15/2028			350,000		347,660
Valero Energy Corp.
6.125%	06/15/2017			500,000		512,476
4.750%	06/15/2013			500,000		512,141
Williams Cos., Inc.
7.875%	09/01/2021			500,000		574,640
XTO Energy, Inc.
5.500%	06/15/2018			300,000		320,543
4.900%	02/01/2014			750,000		806,724
						17,418,338
Paper & Forest Products—0.1%
International Paper Co.
7.950%	06/15/2018			500,000		577,613
Pharmaceuticals—0.7%
Abbott Laboratories
5.875%	05/15/2016			1,000,000		1,104,464
AstraZeneca plc (United Kingdom)
5.900%	09/15/2017	†		750,000		834,681
Bristol-Myers Squibb Co.
5.875%	11/15/2036			350,000		365,005
5.450%	05/01/2018			500,000		535,672
Eli Lilly & Co.
6.770%	01/01/2036			250,000		289,225
GlaxoSmithKline Capital, Inc.
4.850%	05/15/2013			1,000,000		1,074,284
4.375%	04/15/2014			500,000		525,013
Merck & Co., Inc.
6.500%	12/01/2033			250,000		281,714
4.750%	03/01/2015			350,000		375,702
4.375%	02/15/2013			200,000		210,710
Pharmacia Corp.
6.500%	12/01/2018			350,000		394,434
Teva Pharmaceutical Finance Co. LLC
6.150%	02/01/2036			250,000		259,068
Wyeth
6.950%	03/15/2011			250,000		267,143
6.500%	02/01/2034			250,000		277,231
5.500%	03/15/2013			100,000		108,809
5.500%	02/01/2014			250,000		272,618
						7,175,773
Real Estate Investment Trusts (REITs)—0.3%
Boston Properties LP
6.250%	01/15/2013			750,000		799,859
Camden Property Trust
5.000%	06/15/2015			200,000		193,248
ERP Operating LP
5.375%	08/01/2016	†		500,000		492,253
5.200%	04/01/2013	†		250,000		256,828
HCP, Inc. MTN
6.700%	01/30/2018			500,000		485,809
ProLogis
5.625%	11/15/2016			250,000		230,705
Realty Income Corp.
6.750%	08/15/2019			350,000		343,322
Simon Property Group LP
6.350%	08/28/2012			250,000		267,021
						3,069,045

See accompanying notes to financial statements.

270

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Road & Rail—0.2%
Burlington Northern Santa Fe Corp.
5.650%	05/01/2017		$	1,000,000	$	1,065,980
Canadian National Railway Co. (Canada)
4.400%	03/15/2013			585,000		610,309
CSX Corp.
6.750%	03/15/2011			300,000		318,715
Union Pacific Corp.
6.625%	02/01/2029			250,000		269,575
						2,264,579
Software—0.1%
Oracle Corp.
5.250%	01/15/2016			1,000,000		1,081,261
Specialty Retail—0.2%
Home Depot, Inc.
5.875%	12/16/2036			650,000		629,494
5.200%	03/01/2011			750,000		778,483
Lowe’s Cos., Inc.
5.400%	10/15/2016			400,000		429,178
						1,837,155
Tobacco—0.3%
Altria Group, Inc.
9.250%	08/06/2019			1,000,000		1,220,660
Philip Morris International, Inc.
5.650%	05/16/2018			1,000,000		1,053,333
Reynolds American, Inc.
7.625%	06/01/2016			750,000		818,674
						3,092,667
Transportation Infrastructure—0.0%
Federal Express Corp.
9.650%	06/15/2012			150,000		173,650
United Parcel Service, Inc.
6.200%	01/15/2038			300,000		333,755
						507,405
Wireless Telecommunication Services—0.4%
Alltel Corp.
7.000%	07/01/2012			1,000,000		1,103,735
America Movil SAB de CV (Mexico)
5.500%	03/01/2014			100,000		106,391
AT&T Mobility LLC
6.500%	12/15/2011			250,000		271,957
New Cingular Wireless Services, Inc.
8.750%	03/01/2031			250,000		323,960
7.875%	03/01/2011			750,000		806,022
Rogers Communications, Inc. (Canada)
6.800%	08/15/2018			500,000		560,888
Vodafone Group plc (United Kingdom)
7.875%	02/15/2030			250,000		300,466
5.625%	02/27/2017			500,000		531,866
5.375%	01/30/2015			250,000		268,963
						4,274,248
TOTAL CORPORATE OBLIGATIONS
(Cost $202,725,837)						211,806,196
U.S. GOVERNMENT AGENCY OBLIGATIONS—8.3%
U.S. Government Agency Obligations—7.2%
Federal Farm Credit Bank
3.750%	12/06/2010		$	2,900,000	$	2,984,512
3.500%	10/03/2011			800,000		832,516
Federal Home Loan Bank
5.750%	05/15/2012	†		2,225,000		2,445,166
5.375%	05/18/2016	†		2,000,000		2,213,962
5.250%	06/18/2014	†		1,000,000		1,112,024
4.875%	09/08/2017			1,250,000		1,312,865
4.750%	12/16/2016			1,000,000		1,074,331
4.625%	02/18/2011			3,500,000		3,655,134
4.500%	11/15/2012	†		2,500,000		2,684,110
3.625%	09/16/2011			2,600,000		2,713,942
Federal Home Loan Mortgage Corp.
6.250%	07/15/2032	†		1,050,000		1,222,999
6.000%	06/15/2011	†		1,950,000		2,091,437
6.000%	04/16/2037			600,000		598,799
5.500%	07/18/2016	†		1,000,000		1,119,707
5.100%	08/19/2019			500,000		502,904
5.000%	01/30/2014			600,000		654,841
4.750%	12/08/2010			500,000		519,417
4.500%	07/15/2013	†		1,850,000		1,998,255
4.500%	04/02/2014- 01/15/2015			1,250,000		1,345,251
4.375%	07/17/2015	†		1,900,000		2,026,340
4.125%	02/24/2011			500,000		518,848
3.750%	06/28/2013	†		3,000,000		3,164,217
2.500%	03/23/2012			2,500,000		2,509,935
2.500%	01/07/2014	†		2,700,000		2,705,619
2.125%	03/16/2011			200,000		200,574
2.125%	03/23/2012	†		1,500,000		1,523,812
2.000%	03/16/2011			500,000		501,272
1.750%	04/20/2011			500,000		501,796
1.625%	04/26/2011- 08/11/2011	†		4,000,000		4,023,246
1.500%	08/24/2011			500,000		501,980
Federal Home Loan Mortgage Corp. MTN
5.050%	01/26/2015			300,000		328,815
Federal National Mortgage Association
6.625%	11/15/2030	†		1,000,000		1,205,457
6.250%	05/15/2029			1,740,000		1,995,620
6.125%	03/15/2012	†		750,000		827,123
6.000%	05/15/2011			3,750,000		4,016,040
5.945%	06/07/2027			300,000		313,589
5.800%	02/09/2026			100,000		100,489
5.500%	03/15/2011			2,850,000		3,012,766
5.375%	11/15/2011	†		3,500,000		3,774,648
5.375%	04/11/2022			880,000		906,829
5.000%	05/11/2017	†		650,000		707,123
4.875%	12/15/2016			1,000,000		1,083,466
4.625%	10/15/2013			900,000		976,108
4.375%	09/15/2012			1,000,000		1,071,474
4.375%	03/15/2013	†		2,900,000		3,118,892
3.375%	03/10/2014			500,000		502,693
3.300%	07/30/2014			1,000,000		1,005,104
3.000%	05/12/2014			1,000,000		1,002,177
0.000%	06/01/2017			1,000,000		731,971
Financing Corp. Fico
8.600%	09/26/2019			500,000		647,117
Financing Corp. Fico, Series E
9.650%	11/02/2018			500,000		683,004
Tennessee Valley Authority, Series E
6.250%	12/15/2017			1,200,000		1,370,897
						78,641,213

See accompanying notes to financial statements.

271

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS—(Continued)
U.S. Government Backed Corporate Obligations—1.1%
Bank of America Corp., Series L MTN
3.125%	06/15/2012	†	$	2,500,000	$	2,592,018
Citigroup Funding, Inc.
1.875%	10/22/2012			1,000,000		996,897
1.375%	05/05/2011			1,000,000		1,006,726
Citigroup, Inc.
2.125%	04/30/2012			1,000,000		1,011,278
General Electric Capital Corp.
1.800%	03/11/2011	†		1,500,000		1,517,362
General Electric Capital Corp., Series G MTN
3.000%	12/09/2011			1,000,000		1,031,305
Goldman Sachs Group, Inc. (The)
3.250%	06/15/2012	†		1,000,000		1,039,544
JPMorgan Chase & Co.
3.125%	12/01/2011	†		1,000,000		1,035,462
Morgan Stanley
1.950%	06/20/2012			1,000,000		1,009,860
Regions Bank MTN
2.750%	12/10/2010	†		1,000,000		1,021,813
						12,262,265
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $88,726,035)						90,903,478
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—36.7%
U.S. Government Agency Mortgage-Backed Securities—36.7%
Federal Home Loan Mortgage Corp.
7.500%	06/01/2027- 10/01/2029			419,733		472,403
7.000%	02/01/2016- 09/01/2036			1,152,404		1,265,155
6.500%	08/01/2010- 01/01/2039			5,956,145		6,410,796
6.059%	01/01/2037	#		2,202,483		2,353,632
6.000%	11/01/2016- 10/01/2038			19,191,048		20,433,559
5.876%	01/01/2037	#		513,001		545,290
5.651%	02/01/2037	#		1,540,238		1,633,439
5.500%	02/01/2018- 09/01/2038			23,577,644		24,783,153
5.000%	05/01/2018- 07/01/2039			25,875,422		26,729,215
4.500%	08/01/2018- 10/01/2039			19,760,963		20,013,060
4.371%	12/01/2035	#		2,796,199		2,939,182
4.000%	05/01/2019- 10/01/2039			8,273,629		8,161,060
Federal Home Loan Mortgage Corp. TBA
6.000%	01/15/2024			975,000		1,040,203
5.500%	01/15/2024- 01/15/2039			6,655,000		6,985,686
5.000%	01/15/2024- 01/15/2039			6,075,000		6,235,724
4.500%	01/15/2039			5,980,000		5,966,916
4.000%	01/15/2024- 01/15/2039			600,000		591,281
Federal National Mortgage Association
7.500%	06/01/2030- 07/01/2031		$	34,525	$	38,965
7.000%	03/01/2030- 04/01/2038			3,460,024		3,803,390
6.500%	02/01/2017- 01/01/2037			9,918,645		10,672,200
6.000%	04/01/2014- 09/01/2038			21,873,288		23,273,526
5.687%	01/01/2037	#		2,026,291		2,149,107
5.620%	03/01/2037	#		5,433,287		5,740,966
5.500%	01/01/2018- 11/01/2038			36,089,988		37,977,256
5.466%	02/01/2037	#		259,673		274,311
5.000%	03/01/2018- 09/01/2039			33,045,983		34,118,740
4.861%	10/01/2035	#		1,390,051		1,447,838
4.769%	05/01/2035	#		1,393,885		1,443,985
4.688%	05/01/2035	#		359,139		371,395
4.558%	12/01/2036	#		1,894,002		1,955,735
4.500%	03/01/2018- 11/01/2039			24,573,411		24,808,067
4.000%	08/01/2018- 09/01/2039			10,499,825		10,327,851
Federal National Mortgage Association TBA
6.000%	01/25/2039			9,160,000		9,702,446
5.500%	01/25/2039			12,015,000		12,578,203
5.000%	01/25/2024- 01/25/2039			9,015,000		9,290,590
4.500%	01/25/2024- 01/25/2039			7,930,000		7,987,028
4.000%	01/25/2024- 01/25/2039			5,305,000		5,216,934
Government National Mortgage Association
7.500%	12/15/2029- 05/15/2032			553,922		624,591
7.000%	09/15/2037			99,291		108,264
6.500%	03/15/2026- 01/15/2039			3,253,201		3,476,971
6.000%	02/15/2033- 01/15/2039			8,374,899		8,889,109
5.500%	03/15/2033- 12/15/2038			10,177,855		10,713,524
5.000%	05/15/2033- 10/15/2039			13,351,286		13,771,776
4.500%	07/15/2038- 09/15/2039			10,713,008		10,742,490
Government National Mortgage Association TBA
6.000%	01/15/2039			1,360,000		1,437,138
5.500%	01/15/2040			3,480,000		3,645,843
5.000%	01/15/2039			3,200,000		3,291,001
4.500%	01/15/2039			5,080,000		5,084,765
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $391,826,286)						401,523,759
U.S. TREASURY OBLIGATIONS—28.7%
U.S. Treasury Bonds—5.5%
U.S. Treasury Bond
11.250%	02/15/2015	†		2,300,000		3,245,516
9.875%	11/15/2015	†		2,550,000		3,504,457
9.125%	05/15/2018	†		1,060,000		1,488,307
8.750%	08/15/2020			1,360,000		1,924,400
8.750%	05/15/2017	†		1,250,000		1,689,942
8.500%	02/15/2020			2,500,000		3,465,235

See accompanying notes to financial statements.

272

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
8.125%	05/15/2021		$	1,780,000	$	2,435,542
8.125%	08/15/2019	†		2,260,000		3,042,525
8.000%	11/15/2021	†		920,000		1,253,069
7.875%	02/15/2021			600,000		806,625
7.625%	02/15/2025	†		1,574,000		2,127,115
7.500%	11/15/2024			775,000		1,036,321
7.250%	08/15/2022	†		1,130,000		1,464,234
7.125%	02/15/2023			925,000		1,186,602
6.500%	11/15/2026			1,550,000		1,911,102
6.250%	08/15/2023- 05/15/2030			1,410,000		1,709,251
6.125%	08/15/2029	†		1,000,000		1,200,938
6.125%	11/15/2027			350,000		417,047
6.000%	02/15/2026			315,000		368,599
5.500%	08/15/2028			1,030,000		1,148,129
5.375%	02/15/2031			1,961,000		2,167,519
5.250%	11/15/2028- 02/15/2029			1,715,000		1,858,789
5.000%	05/15/2037			1,410,000		1,497,905
4.750%	02/15/2037			2,750,000		2,811,017
4.500%	05/15/2038	†		1,500,000		1,469,298
4.500%	02/15/2036- 08/15/2039			4,680,000		4,586,383
4.375%	02/15/2038- 11/15/2039			5,770,000		5,534,060
4.250%	05/15/2039			2,700,000		2,533,783
3.500%	02/15/2039			2,100,000		1,720,690
						59,604,400
U.S. Treasury Notes—23.2%
U.S. Treasury Note
5.125%	05/15/2016	†		2,800,000		3,123,753
5.000%	02/15/2011			4,475,000		4,691,236
5.000%	08/15/2011	†		1,060,000		1,130,557
4.875%	05/31/2011- 02/15/2012			7,285,000		7,750,804
4.875%	07/31/2011- 08/15/2016	†		7,400,000		8,034,459
4.750%	03/31/2011- 05/15/2014	†		2,210,000		2,360,633
4.625%	08/31/2011			4,600,000		4,879,238
4.625%	10/31/2011- 02/15/2017	†		5,390,000		5,806,312
4.500%	11/15/2015			1,800,000		1,949,767
4.500%	02/28/2011- 05/15/2017	†		29,145,000		30,954,071
4.375%	08/15/2012	†		4,700,000		5,058,008
4.250%	01/15/2011- 08/15/2014	†		8,855,000		9,336,755
4.250%	09/30/2012- 08/15/2013			7,180,000		7,735,075
4.125%	05/15/2015			2,430,000		2,591,748
4.000%	02/15/2015	†		750,000		797,344
4.000%	02/15/2014			3,500,000		3,743,635
3.875%	10/31/2012- 05/15/2018	†		13,675,000		14,176,851
3.750%	11/15/2018			5,000,000		5,001,175
3.625%	05/15/2013- 08/15/2019	†		7,970,000		8,149,576
3.500%	02/15/2018	†		6,165,000		6,116,358
3.375%	11/30/2012- 11/15/2019	†		7,800,000		7,841,151
3.375%	06/30/2013			950,000		997,426
3.250%	06/30/2016	†		1,000,000		1,003,204
3.125%	08/31/2013- 05/15/2019		$	8,400,000	$	8,405,667
3.000%	08/31/2016	†		4,500,000		4,427,230
3.000%	09/30/2016			5,000,000		4,908,985
2.750%	11/30/2016	†		2,480,000		2,388,357
2.750%	10/31/2013- 02/15/2019			7,850,000		7,612,373
2.625%	06/30/2014	†		16,190,000		16,312,704
2.625%	07/31/2014- 02/29/2016			7,900,000		7,813,225
2.375%	10/31/2014	†		3,200,000		3,166,250
2.125%	11/30/2014	†		3,350,000		3,271,754
2.000%	11/30/2013	†		2,000,000		1,990,002
1.875%	02/28/2014- 04/30/2014			5,500,000		5,404,965
1.750%	01/31/2014			2,400,000		2,355,190
1.750%	11/15/2011- 08/15/2012	†		8,000,000		8,085,041
1.500%	12/31/2013			5,050,000		4,918,624
1.375%	05/15/2012- 09/15/2012	†		8,300,000		8,277,757
1.375%	02/15/2012			1,600,000		1,605,126
1.125%	06/30/2011	†		4,600,000		4,620,130
1.000%	10/31/2011	†		3,300,000		3,298,063
0.875%	02/28/2011- 04/30/2011			8,990,000		9,007,946
0.750%	11/30/2011			3,500,000		3,478,265
						254,576,790
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $318,279,026)						314,181,190
MUNICIPAL OBLIGATIONS—0.2%
California General Obligation Bonds (California)
7.550%	04/01/2039			500,000		485,035
California State Public Works Board Revenue Bonds, Series 2009 G-2 (California)
8.361%	10/01/2034			400,000		393,232
Illinois General Obligation Bonds (Illinois)
5.100%	06/01/2033			1,100,000		917,290
New Jersey Economic Development Authority Revenue Bonds, Series A (New Jersey)
7.425%	02/15/2029			500,000		532,545
New Jersey State Turnpike Authority Revenue Bonds, Series B (New Jersey)
4.252%	01/01/2016			25,000		24,880
Oregon General Obligation Bonds (Oregon)
5.762%	06/01/2023			200,000		200,664
TOTAL MUNICIPAL OBLIGATIONS
(Cost $2,777,420)						2,553,646
SOVEREIGN DEBT OBLIGATIONS—1.5%
Government Issued—1.5%
Brazilian Government International Bond (Brazil)
11.000%	08/17/2040	†		260,000		347,750
10.125%	05/15/2027			635,000		936,625
8.875%	04/15/2024			400,000		522,000
7.875%	03/07/2015			455,000		534,170
7.125%	01/20/2037			460,000		530,150
Hydro Quebec, Series IO (Canada)
8.050%	07/07/2024			250,000		310,107
Hydro Quebec, Series JL (Canada)
6.300%	05/11/2011			350,000		373,963

See accompanying notes to financial statements.

273

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
SOVEREIGN DEBT OBLIGATIONS—(Continued)
Malaysia Government (Malaysia)
7.500%	07/15/2011		$	250,000	$	272,383
People’s Republic of China (China)
4.750%	10/29/2013			250,000		266,454
Peruvian Government International Bond (Peru)
6.550%	03/14/2037			500,000		522,500
Province of British Columbia, Series BCUSD-2 (Canada)
6.500%	01/15/2026			150,000		170,743
Province of Manitoba, Series FH (Canada)
4.900%	12/06/2016	†		500,000		529,606
Province of Ontario (Canada)
5.450%	04/27/2016	†		1,000,000		1,089,732
4.500%	02/03/2015			400,000		422,865
Province of Quebec, Series PD (Canada)
7.500%	09/15/2029			600,000		756,992
Province of Quebec, Series PJ (Canada)
6.125%	01/22/2011	†		850,000		898,756
Province of Saskatchewan (Canada)
7.375%	07/15/2013			230,000		258,192
Region of Lombardy (Italy)
5.804%	10/25/2032			100,000		97,378
Republic of Chile (Chile)
5.500%	01/15/2013			150,000		166,245
Republic of Finland (Finland)
6.950%	02/15/2026			150,000		176,292
Republic of Italy (Italy)
6.875%	09/27/2023			250,000		283,621
5.375%	06/15/2033			500,000		493,358
4.375%	06/15/2013	†		1,000,000		1,056,033
Republic of Italy, Series DTC (Italy)
6.000%	02/22/2011			550,000		580,550
Republic of South Africa (South Africa)
7.375%	04/25/2012			250,000		275,625
South Africa Government International Bond (South Africa)
6.875%	05/27/2019			500,000		563,750
State of Israel (Israel)
5.500%	11/09/2016			600,000		644,675
United Mexican States (Mexico)
8.375%	01/14/2011	†		500,000		540,650
8.125%	12/30/2019			750,000		912,267
United Mexican States MTN (Mexico)
8.300%	08/15/2031			500,000		620,650
United Mexican States, Series A MTN (Mexico)
5.875%	01/15/2014	†		1,000,000		1,097,500
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $15,901,740)						16,251,582
ASSET BACKED SECURITIES—0.3%
Automobile—0.1%
Capital Auto Receivables Asset Trust
Series 2007-3, Class A4
5.210%	03/17/2014			1,500,000		1,572,316
Credit Card—0.2%
Capital One Multi-Asset Execution Trust
Series 2008-A5, Class A5
4.850%	02/18/2014			1,450,000		1,513,844
Capital One Multi-Asset Execution Trust
Series 2007-A7, Class A7
5.750%	07/15/2020		$	500,000	$	541,211
						2,055,055
TOTAL ASSET BACKED SECURITIES
(Cost $3,471,607)						3,627,371
NON-GOVERNMENT MORTGAGE-BACKED SECURITIES—2.7%
Mortgage Backed—2.7%
Banc of America Commercial Mortgage, Inc.
Series 2002-2, Class A3
5.118%	07/11/2043			500,000		517,865
Banc of America Commercial Mortgage, Inc.
Series 2005-6, Class AM
5.179%	09/10/2047	#		1,000,000		855,461
Banc of America Commercial Mortgage, Inc.
Series 2007-1, Class A2
5.381%	01/15/2049			500,000		509,692
Bear Stearns Commercial Mortgage Securities
Series 2005-T20, Class A4A
5.149%	10/12/2042	#		921,000		905,319
Citigroup Commercial Mortgage Trust
Series 2004-C1, Class A3
5.251%	04/15/2040	#		750,000		754,342
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2005-CD1, Class A4
5.224%	07/15/2044	#		900,000		899,796
CS First Boston Mortgage Securities Corp.
Series 2005-C5, Class A3
5.100%	08/15/2038	#		1,000,000		980,467
CS First Boston Mortgage Securities Corp.
Series 2005-C2, Class A4
4.832%	04/15/2037			500,000		482,143
CS First Boston Mortgage Securities Corp.
Series 2002-CP5, Class A2
4.940%	12/15/2035			1,177,500		1,208,893
CW Capital Cobalt Ltd.
Series 2006-C1, Class A4
5.223%	08/15/2048			750,000		655,716
GE Capital Commercial Mortgage Corp.
Series 2001-1, Class A2
6.531%	05/15/2033			1,000,000		1,038,763
Greenwich Capital Commercial Funding Corp.
Series 2007-GG9, Class A4
5.444%	03/10/2039			1,000,000		885,796
GS Mortgage Securities Corp. II
Series 2006-GG6, Class A4
5.553%	04/10/2038	#		1,200,000		1,096,987
GS Mortgage Securities Corp. II
Series 2006-GG8, Class A4
5.560%	11/10/2039			2,700,000		2,370,291
GS Mortgage Securities Corp. II
Series 2007-GG10, Class A4
5.805%	08/10/2045	#†		3,000,000		2,583,482
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB9, Class A4
5.377%	06/12/2041	#		750,000		756,412
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2006-CB17, Class AM
5.464%	12/12/2043			750,000		574,123
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2007-CB20, Class A4
5.794%	02/12/2051	#		500,000		437,389

See accompanying notes to financial statements.

274

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
NON-GOVERNMENT MORTGAGE-BACKED SECURITIES—(Continued)
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-LDP2, Class E
4.981%	07/15/2042	#	$	750,000	$	357,989
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-LDP2, Class A4
4.738%	07/15/2042			935,000		895,329
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2003-ML1A, Class A2
4.767%	03/12/2039			1,000,000		1,006,218
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-CB13, Class AM
5.321%	01/12/2043	#		900,000		726,220
LB-UBS Commercial Mortgage Trust
Series 2007-C2, Class A3
5.430%	02/15/2040			750,000		649,602
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-3, Class A4
5.414%	07/12/2046	#		750,000		685,187
Morgan Stanley Capital I
Series 2007-HQ11, Class A4
5.447%	02/12/2044	#		1,500,000		1,317,940
Morgan Stanley Capital I
Series 2006-IQ12, Class A2
5.283%	12/15/2043			750,000		759,926
Morgan Stanley Dean Witter Capital I
Series 2003-HQ2, Class A1
4.180%	03/12/2035			456,151		462,512
Wachovia Bank Commercial Mortgage Trust
Series 2003-C5, Class A2
3.989%	06/15/2035			750,000		728,813
Wachovia Bank Commercial Mortgage Trust
Series 2003-C9, Class A4
5.012%	12/15/2035	#		750,000		754,678
Wachovia Bank Commercial Mortgage Trust
Series 2006-C28, Class A2
5.500%	10/15/2048			500,000		510,155
Wachovia Bank Commercial Mortgage Trust
Series 2004-C11, Class A5
5.215%	01/15/2041	#		500,000		491,993
Wachovia Bank Commercial Mortgage Trust
Series 2006-C26, Class AJ
5.986%	06/15/2045	#		1,000,000		605,905
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30, Class A5
5.342%	12/15/2043			500,000		388,375
Wachovia Bank Commercial Mortgage Trust
Series 2004-C12, Class A4
5.237%	07/15/2041	#		750,000		745,105
Wachovia Bank Commercial Mortgage Trust
Series 2004-C15, Class B
4.892%	10/15/2041			1,000,000		617,514
TOTAL NON-GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $30,780,842)						29,216,398
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS—1.2%
Non-U.S. Government Agency Obligations—1.2%
China Development Bank Corp. (China)
5.000%	10/15/2015	†	$	250,000	$	269,130
Eksportfinans ASA MTN (Norway)
5.000%	02/14/2012			800,000		853,126
Export-Import Bank of Korea (Korea, Republic of)
5.125%	03/16/2015			500,000		520,335
Japan Bank for International Cooperation (Japan)
2.125%	11/05/2012			500,000		498,095
Kreditanstalt fuer Wiederaufbau (Germany)
4.875%	01/17/2017			1,000,000		1,069,971
4.125%	10/15/2014			1,000,000		1,049,079
3.250%	02/15/2011			1,000,000		1,036,285
3.250%	03/15/2013			750,000		772,723
Kreditanstalt fuer Wiederaufbau MTN (Germany)
2.250%	04/16/2012			2,000,000		2,031,102
Landwirtschaftliche Rentenbank (Germany)
4.875%	02/14/2011	†		1,000,000		1,042,919
Landwirtschaftliche Rentenbank, Series G13 (Germany)
4.875%	11/16/2015	†		1,000,000		1,071,265
Oesterreichische Kontrollbank AG (Austria)
4.750%	11/08/2011			1,000,000		1,057,736
2.875%	03/15/2011			1,000,000		1,023,326
Pemex Project Funding Master Trust
6.625%	06/15/2035	†		500,000		476,700
Svensk Exportkredit AB (Sweden)
5.125%	03/01/2017			500,000		528,799
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $12,868,952)						13,300,591
				Shares		Value
CASH EQUIVALENTS—25.5%
Institutional Money Market Funds—25.5%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class				65,380,237		65,380,237
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		††		38,908,741		38,908,741
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class		††		46,000,000		46,000,000
Short-Term Investments Trust Liquid Assets Portfolio		††		42,000,000		42,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class		††		43,486,497		43,486,497
Wells Fargo Advantage Heritage Money Market Fund—Select Class		††		44,000,000		44,000,000
TOTAL CASH EQUIVALENTS
(Cost $279,775,475)						279,775,475
TOTAL INVESTMENTS—124.4%
(Cost $1,347,133,220)						1,363,139,686
Other assets less liabilities—(24.4%)						(267,442,465	)
NET ASSETS—100.0%					$	1,095,697,221

 

See accompanying notes to financial statements.

275

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Core Bond
Index Fund

Notes to the Schedule of Investments:
MTN	Medium Term Note
TBA	Security is subject to delayed delivery.
†	Denotes all or a portion of the security on loan.
Δ	Security in default.
#	Rate is subject to change. Rate shown reflects current rate.
ˆ	Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. 144A securities amounted to $536,225, which represents 0.0% of Total Investments.
††	Represents reinvestment of collateral received in conjunction with securities lending.

 

See accompanying notes to financial statements.

276

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint 500
Stock Index Fund

		Shares	Value
COMMON STOCKS—97.9%
Aerospace & Defense—2.7%
Boeing Co. (The)		23,251		$	1,258,577
General Dynamics Corp.		12,317			839,650
Goodrich Corp.		3,946			253,531
Honeywell International, Inc.		24,060			943,152
ITT Corp.		5,812			289,089
L-3 Communications Holdings, Inc.		3,715			323,019
Lockheed Martin Corp.		10,325			777,989
Northrop Grumman Corp.		10,164			567,659
Precision Castparts Corp.		4,478			494,147
Raytheon Co.		12,447			641,269
Rockwell Collins, Inc.		5,022			278,018
United Technologies Corp.		29,887			2,074,457
					8,740,557
Air Freight & Logistics—1.0%
C.H. Robinson Worldwide, Inc.		5,367			315,204
Expeditors International of Washington, Inc.	†	6,635			230,434
FedEx Corp.		9,991			833,749
United Parcel Service, Inc., Class B		31,842			1,826,775
					3,206,162
Airlines—0.1%
Southwest Airlines Co.		23,716			271,074
Auto Components—0.2%
Goodyear Tire & Rubber Co. (The)	*	7,170			101,097
Johnson Controls, Inc.		21,426			583,644
					684,741
Automobiles—0.4%
Ford Motor Co.	*†	103,052			1,030,520
Harley-Davidson, Inc.	†	7,505			189,126
					1,219,646
Beverages—2.6%
Brown-Forman Corp., Class B		3,358			179,888
Coca-Cola Co. (The)		73,853			4,209,621
Coca-Cola Enterprises, Inc.		10,174			215,689
Constellation Brands, Inc., Class A	*	6,458			102,876
Dr. Pepper Snapple Group, Inc.		8,131			230,107
Molson Coors Brewing Co., Class B		5,028			227,064
Pepsi Bottling Group, Inc.		4,806			180,225
PepsiCo, Inc.		49,901			3,033,981
					8,379,451
Biotechnology—1.5%
Amgen, Inc.	*	32,515			1,839,373
Biogen Idec, Inc.	*	9,222			493,377
Celgene Corp.	*	14,667			816,659
Cephalon, Inc.	*†	2,244			140,048
Genzyme Corp.	*	8,628			422,858
Gilead Sciences, Inc.	*	28,945			1,252,740
					4,965,055
Building Products—0.0%
Masco Corp.	†	10,878			150,225
Capital Markets—2.7%
Ameriprise Financial, Inc.		8,127		$	315,490
Bank of New York Mellon Corp. (The)		38,487			1,076,481
Charles Schwab Corp. (The)	†	30,415			572,410
E*Trade Financial Corp.	*	40,315			70,551
Federated Investors, Inc., Class B	†	2,838			78,045
Franklin Resources, Inc.		4,782			503,784
Goldman Sachs Group, Inc. (The)		16,375			2,764,755
Invesco Ltd.		13,255			311,360
Janus Capital Group, Inc.	†	5,927			79,718
Legg Mason, Inc.	†	5,693			171,701
Morgan Stanley		43,504			1,287,719
Northern Trust Corp.		7,701			403,533
State Street Corp.		15,806			688,193
T. Rowe Price Group, Inc.		8,175			435,319
					8,759,059
Chemicals—1.9%
Air Products & Chemicals, Inc.		6,712			544,075
Airgas, Inc.		2,909			138,468
CF Industries Holdings, Inc.		1,456			132,176
Dow Chemical Co. (The)		36,589			1,010,954
E.I. Du Pont de Nemours & Co.		28,907			973,299
Eastman Chemical Co.		2,451			147,648
Ecolab, Inc.		7,552			336,668
FMC Corp.	†	2,512			140,069
International Flavors & Fragrances, Inc.		2,537			104,372
Monsanto Co.		17,475			1,428,581
PPG Industries, Inc.		5,256			307,686
Praxair, Inc.	†	9,812			788,002
Sigma-Aldrich Corp.	†	3,803			192,166
					6,244,164
Commercial Banks—2.7%
BB&T Corp.	†	21,779			552,533
Comerica, Inc.	†	4,538			134,189
Fifth Third Bancorp		25,320			246,870
First Horizon National Corp.	*†	6,493			87,007
Huntington Bancshares, Inc./Ohio		18,397			67,149
KeyCorp	†	30,492			169,231
M&T Bank Corp.	†	2,789			186,556
Marshall & Ilsley Corp.	†	13,123			71,520
PNC Financial Services Group, Inc.		14,756			778,969
Regions Financial Corp.	†	40,205			212,684
SunTrust Banks, Inc.		15,909			322,794
U.S. Bancorp		61,205			1,377,725
Wells Fargo & Co.		162,193			4,377,589
Zions Bancorporation	†	3,760			48,241
					8,633,057
Commercial Services & Supplies—0.5%
Avery Dennison Corp.		3,386			123,555
Cintas Corp.		4,626			120,507
Iron Mountain, Inc.	*	5,413			123,200
Pitney Bowes, Inc.		7,101			161,619
R.R. Donnelley & Sons Co.		6,781			151,013
Republic Services, Inc.		10,271			290,772
Stericycle, Inc.	*†	2,698			148,849
Waste Management, Inc.	†	15,740			532,169
					1,651,684

See accompanying notes to financial statements.

277

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint 500
Stock Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Communications Equipment—2.5%
Cisco Systems, Inc.	*	183,369		$	4,389,854
Harris Corp.	†	4,085			194,242
JDS Uniphase Corp.	*	5,902			48,691
Juniper Networks, Inc.	*†	16,737			446,376
Motorola, Inc.	*	73,363			569,297
QUALCOMM, Inc.		53,239			2,462,836
Tellabs, Inc.	*	12,447			70,699
					8,181,995
Computers & Peripherals—5.8%
Apple, Inc.	*	28,702			6,052,104
Dell, Inc.	*	55,026			790,173
EMC Corp.	*	64,703			1,130,361
Hewlett-Packard Co.		75,570			3,892,611
International Business Machines Corp.		41,862			5,479,736
Lexmark International, Inc., Class A	*†	2,870			74,563
NetApp, Inc.	*	10,828			372,375
QLogic Corp.	*	3,699			69,800
SanDisk Corp.	*†	6,900			200,031
Sun Microsystems, Inc.	*	23,523			220,410
Teradata Corp.	*	5,336			167,710
Western Digital Corp.	*†	7,157			315,982
					18,765,856
Construction & Engineering—0.2%
Fluor Corp.		5,633			253,710
Jacobs Engineering Group, Inc.	*†	3,849			144,761
Quanta Services, Inc.	*	6,807			141,858
					540,329
Construction Materials—0.1%
Vulcan Materials Co.	†	4,015			211,470
Consumer Finance—0.8%
American Express Co.		38,071			1,542,637
Capital One Financial Corp.		14,538			557,387
Discover Financial Services		17,059			250,938
SLM Corp.	*	16,076			181,176
					2,532,138
Containers & Packaging—0.2%
Ball Corp.	†	3,168			163,786
Bemis Co., Inc.		3,365			99,772
Owens-Illinois, Inc.	*	5,235			172,074
Pactiv Corp.	*	4,478			108,099
Sealed Air Corp.		5,101			111,508
					655,239
Distributors—0.1%
Genuine Parts Co.		4,973			188,775
Diversified Consumer Services—0.2%
Apollo Group, Inc., Class A	*	4,113			249,166
DeVry, Inc.		2,111			119,757
H&R Block, Inc.	†	10,479			237,035
					605,958
Diversified Financial Services—4.2%
Bank of America Corp.		316,703			4,769,547
Citigroup, Inc.		611,630			2,024,495
CME Group, Inc.		2,124			713,558
IntercontinentalExchange, Inc.	*	2,329			261,547
JPMorgan Chase & Co.		125,583		$	5,233,044
Leucadia National Corp.	*†	6,542			155,634
Moody’s Corp.	†	6,750			180,900
NASDAQ OMX Group, Inc. (The)	*†	4,996			99,021
NYSE Euronext		8,125			205,562
					13,643,308
Diversified Telecommunication Services—2.8%
AT&T, Inc.		188,074			5,271,714
CenturyTel, Inc.	†	9,480			343,271
Frontier Communications Corp.	†	10,409			81,294
Qwest Communications International, Inc.		46,229			194,624
Verizon Communications, Inc.		90,535			2,999,425
Windstream Corp.	†	13,511			148,486
					9,038,814
Electric Utilities—2.0%
Allegheny Energy, Inc.		5,053			118,645
American Electric Power Co., Inc.		15,232			529,921
Duke Energy Corp.	†	41,463			713,578
Edison International		10,394			361,503
Entergy Corp.		6,032			493,659
Exelon Corp.		21,089			1,030,619
FirstEnergy Corp.		9,733			452,098
FPL Group, Inc.		13,156			694,900
Northeast Utilities		5,272			135,965
Pepco Holdings, Inc.	†	7,419			125,010
Pinnacle West Capital Corp.		3,328			121,738
PPL Corp.		12,015			388,205
Progress Energy, Inc.		8,909			365,358
Southern Co.		25,462			848,394
					6,379,593
Electrical Equipment—0.5%
Emerson Electric Co.		24,047			1,024,402
First Solar, Inc.	*†	1,533			207,568
Rockwell Automation, Inc.	†	4,437			208,451
Roper Industries, Inc.		2,903			152,030
					1,592,451
Electronic Equipment, Instruments & Components—0.6%
Agilent Technologies, Inc.	*†	11,003			341,863
Amphenol Corp., Class A	†	5,455			251,912
Corning, Inc.		49,730			960,286
FLIR Systems, Inc.	*†	5,021			164,287
Jabil Circuit, Inc.		6,753			117,300
Molex, Inc.	†	3,928			84,648
					1,920,296
Energy Equipment & Services—1.8%
Baker Hughes, Inc.	†	9,888			400,266
BJ Services Co.		9,394			174,728
Cameron International Corp.	*†	7,574			316,593
Diamond Offshore Drilling, Inc.	†	2,210			217,508
FMC Technologies, Inc.	*†	3,828			221,412
Halliburton Co.		28,839			867,766
Nabors Industries Ltd. (Bermuda)	*	8,842			193,551
National Oilwell Varco, Inc.		13,364			589,219
Rowan Cos., Inc.	*	4,160			94,182
Schlumberger Ltd.		38,362			2,496,983

See accompanying notes to financial statements.

278

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint 500
Stock Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Smith International, Inc.		7,823		$	212,551
					5,784,759
Food & Staples Retailing—2.6%
Costco Wholesale Corp.		13,909			822,996
CVS Caremark Corp.		45,007			1,449,675
Kroger Co. (The)	†	20,793			426,880
Safeway, Inc.		13,269			282,497
SUPERVALU, Inc.	†	7,553			95,999
Sysco Corp.		18,883			527,591
Walgreen Co.		31,761			1,166,264
Wal-Mart Stores, Inc.		68,046			3,637,059
Whole Foods Market, Inc.	*†	4,176			114,631
					8,523,592
Food Products—1.6%
Archer-Daniels-Midland Co.		20,521			642,513
Campbell Soup Co.		6,126			207,059
ConAgra Foods, Inc.		14,092			324,821
Dean Foods Co.	*	6,452			116,394
General Mills, Inc.		10,405			736,778
H.J. Heinz Co.		10,062			430,251
Hershey Co. (The)	†	5,166			184,891
Hormel Foods Corp.		2,325			89,396
J.M. Smucker Co. (The)		3,807			235,082
Kellogg Co.		8,189			435,655
Kraft Foods, Inc., Class A		47,208			1,283,113
McCormick & Co., Inc.	†	4,418			159,622
Sara Lee Corp.		22,155			269,848
Tyson Foods, Inc., Class A	†	10,902			133,768
					5,249,191
Gas Utilities—0.1%
EQT Corp.	†	4,067			178,623
Nicor, Inc.	†	1,395			58,729
Questar Corp.		5,447			226,432
					463,784
Health Care Equipment & Supplies—2.0%
Baxter International, Inc.		19,287			1,131,761
Becton Dickinson and Co.	†	7,650			603,279
Boston Scientific Corp.	*	48,118			433,062
C.R. Bard, Inc.		3,108			242,113
CareFusion Corp.	*	5,412			135,354
DENTSPLY International, Inc.	†	4,513			158,722
Hospira, Inc.	*	5,127			261,477
Intuitive Surgical, Inc.	*	1,210			367,017
Medtronic, Inc.		35,433			1,558,344
St. Jude Medical, Inc.	*	10,673			392,553
Stryker Corp.	†	9,013			453,985
Varian Medical Systems, Inc.	*†	3,908			183,090
Zimmer Holdings, Inc.	*	6,839			404,253
					6,325,010
Health Care Providers & Services—2.1%
Aetna, Inc.		13,936			441,771
AmerisourceBergen Corp.		9,315			242,842
Cardinal Health, Inc.		11,475			369,954
CIGNA Corp.		8,692			306,567
Coventry Health Care, Inc.	*	4,426			107,508
DaVita, Inc.	*	3,244			190,553
Express Scripts, Inc.	*	8,775			758,599
Humana, Inc.	*	5,311			233,100
Laboratory Corp. of America Holdings	*†	3,448			258,048
McKesson Corp.		8,503		$	531,437
Medco Health Solutions, Inc.	*	15,157			968,684
Patterson Cos., Inc.	*	2,852			79,799
Quest Diagnostics, Inc.	†	4,972			300,209
Tenet Healthcare Corp.	*	14,819			79,874
UnitedHealth Group, Inc.		37,198			1,133,795
WellPoint, Inc.	*	14,634			853,016
					6,855,756
Health Care Technology—0.0%
IMS Health, Inc.		6,032			127,034
Hotels, Restaurants & Leisure—1.4%
Carnival Corp.	*	13,990			443,343
Darden Restaurants, Inc.	†	4,663			163,531
International Game Technology		9,205			172,778
Marriott International, Inc., Class A	†	8,021			218,572
McDonald’s Corp.		34,414			2,148,810
Starbucks Corp.	*	23,547			542,994
Starwood Hotels & Resorts Worldwide, Inc.	†	5,831			213,240
Wyndham Worldwide Corp.		6,076			122,553
Wynn Resorts Ltd.		2,210			128,688
Yum! Brands, Inc.	†	14,903			521,158
					4,675,667
Household Durables—0.3%
Black & Decker Corp.		1,913			124,020
D.R. Horton, Inc.	†	7,975			86,688
Fortune Brands, Inc.		4,681			202,219
Harman International Industries, Inc.	†	2,000			70,560
Leggett & Platt, Inc.	†	5,276			107,630
Lennar Corp., Class A	†	5,349			68,307
Newell Rubbermaid, Inc.	†	8,318			124,853
Pulte Homes, Inc.	*†	11,419			114,190
Whirlpool Corp.		2,303			185,760
					1,084,227
Household Products—2.5%
Clorox Co.		4,438			270,718
Colgate-Palmolive Co.		15,954			1,310,621
Kimberly-Clark Corp.		13,257			844,604
Procter & Gamble Co. (The)		93,116			5,645,623
					8,071,566
Independent Power Producers & Energy Traders—0.2%
AES Corp. (The)	*	21,242			282,731
Constellation Energy Group, Inc.		6,423			225,897
					508,628
Industrial Conglomerates—2.2%
3M Co.		22,360			1,848,501
General Electric Co.		339,321			5,133,927
Textron, Inc.	†	8,220			154,618
					7,137,046
Insurance—2.4%
Aflac, Inc.		14,947			691,299
Allstate Corp. (The)		17,130			514,585
American International Group, Inc.	*†	4,555			136,559
AON Corp.		8,752			335,552
Assurant, Inc.		4,173			123,020
Chubb Corp.		11,179			549,783

See accompanying notes to financial statements.

279

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Cincinnati Financial Corp.	†	5,643			$	148,072
Genworth Financial, Inc., Class A	*	16,334				185,391
Hartford Financial Services Group, Inc.		12,245				284,819
Lincoln National Corp.		10,268				255,468
Loews Corp.		11,610				422,023
Marsh & McLennan Cos., Inc.		16,709				368,935
MetLife, Inc.		26,189				925,781
Principal Financial Group, Inc.	†	10,148				243,958
Progressive Corp. (The)	*	21,649				389,465
Prudential Financial, Inc.		14,804				736,647
Torchmark Corp.		2,839				124,774
Travelers Cos., Inc. (The)		17,446				869,858
Unum Group	†	10,342				201,876
XL Capital Ltd., Class A (Bermuda)		10,674				195,654
			��			7,703,519
Internet & Catalog Retail—0.6%
Amazon.com, Inc.	*	10,643				1,431,696
Expedia, Inc.	*†	6,542				168,195
priceline.com, Inc.	*	1,347				294,320
						1,894,211
Internet Software & Services—2.0%
Akamai Technologies, Inc.	*†	5,181				131,235
eBay, Inc.	*	35,905				845,204
Google, Inc., Class A	*	7,684				4,763,926
VeriSign, Inc.	*†	6,165				149,440
Yahoo! Inc.	*	38,121				639,670
						6,529,475
IT Services—1.6%
Affiliated Computer Services, Inc., Class A	*	2,977				177,697
Automatic Data Processing, Inc.		16,054				687,432
Cognizant Technology Solutions Corp., Class A	*	9,358				423,917
Computer Sciences Corp.	*	4,831				277,927
Fidelity National Information Services, Inc.		11,064				259,340
Fiserv, Inc.	*	4,834				234,352
Mastercard, Inc., Class A	†	3,068				785,347
Paychex, Inc.	†	10,243				313,846
SAIC, Inc.	*	9,268				175,536
Total System Services, Inc.	†	7,089				122,427
Visa, Inc., Class A		13,908				1,216,394
Western Union Co. (The)	†	22,394				422,127
						5,096,342
Leisure Equipment & Products—0.1%
Eastman Kodak Co.	*†	8,976				37,879
Hasbro, Inc.	†	4,244				136,063
Mattel, Inc.		11,270				225,174
						399,116
Life Sciences Tools & Services—0.4%
Life Technologies Corp.	*	5,618				293,428
Millipore Corp.	*	1,658				119,956
PerkinElmer, Inc.		4,019				82,751
Thermo Fisher Scientific, Inc.	*	13,046				622,164
Waters Corp.	*	2,974				184,269
						1,302,568
Machinery—1.6%
Caterpillar, Inc.	†	19,882			$	1,133,075
Cummins, Inc.		6,431				294,926
Danaher Corp.	†	8,277				622,430
Deere & Co.		13,522				731,405
Dover Corp.		5,924				246,498
Eaton Corp.		5,280				335,914
Flowserve Corp.		1,701				160,795
Illinois Tool Works, Inc.		12,307				590,613
PACCAR, Inc.	†	11,597				420,623
Pall Corp.		3,958				143,280
Parker Hannifin Corp.		5,113				275,488
Snap-On, Inc.	†	1,846				78,012
Stanley Works (The)	†	2,596				133,720
						5,166,779
Media—2.8%
CBS Corp., Class B	†	21,597				303,438
Comcast Corp., Class A		91,004				1,534,327
DIRECTV, Class A	*†	30,041				1,001,867
Gannett Co., Inc.	†	7,093				105,331
Interpublic Group of Cos., Inc.	*†	16,092				118,759
McGraw-Hill Cos., Inc. (The)	†	10,038				336,373
Meredith Corp.	†	1,189				36,681
New York Times Co. (The), Class A	*	4,417				54,594
News Corp., Class A		71,921				984,599
Omnicom Group, Inc.		9,914				388,133
Scripps Networks Interactive, Inc., Class A		3,006				124,749
Time Warner Cable, Inc.	†	11,253				465,762
Time Warner, Inc.	†	37,239				1,085,144
Viacom, Inc., Class B	*	19,394				576,584
Walt Disney Co. (The)		61,344				1,978,344
Washington Post Co. (The), Class B		218				95,833
						9,190,518
Metals & Mining—1.1%
AK Steel Holding Corp.		4,204				89,755
Alcoa, Inc.	†	31,102				501,364
Allegheny Technologies, Inc.	†	2,902				129,922
Cliffs Natural Resources, Inc.	†	3,964				182,701
Freeport-McMoRan Copper & Gold, Inc.	*	13,671				1,097,645
Newmont Mining Corp.		15,671				741,395
Nucor Corp.	†	10,044				468,553
Titanium Metals Corp.	*†	2,725				34,117
United States Steel Corp.	†	4,478				246,827
						3,492,279
Multiline Retail—0.8%
Big Lots, Inc.	*†	2,659				77,058
Family Dollar Stores, Inc.		4,909				136,617
J.C. Penney Co., Inc.		7,892				210,006
Kohl’s Corp.	*	9,763				526,519
Macy’s, Inc.	†	13,148				220,361
Nordstrom, Inc.	†	5,299				199,136
Sears Holdings Corp.	*†	1,559				130,099
Target Corp.		24,060				1,163,782
						2,663,578
Multi-Utilities—1.4%
Ameren Corp.		7,282				203,532
CenterPoint Energy, Inc.		13,038				189,182
CMS Energy Corp.	†	6,770				106,018
Consolidated Edison, Inc.		8,775				398,648

See accompanying notes to financial statements.

280

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint 500
Stock Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Dominion Resources, Inc.		19,034		$	740,803
DTE Energy Co.		5,148			224,401
Integrys Energy Group, Inc.	†	2,588			108,670
NiSource, Inc.	†	8,838			135,929
PG&E Corp.		11,841			528,701
Public Service Enterprise Group, Inc.		16,165			537,486
SCANA Corp.		3,301			124,382
Sempra Energy		7,832			438,435
TECO Energy, Inc.		7,055			114,432
Wisconsin Energy Corp.		4,032			200,915
Xcel Energy, Inc.		14,524			308,199
					4,359,733
Office Electronics—0.1%
Xerox Corp.	†	27,181			229,951
Oil, Gas & Consumable Fuels—9.4%
Anadarko Petroleum Corp.		15,692			979,495
Apache Corp.		10,743			1,108,355
Cabot Oil & Gas Corp.		3,632			158,319
Chesapeake Energy Corp.		20,491			530,307
Chevron Corp.		63,942			4,922,895
ConocoPhillips		47,493			2,425,467
Consol Energy, Inc.		5,753			286,499
Denbury Resources, Inc.	*†	7,357			108,884
Devon Energy Corp.		14,197			1,043,479
El Paso Corp.		21,905			215,326
EOG Resources, Inc.		8,054			783,654
Exxon Mobil Corp.		151,399			10,323,898
Hess Corp.		9,298			562,529
Marathon Oil Corp.		22,628			706,446
Massey Energy Co.	†	2,509			105,403
Murphy Oil Corp.		6,084			329,753
Noble Energy, Inc.		5,531			393,918
Occidental Petroleum Corp.		25,963			2,112,090
Peabody Energy Corp.		8,538			386,003
Pioneer Natural Resources Co.		3,476			167,439
Range Resources Corp.	†	4,920			245,262
Southwestern Energy Co.	*	11,000			530,200
Spectra Energy Corp.		20,616			422,834
Sunoco, Inc.	†	3,836			100,120
Tesoro Corp.	†	4,285			58,062
Valero Energy Corp.		17,934			300,394
Williams Cos., Inc. (The)		18,597			392,025
XTO Energy, Inc.		18,554			863,318
					30,562,374
Paper & Forest Products—0.3%
International Paper Co.		13,803			369,644
MeadWestvaco Corp.		5,178			148,246
Weyerhaeuser Co.		6,733			290,462
					808,352
Personal Products—0.3%
Avon Products, Inc.		13,632			429,408
Estee Lauder Cos., Inc. (The), Class A	†	3,672			177,578
Mead Johnson Nutrition Co., Class A	†	6,117			267,313
					874,299
Pharmaceuticals—6.3%
Abbott Laboratories		49,514			2,673,261
Allergan, Inc.		9,828			619,262
Bristol-Myers Squibb Co.	†	55,255			1,395,189
Eli Lilly & Co.		32,358		$	1,155,504
Forest Laboratories, Inc.	*	9,614			308,706
Johnson & Johnson		87,932			5,663,700
King Pharmaceuticals, Inc.	*†	7,229			88,700
Merck & Co., Inc.		97,345			3,556,986
Mylan, Inc.	*†	9,791			180,448
Pfizer, Inc.		257,181			4,678,122
Watson Pharmaceuticals, Inc.	*	3,165			125,366
					20,445,244
Professional Services—0.2%
Dun & Bradstreet Corp.		1,587			133,895
Equifax, Inc.		4,486			138,573
Monster Worldwide, Inc.	*	4,065			70,731
Robert Half International, Inc.	†	5,293			141,482
					484,681
Real Estate Investment Trusts (REITs)—1.2%
Apartment Investment & Management Co., Class A REIT	†	3,454			54,988
AvalonBay Communities, Inc. REIT	†	2,492			204,618
Boston Properties, Inc. REIT	†	4,416			296,181
Equity Residential REIT		8,727			294,798
HCP, Inc. REIT	†	9,339			285,213
Health Care REIT, Inc. REIT		4,035			178,831
Host Hotels & Resorts, Inc. REIT	*	19,289			225,103
Kimco Realty Corp. REIT		13,174			178,244
Plum Creek Timber Co., Inc. REIT	†	5,574			210,474
ProLogis REIT	†	15,475			211,853
Public Storage REIT		4,324			352,190
Simon Property Group, Inc. REIT	†	9,111			727,058
Ventas, Inc. REIT		4,896			214,151
Vornado Realty Trust REIT	†	4,999			349,630
					3,783,332
Real Estate Management & Development—0.0%
CB Richard Ellis Group, Inc., Class A	*†	9,194			124,763
Road & Rail—1.0%
Burlington Northern Santa Fe Corp.		8,374			825,844
CSX Corp.		12,529			607,531
Norfolk Southern Corp.		11,750			615,935
Ryder System, Inc.		1,762			72,542
Union Pacific Corp.	†	16,136			1,031,090
					3,152,942
Semiconductors & Semiconductor Equipment—2.5%
Advanced Micro Devices, Inc.	*†	17,355			167,996
Altera Corp.	†	9,193			208,038
Analog Devices, Inc.		9,288			293,315
Applied Materials, Inc.		42,616			594,067
Broadcom Corp., Class A	*	13,772			433,129
Intel Corp.		176,116			3,592,766
KLA-Tencor Corp.		5,322			192,444
Linear Technology Corp.	†	6,936			211,825
LSI Corp.	*	19,354			116,318
MEMC Electronic Materials, Inc.	*	7,971			108,565
Microchip Technology, Inc.	†	5,876			170,757
Micron Technology, Inc.	*†	26,944			284,529
National Semiconductor Corp.	†	7,438			114,248

See accompanying notes to financial statements.

281

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint 500
Stock Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Novellus Systems, Inc.	*	3,117		$	72,751
NVIDIA Corp.	*†	17,446			325,891
Teradyne, Inc.	*†	6,358			68,221
Texas Instruments, Inc.		40,363			1,051,860
Xilinx, Inc.		8,854			221,881
					8,228,601
Software—4.3%
Adobe Systems, Inc.	*	16,778			617,095
Autodesk, Inc.	*†	7,352			186,814
BMC Software, Inc.	*	5,758			230,896
CA, Inc.		12,683			284,860
Citrix Systems, Inc.	*†	5,854			243,585
Compuware Corp.	*	9,006			65,113
Electronic Arts, Inc.	*†	10,046			178,317
Intuit, Inc.	*†	10,297			316,221
McAfee, Inc.	*	5,048			204,797
Microsoft Corp.		246,249			7,508,132
Novell, Inc.	*	11,821			49,057
Oracle Corp.		125,099			3,069,930
Red Hat, Inc.	*	5,716			176,625
Salesforce.com, Inc.	*†	3,516			259,375
Symantec Corp.	*	26,008			465,283
					13,856,100
Specialty Retail—1.9%
Abercrombie & Fitch Co., Class A		2,804			97,719
AutoNation, Inc.	*†	3,434			65,761
AutoZone, Inc.	*†	966			152,696
Bed Bath & Beyond, Inc.	*†	8,349			322,522
Best Buy Co., Inc.		10,902			430,193
GameStop Corp., Class A	*†	4,873			106,914
Gap, Inc. (The)		15,228			319,027
Home Depot, Inc.		54,570			1,578,710
Limited Brands, Inc.		8,268			159,076
Lowe’s Cos., Inc.		47,282			1,105,926
Office Depot, Inc.	*	8,714			56,205
O’Reilly Automotive, Inc.	*†	4,154			158,350
RadioShack Corp.		3,908			76,206
Ross Stores, Inc.	†	3,787			161,743
Sherwin-Williams Co. (The)	†	3,050			188,033
Staples, Inc.		23,080			567,537
Tiffany & Co.		3,768			162,024
TJX Cos., Inc.		13,539			494,850
					6,203,492
Textiles, Apparel & Luxury Goods—0.5%
Coach, Inc.		10,146			370,634
NIKE, Inc., Class B		12,432			821,382
Polo Ralph Lauren Corp.	†	1,954			158,235
V.F. Corp.		2,834			207,562
					1,557,813
Thrifts & Mortgage Finance—0.1%
Hudson City Bancorp, Inc.		14,713			202,009
People’s United Financial, Inc.	†	10,841			181,045
					383,054
Tobacco—1.5%
Altria Group, Inc.		66,299			1,301,449
Lorillard, Inc.		5,271			422,892
Philip Morris International, Inc.		60,753		$	2,927,687
Reynolds American, Inc.		5,384			285,191
					4,937,219
Trading Companies & Distributors—0.1%
Fastenal Co.	†	4,379			182,342
W.W. Grainger, Inc.		1,952			189,012
					371,354
Wireless Telecommunication Services—0.3%
American Tower Corp., Class A	*	12,605			544,662
MetroPCS Communications, Inc.	*†	8,843			67,472
Sprint Nextel Corp.	*	94,690			346,565
					958,699
TOTAL COMMON STOCKS
(Cost $236,371,825)					316,727,745

 

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.023%	03/11/2010	‡‡
(Cost $459,979)			$	460,000		459,971
				Shares		Value
CASH EQUIVALENTS—11.3%
Institutional Money Market Funds—11.3%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class				5,827,174		5,827,174
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		††		5,835,677		5,835,677
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class		††		6,200,000		6,200,000
Short-Term Investments Trust Liquid Assets Portfolio		††		6,200,000		6,200,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class		††		6,187,903		6,187,902
Wells Fargo Advantage Heritage Money Market Fund—Select Class		††		6,200,000		6,200,000
TOTAL CASH EQUIVALENTS
(Cost $36,450,753)						36,450,753
TOTAL INVESTMENTS—109.3%
(Cost $273,282,557)						353,638,469
Other assets less liabilities—(9.3%)						(30,122,939	)
NET ASSETS—100.0%					$	323,515,530

 

See accompanying notes to financial statements.

282

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint 500
Stock Index Fund

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

See accompanying notes to financial statements.

283

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—98.9%
Aerospace & Defense—2.2%
AAR Corp.	*	1,489		$	34,217
Alliant Techsystems, Inc.	*†	1,550			136,818
American Science & Engineering, Inc.		435			32,990
Applied Signal Technology, Inc.	†	1,237			23,862
BE Aerospace, Inc.	*†	2,393			56,235
Boeing Co. (The)		24,518			1,327,159
Ceradyne, Inc.	*†	1,867			35,865
Cubic Corp.		476			17,755
Curtiss-Wright Corp.		2,112			66,148
Esterline Technologies Corp.	*	1,049			42,768
GenCorp, Inc.	*†	1,629			11,403
General Dynamics Corp.		13,610			927,794
Goodrich Corp.		4,882			313,668
HEICO Corp., Class A		878			31,573
Hexcel Corp.	*†	4,757			61,746
Honeywell International, Inc.		26,085			1,022,532
ITT Corp.		6,885			342,460
Kratos Defense & Security Solutions, Inc.	*	239			2,521
L-3 Communications Holdings, Inc.		5,024			436,837
Ladish Co., Inc.	*†	900			13,572
Lockheed Martin Corp.		12,495			941,498
Moog, Inc., Class A	*	1,446			42,267
Northrop Grumman Corp.		10,323			576,540
Orbital Sciences Corp.	*	2,123			32,397
Precision Castparts Corp.		5,136			566,758
Raytheon Co.		15,092			777,540
Rockwell Collins, Inc.		6,041			334,430
Spirit Aerosystems Holdings, Inc., Class A	*	2,103			41,766
Stanley, Inc.	*	911			24,971
Taser International, Inc.	*	2,292			10,039
Teledyne Technologies, Inc.	*	1,228			47,106
Triumph Group, Inc.		822			39,661
United Technologies Corp.		32,676			2,268,041
					10,640,937
Air Freight & Logistics—0.6%
Air T, Inc.		1,352			13,074
Atlas Air Worldwide Holdings, Inc.	*	600			22,350
C.H. Robinson Worldwide, Inc.		6,357			373,347
Expeditors International of Washington, Inc.		8,772			304,651
FedEx Corp.		10,275			857,449
Forward Air Corp.	†	1,431			35,846
HUB Group, Inc., Class A	*†	2,400			64,392
Pacer International, Inc.	*†	1,664			5,258
United Parcel Service, Inc., Class B		22,043			1,264,607
UTi Worldwide, Inc. (Virgin Islands, British)		2,208			31,619
					2,972,593
Airlines—0.2%
AirTran Holdings, Inc.	*†	3,168			16,537
Alaska Air Group, Inc.	*	1,343			46,414
AMR Corp.	*†	6,672			51,575
Continental Airlines, Inc., Class B	*†	2,723			48,796
Delta Air Lines, Inc.	*†	25,505		$	290,247
ExpressJet Holdings, Inc.	*	263			1,268
JetBlue Airways Corp.	*†	6,414			34,956
Mesa Air Group, Inc.	*	847			102
Skywest, Inc.		2,390			40,439
Southwest Airlines Co.		30,863			352,764
UAL Corp.	*†	3,500			45,185
US Airways Group, Inc.	*†	8,660			41,914
					970,197
Auto Components—0.3%
American Axle & Manufacturing Holdings, Inc.	*†	2,113			16,946
Amerigon, Inc.	*†	2,107			16,730
ArvinMeritor, Inc.	*	2,791			31,203
BorgWarner, Inc.	†	4,548			151,085
Cooper Tire & Rubber Co.	†	3,066			61,473
Dana Holding Corp.	*	2,450			26,558
Fuel Systems Solutions, Inc.	*	769			31,714
Gentex Corp.	†	6,594			117,703
Goodyear Tire & Rubber Co. (The)	*	7,281			102,662
Johnson Controls, Inc.		18,909			515,081
Modine Manufacturing Co.	*†	1,208			14,303
Quantum Fuel Systems Technologies Worldwide, Inc.	*†	2,809			3,118
Shiloh Industries, Inc.	*	1,441			7,637
Strattec Security Corp.	*	123			2,275
Superior Industries International, Inc.	†	1,102			16,861
Tenneco, Inc.	*	1,600			28,368
TRW Automotive Holdings Corp.	*	900			21,492
WABCO Holdings, Inc.		2,354			60,710
					1,225,919
Automobiles—0.3%
Ford Motor Co.	*†	122,116			1,221,160
Harley-Davidson, Inc.	†	9,017			227,228
Thor Industries, Inc.		1,221			38,340
Winnebago Industries, Inc.	*†	1,432			17,470
					1,504,198
Beverages—2.2%
Brown-Forman Corp., Class B		4,876			261,207
Central European Distribution Corp. (Poland)	*	652			18,523
Coca-Cola Bottling Co. Consolidated	†	437			23,607
Coca-Cola Co. (The)		86,130			4,909,410
Coca-Cola Enterprises, Inc.		10,775			228,430
Constellation Brands, Inc., Class A	*	8,096			128,969
Dr. Pepper Snapple Group, Inc.		9,896			280,057
Hansen Natural Corp.	*	2,680			102,912
Molson Coors Brewing Co., Class B		5,822			262,922
Pepsi Bottling Group, Inc.		5,377			201,637
PepsiAmericas, Inc.		3,031			88,687
PepsiCo, Inc.		63,386			3,853,869
					10,360,230

See accompanying notes to financial statements.

284

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Biotechnology—1.8%
Aastrom Biosciences, Inc.	*	3,289		$	1,011
Abraxis Bioscience, Inc.	*†	439			17,801
Acorda Therapeutics, Inc.	*	674			16,998
Alexion Pharmaceuticals, Inc.	*	2,350			114,727
Alkermes, Inc.	*	3,579			33,678
Allos Therapeutics, Inc.	*	3,978			26,135
Alnylam Pharmaceuticals, Inc.	*	2,390			42,112
AMAG Pharmaceuticals, Inc.	*	834			31,717
Amgen, Inc.	*	42,692			2,415,086
Amylin Pharmaceuticals, Inc.	*	4,036			57,271
Anadys Pharmaceuticals, Inc.	*	3,242			6,841
Antigenics, Inc.	*	1,707			1,093
ARCA Biopharma, Inc.	*†	57			186
Arena Pharmaceuticals, Inc.	*†	1,439			5,108
Ariad Pharmaceuticals, Inc.	*	1,662			3,789
Arqule, Inc.	*	864			3,188
Array Biopharma, Inc.	*†	4,333			12,176
AVI BioPharma, Inc.	*†	2,400			3,504
Avigen, Inc.	*†‡	1,009			1,332
Biogen Idec, Inc.	*	10,173			544,256
BioMarin Pharmaceutical, Inc.	*†	3,587			67,471
Biosante Pharmaceuticals, Inc.	*	300			435
Celera Corp.	*†	3,028			20,924
Celgene Corp.	*	19,373			1,078,689
Cell Therapeutics, Inc.	*†	34			39
Celldex Therapeutics, Inc.	*	429			2,008
Cephalon, Inc.	*†	2,647			165,199
Cepheid, Inc.	*†	4,930			61,526
Clinical Data, Inc.	*†	1,998			36,484
Cubist Pharmaceuticals, Inc.	*	1,762			33,425
CytRx Corp.	*†	4,200			4,704
Dendreon Corp.	*	4,737			124,488
Emergent Biosolutions, Inc.	*	1,319			17,925
Entremed, Inc.	*	1,390			1,112
Enzon Pharmaceuticals, Inc.	*†	1,765			18,585
EPIX Pharmaceuticals, Inc.	*	640			8
Exact Sciences Corp.	*	1,250			4,238
Exelixis, Inc.	*†	2,695			19,862
Facet Biotech Corp.	*†	768			13,501
Genaera Corp.	*‡d	797			—
Genomic Health, Inc.	*†	1,284			25,115
Genzyme Corp.	*	10,347			507,106
Geron Corp.	*†	4,719			26,190
Gilead Sciences, Inc.	*	38,028			1,645,852
GTC Biotherapeutics, Inc.	*	398			295
GTx, Inc.	*†	200			840
Halozyme Therapeutics, Inc.	*	6,362			37,345
Hemispherx Biopharma, Inc.	*†	920			515
Human Genome Sciences, Inc.	*†	5,938			181,703
Immunogen, Inc.	*†	1,323			10,399
Immunomedics, Inc.	*	2,141			6,873
Incyte Corp. Ltd.	*†	3,102			28,259
InterMune, Inc.	*†	1,586			20,681
Isis Pharmaceuticals, Inc.	*	2,216			24,598
Keryx Biopharmaceuticals, Inc.	*†	5,221			13,053
Lexicon Pharmaceuticals, Inc.	*†	2,343			3,983
Ligand Pharmaceuticals, Inc., Class B	*	4,898			10,629
MannKind Corp.	*†	4,492			39,350
Martek Biosciences Corp.	*	1,148			21,743
Maxygen, Inc.	*	1,231			7,497
Medivation, Inc.	*†	1,731			65,172
Momenta Pharmaceuticals, Inc.	*	2,618			33,013
Myriad Genetics, Inc.	*	4,124			107,636
Myriad Pharmaceuticals, Inc.	*†	1,031			5,186
Nabi Biopharmaceuticals	*	1,995		$	9,776
Neurobiological Technologies, Inc.	*	448			52
Neurocrine Biosciences, Inc.	*	1,479			4,023
Novavax, Inc.	*†	1,550			4,123
NPS Pharmaceuticals, Inc.	*	1,660			5,644
Onyx Pharmaceuticals, Inc.	*†	1,361			39,932
Orthologic Corp.	*	1,516			1,092
OSI Pharmaceuticals, Inc.	*†	1,329			41,239
Osiris Therapeutics, Inc.	*	1,402			10,010
PDL BioPharma, Inc.	†	3,841			26,349
Peregrine Pharmaceuticals, Inc.	*†	1,823			5,396
Pharmasset, Inc.	*†	1,946			40,282
Poniard Pharmaceuticals, Inc.	*†	396			725
Progenics Pharmaceuticals, Inc.	*†	793			3,521
Regeneron Pharmaceuticals, Inc.	*	2,632			63,642
Rigel Pharmaceuticals, Inc.	*†	1,882			17,898
RXi Pharmaceuticals Corp.	*	209			957
Savient Pharmaceuticals, Inc.	*	1,538			20,932
Sciclone Pharmaceuticals, Inc.	*	1,700			3,961
SIGA Technologies, Inc.	*†	4,649			26,964
Targeted Genetics Corp.	*	626			175
Telik, Inc.	*	1,748			1,336
Theravance, Inc.	*†	3,224			42,138
Trimeris, Inc.	*	1,214			3,181
United Therapeutics Corp.	*†	1,828			96,244
Vanda Pharmaceuticals, Inc.	*†	2,680			30,123
Vertex Pharmaceuticals, Inc.	*†	5,197			222,691
Vion Pharmaceuticals, Inc.	*	450			61
XOMA Ltd.	*	4,976			3,477
Zymogenetics, Inc.	*	2,343			14,972
					8,572,581
Building Products—0.1%
American Woodmark Corp.		800			15,744
Ameron International Corp.	†	542			34,395
Apogee Enterprises, Inc.	†	1,250			17,500
Gibraltar Industries, Inc.	*†	1,188			18,687
Griffon Corp.	*	1,288			15,739
Jewett-Cameron Trading Ltd.	*	1,575			10,789
Lennox International, Inc.	†	2,437			95,140
Masco Corp.		15,650			216,127
NCI Building Systems, Inc.	*	1,232			2,230
Owens Corning, Inc.	*	1,100			28,204
Quanex Building Products Corp.		1,671			28,357
Simpson Manufacturing Co., Inc.	†	2,084			56,039
Trex Co., Inc.	*†	731			14,328
U.S. Home Systems, Inc.	*	1,291			3,279
Universal Forest Products, Inc.		1,121			41,264
USG Corp.	*†	3,348			47,039
					644,861
Capital Markets—2.7%
Affiliated Managers Group, Inc.	*†	1,354			91,192
Ameriprise Financial, Inc.		9,235			358,503
Bank of New York Mellon Corp. (The)		47,752			1,335,624
BGC Partners, Inc., Class A		7,270			33,587
BlackRock, Inc.	†	1,892			439,322
Calamos Asset Management, Inc., Class A		1,800			20,754
Charles Schwab Corp. (The)		37,877			712,845
Deerfield Capital Corp.	*	342			1,573
Diamond Hill Investment Group, Inc.		331			21,260
E*Trade Financial Corp.	*	14,978			26,212

See accompanying notes to financial statements.

285

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Eaton Vance Corp.	†	5,282		$	160,626
Federated Investors, Inc., Class B	†	3,745			102,988
Franklin Resources, Inc.		7,589			799,501
GAMCO Investors, Inc., Class A	†	558			26,946
GFI Group, Inc.		2,520			11,516
GLG Partners, Inc.	*†	9,550			30,751
Goldman Sachs Group, Inc. (The)		20,494			3,460,207
Greenhill & Co., Inc.	†	495			39,719
International Assets Holding Corp.	*	507			7,372
Invesco Ltd.		16,610			390,169
Investment Technology Group, Inc.	*†	2,078			40,937
Janus Capital Group, Inc.	†	6,411			86,228
Jefferies Group, Inc.	*†	4,678			111,009
KBW, Inc.	*	1,604			43,886
Kent Financial Services, Inc.	*	2,200			3,454
Knight Capital Group, Inc., Class A	*	4,630			71,302
LaBranche & Co., Inc.	*	2,588			7,350
Legg Mason, Inc.	†	5,850			176,436
Morgan Stanley		50,327			1,489,679
Northern Trust Corp.		8,495			445,138
optionsXpress Holdings, Inc.		1,914			29,571
Piper Jaffray Cos.	*	963			48,737
Raymond James Financial, Inc.		3,472			82,530
Safeguard Scientifics, Inc.	*	678			6,990
SEI Investments Co.		5,918			103,683
Siebert Financial Corp.	*	1,469			3,393
State Street Corp.		19,892			866,098
Stifel Financial Corp.	*†	1,588			94,073
SWS Group, Inc.	†	1,323			16,008
T. Rowe Price Group, Inc.	†	11,032			587,454
TD Ameritrade Holding Corp.	*	13,211			256,029
Teton Advisors, Inc., Class B	*†‡	8			128
TradeStation Group, Inc.	*†	1,690			13,334
Virtus Investment Partners, Inc.	*	210			3,339
Waddell & Reed Financial, Inc., Class A	†	3,971			121,274
Westwood Holdings Group, Inc.	†	1,027			37,321
					12,816,048
Chemicals—2.1%
A. Schulman, Inc.	†	1,444			29,140
Air Products & Chemicals, Inc.		8,040			651,722
Airgas, Inc.		3,075			146,370
Albemarle Corp.	†	3,712			135,005
Ampal-American Israel Corp., Class A (Israel)	*†	1,391			3,756
Arch Chemicals, Inc.		1,211			37,396
Ashland, Inc.		3,276			129,795
Cabot Corp.		2,693			70,637
Calgon Carbon Corp.	*	3,184			44,258
Celanese Corp., Class A		5,993			192,375
CF Industries Holdings, Inc.		2,332			211,699
Cytec Industries, Inc.	†	1,644			59,875
Dow Chemical Co. (The)		42,556			1,175,822
E.I. Du Pont de Nemours & Co.		35,437			1,193,164
Eastman Chemical Co.		3,211			193,431
Ecolab, Inc.		6,657			296,769
Ferro Corp.		1,818			14,980
FMC Corp.	†	3,336		$	186,015
Georgia Gulf Corp.	*	50			869
H.B. Fuller Co.		2,570			58,468
Huntsman Corp.		2,600			29,354
International Flavors & Fragrances, Inc.		3,885			159,829
Intrepid Potash, Inc.	*†	1,172			34,187
Koppers Holdings, Inc.	†	1,582			48,156
Kronos Worldwide, Inc.	*†	1,131			18,379
Landec Corp.	*	986			6,153
LSB Industries, Inc.	*	1,411			19,895
Lubrizol Corp.		1,819			132,696
Minerals Technologies, Inc.		868			47,280
Monsanto Co.		21,746			1,777,736
Mosaic Co. (The)		5,740			342,850
Nalco Holding Co.		3,074			78,418
NewMarket Corp.	†	378			43,383
NL Industries, Inc.	†	2,111			14,650
Olin Corp.	†	2,796			48,986
OM Group, Inc.	*†	1,147			36,004
Omnova Solutions, Inc.	*	6,478			39,710
Penford Corp.	†	785			6,822
PolyOne Corp.	*	2,862			21,379
PPG Industries, Inc.		5,657			331,161
Praxair, Inc.		12,623			1,013,753
Quaker Chemical Corp.		483			9,969
RPM International, Inc.		4,832			98,235
Scotts Miracle-Gro Co. (The), Class A		1,662			65,333
Sensient Technologies Corp.		2,027			53,310
Sigma-Aldrich Corp.		4,956			250,427
Spartech Corp.	†	1,451			14,887
Stepan Co.	†	556			36,034
Terra Industries, Inc.		2,513			80,893
Valhi, Inc.		511			7,139
Valspar Corp.	†	3,724			101,069
W.R. Grace & Co.	*†	4,200			106,470
Zep, Inc.		936			16,212
					9,922,305
Commercial Banks—2.7%
1st Source Corp.	†	1,180			18,986
Alliance Bankshares Corp.	*	744			2,120
Amcore Financial, Inc.	*†	1,352			1,676
Associated Banc-Corp	†	5,110			56,261
BancFirst Corp.	†	642			23,780
BancorpSouth, Inc.	†	3,611			84,714
BancTrust Financial Group, Inc.	†	1,600			4,592
Bank of Hawaii Corp.	†	1,898			89,320
BB&T Corp.	†	25,584			649,066
BOK Financial Corp.	†	1,765			83,873
Boston Private Financial Holdings, Inc.	†	1,297			7,484
Bryn Mawr Bank Corp.	†	1,058			15,965
Capital Bank Corp.		1,282			4,936
Capital City Bank Group, Inc.		1,113			15,404
CapitalSource, Inc.		4,975			19,751
Cardinal Financial Corp.		1,142			9,981
Cascade Bancorp	*	2,191			1,512
Cascade Financial Corp.	†	1,063			2,360
Cathay General Bancorp	†	2,082			15,719
Catskill Litigation Trust	*‡d	582			—
Central Pacific Financial Corp.	*†	929			1,217
Chemical Financial Corp.	†	1,552			36,596
Citizens Republic Bancorp, Inc.	*	4,000			2,760
City Bank/Washington	*†	1,645			2,862
City Holding Co.	†	250			8,082
City National Corp./California	†	1,548			70,589

See accompanying notes to financial statements.

286

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
CoBiz Financial, Inc.		1,063		$	5,049
Comerica, Inc.		5,587			165,208
Commerce Bancshares, Inc./Missouri		2,471			95,677
Community Bank System, Inc.	†	1,402			27,073
Community Trust Bancorp, Inc.	†	665			16,259
Cullen/Frost Bankers, Inc.	†	2,502			125,100
CVB Financial Corp.	†	4,084			35,286
East West Bancorp, Inc.	†	2,200			34,760
Eastern Virginia Bankshares, Inc.		700			4,970
Fidelity Southern Corp.	*	1,413			5,087
Fifth Third Bancorp		20,084			195,819
Financial Institutions, Inc.		749			8,823
First BanCorp. (Puerto Rico)	†	3,246			7,466
First Bancorp/North Carolina	†	643			8,983
First Busey Corp.		2,407			9,363
First Citizens BancShares, Inc./North Carolina, Class A		254			41,659
First Commonwealth Financial Corp.		2,619			12,178
First Financial Bancorp	†	1,895			27,591
First Financial Bankshares, Inc.	†	333			18,059
First Horizon National Corp.	*†	8,215			110,083
First Merchants Corp.	†	874			5,192
First Midwest Bancorp, Inc./Illinois	†	2,002			21,802
First of Long Island Corp. (The)	†	986			24,896
FirstMerit Corp.	†	3,950			79,553
FNB Corp./Pennsylvania	†	3,344			22,706
Frontier Financial Corp.	*†	225			790
Fulton Financial Corp.	†	6,533		��	56,968
Glacier Bancorp, Inc.	†	1,771			24,298
Guaranty Bancorp	*†	5,300			6,996
Hancock Holding Co.		1,041			45,585
Hanmi Financial Corp.	*†	3,600			4,320
Harleysville National Corp.		1,599			10,298
Heritage Financial Corp./Washington		332			4,575
Home Bancshares, Inc./Arkansas	†	1,064			25,610
Huntington Bancshares, Inc./Ohio		13,268			48,428
IBERIABANK Corp.		966			51,980
Independent Bank Corp./Massachusetts	†	874			18,258
Independent Bank Corp./Michigan	†	2,079			1,497
Integra Bank Corp.		848			628
International Bancshares Corp.		3,248			61,485
KeyCorp	†	27,431			152,242
M&T Bank Corp.	†	3,305			221,071
Marshall & Ilsley Corp.		8,572			46,717
MB Financial, Inc.	†	931			18,359
Merchants Bancshares, Inc.		571			12,927
Midsouth Bancorp, Inc.		522			7,256
MidWestOne Financial Group, Inc.		552			4,830
National Penn Bancshares, Inc.	†	2,758			15,969
NBT Bancorp, Inc.	†	1,000			20,370
Northern States Financial Corp.	*	772			3,107
Old National Bancorp/Indiana	†	3,552			44,151
Pacific Capital Bancorp	†	1,724			1,655
Pacific Premier Bancorp, Inc.	*	976			3,299
PacWest Bancorp		894		$	18,014
Park National Corp.	†	728			42,865
Peoples Bancorp, Inc./Ohio		814			7,879
Peoples Financial Corp./Mississippi	†	883			17,943
Pinnacle Financial Partners, Inc.	*†	1,818			25,852
PNC Financial Services Group, Inc.		17,221			909,097
Popular, Inc. (Puerto Rico)		10,296			23,269
PrivateBancorp, Inc.	†	1,200			10,764
Prosperity Bancshares, Inc.	†	2,300			93,081
Regions Financial Corp.	†	41,501			219,540
Republic Bancorp, Inc./Kentucky, Class A	†	1,603			33,022
Royal Bancshares of Pennsylvania, Inc., Class A	*	882			1,147
S&T Bancorp, Inc.	†	955			16,245
Sandy Spring Bancorp, Inc.	†	344			3,058
Santander BanCorp (Puerto Rico)	*	1,280			15,718
Shore Bancshares, Inc.		826			11,944
Signature Bank/New York	*	1,900			60,610
Simmons First National Corp., Class A		911			25,326
South Financial Group, Inc. (The)		2,799			1,805
Sterling Bancorp/New York	†	1,476			10,539
Sterling Bancshares, Inc./Texas	†	2,422			12,425
Sterling Financial Corp./Washington	*†	2,577			1,598
Suffolk Bancorp	†	1,100			32,670
SunTrust Banks, Inc.		19,144			388,432
Superior Bancorp	*†	223			734
Susquehanna Bancshares, Inc.	†	2,932			17,269
SVB Financial Group	*	1,437			59,909
Synovus Financial Corp.	†	10,920			22,386
TCF Financial Corp.	†	6,104			83,136
Texas Capital Bancshares, Inc.	*	2,821			39,381
Tompkins Financial Corp.	†	665			26,932
TowneBank/Virginia	†	1,406			16,422
Trustmark Corp.		2,435			54,885
U.S. Bancorp		76,378			1,719,269
UMB Financial Corp.	†	1,211			47,653
Umpqua Holdings Corp.	†	1,151			15,435
United Bankshares, Inc.	†	2,134			42,616
United Community Banks, Inc./Georgia	*	2,272			7,702
Valley National Bancorp		5,962			84,243
W Holding Co., Inc. (Puerto Rico)	†	161			3,687
Washington Trust Bancorp, Inc.	†	500			7,790
Webster Financial Corp.	†	2,393			28,405
Wells Fargo & Co.		186,153			5,024,269
WesBanco, Inc.		1,699			20,966
Westamerica Bancorporation	†	1,628			90,142
Western Alliance Bancorp	*	1,400			5,292
Whitney Holding Corp./Louisiana	†	2,371			21,600
Wilmington Trust Corp.	†	3,204			39,537
Wintrust Financial Corp.	†	1,017			31,313
Zions Bancorporation	†	5,053			64,830
					12,810,563
Commercial Services & Supplies—0.7%
ABM Industries, Inc.	†	2,291			47,332
ACCO Brands Corp.	*†	1,319			9,602
APAC Customer Services, Inc.	*	1,972			11,753

See accompanying notes to financial statements.

287

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
ATC Technology Corp.	*†	603		$	14,382
Avery Dennison Corp.		3,924			143,187
Bowne & Co., Inc.		1,632			10,902
Brink’s Co. (The)		2,084			50,725
Cenveo, Inc.	*†	4,741			41,484
Cintas Corp.		5,365			139,758
Clean Harbors, Inc.	*	1,207			71,949
Consolidated Graphics, Inc.	*	776			27,176
Copart, Inc.	*†	3,582			131,209
Corrections Corp. of America	*	5,700			139,935
Courier Corp.		424			6,042
Covanta Holding Corp.	*†	4,185			75,707
Deluxe Corp.	†	2,098			31,029
EnergySolutions, Inc.	†	4,049			34,376
Ennis, Inc.		695			11,669
G&K Services, Inc., Class A	†	1,008			25,331
Geo Group, Inc. (The)	*†	2,456			53,737
Healthcare Services Group, Inc.	†	3,735			80,153
Herman Miller, Inc.	†	3,155			50,417
HNI Corp.		2,512			69,407
Interface, Inc., Class A		3,357			27,897
Iron Mountain, Inc.	*	7,146			162,643
Kimball International, Inc., Class B		1,500			12,780
Knoll, Inc.	†	2,701			27,901
M&F Worldwide Corp.	*	780			30,810
McGrath Rentcorp	†	916			20,482
Mine Safety Appliances Co.	†	1,444			38,309
Mobile Mini, Inc.	*†	2,000			28,180
Perma-Fix Environmental Services, Inc.	*	5,502			12,490
Pitney Bowes, Inc.		9,192			209,210
R.R. Donnelley & Sons Co.		8,887			197,913
Republic Services, Inc.		13,363			378,307
Rollins, Inc.		991			19,106
Standard Register Co. (The)	†	1,650			8,415
Steelcase, Inc., Class A		1,992			12,669
Stericycle, Inc.	*†	3,138			173,123
Sykes Enterprises, Inc.	*†	1,423			36,244
Tetra Tech, Inc.	*	2,114			57,437
TRC Cos., Inc.	*	327			978
United Stationers, Inc.	*†	1,278			72,654
Viad Corp.	†	937			19,330
Virco Mfg. Corp.		799			2,916
Waste Connections, Inc.	*	2,362			78,749
Waste Management, Inc.		18,020			609,256
					3,515,061
Communications Equipment—2.4%
3Com Corp.	*	14,501			108,757
ADC Telecommunications, Inc.	*†	4,773			29,640
ADTRAN, Inc.	†	3,197			72,092
Alliance Fiber Optic Products, Inc.		4,817			5,780
AltiGen Communications, Inc.	*	4,109			4,109
Anaren, Inc.	*	813			12,236
Arris Group, Inc.	*	3,613			41,297
Bel Fuse, Inc., Class A		545			10,595
Black Box Corp.	†	865			24,514
Blonder Tongue Laboratories, Inc.	*	2,285			2,605
Blue Coat Systems, Inc.	*†	1,072			30,595
Brocade Communications Systems, Inc.	*	14,008			106,881
Ciena Corp.	*†	5,950			64,498
Cisco Systems, Inc.	*	233,150		$	5,581,611
CommScope, Inc.	*	2,812			74,602
Comtech Telecommunications Corp.	*†	1,350			47,318
Digi International, Inc.	*	1,976			18,021
Ditech Networks, Inc.	*	1,360			1,754
EchoStar Corp., Class A	*	1,877			37,803
Emcore Corp.	*†	1,219			1,304
EMS Technologies, Inc.	*	960			13,920
Emulex Corp.	*	3,408			37,147
EndWave Corp.	*	911			2,223
Extreme Networks, Inc.	*	4,491			12,889
F5 Networks, Inc.	*	2,664			141,139
Finisar Corp.	*†	856			7,636
Harmonic, Inc.	*	2,820			17,851
Harris Corp.		6,090			289,580
Harris Stratex Networks, Inc.	*	2,182			15,078
Infinera Corp.	*†	4,191			37,174
InterDigital, Inc.	*†	2,803			74,392
Ixia	*	2,330			17,335
JDS Uniphase Corp.	*	7,444			61,413
Juniper Networks, Inc.	*	17,553			468,139
KVH Industries, Inc.	*	375			5,531
Motorola, Inc.	*	84,429			655,169
NETGEAR, Inc.	*†	1,206			26,158
Network Engines, Inc.	*	1,329			1,781
Numerex Corp., Class A	*	1,800			7,740
Oclaro, Inc.	*	1,816			2,670
Oplink Communications, Inc.	*	758			12,424
Optelecom-NKF, Inc.	*	819			2,318
Optical Cable Corp.	*	240			792
Palm, Inc.	*†	4,574			45,923
Parkervision, Inc.	*†	1,052			1,925
Performance Technologies, Inc.	*	793			2,212
Plantronics, Inc.		1,826			47,439
Polycom, Inc.	*†	4,177			104,300
Powerwave Technologies, Inc.	*	2,434			3,067
QUALCOMM, Inc.		63,951			2,958,373
Riverbed Technology, Inc.	*†	1,849			42,472
SCM Microsystems, Inc.	*	1,494			3,376
SeaChange International, Inc.	*†	958			6,294
Sonus Networks, Inc.	*	10,700			22,577
Sycamore Networks, Inc.	†	992			20,736
Tekelec	*	2,569			39,254
Tellabs, Inc.	*	19,143			108,732
Tollgrade Communications, Inc.	*	601			3,672
UTStarcom, Inc.	*†	4,555			9,975
Verso Technologies, Inc.	*d	1			—
Viasat, Inc.	*†	1,190			37,818
Westell Technologies, Inc., Class A	*	1,821			2,185
Zoom Technologies, Inc.	*†	542			3,350
					11,650,191
Computers & Peripherals—5.1%
Adaptec, Inc.	*	3,850			12,898
Apple, Inc.	*	36,457			7,687,323
Avid Technology, Inc.	*†	1,448			18,476
Concurrent Computer Corp.	*	190			760
Cray, Inc.	*†	714			4,584
Dataram Corp.	*†	1,175			4,312
Dell, Inc.	*	70,097			1,006,593
Diebold, Inc.		3,079			87,598
Dot Hill Systems Corp.	*	1,396			2,652
Electronics for Imaging, Inc.	*	2,638			34,320
EMC Corp.	*	78,184			1,365,875
Hewlett-Packard Co.		93,078			4,794,448
Hutchinson Technology, Inc.	*	1,149			11,789

See accompanying notes to financial statements.

288

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Hypercom Corp.	*	1,992		$	6,315
iGO, Inc.	*	674			829
Imation Corp.	*†	1,564			13,638
Intermec, Inc.	*†	2,374			30,530
International Business Machines Corp.		52,130			6,823,817
Lexmark International, Inc., Class A	*	4,019			104,414
NCR Corp.	*	7,848			87,348
NetApp, Inc.	*	14,316			492,327
Novatel Wireless, Inc.	*†	1,358			10,823
Overland Storage, Inc.	*	160			368
Presstek, Inc.	*	945			2,013
QLogic Corp.	*	3,731			70,404
Quantum Corp.	*	6,681			19,575
SanDisk Corp.	*†	8,969			260,011
Seagate Technology (Cayman Islands)	†	20,081			365,273
Silicon Graphics International Corp.	*	1,843			12,919
STEC, Inc.	*†	1,255			20,507
Stratasys, Inc.	*	1,782			30,793
Sun Microsystems, Inc.	*	33,887			317,521
Synaptics, Inc.	*†	1,586			48,611
Teradata Corp.	*	7,848			246,663
TransAct Technologies, Inc.	*	888			6,163
Western Digital Corp.	*	8,354			368,829
					24,371,319
Construction & Engineering—0.3%
Aecom Technology Corp.	*†	3,236			88,990
Comfort Systems USA, Inc.	†	2,179			26,889
Dycom Industries, Inc.	*†	2,076			16,670
EMCOR Group, Inc.	*	2,908			78,225
Fluor Corp.		7,010			315,730
Furmanite Corp.	*	1,100			4,191
Granite Construction, Inc.	†	1,889			63,584
Insituform Technologies, Inc., Class A	*†	1,223			27,787
Jacobs Engineering Group, Inc.	*†	4,968			186,846
KBR, Inc.		6,464			122,816
Layne Christensen Co.	*	510			14,642
MasTec, Inc.	*	2,049			25,612
Quanta Services, Inc.	*	8,861			184,663
Shaw Group, Inc. (The)	*	2,182			62,733
Tutor Perini Corp.	*†	960			17,357
URS Corp.	*†	2,934			130,622
					1,367,357
Construction Materials—0.1%
Eagle Materials, Inc.	†	2,083			54,262
Headwaters, Inc.	*	2,095			13,660
Martin Marietta Materials, Inc.	†	1,737			155,305
Texas Industries, Inc.		1,116			39,049
Vulcan Materials Co.	†	3,605			189,875
					452,151
Consumer Finance—0.6%
Advance America Cash Advance Centers, Inc.	†	3,279			18,231
American Express Co.		41,335			1,674,894
AmeriCredit Corp.	*†	6,437			122,561
Capital One Financial Corp.		16,201			621,146
Cash America International, Inc.		685			23,948
CompuCredit Holdings Corp.	†	83		$	276
Discover Financial Services		18,027			265,177
Ezcorp, Inc., Class A	*	2,031			34,954
First Marblehead Corp. (The)	*	2,764			5,887
Nelnet, Inc., Class A		481			8,288
Rewards Network, Inc.		375			4,740
SLM Corp.	*	20,100			226,527
Student Loan Corp. (The)		207			9,640
World Acceptance Corp.	*†	639			22,895
					3,039,164
Containers & Packaging—0.3%
AEP Industries, Inc.	*	372			14,240
AptarGroup, Inc.	†	3,130			111,866
Ball Corp.		4,676			241,749
Bemis Co., Inc.		4,410			130,756
Crown Holdings, Inc.	*	6,844			175,070
Greif, Inc., Class A	†	852			45,991
Myers Industries, Inc.		1,716			15,616
Owens-Illinois, Inc.	*	6,064			199,324
Packaging Corp. of America	†	4,339			99,840
Pactiv Corp.	*	6,523			157,465
Rock-Tenn Co., Class A	†	1,450			73,095
Sealed Air Corp.		7,054			154,200
Silgan Holdings, Inc.	†	454			26,278
Sonoco Products Co.		3,353			98,075
Temple-Inland, Inc.		4,506			95,122
					1,638,687
Distributors—0.1%
Audiovox Corp., Class A	*	1,218			8,636
Genuine Parts Co.		5,595			212,386
LKQ Corp.	*†	7,000			137,130
					358,152
Diversified Consumer Services—0.4%
American Public Education, Inc.	*	698			23,983
Apollo Group, Inc., Class A	*	5,517			334,220
Brink’s Home Security Holdings, Inc.	*†	2,084			68,022
Career Education Corp.	*†	4,167			97,133
Coinstar, Inc.	*†	1,075			29,864
Corinthian Colleges, Inc.	*†	3,624			49,903
DeVry, Inc.		2,980			169,055
H&R Block, Inc.	†	11,402			257,913
Hillenbrand, Inc.		1,576			29,692
ITT Educational Services, Inc.	*†	1,873			179,733
Jackson Hewitt Tax Service, Inc.	*	1,779			7,828
Learning Tree International, Inc.	*†	766			9,146
Matthews International Corp., Class A		1,052			37,272
Pre-Paid Legal Services, Inc.	*†	779			32,001
Princeton Review, Inc.	*	818			3,321
Regis Corp.	†	1,818			28,306
Service Corp. International		11,775			96,437
Sotheby’s	†	2,623			58,965
Steiner Leisure Ltd. (Bahamas)	*†	1,503			59,759
Stewart Enterprises, Inc., Class A	†	4,115			21,192
Strayer Education, Inc.	†	551			117,082
Universal Technical Institute, Inc.	*†	418			8,444
Weight Watchers International, Inc.	†	1,826			53,246
					1,772,517

See accompanying notes to financial statements.

289

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Diversified Financial Services—3.8%
Bank of America Corp.		413,221		$	6,223,108
Citigroup, Inc.		844,099			2,793,968
CME Group, Inc.		2,698			906,393
Financial Federal Corp.		1,513			41,608
Interactive Brokers Group, Inc., Class A	*	1,570			27,820
IntercontinentalExchange, Inc.	*	2,776			311,745
JPMorgan Chase & Co.		162,639			6,777,167
Leucadia National Corp.	*	6,084			144,738
Medallion Financial Corp.		958			7,827
MF Global Ltd. (Bermuda)	*†	2,928			20,350
Moody’s Corp.	†	9,284			248,811
MSCI, Inc., Class A	*	3,439			109,360
NASDAQ OMX Group, Inc. (The)	*	5,431			107,642
NYSE Euronext		9,567			242,045
PHH Corp.	*†	2,212			35,635
Pico Holdings, Inc.	*	1,150			37,640
Portfolio Recovery Associates, Inc.	*†	504			22,620
Resource America, Inc., Class A		1,287			5,199
					18,063,676
Diversified Telecommunication Services—2.4%
8x8, Inc.	*†	3,048			4,602
Alaska Communications Systems Group, Inc.	†	2,850			22,743
AT&T, Inc.		241,500			6,769,245
CenturyTel, Inc.		10,425			377,489
Cincinnati Bell, Inc.	*†	9,266			31,968
Cogent Communications Group, Inc.	*	2,886			28,456
Frontier Communications Corp.	†	12,478			97,453
General Communication, Inc., Class A	*	2,516			16,052
HickoryTech Corp.		651			5,748
IDT Corp., Class B	*	1,600			7,760
Integrated Telecom Express, Inc.	*‡d	1,103			—
Iowa Telecommunications Services, Inc.		2,702			45,286
Level 3 Communications, Inc.	*	41,949			64,182
PAETEC Holding Corp.	*	5,459			22,655
Premiere Global Services, Inc.	*	2,174			17,936
Qwest Communications International, Inc.		40,556			170,741
Superior TeleCom, Inc.	*‡d	2,013			—
SureWest Communications	*	184			1,833
tw telecom Inc.	*†	1,928			33,046
Verizon Communications, Inc.		111,965			3,709,400
Windstream Corp.		16,320			179,357
XETA Technologies, Inc.	*	1,946			5,857
Zoom Telephonics, Inc.	*	542			274
					11,612,083
Electric Utilities—1.7%
Allegheny Energy, Inc.		5,273			123,810
Allete, Inc.	†	1,243			40,621
American Electric Power Co., Inc.		17,879			622,010
Central Vermont Public Service Corp.		540			11,232
Cleco Corp.	†	2,109			57,639
DPL, Inc.		5,037		$	139,021
Duke Energy Corp.		47,382			815,444
Edison International		12,222			425,081
El Paso Electric Co.	*	1,748			35,449
Empire District Electric Co. (The)		1,197			22,420
Entergy Corp.		7,521			615,519
Exelon Corp.		24,553			1,199,905
FirstEnergy Corp.		11,034			512,529
FPL Group, Inc.		14,866			785,222
Great Plains Energy, Inc.	†	3,450			66,896
Hawaiian Electric Industries, Inc.	†	3,066			64,079
IDACORP, Inc.		1,515			48,404
ITC Holdings Corp.	†	1,539			80,167
MGE Energy, Inc.		1,559			55,719
Northeast Utilities		5,201			134,134
NV Energy, Inc.		7,959			98,532
Pepco Holdings, Inc.	†	7,066			119,062
Pinnacle West Capital Corp.		3,789			138,602
PNM Resources, Inc.		2,169			27,438
Portland General Electric Co.	†	1,100			22,451
PPL Corp.		14,691			474,666
Progress Energy, Inc.		10,369			425,233
Southern Co.		29,610			986,605
UIL Holdings Corp.		1,496			42,008
Unisource Energy Corp.		1,571			50,571
Unitil Corp.	†	420			9,652
Westar Energy, Inc.		4,032			87,575
					8,337,696
Electrical Equipment—0.7%
A.O. Smith Corp.	†	1,341			58,186
Active Power, Inc.	*	1,093			1,202
Acuity Brands, Inc.	†	1,873			66,754
American Superconductor Corp.	*	1,147			46,912
AMETEK, Inc.	†	4,234			161,908
AZZ, Inc.	*†	1,582			51,731
Baldor Electric Co.	†	2,620			73,596
Belden, Inc.		1,894			41,516
Brady Corp., Class A		2,402			72,084
C&D Technologies, Inc.	*†	1,159			1,796
Capstone Turbine Corp.	*†	2,450			3,161
Emerson Electric Co.		29,202			1,244,005
Encore Wire Corp.	†	1,400			29,498
Energy Conversion Devices, Inc.	*†	781			8,255
Evergreen Solar, Inc.	*†	6,400			9,664
First Solar, Inc.	*†	2,540			343,916
Franklin Electric Co., Inc.		902			26,230
FuelCell Energy, Inc.	*†	1,938			7,287
General Cable Corp.	*†	3,772			110,972
GrafTech International Ltd.	*†	3,487			54,223
Hubbell, Inc., Class B		2,078			98,289
II-VI, Inc.	*	682			21,688
LSI Industries, Inc.	†	1,083			8,534
Magnetek, Inc.	*	1,406			2,165
Orbit International Corp.	*	2,812			10,826
Plug Power, Inc.	*	2,704			1,920
Powell Industries, Inc.	*	1,045			32,949
Power-One, Inc.	*†	3,459			15,047
Regal-Beloit Corp.	†	1,272			66,068
Rockwell Automation, Inc.	†	6,047			284,088
Roper Industries, Inc.	†	2,980			156,063
Servotronics, Inc.		705			6,627
Spire Corp.	*†	2,500			13,400
SunPower Corp., Class A	*†	2,322			54,985

See accompanying notes to financial statements.

290

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Tech/Ops Sevcon, Inc.	*	719		$	1,711
Thomas & Betts Corp.	*	2,428			86,898
Ultralife Corp.	*	416			1,797
Universal Security Instruments, Inc.	*	1,866			9,797
Valence Technology, Inc.	*†	6,972			6,345
Vicor Corp.	*	1,380			12,834
Woodward Governor Co.		2,448			63,085
					3,368,012
Electronic Equipment, Instruments & Components—0.9%
Agilent Technologies, Inc.	*†	13,665			424,572
Agilysys, Inc.	†	1,335			12,148
American Technology Corp.	*†	3,686			5,455
Amphenol Corp., Class A	†	7,376			340,624
Anixter International, Inc.	*†	1,723			81,153
Arrow Electronics, Inc.	*	4,585			135,762
Avnet, Inc.	*	5,129			154,691
AVX Corp.		2,270			28,761
Benchmark Electronics, Inc.	*	2,520			47,653
Brightpoint, Inc.	*	2,358			17,331
CalAmp Corp.	*	550			1,892
Checkpoint Systems, Inc.	*	1,441			21,975
Cognex Corp.	†	2,023			35,848
Coherent, Inc.	*†	1,348			40,076
Corning, Inc.		52,776			1,019,105
CTS Corp.	†	1,580			15,200
Daktronics, Inc.	†	927			8,538
Dolby Laboratories, Inc., Class A	*†	1,370			65,390
DTS, Inc.	*†	755			25,829
Echelon Corp.	*†	1,769			20,450
Electro Rent Corp.		950			10,963
Electro Scientific Industries, Inc.	*	1,421			15,375
Electro-Sensors, Inc.		2,581			9,601
FARO Technologies, Inc.	*	453			9,712
FLIR Systems, Inc.	*†	5,608			183,494
Frequency Electronics, Inc.	*†	821			4,220
Gerber Scientific, Inc.	*	1,608			8,120
ID Systems, Inc.	*	2,016			6,532
Ingram Micro, Inc., Class A	*	6,500			113,425
Insight Enterprises, Inc.	*†	2,054			23,457
Iteris, Inc.	*	4,263			6,394
Itron, Inc.	*	955			64,529
Jabil Circuit, Inc.		8,287			143,945
L-1 Identity Solutions, Inc.	*†	1,637			12,261
Lightpath Technologies, Inc., Class A	*	1,526			2,579
Littelfuse, Inc.	*	909			29,224
Maxwell Technologies, Inc.	*	370			6,601
Mercury Computer Systems, Inc.	*	963			10,603
Merix Corp.	*	674			1,651
Mesa Laboratories, Inc.		1,200			31,620
Methode Electronics, Inc.		1,383			12,004
Molex, Inc.	†	5,599			120,658
MTS Systems Corp.		1,342			38,569
National Instruments Corp.	†	3,414			100,542
Newport Corp.	*†	1,614			14,833
NU Horizons Electronics Corp.	*	1,207			4,973
OI Corp.		1,600			13,616
OSI Systems, Inc.	*	867			23,652
Park Electrochemical Corp.		1,086			30,017
PC Connection, Inc.	*	854		$	5,764
Planar Systems, Inc.	*	785			2,237
Plexus Corp.	*†	1,884			53,694
Radisys Corp.	*	961			9,178
Research Frontiers, Inc.	*†	752			2,850
Rofin-Sinar Technologies, Inc.	*	2,200			51,942
Rogers Corp.	*†	803			24,339
Sanmina-SCI Corp.	*†	3,577			39,454
ScanSource, Inc.	*	1,126			30,064
Sigmatron International, Inc.	*	282			1,410
Spectrum Control, Inc.	*	1,195			11,317
SYNNEX Corp.	*†	104			3,189
Tech Data Corp.	*	2,057			95,980
Technitrol, Inc.		1,866			8,173
Trans-Lux Corp.	*	866			615
Trimble Navigation Ltd.	*†	4,318			108,814
TTM Technologies, Inc.	*†	1,639			18,898
Universal Display Corp.	*†	1,350			16,686
Vishay Intertechnology, Inc.	*	6,172			51,536
X-Rite, Inc.	*	1,890			4,120
Zygo Corp.	*†	967			6,508
					4,102,391
Energy Equipment & Services—1.9%
Atwood Oceanics, Inc.	*	1,298			46,533
Baker Hughes, Inc.		9,846			398,566
Basic Energy Services, Inc.	*	1,600			14,240
BJ Services Co.		11,495			213,807
Bristow Group, Inc.	*	982			37,758
Cal Dive International, Inc.	*	4,816			36,409
Cameron International Corp.	*	9,320			389,576
CARBO Ceramics, Inc.		1,137			77,509
Complete Production Services, Inc.	*†	1,200			15,600
Dawson Geophysical Co.	*	924			21,354
Diamond Offshore Drilling, Inc.	†	2,694			265,143
Dresser-Rand Group, Inc.	*†	2,924			92,428
Dril-Quip, Inc.	*†	880			49,702
Exterran Holdings, Inc.	*†	2,465			52,874
FMC Technologies, Inc.	*	5,390			311,758
Global Industries Ltd.	*	2,539			18,103
Gulfmark Offshore, Inc.	*†	1,000			28,310
Halliburton Co.		34,838			1,048,275
Helix Energy Solutions Group, Inc.	*	3,853			45,273
Helmerich & Payne, Inc.		3,926			156,569
Hercules Offshore, Inc.	*†	5,226			24,980
Hornbeck Offshore Services, Inc.	*†	1,800			41,904
ION Geophysical Corp.	*†	2,427			14,368
Key Energy Services, Inc.	*†	5,220			45,884
Lufkin Industries, Inc.	†	1,000			73,200
Matrix Service Co.	*	468			4,984
Mitcham Industries, Inc.	*	1,100			8,107
Nabors Industries Ltd. (Bermuda)	*	10,988			240,527
National Oilwell Varco, Inc.		16,517			728,235
Newpark Resources, Inc.	*	3,484			14,737
Oceaneering International, Inc.	*†	2,232			130,617
Oil States International, Inc.	*†	2,026			79,602
OYO Geospace Corp.	*	550			23,590
Parker Drilling Co.	*†	3,755			18,587
Patterson-UTI Energy, Inc.	†	6,712			103,029
PHI, Inc.	*	774			16,022
Pioneer Drilling Co.	*	2,700			21,330
Pride International, Inc.	*†	5,416			172,825
Rowan Cos., Inc.	*	3,918			88,704

See accompanying notes to financial statements.

291

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Schlumberger Ltd.		49,205		$	3,202,753
SEACOR Holdings, Inc.	*	713			54,366
Smith International, Inc.		8,871			241,025
Superior Energy Services, Inc.	*†	2,900			70,441
T-3 Energy Services, Inc.	*†	972			24,786
Tesco Corp. (Canada)	*	3,185			41,118
Tetra Technologies, Inc.	*†	2,352			26,060
Tidewater, Inc.		2,430			116,519
Unit Corp.	*†	1,702			72,335
					9,020,422
Food & Staples Retailing—2.3%
Andersons, Inc. (The)		700			18,074
Arden Group, Inc., Class A		260			24,861
BJ’s Wholesale Club, Inc.	*	2,859			93,518
Casey’s General Stores, Inc.	†	1,608			51,327
Costco Wholesale Corp.		15,993			946,306
CVS Caremark Corp.		56,963			1,834,778
Great Atlantic & Pacific Tea Co.	*	123			1,450
Kroger Co. (The)		23,489			482,229
Nash Finch Co.	†	674			24,999
Nyer Medical Group, Inc.	*	2,532			4,646
Pantry, Inc. (The)	*†	1,200			16,308
Rite Aid Corp.	*†	25,982			39,233
Ruddick Corp.	†	1,967			50,611
Safeway, Inc.		16,176			344,387
SUPERVALU, Inc.	†	8,154			103,637
Sysco Corp.		22,511			628,957
United Natural Foods, Inc.	*†	1,912			51,127
Walgreen Co.		37,871			1,390,623
Wal-Mart Stores, Inc.		84,595			4,521,603
Weis Markets, Inc.	†	382			13,890
Whole Foods Market, Inc.	*†	5,036			138,238
Winn-Dixie Stores, Inc.	*†	3,309			33,223
					10,814,025
Food Products—1.5%
American Italian Pasta Co., Class A	*	969			33,712
Archer-Daniels-Midland Co.		23,265			728,427
Bridgford Foods Corp.		559			6,261
Bunge Ltd.	†	4,700			300,001
Campbell Soup Co.		9,126			308,459
Chiquita Brands International, Inc.	*	2,150			38,786
ConAgra Foods, Inc.		17,187			396,160
Corn Products International, Inc.		3,164			92,484
Darling International, Inc.	*†	3,150			26,397
Dean Foods Co.	*	6,281			113,309
Del Monte Foods Co.		8,204			93,033
Farmer Bros. Co.		930			18,358
Flowers Foods, Inc.	†	4,140			98,366
Fresh Del Monte Produce, Inc. (Cayman Islands)	*	567			12,531
General Mills, Inc.		11,865			840,161
Green Mountain Coffee Roasters, Inc.	*†	2,249			183,226
Griffin Land & Nurseries, Inc.	†	650			18,934
H.J. Heinz Co.		10,532			450,348
Hain Celestial Group, Inc. (The)	*†	1,426			24,256
Hershey Co. (The)		6,420			229,772
Hormel Foods Corp.		3,195			122,848
Inventure Group, Inc. (The)	*†	5,272			12,442
J&J Snack Foods Corp.	†	761		$	30,410
J.M. Smucker Co. (The)		4,592			283,556
Kellogg Co.		8,614			458,265
Kraft Foods, Inc., Class A		51,583			1,402,026
Lancaster Colony Corp.	†	1,389			69,033
Lance, Inc.	†	1,370			36,031
McCormick & Co., Inc.	†	4,101			148,169
Ralcorp Holdings, Inc.	*	2,312			138,050
Sanderson Farms, Inc.	†	864			36,426
Sara Lee Corp.		29,377			357,812
Smithfield Foods, Inc.	*†	4,682			71,120
Tootsie Roll Industries, Inc.	†	607			16,620
TreeHouse Foods, Inc.	*†	1,256			48,808
Tyson Foods, Inc., Class A	†	10,231			125,534
					7,370,131
Gas Utilities—0.4%
AGL Resources, Inc.	†	2,166			78,994
Atmos Energy Corp.	†	2,732			80,321
Chesapeake Utilities Corp.	†	949			30,415
Delta Natural Gas Co., Inc.		380			10,872
Energen Corp.		2,644			123,739
EQT Corp.	†	5,288			232,249
Laclede Group, Inc. (The)		1,025			34,614
National Fuel Gas Co.	†	3,639			181,950
New Jersey Resources Corp.	†	1,681			62,869
Nicor, Inc.	†	1,828			76,959
Northwest Natural Gas Co.	†	1,183			53,282
Oneok, Inc.	†	3,908			174,180
Piedmont Natural Gas Co., Inc.	†	2,740			73,295
Questar Corp.		7,412			308,117
South Jersey Industries, Inc.	†	2,014			76,894
Southwest Gas Corp.	†	1,252			35,720
UGI Corp.		2,720			65,797
WGL Holdings, Inc.	†	2,315			77,645
					1,777,912
Health Care Equipment & Supplies—2.1%
Abaxis, Inc.	*†	749			19,137
ABIOMED, Inc.	*†	886			7,744
Align Technology, Inc.	*	2,449			43,641
American Medical Systems Holdings, Inc.	*	3,000			57,870
Analogic Corp.	†	593			22,836
Baxter International, Inc.		23,497			1,378,804
Beckman Coulter, Inc.		2,512			164,385
Becton Dickinson and Co.	†	8,917			703,195
Biolase Technology, Inc.	*†	765			1,453
Boston Scientific Corp.	*	53,540			481,860
C.R. Bard, Inc.		3,904			304,122
CareFusion Corp.	*	6,833			170,893
Cerus Corp.	*†	1,010			2,010
Conceptus, Inc.	*	1,047			19,642
Conmed Corp.	*†	1,362			31,054
Cooper Cos., Inc. (The)	†	1,627			62,021
CryoLife, Inc.	*†	937			6,015
Cyberonics, Inc.	*†	956			19,541
DENTSPLY International, Inc.		5,668			199,344
Edwards Lifesciences Corp.	*	2,575			223,639
ev3, Inc.	*†	785			10,472
Gen-Probe, Inc.	*†	1,849			79,322
Greatbatch, Inc.	*†	942			18,115
Haemonetics Corp.	*†	1,157			63,809
HealthTronics, Inc.	*	2,529			6,677
Hill-Rom Holdings, Inc.		1,576			37,808
Hologic, Inc.	*†	9,792			141,984
Hospira, Inc.	*	6,367			324,717

See accompanying notes to financial statements.

292

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
ICU Medical, Inc.	*	605		$	22,046
IDEXX Laboratories, Inc.	*†	1,985			106,078
Immucor, Inc.	*†	1,828			36,999
Integra LifeSciences Holdings Corp.	*	1,190			43,768
Intuitive Surgical, Inc.	*	1,260			382,183
Invacare Corp.	†	1,333			33,245
Inverness Medical Innovations, Inc.	*†	3,011			124,987
Kensey Nash Corp.	*	866			22,083
Kinetic Concepts, Inc.	*†	2,200			82,830
Masimo Corp.	*†	1,500			45,630
Medtronic, Inc.		42,617			1,874,296
Meridian Bioscience, Inc.	†	1,158			24,955
Merit Medical Systems, Inc.	*†	2,519			48,591
NuVasive, Inc.	*†	990			31,660
OraSure Technologies, Inc.	*	1,687			8,570
Osteotech, Inc.	*	1,498			4,794
Palomar Medical Technologies, Inc.	*	1,116			11,249
ResMed, Inc.	*†	3,034			158,587
RTI Biologics, Inc.	*	807			3,099
Somanetics Corp.	*	1,352			23,728
SonoSite, Inc.	*	1,264			29,868
Spectranetics Corp.	*	1,045			7,273
St. Jude Medical, Inc.	*	14,024			515,803
Staar Surgical Co.	*	848			2,637
STERIS Corp.	†	2,777			77,673
Stryker Corp.		12,635			636,425
SurModics, Inc.	*†	675			15,295
Synovis Life Technologies, Inc.	*	346			4,467
Teleflex, Inc.		1,322			71,243
Theragenics Corp.	*	1,492			1,999
ThermoGenesis Corp.	*	4,316			2,464
Thoratec Corp.	*†	2,306			62,077
Urologix, Inc.	*†	1,050			1,942
Varian Medical Systems, Inc.	*†	5,512			258,237
Volcano Corp.	*†	1,970			34,239
West Pharmaceutical Services, Inc.	†	1,704			66,797
Wright Medical Group, Inc.	*†	1,309			24,806
Young Innovations, Inc.		677			16,776
Zimmer Holdings, Inc.	*	8,609			508,878
Zoll Medical Corp.	*	850			22,712
					10,053,099
Health Care Providers & Services—2.3%
Aetna, Inc.		18,064			572,629
Alliance HealthCare Services, Inc.	*†	1,429			8,160
Almost Family, Inc.	*	422			16,682
Amedisys, Inc.	*†	1,698			82,455
AMERIGROUP Corp.	*†	1,950			52,572
AmerisourceBergen Corp.		11,686		��	304,654
AMN Healthcare Services, Inc.	*	1,507			13,653
Amsurg Corp.	*	1,423			31,334
BioScrip, Inc.	*†	1,095			9,154
Brookdale Senior Living, Inc.	*	2,200			40,018
Cardinal Health, Inc.		13,667			440,624
CardioNet, Inc.	*†	1,151			6,837
Catalyst Health Solutions, Inc.	*†	1,864			67,980
Centene Corp.	*	1,972			41,747
Chemed Corp.	†	1,162			55,741
Chindex International, Inc.	*	822			11,615
CIGNA Corp.		10,791			380,599
Clarient, Inc.	*	3,308			8,766
Community Health Systems, Inc.	*†	4,282		$	152,439
Coventry Health Care, Inc.	*	6,568			159,537
Cross Country Healthcare, Inc.	*†	1,339			13,269
DaVita, Inc.	*	3,507			206,001
Express Scripts, Inc.	*	9,690			837,701
Gentiva Health Services, Inc.	*	1,474			39,813
Hanger Orthopedic Group, Inc.	*†	1,083			14,978
Health Management Associates, Inc., Class A	*	9,953			72,358
Health Net, Inc.	*†	3,209			74,738
Healthspring, Inc.	*	2,400			42,264
Healthways, Inc.	*	1,362			24,979
Henry Schein, Inc.	*†	3,652			192,095
HMS Holdings Corp.	*†	1,410			68,653
Humana, Inc.	*	6,683			293,317
inVentiv Health, Inc.	*	2,100			33,957
Kindred Healthcare, Inc.	*†	1,800			33,228
Laboratory Corp. of America Holdings	*†	4,321			323,384
Landauer, Inc.		598			36,717
LCA-Vision, Inc.	*	616			3,154
LifePoint Hospitals, Inc.	*†	2,149			69,864
Lincare Holdings, Inc.	*†	2,129			79,028
Magellan Health Services, Inc.	*	1,400			57,022
McKesson Corp.		11,391			711,938
Medco Health Solutions, Inc.	*	18,371			1,174,091
Mednax, Inc.	*†	2,182			131,160
National Healthcare Corp.		431			15,563
National Research Corp.		1,250			25,875
NovaMed, Inc.	*†	1,250			4,850
Odyssey HealthCare, Inc.	*	1,593			24,819
Omnicare, Inc.		4,277			103,418
Owens & Minor, Inc.	†	1,623			69,675
Patterson Cos., Inc.	*	5,546			155,177
PDI, Inc.	*	703			3,388
PharMerica Corp.	*	1,365			21,676
PSS World Medical, Inc.	*†	3,574			80,665
Psychemedics Corp.		302			2,220
Psychiatric Solutions, Inc.	*†	2,662			56,275
Quest Diagnostics, Inc.		6,037			364,514
RehabCare Group, Inc.	*	739			22,488
Res-Care, Inc.	*	1,222			13,686
Sun Healthcare Group, Inc.	*	2,084			19,110
Sunrise Senior Living, Inc.	*	1,950			6,279
Tenet Healthcare Corp.	*	19,289			103,968
U.S. Physical Therapy, Inc.	*	1,300			22,009
United American Healthcare Corp.	*	4,251			4,506
UnitedHealth Group, Inc.		45,965			1,401,013
Universal American Corp.	*	1,812			21,200
Universal Health Services, Inc., Class B		2,466			75,213
VCA Antech, Inc.	*	3,442			85,775
WellCare Health Plans, Inc.	*	1,500			55,140
WellPoint, Inc.	*	17,817			1,038,553
					10,787,960
Health Care Technology—0.1%
Allscripts-Misys Healthcare Solutions, Inc.	*	2,300			46,529
AMICAS, Inc.	*	1,846			10,042
Cerner Corp.	*†	3,044			250,947
Eclipsys Corp.	*†	1,846			34,188
IMS Health, Inc.		7,150			150,579

See accompanying notes to financial statements.

293

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Mediware Information Systems, Inc.	*	1,088		$	7,752
Omnicell, Inc.	*†	783			9,153
Phase Forward, Inc.	*	2,151			33,018
Quality Systems, Inc.		768			48,223
					590,431
Hotels, Restaurants & Leisure—1.6%
Ambassadors International, Inc.	*	523			309
Ameristar Casinos, Inc.		300			4,569
Bally Technologies, Inc.	*†	1,971			81,383
Bob Evans Farms, Inc.		1,465			42,412
Boyd Gaming Corp.	*†	2,619			21,921
Brinker International, Inc.		5,167			77,092
Buffalo Wild Wings, Inc.	*†	867			34,914
Burger King Holdings, Inc.		1,700			31,994
California Pizza Kitchen, Inc.	*†	1,455			19,570
Carnival Corp.	*	13,445			426,072
CEC Entertainment, Inc.	*†	1,614			51,519
Cheesecake Factory, Inc. (The)	*†	3,444			74,356
Chipotle Mexican Grill, Inc.	*	1,386			122,190
Choice Hotels International, Inc.	†	1,616			51,163
Churchill Downs, Inc.		638			23,829
CKE Restaurants, Inc.		1,945			16,455
Cracker Barrel Old Country Store, Inc.		2,120			80,539
Darden Restaurants, Inc.		5,104			178,997
DineEquity, Inc.	*†	1,079			26,209
Dover Downs Gaming & Entertainment, Inc.		1,710			6,464
Dover Motorsports, Inc.		1,645			3,438
Empire Resorts, Inc.	*	582			1,228
Gaylord Entertainment Co.	*†	1,772			34,997
International Game Technology		13,402			251,556
International Speedway Corp., Class A		1,190			33,856
Interval Leisure Group, Inc.	*	1,886			23,518
Isle of Capri Casinos, Inc.	*	1,250			9,350
Jack in the Box, Inc.	*	2,874			56,532
Krispy Kreme Doughnuts, Inc.	*	2,573			7,590
Landry’s Restaurants, Inc.	*†	1,253			26,676
Las Vegas Sands Corp.	*†	12,301			183,777
Life Time Fitness, Inc.	*†	1,774			44,226
Marcus Corp.		1,505			19,294
Marriott International, Inc., Class A	†	13,801			376,077
McDonald’s Corp.		39,874			2,489,733
MGM MIRAGE	*†	4,792			43,703
Morgans Hotel Group Co.	*†	2,300			10,419
Morton’s Restaurant Group, Inc.	*	2,200			6,402
Multimedia Games, Inc.	*	1,202			7,224
O’Charleys, Inc.	*	1,091			7,146
Orient-Express Hotels Ltd., Class A (Bermuda)	*†	1,577			15,991
P.F. Chang’s China Bistro, Inc.	*†	1,089			41,284
Panera Bread Co., Class A	*†	1,250			83,713
Papa John’s International, Inc.	*	1,610			37,610
Peet’s Coffee & Tea, Inc.	*	637			21,231
Penn National Gaming, Inc.	*	2,586			70,287
Pinnacle Entertainment, Inc.	*	1,629			14,628
Red Robin Gourmet Burgers, Inc.	*†	692			12,387
Royal Caribbean Cruises Ltd.	*†	4,300		$	108,704
Ruby Tuesday, Inc.	*†	2,816			20,275
Scientific Games Corp., Class A	*†	2,517			36,622
Shuffle Master, Inc.	*	1,527			12,582
Sonic Corp.	*	3,730			37,561
Speedway Motorsports, Inc.		149			2,625
Starbucks Corp.	*	29,904			689,586
Starwood Hotels & Resorts Worldwide, Inc.	†	7,939			290,329
Steak N Shake Co. (The)	*†	63			20,533
Texas Roadhouse, Inc.	*†	3,070			34,476
Vail Resorts, Inc.	*†	1,491			56,360
Wendy’s/Arby’s Group, Inc., Class A		25,109			117,761
WMS Industries, Inc.	*†	564			22,560
Wyndham Worldwide Corp.		8,848			178,464
Wynn Resorts Ltd.		2,554			148,719
Yum! Brands, Inc.		14,107			493,322
					7,576,309
Household Durables—0.5%
American Greetings Corp., Class A		2,760			60,140
Bassett Furniture Industries, Inc.	*	1,139			4,009
Beazer Homes USA, Inc.	*†	1,494			7,231
Black & Decker Corp.		2,739			177,569
Blyth, Inc.	†	460			15,511
Brookfield Homes Corp.	*†	1,218			9,744
D.R. Horton, Inc.	†	11,522			125,244
Ethan Allen Interiors, Inc.	†	1,551			20,815
Fortune Brands, Inc.		5,642			243,734
Furniture Brands International, Inc.	*	2,341			12,782
Garmin Ltd. (Cayman Islands)	†	4,974			152,702
Harman International Industries, Inc.		2,728			96,244
Helen of Troy Ltd. (Bermuda)	*	1,333			32,605
Hovnanian Enterprises, Inc., Class A	*†	1,478			5,676
Jarden Corp.		2,055			63,520
KB Home	†	3,248			44,433
Kid Brands, Inc.	*	1,156			5,063
La-Z-Boy, Inc.	*†	2,404			22,910
Leggett & Platt, Inc.		7,391			150,776
Lennar Corp., Class A		5,675			72,470
M/I Homes, Inc.	*	610			6,338
MDC Holdings, Inc.		1,091			33,865
Meritage Homes Corp.	*	1,300			25,129
Mohawk Industries, Inc.	*	2,460			117,096
National Presto Industries, Inc.	†	535			58,438
Newell Rubbermaid, Inc.	†	10,108			151,721
NVR, Inc.	*	262			186,206	��
Palm Harbor Homes, Inc.	*	1,181			2,445
Pulte Homes, Inc.	*†	13,539			135,390
Ryland Group, Inc.		1,852			36,484
Skyline Corp.	†	720			13,248
Standard Pacific Corp.	*	2,568			9,604
Tempur-Pedic International, Inc.	*	1,346			31,806
Toll Brothers, Inc.	*†	4,132			77,723
Tupperware Brands Corp.	†	2,427			113,025
Universal Electronics, Inc.	*	639			14,838
Whirlpool Corp.		2,980			240,367
					2,576,901

See accompanying notes to financial statements.

294

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Household Products—2.2%
Central Garden and Pet Co.	*†	615		$	6,580
Central Garden and Pet Co., Class A	*	1,230			12,226
Church & Dwight Co., Inc.	†	2,569			155,296
Clorox Co.		4,503			274,683
Colgate-Palmolive Co.		19,907			1,635,360
Energizer Holdings, Inc.	*†	1,856			113,736
Kimberly-Clark Corp.		15,835			1,008,848
Procter & Gamble Co. (The)		116,171			7,043,448
WD-40 Co.		949			30,710
					10,280,887
Independent Power Producers & Energy Traders—0.3%
AES Corp. (The)	*	26,935			358,505
Calpine Corp.	*	16,000			176,000
Constellation Energy Group, Inc.		7,434			261,454
Dynegy, Inc., Class A	*†	15,654			28,333
Mirant Corp.	*†	8,577			130,971
NRG Energy, Inc.	*	8,000			188,880
RRI Energy, Inc.	*	11,470			65,608
					1,209,751
Industrial Conglomerates—1.9%
3M Co.		24,640			2,036,989
Carlisle Cos., Inc.	†	2,452			84,005
General Electric Co.		436,613			6,605,955
McDermott International, Inc.	*	8,276			198,707
Otter Tail Corp.	†	1,095			27,156
Seaboard Corp.	†	18			24,282
Standex International Corp.		724			14,545
Textron, Inc.	†	8,214			154,505
Tredegar Corp.	†	1,606			25,407
United Capital Corp.	*	690			16,436
					9,187,987
Insurance—3.7%
Aflac, Inc.		19,465			900,256
Alleghany Corp.	*†	151			41,676
Allied World Assurance Co. Holdings Ltd. (Bermuda)		1,889			87,026
Allstate Corp. (The)		22,689			681,578
Ambac Financial Group, Inc.	*†	11,209			9,303
American Equity Investment Life Holding Co.	†	4,302			32,007
American Financial Group, Inc.		2,657			66,292
American Independence Corp.	*	430			1,957
American International Group, Inc.	*†	5,515			165,340
American National Insurance Co.	†	945			112,871
American Physicians Capital, Inc.		1,720			52,150
AON Corp.		10,312			395,362
Arch Capital Group Ltd. (Bermuda)	*†	1,428			102,173
Argo Group International Holdings Ltd. (Bermuda)	*	899			26,197
Arthur J. Gallagher & Co.	†	3,230			72,707
Aspen Insurance Holdings Ltd. (Bermuda)		3,512			89,380
Assurant, Inc.		4,146			122,224
Assured Guaranty Ltd. (Bermuda)	†	2,359			51,332
Axis Capital Holdings Ltd. (Bermuda)		5,691		$	161,681
Baldwin & Lyons, Inc., Class B	†	945			23,256
Berkshire Hathaway, Inc., Class A	*	44			4,364,800
Brown & Brown, Inc.	†	5,036			90,497
Chubb Corp.		13,726			675,045
Cincinnati Financial Corp.	†	6,036			158,385
CNA Financial Corp.	*†	1,422			34,128
CNA Surety Corp.	*	1,486			22,127
Conseco, Inc.	*†	6,600			33,000
Crawford & Co., Class B	*†	1,891			7,451
Delphi Financial Group, Inc., Class A	†	1,945			43,510
Donegal Group, Inc., Class B		758			12,734
EMC Insurance Group, Inc.	†	341			7,335
Employers Holdings, Inc.		2,770			42,492
Endurance Specialty Holdings Ltd. (Bermuda)	†	2,698			100,447
Erie Indemnity Co., Class A		1,023			39,917
Everest Re Group Ltd. (Bermuda)		2,468			211,458
FBL Financial Group, Inc., Class A	†	1,275			23,613
Fidelity National Financial, Inc., Class A		8,236			110,857
First American Corp.		3,159			104,594
Genworth Financial, Inc., Class A	*	16,181			183,654
Greenlight Capital Re Ltd., Class A (Cayman Islands)	*†	1,797			42,355
Hanover Insurance Group, Inc. (The)	†	2,346			104,233
Harleysville Group, Inc.	†	1,351			42,948
Hartford Financial Services Group, Inc.		12,354			287,354
HCC Insurance Holdings, Inc.	†	3,999			111,852
Hilltop Holdings, Inc.	*†	1,180			13,735
Horace Mann Educators Corp.		2,000			25,000
Independence Holding Co.		961			5,574
Infinity Property & Casualty Corp.		810			32,918
Kansas City Life Insurance Co.	†	902			26,835
Lincoln National Corp.		10,899			271,167
Loews Corp.		14,187			515,697
Markel Corp.	*†	412			140,080
Marsh & McLennan Cos., Inc.		20,317			448,599
Max Capital Group Ltd. (Bermuda)		1,915			42,705
MBIA, Inc.	*†	8,742			34,793
Mercury General Corp.		1,109			43,539
MetLife, Inc.		22,750			804,213
Montpelier Re Holdings Ltd. (Bermuda)	†	3,734			64,673
National Financial Partners Corp.	*	1,495			12,095
Navigators Group, Inc.	*†	938			44,189
Old Republic International Corp.	†	9,191			92,278
PartnerRe Ltd. (Bermuda)		2,300			171,718
Phoenix Cos., Inc. (The)	*†	4,217			11,723
Platinum Underwriters Holdings Ltd. (Bermuda)	†	2,734			104,685
PMA Capital Corp., Class A	*	1,826			11,504
Presidential Life Corp.		1,144			10,468
Principal Financial Group, Inc.	†	10,891			261,820
ProAssurance Corp.	*	1,647			88,460
Progressive Corp. (The)	*	24,774			445,684

See accompanying notes to financial statements.

295

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Protective Life Corp.		3,130		$	51,802
Prudential Financial, Inc.		17,746			883,041
Reinsurance Group of America, Inc.		1,440			68,616
RenaissanceRe Holdings Ltd. (Bermuda)		2,900			154,135
RLI Corp.	†	1,164			61,983
Safety Insurance Group, Inc.		850			30,796
Selective Insurance Group, Inc.		2,122			34,907
StanCorp Financial Group, Inc.	†	2,460			98,449
State Auto Financial Corp.		488			9,028
Stewart Information Services Corp.	†	1,239			13,976
Torchmark Corp.	†	3,623			159,231
Tower Group, Inc.		1,736			40,640
Transatlantic Holdings, Inc.		1,167			60,812
Travelers Cos., Inc. (The)		23,016			1,147,578
United Fire & Casualty Co.		1,250			22,788
Unitrin, Inc.		1,906			42,027
Unum Group		11,647			227,349
Validus Holdings Ltd. (Bermuda)		3,553			95,718
W.R. Berkley Corp.	†	5,680			139,955
Wesco Financial Corp.		187			64,141
White Mountains Insurance Group Ltd.		300			99,798
XL Capital Ltd., Class A (Bermuda)		11,995			219,868
Zenith National Insurance Corp.	†	1,498			44,580
					17,544,924
Internet & Catalog Retail—0.7%
1-800-Flowers.com, Inc., Class A	*	793			2,101
Amazon.com, Inc.	*	17,862			2,402,796
dELiA*s, Inc.	*	925			1,730
Drugstore.Com, Inc.	*	3,800			11,742
Expedia, Inc.	*	11,022			283,376
Hollywood Media Corp.	*	1,494			2,092
HSN, Inc.	*†	1,886			38,078
Liberty Media Corp. - Interactive, Series A	*	25,718			278,783
NetFlix, Inc.	*†	679			37,440
Overstock.com, Inc.	*†	770			10,441
priceline.com, Inc.	*	1,548			338,238
Stamps.com, Inc.	*	1,050			9,450
Ticketmaster Entertainment, Inc.	*	1,886			23,047
Valuevision Media, Inc., Class A	*	1,741			8,357
					3,447,671
Internet Software & Services—1.9%
Akamai Technologies, Inc.	*	5,664			143,469
AOL, Inc.	*	3,989			92,864
Art Technology Group, Inc.	*†	8,333			37,582
Autobytel, Inc.	*	1,384			1,384
DealerTrack Holdings, Inc.	*†	1,800			33,822
Digital River, Inc.	*†	1,627			43,913
Earthlink, Inc.	†	5,814			48,314
eBay, Inc.	*	50,845			1,196,891
Equinix, Inc.	*†	1,323			140,436
Google, Inc., Class A	*	9,345			5,793,713
GSI Commerce, Inc.	*†	1,469			37,298
IAC/InterActiveCorp	*†	4,715		$	96,563
Infospace, Inc.	*	1,323			11,338
Internap Network Services Corp.	*	1,297			6,096
j2 Global Communications, Inc.	*†	1,614			32,845
Keynote Systems, Inc.		1,400			15,274
Knot, Inc. (The)	*†	2,304			23,201
LivePerson, Inc.	*	3,333			23,231
Looksmart Ltd.	*	500			510
ModusLink Global Solutions, Inc.	*	1,007			9,476
Move, Inc.	*	7,362			12,221
NaviSite, Inc.	*	3,725			7,450
NIC, Inc.		2,450			22,393
On2 Technologies, Inc.	*	4,620			2,818
Openwave Systems, Inc.	*	2,570			5,860
RealNetworks, Inc.	*	5,844			21,681
Saba Software, Inc.	*†	1,576			6,525
SAVVIS, Inc.	*	408			5,732
support.com, Inc.	*	1,562			4,124
United Online, Inc.	†	2,509			18,040
ValueClick, Inc.	*	4,058			41,067
VeriSign, Inc.	*†	8,080			195,859
Vertro, Inc.	*	990			416
Web.com Group, Inc.	*†	308			2,011
WebMD Health Corp.	*	2,424			93,300
WebMediaBrands, Inc.	*	1,450			1,305
Yahoo! Inc.	*	43,481			729,611
Zix Corp.	*†	1,015			1,736
					8,960,369
IT Services—1.6%
Acxiom Corp.	*†	3,451			46,312
Affiliated Computer Services, Inc., Class A	*	4,289			256,010
Alliance Data Systems Corp.	*†	1,955			126,273
Automatic Data Processing, Inc.		16,490			706,102
Broadridge Financial Solutions, Inc.		5,748			129,675
CACI International, Inc., Class A	*	1,198			58,522
Ciber, Inc.	*	2,444			8,432
Cognizant Technology Solutions Corp., Class A	*	10,752			487,066
Computer Sciences Corp.	*	6,597			379,525
Convergys Corp.	*†	5,933			63,780
CSG Systems International, Inc.	*	2,153			41,101
Cybersource Corp.	*†	2,776			55,825
DST Systems, Inc.	*	2,518			109,659
Edgewater Technology, Inc.	*	1,533			4,599
Euronet Worldwide, Inc.	*†	1,056			23,179
Fidelity National Information Services, Inc.		11,953			280,178
Fiserv, Inc.	*	6,994			339,069
Forrester Research, Inc.	*†	963			24,990
Gartner, Inc., Class A	*	1,179			21,269
Global Payments, Inc.		3,238			174,399
Hackett Group, Inc. (The)	*†	1,140			3,169
Hewitt Associates, Inc., Class A	*	2,317			97,916
iGATE Corp.		1,397			13,970
infoGROUP, Inc.	*†	1,708			13,698
Integral Systems, Inc.	*†	1,010			8,747
Lender Processing Services, Inc.		4,048			164,592
Lionbridge Technologies, Inc.	*	1,165			2,680

See accompanying notes to financial statements.

296

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Management Network Group, Inc.	*	1,600		$	672
Mantech International Corp., Class A	*	1,217			58,757
Mastech Holdings, Inc.	*	93			437
Mastercard, Inc., Class A	†	3,234			827,839
MAXIMUS, Inc.	†	1,052			52,600
MoneyGram International, Inc.	*	3,750			10,800
NeuStar, Inc., Class A	*†	3,140			72,346
Online Resources Corp.	*	700			3,682
Paychex, Inc.	†	9,958			305,113
Pfsweb, Inc.	*†	1,209			1,801
SAIC, Inc.	*	13,953			264,270
Sapient Corp.	*	4,150			34,321
SRA International, Inc., Class A	*	1,664			31,782
StarTek, Inc.	*	994			7,435
Syntel, Inc.	†	1,554			59,099
TeleTech Holdings, Inc.	*	2,738			54,842
Total System Services, Inc.	†	6,935			119,768
Unisys Corp.	*†	1,371			52,866
VeriFone Holdings, Inc.	*†	2,645			43,325
Visa, Inc., Class A	†	16,917			1,479,561
Western Union Co. (The)		25,245			475,868
Wright Express Corp.	*†	1,750			55,755
					7,653,676
Leisure Equipment & Products—0.2%
Arctic Cat, Inc.	*	1,857			17,010
Brunswick Corp.	†	3,797			48,260
Callaway Golf Co.	†	2,881			21,723
Eastman Kodak Co.	*†	11,893			50,188
Hasbro, Inc.	†	4,344			139,269
Jakks Pacific, Inc.	*†	925			11,211
Leapfrog Enterprises, Inc.	*	1,261			4,930
Mattel, Inc.		13,234			264,415
Nautilus, Inc.	*	1,359			2,759
Polaris Industries, Inc.	†	1,858			81,065
Pool Corp.		2,434			46,441
RC2 Corp.	*	1,650			24,337
Steinway Musical Instruments, Inc.	*	683			10,867
Sturm Ruger & Co., Inc.	†	3,296			31,971
					754,446
Life Sciences Tools & Services—0.6%
Accelrys, Inc.	*	1,145			6,561
Affymetrix, Inc.	*†	2,525			14,746
Albany Molecular Research, Inc.	*†	1,371			12,449
Bio-Rad Laboratories, Inc., Class A	*	623			60,095
Bruker Corp.	*	1,667			20,104
Caliper Life Sciences, Inc.	*	867			2,228
Cambrex Corp.	*	1,258			7,020
Charles River Laboratories International, Inc.	*†	2,755			92,816
Covance, Inc.	*†	2,839			154,924
Dionex Corp.	*	1,031			76,160
Enzo Biochem, Inc.	*	1,353			7,279
eResearchTechnology, Inc.	*	2,056			12,356
Illumina, Inc.	*†	4,535			138,998
Kendle International, Inc.	*	1,316			24,096
Life Technologies Corp.	*	7,474			390,367
Luminex Corp.	*†	1,070			15,975
Mettler-Toledo International, Inc. (Switzerland)	*	913		$	95,856
Millipore Corp.	*	2,144			155,118
Ore Pharmaceutical Holdings, Inc.	*	190			99
Parexel International Corp.	*	2,306			32,515
PerkinElmer, Inc.		5,266			108,427
Pharmaceutical Product Development, Inc.	†	4,736			111,012
Sequenom, Inc.	*†	614			2,542
Techne Corp.		1,736			119,020
Thermo Fisher Scientific, Inc.	*	16,050			765,424
Varian, Inc.	*	1,502			77,413
Waters Corp.	*	3,878			240,281
					2,743,881
Machinery—2.0%
3D Systems Corp.	*†	1,158			13,085
Actuant Corp., Class A	†	2,022			37,468
AGCO Corp.	*†	3,068			99,219
Albany International Corp., Class A		1,437			32,275
American Railcar Industries, Inc.		1,200			13,224
Ampco-Pittsburgh Corp.	†	613			19,328
Astec Industries, Inc.	*†	821			22,118
Badger Meter, Inc.	†	1,134			45,156
Barnes Group, Inc.	†	2,018			34,104
Blount International, Inc.	*	1,532			15,473
Briggs & Stratton Corp.	†	1,822			34,090
Bucyrus International, Inc.	†	2,860			161,218
Caterpillar, Inc.		21,496			1,225,057
Chart Industries, Inc.	*	1,070			17,709
CIRCOR International, Inc.		711			17,903
CLARCOR, Inc.	†	2,354			76,364
Crane Co.	†	2,467			75,540
Cummins, Inc.		7,020			321,937
Danaher Corp.		9,574			719,965
Deere & Co.		15,887			859,328
Donaldson Co., Inc.	†	3,810			162,077
Dover Corp.		7,805			324,766
Eaton Corp.		5,791			368,423
EnPro Industries, Inc.	*†	981			25,908
ESCO Technologies, Inc.	†	1,222			43,809
Federal Signal Corp.		2,159			12,997
Flow International Corp.	*	2,200			6,776
Flowserve Corp.		2,375			224,509
Force Protection, Inc.	*	3,825			19,928
FreightCar America, Inc.	†	900			17,847
Gardner Denver, Inc.	†	1,836			78,122
Graco, Inc.	†	2,883			82,367
Harsco Corp.		3,646			117,511
Hurco Cos., Inc.	*†	300			4,440
IDEX Corp.	†	3,304			102,920
Illinois Tool Works, Inc.		16,815			806,952
John Bean Technologies Corp.	†	1,164			19,800
Joy Global, Inc.	†	4,799			247,580
Kadant, Inc.	*	721			11,507
Kaydon Corp.	†	1,422			50,851
Kennametal, Inc.		3,196			82,840
Lincoln Electric Holdings, Inc.	†	1,877			100,344
Lindsay Corp.	†	808			32,199
Manitowoc Co., Inc. (The)	†	5,044			50,289
Middleby Corp.	*†	984			48,236
Mueller Industries, Inc.		1,592			39,545
Mueller Water Products, Inc., Class A		3,000			15,600

See accompanying notes to financial statements.

297

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
NACCO Industries, Inc., Class A		309		$	15,388
Navistar International Corp.	*	2,436			94,151
Nordson Corp.	†	1,522			93,116
Oshkosh Corp.		2,868			106,202
PACCAR, Inc.	†	14,853			538,718
Pall Corp.		5,186			187,733
Parker Hannifin Corp.		7,453			401,568
Pentair, Inc.		3,618			116,861
Robbins & Myers, Inc.	†	1,736			40,831
Sauer-Danfoss, Inc.	*	1,531			18,387
Snap-On, Inc.	†	2,419			102,227
SPX Corp.		2,157			117,988
Stanley Works (The)	†	3,365			173,331
Tecumseh Products Co., Class A	*†	712			8,323
Tennant Co.		1,280			33,523
Terex Corp.	*	4,124			81,697
Timken Co.		3,702			87,774
Titan International, Inc.	†	1,356			10,997
Toro Co.	†	1,020			42,646
Trinity Industries, Inc.	†	3,051			53,210
Valmont Industries, Inc.	†	1,162			91,159
Wabash National Corp.	*	1,395			2,637
Wabtec Corp.	†	1,737			70,939
Watts Water Technologies, Inc., Class A		1,225			37,877
					9,465,987
Marine—0.0%
Alexander & Baldwin, Inc.	†	1,466			50,181
American Commercial Lines, Inc.	*†	500			9,165
Eagle Bulk Shipping, Inc.	*†	3,648			18,057
Excel Maritime Carriers Ltd. (Greece)	*†	2,810			17,310
Genco Shipping & Trading Ltd.	*†	2,042			45,700
Horizon Lines, Inc., Class A		2,035			11,335
Kirby Corp.	*†	2,358			82,129
					233,877
Media—2.8%
4Kids Entertainment, Inc.	*†	605			962
A.H. Belo Corp., Class A	*	944			5,437
Alloy, Inc.	*	462			3,594
Arbitron, Inc.	†	1,298			30,399
Ascent Media Corp., Class A	*	545			13,914
Belo Corp., Class A		4,721			25,682
Cablevision Systems Corp., Class A		9,044			233,516
CBS Corp., Class B		25,719			361,352
CKX, Inc.	*	1,800			9,486
Clear Channel Outdoor Holdings, Inc., Class A	*†	2,500			25,975
Comcast Corp., Class A		109,203			1,841,163
Crown Media Holdings, Inc., Class A	*†	5,899			8,554
Cumulus Media, Inc., Class A	*	2,174			4,957
DIRECTV, Class A	*†	35,852			1,195,664
Discovery Communications, Inc., Series A	*	5,451			167,182
Discovery Communications, Inc., Series C	*	5,451			144,561
DISH Network Corp., Class A		9,386			194,947
DreamWorks Animation SKG, Inc., Class A	*	1,300		$	51,935
E.W. Scripps Co., (The), Class A	*	1,204			8,380
EDCI Holdings, Inc.	*	214			1,256
Emmis Communications Corp., Class A	*	1,175			1,351
Entercom Communications Corp., Class A	*	2,183			15,434
Entravision Communications Corp., Class A	*	2,852			9,697
Gannett Co., Inc.	†	7,301			108,420
Gray Television, Inc.	*	1,838			2,775
Harris Interactive, Inc.	*	2,730			3,249
Harte-Hanks, Inc.		3,119			33,623
Image Entertainment, Inc.	*†	299			75
Interactive Data Corp.		1,521			38,481
Interpublic Group of Cos., Inc.	*	17,203			126,958
John Wiley & Sons, Inc., Class A		2,491			104,323
Journal Communications, Inc., Class A	†	3,900			15,171
Lamar Advertising Co., Class A	*†	3,479			108,162
Lee Enterprises, Inc.	*	1,973			6,846
Liberty Global, Inc., Series A, Class A	*†	13,426			294,164
Liberty Media Corp.—Capital, Series A	*	5,451			130,170
Liberty Media Corp.—Starz, Series A	*†	2,180			100,607
LIN TV Corp., Class A	*†	1,419			6,329
Live Nation, Inc.	*†	2,705			23,020
LodgeNet Interactive Corp.	*†	1,250			6,912
Marvel Entertainment, Inc.	*	1,299			70,250
McClatchy Co. (The), Class A	†	2,444			8,652
McGraw-Hill Cos., Inc. (The)		13,196			442,198
Media General, Inc., Class A	*†	952			7,464
Mediacom Communications Corp., Class A	*	3,433			15,346
Meredith Corp.	†	2,083			64,261
National CineMedia, Inc.		2,226			36,885
New Frontier Media, Inc.	*	3,808			7,197
New York Times Co. (The), Class A	*	5,682			70,230
News Corp., Class A		85,628			1,172,247
Omnicom Group, Inc.		12,546			491,176
Playboy Enterprises, Inc., Class B	*	1,251			4,003
Primedia, Inc.		1,475			5,325
Radio One, Inc., Class A	*	4,327			13,327
Radio Unica Communications Corp.	*‡d	1,900			—
RCN Corp.	*†	2,597			28,177
Regal Entertainment Group, Class A		2,743			39,609
Regent Communications, Inc.	*	1,600			400
Salem Communications Corp., Class A	*	850			5,091
Scholastic Corp.	†	1,845			55,036
Scripps Networks Interactive, Inc., Class A		3,612			149,898
Sinclair Broadcast Group, Inc., Class A	*	2,049			8,257
Sirius XM Radio, Inc.	*†	88,505			53,103
Time Warner Cable, Inc.		13,815			571,803
Time Warner, Inc.		43,658			1,272,194
Valassis Communications, Inc.	*	2,236			40,829

See accompanying notes to financial statements.

298

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Value Line, Inc.		573		$	14,388
Viacom, Inc., Class B	*	22,554			670,530
Virgin Media, Inc.	†	10,479			176,362
Walt Disney Co. (The)		67,557			2,178,713
Washington Post Co. (The), Class B		258			113,417
World Wrestling Entertainment, Inc., Class A	†	1,030			15,790
					13,266,841
Metals & Mining—1.1%
AK Steel Holding Corp.		5,009			106,942
Alcoa, Inc.		32,213			519,274
Allegheny Technologies, Inc.	†	3,350			149,979
AMCOL International Corp.		1,186			33,706
Brush Engineered Materials, Inc.	*†	1,122			20,802
Carpenter Technology Corp.		1,882			50,720
Century Aluminum Co.	*†	865			14,004
Cliffs Natural Resources, Inc.	†	4,072			187,678
Coeur d’Alene Mines Corp.	*†	2,145			38,739
Commercial Metals Co.		4,080			63,852
Compass Minerals International, Inc.	†	1,915			128,669
Freeport-McMoRan Copper & Gold, Inc.	*	16,587			1,331,770
Hecla Mining Co.	*†	4,124			25,486
Newmont Mining Corp.		18,360			868,612
Nucor Corp.		10,963			511,424
Reliance Steel & Aluminum Co.	†	2,966			128,191
Rock of Ages Corp.	*	1,387			4,092
Royal Gold, Inc.		1,153			54,306
RTI International Metals, Inc.	*†	1,363			34,307
Schnitzer Steel Industries, Inc., Class A		693			33,056
Southern Copper Corp.		8,700			286,317
Steel Dynamics, Inc.		8,080			143,178
Stillwater Mining Co.	*	3,727			35,332
Titanium Metals Corp.	*	5,344			66,907
United States Steel Corp.	†	5,607			309,058
Walter Energy, Inc.		1,840			138,570
Worthington Industries, Inc.		3,575			46,725
					5,331,696
Multiline Retail—0.7%
99 Cents Only Stores	*†	3,207			41,916
Big Lots, Inc.	*†	3,509			101,691
Dillard’s, Inc., Class A	†	3,454			63,726
Dollar Tree, Inc.	*	3,134			151,372
Family Dollar Stores, Inc.		6,365			177,138
Fred’s, Inc., Class A	†	1,781			18,166
J.C. Penney Co., Inc.		7,928			210,964
Kohl’s Corp.	*	10,240			552,243
Macy’s, Inc.		16,688			279,691
Nordstrom, Inc.	†	6,901			259,340
Retail Ventures, Inc.	*	1,372			12,197
Saks, Inc.	*†	5,811			38,120
Sears Holdings Corp.	*†	3,097			258,445
Target Corp.		26,027			1,258,926
Tuesday Morning Corp.	*	1,816			4,685
					3,428,620
Multi-Utilities—1.2%
Alliant Energy Corp.	†	4,491		$	135,898
Ameren Corp.		8,429			235,591
Avista Corp.	†	1,759			37,977
Black Hills Corp.	†	2,041			54,352
CenterPoint Energy, Inc.		12,705			184,350
CH Energy Group, Inc.	†	694			29,509
CMS Energy Corp.	†	6,681			104,624
Consolidated Edison, Inc.		10,967			498,231
Dominion Resources, Inc.		21,781			847,717
DTE Energy Co.		6,985			304,476
Integrys Energy Group, Inc.	†	2,691			112,995
MDU Resources Group, Inc.		7,657			180,705
NiSource, Inc.		10,893			167,534
NorthWestern Corp.	†	1,449			37,703
NSTAR	†	4,374			160,963
OGE Energy Corp.	†	3,358			123,877
PG&E Corp.		13,909			621,037
Public Service Enterprise Group, Inc.		19,514			648,840
SCANA Corp.		4,791			180,525
Sempra Energy		8,687			486,298
TECO Energy, Inc.		7,797			126,467
Vectren Corp.	†	3,706			91,464
Wisconsin Energy Corp.		4,564			227,424
Xcel Energy, Inc.		16,552			351,233
					5,949,790
Office Electronics—0.1%
Xerox Corp.		36,218			306,404
Zebra Technologies Corp., Class A	*†	2,988			84,740
					391,144
Oil, Gas & Consumable Fuels—8.8%
Adams Resources & Energy, Inc.		1,462			32,237
Alpha Natural Resources, Inc.	*†	5,222			226,530
Anadarko Petroleum Corp.		19,446			1,213,819
Apache Corp.		12,791			1,319,647
Apco Oil and Gas International, Inc.		2,488			54,985
Arch Coal, Inc.	†	5,284			117,569
Arena Resources, Inc.	*†	1,202			51,830
Atlas Energy, Inc.		2,578			77,778
ATP Oil & Gas Corp.	*	685			12,522
Berry Petroleum Co., Class A	†	2,902			84,593
Blue Dolphin Energy Co.	*	3,650			1,186
BP Prudhoe Bay Royalty Trust		1,105			91,494
BPZ Resources, Inc.	*†	4,003			38,028
Cabot Oil & Gas Corp.		4,548			198,247
Callon Petroleum Co.	*†	779			1,168
Carrizo Oil & Gas, Inc.	*†	1,800			47,682
Chesapeake Energy Corp.		24,112			624,019
Chevron Corp.		79,436			6,115,778
Cimarex Energy Co.	†	2,681			142,013
Clayton Williams Energy, Inc.	*	550			19,272
CNX Gas Corp.	*	1,100			32,472
Comstock Resources, Inc.	*†	1,735			70,389
Concho Resources, Inc.	*	1,982			88,992
ConocoPhillips		60,023			3,065,375
Consol Energy, Inc.		7,662			381,568
Contango Oil & Gas Co.	*	902			42,403
Continental Resources, Inc.	*	1,751			75,100

See accompanying notes to financial statements.

299

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Cross Timbers Royalty Trust		575		$	19,389
Crosstex Energy, Inc.		2,100			12,705
CVR Energy, Inc.	*	5,235			35,912
Delta Petroleum Corp.	*†	2,709			2,817
Denbury Resources, Inc.	*†	8,932			132,194
Devon Energy Corp.		16,506			1,213,191
DHT Maritime, Inc. (Jersey, Channel Islands)		4,173			15,357
El Paso Corp.		25,233			248,040
Encore Acquisition Co.	*	2,062			99,017
EOG Resources, Inc.		9,558			929,993
Evergreen Energy, Inc.	*†	4,989			1,711
EXCO Resources, Inc.	†	8,720			185,126
Exxon Mobil Corp.		196,369			13,390,402
Forest Oil Corp.	*†	3,820			84,995
Frontier Oil Corp.	†	4,576			55,095
FX Energy, Inc.	*	3,496			9,964
General Maritime Corp.	†	2,541			17,762
GMX Resources, Inc.	*†	1,297			17,821
Goodrich Petroleum Corp.	*†	1,566			38,132
Hess Corp.		11,810			714,505
Holly Corp.	†	1,972			50,542
Hugoton Royalty Trust		1,669			26,838
International Coal Group, Inc.	*	4,900			18,914
James River Coal Co.	*	1,500			27,795
Marathon Oil Corp.		26,168			816,965
Mariner Energy, Inc.	*	3,261			37,860
Massey Energy Co.		3,053			128,257
McMoRan Exploration Co.	*	2,961			23,747
Meridian Resource Corp.	*	2,950			767
Murphy Oil Corp.		7,512			407,150
Newfield Exploration Co.	*†	5,246			253,015
Noble Energy, Inc.		4,966			353,678
Occidental Petroleum Corp.		32,602			2,652,173
Overseas Shipholding Group, Inc.	†	1,587			69,749
Patriot Coal Corp.	*†	2,992			46,256
Peabody Energy Corp.		10,624			480,311
Penn Virginia Corp.	†	1,433			30,509
Petrohawk Energy Corp.	*†	10,513			252,207
Petroleum Development Corp.	*	1,250			22,762
Petroquest Energy, Inc.	*†	3,346			20,511
Pioneer Natural Resources Co.	†	5,801			279,434
Plains Exploration & Production Co.	*†	5,227			144,579
Quicksilver Resources, Inc.	*†	3,960			59,440
Range Resources Corp.	†	5,516			274,973
Rentech, Inc.	*†	7,800			9,594
Rosetta Resources, Inc.	*	3,400			67,762
SandRidge Energy, Inc.	*	3,220			30,365
Ship Finance International Ltd. (Bermuda)	†	3,352			45,688
Southern Union Co.		3,367			76,431
Southwestern Energy Co.	*	12,344			594,981
Spectra Energy Corp.		23,691			485,902
St. Mary Land & Exploration Co.		2,262			77,451
Stone Energy Corp.	*	1,208			21,804
Sunoco, Inc.		5,446			142,141
Swift Energy Co.	*†	1,142			27,362
Syntroleum Corp.	*	1,246			3,314
Teekay Corp. (Canada)		1,691			39,248
Tesoro Corp.	†	6,846			92,763
Ultra Petroleum Corp.	*	6,082			303,249
USEC, Inc.	*†	7,347			28,286
Vaalco Energy, Inc.	*	3,800			17,290
Valero Energy Corp.		22,004		$	368,567
Verenium Corp.	*†	149			670
Warren Resources, Inc.	*	3,600			8,820
Western Refining, Inc.	*†	2,500			11,775
Whiting Petroleum Corp.	*†	1,242			88,741
Williams Cos., Inc. (The)		24,207			510,284
World Fuel Services Corp.		1,920			51,437
XTO Energy, Inc.		22,604			1,051,764
					42,084,945
Paper & Forest Products—0.3%
Buckeye Technologies, Inc.	*	1,251			12,210
Clearwater Paper Corp.	*	462			25,396
Deltic Timber Corp.	†	724			33,434
Domtar Corp. (Canada)	*†	1,388			76,909
Glatfelter		1,740			21,141
International Paper Co.		14,370			384,829
Louisiana-Pacific Corp.	*†	4,396			30,684
MeadWestvaco Corp.		6,398			183,175
Neenah Paper, Inc.		652			9,095
Schweitzer-Mauduit International, Inc.		724			50,933
Wausau Paper Corp.		1,903			22,075
Weyerhaeuser Co.		8,921			384,852
					1,234,733
Personal Products—0.3%
Alberto-Culver Co.	†	3,659			107,172
Avon Products, Inc.		14,351			452,056
Chattem, Inc.	*†	872			81,358
Elizabeth Arden, Inc.	*	1,017			14,685
Estee Lauder Cos., Inc. (The), Class A		3,747			181,205
Herbalife Ltd. (Cayman Islands)		848			34,403
Mead Johnson Nutrition Co., Class A	†	3,068			134,072
Medifast, Inc.	*	734			22,446
NBTY, Inc.	*†	2,664			115,990
Nu Skin Enterprises, Inc., Class A		3,018			81,094
USANA Health Sciences, Inc.	*†	593			18,917
					1,243,398
Pharmaceuticals—5.6%
Abbott Laboratories		64,594			3,487,430
Adolor Corp.	*	1,927			2,813
Allergan, Inc.		12,063			760,090
AVANIR Pharmaceuticals, Inc., Class A	*	1,500			2,850
Bristol-Myers Squibb Co.	†	76,244			1,925,161
Columbia Laboratories, Inc.	*†	1,819			1,964
CPEX Pharmaceuticals, Inc.	*	71			802
Cypress Bioscience, Inc.	*†	1,560			8,986
Discovery Laboratories, Inc.	*†	2,566			1,613
Durect Corp.	*	1,900			4,693
Eli Lilly & Co.		34,889			1,245,886
Emisphere Technologies, Inc.	*†	772			818
Endo Pharmaceuticals Holdings, Inc.	*	4,151			85,137
Forest Laboratories, Inc.	*	9,208			295,669
Heska Corp.	*	4,462			2,354
Hi-Tech Pharmacal Co., Inc.	*†	862			24,179
Hollis-Eden Pharmaceuticals, Inc.	*	954			506
Inspire Pharmaceuticals, Inc.	*†	1,369			7,557
Johnson & Johnson		115,425			7,434,524

See accompanying notes to financial statements.

300

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
King Pharmaceuticals, Inc.	*	10,009		$	122,810
KV Pharmaceutical Co., Class A	*†	2,179			7,997
MDRNA, Inc.	*†	1,500			1,215
Medicines Co. (The)	*	2,018			16,830
Medicis Pharmaceutical Corp., Class A	†	2,564			69,356
Merck & Co., Inc.		115,011			4,202,502
Mylan, Inc.	*†	10,972			202,214
Nektar Therapeutics	*	2,368			22,070
Optimer Pharmaceuticals, Inc.	*†	2,592			29,238
Pain Therapeutics, Inc.	*	1,318			7,064
Par Pharmaceutical Cos., Inc.	*	1,362			36,856
Penwest Pharmaceuticals Co.	*	930			2,409
Perrigo Co.	†	3,119			124,261
Pfizer, Inc.		333,624			6,068,620
Pozen, Inc.	*	1,014			6,074
Questcor Pharmaceuticals, Inc.	*†	4,217			20,031
Salix Pharmaceuticals Ltd.	*†	2,346			59,588
SuperGen, Inc.	*	1,338			3,505
Valeant Pharmaceuticals International	*†	3,473			110,407
Viropharma, Inc.	*	4,061			34,072
Vivus, Inc.	*†	1,630			14,980
Watson Pharmaceuticals, Inc.	*	4,630			183,394
XenoPort, Inc.	*	1,939			35,988
					26,674,513
Professional Services—0.3%
Administaff, Inc.		1,143			26,963
Advisory Board Co. (The)	*	950			29,127
Barrett Business Services, Inc.		2,203			27,075
CDI Corp.		1,131			14,646
Corporate Executive Board Co. (The)		1,507			34,390
CoStar Group, Inc.	*†	770			32,163
CRA International, Inc.	*†	986			26,277
Diamond Management & Technology Consultants, Inc.		1,431			10,547
Dun & Bradstreet Corp.		1,546			130,436
Equifax, Inc.		5,325			164,489
FTI Consulting, Inc.	*†	1,735			81,823
Heidrick & Struggles International, Inc.	†	865			27,023
Huron Consulting Group, Inc.	*†	988			22,764
IHS, Inc., Class A	*†	1,414			77,501
Kelly Services, Inc., Class A	*†	1,173			13,994
Kforce, Inc.	*	297			3,713
Korn/Ferry International	*†	1,624			26,796
Manpower, Inc.		3,593			196,106
Monster Worldwide, Inc.	*†	4,681			81,449
MPS Group, Inc.	*	3,706			50,920
Navigant Consulting, Inc.	*	2,313			34,371
On Assignment, Inc.	*	1,243			8,887
RCM Technologies, Inc.	*	1,593			3,975
Resources Connection, Inc.	*	2,060			43,713
Robert Half International, Inc.	†	7,107			189,970
School Specialty, Inc.	*†	854			19,975
Spherion Corp.	*	2,689			15,112
TrueBlue, Inc.	*	2,485			36,803
Verisk Analytics, Inc., Class A	*	4,073			123,330
Volt Information Sciences, Inc.	*	1,249			12,490
Watson Wyatt Worldwide, Inc., Class A	†	1,600			76,032
					1,642,860
Real Estate Investment Trusts (REITs)—2.1%
Acadia Realty Trust REIT	†	1,368		$	23,078
Agree Realty Corp. REIT	†	814			18,958
Alexander’s, Inc. REIT	*	78			23,745
Alexandria Real Estate Equities, Inc. REIT	†	1,245			80,041
AMB Property Corp. REIT	†	6,265			160,071
American Campus Communities, Inc. REIT	†	1,699			47,742
Annaly Capital Management, Inc. REIT		22,691			393,689
Anworth Mortgage Asset Corp. REIT	†	8,261			57,827
Apartment Investment & Management Co., Class A REIT	†	5,659			90,091
Ashford Hospitality Trust, Inc. REIT	*†	4,200			19,488
AvalonBay Communities, Inc. REIT	†	3,314			272,113
BioMed Realty Trust, Inc. REIT	†	1,400			22,092
Boston Properties, Inc. REIT		4,700			315,229
Brandywine Realty Trust REIT		6,105			69,597
BRE Properties, Inc. REIT	†	2,433			80,484
BRT Realty Trust REIT	*	421			2,147
Camden Property Trust REIT		2,058			87,197
Capital Trust, Inc., Class A REIT	*†	523			664
Capstead Mortgage Corp. REIT		2,400			32,760
CBL & Associates Properties, Inc. REIT	†	10,788			104,320
Cedar Shopping Centers, Inc. REIT		583			3,964
Chimera Investment Corp. REIT		26,811			104,027
Cohen & Co., Inc. REIT	*†	421			2,063
Colonial Properties Trust REIT		1,962			23,014
Corporate Office Properties Trust REIT	†	1,904			69,743
Cousins Properties, Inc. REIT	†	2,424			18,495
DCT Industrial Trust, Inc. REIT	†	6,576			33,012
Developers Diversified Realty Corp. REIT	†	5,227			48,402
DiamondRock Hospitality Co. REIT	†	3,930			33,287
Digital Realty Trust, Inc. REIT	†	2,000			100,560
Douglas Emmett, Inc. REIT	†	4,212			60,021
Duke Realty Corp. REIT	†	5,609			68,262
DuPont Fabros Technology, Inc. REIT		4,666			83,941
Eastern Light Capital, Inc. REIT	*	799			3,076
EastGroup Properties, Inc. REIT	†	1,538			58,875
Entertainment Properties Trust REIT	†	2,733			96,393
Equity Lifestyle Properties, Inc. REIT	†	1,140			57,536
Equity One, Inc. REIT		2,619			42,349
Equity Residential REIT		11,387			384,653
Essex Property Trust, Inc. REIT	†	807			67,506
Extra Space Storage, Inc. REIT	†	3,500			40,425

See accompanying notes to financial statements.

301

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Federal Realty Investment Trust REIT	†	2,295		$	155,417
FelCor Lodging Trust, Inc. REIT	*	3,135			11,286
First Industrial Realty Trust, Inc. REIT	*	1,599			8,363
First Potomac Realty Trust REIT		1,628			20,464
Franklin Street Properties Corp. REIT	†	2,200			32,142
Getty Realty Corp. REIT	†	1,747			41,107
Glimcher Realty Trust REIT		1,584			4,277
Gramercy Capital Corp. REIT	*†	2,182			5,651
Hatteras Financial Corp. REIT	†	1,935			54,103
HCP, Inc. REIT		11,075			338,230
Health Care REIT, Inc. REIT		3,657			162,078
Healthcare Realty Trust, Inc. REIT	†	1,881			40,366
Highwoods Properties, Inc. REIT	†	2,393			79,807
HMG Courtland Properties REIT	*	1,450			4,872
Home Properties, Inc. REIT	†	1,390			66,317
Hospitality Properties Trust REIT		2,923			69,304
Host Hotels & Resorts, Inc. REIT	*	21,796			254,359
HRPT Properties Trust REIT		9,142			59,149
Inland Real Estate Corp. REIT		2,302			18,761
Investors Real Estate Trust REIT	†	2,989			26,901
iStar Financial, Inc. REIT	*†	4,331			11,087
Kilroy Realty Corp. REIT	†	1,316			40,362
Kimco Realty Corp. REIT		15,341			207,564
Kite Realty Group Trust REIT	†	2,654			10,802
LaSalle Hotel Properties REIT	†	1,561			33,140
Lexington Realty Trust REIT		1,570			9,546
Liberty Property Trust REIT	†	3,372			107,938
LTC Properties, Inc. REIT	†	2,385			63,799
Macerich Co. (The) REIT		3,166			113,818
Mack-Cali Realty Corp. REIT		2,488			86,010
Maguire Properties, Inc. REIT	*†	1,199			1,810
Medical Properties Trust, Inc. REIT	†	3,172			31,720
MFA Financial, Inc. REIT	†	10,801			79,387
Mid-America Apartment Communities, Inc. REIT	†	1,240			59,867
Mission West Properties, Inc. REIT	†	1,417			10,188
Monmouth Real Estate Investment Corp., Class A REIT		3,275			24,366
National Health Investors, Inc. REIT		979			36,213
National Retail Properties, Inc. REIT	†	2,356			49,994
Nationwide Health Properties, Inc. REIT		3,720			130,870
Newcastle Investment Corp. REIT	*	754			1,576
NorthStar Realty Finance Corp. REIT	†	4,388			15,051
Omega Healthcare Investors, Inc. REIT	†	4,100			79,745
Pacific Office Properties Trust, Inc. REIT		1,050			4,084
Parkway Properties, Inc. REIT	†	986			20,529
Pennsylvania Real Estate Investment Trust REIT	†	1,510		$	12,775
Plum Creek Timber Co., Inc. REIT	†	7,429			280,519
PMC Commercial Trust REIT		865			6,487
Post Properties, Inc. REIT		2,078			40,729
Potlatch Corp. REIT		1,618			51,582
ProLogis REIT	†	18,290			250,390
PS Business Parks, Inc. REIT	†	599			29,980
Public Storage REIT		5,209			424,273
RAIT Financial Trust REIT	*†	991			1,298
Ramco-Gershenson Properties Trust REIT	†	1,275			12,163
Rayonier, Inc. REIT		3,336			140,646
Realty Income Corp. REIT	†	4,138			107,216
Redwood Trust, Inc. REIT		1,008			14,576
Regency Centers Corp. REIT	†	2,745			96,240
Saul Centers, Inc. REIT		987			32,334
Senior Housing Properties Trust REIT	†	3,680			80,482
Simon Property Group, Inc. REIT	†	11,699			933,580
SL Green Realty Corp. REIT	†	2,185			109,774
Sovran Self Storage, Inc. REIT	†	1,269			45,341
Strategic Hotels & Resorts, Inc. REIT	*†	2,904			5,401
Sun Communities, Inc. REIT	†	1,061			20,955
Sunstone Hotel Investors, Inc. REIT	*†	2,559			22,724
Tanger Factory Outlet Centers, Inc. REIT		1,221			47,607
Taubman Centers, Inc. REIT	†	2,083			74,801
UDR, Inc. REIT		6,077			99,906
Universal Health Realty Income Trust REIT		1,333			42,696
U-Store-It Trust REIT		3,600			26,352
Ventas, Inc. REIT		6,235			272,719
Vornado Realty Trust REIT		6,664			466,080
Walter Investment Management Corp. REIT		598			8,569
Washington Real Estate Investment Trust REIT	†	1,834			50,527
Weingarten Realty Investors REIT		3,474			68,750
					9,860,829
Real Estate Management & Development—0.1%
Altisource Portfolio Solutions SA (Luxembourg)	*	1,119			23,488
Brookfield Properties Corp. (Canada)	†	15,325			185,739
CB Richard Ellis Group, Inc., Class A	*†	6,900			93,633
Forest City Enterprises, Inc., Class A	*†	9,240			108,847
Forestar Group, Inc.	*	1,502			33,014
Grubb & Ellis Co.	*†	652			834
Jones Lang LaSalle, Inc.	†	1,311			79,184
St. Joe Co. (The)	*†	3,582			103,484
Tejon Ranch Co.	*	762			22,266
					650,489
Road & Rail—0.9%
Amerco, Inc.	*	805			40,025
Arkansas Best Corp.	†	903			26,575
Avis Budget Group, Inc.	*†	4,424			58,043
Burlington Northern Santa Fe Corp.		9,331			920,223

See accompanying notes to financial statements.

302

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Con-way, Inc.	†	2,160	$	75,406
CSX Corp.		13,935		675,708
Dollar Thrifty Automotive Group, Inc.	*†	1,057		27,070
Genesee & Wyoming, Inc., Class A	*†	1,576		51,441
Heartland Express, Inc.	†	4,220		64,439
J.B. Hunt Transport Services, Inc.		3,964		127,918
Kansas City Southern	*†	2,513		83,658
Knight Transportation, Inc.	†	3,879		74,826
Landstar System, Inc.		2,256		87,465
Norfolk Southern Corp.		14,488		759,461
Old Dominion Freight Line, Inc.	*	1,783		54,738
PAM Transportation Services, Inc.	*	338		3,491
Ryder System, Inc.		2,660		109,512
Saia, Inc.	*	1,662		24,631
Union Pacific Corp.		19,060		1,217,934
Werner Enterprises, Inc.		2,915		57,688
YRC Worldwide, Inc.	*†	2,278		1,913
				4,542,165
Semiconductors & Semiconductor Equipment—2.7%
Actel Corp.	*	1,140		13,543
Advanced Energy Industries, Inc.	*	1,428		21,534
Advanced Micro Devices, Inc.	*	21,447		207,607
Aetrium, Inc.	*	614		1,590
Altera Corp.		6,689		151,372
Amkor Technology, Inc.	*	7,211		51,631
Anadigics, Inc.	*	957		4,039
Analog Devices, Inc.		10,781		340,464
Applied Materials, Inc.		43,119		601,079
Applied Micro Circuits Corp.	*†	3,186		23,799
Atheros Communications, Inc.	*†	2,700		92,448
Atmel Corp.	*	18,733		86,359
ATMI, Inc.	*	1,559		29,029
Axcelis Technologies, Inc.	*	4,095		5,774
AXT, Inc.	*	946		3,075
Broadcom Corp., Class A	*	14,669		461,340
Brooks Automation, Inc.	*†	3,103		26,624
Cabot Microelectronics Corp.	*	1,049		34,575
California Micro Devices Corp.	*	745		3,509
Ceva, Inc.	*	692		8,899
Cirrus Logic, Inc.	*†	2,946		20,092
Cohu, Inc.	†	859		11,983
Conexant Systems, Inc.	*	2,046		4,747
Cree, Inc.	*	3,097		174,578
Cymer, Inc.	*	1,498		57,493
Cypress Semiconductor Corp.	*†	4,876		51,491
Diodes, Inc.	*	2,400		49,080
DSP Group, Inc.	*†	1,194		6,722
Entegris, Inc.	*	5,738		30,297
Exar Corp.	*	1,758		12,499
Fairchild Semiconductor International, Inc.	*†	4,903		48,981
FEI Co.	*	1,368		31,956
Formfactor, Inc.	*†	1,417		30,834
FSI International, Inc.	*	1,479		4,348
Integrated Device Technology, Inc.	*	8,168		52,847
Integrated Silicon Solution, Inc.	*	1,269		7,170
Intel Corp.		225,417		4,598,507
International Rectifier Corp.	*†	2,631	$	58,198
Intersil Corp., Class A	†	5,757		88,312
IXYS Corp.	*	1,329		9,861
KLA-Tencor Corp.		4,441		160,587
Kopin Corp.	*	2,431		10,162
Kulicke & Soffa Industries, Inc.	*†	2,008		10,823
Lam Research Corp.	*†	5,335		209,185
Lattice Semiconductor Corp.	*	4,395		11,867
Linear Technology Corp.	†	8,638		263,805
LSI Corp.	*	30,700		184,507
LTX-Credence Corp.	*	4,076		7,255
Marvell Technology Group Ltd. (Bermuda)	*	18,500		383,875
Mattson Technology, Inc.	*	1,760		6,301
Maxim Integrated Products, Inc.	†	9,781		198,554
MEMC Electronic Materials, Inc.	*	8,113		110,499
Micrel, Inc.		3,731		30,594
Microchip Technology, Inc.	†	6,974		202,664
Micron Technology, Inc.	*†	25,902		273,525
Microsemi Corp.	*†	2,474		43,913
Mindspeed Technologies, Inc.	*†	801		3,757
MIPS Technologies, Inc.	*†	2,228		9,736
MKS Instruments, Inc.	*†	2,455		42,742
MoSys, Inc.	*	1,251		4,904
National Semiconductor Corp.	†	10,460		160,666
Netlogic Microsystems, Inc.	*†	1,068		49,406
Novellus Systems, Inc.	*	2,876		67,126
NVE Corp.	*	348		14,376
NVIDIA Corp.	*†	20,184		377,037
Omnivision Technologies, Inc.	*	2,354		34,204
ON Semiconductor Corp.	*†	10,008		88,170
PDF Solutions, Inc.	*	974		3,750
Pericom Semiconductor Corp.	*	1,023		11,795
Photronics, Inc.	*	1,388		6,177
PLX Technology, Inc.	*	1,050		3,391
PMC–Sierra, Inc.	*†	7,045		61,010
Power Integrations, Inc.		1,952		70,975
QuickLogic Corp.	*†	1,050		2,215
Rambus, Inc.	*†	4,071		99,332
Ramtron International Corp.	*	1,920		3,398
RF Micro Devices, Inc.	*†	8,143		38,842
Rudolph Technologies, Inc.	*	1,247		8,380
Semtech Corp.	*†	2,970		50,520
Sigma Designs, Inc.	*	1,320		14,124
Silicon Image, Inc.	*†	2,948		7,606
Silicon Laboratories, Inc.	*†	2,124		102,674
Silicon Storage Technology, Inc.	*†	3,793		9,710
Skyworks Solutions, Inc.	*†	5,822		82,614
Standard Microsystems Corp.	*†	806		16,749
Tegal Corp.	*	312		415
Teradyne, Inc.	*	7,938		85,175
Tessera Technologies, Inc.	*†	1,560		36,301
Texas Instruments, Inc.		50,687		1,320,903
Transwitch Corp.	*	429		901
Trident Microsystems, Inc.	*†	3,018		5,613
TriQuint Semiconductor, Inc.	*	4,918		29,508
Ultratech, Inc.	*	971		14,429
Varian Semiconductor Equipment Associates, Inc.	*†	3,367		120,808
Veeco Instruments, Inc.	*†	1,294		42,754
Virage Logic Corp.	*	901		4,955
White Electronic Designs Corp.	*	514		2,400
Xilinx, Inc.		7,592		190,256

See accompanying notes to financial statements.

303

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Zoran Corp.	*	1,650		$	18,232
					12,944,438
Software—4.5%
ACI Worldwide, Inc.	*	1,298			22,261
Activision Blizzard, Inc.	*	23,814			264,574
Actuate Corp.	*	2,084			8,920
Adobe Systems, Inc.	*	20,400			750,312
Advent Software, Inc.	*	1,451			59,099
American Software, Inc., Class A		1,950			11,700
ANSYS, Inc.	*†	2,396			104,130
Ariba, Inc.	*†	2,075			25,979
Authentidate Holding Corp.	*	1,023			1,074
Autodesk, Inc.	*	9,258			235,246
Blackbaud, Inc.		2,650			62,619
Blackboard, Inc.	*†	1,400			63,546
BMC Software, Inc.	*	5,145			206,315
CA, Inc.		17,506			393,185
Cadence Design Systems, Inc.	*	10,745			64,363
Callidus Software, Inc.	*	172			519
Chordiant Software, Inc.	*	1,859			5,112
Citrix Systems, Inc.	*	6,809			283,322
Compuware Corp.	*	7,505			54,261
Concur Technologies, Inc.	*†	2,083			89,048
Datawatch Corp.	*	3,500			8,890
Ebix, Inc.	*†	934			45,607
Electronic Arts, Inc.	*	12,060			214,065
Epicor Software Corp.	*	1,693			12,901
EPIQ Systems, Inc.	*	1,087			15,207
ePresence, Inc.	*‡d	1,173			—
Evolving Systems, Inc.	*	527			3,294
Factset Research Systems, Inc.		1,490			98,146
Fair Isaac Corp.	†	3,039			64,761
FalconStor Software, Inc.	*†	1,373			5,574
Geeknet, Inc.	*	2,018			2,401
Informatica Corp.	*†	3,171			82,002
Interactive Intelligence, Inc.	*	950			17,518
Intuit, Inc.	*†	11,145			342,263
Jack Henry & Associates, Inc.		3,591			83,024
JDA Software Group, Inc.	*	1,256			31,990
Kenexa Corp.	*†	1,681			21,937
Lawson Software, Inc.	*	8,700			57,855
Magma Design Automation, Inc.	*†	1,429			3,301
Manhattan Associates, Inc.	*†	1,346			32,344
McAfee, Inc.	*	6,724			272,793
Mentor Graphics Corp.	*†	2,745			24,238
MICROS Systems, Inc.	*†	3,428			106,371
Microsoft Corp.		360,310			10,985,852
MicroStrategy, Inc., Class A	*	513			48,232
Netscout Systems, Inc.	*	1,250			18,300
Novell, Inc.	*	15,492			64,292
Nuance Communications, Inc.	*†	4,541			70,567
Oracle Corp.		155,308			3,811,258
Parametric Technology Corp.	*†	4,423			72,272
Pegasystems, Inc.	†	2,141			72,794
Phoenix Technologies Ltd.	*	907			2,494
PLATO Learning, Inc.	*	1,825			7,957
Progress Software Corp.	*	1,322			38,616
QAD, Inc.	†	1,363			8,328
Quest Software, Inc.	*	3,847			70,785
Radiant Systems, Inc.	*	1,019			10,598
Red Hat, Inc.	*	7,251			224,056
Renaissance Learning, Inc.	†	1,353			15,370
Rovi Corp.	*†	3,817			121,648
S1 Corp.	*	2,636		$	17,187
Salesforce.com, Inc.	*†	3,783			279,072
Scientific Learning Corp.	*	3,145			15,882
Solera Holdings, Inc.	†	1,099			39,575
Sonic Foundry, Inc.	*	120			582
Sonic Solutions, Inc.	*	889			10,517
SonicWALL, Inc.	*	2,442			18,584
Sybase, Inc.	*	3,825			166,005
Symantec Corp.	*	34,469			616,650
Symyx Technologies, Inc.	*†	1,374			7,557
Synopsys, Inc.	*	6,501			144,842
Take-Two Interactive Software, Inc.	*†	2,643			26,562
TeleCommunication Systems, Inc., Class A	*†	1,200			11,616
THQ, Inc.	*†	2,914			14,687
TIBCO Software, Inc.	*	8,337			80,285
TiVo, Inc.	*	2,696			27,445
Tyler Technologies, Inc.	*†	1,886			37,550
Ultimate Software Group, Inc.	*†	1,242			36,478
VASCO Data Security International, Inc.	*	3,804			23,851
Versant Corp.	*	330			5,036
VMware, Inc., Class A	*	1,700			72,046
Wayside Technology Group, Inc.		1,787			14,207
Websense, Inc.	*	1,958			34,187
					21,595,889
Specialty Retail—2.1%
A.C. Moore Arts & Crafts, Inc.	*	876			2,575
Aaron’s, Inc.	†	1,939			53,769
Abercrombie & Fitch Co., Class A		3,072			107,059
Advance Auto Parts, Inc.	†	4,347			175,967
Aeropostale, Inc.	*†	3,604			122,716
American Eagle Outfitters, Inc.		8,736			148,337
America’s Car-Mart, Inc.	*	354			9,321
AnnTaylor Stores Corp.	*†	2,733			37,278
Asbury Automotive Group, Inc.	*†	1,342			15,473
AutoNation, Inc.	*†	5,363			102,701
AutoZone, Inc.	*†	1,769			279,626
Barnes & Noble, Inc.	†	828			15,790
Bebe Stores, Inc.		790			4,953
Bed Bath & Beyond, Inc.	*	8,780			339,171
Best Buy Co., Inc.		12,626			498,222
Big 5 Sporting Goods Corp.		1,071			18,400
Blockbuster, Inc., Class A	*†	7,850			5,260
Borders Group, Inc.	*	3,342			3,944
Brown Shoe Co., Inc.	†	1,791			17,677
Buckle, Inc. (The)	†	1,236			36,190
CarMax, Inc.	*†	8,516			206,513
Casual Male Retail Group, Inc.	*†	1,930			4,497
Cato Corp. (The), Class A		1,761			35,326
Charming Shoppes, Inc.	*†	3,138			20,303
Chico’s FAS, Inc.	*†	7,236			101,666
Children’s Place Retail Stores, Inc. (The)	*†	1,144			37,763
Christopher & Banks Corp.		1,528			11,643
Coldwater Creek, Inc.	*†	1,528			6,815
Collective Brands, Inc.	*†	2,964			67,490
Cost Plus, Inc.	*	1,014			1,034
Destination Maternity Corp.	*	600			11,400
Dick’s Sporting Goods, Inc.	*†	2,480			61,678
Dress Barn, Inc.	*†	2,597			59,991

See accompanying notes to financial statements.

304

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Finish Line, Inc. (The), Class A		1,917		$	24,058
Foot Locker, Inc.	†	5,840			65,058
GameStop Corp., Class A	*†	4,410			96,755
Gap, Inc. (The)		22,191			464,901
Genesco, Inc.	*	921			25,291
Group 1 Automotive, Inc.	*†	1,068			30,278
Guess?, Inc.	†	3,548			150,080
Gymboree Corp.	*	1,400			60,886
Haverty Furniture Cos., Inc.	†	1,111			15,254
Hibbett Sports, Inc.	*†	1,396			30,698
Home Depot, Inc.		65,234			1,887,220
Hot Topic, Inc.	*†	1,824			11,601
J. Crew Group, Inc.	*†	2,206			98,696
Jo-Ann Stores, Inc.	*†	1,266			45,880
JOS A. Bank Clothiers, Inc.	*†	577			24,344
Kirkland’s, Inc.	*	833			14,469
Limited Brands, Inc.		10,407			200,231
Lithia Motors, Inc., Class A	*	862			7,086
Lowe’s Cos., Inc.		47,645			1,114,417
MarineMax, Inc.	*†	800			7,352
Men’s Wearhouse, Inc. (The)	†	2,437			51,323
Midas, Inc.	*†	1,277			10,791
Monro Muffler Brake, Inc.	†	991			33,139
Office Depot, Inc.	*	11,792			76,058
OfficeMax, Inc.	*†	3,587			45,519
O’Reilly Automotive, Inc.	*	5,478			208,821
Pacific Sunwear of California, Inc.	*	3,025			12,040
Penske Auto Group, Inc.	*†	1,654			25,108
Pep Boys-Manny, Moe & Jack (The)	†	2,200			18,612
PetSmart, Inc.	†	5,983			159,686
Pier 1 Imports, Inc.	*	3,712			18,894
RadioShack Corp.		6,811			132,815
Rent-A-Center, Inc.	*†	3,377			59,840
Ross Stores, Inc.	†	4,200			179,382
Sally Beauty Holdings, Inc.	*	3,659			27,991
Select Comfort Corp.	*	2,104			13,718
Sherwin-Williams Co. (The)		3,587	��		221,139
Signet Jewelers Ltd. (Bermuda)	*	3,344			89,352
Sonic Automotive, Inc., Class A	*	1,649			17,133
Stage Stores, Inc.	†	2,236			27,637
Staples, Inc.		23,051			566,824
Stein Mart, Inc.	*	1,261			13,442
Systemax, Inc.		1,358			21,334
Talbots, Inc.	*†	375			3,341
Tiffany & Co.		5,242			225,406
TJX Cos., Inc.		10,975			401,136
Tractor Supply Co.	*†	1,549			82,035
Trans World Entertainment Corp.	*	1,932			2,917
Urban Outfitters, Inc.	*†	5,012			175,370
West Marine, Inc.	*	803			6,472
Wet Seal, Inc. (The), Class A	*†	1,246			4,299
Williams-Sonoma, Inc.	†	3,877			80,564
Zale Corp.	*†	2,300			6,256
					10,013,497
Textiles, Apparel & Luxury Goods—0.6%
Carter’s, Inc.	*	1,476			38,745
Charles & Colvard Ltd.	*	1,843			2,138
Cherokee, Inc.		994			17,713
Coach, Inc.		14,097			514,963
Columbia Sportswear Co.	†	652			25,454
CROCS, Inc.	*	3,600		$	20,700
Culp, Inc.	*	888			8,862
Deckers Outdoor Corp.	*†	645			65,609
Fossil, Inc.	*	3,154			105,848
Hallwood Group, Inc.	*	100			3,880
Hanesbrands, Inc.	*†	4,099			98,827
Iconix Brand Group, Inc.	*	2,737			34,623
Jones Apparel Group, Inc.	†	4,641			74,535
Kenneth Cole Productions, Inc., Class A	*	956			9,225
K-Swiss, Inc., Class A	*†	1,476			14,672
Lazare Kaplan International, Inc.	*‡	1,139			1,709
Liz Claiborne, Inc.	*†	4,930			27,756
Movado Group, Inc.	†	1,678			16,310
NIKE, Inc., Class B		15,705			1,037,629
Oxford Industries, Inc.		936			19,357
Phillips-Van Heusen Corp.		1,267			51,542
Polo Ralph Lauren Corp.		2,143			173,540
Quiksilver, Inc.	*†	4,288			8,662
Skechers U.S.A., Inc., Class A	*	1,935			56,908
Steven Madden Ltd.	*	751			30,971
Timberland Co. (The), Class A	*	2,970			53,252
Under Armour, Inc., Class A	*†	1,937			52,822
Unifi, Inc.	*	2,629			10,201
V.F. Corp.		3,785			277,213
Warnaco Group, Inc. (The)	*	1,527			64,424
Wolverine World Wide, Inc.		2,589			70,473
					2,988,563
Thrifts & Mortgage Finance—0.3%
Anchor Bancorp Wisconsin, Inc.	*†	1,411			889
Arlington Asset Investment Corp., Class A	*	304			4,630
Astoria Financial Corp.	†	3,465			43,070
Bank Mutual Corp.		3,756			25,992
BankAtlantic Bancorp, Inc., Class A	†	2,405			3,127
Beneficial Mutual Bancorp, Inc.	*†	969			9,535
Brookline Bancorp, Inc.	†	3,765			37,311
Capitol Federal Financial		2,115			66,538
CFS Bancorp, Inc.	†	1,873			6,050
Dime Community Bancshares, Inc.	†	1,638			19,197
Doral Financial Corp. (Puerto Rico)	*†	221			802
Federal Home Loan Mortgage Corp.	*†	25,235			37,095
Federal National Mortgage Association	*†	37,770			44,569
First Financial Service Corp.		402			3,642
First Niagara Financial Group, Inc.		4,217			58,658
Flagstar Bancorp, Inc.	*†	2,110			1,266
Harrington West Financial Group, Inc.	*	1,171			480
Hudson City Bancorp, Inc.		21,250			291,762
MGIC Investment Corp.	*	4,084			23,606
NASB Financial, Inc.	†	528			12,297
New York Community Bancorp, Inc.	†	12,640			183,406
NewAlliance Bancshares, Inc.	†	4,600			55,246
Northwest Bancshares, Inc.		4,608			52,163
Ocwen Financial Corp.	*†	3,358			32,136
Parkvale Financial Corp.		616			4,281
People’s United Financial, Inc.		8,652			144,488

See accompanying notes to financial statements.

305

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
PMI Group, Inc. (The)	*†	3,929		$	9,901
Provident Financial Services, Inc.	†	943			10,043
Provident New York Bancorp		3,670			30,975
Radian Group, Inc.	†	3,844			28,100
Riverview Bancorp, Inc.	*	2,600			5,798
TFS Financial Corp.		3,398			41,252
Tree.com, Inc.	*	314			2,873
Triad Guaranty, Inc.	*	692			187
Trustco Bank Corp.	†	3,435			21,641
United Western Bancorp, Inc.		973			2,685
Washington Federal, Inc.		3,379			65,350
Westfield Financial, Inc.	†	4,068			33,561
					1,414,602
Tobacco—1.3%
Alliance One International, Inc.	*†	2,000			9,760
Altria Group, Inc.		79,654			1,563,608
Lorillard, Inc.		6,904			553,908
Philip Morris International, Inc.		76,547			3,688,800
Reynolds American, Inc.		6,595			349,337
Universal Corp.	†	1,078			49,168
Vector Group Ltd.	†	2,633			36,862
					6,251,443
Trading Companies & Distributors—0.2%
Applied Industrial Technologies, Inc.		2,056			45,376
Beacon Roofing Supply, Inc.	*	2,570			41,120
Fastenal Co.	†	5,638			234,766
GATX Corp.	†	1,766			50,773
H&E Equipment Services, Inc.	*†	1,600			16,784
Interline Brands, Inc.	*†	982			16,959
MSC Industrial Direct Co., Class A		1,782			83,754
United Rentals, Inc.	*	2,798			27,448
W.W. Grainger, Inc.		2,817			272,770
Watsco, Inc.		553			27,086
WESCO International, Inc.	*†	1,550			41,866
Willis Lease Finance Corp.	*	1,234			18,510
					877,212
Water Utilities—0.0%
American States Water Co.		1,261			44,652
American Water Works Co., Inc.		2,266			50,781
Aqua America, Inc.	†	4,329			75,801
California Water Service Group	†	965			35,531
Connecticut Water Service, Inc.		500			12,385
SJW Corp.		1,010			22,796
					241,946
Wireless Telecommunication Services—0.4%
American Tower Corp., Class A	*	16,061			693,996
Crown Castle International Corp.	*†	8,983			350,696
Leap Wireless International, Inc.	*	3,300		$	57,915
MetroPCS Communications, Inc.	*†	7,134			54,432
NII Holdings, Inc.	*	5,995			201,312
NTELOS Holdings Corp.	†	2,700			48,114
SBA Communications Corp., Class A	*†	4,064			138,826
Shenandoah Telecommunications Co.	†	1,200			24,420
Sprint Nextel Corp.	*	88,755			324,843
Telephone & Data Systems, Inc.		3,518			119,331
United States Cellular Corp.	*	680			28,839
					2,042,724
TOTAL COMMON STOCKS
(Cost $383,903,803)					472,811,872
RIGHTS—0.0%
Biotechnology—0.0%
Ligand Pharmaceuticals, Inc., Expires 12/31/2011	*‡d	572			—
Pharmaceuticals—0.0%
Fresenius Kabi Pharmaceuticals Holding, Inc. (Germany), Expires 06/30/2011	*	1,756			509
Textiles, Apparel & Luxury Goods—0.0%
Mossimo, Inc.	*‡d	2,806			—
Thrifts & Mortgage Finance—0.0%
Flagstar Bancorp, Inc., Expires 01/25/2010	*‡d	3,165			—
TOTAL RIGHTS
(Cost $—)					509
WARRANTS—0.0%
Diversified Financial Services—0.0%
Equitex, Inc., Class A, Expires 02/07/2010	*‡d	264			—
Equitex, Inc., Class B, Expires 02/07/2010	*‡d	264			—
Pegasus Wireless Corp.	*‡d	540			—
TOTAL WARRANTS
(Cost $—)					—

 

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.024%	03/11/2010	‡‡
(Cost $389,981)			$	390,000		389,975

 

See accompanying notes to financial statements.

306

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Broad
Market Index Fund

		Shares	Value
CASH EQUIVALENTS—12.4%
Institutional Money Market Funds—12.4%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		4,307,797		$	4,307,797
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††	10,993,336			10,993,336
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class	††	11,000,000			11,000,000
Short-Term Investments Trust Liquid Assets Portfolio	††	11,000,000			11,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††	11,152,839			11,152,839
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††	11,000,000			11,000,000
TOTAL CASH EQUIVALENTS
(Cost $59,453,972)					59,453,972
TOTAL INVESTMENTS—111.4%
(Cost 443,747,756)					532,656,328
Other assets less liabilities—(11.4%)					(54,629,400	)
NET ASSETS—100.0%				$	478,026,928

 

Notes to the Schedule of Investments:

REIT Real Estate Investment Trust

* Non-income producing.

† Denotes all or a portion of the security on loan.

‡ Security valued at fair value as determined by policies approved by the Board of Directors.

d Security has no market value at December 31, 2009.

‡‡ Security or a portion of the security has been pledged as collateral for futures contracts.

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

See accompanying notes to financial statements.

307

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—97.3%
Aerospace & Defense—1.0%
AAR Corp.	*	3,869		$	88,910
Aerovironment, Inc.	*	616			17,913
Alliant Techsystems, Inc.	*	3,022			266,752
American Science & Engineering, Inc.		1,020			77,357
Applied Signal Technology, Inc.	†	2,274			43,865
Astronics Corp.	*	716			6,122
Astronics Corp., Class B	*	179			1,539
BE Aerospace, Inc.	*†	10,374			243,789
Ceradyne, Inc.	*	2,334			44,836
Cubic Corp.		1,262			47,073
Curtiss-Wright Corp.		3,943			123,495
DigitalGlobe, Inc.	*	3,405			82,401
Ducommun, Inc.		852			15,941
DynCorp International, Inc., Class A	*	1,953			28,026
Esterline Technologies Corp.	*	2,519			102,700
GenCorp, Inc.	*	4,016			28,112
GeoEye, Inc.	*†	1,729			48,204
HEICO Corp., Class A		2,477			89,073
Herley Industries, Inc.	*†	1,550			21,529
Hexcel Corp.	*†	8,244			107,007
Innovative Solutions & Support, Inc.	*	1,200			5,508
Kratos Defense & Security Solutions, Inc.	*	1,442			15,213
Ladish Co., Inc.	*†	2,037			30,718
Moog, Inc., Class A	*	3,584			104,760
Orbital Sciences Corp.	*	5,400			82,404
Spirit Aerosystems Holdings, Inc., Class A	*	6,992			138,861
Stanley, Inc.	*	1,217			33,358
Taser International, Inc.	*	6,942			30,406
Teledyne Technologies, Inc.	*	2,702			103,649
TransDigm Group, Inc.		3,761			178,610
Triumph Group, Inc.		2,080			100,360
					2,308,491
Air Freight & Logistics—0.2%
Air T, Inc.		563			5,444
Air Transport Services Group, Inc.	*	15,100			39,864
Atlas Air Worldwide Holdings, Inc.	*	1,188			44,253
Dynamex, Inc.	*	2,145			38,825
Forward Air Corp.	†	2,629			65,856
HUB Group, Inc., Class A	*†	3,172			85,105
Pacer International, Inc.	*†	3,711			11,727
UTi Worldwide, Inc. (Virgin Islands, British)		8,059			115,405
					406,479
Airlines—0.8%
AirTran Holdings, Inc.	*†	12,396			64,707
Alaska Air Group, Inc.	*	3,191			110,281
Allegiant Travel Co.	*†	1,751			82,595
AMR Corp.	*†	25,628			198,104
Continental Airlines, Inc., Class B	*†	14,521			260,216
Delta Air Lines, Inc.	*†	59,958			682,322
ExpressJet Holdings, Inc.	*	387			1,865
JetBlue Airways Corp.	*†	23,246			126,691
Mesa Air Group, Inc.	*	2,928			352
Pinnacle Airlines Corp.	*	4,709			32,398
Republic Airways Holdings, Inc.	*	3,638		$	26,885
Skywest, Inc.		5,070			85,784
UAL Corp.	*†	14,550			187,841
US Airways Group, Inc.	*†	8,416			40,734
					1,900,775
Auto Components—0.8%
American Axle & Manufacturing Holdings, Inc.	*†	5,514			44,222
Amerigon, Inc.	*†	3,475			27,592
ArvinMeritor, Inc.	*	5,690			63,614
BorgWarner, Inc.		9,706			322,433
Cooper Tire & Rubber Co.	†	3,864			77,473
Dana Holding Corp.	*	11,741			127,272
Drew Industries, Inc.	*	1,570			32,421
Exide Technologies	*†	9,741			69,259
Federal Mogul Corp.	*	8,384			145,043
Fuel Systems Solutions, Inc.	*	2,117			87,305
Gentex Corp.		11,177			199,509
Modine Manufacturing Co.	*†	4,717			55,849
Quantum Fuel Systems Technologies Worldwide, Inc.	*†	11,052			12,268
Shiloh Industries, Inc.	*	5,043			26,728
Spartan Motors, Inc.		6,140			34,568
Standard Motor Products, Inc.	*	2,540			21,641
Strattec Security Corp.	*	124			2,294
Superior Industries International, Inc.	†	2,013			30,799
Tenneco, Inc.	*	5,147			91,256
TRW Automotive Holdings Corp.	*†	10,285			245,606
WABCO Holdings, Inc.		7,712			198,893
					1,916,045
Automobiles—0.1%
Thor Industries, Inc.		3,595			112,883
Winnebago Industries, Inc.	*†	3,534			43,115
					155,998
Beverages—0.4%
Boston Beer Co., Inc., Class A	*	1,180			54,988
Central European Distribution Corp. (Poland)	*	3,976			112,958
Coca-Cola Bottling Co. Consolidated		437			23,607
Hansen Natural Corp.	*	10,468			401,971
Jones Soda Co.	*†	1,928			829
National Beverage Corp.	*†	766			10,617
PepsiAmericas, Inc.		8,074			236,245
					841,215
Biotechnology—2.8%
Aastrom Biosciences, Inc.	*	3,290			1,012
Abraxis Bioscience, Inc.	*†	2,772			112,405
Acorda Therapeutics, Inc.	*	3,687			92,986
Alexion Pharmaceuticals, Inc.	*	6,617			323,042
Alkermes, Inc.	*	6,009			56,545
Allos Therapeutics, Inc.	*	7,571			49,741
Alnylam Pharmaceuticals, Inc.	*†	3,514			61,917
AMAG Pharmaceuticals, Inc.	*†	2,241			85,225
Amylin Pharmaceuticals, Inc.	*†	17,151			243,373
Anadys Pharmaceuticals, Inc.	*	1,662			3,507
Antigenics, Inc.	*	9,214			5,897
ARCA Biopharma, Inc.	*†	436			1,421
Arena Pharmaceuticals, Inc.	*†	8,294			29,444

See accompanying notes to financial statements.

308

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Ariad Pharmaceuticals, Inc.	*	12,199		$	27,814
Arqule, Inc.	*	4,724			17,432
Array Biopharma, Inc.	*	4,170			11,718
AVI BioPharma, Inc.	*†	19,636			28,669
Avigen, Inc.	*‡	3,880			5,122
BioCryst Pharmaceuticals, Inc.	*†	3,943			25,472
BioMarin Pharmaceutical, Inc.	*†	13,317			250,493
Biosante Pharmaceuticals, Inc.	*†	1,867			2,707
Celera Corp.	*	8,151			56,323
Cell Therapeutics, Inc.	*†	54,015			61,577
Celldex Therapeutics, Inc.	*	1,799			8,419
Cepheid, Inc.	*	5,446			67,966
Clinical Data, Inc.	*†	1,998			36,483
Cubist Pharmaceuticals, Inc.	*	4,798			91,018
Cytokinetics, Inc.	*	4,127			12,010
CytRx Corp.	*	42,638			47,755
Dendreon Corp.	*	13,797			362,585
Dyax Corp.	*	9,610			32,578
Emergent Biosolutions, Inc.	*	2,525			34,315
Entremed, Inc.	*	1,390			1,112
Enzon Pharmaceuticals, Inc.	*†	4,016			42,288
EPIX Pharmaceuticals, Inc.	*	3,320			43
Exact Sciences Corp.	*	7,997			27,110
Exelixis, Inc.	*†	10,192			75,115
Facet Biotech Corp.	*†	4,790			84,208
Genaera Corp.	*‡d	797			—
Genomic Health, Inc.	*†	1,858			36,342
Geron Corp.	*†	11,195			62,132
GTC Biotherapeutics, Inc.	*	398			294
GTx, Inc.	*†	1,710			7,182
Halozyme Therapeutics, Inc.	*	5,974			35,067
Hemispherx Biopharma, Inc.	*†	14,952			8,373
Human Genome Sciences, Inc.	*†	17,063			522,128
Idenix Pharmaceuticals, Inc.	*	3,110			6,686
Idera Pharmaceuticals, Inc.	*	1,932			9,988
Immunogen, Inc.	*†	5,986			47,050
Immunomedics, Inc.	*	9,692			31,111
Incyte Corp. Ltd.	*†	9,580			87,274
InterMune, Inc.	*†	2,819			36,760
Isis Pharmaceuticals, Inc.	*	7,940			88,134
Keryx Biopharmaceuticals, Inc.	*†	12,840			32,100
Lexicon Pharmaceuticals, Inc.	*†	7,724			13,131
Ligand Pharmaceuticals, Inc., Class B	*	9,497			20,608
MannKind Corp.	*†	6,322			55,381
Martek Biosciences Corp.	*	3,591			68,014
Maxygen, Inc.	*	2,991			18,215
Medivation, Inc.	*†	3,832			144,275
Metabolix, Inc.	*	2,162			23,933
Momenta Pharmaceuticals, Inc.	*	3,492			44,034
Myriad Genetics, Inc.	*	8,522			222,424
Myriad Pharmaceuticals, Inc.	*	2,141			10,769
Nabi Biopharmaceuticals	*	6,806			33,349
Neurobiological Technologies, Inc.	*	448			52
Neurocrine Biosciences, Inc.	*	6,840			18,605
Novavax, Inc.	*†	11,268			29,973
NPS Pharmaceuticals, Inc.	*	7,595			25,823
Onyx Pharmaceuticals, Inc.	*†	6,499			190,681
Orthologic Corp.	*	1,517			1,092
OSI Pharmaceuticals, Inc.	*†	4,478			138,952
Osiris Therapeutics, Inc.	*	2,984			21,306
PDL BioPharma, Inc.	†	10,882			74,650
Peregrine Pharmaceuticals, Inc.	*†	1,823			5,396
Pharmasset, Inc.	*†	3,318			68,683
Poniard Pharmaceuticals, Inc.	*†	3,696		$	6,764
Progenics Pharmaceuticals, Inc.	*	2,623			11,646
Regeneron Pharmaceuticals, Inc.	*	6,795			164,303
Repligen Corp.	*	3,422			14,064
Rigel Pharmaceuticals, Inc.	*	3,086			29,348
RXi Pharmaceuticals Corp.	*†	6,212			28,451
Sangamo Biosciences, Inc.	*†	8,595			50,882
Savient Pharmaceuticals, Inc.	*	9,248			125,865
Sciclone Pharmaceuticals, Inc.	*†	4,800			11,184
Seattle Genetics, Inc.	*	7,531			76,515
SIGA Technologies, Inc.	*†	4,650			26,970
StemCells, Inc.	*†	8,757			11,034
Talecris Biotherapeutics Holdings Corp.	*	5,428			120,882
Targeted Genetics Corp.	*	3,456			968
Telik, Inc.	*	6,069			4,639
Theravance, Inc.	*	4,427			57,861
Trimeris, Inc.	*	4,014			10,517
United Therapeutics Corp.	*†	5,460			287,469
Vanda Pharmaceuticals, Inc.	*†	4,137			46,500
Vertex Pharmaceuticals, Inc.	*	14,803			634,309
Vion Pharmaceuticals, Inc.	*	17,757			2,397
XOMA Ltd.	*	12,047			8,418
Zymogenetics, Inc.	*	4,513			28,838
					6,476,638
Building Products—0.5%
American Woodmark Corp.		800			15,744
Ameron International Corp.		853			54,131
Apogee Enterprises, Inc.	†	2,250			31,500
Armstrong World Industries, Inc.	*	1,930			75,135
Gibraltar Industries, Inc.	*	1,868			29,384
Griffon Corp.	*	6,441			78,709
Insteel Industries, Inc.	†	1,400			18,200
Jewett-Cameron Trading Ltd.	*	2,007			13,748
Lennox International, Inc.		5,114			199,650
NCI Building Systems, Inc.	*	1,232			2,230
Owens Corning, Inc.	*	10,414			267,015
Quanex Building Products Corp.		3,376			57,291
Simpson Manufacturing Co., Inc.		3,679			98,928
Trex Co., Inc.	*	2,108			41,317
U.S. Home Systems, Inc.	*	1,292			3,282
Universal Forest Products, Inc.		1,649			60,700
USG Corp.	*†	7,705			108,255
					1,155,219
Capital Markets—2.2%
Affiliated Managers Group, Inc.	*†	3,775			254,246
Artio Global Investors, Inc.	*	1,774			45,219
BGC Partners, Inc., Class A		6,185			28,575
BlackRock, Inc.	†	4,156			965,023
Calamos Asset Management, Inc., Class A		1,520			17,526
Deerfield Capital Corp.	*	522			2,401
Diamond Hill Investment Group, Inc.		649			41,685
Eaton Vance Corp.	†	12,524			380,855
Evercore Partners, Inc., Class A	†	2,490			75,696
GAMCO Investors, Inc., Class A	†	639			30,857
GFI Group, Inc.		4,612			21,077
GLG Partners, Inc.	*†	25,997			83,710

See accompanying notes to financial statements.

309

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Greenhill & Co., Inc.		2,682		$	215,204
International Assets Holding Corp.	*	1,308			19,018
Investment Technology Group, Inc.	*	4,541			89,458
Jefferies Group, Inc.	*†	12,468			295,866
KBW, Inc.	*	2,524			69,057
Kent Financial Services, Inc.	*	2,200			3,454
Knight Capital Group, Inc., Class A	*	11,149			171,694
LaBranche & Co., Inc.	*	5,402			15,342
optionsXpress Holdings, Inc.		6,377			98,525
Penson Worldwide, Inc.	*†	2,610			23,647
Piper Jaffray Cos.	*	2,312			117,010
Raymond James Financial, Inc.		11,271			267,912
Riskmetrics Group, Inc.	*	2,472			39,329
Safeguard Scientifics, Inc.	*	3,658			37,714
Sanders Morris Harris Group, Inc.		2,882			15,851
SEI Investments Co.		21,023			368,323
Siebert Financial Corp.	*	1,470			3,396
Stifel Financial Corp.	*†	3,683			218,181
SWS Group, Inc.	†	2,331			28,205
TD Ameritrade Holding Corp.	*	29,507			571,846
Teton Advisors, Inc., Class B	*†‡	15			240
Thomas Weisel Partners Group, Inc.	*	4,162			15,732
TradeStation Group, Inc.	*	3,191			25,177
U.S. Global Investors, Inc., Class A	†	2,549			31,378
Virtus Investment Partners, Inc.	*	1,094			17,394
Waddell & Reed Financial, Inc., Class A	†	10,428			318,471
Westwood Holdings Group, Inc.	†	1,427			51,857
					5,076,151
Chemicals—2.7%
A. Schulman, Inc.	†	2,297			46,353
Albemarle Corp.		6,791			246,989
Ampal-American Israel Corp., Class A (Israel)	*†	15,776			42,595
Arch Chemicals, Inc.		2,418			74,668
Ashland, Inc.		5,906			233,996
Balchem Corp.		2,127			71,276
Cabot Corp.		4,167			109,300
Calgon Carbon Corp.	*	4,409			61,285
Celanese Corp., Class A		12,234			392,711
Cytec Industries, Inc.	†	4,124			150,196
Ferro Corp.		3,833			31,584
Flotek Industries, Inc.	*†	1,346			1,804
Georgia Gulf Corp.	*	2,761			47,986
H.B. Fuller Co.		4,230			96,232
Huntsman Corp.		17,894			202,023
ICO, Inc.	†	11,097			81,119
Intrepid Potash, Inc.	*†	4,761			138,878
Koppers Holdings, Inc.		2,428			73,908
Kronos Worldwide, Inc.	*†	235			3,819
Landec Corp.	*	3,037			18,951
LSB Industries, Inc.	*	1,412			19,909
Lubrizol Corp.		5,599			408,447
Material Sciences Corp.	*	2,565			4,540
Minerals Technologies, Inc.		1,341			73,044
Mosaic Co. (The)		16,218			968,701
Nalco Holding Co.		12,028			306,834
NewMarket Corp.	†	1,651			189,485
NL Industries, Inc.		412		$	2,859
Olin Corp.	†	6,749			118,242
OM Group, Inc.	*	2,471			77,565
Omnova Solutions, Inc.	*	3,769			23,104
Penford Corp.	†	2,075			18,032
PolyOne Corp.	*	7,843			58,587
Quaker Chemical Corp.		1,303			26,894
Rockwood Holdings, Inc.	*	3,784			89,151
RPM International, Inc.		10,721			217,958
Scotts Miracle-Gro Co. (The), Class A		5,276			207,400
Sensient Technologies Corp.		4,270			112,301
Solutia, Inc.	*	8,655			109,919
Spartech Corp.		2,131			21,864
Stepan Co.	†	1,197			77,578
Terra Industries, Inc.		9,661			310,988
Valhi, Inc.		7,241			101,157
Valspar Corp.		10,169			275,987
W.R. Grace & Co.	*†	6,348			160,922
Westlake Chemical Corp.	†	2,003			49,935
Zep, Inc.		2,287			39,611
Zoltek Cos., Inc.	*†	3,934			37,373
					6,234,060
Commercial Banks—3.6%
1st Source Corp.		850			13,676
Alliance Bankshares Corp.	*	12,824			36,548
Amcore Financial, Inc.	*†	2,073			2,571
AmericanWest Bancorp	*	1,951			790
Ameris Bancorp	†	3,058			21,898
Arrow Financial Corp.	†	2,255			56,375
Associated Banc-Corp	†	10,941			120,460
BancFirst Corp.		1,092			40,448
Bancorp, Inc. (The)/Delaware	*†	4,479			30,726
BancorpSouth, Inc.	†	9,963			233,732
BancTrust Financial Group, Inc.	†	4,800			13,776
Bank of Hawaii Corp.		4,718			222,029
Bank of the Ozarks, Inc.	†	1,692			49,525
Banner Corp.	†	2,682			7,188
BOK Financial Corp.	†	2,311			109,819
Boston Private Financial Holdings, Inc.	†	8,952			51,653
Bryn Mawr Bank Corp.	†	2,098			31,659
Camden National Corp.	†	1,411			46,140
Capital Bank Corp.		1,283			4,940
Capital City Bank Group, Inc.		1,576			21,812
CapitalSource, Inc.		23,158			91,937
Capitol Bancorp Ltd.	†	1,172			2,297
Cardinal Financial Corp.		5,028			43,945
Cascade Bancorp	*	4,795			3,309
Cascade Financial Corp.	†	1,063			2,360
Cathay General Bancorp	†	5,713			43,133
Catskill Litigation Trust	*‡d	583			—
Center Financial Corp.	*	3,188			14,665
Central Pacific Financial Corp.	*†	2,937			3,847
Chemical Financial Corp.		2,317			54,635
Citizens Republic Bancorp, Inc.	*	18,265			12,603
City Bank/Washington	*†	1,647			2,866
City Holding Co.		1,962			63,431
City National Corp./California	†	5,385			245,556
CoBiz Financial, Inc.		3,329			15,813
Columbia Banking System, Inc.	†	2,974			48,119
Commerce Bancshares, Inc./Missouri		6,962			269,569
Community Bank System, Inc.	†	3,080			59,475

See accompanying notes to financial statements.

310

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Community Trust Bancorp, Inc.	†	1,658		$	40,538
Cullen/Frost Bankers, Inc.		6,229			311,450
CVB Financial Corp.	†	8,917			77,043
Danvers Bancorp, Inc.	†	3,141			40,802
East West Bancorp, Inc.	†	10,558			166,816
Eastern Virginia Bankshares, Inc.		701			4,977
Fidelity Southern Corp.	*	6,662			23,983
Financial Institutions, Inc.		2,448			28,837
First BanCorp. (Puerto Rico)	†	11,152			25,650
First Bancorp/North Carolina	†	2,459			34,352
First Busey Corp.		2,491			9,690
First Citizens BancShares, Inc./North Carolina, Class A		634			103,982
First Commonwealth Financial Corp.		6,466			30,067
First Financial Bancorp	†	4,349			63,321
First Financial Bankshares, Inc.	†	1,727			93,655
First Merchants Corp.	†	2,436			14,470
First Midwest Bancorp, Inc./Illinois	†	6,091			66,331
First of Long Island Corp. (The)	†	1,432			36,158
First State Bancorporation/New Mexico	*	2,566			1,021
FirstMerit Corp.		9,293			187,161
FNB Corp./Pennsylvania	†	10,042			68,185
Frontier Financial Corp.	*†	464			1,629
Fulton Financial Corp.		18,221			158,887
Glacier Bancorp, Inc.	†	5,600			76,832
Great Southern Bancorp, Inc.	†	1,809			38,640
Green Bankshares, Inc.	†	2,129			7,558
Guaranty Bancorp	*	20,379			26,900
Hancock Holding Co.	†	2,349			102,863
Hanmi Financial Corp.	*†	5,069			6,083
Harleysville National Corp.		4,586			29,534
Heritage Commerce Corp.		5,846			23,501
Heritage Financial Corp./Washington		972			13,394
Horizon Financial Corp.	*†	1,660			374
IBERIABANK Corp.		2,647			142,435
Independent Bank Corp./Massachusetts	†	3,125			65,281
Independent Bank Corp./Michigan	†	3,884			2,796
Integra Bank Corp.		1,659			1,228
International Bancshares Corp.		6,833			129,349
Investors Bancorp, Inc.	*	4,407			48,213
Lakeland Financial Corp.		2,823			48,697
Macatawa Bank Corp.	*†	1,599			3,470
MainSource Financial Group, Inc.	†	3,185			15,224
MB Financial, Inc.		3,847			75,863
Merchants Bancshares, Inc.		1,298			29,387
Midsouth Bancorp, Inc.		1,241			17,250
Midwest Banc Holdings, Inc.	*†	1,420			511
MidWestOne Financial Group, Inc.		4,566			39,952
Nara Bancorp, Inc.	*†	3,860			43,772
National Penn Bancshares, Inc.	†	6,952			40,252
NBT Bancorp, Inc.	†	4,152			84,576
Northern States Financial Corp.	*	4,695			18,897
Northfield Bancorp, Inc.		3,239			43,791
Old National Bancorp/Indiana		5,304			65,929
Old Second Bancorp, Inc.	†	1,975		$	13,608
Oriental Financial Group, Inc. (Puerto Rico)		5,322			57,478
Pacific Capital Bancorp	†	5,547			5,325
Pacific Premier Bancorp, Inc.	*	977			3,302
PacWest Bancorp		2,392			48,199
Park National Corp.	†	1,146			67,476
Peapack Gladstone Financial Corp.		1,086			13,770
Peoples Bancorp, Inc./Ohio		1,235			11,955
Peoples Financial Corp./Mississippi		1,631			33,142
Pinnacle Financial Partners, Inc.	*†	2,764			39,304
Popular, Inc. (Puerto Rico)		53,815			121,622
Preferred Bank/California		4,473			8,051
PrivateBancorp, Inc.		5,859			52,555
Prosperity Bancshares, Inc.	†	4,902			198,384
Renasant Corp.	†	2,255			30,668
Republic Bancorp, Inc./Kentucky, Class A	†	2,055			42,333
Royal Bancshares of Pennsylvania, Inc., Class A	*	11,522			14,979
S&T Bancorp, Inc.	†	2,764			47,016
Sandy Spring Bancorp, Inc.	†	2,239			19,905
Santander BanCorp (Puerto Rico)	*	511			6,275
Seacoast Banking Corp. of Florida		2,998			4,887
Shore Bancshares, Inc.		5,419			78,359
Sierra Bancorp		5,758			43,934
Signature Bank/New York	*	3,883			123,868
Simmons First National Corp., Class A		2,377			66,081
South Financial Group, Inc. (The)		10,203			6,578
Southwest Bancorp, Inc./Oklahoma		2,739			19,009
State Bancorp, Inc./New York		3,354			23,847
Sterling Bancorp/New York	†	3,135			22,384
Sterling Bancshares, Inc./Texas	†	8,065			41,373
Sterling Financial Corp./Washington	*†	4,010			2,486
Suffolk Bancorp	†	1,614			47,936
Superior Bancorp	*†	9,432			31,031
Susquehanna Bancshares, Inc.	†	7,650			45,058
SVB Financial Group	*	3,535			147,374
SY Bancorp, Inc.	†	2,543			54,293
Synovus Financial Corp.	†	52,126			106,858
TCF Financial Corp.	†	11,585			157,788
Texas Capital Bancshares, Inc.	*	4,544			63,434
Tompkins Financial Corp.	†	989			40,054
TowneBank/Virginia	†	2,280			26,630
Trustmark Corp.	†	6,697			150,950
UMB Financial Corp.	†	3,926			154,488
Umpqua Holdings Corp.	†	7,769			104,182
Union Bankshares Corp./Virginia	†	2,131			26,403
United Bankshares, Inc.	†	4,222			84,313
United Community Banks, Inc./Georgia	*	4,029			13,658
Valley National Bancorp		14,209			200,773
Virginia Commerce Bancorp	*	10,179			37,968
W Holding Co., Inc. (Puerto Rico)	†	372			8,519
Washington Trust Bancorp, Inc.	†	2,413			37,595
Webster Financial Corp.	†	3,649			43,314
WesBanco, Inc.		2,340			28,876

See accompanying notes to financial statements.

311

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
West Coast Bancorp/Oregon		6,311		$	13,253
Westamerica Bancorporation	†	2,577			142,688
Western Alliance Bancorp	*	7,301			27,598
Whitney Holding Corp./Louisiana	†	5,129			46,725
Wilmington Trust Corp.	†	5,828			71,918
Wilshire Bancorp, Inc.	†	5,214			42,703
Wintrust Financial Corp.	†	2,780			85,596
					8,235,011
Commercial Services & Supplies—1.5%
ABM Industries, Inc.	†	4,088			84,458
ACCO Brands Corp.	*	6,182			45,005
American Ecology Corp.		2,133			36,346
American Reprographics Co.	*	3,490			24,465
APAC Customer Services, Inc.	*	1,972			11,753
ATC Technology Corp.	*	1,503			35,847
Bowne & Co., Inc.		4,086			27,294
Brink’s Co. (The)		4,902			119,315
Casella Waste Systems, Inc., Class A	*	5,820			23,396
Cenveo, Inc.	*	10,269			89,854
Clean Harbors, Inc.	*	2,210			131,738
Consolidated Graphics, Inc.	*	699			24,479
Copart, Inc.	*†	7,116			260,659
Cornell Cos., Inc.	*†	1,730			39,271
Corrections Corp. of America	*	14,665			360,026
Courier Corp.		1,904			27,132
Covanta Holding Corp.	*†	13,438			243,093
Deluxe Corp.		4,863			71,924
EnergySolutions, Inc.	†	7,259			61,629
Ennis, Inc.		2,217			37,223
G&K Services, Inc., Class A		1,576			39,605
Geo Group, Inc. (The)	*	4,245			92,881
Healthcare Services Group, Inc.	†	3,902			83,737
Herman Miller, Inc.	†	5,018			80,188
HNI Corp.		3,310			91,455
Interface, Inc., Class A		3,470			28,836
Intersections, Inc.	*	1,900			9,310
Kimball International, Inc., Class B		4,445			37,871
Knoll, Inc.		4,195			43,334
M&F Worldwide Corp.	*	1,251			49,414
McGrath Rentcorp	†	2,460			55,006
Metalico, Inc.	*†	1,513			7,444
Mine Safety Appliances Co.	†	2,725			72,294
Mobile Mini, Inc.	*†	3,320			46,779
Multi-Color Corp.		1,912			23,346
Perma-Fix Environmental Services, Inc.	*	5,502			12,490
Rollins, Inc.		8,652			166,811
Standard Register Co. (The)	†	1,650			8,415
Steelcase, Inc., Class A		4,515			28,715
Sykes Enterprises, Inc.	*	3,519			89,629
Team, Inc.	*†	1,659			31,206
Tetra Tech, Inc.	*	5,114			138,947
TRC Cos., Inc.	*	11,036			32,998
United Stationers, Inc.	*	2,055			116,827
Viad Corp.		1,978			40,806
Virco Mfg. Corp.		799			2,916
Waste Connections, Inc.	*†	7,983			266,153
					3,452,320
Communications Equipment—1.8%
3Com Corp.	*	37,205		$	279,038
ADC Telecommunications, Inc.	*†	10,538			65,441
ADTRAN, Inc.	†	6,609			149,033
Alliance Fiber Optic Products, Inc.		4,818			5,782
AltiGen Communications, Inc.	*	4,110			4,110
Anaren, Inc.	*	2,003			30,145
Arris Group, Inc.	*	13,085			149,562
Aruba Networks, Inc.	*	5,783			61,647
Bel Fuse, Inc., Class A		546			10,614
BigBand Networks, Inc.	*	7,195			24,751
Black Box Corp.		1,414			40,073
Blonder Tongue Laboratories, Inc.	*	2,285			2,605
Blue Coat Systems, Inc.	*†	3,077			87,818
Brocade Communications Systems, Inc.	*	47,452			362,059
Ciena Corp.	*†	6,000			65,040
CommScope, Inc.	*	9,410			249,647
Comtech Telecommunications Corp.	*†	3,394			118,960
DG FastChannel, Inc.	*†	1,773			49,520
Digi International, Inc.	*	2,517			22,955
Digital Angel Corp.	*	584			444
Ditech Networks, Inc.	*	3,980			5,134
EchoStar Corp., Class A	*	4,738			95,423
Emcore Corp.	*†	6,178			6,610
EMS Technologies, Inc.	*	1,782			25,839
Emulex Corp.	*	9,660			105,294
EndWave Corp.	*	912		��	2,225
Extreme Networks, Inc.	*	9,940			28,528
F5 Networks, Inc.	*†	7,612			403,284
Finisar Corp.	*†	5,319			47,446
Globecomm Systems, Inc.	*	5,067			39,624
Harmonic, Inc.	*	8,430			53,362
Harris Stratex Networks, Inc.	*	4,485			30,991
Hughes Communications, Inc.	*	1,313			34,177
Infinera Corp.	*	8,890			78,854
InterDigital, Inc.	*†	3,859			102,418
Ixia	*	5,492			40,860
KVH Industries, Inc.	*	3,755			55,386
Loral Space & Communications, Inc.	*	1,513			47,826
NETGEAR, Inc.	*	3,410			73,963
Network Engines, Inc.	*	1,330			1,782
Network Equipment Technologies, Inc.	*†	2,454			9,939
Numerex Corp., Class A	*	1,800			7,740
Oclaro, Inc.	*	22,894			33,654
Oplink Communications, Inc.	*	1,808			29,633
Optelecom-NKF, Inc.	*	3,399			9,619
Optical Cable Corp.	*	241			795
Orbcomm, Inc.	*	3,512			9,482
Palm, Inc.	*†	15,774			158,371
Parkervision, Inc.	*†	2,943			5,386
Performance Technologies, Inc.	*	794			2,215
Plantronics, Inc.		4,089			106,232
Polycom, Inc.	*†	8,410			209,998
Powerwave Technologies, Inc.	*	8,448			10,644
Riverbed Technology, Inc.	*†	5,583			128,242
SCM Microsystems, Inc.	*	1,494			3,376
SeaChange International, Inc.	*	3,359			22,069
Sonus Networks, Inc.	*	17,431			36,779

See accompanying notes to financial statements.

312

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Sycamore Networks, Inc.		1,477		$	30,884
Symmetricom, Inc.	*	6,110			31,772
Tekelec	*	6,288			96,081
Tollgrade Communications, Inc.	*	5,462			33,373
UTStarcom, Inc.	*†	14,322			31,365
Viasat, Inc.	*†	2,822			89,683
Westell Technologies, Inc., Class A	*	3,671			4,405
Zoom Technologies, Inc.	*†	542			3,350
					4,163,357
Computers & Peripherals—0.8%
3PAR, Inc.	*†	3,566			42,257
ActivIdentity Corp.	*†	5,830			13,701
Adaptec, Inc.	*	7,841			26,267
Avid Technology, Inc.	*†	2,658			33,916
Concurrent Computer Corp.	*	759			3,036
Cray, Inc.	*	4,598			29,519
Dataram Corp.	*	1,175			4,312
Diebold, Inc.		6,403			182,165
Dot Hill Systems Corp.	*	3,866			7,345
Electronics for Imaging, Inc.	*	3,912			50,895
Hutchinson Technology, Inc.	*†	2,054			21,074
Hypercom Corp.	*	4,002			12,686
iGO, Inc.	*	2,804			3,449
Imation Corp.	*	2,265			19,751
Immersion Corp.	*	5,977			27,315
Intermec, Inc.	*	4,513			58,037
Intevac, Inc.	*	3,057			35,064
NCR Corp.	*	14,128			157,245
Novatel Wireless, Inc.	*†	2,949			23,504
Overland Storage, Inc.	*	9,851			22,657
Presstek, Inc.	*	6,107			13,008
Quantum Corp.	*	18,593			54,478
Rimage Corp.	*	924			16,022
Seagate Technology (Cayman Islands)		45,513			827,882
Silicon Graphics International Corp.	*	3,088			21,647
STEC, Inc.	*†	4,580			74,837
Stratasys, Inc.	*†	1,962			33,903
Synaptics, Inc.	*†	3,209			98,356
TransAct Technologies, Inc.	*	889			6,170
					1,920,498
Construction & Engineering—0.9%
Aecom Technology Corp.	*	10,509			288,998
Comfort Systems USA, Inc.		3,803			46,929
Dycom Industries, Inc.	*†	5,316			42,687
EMCOR Group, Inc.	*	6,332			170,331
Furmanite Corp.	*	4,100			15,621
Granite Construction, Inc.	†	4,105			138,174
Insituform Technologies, Inc., Class A	*†	2,980			67,706
KBR, Inc.		15,576			295,944
Layne Christensen Co.	*	1,813			52,051
MasTec, Inc.	*	5,153			64,413
Northwest Pipe Co.	*	1,025			27,532
Orion Marine Group, Inc.	*	2,206			46,458
Pike Electric Corp.	*†	1,369			12,704
Shaw Group, Inc. (The)	*	9,029			259,584
Sterling Construction Co., Inc.	*	1,751			33,584
Tutor Perini Corp.	*†	4,186			75,683
URS Corp.	*	8,049			358,341
					1,996,740
Construction Materials—0.2%
Eagle Materials, Inc.		4,454		$	116,027
Headwaters, Inc.	*	2,476			16,143
Martin Marietta Materials, Inc.	†	3,473			310,521
Texas Industries, Inc.		2,313			80,932
U.S. Concrete, Inc.	*	4,770			4,341
					527,964
Consumer Finance—0.3%
Advance America Cash Advance Centers, Inc.		6,040			33,583
AmeriCredit Corp.	*†	7,671			146,056
Cash America International, Inc.		4,253			148,685
CompuCredit Holdings Corp.	†	2,840			9,457
Dollar Financial Corp.	*†	2,393			56,618
Ezcorp, Inc., Class A	*	4,463			76,808
First Cash Financial Services, Inc.	*†	2,180			48,374
First Marblehead Corp. (The)	*	4,118			8,771
Nelnet, Inc., Class A		4,517			77,828
Rewards Network, Inc.		1,109			14,018
Student Loan Corp. (The)		247			11,503
World Acceptance Corp.	*†	1,219			43,677
					675,378
Containers & Packaging—0.8%
AEP Industries, Inc.	*	1,109			42,453
AptarGroup, Inc.		5,916			211,438
Crown Holdings, Inc.	*	13,981			357,634
Graphic Packaging Holding Co.	*	5,000			17,350
Greif, Inc., Class A	†	3,616			195,192
Myers Industries, Inc.		1,717			15,625
Packaging Corp. of America		9,287			213,694
Rock-Tenn Co., Class A		3,089			155,716
Silgan Holdings, Inc.		2,164			125,252
Sonoco Products Co.		8,131			237,832
Temple-Inland, Inc.		14,650			309,261
					1,881,447
Distributors—0.1%
Audiovox Corp., Class A	*	2,945			20,880
LKQ Corp.	*†	11,819			231,534
					252,414
Diversified Consumer Services—1.0%
American Public Education, Inc.	*†	1,422			48,860
Brink’s Home Security Holdings, Inc.	*†	3,497			114,142
Capella Education Co.	*†	1,374			103,462
Career Education Corp.	*	8,264			192,634
Coinstar, Inc.	*†	3,326			92,396
Corinthian Colleges, Inc.	*†	7,377			101,581
Education Management Corp.	*†	2,173			47,828
Grand Canyon Education, Inc.	*†	2,304			43,799
Hillenbrand, Inc.		5,927			111,665
ITT Educational Services, Inc.	*†	3,718			356,779
Jackson Hewitt Tax Service, Inc.	*	5,730			25,212
K12, Inc.	*†	2,563			51,952
Learning Tree International, Inc.	*	766			9,146
Matthews International Corp., Class A		3,279			116,175

See accompanying notes to financial statements.

313

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Pre-Paid Legal Services, Inc.	*†	780		$	32,042
Princeton Review, Inc.	*	2,409			9,781
Regis Corp.		5,270			82,054
Service Corp. International		20,728			169,762
Sotheby’s	†	6,063			136,296
Steiner Leisure Ltd. (Bahamas)	*†	1,645			65,405
Stewart Enterprises, Inc., Class A	†	6,846			35,257
Strayer Education, Inc.	†	944			200,591
Universal Technical Institute, Inc.	*†	2,513			50,763
Weight Watchers International, Inc.	†	2,477			72,229
					2,269,811
Diversified Financial Services—0.4%
Asset Acceptance Capital Corp.	*	3,797			25,744
Asta Funding, Inc.		650			4,609
Financial Federal Corp.		2,315			63,663
Interactive Brokers Group, Inc., Class A	*	5,854			103,733
MarketAxess Holdings, Inc.	†	4,426			61,521
Medallion Financial Corp.		2,518			20,572
MF Global Ltd. (Bermuda)	*†	9,974			69,319
MSCI, Inc., Class A	*	11,209			356,446
PHH Corp.	*†	4,663			75,121
Pico Holdings, Inc.	*	1,955			63,987
Portfolio Recovery Associates, Inc.	*	1,413			63,415
Resource America, Inc., Class A		1,547			6,250
					914,380
Diversified Telecommunication Services—0.5%
8x8, Inc.	*	25,847			39,029
AboveNet, Inc.	*	284			18,471
Alaska Communications Systems Group, Inc.	†	4,537			36,205
Atlantic Tele-Network, Inc.	†	1,034			56,880
Cbeyond, Inc.	*†	3,092			48,699
Cincinnati Bell, Inc.	*	21,626			74,610
Clearwire Corp., Class A	*†	9,488			64,139
Cogent Communications Group, Inc.	*	3,453			34,047
Consolidated Communications Holdings, Inc.		3,222			56,385
General Communication, Inc., Class A	*	3,847			24,544
Global Crossing Ltd. (Bermuda)	*	4,359			62,116
HickoryTech Corp.		2,286			20,185
IDT Corp., Class B	*	1,600			7,760
Integrated Telecom Express, Inc.	*‡d	1,103			—
Iowa Telecommunications Services, Inc.		3,540			59,330
Level 3 Communications, Inc.	*†	147,954			226,370
Neutral Tandem, Inc.	*	2,860			65,065
PAETEC Holding Corp.	*	14,158			58,756
Premiere Global Services, Inc.	*	5,642			46,547
Superior TeleCom, Inc.	*‡d	2,014			—
SureWest Communications	*	1,674			16,673
tw telecom Inc.	*†	11,539			197,778
XETA Technologies, Inc.	*	1,947			5,860
Zoom Telephonics, Inc.	*	542			274
					1,219,723
Electric Utilities—1.3%
Allete, Inc.	†	2,672		$	87,321
Central Vermont Public Service Corp.	†	1,553			32,302
Cleco Corp.	†	5,868			160,373
DPL, Inc.		12,928			356,813
El Paso Electric Co.	*	5,489			111,317
Empire District Electric Co. (The)		7,090			132,796
Great Plains Energy, Inc.	†	17,518			339,674
Hawaiian Electric Industries, Inc.	†	9,616			200,974
IDACORP, Inc.		5,144			164,351
ITC Holdings Corp.	†	5,806			302,435
MGE Energy, Inc.		2,530			90,422
NV Energy, Inc.		29,052			359,664
PNM Resources, Inc.	†	6,748			85,362
Portland General Electric Co.	†	9,369			191,221
UIL Holdings Corp.		2,136			59,979
Unisource Energy Corp.		4,410			141,958
Unitil Corp.	†	1,689			38,813
Westar Energy, Inc.		9,928			215,636
					3,071,411
Electrical Equipment—1.5%
A.O. Smith Corp.		2,078			90,164
A123 Systems, Inc.	*†	3,108			69,744
Active Power, Inc.	*	28,492			31,341
Acuity Brands, Inc.	†	3,098			110,413
American Superconductor Corp.	*	4,615			188,753
AMETEK, Inc.		10,807			413,260
AZZ, Inc.	*†	1,134			37,082
Baldor Electric Co.	†	4,046			113,652
Belden, Inc.		4,570			100,174
Brady Corp., Class A		4,341			130,273
C&D Technologies, Inc.	*†	5,424			8,407
Capstone Turbine Corp.	*†	15,089			19,465
Encore Wire Corp.	†	1,693			35,671
Energy Conversion Devices, Inc.	*†	6,797			71,844
EnerSys	*	4,170			91,198
Evergreen Solar, Inc.	*†	11,911			17,986
Franklin Electric Co., Inc.		2,023			58,829
FuelCell Energy, Inc.	*†	9,197			34,581
General Cable Corp.	*†	5,830			171,519
GrafTech International Ltd.	*	14,017			217,964
GT Solar International, Inc.	*†	10,495			58,352
Hubbell, Inc., Class B		4,476			211,715
II-VI, Inc.	*	1,982			63,028
LaBarge, Inc.	*	2,232			26,896
LSI Industries, Inc.		3,003			23,664
Magnetek, Inc.	*	4,586			7,062
Microvision, Inc.	*†	11,623			36,845
Orbit International Corp.	*	2,812			10,826
Plug Power, Inc.	*	8,935			6,344
Powell Industries, Inc.	*	1,046			32,980
Power-One, Inc.	*†	22,036			95,857
PowerSecure International, Inc.	*	2,650			19,106
Regal-Beloit Corp.	†	2,722			141,381
Servotronics, Inc.		3,119			29,319
Spire Corp.	*†	1,921			10,297
SunPower Corp., Class A	*†	6,513			154,228
SunPower Corp., Class B	*†	2,746			57,529
Tech/Ops Sevcon, Inc.	*	720			1,714
Thomas & Betts Corp.	*	5,674			203,072
Ultralife Corp.	*	3,672			15,863

See accompanying notes to financial statements.

314

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Universal Security Instruments, Inc.	*	266		$	1,396
Valence Technology, Inc.	*†	4,773			4,343
Vicor Corp.	*	3,481			32,373
Woodward Governor Co.		4,951			127,587
					3,384,097
Electronic Equipment, Instruments & Components—2.0%
Agilysys, Inc.	†	2,266			20,621
American Technology Corp.	*†	3,686			5,455
Anixter International, Inc.	*†	3,123			147,093
Arrow Electronics, Inc.	*	10,332			305,931
Avnet, Inc.	*	13,750			414,700
AVX Corp.		4,035			51,123
Benchmark Electronics, Inc.	*	5,413			102,360
Brightpoint, Inc.	*	5,890			43,292
CalAmp Corp.	*	7,372			25,360
Checkpoint Systems, Inc.	*	2,970			45,293
Cogent, Inc.	*	3,830			39,794
Cognex Corp.	†	3,335			59,096
Coherent, Inc.	*†	2,327			69,182
CTS Corp.		4,578			44,040
Daktronics, Inc.	†	3,564			32,824
Dolby Laboratories, Inc., Class A	*	4,863			232,111
DTS, Inc.	*†	1,605			54,907
Echelon Corp.	*†	3,748			43,327
Electro Rent Corp.		2,563			29,577
Electro Scientific Industries, Inc.	*	3,685			39,872
Electro-Sensors, Inc.		2,581			9,601
FARO Technologies, Inc.	*	1,212			25,985
Frequency Electronics, Inc.	*	822			4,225
Gerber Scientific, Inc.	*	3,478			17,564
ID Systems, Inc.	*	1,146			3,713
Ingram Micro, Inc., Class A	*	15,945			278,240
Insight Enterprises, Inc.	*	2,944			33,620
IPG Photonics Corp.	*†	2,188			36,627
Iteris, Inc.	*	4,264			6,396
Itron, Inc.	*	4,238			286,362
Keithley Instruments, Inc.		2,170			10,091
L-1 Identity Solutions, Inc.	*†	6,227			46,640
LeCroy Corp.	*	2,720			9,928
Lightpath Technologies, Inc., Class A	*†	17,646			29,822
Littelfuse, Inc.	*	2,845			91,467
LoJack Corp.	*	1,880			7,595
Maxwell Technologies, Inc.	*	3,381			60,317
Measurement Specialties, Inc.	*	3,063			30,783
Mercury Computer Systems, Inc.	*	2,443			26,897
Merix Corp.	*	2,175			5,329
Mesa Laboratories, Inc.		1,200			31,620
Methode Electronics, Inc.		2,784			24,165
MTS Systems Corp.		1,818			52,249
National Instruments Corp.	†	6,401			188,509
Newport Corp.	*†	3,015			27,708
NU Horizons Electronics Corp.	*	3,069			12,644
OI Corp.		1,600			13,616
OSI Systems, Inc.	*	2,179			59,443
Park Electrochemical Corp.		1,950			53,898
PC Connection, Inc.	*	2,755			18,596
Planar Systems, Inc.	*	8,504			24,236
Plexus Corp.	*	4,010			114,285
Radisys Corp.	*	2,757		$	26,329
Research Frontiers, Inc.	*	2,932			11,112
Rofin-Sinar Technologies, Inc.	*	3,102			73,238
Rogers Corp.	*	1,417			42,949
Sanmina-SCI Corp.	*†	6,528			72,006
ScanSource, Inc.	*	1,798			48,007
Sigmatron International, Inc.	*	283			1,415
SMART Modular Technologies (WWH), Inc.	*	2,050			12,895
Spectrum Control, Inc.	*	1,195			11,317
SYNNEX Corp.	*†	2,160			66,226
Tech Data Corp.	*	4,669			217,856
Technitrol, Inc.		7,988			34,987
Trans-Lux Corp.	*	867			616
Trimble Navigation Ltd.	*	11,715			295,218
TTM Technologies, Inc.	*	3,547			40,897
Universal Display Corp.	*†	2,789			34,472
Vishay Intertechnology, Inc.	*	15,234			127,204
X-Rite, Inc.	*	2,441			5,321
Zygo Corp.	*†	2,489			16,751
					4,586,945
Energy Equipment & Services—2.0%
Allis-Chalmers Energy, Inc.	*	4,292			16,181
Atwood Oceanics, Inc.	*	4,561			163,512
Basic Energy Services, Inc.	*	2,408			21,431
Bolt Technology Corp.	*	3,477			38,317
Bristow Group, Inc.	*	2,203			84,705
Bronco Drilling Co., Inc.	*†	3,007			15,245
Cal Dive International, Inc.	*	5,564			42,064
CARBO Ceramics, Inc.		1,582			107,845
Complete Production Services, Inc.	*†	4,409			57,317
Dawson Geophysical Co.	*	930			21,492
Dresser-Rand Group, Inc.	*	6,632			209,638
Dril-Quip, Inc.	*†	2,446			138,150
Exterran Holdings, Inc.	*†	5,880			126,126
Global Industries Ltd.	*	10,304			73,468
Gulfmark Offshore, Inc.	*†	2,138			60,527
Helix Energy Solutions Group, Inc.	*	9,910			116,442
Helmerich & Payne, Inc.	†	9,444			376,627
Hercules Offshore, Inc.	*	6,416			30,668
Hornbeck Offshore Services, Inc.	*†	2,714			63,182
ION Geophysical Corp.	*†	5,372			31,802
Key Energy Services, Inc.	*	9,195			80,824
Lufkin Industries, Inc.	†	1,255			91,866
Matrix Service Co.	*	2,410			25,667
Mitcham Industries, Inc.	*	3,707			27,321
Natural Gas Services Group, Inc.	*†	2,837			53,477
Newpark Resources, Inc.	*	9,665			40,883
Oceaneering International, Inc.	*	5,969			349,306
Oil States International, Inc.	*	5,059			198,768
OYO Geospace Corp.	*	550			23,590
Parker Drilling Co.	*†	9,263			45,852
Patterson-UTI Energy, Inc.	†	20,135			309,072
PHI, Inc.	*	1,283			26,558
Pioneer Drilling Co.	*	6,698			52,914
Pride International, Inc.	*†	16,819			536,694
RPC, Inc.		4,269			44,398
SEACOR Holdings, Inc.	*	1,646			125,508
Sulphco, Inc.	*†	8,130			5,447
Superior Energy Services, Inc.	*	6,470			157,156
T-3 Energy Services, Inc.	*†	975			24,863
Tetra Technologies, Inc.	*	7,968			88,285
Tidewater, Inc.		5,071			243,154

See accompanying notes to financial statements.

315

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Trico Marine Services, Inc.	*	1,353		$	6,143
Unit Corp.	*†	4,307			183,047
					4,535,532
Food & Staples Retailing—0.4%
Andersons, Inc. (The)		1,795			46,347
Arden Group, Inc., Class A		260			24,861
BJ’s Wholesale Club, Inc.	*	4,975			162,732
Casey’s General Stores, Inc.	†	4,617			147,375
Great Atlantic & Pacific Tea Co.	*	2,493			29,392
Nash Finch Co.	†	1,190			44,137
Nyer Medical Group, Inc.	*	2,533			4,648
Pantry, Inc. (The)	*	2,139			29,069
Rite Aid Corp.	*†	53,256			80,417
Ruddick Corp.	†	3,934			101,222
Spartan Stores, Inc.	†	2,807			40,112
United Natural Foods, Inc.	*†	3,712			99,259
Village Super Market, Inc., Class A		564			15,408
Weis Markets, Inc.	†	1,103			40,105
Winn-Dixie Stores, Inc.	*†	4,340			43,574
					908,658
Food Products—1.6%
American Italian Pasta Co., Class A	*	1,509			52,498
B&G Foods, Inc., Class A		2,850			26,163
Bridgford Foods Corp.		560			6,272
Bunge Ltd.	†	13,429			857,173
Calavo Growers, Inc.	†	1,650			28,050
Cal-Maine Foods, Inc.	†	1,379			46,996
Chiquita Brands International, Inc.	*	4,064			73,315
Corn Products International, Inc.		6,398			187,014
Darling International, Inc.	*	9,960			83,465
Del Monte Foods Co.		16,592			188,153
Diamond Foods, Inc.	†	2,255			80,143
Dole Food Co., Inc.	*†	3,879			48,138
Farmer Bros. Co.		930			18,358
Flowers Foods, Inc.	†	12,403			294,695
Fresh Del Monte Produce, Inc. (Cayman Islands)	*	3,718			82,168
Green Mountain Coffee Roasters, Inc.	*	4,321			352,032
Griffin Land & Nurseries, Inc.		650			18,935
Hain Celestial Group, Inc. (The)	*†	3,891			66,186
Inventure Group, Inc. (The)	*	9,182			21,670
J&J Snack Foods Corp.		1,866			74,565
John B. Sanfilippo & Son, Inc.	*	1,899			29,549
Lancaster Colony Corp.	†	2,437			121,119
Lance, Inc.		3,688			96,994
Omega Protein Corp.	*	1,515			6,605
Ralcorp Holdings, Inc.	*	6,475			386,622
Sanderson Farms, Inc.	†	1,537			64,800
Smart Balance, Inc.	*	7,937			47,622
Smithfield Foods, Inc.	*†	13,736			208,650
Tootsie Roll Industries, Inc.	†	2,980			81,592
TreeHouse Foods, Inc.	*†	3,142			122,098
					3,771,640
Gas Utilities—1.2%
AGL Resources, Inc.		7,758			282,934
Atmos Energy Corp.		9,273			272,626
Chesapeake Utilities Corp.		1,727		$	55,350
Delta Natural Gas Co., Inc.		3,757			107,488
Energen Corp.		6,009			281,221
Laclede Group, Inc. (The)		1,902			64,231
National Fuel Gas Co.		6,500			325,000
New Jersey Resources Corp.		4,448			166,355
Northwest Natural Gas Co.		2,771			124,806
Oneok, Inc.		9,867			439,772
Piedmont Natural Gas Co., Inc.	†	6,344			169,702
South Jersey Industries, Inc.	†	3,110			118,740
Southwest Gas Corp.	†	3,594			102,537
UGI Corp.		9,514			230,144
WGL Holdings, Inc.	†	3,921			131,510
					2,872,416
Health Care Equipment & Supplies—2.8%
Abaxis, Inc.	*†	1,864			47,625
ABIOMED, Inc.	*†	3,940			34,436
Align Technology, Inc.	*	6,208			110,627
American Medical Systems Holdings, Inc.	*	6,696			129,166
Analogic Corp.	†	1,287			49,562
Angiodynamics, Inc.	*†	3,577			57,518
Atrion Corp.	†	308			47,962
Beckman Coulter, Inc.		6,309			412,861
Biolase Technology, Inc.	*†	21,004			39,908
Candela Corp.	*	2,794			8,466
Cantel Medical Corp.	*	1,690			34,104
Cardiac Science Corp.	*	4,135			9,221
Cerus Corp.	*	16,123			32,085
Conceptus, Inc.	*	2,419			45,380
Conmed Corp.	*	3,084			70,315
Cooper Cos., Inc. (The)	†	4,671			178,058
CryoLife, Inc.	*	4,037			25,918
Cutera, Inc.	*	1,264			10,757
Cyberonics, Inc.	*†	2,351			48,054
Cynosure, Inc., Class A	*†	772			8,870
DexCom, Inc.	*†	3,175			25,654
Edwards Lifesciences Corp.	*	3,541			307,536
Endologix, Inc.	*†	8,683			45,846
ev3, Inc.	*†	5,996			79,987
Gen-Probe, Inc.	*	5,401			231,703
Greatbatch, Inc.	*	2,283			43,902
Haemonetics Corp.	*	3,110			171,516
HealthTronics, Inc.	*	2,530			6,679
Hill-Rom Holdings, Inc.		4,747			113,881
Hologic, Inc.	*†	30,381			440,524
ICU Medical, Inc.	*	1,366			49,777
IDEXX Laboratories, Inc.	*†	3,869			206,759
Immucor, Inc.	*†	7,986			161,637
Integra LifeSciences Holdings Corp.	*	2,236			82,240
Invacare Corp.	†	2,826			70,480
Inverness Medical Innovations, Inc.	*†	7,218			299,619
IRIS International, Inc.	*†	2,570			31,765
Kensey Nash Corp.	*	1,683			42,916
Kinetic Concepts, Inc.	*	6,536			246,080
Masimo Corp.	*†	5,266			160,192
Medical Action Industries, Inc.	*†	1,860			29,872
Meridian Bioscience, Inc.	†	4,370			94,173
Merit Medical Systems, Inc.	*	2,509			48,399
Micrus Endovascular Corp.	*†	1,353			20,309
Natus Medical, Inc.	*	2,621			38,765
Neogen Corp.	*	2,463			58,151
NuVasive, Inc.	*†	3,118			99,714
NxStage Medical, Inc.	*†	3,660			30,561

See accompanying notes to financial statements.

316

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
OraSure Technologies, Inc.	*	4,328		$	21,986
Orthofix International NV (Netherlands Antilles)	*†	2,011			62,281
Orthovita, Inc.	*†	8,897			31,228
Osteotech, Inc.	*	1,499			4,797
OTIX Global, Inc.	*	2,950			2,448
Palomar Medical Technologies, Inc.	*	2,762			27,841
Quidel Corp.	*†	2,820			38,860
ResMed, Inc.	*†	7,880			411,888
Rochester Medical Corp.	*	2,249			25,031
RTI Biologics, Inc.	*	7,464			28,662
Sirona Dental Systems, Inc.	*	2,450			77,763
Somanetics Corp.	*	1,572			27,589
SonoSite, Inc.	*	1,650			38,989
Spectranetics Corp.	*	3,376			23,497
Staar Surgical Co.	*	13,188			41,015
STERIS Corp.	†	4,732			132,354
SurModics, Inc.	*†	1,932			43,779
Synovis Life Technologies, Inc.	*	1,638			21,147
Teleflex, Inc.		3,677			198,154
Theragenics Corp.	*	5,822			7,801
ThermoGenesis Corp.	*	4,317			2,465
Thoratec Corp.	*†	4,735			127,466
TomoTherapy, Inc.	*†	4,950			19,305
Urologix, Inc.	*	25,612			47,382
Vision-Sciences, Inc.	*	24,978			30,723
Volcano Corp.	*†	4,832			83,980
West Pharmaceutical Services, Inc.	†	3,358			131,634
Wright Medical Group, Inc.	*	3,907			74,038
Young Innovations, Inc.		677			16,776
Zoll Medical Corp.	*	1,952			52,157
					6,492,566
Health Care Providers & Services—2.6%
Alliance HealthCare Services, Inc.	*†	3,525			20,128
Almost Family, Inc.	*	716			28,304
Amedisys, Inc.	*†	2,278			110,620
America Service Group, Inc.		1,972			31,296
American Dental Partners, Inc.	*†	1,668			21,517
AMERIGROUP Corp.	*†	5,064			136,525
AMN Healthcare Services, Inc.	*	3,864			35,008
Amsurg Corp.	*	3,079			67,800
Bio-Reference Labs, Inc.	*	1,655			64,859
BioScrip, Inc.	*†	3,476			29,059
Brookdale Senior Living, Inc.	*	9,155			166,529
Capital Senior Living Corp.	*	2,245			11,270
CardioNet, Inc.	*†	2,061			12,242
Catalyst Health Solutions, Inc.	*†	3,425			124,910
Centene Corp.	*	3,612			76,466
Chemed Corp.		2,102			100,833
Chindex International, Inc.	*	1,527			21,577
Clarient, Inc.	*	3,308			8,766
Community Health Systems, Inc.	*†	7,816			278,250
Cross Country Healthcare, Inc.	*	2,631			26,073
Emdeon, Inc., Class A	*	2,293			34,968
Emergency Medical Services Corp., Class A	*	758			41,046
Emeritus Corp.	*†	928			17,400
Ensign Group, Inc. (The)	†	2,720			41,806
Five Star Quality Care, Inc.	*	4,500			15,615
Genoptix, Inc.	*†	1,943			69,035
Gentiva Health Services, Inc.	*	2,330		$	62,933
Hanger Orthopedic Group, Inc.	*†	3,263			45,127
Health Management Associates, Inc., Class A	*	20,307			147,632
Health Net, Inc.	*	8,739			203,531
Healthsouth Corp.	*	7,544			141,601
Healthspring, Inc.	*	4,297			75,670
Healthways, Inc.	*	3,517			64,502
Henry Schein, Inc.	*†	8,323			437,790
HMS Holdings Corp.	*†	2,386			116,174
inVentiv Health, Inc.	*	3,246			52,488
IPC The Hospitalist Co., Inc.	*	1,647			54,763
Kindred Healthcare, Inc.	*†	3,509			64,776
Landauer, Inc.		923			56,672
LHC Group, Inc.	*†	1,077			36,198
LifePoint Hospitals, Inc.	*	5,659			183,974
Lincare Holdings, Inc.	*†	5,426			201,413
Magellan Health Services, Inc.	*	3,047			124,104
Mednax, Inc.	*†	4,297			258,293
Molina Healthcare, Inc.	*†	1,190			27,215
MWI Veterinary Supply, Inc.	*†	1,472			55,494
National Healthcare Corp.		1,078			38,927
National Research Corp.		1,250			25,875
NovaMed, Inc.	*†	4,904			19,028
Odyssey HealthCare, Inc.	*	3,093			48,189
Omnicare, Inc.		12,468			301,476
Owens & Minor, Inc.		4,259			182,839
PDI, Inc.	*	703			3,388
PharMerica Corp.	*	3,153			50,070
Providence Service Corp. (The)	*	3,898			61,588
PSS World Medical, Inc.	*†	4,966			112,083
Psychemedics Corp.		902			6,630
Psychiatric Solutions, Inc.	*†	4,353			92,022
RehabCare Group, Inc.	*	2,389			72,697
Res-Care, Inc.	*	2,426			27,171
Rural/Metro Corp.	*	8,016			48,096
Skilled Healthcare Group, Inc., Class A	*	2,964			22,082
Sun Healthcare Group, Inc.	*	4,433			40,651
Sunrise Senior Living, Inc.	*†	6,883			22,163
Triple-S Management Corp., Class B (Puerto Rico)	*†	3,128			55,053
U.S. Physical Therapy, Inc.	*	2,083			35,265
United American Healthcare Corp.	*	4,252			4,507
Universal American Corp.	*	7,408			86,674
Universal Health Services, Inc., Class B		7,962			242,841
VCA Antech, Inc.	*	6,764			168,559
WellCare Health Plans, Inc.	*	4,703			172,882
					5,943,008
Health Care Technology—0.6%
Allscripts-Misys Healthcare Solutions, Inc.	*	7,305			147,780
AMICAS, Inc.	*	2,496			13,578
athenahealth, Inc.	*†	3,145			142,280
Cerner Corp.	*†	6,413			528,688
Computer Programs & Systems, Inc.	†	1,298			59,773
Eclipsys Corp.	*†	5,574			103,230
MedAssets, Inc.	*†	4,098			86,919
Medidata Solutions, Inc.	*	2,174			33,914
Mediware Information Systems, Inc.	*	1,089			7,759

See accompanying notes to financial statements.

317

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Merge Healthcare, Inc.	*	4,320		$	14,515
Omnicell, Inc.	*†	4,056			47,415
Phase Forward, Inc.	*	3,812			58,514
Quality Systems, Inc.		2,355			147,870
Vital Images, Inc.	*	1,498			19,010
					1,411,245
Hotels, Restaurants & Leisure—2.3%
AFC Enterprises, Inc.	*	3,488			28,462
Ambassadors Group, Inc.		2,796			37,159
Ambassadors International, Inc.	*	524			310
Ameristar Casinos, Inc.		3,664			55,803
Bally Technologies, Inc.	*	6,174			254,924
Benihana, Inc., Class A	*	680			2,577
Bluegreen Corp.	*	1,800			4,356
Bob Evans Farms, Inc.		2,925			84,679
Boyd Gaming Corp.	*	8,538			71,463
Brinker International, Inc.		9,778			145,888
Buffalo Wild Wings, Inc.	*†	1,504			60,566
Burger King Holdings, Inc.		8,518			160,309
California Pizza Kitchen, Inc.	*†	2,265			30,464
CEC Entertainment, Inc.	*†	1,994			63,648
Cheesecake Factory, Inc. (The)	*†	7,016			151,475
Chipotle Mexican Grill, Inc.	*	3,437			303,006
Choice Hotels International, Inc.		3,101			98,178
Churchill Downs, Inc.		1,129			42,168
CKE Restaurants, Inc.		4,056			34,314
Cosi, Inc.	*	3,120			1,872
Cracker Barrel Old Country Store, Inc.		1,879			71,383
DineEquity, Inc.	*†	1,467			35,633
Domino’s Pizza, Inc.	*	4,270			35,783
Dover Downs Gaming & Entertainment, Inc.		1,687			6,377
Dover Motorsports, Inc.		1,645			3,438
Empire Resorts, Inc.	*	2,513			5,302
Gaylord Entertainment Co.	*†	4,934			97,447
Great Wolf Resorts, Inc.	*†	3,072			7,281
Hyatt Hotels Corp., Class A	*	4,745			141,448
International Speedway Corp., Class A		3,250			92,462
Interval Leisure Group, Inc.	*	2,598			32,397
Isle of Capri Casinos, Inc.	*	1,251			9,357
Jack in the Box, Inc.	*	4,991			98,173
Jamba, Inc.	*	22,792			38,291
Krispy Kreme Doughnuts, Inc.	*	5,000			14,750
Landry’s Restaurants, Inc.	*	1,254			26,698
Las Vegas Sands Corp.	*†	36,384			543,577
Life Time Fitness, Inc.	*†	3,312			82,568
Luby’s, Inc.	*	3,380			12,438
Marcus Corp.		1,805			23,140
McCormick & Schmick’s Seafood Restaurants, Inc.	*	1,401			9,751
MGM MIRAGE	*†	30,460			277,795
Monarch Casino & Resort, Inc.	*†	2,897			23,466
Morgans Hotel Group Co.	*†	7,052			31,946
MTR Gaming Group, Inc.	*	4,525			5,883
Multimedia Games, Inc.	*	2,902			17,441
O’Charleys, Inc.	*	3,157			20,678
Orient-Express Hotels Ltd., Class A (Bermuda)	*†	5,846			59,278
P.F. Chang’s China Bistro, Inc.	*†	2,090			79,232
Panera Bread Co., Class A	*†	3,189			213,567
Papa John’s International, Inc.	*	2,356		$	55,036
Peet’s Coffee & Tea, Inc.	*	1,297			43,229
Penn National Gaming, Inc.	*	6,408			174,169
Pinnacle Entertainment, Inc.	*	6,186			55,550
Red Robin Gourmet Burgers, Inc.	*†	1,203			21,534
Royal Caribbean Cruises Ltd.	*†	18,670			471,978
Ruby Tuesday, Inc.	*†	3,481			25,063
Scientific Games Corp., Class A	*	7,127			103,698
Shuffle Master, Inc.	*	5,440			44,826
Sonic Corp.	*	5,694			57,339
Speedway Motorsports, Inc.		1,680			29,602
Steak N Shake Co. (The)	*†	110			35,621
Texas Roadhouse, Inc.	*	7,315			82,147
Vail Resorts, Inc.	*†	1,427			53,941
Wendy’s/Arby’s Group, Inc., Class A		34,307			160,900
WMS Industries, Inc.	*†	2,803			112,120
Youbet.com, Inc.	*	2,200			6,314
					5,281,668
Household Durables—1.2%
American Greetings Corp., Class A	†	3,420			74,522
Bassett Furniture Industries, Inc.	*	610			2,147
Beazer Homes USA, Inc.	*†	5,676			27,472
Blyth, Inc.	†	877			29,572
Brookfield Homes Corp.	*†	858			6,864
Cavco Industries, Inc.	*	1,216			43,679
CSS Industries, Inc.	†	1,140			22,162
Ethan Allen Interiors, Inc.	†	1,648			22,116
Furniture Brands International, Inc.	*	4,572			24,963
Garmin Ltd. (Cayman Islands)	†	11,134			341,814
Helen of Troy Ltd. (Bermuda)	*	3,172			77,587
Hooker Furniture Corp.	†	1,125			13,916
Hovnanian Enterprises, Inc., Class A	*†	3,491			13,405
Jarden Corp.		7,489			231,485
KB Home		5,000			68,400
Kid Brands, Inc.	*	1,157			5,068
La-Z-Boy, Inc.	*†	8,340			79,480
M/I Homes, Inc.	*	1,741			18,089
MDC Holdings, Inc.	†	2,998			93,058
Meritage Homes Corp.	*	2,717			52,520
Mohawk Industries, Inc.	*	5,067			241,189
National Presto Industries, Inc.		656			71,655
NVR, Inc.	*	445			316,266
Palm Harbor Homes, Inc.	*	1,182			2,447
Ryland Group, Inc.		3,938			77,579
Sealy Corp.	*†	6,171			19,500
Skyline Corp.	†	918			16,891
Standard Pacific Corp.	*	10,118			37,841
Tempur-Pedic International, Inc.	*	5,292			125,050
Toll Brothers, Inc.	*†	17,435			327,952
Tupperware Brands Corp.		6,387			297,443
Universal Electronics, Inc.	*	1,589			36,897
					2,819,029
Household Products—0.4%
Central Garden and Pet Co.	*	1,016			10,871
Central Garden and Pet Co., Class A	*	2,770			27,534
Church & Dwight Co., Inc.		7,061			426,838

See accompanying notes to financial statements.

318

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Energizer Holdings, Inc.	*†	6,594		$	404,080
WD-40 Co.		1,550			50,158
					919,481
Independent Power Producers & Energy Traders—0.7%
Calpine Corp.	*	43,535			478,885
Dynegy, Inc., Class A	*†	20,000			36,200
Mirant Corp.	*	14,401			219,903
NRG Energy, Inc.	*	28,945			683,391
Ormat Technologies, Inc.		2,164			81,886
RRI Energy, Inc.	*	35,972			205,760
					1,706,025
Industrial Conglomerates—0.4%
Carlisle Cos., Inc.		5,366			183,839
McDermott International, Inc.	*	22,701			545,051
Otter Tail Corp.	†	2,897			71,846
Raven Industries, Inc.	†	1,490			47,337
Seaboard Corp.		43			58,007
Standex International Corp.		1,584			31,823
Tredegar Corp.		2,467			39,028
					976,931
Insurance—9.5%
Alleghany Corp.	*	544			150,144
Allied World Assurance Co. Holdings Ltd. (Bermuda)		3,096			142,633
Ambac Financial Group, Inc.	*†	30,831			25,590
American Financial Group, Inc.		6,980			174,151
American Independence Corp.	*	430			1,957
American National Insurance Co.	†	2,325			277,698
American Physicians Capital, Inc.		1,601			48,542
American Physicians Service Group, Inc.		1,691			39,011
American Safety Insurance Holdings Ltd. (Bermuda)	*†	2,656			38,379
AMERISAFE, Inc.	*	2,182			39,211
Amtrust Financial Services, Inc.		3,403			40,223
Arch Capital Group Ltd. (Bermuda)	*	6,304			451,051
Argo Group International Holdings Ltd. (Bermuda)	*	3,031			88,323
Arthur J. Gallagher & Co.	†	8,282			186,428
Aspen Insurance Holdings Ltd. (Bermuda)		8,087			205,814
Assured Guaranty Ltd. (Bermuda)		8,301			180,630
Axis Capital Holdings Ltd. (Bermuda)		16,637			472,657
Baldwin & Lyons, Inc., Class B	†	1,316			32,387
Berkshire Hathaway, Inc., Class A	*	111			11,011,200
Brown & Brown, Inc.	†	13,336			239,648
Citizens, Inc.	*	4,717			30,802
CNA Financial Corp.	*†	2,735			65,640
CNA Surety Corp.	*	1,486			22,127
Conseco, Inc.	*†	16,407			82,035
Crawford & Co., Class B	*	3,543			13,959
Delphi Financial Group, Inc., Class A	†	3,694			82,635
Donegal Group, Inc., Class B		759			12,751
eHealth, Inc.	*	2,028			33,320
EMC Insurance Group, Inc.	†	1,041		$	22,392
Employers Holdings, Inc.		4,738			72,681
Endurance Specialty Holdings Ltd. (Bermuda)		6,336			235,889
Enstar Group Ltd. (Bermuda)	*	626			45,711
Erie Indemnity Co., Class A		3,864			150,773
Everest Re Group Ltd. (Bermuda)		5,561			476,466
FBL Financial Group, Inc., Class A	†	2,268			42,003
Fidelity National Financial, Inc., Class A		24,787			333,633
First American Corp.		10,121			335,106
First Mercury Financial Corp.		1,534			21,031
Flagstone Reinsurance Holdings Ltd. (Bermuda)		4,507			49,307
FPIC Insurance Group, Inc.	*	1,050			40,551
Greenlight Capital Re Ltd., Class A (Cayman Islands)	*†	2,930			69,060
Hanover Insurance Group, Inc. (The)	†	5,482			243,565
Harleysville Group, Inc.	†	1,278			40,628
HCC Insurance Holdings, Inc.		12,328			344,814
Hilltop Holdings, Inc.	*	3,923			45,664
Horace Mann Educators Corp.		3,101			38,763
Independence Holding Co.		5,932			34,406
Infinity Property & Casualty Corp.		1,280			52,019
Kansas City Life Insurance Co.		1,203			35,789
Markel Corp.	*†	889			302,260
Max Capital Group Ltd. (Bermuda)		6,342			141,427
MBIA, Inc.	*	15,000			59,700
Meadowbrook Insurance Group, Inc.		6,165			45,621
Mercury General Corp.		4,721			185,346
Montpelier Re Holdings Ltd. (Bermuda)		6,774			117,326
National Financial Partners Corp.	*	7,233			58,515
Navigators Group, Inc.	*	1,745			82,207
NYMAGIC, Inc.		1,110			18,415
Old Republic International Corp.	†	18,687			187,617
OneBeacon Insurance Group Ltd., Class A		2,457			33,857
PartnerRe Ltd. (Bermuda)		6,663			497,460
Phoenix Cos., Inc. (The)	*	9,881			27,469
Platinum Underwriters Holdings Ltd. (Bermuda)		5,786			221,546
PMA Capital Corp., Class A	*	5,374			33,856
Presidential Life Corp.	†	2,568			23,497
ProAssurance Corp.	*†	2,725			146,360
Protective Life Corp.		8,161			135,065
Reinsurance Group of America, Inc.		9,233			439,952
RenaissanceRe Holdings Ltd. (Bermuda)		6,423			341,382
RLI Corp.		1,980			105,435
Safety Insurance Group, Inc.		1,536			55,649
SeaBright Insurance Holdings, Inc.	*	3,141			36,090
Selective Insurance Group, Inc.		7,536			123,967
StanCorp Financial Group, Inc.	†	5,707			228,394
State Auto Financial Corp.		1,741			32,209
Stewart Information Services Corp.	†	1,684			18,996
Tower Group, Inc.		3,847			90,058

See accompanying notes to financial statements.

319

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Transatlantic Holdings, Inc.		5,675		$	295,724
United Fire & Casualty Co.		2,592			47,252
Unitrin, Inc.		3,311			73,008
Validus Holdings Ltd. (Bermuda)		6,790			182,923
W.R. Berkley Corp.	†	16,189			398,897
Wesco Financial Corp.		115			39,445
White Mountains Insurance Group Ltd.		706			234,858
Zenith National Insurance Corp.	†	4,783			142,342
					22,123,322
Internet & Catalog Retail—0.6%
1-800-Flowers.com, Inc., Class A	*	2,113			5,599
Blue Nile, Inc.	*†	1,074			68,016
dELiA*s, Inc.	*	2,555			4,778
Drugstore.Com, Inc.	*	18,137			56,043
Hollywood Media Corp.	*	15,979			22,371
HSN, Inc.	*†	2,598			52,454
Liberty Media Corp.–Interactive, Series A	*	59,777			647,983
NetFlix, Inc.	*†	3,996			220,339
NutriSystem, Inc.	†	3,071			95,723
Overstock.com, Inc.	*	3,326			45,101
Shutterfly, Inc.	*†	2,715			48,354
Stamps.com, Inc.	*	2,642			23,778
Ticketmaster Entertainment, Inc.	*	2,598			31,748
Valuevision Media, Inc., Class A	*	6,193			29,726
					1,352,013
Internet Software & Services—1.2%
AOL, Inc.	*	10,300			239,784
Art Technology Group, Inc.	*	13,955			62,937
Autobytel, Inc.	*	4,755			4,755
comScore, Inc.	*	2,914			51,141
Constant Contact, Inc.	*	2,460			39,360
DealerTrack Holdings, Inc.	*	4,113			77,283
Digital River, Inc.	*†	3,158			85,234
DivX, Inc.	*	2,892			16,311
Earthlink, Inc.	†	9,949			82,676
Equinix, Inc.	*†	3,426			363,670
GSI Commerce, Inc.	*†	3,682			93,486
IAC/InterActiveCorp	*†	14,368			294,257
Imergent, Inc.		1,043			6,331
Infospace, Inc.	*	4,619			39,585
Internap Network Services Corp.	*	8,921			41,929
Internet Brands, Inc., Class A	*	2,400			18,792
Internet Capital Group, Inc.	*	3,445			22,909
Ipass, Inc.	*	6,163			6,409
j2 Global Communications, Inc.	*†	4,168			84,819
Keynote Systems, Inc.		3,262			35,588
Knot, Inc. (The)	*†	3,458			34,822
Limelight Networks, Inc.	*	2,028			7,970
LivePerson, Inc.	*	3,334			23,238
LogMeIn, Inc.	*	2,080			41,496
Looksmart Ltd.	*	4,010			4,090
LoopNet, Inc.	*	1,850			18,389
Marchex, Inc., Class B		2,710			13,767
ModusLink Global Solutions, Inc.	*	3,461			32,568
Move, Inc.	*	12,712		$	21,102
NaviSite, Inc.	*	15,218			30,436
NIC, Inc.		6,673			60,991
On2 Technologies, Inc.	*	39,239			23,936
OpenTable, Inc.	*†	1,484			37,783
Openwave Systems, Inc.	*	11,650			26,562
Perficient, Inc.	*	2,090			17,619
Rackspace Hosting, Inc.	*†	7,556			157,543
RealNetworks, Inc.	*	10,782			40,001
Saba Software, Inc.	*†	3,576			14,805
SAVVIS, Inc.	*	4,524			63,562
support.com, Inc.	*†	4,962			13,100
Terremark Worldwide, Inc.	*†	7,046			48,195
United Online, Inc.	†	6,200			44,578
ValueClick, Inc.	*	6,880			69,625
Vertro, Inc.	*	6,581			2,764
Vocus, Inc.	*†	2,731			49,158
Web.com Group, Inc.	*	1,785			11,656
WebMD Health Corp.	*	4,097			157,693
WebMediaBrands, Inc.	*	4,020			3,618
Zix Corp.	*†	12,056			20,616
					2,758,939
IT Services—2.0%
Acxiom Corp.	*	6,440			86,425
Alliance Data Systems Corp.	*†	6,747			435,789
Broadridge Financial Solutions, Inc.		13,584			306,455
CACI International, Inc., Class A	*†	2,488			121,539
Cass Information Systems, Inc.	†	1,213			36,875
Ciber, Inc.	*	5,015			17,302
Convergys Corp.	*	10,000			107,500
CSG Systems International, Inc.	*	3,644			69,564
Cybersource Corp.	*†	8,253			165,968
DST Systems, Inc.	*	5,529			240,788
Edgewater Technology, Inc.	*	2,325			6,975
Euronet Worldwide, Inc.	*	6,728			147,680
Forrester Research, Inc.	*†	1,573			40,819
Gartner, Inc., Class A	*	5,871			105,913
Genpact Ltd. (Bermuda)	*	9,379			139,747
Global Cash Access Holdings, Inc.	*	5,601			41,951
Global Payments, Inc.		7,498			403,842
Hackett Group, Inc. (The)	*†	7,902			21,968
Heartland Payment Systems, Inc.		2,630			34,532
Hewitt Associates, Inc., Class A	*	9,668			408,570
iGATE Corp.		2,997			29,970
infoGROUP, Inc.	*†	6,036			48,409
Integral Systems, Inc.	*†	2,356			20,403
Lender Processing Services, Inc.		9,018			366,672
Lionbridge Technologies, Inc.	*	18,369			42,249
Management Network Group, Inc.	*	1,600			672
Mantech International Corp., Class A	*	2,426			117,127
Mastech Holdings, Inc.	*	199			935
MAXIMUS, Inc.		1,558			77,900
MoneyGram International, Inc.	*	12,347			35,559
NCI, Inc., Class A	*†	616			17,032
NeuStar, Inc., Class A	*	7,325			168,768
Online Resources Corp.	*	2,780			14,623
Pfsweb, Inc.	*	1,209			1,801

See accompanying notes to financial statements.

320

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Sapient Corp.	*	6,981		$	57,733
SRA International, Inc., Class A	*	3,081			58,847
StarTek, Inc.	*	1,875			14,025
Syntel, Inc.	†	2,183			83,019
TeleTech Holdings, Inc.	*	4,057			81,262
TNS, Inc.	*	2,695			69,235
Unisys Corp.	*	3,187			122,891
VeriFone Holdings, Inc.	*†	7,751			126,961
Wright Express Corp.	*†	3,218			102,525
					4,598,820
Leisure Equipment & Products—0.2%
Arctic Cat, Inc.	*	1,738			15,920
Brunswick Corp.		9,596			121,965
Callaway Golf Co.	†	5,616			42,345
Jakks Pacific, Inc.	*†	2,425			29,391
Leapfrog Enterprises, Inc.	*	3,363			13,149
Nautilus, Inc.	*	2,480			5,034
Polaris Industries, Inc.	†	2,511			109,555
Pool Corp.		4,626			88,264
RC2 Corp.	*	1,530			22,568
Smith & Wesson Holding Corp.	*	6,049			24,740
Steinway Musical Instruments, Inc.	*	1,536			24,438
Sturm Ruger & Co., Inc.	†	2,146			20,816
					518,185
Life Sciences Tools & Services—1.1%
Accelrys, Inc.	*	3,326			19,058
Affymetrix, Inc.	*	8,830			51,567
Albany Molecular Research, Inc.	*†	2,944			26,732
Bio-Rad Laboratories, Inc., Class A	*	1,584			152,793
Bruker Corp.	*	8,066			97,276
Caliper Life Sciences, Inc.	*	3,187			8,191
Cambrex Corp.	*†	2,958			16,506
Charles River Laboratories International, Inc.	*†	6,976			235,021
Covance, Inc.	*†	5,617			306,520
Dionex Corp.	*	1,461			107,924
Enzo Biochem, Inc.	*	6,306			33,926
eResearchTechnology, Inc.	*	4,314			25,927
Illumina, Inc.	*†	12,305			377,148
Kendle International, Inc.	*	1,230			22,521
Luminex Corp.	*†	4,012			59,899
Mettler-Toledo International, Inc. (Switzerland)	*	3,252			341,427
Ore Pharmaceutical Holdings, Inc.	*	190			99
Parexel International Corp.	*	5,995			84,530
Pharmaceutical Product Development, Inc.	†	10,700			250,808
Sequenom, Inc.	*†	4,473			18,518
Techne Corp.		3,552			243,525
Varian, Inc.	*	2,626			135,344
					2,615,260
Machinery—3.4%
3D Systems Corp.	*	2,259			25,527
Actuant Corp., Class A	†	6,590			122,113
AGCO Corp.	*†	7,982			258,138
Albany International Corp., Class A		2,060			46,268
Ampco-Pittsburgh Corp.	†	986		$	31,089
Astec Industries, Inc.	*†	1,849			49,812
Badger Meter, Inc.	†	1,258			50,094
Barnes Group, Inc.	†	3,373			57,004
Blount International, Inc.	*	4,339			43,824
Briggs & Stratton Corp.	†	4,194			78,470
Bucyrus International, Inc.		9,470			533,824
Cascade Corp.		779			21,415
Chart Industries, Inc.	*	2,135			35,334
CIRCOR International, Inc.		1,935			48,723
CLARCOR, Inc.		4,021			130,441
Colfax Corp.	*	2,950			35,518
Columbus McKinnon Corp.	*	1,765			24,110
Commercial Vehicle Group, Inc.	*	3,457			20,707
Crane Co.		4,617			141,373
Donaldson Co., Inc.		6,483			275,787
Dynamic Materials Corp.	†	2,558			51,288
EnPro Industries, Inc.	*†	3,150			83,191
ESCO Technologies, Inc.	†	1,735			62,200
Federal Signal Corp.		3,130			18,843
Flow International Corp.	*	9,896			30,480
Force Protection, Inc.	*	10,037			52,293
FreightCar America, Inc.		930			18,442
Gardner Denver, Inc.	†	5,014			213,346
Gorman-Rupp Co. (The)	†	1,890			52,240
Graco, Inc.		6,203			177,220
Graham Corp.		882			18,257
Greenbrier Cos., Inc.	†	1,195			12,404
Harsco Corp.		7,780			250,749
Hurco Cos., Inc.	*†	1,248			18,470
IDEX Corp.	†	8,587			267,485
John Bean Technologies Corp.		3,917			66,628
Joy Global, Inc.	†	11,607			598,805
Kadant, Inc.	*	1,553			24,786
Kaydon Corp.	†	3,461			123,765
Kennametal, Inc.		6,708			173,871
L.B. Foster Co., Class A	*	951			28,349
Lincoln Electric Holdings, Inc.		4,042			216,085
Lindsay Corp.		969			38,615
Lydall, Inc.	*	2,150			11,201
Manitowoc Co., Inc. (The)	†	18,391			183,358
Middleby Corp.	*†	1,555			76,226
Mueller Industries, Inc.		2,932			72,831
Mueller Water Products, Inc., Class A		15,083			78,432
NACCO Industries, Inc., Class A		310			15,438
Navistar International Corp.	*	6,634			256,404
NN, Inc.	*	6,804			26,944
Nordson Corp.		3,383			206,972
Oshkosh Corp.		10,330			382,520
Pentair, Inc.		9,517			307,399
RBC Bearings, Inc.	*	1,852			45,059
Robbins & Myers, Inc.	†	2,530			59,506
Sauer-Danfoss, Inc.	*	832			9,992
SPX Corp.		4,988			272,844
Tecumseh Products Co., Class A	*†	1,703			19,908
Tennant Co.		1,394			36,509
Terex Corp.	*	13,345			264,364
Timken Co.		6,731			159,592
Titan International, Inc.	†	4,901			39,747
Toro Co.	†	3,178			132,872
Trinity Industries, Inc.	†	7,537			131,445
Valmont Industries, Inc.		1,676			131,482
Wabash National Corp.	*	2,596			4,906
Wabtec Corp.	†	5,040			205,834

See accompanying notes to financial statements.

321

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Watts Water Technologies, Inc., Class A		2,709		$	83,762
					7,842,930
Marine—0.2%
Alexander & Baldwin, Inc.	†	3,735			127,849
American Commercial Lines, Inc.	*†	726			13,307
Eagle Bulk Shipping, Inc.	*†	7,947			39,338
Excel Maritime Carriers Ltd. (Greece)	*†	5,862			36,110
Genco Shipping & Trading Ltd.	*†	4,844			108,409
International Shipholding Corp.	†	724			22,495
Kirby Corp.	*†	5,822			202,780
OceanFreight, Inc. (Greece)	*	1,037			959
TBS International Ltd., Class A (Bermuda)	*	2,419			17,780
					569,027
Media—2.4%
4Kids Entertainment, Inc.	*	2,466			3,921
A.H. Belo Corp., Class A	*	3,861			22,239
Alloy, Inc.	*	3,318			25,814
Arbitron, Inc.	†	2,121			49,674
Ascent Media Corp., Class A	*	959			24,483
Belo Corp., Class A		6,361			34,604
Cablevision Systems Corp., Class A		21,478			554,562
Carmike Cinemas, Inc.	*	1,009			7,628
Cinemark Holdings, Inc.		2,131			30,622
CKX, Inc.	*	6,718			35,404
Clear Channel Outdoor Holdings, Inc., Class A	*†	2,470			25,663
Crown Media Holdings, Inc., Class A	*†	4,399			6,379
Cumulus Media, Inc., Class A	*	3,854			8,787
Discovery Communications, Inc., Series A	*	16,547			507,496
Discovery Communications, Inc., Series C	*	9,599			254,565
DISH Network Corp., Class A		24,633			511,627
DreamWorks Animation SKG, Inc., Class A	*	5,937			237,183
E.W. Scripps Co., (The), Class A	*	7,011			48,797
EDCI Holdings, Inc.	*	533			3,129
Emmis Communications Corp., Class A	*	4,461			5,130
Entercom Communications Corp., Class A	*	1,873			13,242
Entravision Communications Corp., Class A	*	4,930			16,762
Gray Television, Inc.	*	3,878			5,856
Harris Interactive, Inc.	*	6,590			7,842
Harte-Hanks, Inc.		3,759			40,522
Image Entertainment, Inc.	*†	300			75
Interactive Data Corp.		4,045			102,339
John Wiley & Sons, Inc., Class A		4,647			194,616
Journal Communications, Inc., Class A		3,220			12,526
Lamar Advertising Co., Class A	*†	6,749			209,826
Lee Enterprises, Inc.	*	6,600			22,902
Liberty Global, Inc., Series A, Class A	*†	26,364		$	577,635
Liberty Global, Inc., Series C	*	1,174			25,652
Liberty Media Corp.— Capital, Series A	*	8,284			197,822
Liberty Media Corp.—Starz, Series A	*†	5,579			257,471
LIN TV Corp., Class A	*†	2,390			10,659
Live Nation, Inc.	*	5,574			47,435
Martha Stewart Living Omnimedia, Class A	*	4,928			24,344
McClatchy Co. (The), Class A	†	3,506			12,411
Media General, Inc., Class A	*†	1,595			12,505
Mediacom Communications Corp., Class A	*	3,433			15,346
Morningstar, Inc.	*†	3,907			188,864
National CineMedia, Inc.		3,917			64,905
Navarre Corp.	*	6,720			14,246
New Frontier Media, Inc.	*	2,079			3,929
Playboy Enterprises, Inc., Class B	*	1,251			4,003
Primedia, Inc.		5,508			19,884
Radio One, Inc., Class A	*	4,327			13,327
Radio Unica Communications Corp.	*‡d	1,900			—
RCN Corp.	*†	3,770			40,905
Regal Entertainment Group, Class A		6,396			92,358
Regent Communications, Inc.	*	3,610			903
Salem Communications Corp., Class A	*	850			5,092
Scholastic Corp.	†	2,095			62,494
Sinclair Broadcast Group, Inc., Class A	*	4,220			17,007
Sirius XM Radio, Inc.	*	304,937			182,962
Valassis Communications, Inc.	*	4,011			73,241
Value Line, Inc.		573			14,388
Virgin Media, Inc.	†	27,307			459,577
Warner Music Group Corp.	*	4,960			28,074
World Wrestling Entertainment, Inc., Class A	†	2,315			35,489
					5,527,143
Metals & Mining—1.6%
Allied Nevada Gold Corp.	*†	7,912			119,313
AMCOL International Corp.		2,631			74,773
Brush Engineered Materials, Inc.	*†	2,925			54,230
Carpenter Technology Corp.		4,339			116,936
Century Aluminum Co.	*†	9,934			160,831
Coeur d’Alene Mines Corp.	*†	11,005			198,750
Commercial Metals Co.		10,756			168,331
Compass Minerals International, Inc.	†	2,644			177,650
Globe Specialty Metals, Inc.	*	7,023			66,016
Haynes International, Inc.		1,057			34,849
Hecla Mining Co.	*†	23,198			143,364
Horsehead Holding Corp.	*†	2,963			37,778
Kaiser Aluminum Corp.		1,080			44,950
Olympic Steel, Inc.	†	1,703			55,484
Reliance Steel & Aluminum Co.		5,928			256,208
Rock of Ages Corp.	*	1,387			4,092
Royal Gold, Inc.		4,212			198,385
RTI International Metals, Inc.	*†	2,591			65,215
Schnitzer Steel Industries, Inc., Class A		1,822			86,909
Southern Copper Corp.	†	16,205			533,307
Steel Dynamics, Inc.		25,730			455,936

See accompanying notes to financial statements.

322

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Stillwater Mining Co.	*	8,114		$	76,921
Universal Stainless & Alloy Products, Inc.	*†	2,058			38,814
Walter Energy, Inc.		6,232			469,332
Worthington Industries, Inc.		5,837			76,290
					3,714,664
Multiline Retail—0.4%
99 Cents Only Stores	*†	5,211			68,108
Dillard’s, Inc., Class A	†	4,360			80,442
Dollar General Corp.	*	4,000			89,720
Dollar Tree, Inc.	*	8,583			414,559
Fred’s, Inc., Class A	†	3,463			35,323
Retail Ventures, Inc.	*	5,577			49,579
Saks, Inc.	*†	11,548			75,755
Tuesday Morning Corp.	*	1,816			4,685
					818,171
Multi-Utilities—0.9%
Alliant Energy Corp.		10,635			321,815
Avista Corp.	†	5,411			116,824
Black Hills Corp.		3,311			88,172
CH Energy Group, Inc.		1,512			64,290
MDU Resources Group, Inc.		17,087			403,253
NorthWestern Corp.	†	2,859			74,391
NSTAR		11,870			436,816
OGE Energy Corp.		10,016			369,490
Vectren Corp.		8,630			212,989
					2,088,040
Office Electronics—0.1%
Zebra Technologies Corp., Class A	*	6,386			181,107
Oil, Gas & Consumable Fuels—4.7%
Abraxas Petroleum Corp.	*	13,781			26,460
Adams Resources & Energy, Inc.		1,462			32,237
Alpha Natural Resources, Inc.	*	12,293			533,270
American Oil & Gas, Inc.	*†	12,364			51,929
Apco Oil and Gas International, Inc.		2,488			54,985
Approach Resources, Inc.	*	1,627			12,560
Arch Coal, Inc.	†	18,710			416,298
Arena Resources, Inc.	*†	4,084			176,102
Atlas Energy, Inc.		5,927			178,818
ATP Oil & Gas Corp.	*	6,199			113,318
Berry Petroleum Co., Class A	†	4,186			122,022
Bill Barrett Corp.	*	3,665			114,018
Blue Dolphin Energy Co.	*	3,650			1,186
BP Prudhoe Bay Royalty Trust		1,774			146,887
BPZ Resources, Inc.	*†	9,783			92,939
Brigham Exploration Co.	*†	9,871			133,752
Callon Petroleum Co.	*†	3,060			4,590
Cano Petroleum, Inc.	*†	5,875			5,757
Carrizo Oil & Gas, Inc.	*†	3,680			97,483
Cheniere Energy, Inc.	*†	8,135			19,687
Cimarex Energy Co.		8,524			451,516
Clayton Williams Energy, Inc.	*	1,241			43,485
Cloud Peak Energy, Inc.	*	3,000			43,680
CNX Gas Corp.	*	2,745			81,032
Comstock Resources, Inc.	*†	4,165			168,974
Concho Resources, Inc.	*	5,480			246,052
Contango Oil & Gas Co.	*	1,270			59,703
Continental Resources, Inc.	*†	14,091			604,363
CREDO Petroleum Corp.	*	5,377			50,006
Cross Timbers Royalty Trust		833		$	28,089
Crosstex Energy, Inc.		3,995			24,170
CVR Energy, Inc.	*	4,542			31,158
Delta Petroleum Corp.	*†	18,693			19,441
DHT Maritime, Inc. (Jersey, Channel Islands)		5,478			20,159
Encore Acquisition Co.	*	5,077			243,798
Evergreen Energy, Inc.	*†	4,470			1,533
EXCO Resources, Inc.		19,435			412,605
Forest Oil Corp.	*†	11,621			258,567
Frontier Oil Corp.		11,462			138,002
FX Energy, Inc.		12,608			35,933
General Maritime Corp.	†	4,323			30,218
GMX Resources, Inc.	*†	4,998			68,673
Goodrich Petroleum Corp.	*†	3,087			75,168
Harvest Natural Resources, Inc.	*†	3,340			17,669
Holly Corp.	†	5,010			128,406
Hugoton Royalty Trust		3,289			52,887
International Coal Group, Inc.	*	7,310			28,217
James River Coal Co.	*	2,720			50,402
Kodiak Oil & Gas Corp.	*	15,634			34,707
Mariner Energy, Inc.	*	10,627			123,379
McMoRan Exploration Co.	*†	12,011			96,328
Meridian Resource Corp.	*	11,330			2,946
National Coal Corp.	*†	2,117			1,757
Newfield Exploration Co.	*	12,541			604,852
NGAS Resources, Inc.	*†	6,300			10,647
Overseas Shipholding Group, Inc.		2,227			97,877
Pacific Ethanol, Inc.	*	9,943			7,159
Patriot Coal Corp.	*	12,362			191,117
Penn Virginia Corp.		4,723			100,553
Petrohawk Energy Corp.	*	30,226			725,122
Petroleum Development Corp.	*	1,839			33,488
Petroquest Energy, Inc.	*†	8,496			52,080
Plains Exploration & Production Co.	*	11,776			325,724
Quest Resource Corp.	*	5,130			2,975
Quicksilver Resources, Inc.	*†	17,020			255,470
Rentech, Inc.	*†	24,671			30,345
Rosetta Resources, Inc.	*	3,732			74,379
SandRidge Energy, Inc.	*†	22,442			211,628
Ship Finance International Ltd. (Bermuda)	†	3,789			51,644
Southern Union Co.		9,573			217,307
St. Mary Land & Exploration Co.		7,383			252,794
Stone Energy Corp.	*†	7,436			134,220
Swift Energy Co.	*†	2,908			69,676
Syntroleum Corp.	*	9,066			24,116
Teekay Corp. (Canada)		2,938			68,191
Tengasco, Inc.	*	9,394			4,321
Toreador Resources Corp.	*†	3,690			36,531
Tri-Valley Corp.	*†	10,477			20,430
Ultra Petroleum Corp.	*	13,673			681,736
Uranium Resources, Inc.	*	5,500			4,235
USEC, Inc.	*†	11,624			44,752
Vaalco Energy, Inc.	*	8,030			36,537
Verenium Corp.	*†	149			670
W&T Offshore, Inc.	†	4,200			49,140
Warren Resources, Inc.	*	8,229			20,161
Western Refining, Inc.	*†	3,632			17,107
Westmoreland Coal Co.	*	2,951			26,293
Whiting Petroleum Corp.	*	4,952			353,820
World Fuel Services Corp.	†	5,432			145,523
					10,989,941

See accompanying notes to financial statements.

323

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Paper & Forest Products—0.3%
Buckeye Technologies, Inc.	*	4,965		$	48,458
Clearwater Paper Corp.	*	820			45,075
Deltic Timber Corp.	†	1,046			48,304
Domtar Corp. (Canada)	*†	4,712			261,092
Glatfelter		3,315			40,277
Louisiana-Pacific Corp.	*†	9,117			63,637
Neenah Paper, Inc.		2,110			29,435
Schweitzer-Mauduit International, Inc.		1,337			94,058
Wausau Paper Corp.	†	3,503			40,635
					670,971
Personal Products—0.6%
Alberto-Culver Co.		8,647			253,270
Bare Escentuals, Inc.	*	4,574			55,940
Chattem, Inc.	*	2,536			236,609
Elizabeth Arden, Inc.	*	2,728			39,392
Herbalife Ltd. (Cayman Islands)		6,656			270,034
Mannatech, Inc.		2,631			8,209
Medifast, Inc.	*	2,284			69,845
NBTY, Inc.	*	5,657			246,306
Nu Skin Enterprises, Inc., Class A		5,522			148,376
Prestige Brands Holdings, Inc.	*†	2,900			22,794
Reliv International, Inc.		3,018			9,899
USANA Health Sciences, Inc.	*	743			23,702
					1,384,376
Pharmaceuticals—0.9%
Adolor Corp.	*	8,628			12,597
Alexza Pharmaceuticals, Inc.	*†	17,706			42,494
Auxilium Pharmaceuticals, Inc.	*	2,992			89,700
AVANIR Pharmaceuticals, Inc., Class A	*	9,525			18,097
BioMimetic Therapeutics, Inc.	*	2,563			30,577
Cadence Pharmaceuticals, Inc.	*†	3,700			35,779
Columbia Laboratories, Inc.	*†	5,940			6,415
CPEX Pharmaceuticals, Inc.	*	201			2,269
Cypress Bioscience, Inc.	*	4,031			23,219
Depomed, Inc.	*	7,330			24,555
Discovery Laboratories, Inc.	*†	10,296			6,471
Durect Corp.	*	7,330			18,105
Emisphere Technologies, Inc.	*†	3,412			3,617
Endo Pharmaceuticals Holdings, Inc.	*	14,086			288,904
Heska Corp.	*	4,463			2,354
Hi-Tech Pharmacal Co., Inc.	*†	2,404			67,432
Hollis-Eden Pharmaceuticals, Inc.	*	3,834			2,032
Inspire Pharmaceuticals, Inc.	*†	4,570			25,226
KV Pharmaceutical Co., Class A	*†	3,009			11,043
Matrixx Initiatives, Inc.	*†	1,810			7,638
MDRNA, Inc.	*†	3,350			2,714
Medicines Co. (The)	*	5,261			43,877
Medicis Pharmaceutical Corp., Class A		5,490			148,505
Nektar Therapeutics	*	8,780			81,830
Obagi Medical Products, Inc.	*†	2,119			25,428
Optimer Pharmaceuticals, Inc.	*†	4,269			48,154
Pain Therapeutics, Inc.	*	3,499			18,755
Par Pharmaceutical Cos., Inc.	*	3,271			88,513
Penwest Pharmaceuticals Co.	*	5,730			14,841
Perrigo Co.	†	8,447			336,528
Pozen, Inc.	*	1,922		$	11,513
Questcor Pharmaceuticals, Inc.	*†	4,000			19,000
Salix Pharmaceuticals Ltd.	*†	4,445			112,903
Santarus, Inc.	*	7,750			35,805
SuperGen, Inc.	*	3,719			9,744
Valeant Pharmaceuticals International	*	7,427			236,104
Viropharma, Inc.	*	6,036			50,642
Vivus, Inc.	*†	9,557			87,829
XenoPort, Inc.	*	1,873			34,763
					2,125,972
Professional Services—1.2%
Acacia Research - Acacia Technologies	*	5,547			50,533
Administaff, Inc.		2,357			55,602
Advisory Board Co. (The)	*	1,300			39,858
Barrett Business Services, Inc.		3,976			48,865
CBIZ, Inc.	*	5,140			39,578
CDI Corp.		2,129			27,571
Corporate Executive Board Co. (The)		4,101			93,585
CoStar Group, Inc.	*	1,557			65,036
CRA International, Inc.	*†	1,427			38,029
Diamond Management & Technology Consultants, Inc.		3,731			27,497
Exponent, Inc.	*	1,790			49,834
FTI Consulting, Inc.	*	5,623			265,181
Heidrick & Struggles International, Inc.	†	2,178			68,041
Hudson Highland Group, Inc.	*	7,622			36,128
Huron Consulting Group, Inc.	*†	2,888			66,539
ICF International, Inc.	*	516			13,829
IHS, Inc., Class A	*†	4,063			222,693
Kelly Services, Inc., Class A	*†	2,431			29,002
Kforce, Inc.	*	3,398			42,475
Korn/Ferry International	*	4,056			66,924
LECG Corp.	*	2,344			7,009
Manpower, Inc.		7,366			402,036
MPS Group, Inc.	*	10,705			147,087
Navigant Consulting, Inc.	*	4,173			62,011
Odyssey Marine Exploration, Inc.	*†	8,263			11,651
On Assignment, Inc.	*	3,093			22,115
RCM Technologies, Inc.	*	13,065			32,597
Resources Connection, Inc.	*	3,825			81,166
School Specialty, Inc.	*	1,184			27,694
Spherion Corp.	*	6,986			39,261
TrueBlue, Inc.	*	4,946			73,250
Verisk Analytics, Inc., Class A	*	10,608			321,210
Volt Information Sciences, Inc.	*	1,251			12,510
Watson Wyatt Worldwide, Inc., Class A		4,171			198,206
					2,784,603
Real Estate Investment Trusts (REITs)—6.6%
Acadia Realty Trust REIT	†	4,998			84,316
Agree Realty Corp. REIT		2,037			47,442
Alexander’s, Inc. REIT	*	319			97,110
Alexandria Real Estate Equities, Inc. REIT	†	4,666			299,977
AMB Property Corp. REIT	†	14,045			358,850
American Campus Communities, Inc. REIT	†	5,807			163,177
Annaly Capital Management, Inc. REIT		53,989			936,709
Anworth Mortgage Asset Corp. REIT		10,167			71,169

See accompanying notes to financial statements.

324

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Arbor Realty Trust, Inc. REIT	*†	5,065		$	10,079
Ashford Hospitality Trust, Inc. REIT	*†	13,852			64,273
Associated Estates Realty Corp. REIT		5,856			65,997
BioMed Realty Trust, Inc. REIT	†	9,944			156,916
Brandywine Realty Trust REIT		12,040			137,256
BRE Properties, Inc. REIT	†	5,250			173,670
BRT Realty Trust REIT	*	1,088			5,549
Camden Property Trust REIT		7,288			308,793
Capital Trust, Inc., Class A REIT	*†	4,198			5,331
CapLease, Inc. REIT		10,293			45,083
Capstead Mortgage Corp. REIT		8,552			116,735
CBL & Associates Properties, Inc. REIT	†	16,769			162,156
Cedar Shopping Centers, Inc. REIT	†	4,496			30,573
Chimera Investment Corp. REIT		59,608			231,279
Cogdell Spencer, Inc. REIT		8,226			46,559
Cohen & Co., Inc. REIT	*	4,976			24,382
Colonial Properties Trust REIT		2,752			32,281
Corporate Office Properties Trust REIT	†	6,040			221,245
Cousins Properties, Inc. REIT	†	13,715			104,645
Cypress Sharpridge Investments, Inc. REIT		1,630			22,021
DCT Industrial Trust, Inc. REIT		18,769			94,220
DiamondRock Hospitality Co. REIT	†	8,514			72,114
Digital Realty Trust, Inc. REIT	†	10,192			512,454
Douglas Emmett, Inc. REIT	†	12,435			177,199
Duke Realty Corp. REIT		24,841			302,315
DuPont Fabros Technology, Inc. REIT		4,263			76,691
Eastern Light Capital, Inc. REIT	*	799			3,076
EastGroup Properties, Inc. REIT	†	2,269			86,857
Education Realty Trust, Inc. REIT	†	8,420			40,753
Entertainment Properties Trust REIT	†	4,374			154,271
Equity Lifestyle Properties, Inc. REIT	†	2,415			121,885
Equity One, Inc. REIT		4,453			72,005
Essex Property Trust, Inc. REIT	†	2,472			206,783
Extra Space Storage, Inc. REIT	†	9,392			108,478
Federal Realty Investment Trust REIT	†	6,796			460,225
FelCor Lodging Trust, Inc. REIT	*	8,871			31,936
First Industrial Realty Trust, Inc. REIT	*	2,823			14,764
First Potomac Realty Trust REIT		4,965			62,410
Franklin Street Properties Corp. REIT	†	5,200			75,972
General Growth Properties, Inc. REIT		26,541			306,814
Getty Realty Corp. REIT		1,935		$	45,531
Glimcher Realty Trust REIT		8,833			23,849
Government Properties Income Trust REIT		1,940			44,581
Gramercy Capital Corp. REIT	*†	3,048			7,894
Hatteras Financial Corp. REIT		4,031			112,707
Healthcare Realty Trust, Inc. REIT	†	5,571			119,554
Hersha Hospitality Trust REIT		5,335			16,752
Highwoods Properties, Inc. REIT	†	7,925			264,299
HMG Courtland Properties REIT	*	1,250			4,200
Home Properties, Inc. REIT	†	3,441			164,170
Hospitality Properties Trust REIT		11,613			275,344
HRPT Properties Trust REIT		22,924			148,318
Inland Real Estate Corp. REIT		5,524			45,021
Invesco Mortgage Capital, Inc. REIT		972			22,123
Investors Real Estate Trust REIT		8,064			72,576
iStar Financial, Inc. REIT	*†	8,506			21,775
Kilroy Realty Corp. REIT	†	3,793			116,331
Kite Realty Group Trust REIT		8,526			34,701
LaSalle Hotel Properties REIT	†	6,022			127,847
Lexington Realty Trust REIT		7,202			43,788
Liberty Property Trust REIT		12,049			385,689
LTC Properties, Inc. REIT	†	3,135			83,861
Macerich Co. (The) REIT		11,125			399,944
Mack-Cali Realty Corp. REIT		8,583			296,714
Maguire Properties, Inc. REIT	*	2,300			3,473
Medical Properties Trust, Inc. REIT	†	10,635			106,350
MFA Financial, Inc. REIT		24,174			177,679
Mid-America Apartment Communities, Inc. REIT		2,953			142,571
Mission West Properties, Inc. REIT		7,471			53,717
Monmouth Real Estate Investment Corp., Class A REIT		9,567			71,178
National Health Investors, Inc. REIT		2,715			100,428
National Retail Properties, Inc. REIT	†	7,081			150,259
Nationwide Health Properties, Inc. REIT		12,029			423,180
Newcastle Investment Corp. REIT	*	13,023			27,218
NorthStar Realty Finance Corp. REIT	†	8,645			29,652
Omega Healthcare Investors, Inc. REIT	†	7,036			136,850
Pacific Office Properties Trust, Inc. REIT		10,462			40,697
Parkway Properties, Inc. REIT		3,135			65,271
Pennsylvania Real Estate Investment Trust REIT		2,750			23,265
PMC Commercial Trust REIT		2,035			15,263
Post Properties, Inc. REIT	†	6,157			120,677
Potlatch Corp. REIT		3,439			109,635
PS Business Parks, Inc. REIT	†	1,882			94,194
RAIT Financial Trust REIT	*†	5,932			7,771
Ramco-Gershenson Properties Trust REIT	†	1,412			13,470
Rayonier, Inc. REIT		8,701			366,834
Realty Income Corp. REIT	†	10,301			266,899
Redwood Trust, Inc. REIT		6,341			91,691

See accompanying notes to financial statements.

325

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Regency Centers Corp. REIT	†	9,136		$	320,308
Resource Capital Corp. REIT		3,788			18,637
Saul Centers, Inc. REIT		1,310			42,916
Senior Housing Properties Trust REIT	†	12,704			277,837
SL Green Realty Corp. REIT	†	10,004			502,601
Sovran Self Storage, Inc. REIT	†	1,711			61,134
Starwood Property Trust, Inc. REIT		4,021			75,957
Strategic Hotels & Resorts, Inc. REIT	*	4,710			8,761
Sun Communities, Inc. REIT		3,803			75,109
Sunstone Hotel Investors, Inc. REIT	*†	9,998			88,782
Tanger Factory Outlet Centers, Inc. REIT		2,648			103,246
Taubman Centers, Inc. REIT	†	4,982			178,904
UDR, Inc. REIT		22,688			372,991
Universal Health Realty Income Trust REIT		2,198			70,402
Urstadt Biddle Properties, Inc., Class A REIT		3,726			56,896
U-Store-It Trust REIT		9,393			68,757
Walter Investment Management Corp. REIT		3,686			52,820
Washington Real Estate Investment Trust REIT	†	6,905			190,233
Weingarten Realty Investors REIT		12,310			243,615
Winthrop Realty Trust REIT		2,133			23,164
					15,353,656
Real Estate Management & Development—0.5%
Altisource Portfolio Solutions SA (Luxembourg)	*	1,020			21,410
Brookfield Properties Corp. (Canada)	†	33,375			404,505
Consolidated-Tomoka Land Co.	†	530			18,518
Forest City Enterprises, Inc., Class A	*†	13,633			160,597
Forestar Group, Inc.	*	3,217			70,710
Grubb & Ellis Co.	*	2,553			3,268
Jones Lang LaSalle, Inc.	†	3,159			190,803
St. Joe Co. (The)	*	6,987			201,854
Tejon Ranch Co.	*	1,418			41,434
Thomas Properties Group, Inc.		2,396			7,092
					1,120,191
Road & Rail—0.9%
Amerco, Inc.	*	547			27,197
Arkansas Best Corp.	†	2,819			82,963
Avis Budget Group, Inc.	*†	12,388			162,531
Celadon Group, Inc.	*	1,972			21,396
Con-way, Inc.	†	3,246			113,318
Dollar Thrifty Automotive Group, Inc.	*†	1,428			36,571
Genesee & Wyoming, Inc., Class A	*†	2,893			94,428
Heartland Express, Inc.	†	6,375			97,346
Hertz Global Holdings, Inc.	*†	13,049			155,544
J.B. Hunt Transport Services, Inc.		12,683			409,280
Kansas City Southern	*†	9,908			329,837
Knight Transportation, Inc.	†	6,280			121,141
Landstar System, Inc.	†	4,879			189,159
Old Dominion Freight Line, Inc.	*	2,496		$	76,627
PAM Transportation Services, Inc.	*	1,139			11,766
Quality Distribution, Inc.	*	4,385			17,321
Saia, Inc.	*	1,522			22,556
Werner Enterprises, Inc.		5,917			117,098
YRC Worldwide, Inc.	*†	4,618			3,878
					2,089,957
Semiconductors & Semiconductor Equipment—3.4%
Actel Corp.	*	4,134			49,112
Advanced Analogic Technologies, Inc.	*†	5,860			23,088
Advanced Energy Industries, Inc.	*	4,472			67,438
Aetrium, Inc.	*	614			1,590
Amkor Technology, Inc.	*†	12,212			87,438
Anadigics, Inc.	*	4,986			21,041
Applied Micro Circuits Corp.	*†	7,749			57,885
Atheros Communications, Inc.	*†	6,783			232,250
Atmel Corp.	*	38,623			178,052
ATMI, Inc.	*	3,386			63,047
Axcelis Technologies, Inc.	*	15,338			21,627
AXT, Inc.	*	4,552			14,794
Brooks Automation, Inc.	*	4,415			37,881
Cabot Microelectronics Corp.	*	2,070			68,227
California Micro Devices Corp.	*	2,476			11,662
Cavium Networks, Inc.	*†	4,914			117,101
Ceva, Inc.	*	3,092			39,763
Cirrus Logic, Inc.	*†	5,397			36,808
Cohu, Inc.	†	1,889			26,352
Conexant Systems, Inc.	*	8,169			18,952
Cree, Inc.	*	5,996			337,995
Cymer, Inc.	*†	2,731			104,816
Cypress Semiconductor Corp.	*†	13,944			147,249
Diodes, Inc.	*	3,326			68,017
DSP Group, Inc.	*	4,251			23,933
Entegris, Inc.	*	7,678			40,540
Exar Corp.	*	3,475			24,707
Fairchild Semiconductor International, Inc.	*†	9,371			93,616
FEI Co.	*	2,918			68,164
Formfactor, Inc.	*†	4,715			102,598
FSI International, Inc.	*	4,280			12,583
Hittite Microwave Corp.	*†	2,783			113,407
Integrated Device Technology, Inc.	*	15,458			100,013
Integrated Silicon Solution, Inc.	*	2,930			16,555
International Rectifier Corp.	*†	4,883			108,012
Intersil Corp., Class A	†	15,935			244,443
IXYS Corp.	*	3,270			24,263
Kopin Corp.	*	5,031			21,030
Kulicke & Soffa Industries, Inc.	*	4,089			22,040
Lam Research Corp.	*	11,660			457,189
Lattice Semiconductor Corp.	*	16,642			44,933
LTX-Credence Corp.	*	14,256			25,376
Marvell Technology Group Ltd. (Bermuda)	*	47,175			978,881
Mattson Technology, Inc.	*	4,081			14,610
Maxim Integrated Products, Inc.		26,152			530,886
Micrel, Inc.		3,731			30,594
Microsemi Corp.	*†	6,947			123,309
Mindspeed Technologies, Inc.	*†	9,324			43,730

See accompanying notes to financial statements.

326

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
MIPS Technologies, Inc.	*†	5,359		$	23,419
MKS Instruments, Inc.	*	3,260			56,757
Monolithic Power Systems, Inc.	*	2,258			54,124
MoSys, Inc.	*	3,592			14,081
Netlogic Microsystems, Inc.	*	1,507			69,714
NVE Corp.	*	771			31,850
Omnivision Technologies, Inc.	*	4,446			64,600
ON Semiconductor Corp.	*†	34,519			304,112
PDF Solutions, Inc.	*	9,022			34,735
Pericom Semiconductor Corp.	*	2,254			25,989
Photronics, Inc.	*	1,989			8,851
PLX Technology, Inc.	*	2,950			9,528
PMC–Sierra, Inc.	*†	17,731			153,550
Power Integrations, Inc.		2,822			102,608
QuickLogic Corp.	*	14,701			31,019
Rambus, Inc.	*†	9,556			233,166
Ramtron International Corp.	*	1,920			3,398
RF Micro Devices, Inc.	*†	18,530			88,388
Rudolph Technologies, Inc.	*	2,516			16,908
Semtech Corp.	*	4,634			78,824
Sigma Designs, Inc.	*	5,116			54,741
Silicon Image, Inc.	*	6,882			17,756
Silicon Laboratories, Inc.	*†	4,087			197,566
Silicon Storage Technology, Inc.	*	7,634			19,543
Skyworks Solutions, Inc.	*†	17,544			248,949
Standard Microsystems Corp.	*	2,548			52,947
Supertex, Inc.	*	815			24,287
Tegal Corp.	*	312			415
Tessera Technologies, Inc.	*	4,876			113,465
Transwitch Corp.	*	429			901
Trident Microsystems, Inc.	*	5,092			9,471
TriQuint Semiconductor, Inc.	*†	13,250			79,500
Ultra Clean Holdings, Inc.	*	5,255			36,732
Ultratech, Inc.	*	2,462			36,585
Varian Semiconductor Equipment Associates, Inc.	*†	6,209			222,779
Veeco Instruments, Inc.	*†	2,611			86,267
Virage Logic Corp.	*	3,332			18,326
Volterra Semiconductor Corp.	*†	2,894			55,333
White Electronic Designs Corp.	*	4,551			21,253
Zoran Corp.	*	5,136			56,753
					7,856,787
Software—3.3%
ACI Worldwide, Inc.	*	3,078			52,788
Activision Blizzard, Inc.	*	53,274			591,874
Actuate Corp.	*	6,674			28,565
Advent Software, Inc.	*	1,819			74,088
American Software, Inc., Class A		7,072			42,432
ANSYS, Inc.	*†	9,676			420,519
ArcSight, Inc.	*†	2,215			56,660
Ariba, Inc.	*†	8,263			103,453
Authentidate Holding Corp.	*	41,599			43,679
Blackbaud, Inc.		3,069			72,520
Blackboard, Inc.	*†	3,598			163,313
Bottomline Technologies, Inc.	*	3,578			62,865
Cadence Design Systems, Inc.	*	21,402			128,198
Callidus Software, Inc.	*	2,703			8,163
Chordiant Software, Inc.	*	1,859			5,112
CommVault Systems, Inc.	*	5,041			119,421
Concur Technologies, Inc.	*†	4,210			179,977
Datawatch Corp.	*	3,500		$	8,890
Double-Take Software, Inc.	*	3,666			36,623
Ebix, Inc.	*†	1,308			63,870
Epicor Software Corp.	*	5,701			43,442
EPIQ Systems, Inc.	*	2,664			37,269
ePresence, Inc.	*‡d	1,173			—
Evolving Systems, Inc.	*	527			3,294
Factset Research Systems, Inc.	†	4,413			290,684
Fair Isaac Corp.		4,740			101,009
FalconStor Software, Inc.	*	4,054			16,459
Geeknet, Inc.	*	6,619			7,877
Informatica Corp.	*†	9,082			234,861
Interactive Intelligence, Inc.	*	1,644			30,315
Jack Henry & Associates, Inc.		8,674			200,543
JDA Software Group, Inc.	*	2,379			60,593
Kenexa Corp.	*†	2,904			37,897
Lawson Software, Inc.	*	14,326			95,268
Magma Design Automation, Inc.	*†	11,855			27,385
Manhattan Associates, Inc.	*†	2,125			51,064
Mentor Graphics Corp.	*	7,373			65,104
MICROS Systems, Inc.	*	8,507			263,972
MicroStrategy, Inc., Class A	*	791			74,370
Netscout Systems, Inc.	*	3,784			55,398
Nuance Communications, Inc.	*†	24,738			384,429
Parametric Technology Corp.	*†	10,288			168,106
Pegasystems, Inc.	†	2,142			72,828
Phoenix Technologies Ltd.	*	2,710			7,452
PLATO Learning, Inc.	*	11,349			49,482
Progress Software Corp.	*	3,213			93,852
PROS Holdings, Inc.	*	1,506			15,587
QAD, Inc.		1,363			8,328
Quest Software, Inc.	*	6,863			126,279
Radiant Systems, Inc.	*	2,709			28,174
Renaissance Learning, Inc.	†	1,354			15,381
Rovi Corp.	*	10,864			346,236
S1 Corp.	*	5,886			38,377
Scientific Learning Corp.	*	3,146			15,887
Smith Micro Software, Inc.	*†	2,612			23,874
SolarWinds, Inc.	*†	6,152			141,558
Solera Holdings, Inc.	†	7,414			266,978
Sonic Foundry, Inc.	*	610			2,958
Sonic Solutions, Inc.	*	3,804			45,001
SonicWALL, Inc.	*	4,632			35,250
Sybase, Inc.	*	8,832			383,309
Symyx Technologies, Inc.	*†	3,865			21,257
Synchronoss Technologies, Inc.	*	1,415			22,371
Synopsys, Inc.	*	16,535			368,400
Take-Two Interactive Software, Inc.	*†	5,625			56,531
Taleo Corp., Class A	*	2,401			56,472
TeleCommunication Systems, Inc., Class A	*†	6,400			61,952
THQ, Inc.	*†	4,685			23,612
TIBCO Software, Inc.	*	15,556			149,804
TiVo, Inc.	*	8,402			85,532
Tyler Technologies, Inc.	*†	3,715			73,966
Ultimate Software Group, Inc.	*†	1,966			57,741
VASCO Data Security International, Inc.	*	4,225			26,491
Versant Corp.	*	1,264			19,289
VMware, Inc., Class A	*	7,132			302,254
Wayside Technology Group, Inc.		1,787			14,207
Websense, Inc.	*	3,500			61,110
					7,630,129

See accompanying notes to financial statements.

327

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Specialty Retail—2.8%
A.C. Moore Arts & Crafts, Inc.	*	1,967		$	5,783
Aaron’s, Inc.	†	4,665			129,360
Advance Auto Parts, Inc.	†	7,732			312,991
Aeropostale, Inc.	*†	6,000			204,300
American Eagle Outfitters, Inc.		17,739			301,208
America’s Car-Mart, Inc.	*	1,569			41,312
AnnTaylor Stores Corp.	*†	7,577			103,350
Asbury Automotive Group, Inc.	*	2,974			34,290
Barnes & Noble, Inc.	†	3,301			62,950
Bebe Stores, Inc.		2,040			12,791
Big 5 Sporting Goods Corp.		2,416			41,507
Blockbuster, Inc., Class A	*†	16,050			10,754
Borders Group, Inc.	*	3,582			4,227
Brown Shoe Co., Inc.	†	3,758			37,091
Buckle, Inc. (The)	†	2,041			59,761
Build-A-Bear Workshop, Inc.	*	5,570			27,237
Cabela’s, Inc.	*†	4,717			67,264
Cache, Inc.	*	2,130			9,734
CarMax, Inc.	*†	13,776			334,068
Casual Male Retail Group, Inc.	*	2,471			5,757
Cato Corp. (The), Class A		2,994			60,060
Charming Shoppes, Inc.	*†	10,301			66,647
Chico’s FAS, Inc.	*†	18,871			265,138
Children’s Place Retail Stores, Inc. (The)	*†	2,219			73,249
Christopher & Banks Corp.		6,972			53,127
Citi Trends, Inc.	*	1,617			44,662
Coldwater Creek, Inc.	*†	9,425			42,036
Collective Brands, Inc.	*†	5,897			134,275
Cost Plus, Inc.	*	2,725			2,780
Destination Maternity Corp.	*	684			12,996
Dick’s Sporting Goods, Inc.	*†	7,504			186,625
Dress Barn, Inc.	*†	7,177			165,789
DSW, Inc., Class A	*†	1,395			36,103
Finish Line, Inc. (The), Class A		3,667			46,021
Foot Locker, Inc.		14,098			157,052
Genesco, Inc.	*	2,452			67,332
Group 1 Automotive, Inc.	*†	1,745			49,471
Guess?, Inc.		7,063			298,765
Gymboree Corp.	*	2,665			115,901
Haverty Furniture Cos., Inc.		2,301			31,593
Hibbett Sports, Inc.	*†	2,997			65,904
Hot Topic, Inc.	*	5,272			33,530
J. Crew Group, Inc.	*†	4,149			185,626
Jo-Ann Stores, Inc.	*†	2,192			79,438
JOS A. Bank Clothiers, Inc.	*†	2,128			89,780
Kirkland’s, Inc.	*	2,193			38,092
Lithia Motors, Inc., Class A	*	2,689			22,104
Lumber Liquidators, Inc.	*†	1,119			29,989
MarineMax, Inc.	*	3,026			27,809
Men’s Wearhouse, Inc. (The)	†	3,813			80,302
Midas, Inc.	*	1,278			10,799
Monro Muffler Brake, Inc.		1,635			54,674
OfficeMax, Inc.	*	6,199			78,665
Pacific Sunwear of California, Inc.	*	5,046			20,083
Penske Auto Group, Inc.	*†	2,975			45,161
Pep Boys-Manny, Moe & Jack (The)	†	3,451			29,195
PetSmart, Inc.		12,275			327,620
Pier 1 Imports, Inc.	*	6,447			32,815
Rent-A-Center, Inc.	*	7,097		$	125,759
Rex Stores Corp.	*†	1,034			14,538
Sally Beauty Holdings, Inc.	*	7,911			60,519
Select Comfort Corp.	*	3,139			20,466
Shoe Carnival, Inc.	*	1,098			22,476
Signet Jewelers Ltd. (Bermuda)	*	6,027			161,041
Sonic Automotive, Inc., Class A	*	4,249			44,147
Stage Stores, Inc.	†	3,672			45,386
Stein Mart, Inc.	*	3,731			39,772
Systemax, Inc.		1,358			21,334
Talbots, Inc.	*†	1,205			10,737
Tractor Supply Co.	*†	3,365			178,210
Trans World Entertainment Corp.	*	1,932			2,917
Urban Outfitters, Inc.	*	15,610			546,194
West Marine, Inc.	*	2,443			19,691
Wet Seal, Inc. (The), Class A	*†	16,190			55,856
Williams-Sonoma, Inc.		9,794			203,519
Zale Corp.	*†	2,902			7,893
					6,547,398
Textiles, Apparel & Luxury Goods—1.0%
Carter’s, Inc.	*	4,869			127,811
Charles & Colvard Ltd.	*	693			804
Cherokee, Inc.		2,054			36,602
Columbia Sportswear Co.	†	1,447			56,491
CROCS, Inc.	*	10,660			61,295
Culp, Inc.	*	888			8,862
Deckers Outdoor Corp.	*†	1,741			177,095
Forward Industries, Inc.	*	630			1,298
Fossil, Inc.	*	5,295			177,700
Hallwood Group, Inc.	*	100			3,880
Hanesbrands, Inc.	*†	9,248			222,969
Iconix Brand Group, Inc.	*	7,941			100,454
Jones Apparel Group, Inc.		7,936			127,452
Kenneth Cole Productions, Inc., Class A	*	956			9,225
K-Swiss, Inc., Class A	*	2,909			28,916
Lazare Kaplan International, Inc.	*‡	1,140			1,710
Liz Claiborne, Inc.	*†	7,285			41,015
Movado Group, Inc.	†	1,527			14,842
Oxford Industries, Inc.		3,052			63,115
Phillips-Van Heusen Corp.		5,033			204,742
Quiksilver, Inc.	*	7,789			15,734
Skechers U.S.A., Inc., Class A	*	3,797			111,670
Steven Madden Ltd.	*	1,528			63,015
Timberland Co. (The), Class A	*	3,040			54,507
True Religion Apparel, Inc.	*	1,923			35,556
Under Armour, Inc., Class A	*†	3,385			92,309
Unifi, Inc.	*	9,669			37,516
Unifirst Corp.		605			29,107
Warnaco Group, Inc. (The)	*	4,690			197,871
Wolverine World Wide, Inc.		4,210			114,596
					2,218,159
Thrifts & Mortgage Finance—1.1%
Anchor Bancorp Wisconsin, Inc.	*†	5,568			3,508
Arlington Asset Investment Corp., Class A	*	728			11,087
Astoria Financial Corp.	†	6,733			83,691
Bank Mutual Corp.		5,557			38,454
BankAtlantic Bancorp, Inc., Class A	†	25,481			33,125

See accompanying notes to financial statements.

328

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
COMMON STOCKS—(Continued)
Beneficial Mutual Bancorp, Inc.	*†	4,733		$	46,573
Brookline Bancorp, Inc.		6,167			61,115
Capitol Federal Financial		2,421			76,165
CFS Bancorp, Inc.	†	1,873			6,050
Dime Community Bancshares, Inc.	†	3,549			41,594
Doral Financial Corp. (Puerto Rico)	*†	3,585			13,014
ESSA Bancorp, Inc.	†	2,873			33,614
Federal Agricultural Mortgage Corp., Class C	†	1,507			10,564
Federal Home Loan Mortgage Corp.	*†	43,895			64,526
Federal National Mortgage Association	*†	66,437			78,396
First Financial Holdings, Inc.	†	990			12,860
First Financial Northwest, Inc.		3,255			21,320
First Financial Service Corp.		988			8,951
First Niagara Financial Group, Inc.		17,093			237,764
First Place Financial Corp.		4,299			11,908
Flagstar Bancorp, Inc.	*†	9,020			5,412
Flushing Financial Corp.		2,981			33,566
Harrington West Financial Group, Inc.	*	1,172			481
Kearny Financial Corp.	†	3,008			30,321
MGIC Investment Corp.	*†	9,027			52,176
NASB Financial, Inc.	†	529			12,320
New York Community Bancorp, Inc.	†	40,067			581,372
NewAlliance Bancshares, Inc.	†	8,585			103,106
Northwest Bancshares, Inc.		5,465			61,867
OceanFirst Financial Corp.		2,108			23,820
Ocwen Financial Corp.	*†	3,062			29,303
Oritani Financial Corp.	†	2,110			28,970
Parkvale Financial Corp.		1,077			7,485
PMI Group, Inc. (The)	*†	5,087			12,819
Provident Financial Services, Inc.	†	5,182			55,188
Provident New York Bancorp		5,681			47,948
Radian Group, Inc.	†	9,045			66,119
Riverview Bancorp, Inc.	*	2,602			5,803
TFS Financial Corp.		9,048			109,843
TierOne Corp.	*	1,971			1,380
Tree.com, Inc.	*	433			3,962
Triad Guaranty, Inc.	*	5,663			1,529
Trustco Bank Corp.	†	7,080			44,604
United Financial Bancorp, Inc.		2,570			33,693
United Western Bancorp, Inc.		974			2,688
Washington Federal, Inc.		10,068			194,715
Westfield Financial, Inc.		4,068			33,561
WSFS Financial Corp.		610			15,634
					2,493,964
Tobacco—0.1%
Alliance One International, Inc.	*†	10,209			49,820
Universal Corp.	†	1,971			89,897
Vector Group Ltd.	†	5,280			73,920
					213,637
Trading Companies & Distributors—0.4%
Aceto Corp.		3,385			17,433
Aircastle Ltd.		5,287			52,077
Applied Industrial Technologies, Inc.		2,868			63,297
Beacon Roofing Supply, Inc.	*	4,124		$	65,984
GATX Corp.	†	3,432			98,670
H&E Equipment Services, Inc.	*†	1,490			15,630
Houston Wire & Cable Co.	†	1,569			18,671
Interline Brands, Inc.	*†	4,165			71,929
Kaman Corp.		2,736			63,174
MSC Industrial Direct Co., Class A		3,645			171,315
Rush Enterprises, Inc., Class A	*†	3,059			36,371
United Rentals, Inc.	*	8,627			84,631
Watsco, Inc.	†	2,671			130,826
WESCO International, Inc.	*†	5,009			135,293
Willis Lease Finance Corp.	*	1,234			18,510
					1,043,811
Water Utilities—0.3%
American States Water Co.		1,492			52,832
American Water Works Co., Inc.		7,046			157,901
Aqua America, Inc.	†	14,771			258,640
California Water Service Group	†	1,589			58,507
Connecticut Water Service, Inc.		1,839			45,552
Middlesex Water Co.		2,861			50,439
SJW Corp.		1,637			36,947
Southwest Water Co.		5,876			34,610
					695,428
Wireless Telecommunication Services—1.2%
Crown Castle International Corp.	*	27,036			1,055,485
FiberTower Corp.	*	658			2,750
Leap Wireless International, Inc.	*	14,768			259,178
NII Holdings, Inc.	*	15,694			527,005
NTELOS Holdings Corp.		3,103			55,296
SBA Communications Corp., Class A	*†	12,379			422,867
Shenandoah Telecommunications Co.	†	2,133			43,407
Syniverse Holdings, Inc.	*	5,235			91,508
Telephone & Data Systems, Inc.		8,158			276,719
United States Cellular Corp.	*	1,375			58,314
USA Mobility, Inc.	†	2,924			32,193
					2,824,722
TOTAL COMMON STOCKS
(Cost $220,348,636)					225,412,089
RIGHTS—0.0%
Biotechnology—0.0%
Ligand Pharmaceuticals, Inc., Expires 12/31/2011	*‡d	4,683			—
Diversified Telecommunication Services—0.0%
Clearwire Corp., Expires 06/21/2010, Strike $7.33	*†	9,488			3,795
Hotels, Restaurants & Leisure—0.0%
Cosi, Inc., Expires 01/06/2010	*‡	3,120			76
Pharmaceuticals—0.0%
Fresenius Kabi Pharmaceuticals Holding, Inc. (Germany), Expires 06/30/2011	*	1,744			506

See accompanying notes to financial statements.

329

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Mid/Small
Company Index Fund

		Shares	Value
RIGHTS—(Continued)
Textiles, Apparel & Luxury Goods—0.0%
Mossimo, Inc.	*‡d	2,807		$	—
Thrifts & Mortgage Finance—0.0%
Flagstar Bancorp, Inc., Expires 01/25/2010	*‡d	13,530			—
TOTAL RIGHTS
(Cost $—)					4,377
WARRANTS—0.0%
Diversified Financial Services—0.0%
Equitex, Inc., Class A, Expires 02/07/2010	*‡d	264			—
Equitex, Inc., Class B, Expires 02/07/2010	*‡d	264			—
Pegasus Wireless Corp.	*‡d	200			—
TOTAL WARRANTS
(Cost $—)					—

 

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.2%
U.S. Treasury Bills—0.2%
U.S. Treasury Bill
0.026%	03/11/2010	‡‡
(Cost $454,977)			$	455,000		454,971
				Shares		Value
CASH EQUIVALENTS—28.1%
Institutional Money Market Funds—28.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class				5,037,909		5,037,909
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		††		12,116,648		12,116,648
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class		††		12,000,000		12,000,000
Short-Term Investments Trust Liquid Assets Portfolio		††		12,000,000		12,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class		††		11,991,546		11,991,546
Wells Fargo Advantage Heritage Money Market Fund—Select Class		††		12,000,000		12,000,000
TOTAL CASH EQUIVALENTS
(Cost $65,146,103)						65,146,103
TOTAL INVESTMENTS—125.6%
(Cost $285,949,716)						291,017,540
Other assets less liabilities—(25.6%)						(59,399,246	)
NET ASSETS—100.0%					$	231,618,294

 

Notes to the Schedule of Investments:

REIT Real Estate Investment Trust

* Non-income producing.

† Denotes all or a portion of the security on loan.

‡ Security valued at fair value as determined by policies approved by the Board of Directors.

d Security has no market value at December 31, 2009.

‡‡ Security or a portion of the security has been pledged as collateral for futures contracts.

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

See accompanying notes to financial statements.

330

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Overseas
Equity Index Fund

			Shares		Value
COMMON STOCKS—98.4%
Australia—8.3%
AGL Energy Ltd.			8,054	$	101,233
Alumina Ltd.	*		43,731		71,492
Amcor Ltd.	†		22,424		124,842
AMP Ltd.			35,588		214,964
Aristocrat Leisure Ltd.			6,119		21,921
Arrow Energy Ltd.	*		10,971		40,802
Asciano Group	*		47,554		76,986
ASX Ltd.	†		3,174		98,955
Australia & New Zealand Banking Group Ltd.			44,207		900,871
AXA Asia Pacific Holdings Ltd.			19,091		111,624
Bendigo and Adelaide Bank Ltd.			6,445		56,574
BHP Billiton Ltd.			58,734		2,247,560
Billabong International Ltd.	†		3,672		35,928
BlueScope Steel Ltd.			31,699		87,343
Boral Ltd.			10,122		53,726
Brambles Ltd.			24,837		150,635
Caltex Australia Ltd.	*†		2,904		24,157
CFS Retail Property Trust REIT			29,651		50,489
Coca-Cola Amatil Ltd.			10,055		103,673
Cochlear Ltd.			961		59,346
Commonwealth Bank of Australia			26,550		1,296,223
Computershare Ltd.			7,579		77,545
Crown Ltd.			8,998		64,384
CSL Ltd.			10,606		308,417
CSR Ltd.			27,765		44,707
Dexus Property Group REIT			86,134		65,348
Energy Resources of Australia Ltd.			973		20,764
Fairfax Media Ltd.	†		34,271		53,268
Fortescue Metals Group Ltd.	*		21,130		83,579
Foster’s Group Ltd.			35,169		173,004
Goodman Fielder Ltd.			21,372		31,122
Goodman Group REIT			109,500		61,949
GPT Group REIT			159,141		85,516
Harvey Norman Holdings Ltd.			10,998		41,462
Incitec Pivot Ltd.			27,185		85,990
Insurance Australia Group Ltd.			38,050		136,664
Leighton Holdings Ltd.			2,521		85,458
Lend Lease Group	†		7,909		73,008
Macquarie Group Ltd.			5,840		250,222
Macquarie Infrastructure Group			40,325		48,029
MAp Group			13,260		35,890
Metcash Ltd.			14,473		58,033
Mirvac Group REIT			44,236		61,720
National Australia Bank Ltd.	†		36,905		900,634
Newcrest Mining Ltd.			8,529		270,154
Nufarm Ltd.			2,693		26,141
OneSteel Ltd.			24,172		72,603
Orica Ltd.			6,229		144,824
Origin Energy Ltd.			15,432		232,179
OZ Minerals Ltd.	*		53,704		57,242
Paladin Energy Ltd.	*		12,048		44,974
Qantas Airways Ltd.			18,484		49,317
QBE Insurance Group Ltd.			18,114		413,368
Rio Tinto Ltd.			7,583		506,202
Santos Ltd.			14,905		187,723
Sims Metal Management Ltd.			2,622		51,374
Sonic Healthcare Ltd.			6,206		85,472
SP AusNet			20,280		16,643
Stockland REIT			41,800		147,271
Suncorp-Metway Ltd.			22,516		174,318
Tabcorp Holdings Ltd.		��	11,019	$	68,366
Tatts Group Ltd.			20,637		45,021
Telstra Corp. Ltd.			77,637		238,686
Toll Holdings Ltd.			11,926		93,130
Transurban Group			21,485		106,331
Wesfarmers Ltd.			16,661		465,757
Wesfarmers Ltd. (Price Protected Shares)			3,674		102,586
Westfield Group REIT			36,966		413,720
Westpac Banking Corp.			51,383		1,160,680
Woodside Petroleum Ltd.			9,341		393,930
Woolworths Ltd.			21,429		537,458
WorleyParsons Ltd.			2,974		77,222
					14,958,749
Austria—0.3%
Erste Group Bank AG			3,199		118,871
Immoeast AG	*		6,314		34,665
OMV AG			2,644		116,009
Raiffeisen International Bank Holding AG	†		930		51,956
Telekom Austria AG			5,227		74,614
Verbund—Oesterreichische Elektrizitaetswirtschafts AG, Class A			1,308		55,462
Vienna Insurance Group			618		31,721
Voestalpine AG			2,136		78,036
					561,334
Belgium—1.0%
Anheuser-Busch InBev NV			12,578		651,128
Anheuser-Busch InBev NV STRIP VVPR	*		4,872		35
Belgacom SA	†		2,808		101,939
Colruyt SA			256		61,761
Compagnie Nationale a Portefeuille			620		32,992
Delhaize Group SA			1,745		133,491
Dexia SA	*		9,886		62,230
Fortis	*		40,792		150,998
Groupe Bruxelles Lambert SA			1,399		132,102
Groupe Bruxelles Lambert SA STRIP VVPR	*		127		1
KBC Groep NV	*		2,865		123,095
Mobistar SA			586		40,173
Solvay SA			1,015		109,311
UCB SA	†		1,717		71,667
Umicore			1,995		66,551
					1,737,474
Bermuda—0.1%
Seadrill Ltd.	†		5,016		127,622
China—0.0%
Foxconn International Holdings Ltd.	*		41,000		47,199
Cyprus—0.0%
Bank of Cyprus Public Co. Ltd.			9,449		66,158
Denmark—0.8%
A.P. Moller-Maersk A/S, Class A			9		60,794
A.P. Moller-Maersk A/S, Class B			23		161,596
Carlsberg A/S, Class B			1,960		144,285
Coloplast A/S, Class B			394		35,630
Danske Bank A/S	*		8,024		180,134
DSV A/S	*		3,821		69,247

See accompanying notes to financial statements.

331

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
H Lundbeck A/S		860	$	15,538
Novo Nordisk A/S, Class B		7,582		484,048
Novozymes A/S, Class B		839		87,288
Topdanmark A/S	*	241		32,456
TrygVesta A/S		350		23,007
Vestas Wind Systems A/S	*	3,587		218,387
William Demant Holding	*	358		26,908
				1,539,318
Finland—1.1%
Elisa Oyj		2,334		53,272
Fortum Oyj		8,088		219,423
Kesko Oyj, Class B	†	1,238		40,882
Kone Oyj, Class B		2,839		121,662
Metso Oyj		2,116		74,431
Neste Oil Oyj		2,068		36,749
Nokia Oyj	†	65,361		845,118
Nokian Renkaat Oyj	†	1,862		45,152
Orion Oyj, Class B		1,592		34,334
Outokumpu Oyj		2,272		43,009
Pohjola Bank plc		2,462		26,553
Rautaruukki Oyj	†	1,584		36,640
Sampo Oyj, Class A		7,657		186,525
Sanoma Oyj	†	1,243		28,044
Stora Enso Oyj, Class R	*†	9,940		69,717
UPM-Kymmene Oyj		9,029		107,344
Wartsila Oyj	†	1,429		57,278
				2,026,133
France—10.3%
Accor SA		2,627		143,755
Aeroports de Paris	†	565		45,414
Air France-KLM	*	2,488		39,045
Air Liquide SA		4,363		518,883
Alcatel-Lucent	*	41,043		138,201
Alstom SA		3,488		243,936
Atos Origin SA	*	801		36,697
AXA SA	†	29,609		695,190
BioMerieux	†	244		28,508
BNP Paribas		16,553		1,312,952
Bouygues SA		4,061		210,353
Bureau Veritas SA		936		48,792
Cap Gemini SA		2,683		122,399
Carrefour SA		11,049		529,985
Casino Guichard Perrachon SA	†	967		86,155
Christian Dior SA		1,107		113,445
Cie de Saint-Gobain		6,650		360,738
Cie Generale de Geophysique-Veritas	*	2,451		52,100
Cie Generale d’Optique Essilor International SA	†	3,543		211,912
CNP Assurances		676		65,461
Compagnie Generale des Etablissements Michelin, Class B		2,564		196,374
Credit Agricole SA	†	16,109		282,711
Danone SA		9,581		587,333
Dassault Systemes SA		1,254		71,409
EDF SA		4,174		248,075
Eiffage SA		649		36,579
Eramet	†	86		26,933
Eurazeo		426		29,549
Eutelsat Communications		1,875		60,158
Fonciere Des Regions REIT		417		42,640
France Telecom SA		32,363		808,696
GDF Suez		21,703		940,197
Gecina SA REIT		340	$	36,970
Hermes International		912		121,408
ICADE REIT		336		32,169
Iliad SA	†	312		37,285
Imerys SA		526		31,489
Ipsen SA		445		24,675
JCDecaux SA	*†	1,530		37,138
Klepierre REIT		1,610		65,230
Lafarge SA		3,523		290,134
Lagardere SCA		2,073		83,927
Legrand SA		1,808		50,320
L’Oreal SA		4,165		465,172
LVMH Moet Hennessy Louis Vuitton SA		4,261		477,777
M6—Metropole Television		1,111		28,435
Natixis	*	15,994		79,864
Neopost SA		600		49,521
PagesJaunes Groupe		1,971		21,969
Pernod-Ricard SA	†	3,426		292,956
Peugeot SA	*	2,753		92,549
PPR		1,389		166,729
Publicis Groupe SA		2,192		89,127
Renault SA	*	3,199		164,108
Safran SA		3,027		59,145
Sanofi-Aventis SA		18,403		1,447,265
Schneider Electric SA		4,101		476,834
SCOR SE		3,095		77,753
Societe BIC SA		451		31,157
Societe Des Autoroutes Paris-Rhin-Rhone	*	414		31,875
Societe Generale		11,055		768,102
Societe Television Francaise 1		2,508		46,060
Sodexo		1,672		95,137
Suez Environnement Co.	†	4,703		108,447
Technip SA		1,857		130,652
Thales SA		1,497		76,939
Total SA		36,971		2,374,647
Unibail-Rodamco SE (Paris Exchange) REIT		1,552		340,943
Vallourec SA		996		180,195
Veolia Environnement		6,979		230,050
Vinci SA		7,627		429,180
Vivendi SA		21,696		643,932
				18,621,840
Germany—7.6%
Adidas AG	†	3,531		191,258
Allianz SE (Registered)		7,913		980,896
BASF SE		16,042		992,851
Bayer AG		14,582		1,166,904
Bayerische Motoren Werke AG		5,826		265,213
Beiersdorf AG	†	1,579		104,071
Celesio AG		1,532		38,791
Commerzbank AG	*	12,321		103,408
Daimler AG (Registered)		15,740		838,370
Deutsche Bank AG (Registered)	†	10,331		730,506
Deutsche Boerse AG		3,431		284,120
Deutsche Lufthansa AG (Registered)		4,312		72,811
Deutsche Post AG (Registered)		14,889		287,757
Deutsche Postbank AG	*	1,429		46,683
Deutsche Telekom AG (Registered)	†	49,463		725,613
E.ON AG		33,235		1,395,009
Fraport AG Frankfurt Airport Services Worldwide	†	637		32,888
Fresenius Medical Care AG & Co. KGaA	†	3,484		184,816

See accompanying notes to financial statements.

332

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Overseas
Equity Index Fund

			Shares		Value
COMMON STOCKS—(Continued)
Fresenius SE			494	$	30,816
GEA Group AG			2,680		59,700
Hannover Rueckversicherung AG (Registered)	*		958		44,758
HeidelbergCement AG			2,572		177,936
Henkel AG & Co. KGaA			2,276		101,968
Hochtief AG			816		62,234
Infineon Technologies AG	*†		19,414		108,008
K+S AG			2,994		170,758
Linde AG			2,667		321,326
MAN SE			1,879		145,796
Merck KGaA			1,191		111,678
Metro AG			2,019		123,306
Muenchener Rueckversicherungs AG (Registered)			3,437		535,347
Puma AG Rudolf Dassler Sport			91		30,293
RWE AG			7,302		708,604
Salzgitter AG			639		62,615
SAP AG	†		14,964		713,381
Siemens AG (Registered)			14,385		1,320,125
Solarworld AG			1,548		34,067
Suedzucker AG			1,160		24,169
ThyssenKrupp AG	†		6,088		228,862
TUI AG	*†		2,403		20,090
United Internet AG (Registered)	*†		2,186		28,807
Volkswagen AG	†		746		82,655
Wacker Chemie AG			270		46,965
					13,736,229
Greece—0.5%
Alpha Bank AE	*		7,969		92,992
Coca Cola Hellenic Bottling Co. SA			3,300		75,119
EFG Eurobank Ergasias SA	*		6,000		67,055
Hellenic Petroleum SA			1,972		22,078
Hellenic Telecommunications Organization SA			4,058		59,561
Marfin Investment Group SA	*		10,995		31,167
National Bank of Greece SA	*		10,528		270,484
OPAP SA			4,010		88,101
Piraeus Bank SA	*		5,071		58,192
Public Power Corp. SA	*		2,009		37,259
Titan Cement Co. SA			891		25,843
					827,851
Guernsey, Channel Islands—0.0%
Resolution Ltd.	*		42,547		61,465
Hong Kong—2.3%
ASM Pacific Technology Ltd.			3,500		33,091
Bank of East Asia Ltd.			27,320		107,328
BOC Hong Kong Holdings Ltd.			64,000		143,787
Cathay Pacific Airways Ltd.	*		18,000		33,428
Cheung Kong Holdings Ltd.			25,000		321,255
Cheung Kong Infrastructure Holdings Ltd.			7,000		26,619
Chinese Estates Holdings Ltd.			15,000		25,558
CLP Holdings Ltd.			36,000		243,632
Esprit Holdings Ltd.			20,600		136,674
Genting Singapore plc	*		85,000		78,304
Hang Lung Group Ltd.			14,000		69,237
Hang Lung Properties Ltd.			37,000		145,053
Hang Seng Bank Ltd.			13,500		198,612
Henderson Land Development Co. Ltd.			18,000	$	134,509
Hong Kong & China Gas Co. Ltd.	†		67,600		169,551
Hong Kong Aircraft Engineering Co. Ltd.			1,200		15,524
Hong Kong Exchanges and Clearing Ltd.			17,500		311,367
Hongkong Electric Holdings Ltd.	†		24,000		130,735
Hopewell Holdings Ltd.			11,000		35,466
Hutchison Whampoa Ltd.			37,000		253,149
Hysan Development Co. Ltd.			10,000		28,301
Kerry Properties Ltd.			12,500		63,225
Li & Fung Ltd.			39,600		163,724
Lifestyle International Holdings Ltd.			11,000		20,449
Link (The) REIT			38,000		96,965
Mongolia Energy Co. Ltd.	*		56,000		28,495
MTR Corp.	†		24,000		82,681
New World Development Ltd.			42,600		86,793
Noble Group Ltd.			22,200		50,921
NWS Holdings Ltd.			13,000		23,860
Orient Overseas International Ltd.			3,700		17,158
PCCW Ltd.			54,000		13,006
Shangri-La Asia Ltd.	†		22,000		41,219
Sino Land Co. Ltd.			30,000		57,757
Sun Hung Kai Properties Ltd.			25,000		371,728
Swire Pacific Ltd., Class A			13,500		163,260
Television Broadcasts Ltd.			5,000		24,022
Wharf Holdings Ltd.			25,125		144,193
Wheelock & Co. Ltd.			17,000		51,855
Wing Hang Bank Ltd.			3,000		27,919
Yue Yuen Industrial Holdings Ltd.			11,000		31,848
		��			4,202,258
Ireland—0.5%
Anglo Irish Bank Corp. Ltd.	*‡δ		11,206		—
CRH plc (Dublin Exchange)			12,010		326,545
Elan Corp. plc	*		9,085		57,335
Experian plc			18,705		184,763
Kerry Group plc, Class A			2,615		76,905
Shire plc			10,217		199,639
					845,187
Italy—3.3%
A2A SpA			17,876		37,504
Assicurazioni Generali SpA	†		20,335		547,832
Atlantia SpA			4,745		124,092
Autogrill SpA	*		1,506		18,983
Banca Carige SpA			12,736		33,998
Banca Monte dei Paschi di Siena SpA	†		39,870		69,699
Banca Popolare di Milano Scarl			6,574		46,707
Banco Popolare SC	*		10,888		81,564
Enel SpA			114,795		664,593
ENI SpA			45,495		1,158,567
Exor SpA			1,270		24,736
Fiat SpA	*†		13,899		203,397
Finmeccanica SpA			7,024		112,460
Fondiaria-Sai SpA	†		1,454		23,115
Intesa Sanpaolo SpA	*		134,223		604,007
Intesa Sanpaolo SpA RSP			17,138		57,421
Italcementi SpA			992		13,569
Luxottica Group SpA			1,959		50,652
Mediaset SpA	†		13,265		109,064

See accompanying notes to financial statements.

333

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Mediobanca SpA	*	8,107	$	96,308
Mediolanum SpA	†	3,095		19,334
Parmalat SpA		30,797		86,100
Pirelli & C. SpA	*	39,884		23,886
Prysmian SpA		1,905		33,252
Saipem SpA		4,586		158,265
Snam Rete Gas SpA		26,020		129,220
Telecom Italia SpA	†	176,388		275,156
Telecom Italia SpA RSP		110,811		123,077
Terna Rete Elettrica Nazionale SpA		23,458		100,883
UniCredit SpA	*†	248,633		831,369
Unione di Banche Italiane ScpA	†	10,216		146,436
Unipol Gruppo Finanziario SpA	*†	10,948		14,975
				6,020,221
Japan—20.6%
77 Bank Ltd. (The)		7,000		37,243
ABC-Mart, Inc.		300		8,322
Acom Co. Ltd.		750		11,418
Advantest Corp.	†	2,800		72,943
Aeon Co. Ltd.	†	11,100		90,095
Aeon Credit Service Co. Ltd.	†	1,400		13,516
Aeon Mall Co. Ltd.		1,400		27,123
Aioi Insurance Co. Ltd.		9,000		43,141
Air Water, Inc.		2,000		23,558
Aisin Seiki Co. Ltd.		3,600		104,008
Ajinomoto Co., Inc.		12,000		112,944
Alfresa Holdings Corp.		700		27,832
All Nippon Airways Co. Ltd.		15,000		40,715
Amada Co. Ltd.		7,000		43,845
Aozora Bank Ltd.	*	11,000		11,692
Asahi Breweries Ltd.		7,100		130,763
Asahi Glass Co. Ltd.		18,000		171,217
Asahi Kasei Corp.		23,000		115,241
Asics Corp.	†	2,000		17,950
Astellas Pharma, Inc.		7,875		293,807
Bank of Kyoto Ltd. (The)		5,000		40,413
Bank of Yokohama Ltd. (The)		21,000		95,749
Benesse Holdings, Inc.		1,300		54,354
Bridgestone Corp.		10,800		190,510
Brother Industries Ltd.		3,800		43,702
Canon Marketing Japan, Inc.		900		13,263
Canon, Inc.		18,600		791,216
Casio Computer Co. Ltd.	†	4,500		36,024
Central Japan Railway Co.		26		174,026
Chiba Bank Ltd. (The)		14,000		83,736
Chiyoda Corp.		2,000		15,447
Chubu Electric Power Co., Inc.		11,500		274,339
Chugai Pharmaceutical Co. Ltd.	†	3,800		71,028
Chugoku Bank Ltd. (The)		3,000		37,205
Chugoku Electric Power Co., Inc. (The)		5,000		95,491
Chuo Mitsui Trust Holdings, Inc.		15,000		50,530
Citizen Holdings Co. Ltd.	†	4,700		27,160
Coca-Cola West Holdings Co. Ltd.		1,200		21,172
Cosmo Oil Co. Ltd.		12,000		25,215
Credit Saison Co. Ltd.		3,100		34,718
Dai Nippon Printing Co. Ltd.		10,000		127,501
Daicel Chemical Industries Ltd.		5,000		29,370
Daido Steel Co. Ltd.		4,000		14,849
Daihatsu Motor Co. Ltd.		3,000		29,988
Daiichi Sankyo Co. Ltd.		12,202	$	255,894
Daikin Industries Ltd.		4,100		161,939
Dainippon Sumitomo Pharma Co. Ltd.		3,000		31,487
Daito Trust Construction Co. Ltd.		1,400		66,288
Daiwa House Industry Co. Ltd.		9,000		96,774
Daiwa Securities Group, Inc.		29,000		145,947
Dena Co. Ltd.		5		29,619
Denki Kagaku Kogyo K.K.		8,000		35,764
Denso Corp.		8,600		259,867
Dentsu, Inc.		2,800		64,465
Dowa Holdings Co. Ltd.	†	5,000		27,665
East Japan Railway Co.		6,000		379,684
Eisai Co. Ltd.		4,400		161,771
Electric Power Development Co. Ltd.		2,340		66,533
Elpida Memory, Inc.	*	3,300		53,783
FamilyMart Co. Ltd.		900		26,569
Fanuc Ltd.		3,300		307,567
Fast Retailing Co. Ltd.		800		150,352
Fuji Electric Holdings Co. Ltd.	*†	12,000		20,753
Fuji Heavy Industries Ltd.	*	11,000		53,750
FUJIFILM Holdings Corp.		8,000		241,605
Fujitsu Ltd.	†	33,000		214,118
Fukuoka Financial Group, Inc.		14,000		48,790
Furukawa Electric Co. Ltd.		10,000		41,763
GS Yuasa Corp.	†	6,000		44,356
Gunma Bank Ltd. (The)		8,000		40,915
Hachijuni Bank Ltd. (The)		8,000		46,685
Hakuhodo DY Holdings, Inc.		320		15,588
Hankyu Hanshin Holdings, Inc.		20,600		91,877
Hino Motors Ltd.	*	5,000		17,299
Hirose Electric Co. Ltd.	†	530		55,571
Hiroshima Bank Ltd. (The)		10,000		38,532
Hisamitsu Pharmaceutical Co., Inc.	†	1,200		38,754
Hitachi Chemical Co. Ltd.		1,700		34,647
Hitachi Construction Machinery Co. Ltd.		2,000		52,426
Hitachi High-Technologies Corp.	†	1,100		21,824
Hitachi Ltd.	*	78,000		239,782
Hitachi Metals Ltd.		3,000		28,863
Hokkaido Electric Power Co., Inc.		3,000		54,422
Hokuhoku Financial Group, Inc.		23,000		47,026
Hokuriku Electric Power Co.		3,200		69,869
Honda Motor Co. Ltd.		28,800		977,147
HOYA Corp.		7,500		200,119
Ibiden Co. Ltd.		2,200		78,902
Idemitsu Kosan Co. Ltd.		400		23,352
IHI Corp.	*	21,000		33,490
INPEX Corp.		15		113,417
Isetan Mitsukoshi Holdings Ltd.	†	5,940		53,634
Isuzu Motors Ltd.	*	23,000		43,204
Ito En Ltd.		1,300		19,576
ITOCHU Corp.		27,000		199,443
Itochu Techno-Solutions Corp.		600		16,112
Iyo Bank Ltd. (The)		4,000		32,542
J. Front Retailing Co. Ltd.		8,600		37,980
Jafco Co. Ltd.		400		9,681
Japan Airlines Corp.	*	14,000		10,064
Japan Petroleum Exploration Co.		500		22,046

See accompanying notes to financial statements.

334

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Japan Prime Realty Investment Corp. REIT		12	$	24,935
Japan Real Estate Investment Corp. REIT		7		51,603
Japan Retail Fund Investment Corp. REIT	†	6		26,984
Japan Steel Works Ltd. (The)		6,000		76,506
Japan Tobacco, Inc.		79		266,743
JFE Holdings, Inc.		8,500		335,995
JGC Corp.		4,000		73,711
Joyo Bank Ltd. (The)		11,000		44,203
JS Group Corp.		4,700		80,910
JSR Corp.		3,000		61,055
JTEKT Corp.		3,700		47,588
Jupiter Telecommunications Co. Ltd.		47		46,508
Kajima Corp.		14,000		28,327
Kamigumi Co. Ltd.		5,000		36,484
Kaneka Corp.		6,000		38,228
Kansai Electric Power Co., Inc. (The)		13,200		297,879
Kansai Paint Co. Ltd.		4,000		33,522
Kao Corp.		9,000		210,930
Kawasaki Heavy Industries Ltd.	†	27,000		68,532
Kawasaki Kisen Kaisha Ltd.	*†	12,000		34,288
KDDI Corp.		52		275,429
Keihin Electric Express Railway Co. Ltd.	†	7,000		51,531
Keio Corp.	†	11,000		66,379
Keisei Electric Railway Co. Ltd.		4,000		21,882
Keyence Corp.		693		143,828
Kikkoman Corp.		3,000		36,759
Kinden Corp.		2,000		16,947
Kintetsu Corp.	†	28,000		92,809
Kirin Holdings Co. Ltd.		15,000		240,555
Kobe Steel Ltd.	*	46,000		83,361
Koito Manufacturing Co. Ltd.		2,000		32,100
Komatsu Ltd.		16,700		349,601
Konami Corp.	†	1,600		28,567
Konica Minolta Holdings, Inc.		8,000		82,442
Kubota Corp.		19,000		174,341
Kuraray Co. Ltd.		6,500		76,503
Kurita Water Industries Ltd.	†	2,100		65,977
Kyocera Corp.		2,800		246,597
Kyowa Hakko Kirin Co. Ltd.		5,000		52,874
Kyushu Electric Power Co., Inc.		6,900		142,119
Lawson, Inc.		1,100		48,582
Mabuchi Motor Co. Ltd.		400		19,824
Makita Corp.		2,100		72,131
Marubeni Corp.		29,000		160,195
Marui Group Co. Ltd.	†	4,000		24,629
Maruichi Steel Tube Ltd.		500		9,983
Matsui Securities Co. Ltd.		1,500		10,451
Mazda Motor Corp.	*	28,000		64,384
McDonald’s Holdings Co. Japan Ltd.		1,000		19,126
Medipal Holdings Corp.		2,800		34,705
MEIJI Holdings Co. Ltd.	*†	1,102		41,644
Minebea Co. Ltd.		5,000		27,132
Mitsubishi Chemical Holdings Corp.		22,000		93,683
Mitsubishi Corp.		22,100		550,480
Mitsubishi Electric Corp.	*	35,000		260,003
Mitsubishi Estate Co. Ltd.		21,000		335,283
Mitsubishi Gas Chemical Co., Inc.		7,000		35,274
Mitsubishi Heavy Industries Ltd.		54,000	$	190,456
Mitsubishi Logistics Corp.	†	2,000		23,595
Mitsubishi Materials Corp.	*	18,000		44,024
Mitsubishi Motors Corp.	*	63,000		87,567
Mitsubishi Rayon Co. Ltd.		10,000		40,224
Mitsubishi Tanabe Pharma Corp.		4,000		49,911
Mitsubishi UFJ Financial Group, Inc.		220,540		1,086,333
Mitsubishi UFJ Lease & Finance Co. Ltd.	†	920		27,716
Mitsui & Co. Ltd.		31,000		439,770
Mitsui Chemicals, Inc.		10,000		25,893
Mitsui Engineering & Shipbuilding Co. Ltd.		12,000		28,901
Mitsui Fudosan Co. Ltd.	†	15,000		253,623
Mitsui Mining & Smelting Co. Ltd.	*	12,000		31,189
Mitsui OSK Lines Ltd.		21,000		110,936
Mitsui Sumitomo Insurance Group Holdings, Inc.		7,400		189,005
Mitsumi Electric Co. Ltd.		1,700		30,027
Mizuho Financial Group, Inc.		240,900		433,211
Mizuho Securities Co. Ltd.		9,000		27,234
Mizuho Trust & Banking Co. Ltd.	*	24,000		22,391
Murata Manufacturing Co. Ltd.		3,900		194,638
Namco Bandai Holdings, Inc.		4,150		39,645
NEC Corp.	*	42,000		108,567
NGK Insulators Ltd.	†	4,000		87,478
NGK Spark Plug Co. Ltd.		3,000		34,033
NHK Spring Co. Ltd.	†	3,000		27,932
Nidec Corp.		1,900		175,604
Nikon Corp.		6,000		118,479
Nintendo Co. Ltd.		1,700		406,023
Nippon Building Fund, Inc. REIT		9		68,401
Nippon Electric Glass Co. Ltd.		6,500		89,465
Nippon Express Co. Ltd.		14,000		57,817
Nippon Meat Packers, Inc.		3,000		34,732
Nippon Mining Holdings, Inc.		16,000		68,669
Nippon Oil Corp.		23,000		106,631
Nippon Paper Group, Inc.		1,500		38,281
Nippon Sheet Glass Co. Ltd.		11,000		31,524
Nippon Steel Corp.		90,000		364,679
Nippon Telegraph & Telephone Corp.		9,000		355,528
Nippon Yusen K.K.		26,000		80,076
Nipponkoa Insurance Co. Ltd.		11,000		62,629
Nishi-Nippon City Bank Ltd. (The)		11,000		26,935
Nissan Chemical Industries Ltd.		3,000		42,763
Nissan Motor Co. Ltd.	*	43,100		378,759
Nissay Dowa General Insurance Co. Ltd.		2,000		9,597
Nissha Printing Co. Ltd.		400		19,705
Nisshin Seifun Group, Inc.	†	3,200		43,245
Nisshin Steel Co. Ltd.	†	15,000		26,519
Nisshinbo Industries, Inc.		2,000		18,531
Nissin Foods Holdings Co. Ltd.		1,100		35,931
Nitori Co. Ltd.		600		44,659
Nitto Denko Corp.		2,800		100,587
NOK Corp.		2,000		27,586
Nomura Holdings, Inc.		62,100		461,818
Nomura Real Estate Holdings, Inc.		1,700		25,219

See accompanying notes to financial statements.

335

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Nomura Real Estate Office Fund, Inc. REIT		5	$	27,193
Nomura Research Institute Ltd.		1,650		32,449
NSK Ltd.		9,000		66,042
NTN Corp.		9,000		40,664
NTT Data Corp.		23		71,320
NTT DoCoMo, Inc.		268		373,991
NTT Urban Development Corp.		24		16,021
Obayashi Corp.	†	11,000		37,442
Obic Co. Ltd.		100		16,327
Odakyu Electric Railway Co. Ltd.		11,000		84,417
OJI Paper Co. Ltd.		15,000		62,848
Olympus Corp.	†	4,000		128,964
Omron Corp.		3,400		61,148
Ono Pharmaceutical Co. Ltd.		1,500		64,393
Oracle Corp. Japan	†	600		24,999
Oriental Land Co. Ltd.		800		52,639
ORIX Corp.	†	1,820		123,913
Osaka Gas Co. Ltd.		36,000		121,330
Otsuka Corp.		200		9,976
Panasonic Corp.		35,000		503,874
Panasonic Electric Works Co. Ltd.		7,000		84,812
Rakuten, Inc.		122		92,882
Resona Holdings, Inc.		8,900		90,422
Ricoh Co. Ltd.	†	12,000		171,945
Rinnai Corp.		600		28,995
Rohm Co. Ltd.		1,700		110,947
Sankyo Co. Ltd.		900		45,066
Santen Pharmaceutical Co. Ltd.		1,400		44,972
Sanyo Electric Co. Ltd.	*	29,000		53,567
Sapporo Hokuyo Holdings, Inc.		4,000		14,518
Sapporo Holdings Ltd.		4,000		22,041
SBI Holdings, Inc.		295		52,815
Secom Co. Ltd.		3,700		175,741
Sega Sammy Holdings, Inc.		3,548		42,458
Seiko Epson Corp.		2,400		38,785
Sekisui Chemical Co. Ltd.		8,000		49,767
Sekisui House Ltd.		9,000		81,705
Senshu Ikeda Holdings, Inc.	*†	8,300		30,300
Seven & I Holdings Co. Ltd.		13,540		276,466
Seven Bank Ltd.		9		17,967
Sharp Corp.		18,000		227,309
Shikoku Electric Power Co., Inc.		3,200		82,681
Shimadzu Corp.		4,000		26,642
Shimamura Co. Ltd.		400		38,219
Shimano, Inc.	†	1,200		48,446
Shimizu Corp.		10,000		35,918
Shin-Etsu Chemical Co. Ltd.		7,100		400,854
Shinko Electric Industries Co. Ltd.		1,400		20,379
Shinsei Bank Ltd.	*	16,000		17,431
Shionogi & Co. Ltd.		5,000		108,407
Shiseido Co. Ltd.		6,000		115,314
Shizuoka Bank Ltd. (The)		11,000		95,751
Showa Denko K.K.		22,000		43,814
Showa Shell Sekiyu K.K.		2,900		23,636
SMC Corp.		1,000		114,182
Softbank Corp.		13,100		307,100
Sojitz Corp.		21,200		40,112
Sompo Japan Insurance, Inc.		15,000		96,712
Sony Corp.		17,500		508,756
Sony Financial Holdings, Inc.		14		36,434
Square Enix Holdings Co. Ltd.		1,000	$	21,097
Stanley Electric Co. Ltd.		2,500		50,708
Sumco Corp.	†	1,900		33,574
Sumitomo Chemical Co. Ltd.		27,000		118,461
Sumitomo Corp.		19,900		202,637
Sumitomo Electric Industries Ltd.		13,400		166,909
Sumitomo Heavy Industries Ltd.	*	10,000		50,626
Sumitomo Metal Industries Ltd.		58,000		155,906
Sumitomo Metal Mining Co. Ltd.		9,000		132,818
Sumitomo Mitsui Financial Group, Inc.	†	16,300		467,735
Sumitomo Realty & Development Co. Ltd.	†	7,000		132,142
Sumitomo Rubber Industries Ltd.	†	3,000		26,080
Sumitomo Trust & Banking Co. Ltd. (The)		26,000		127,661
Suruga Bank Ltd.		4,000		34,857
Suzuken Co. Ltd.	†	1,260		41,439
Suzuki Motor Corp.		6,100		150,225
Sysmex Corp.		600		31,372
T&D Holdings, Inc.		4,300		88,431
Taiheiyo Cement Corp.	*	15,000		17,111
Taisei Corp.		16,000		27,453
Taisho Pharmaceutical Co. Ltd.		2,300		39,573
Taiyo Nippon Sanso Corp.		5,000		53,213
Takashimaya Co. Ltd.		6,000		38,230
Takeda Pharmaceutical Co. Ltd.		13,020		536,440
TDK Corp.		2,000		122,225
Teijin Ltd.	†	16,000		51,694
Terumo Corp.		3,000		180,810
THK Co. Ltd.	†	2,100		37,344
Tobu Railway Co. Ltd.	†	15,000		78,304
Toho Co. Ltd.	†	1,800		29,238
Toho Gas Co. Ltd.	†	7,000		37,194
Tohoku Electric Power Co., Inc.		7,800		154,576
Tokio Marine Holdings, Inc.		12,600		343,844
Tokuyama Corp.		6,000		33,549
Tokyo Electric Power Co., Inc. (The)		21,200		532,087
Tokyo Electron Ltd.		3,000		192,564
Tokyo Gas Co. Ltd.		42,000		167,649
Tokyo Steel Manufacturing Co. Ltd.		2,100		23,641
Tokyo Tatemono Co. Ltd.		4,000		15,387
Tokyu Corp.		21,000		83,625
Tokyu Land Corp.		9,000		33,432
TonenGeneral Sekiyu K.K.		5,000		41,778
Toppan Printing Co. Ltd.	†	10,000		81,422
Toray Industries, Inc.		24,000		130,575
Toshiba Corp.	*	71,000		393,972
Tosoh Corp.	†	9,000		24,856
TOTO Ltd.	†	5,000		31,793
Toyo Seikan Kaisha Ltd.		2,500		38,085
Toyo Suisan Kaisha Ltd.		1,000		23,061
Toyoda Gosei Co. Ltd.		1,200		36,353
Toyota Boshoku Corp.		1,400		31,258
Toyota Industries Corp.		3,000		89,598
Toyota Motor Corp.		51,300		2,162,857
Toyota Tsusho Corp.		3,500		51,791
Trend Micro, Inc.	†	2,000		75,968
Tsumura & Co.		1,000		32,329
Ube Industries Ltd.		19,000		51,984
Unicharm Corp.		700		65,622

See accompanying notes to financial statements.

336

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
UNY Co. Ltd.	†	3,000	$	21,156
Ushio, Inc.		1,900		31,685
USS Co. Ltd.		350		21,366
West Japan Railway Co.		30		100,579
Yahoo! Japan Corp.		271		81,481
Yakult Honsha Co. Ltd.	†	1,900		57,522
Yamada Denki Co. Ltd.		1,510		101,867
Yamaguchi Financial Group, Inc.		4,000		37,131
Yamaha Corp.		2,700		32,531
Yamaha Motor Co. Ltd.	*†	3,700		46,794
Yamato Holdings Co. Ltd.		7,000		97,440
Yamato Kogyo Co. Ltd.		700		22,887
Yamazaki Baking Co. Ltd.		2,000		23,788
Yaskawa Electric Corp.		5,000		41,653
Yokogawa Electric Corp.		3,400		30,027
				37,261,291
Luxembourg—0.6%
ArcelorMittal	†	14,959		683,720
Millicom International Cellular SA SDR		1,318		97,811
SES SA, Class A FDR		5,215		117,480
Tenaris SA		8,186		176,416
				1,075,427
Macau—0.0%
Sands China Ltd.	*	35,294		43,063
Malta—0.0%
BGP Holdings plc	*‡δ	142,647		—
Mexico—0.0%
Fresnillo plc		3,383		42,971
Netherlands—4.6%
Aegon NV	*	27,557		176,464
Akzo Nobel NV		4,006		265,658
ASML Holding NV		7,450		254,357
Corio NV REIT		946		64,451
European Aeronautic Defence and Space Co. NV		7,463		150,015
Fugro NV CVA		1,178		67,663
Heineken Holding NV		1,878		78,544
Heineken NV		4,331		205,608
ING Groep NV CVA	*	65,612		631,869
James Hardie Industries NV CDI	*	7,989		60,767
Koninklijke Ahold NV		20,999		278,209
Koninklijke Boskalis Westminster NV		875		33,685
Koninklijke DSM NV		2,684		131,874
Koninklijke KPN NV		29,090		494,457
Koninklijke Philips Electronics NV		16,924		500,262
Koninklijke Vopak NV	*	474		37,567
Qiagen NV	*	4,093		92,176
Randstad Holding NV	*	1,746		86,876
Reed Elsevier NV		12,525		153,674
Royal Dutch Shell plc, Class A		62,034		1,877,165
Royal Dutch Shell plc, Class B		47,132		1,372,637
SBM Offshore NV		2,403		47,147
TNT NV		6,442		197,921
Unilever NV CVA		28,442		925,697
Wolters Kluwer NV		4,949		108,233
				8,292,976
New Zealand—0.1%
Auckland International Airport Ltd.		15,775	$	23,063
Contact Energy Ltd.	*	5,052		22,491
Fletcher Building Ltd.		10,277		59,294
Sky City Entertainment Group Ltd.		8,062		19,255
Telecom Corp of New Zealand Ltd.		31,396		56,401
				180,504
Norway—0.7%
DnB NOR ASA	*	15,507		167,409
Norsk Hydro ASA	*	11,436		96,067
Orkla ASA		13,374		131,210
Renewable Energy Corp. ASA	*†	5,950		45,931
Statoil ASA		19,544		487,420
Telenor ASA	*	14,282		199,515
Yara International ASA		3,275		148,342
				1,275,894
Portugal—0.3%
Banco Comercial Portugues SA (Registered)		41,569		50,097
Banco Espirito Santo SA (Registered)		9,862		64,231
Brisa Auto-Estradas de Portugal SA		3,084		31,690
Cimpor Cimentos de Portugal SGPS SA		4,428		40,700
EDP—Energias de Portugal SA		31,876		141,915
Galp Energia SGPS SA, Class B	†	2,567		44,339
Jeronimo Martins SGPS SA		3,626		36,263
Portugal Telecom SGPS SA (Registered)		10,443		127,427
				536,662
Singapore—1.4%
Ascendas Real Estate Investment Trust REIT		28,786		45,188
CapitaLand Ltd.		46,500		137,945
CapitaMall Trust REIT		35,000		44,673
CapitaMalls Asia Ltd.	*	23,000		41,585
City Developments Ltd.		8,000		65,412
ComfortDelgro Corp. Ltd.		37,000		43,038
Cosco Corp. Singapore Ltd.		18,000		15,093
DBS Group Holdings Ltd.		30,500		331,565
Fraser and Neave Ltd.		19,000		56,479
Golden Agri-Resources Ltd.	*	119,320		42,998
Jardine Cycle & Carriage Ltd.		2,000		38,186
Keppel Corp. Ltd.		22,000		128,153
Neptune Orient Lines Ltd.		17,000		19,841
Olam International Ltd.		19,600		36,826
Oversea-Chinese Banking Corp. Ltd.		45,600		293,625
SembCorp Industries Ltd.		15,340		40,084
SembCorp Marine Ltd.		14,000		36,528
Singapore Airlines Ltd.		9,400		99,555
Singapore Exchange Ltd.		15,000		88,323
Singapore Press Holdings Ltd.		27,500		71,589
Singapore Technologies Engineering Ltd.		26,000		59,841
Singapore Telecommunications Ltd.		140,159		308,716
StarHub Ltd.		8,730		13,333
United Overseas Bank Ltd.		21,000		292,315
UOL Group Ltd.		8,000		23,055

See accompanying notes to financial statements.

337

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Wilmar International Ltd.		24,000	$	109,128
Yangzijiang Shipbuilding Holdings Ltd.		25,000		21,353
				2,504,427
Spain—4.6%
Abertis Infraestructuras SA		5,192		117,387
Acciona SA		445		58,165
Acerinox SA	†	2,413		50,394
ACS Actividades de Construccion y Servicios SA		2,634		131,668
Banco Bilbao Vizcaya Argentaria SA		62,228		1,134,107
Banco de Sabadell SA		16,600		92,208
Banco de Valencia SA	†	3,209		24,394
Banco Popular Espanol SA		15,396		113,090
Banco Santander SA		142,758		2,359,030
Bankinter SA		5,397		55,603
Criteria Caixacorp SA		15,719		74,453
EDP Renovaveis SA	*	3,747		35,527
Enagas		3,155		69,941
Ferrovial SA		7,882		93,089
Fomento de Construcciones y Contratas SA		687		29,130
Gamesa Corp. Tecnologica SA		3,097		52,176
Gas Natural SDG SA		4,041		87,105
Gestevision Telecinco SA	†	2,112		30,719
Grifols SA	†	2,031		35,663
Iberdrola Renovables SA		15,852		75,487
Iberdrola SA		64,075		614,016
Iberia Lineas Aereas de Espana SA	*	9,947		26,982
Inditex SA		3,851		240,505
Indra Sistemas SA		1,576		37,304
Mapfre SA		13,081		54,934
Red Electrica Corp. SA	†	1,889		105,411
Repsol YPF SA		12,711		341,095
Sacyr Vallehermoso SA	*	1,480		16,986
Telefonica SA		74,104		2,074,101
Zardoya Otis SA		2,117		41,203
				8,271,873
Sweden—2.5%
Alfa Laval AB	†	5,944		82,198
Assa Abloy AB, Class B		5,445		104,898
Atlas Copco AB, Class A	†	12,264		180,279
Atlas Copco AB, Class B		6,758		88,118
Electrolux AB, Series B	*†	4,438		104,289
Getinge AB, Class B		3,677		70,275
Hennes & Mauritz AB, Class B		8,901		493,443
Holmen AB, Class B		741		18,879
Husqvarna AB, Class B	*	7,817		57,348
Investor AB, Class B		7,869		145,752
Lundin Petroleum AB	*†	3,800		29,980
Nordea Bank AB	†	56,286		570,290
Sandvik AB	†	17,832		214,732
Scania AB, Class B		5,968		77,072
Securitas AB, Class B		5,360		52,494
Skandinaviska Enskilda Banken AB, Class A	*	27,727		171,405
Skanska AB, Class B	†	7,363		124,936
SKF AB, Class B		6,728		116,015
SSAB AB, Class A		3,099		52,633
SSAB AB, Class B		1,278		19,793
Svenska Cellulosa AB, Class B		10,399		138,647
Svenska Handelsbanken AB, Class A		8,639	$	246,124
Swedbank AB, Class A	*	10,614		104,500
Swedish Match AB		4,649		101,642
Tele2 AB, Class B		5,203		79,925
Telefonaktiebolaget LM Ericsson, Class B	†	51,943		478,190
TeliaSonera AB		39,544		285,808
Volvo AB, Class A		7,530		64,184
Volvo AB, Class B	†	19,827		170,057
				4,443,906
Switzerland—7.9%
ABB Ltd. (Registered)	*	38,487		741,619
Actelion Ltd. (Registered)	*	1,691		90,317
Adecco SA (Registered)	†	2,140		118,053
Aryzta AG		1,539		57,318
Baloise Holding AG (Registered)		934		77,548
BKW FMB Energie AG		225		17,535
Compagnie Financiere Richemont SA (A Bearer Shares)		9,194		309,165
Credit Suisse Group AG (Registered)		19,659		973,934
GAM Holding Ltd.	†	3,736		45,239
Geberit AG (Registered)	†	710		125,868
Givaudan SA (Registered)		133		106,422
Holcim Ltd. (Registered)	*	4,252		330,455
Julius Baer Group Ltd.		3,866		135,961
Kuehne + Nagel International AG (Registered)		1,003		97,521
Lindt & Spruengli AG (Participation Certificate)		17		36,499
Lindt & Spruengli AG (Registered)	†	2		49,116
Logitech International SA (Registered)	*†	2,953		51,219
Lonza Group AG (Registered)	†	854		60,172
Nestle SA (Registered)		60,709		2,946,428
Nobel Biocare Holding AG (Registered)	†	2,035		68,203
Novartis AG (Registered)		36,924		2,016,392
Pargesa Holding SA (Bearer)		467		40,632
Roche Holding AG (Genusschein)		12,293		2,102,261
Schindler Holding AG (Participation Certificates)		842		64,472
Schindler Holding AG (Registered)		317		23,911
SGS SA (Registered)		96		125,326
Sonova Holding AG (Registered)		783		94,861
STMicroelectronics NV		11,906		110,014
Straumann Holding AG (Registered)		152		42,692
Swatch Group AG (The) (Bearer)		535		135,419
Swatch Group AG (The) (Registered)		698		33,225
Swiss Life Holding AG (Registered)	*	529		67,308
Swiss Reinsurance Co. Ltd. (Registered)		6,079		291,212
Swisscom AG (Registered)		416		158,876
Syngenta AG (Registered)		1,645		464,561
UBS AG (Registered)	*	62,147		967,767
Xstrata plc	*	33,214		592,408

See accompanying notes to financial statements.

338

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Zurich Financial Services AG (Registered)		2,566	$	560,989
				14,330,918
United Kingdom—18.9%
3i Group plc		18,002		81,507
Admiral Group plc		3,417		65,336
AMEC plc		6,200		78,991
Anglo American plc	*	22,993		995,771
Antofagasta plc		6,876		109,381
Associated British Foods plc		6,436		85,324
AstraZeneca plc (London Exchange)		25,324		1,190,159
Autonomy Corp. plc	*	3,861		93,762
Aviva plc		47,436		301,748
BAE Systems plc		61,386		355,283
Balfour Beatty plc		12,983		54,027
Barclays plc		199,279		878,115
BG Group plc		58,718		1,060,230
BHP Billiton plc		38,571		1,229,644
BP plc		328,198		3,169,140
British Airways plc	*	10,357		31,150
British American Tobacco plc		34,881		1,132,354
British Land Co. plc REIT		14,784		113,842
British Sky Broadcasting Group plc		20,764		187,557
BT Group plc		136,257		296,745
Bunzl plc		6,330		68,809
Burberry Group plc		8,125		78,038
Cable & Wireless plc		45,569		103,667
Cadbury plc		23,680		304,468
Cairn Energy plc	*	25,400		135,974
Capita Group plc (The)		10,792		130,492
Carnival plc	*	2,917		99,377
Carphone Warehouse Group plc		9,216		27,783
Centrica plc		88,981		403,044
Cobham plc		19,426		78,468
Compass Group plc		33,569		240,237
Diageo plc		43,610		760,826
Drax Group plc		6,379		42,528
Eurasian Natural Resources Corp. plc		4,297		62,941
Firstgroup plc		8,231		56,305
G4S plc		23,489		98,456
GlaxoSmithKline plc		90,782		1,925,115
Hammerson plc REIT		11,851		80,663
Home Retail Group plc		15,769		71,520
HSBC Holdings plc (London Exchange)		303,613		3,463,724
ICAP plc		8,924		61,549
Imperial Tobacco Group plc		17,702		558,452
Inmarsat plc		6,612		73,679
Intercontinental Hotels Group plc		4,710		67,673
International Power plc		28,027		139,656
Invensys plc		15,349		73,841
Investec plc		7,041		48,109
J. Sainsbury plc		21,858		113,972
Johnson Matthey plc		3,984		98,279
Kazakhmys plc	*	3,673		77,770
Kingfisher plc		40,831		150,308
Land Securities Group plc REIT		13,086		144,032
Legal & General Group plc		101,525		130,609
Liberty International plc REIT		9,366		77,433
Lloyds Banking Group plc	*	664,571	$	534,700
London Stock Exchange Group plc		2,311		26,689
Lonmin plc	*	2,625		82,497
Man Group plc		29,579		145,983
Marks & Spencer Group plc		28,835		186,302
National Grid plc		43,872		478,860
Next plc		3,435		114,853
Old Mutual plc	*	91,265		159,823
Pearson plc		14,734		211,256
Petrofac Ltd.		3,811		63,796
Prudential plc		43,904		449,413
Randgold Resources Ltd.		1,649		131,312
Reckitt Benckiser Group plc		10,574		572,372
Reed Elsevier plc		22,119		181,587
Rexam plc		15,419		72,082
Rio Tinto plc		23,965		1,294,034
Rolls-Royce Group plc	*	32,652		254,275
Rolls-Royce Group plc, Class C	*‡	1,959,120		3,164
Royal Bank of Scotland Group plc	*	308,191		143,065
RSA Insurance Group plc		57,738		112,172
SABMiller plc		16,413		482,446
Sage Group plc (The)		23,751		84,108
Schroders plc		1,968		42,059
Scottish & Southern Energy plc		16,181		302,872
Segro plc REIT		12,863		71,348
Serco Group plc		8,075		68,866
Severn Trent plc		4,129		72,146
Smith & Nephew plc		15,739		161,898
Smiths Group plc		7,181		117,064
Standard Chartered plc (London Exchange)		35,089		885,854
Standard Life plc		40,542		140,817
Tesco plc		138,569		955,959
Thomas Cook Group plc		14,091		52,055
Tomkins plc		13,877		43,123
TUI Travel plc		9,107		37,323
Tullow Oil plc		14,120		296,244
Unilever plc		22,381		717,432
United Utilities Group plc		12,299		98,309
Vedanta Resources plc		2,400		100,382
Vodafone Group plc		920,108		2,130,707
Whitbread plc		3,280		74,429
Wm Morrison Supermarkets plc		38,357		171,135
Wolseley plc	*	4,923		98,543
WPP plc		22,794		222,932
				34,204,149
United States—0.1%
Synthes, Inc.		1,090		142,887
TOTAL COMMON STOCKS
(Cost $192,098,672)				177,985,986
PREFERRED STOCKS—0.3%
Germany—0.3%
Bayerische Motoren Werke AG		922		30,518
Fresenius SE		1,495		107,320
Henkel AG & Co. KGaA		3,090		162,266
Porsche Automobil Holding SE		1,500		93,801
RWE AG		629		55,991
Volkswagen AG		1,917		180,825
TOTAL PREFERRED STOCKS
(Cost $639,176)				630,721

See accompanying notes to financial statements.

339

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
RIGHTS—0.0%
Belgium—0.0%
Fortis, Expires 07/01/2014	*‡δ
(Cost $—)		34,845	$	—
WARRANTS—0.0%
France—0.0%
Fonciere Des Regions, Expires 12/31/2010, Strike EUR 65.00	*	417		352
Italy—0.0%
Mediobanca SpA, Expires 03/18/2011, Strike EUR 9.00	*	7,721		1,199
TOTAL WARRANTS
(Cost $—)				1,551

 

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.031%	03/11/2010
(Cost $164,992)		‡‡	$	165,000		164,990
			Shares			Value
CASH EQUIVALENTS—8.1%
Institutional Money Market Funds—8.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class				2,107,760		2,107,760
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		††		2,142,046		2,142,046
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class		††		2,600,000		2,600,000
Short-Term Investments Trust Liquid Assets Portfolio		††		2,600,000		2,600,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class		††		2,600,000		2,600,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class		††		2,600,000		2,600,000
TOTAL CASH EQUIVALENTS
(Cost $14,649,806)						14,649,806
TOTAL INVESTMENTS—106.9%
(Cost $207,552,646)						193,433,054
Other assets less liabilities—(6.9%)						(12,494,495	)
NET ASSETS—100.0%					$	180,938,559

 

Notes to the Schedule of Investments:

CDI Chess Depository Interest

CVA Dutch Certificate of Shares

EUR European Monetary Unit

FDR Fiduciary Depositary Receipt

REIT Real Estate Investment Trust

RSP Risparmio (Italian Savings Shares)

SDR Swedish Depository Receipt

VVPR Verlaagde Vooheffing Precompte Reduit (Belgian dividend coupon)

* Non-income producing.

† Denotes all or a portion of the security on loan.

δ Security has no market value at December 31, 2009.

‡ Security valued at fair value as determined by policies approved by the Board of Directors.

‡‡ Security or a portion of the security has been pledged as collateral for futures contracts.

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

See accompanying notes to financial statements.

340

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2009

Vantagepoint Overseas
Equity Index Fund

Percentage of Portfolio by Industry (unaudited):

COMMON STOCKS
Commercial Banks	14.1	%
Oil, Gas & Consumable Fuels	7.7	%
Pharmaceuticals	7.0	%
Metals & Mining	6.0	%
Insurance	4.4	%
Diversified Telecommunication Services	3.9	%
Food Products	3.6	%
Electric Utilities	3.4	%
Automobiles	3.1	%
Chemicals	3.0	%
Capital Markets	2.4	%
Food & Staples Retailing	2.3	%
Machinery	2.1	%
Beverages	1.9	%
Wireless Telecommunication Services	1.8	%
Multi-Utilities	1.7	%
Real Estate Management & Development	1.7	%
Industrial Conglomerates	1.5	%
Media	1.5	%
Electrical Equipment	1.4	%
Real Estate Investment Trusts (REITs)	1.3	%
Electronic Equipment, Instruments & Components	1.2	%
Tobacco	1.1	%
Diversified Financial Services	1.1	%
Trading Companies & Distributors	1.0	%
Household Durables	1.0	%
Textiles, Apparel & Luxury Goods	0.9	%
Software	0.8	%
Road & Rail	0.8	%
Communications Equipment	0.8	%
Construction & Engineering	0.8	%
Construction Materials	0.8	%
Specialty Retail	0.8	%
Hotels, Restaurants & Leisure	0.8	%
Health Care Equipment & Supplies	0.7	%
Auto Components	0.7	%
Aerospace & Defense	0.6	%
Office Electronics	0.6	%
Building Products	0.6	%
Semiconductors & Semiconductor Equipment	0.6	%
Energy Equipment & Services	0.6	%
Household Products	0.5	%
Computers & Peripherals	0.5	%
Commercial Services & Supplies	0.5	%
Transportation Infrastructure	0.5	%
Gas Utilities	0.4	%
Professional Services	0.4	%
Personal Products	0.4	%
Multiline Retail	0.4	%
Air Freight & Logistics	0.4	%
Marine	0.3	%
Paper & Forest Products	0.2	%
Biotechnology	0.2	%
IT Services	0.2	%
Health Care Providers & Services	0.2	%
Airlines	0.2	%
Independent Power Producers & Energy Traders	0.2	%
Leisure Equipment & Products	0.2	%
Containers & Packaging	0.1	%
Distributors	0.1	%
Internet & Catalog Retail	0.1	%
Consumer Finance	0.1	%
Life Sciences Tools & Services	0.1	%
Internet Software & Services	0.1	%
Water Utilities	0.0	%
Diversified Consumer Services	0.0	%
	98.4	%
PREFERRED STOCKS
Automobiles	0.2	%
Household Products	0.1	%
Health Care Equipment & Supplies	0.0	%
Multi-Utilities	0.0	%
	0.3	%
RIGHTS
Insurance	0.0	%
WARRANTS
Capital Markets	0.0	%
Real Estate Investment Trusts (REITs)	0.0	%
	0.0	%
TOTAL COMMON STOCKS/PREFERRED STOCKS/RIGHTS/WARRANTS	98.7	%
U.S. TREASURY OBLIGATIONS
U.S. Treasury Bills	0.1	%
CASH EQUIVALENTS
Institutional Money Market Funds	8.1	%
TOTAL U.S. TREASURY OBLIGATIONS/CASH EQUIVALENTS	8.2	%
TOTAL INVESTMENTS	106.9	%
Other assets less liabilities	(6.9	)%
TOTAL NET ASSETS	100.0	%

 

See accompanying notes to financial statements.

341

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Model
Portfolio Savings
Oriented Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		3,964,150	$	39,205,444
Vantagepoint Diversified Assets Fund		3,071,615		30,255,408
Vantagepoint Equity Income Fund		4,211,762		32,430,568
Vantagepoint Growth & Income Fund		3,780,239		32,094,229
Vantagepoint Inflation Protected Securities Fund		2,542,128		27,251,615
Vantagepoint International Fund		1,784,216		15,790,314
Vantagepoint Low Duration Bond Fund		13,099,112		130,336,163
				307,363,741
TOTAL INVESTMENTS—100.0%
(Cost $311,934,085)				307,363,741
Other assets less liabilities—(0.0%)				(67,194	)
NET ASSETS—100.0%			$	307,296,547

 

See accompanying notes to financial statements.

342

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Model
Portfolio Conservative
Growth Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		1,731,150	$	16,480,548
Vantagepoint Core Bond Index Fund Class I		10,763,318		106,449,213
Vantagepoint Diversified Assets Fund		5,294,465		52,150,479
Vantagepoint Equity Income Fund		7,700,333		59,292,564
Vantagepoint Growth & Income Fund		5,717,420		48,540,899
Vantagepoint Growth Fund		4,213,364		32,442,900
Vantagepoint Inflation Protected Securities Fund		3,161,322		33,889,375
Vantagepoint International Fund		4,802,159		42,499,111
Vantagepoint Low Duration Bond Fund		12,068,372		120,080,298
Vantagepoint Select Value Fund		1,994,460		16,454,292
				528,279,679
TOTAL INVESTMENTS—100.0%
(Cost $540,098,992)				528,279,679
Other assets less liabilities—(0.0%)				(96,583	)
NET ASSETS—100.0%			$	528,183,096

 

See accompanying notes to financial statements.

343

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Model
Portfolio Traditional
Growth Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		8,234,496	$	78,392,397
Vantagepoint Core Bond Index Fund Class I		23,631,745		233,717,962
Vantagepoint Discovery Fund		5,612,461		42,317,958
Vantagepoint Diversified Assets Fund		13,209,263		130,111,242
Vantagepoint Equity Income Fund		21,725,101		167,283,276
Vantagepoint Growth & Income Fund		19,543,904		165,927,749
Vantagepoint Growth Fund		17,903,114		137,853,981
Vantagepoint Inflation Protected Securities Fund		4,885,362		52,371,086
Vantagepoint International Fund		18,447,580		163,261,086
Vantagepoint Low Duration Bond Fund		10,486,534		104,341,011
Vantagepoint Select Value Fund		9,413,491		77,661,303
				1,353,239,051
TOTAL INVESTMENTS—100.0%
(Cost $1,394,455,773)				1,353,239,051
Other assets less liabilities—(0.0%)				(189,527	)
NET ASSETS—100.0%			$	1,353,049,524

 

See accompanying notes to financial statements.

344

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Model
Portfolio Long-Term
Growth Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		14,813,116	$	141,020,868
Vantagepoint Core Bond Index Fund Class I		23,954,108		236,906,131
Vantagepoint Discovery Fund		9,979,322		75,244,087
Vantagepoint Diversified Assets Fund		16,091,261		158,498,917
Vantagepoint Equity Income Fund		27,533,919		212,011,177
Vantagepoint Growth & Income Fund		24,959,046		211,902,304
Vantagepoint Growth Fund		24,300,083		187,110,641
Vantagepoint International Fund		29,104,397		257,573,917
Vantagepoint Select Value Fund		17,095,967		141,041,728
				1,621,309,770
TOTAL INVESTMENTS—100.0%
(Cost $1,704,289,705)				1,621,309,770
Other assets less liabilities—(0.0%)				(207,428	)
NET ASSETS—100.0%			$	1,621,102,342

 

See accompanying notes to financial statements.

345

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint Model
Portfolio All-Equity
Growth Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		5,943,316	$	56,580,368
Vantagepoint Discovery Fund		7,203,428		54,313,845
Vantagepoint Equity Income Fund		13,788,935		106,174,800
Vantagepoint Growth & Income Fund		11,783,961		100,045,827
Vantagepoint Growth Fund		13,027,745		100,313,633
Vantagepoint International Fund		13,281,079		117,537,546
Vantagepoint Select Value Fund		6,866,868		56,651,661
				591,617,680
TOTAL INVESTMENTS—100.0%
(Cost $680,717,176)				591,617,680
Other assets less liabilities—(0.0%)				(84,612	)
NET ASSETS—100.0%			$	591,533,068

 

See accompanying notes to financial statements.

346

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint
Milestone Retirement
Income Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		856,343	$	8,469,230
Vantagepoint Diversified Assets Fund		778,289		7,666,145
Vantagepoint Equity Income Fund		1,194,724		9,199,374
Vantagepoint Growth & Income Fund		1,083,769		9,201,198
Vantagepoint Inflation Protected Securities Fund		645,640		6,921,262
Vantagepoint International Fund		519,832		4,600,515
Vantagepoint Low Duration Bond Fund		3,081,642		30,662,336
				76,720,060
TOTAL INVESTMENTS—100.0%
(Cost $74,948,959)				76,720,060
Other assets less liabilities—(0.0%)				(36,870	)
NET ASSETS—100.0%			$	76,683,190

 

See accompanying notes to financial statements.

347

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint
Milestone 2010 Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		1,013,841	$	10,026,887
Vantagepoint Diversified Assets Fund		921,442		9,076,203
Vantagepoint Equity Income Fund		1,532,346		11,799,065
Vantagepoint Growth & Income Fund		1,260,936		10,705,351
Vantagepoint Growth Fund		165,022		1,270,668
Vantagepoint Inflation Protected Securities Fund		721,926		7,739,047
Vantagepoint International Fund		697,505		6,172,922
Vantagepoint Low Duration Bond Fund		3,329,790		33,131,415
Vantagepoint Mid/Small Company Index Fund Class I		73,502		907,754
				90,829,312
TOTAL INVESTMENTS—100.0%
(Cost $89,587,937)				90,829,312
Other assets less liabilities—(0.0%)				(39,763	)
NET ASSETS—100.0%			$	90,789,549

 

See accompanying notes to financial statements.

348

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint
Milestone 2015 Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		2,406,988	$	23,805,111
Vantagepoint Diversified Assets Fund		1,884,279		18,560,149
Vantagepoint Equity Income Fund		4,305,138		33,149,562
Vantagepoint Growth & Income Fund		2,406,389		20,430,242
Vantagepoint Growth Fund		1,737,183		13,376,310
Vantagepoint Inflation Protected Securities Fund		902,103		9,670,542
Vantagepoint International Fund		2,184,756		19,335,092
Vantagepoint Low Duration Bond Fund		3,730,644		37,119,906
Vantagepoint Mid/Small Company Index Fund Class I		857,489		10,589,985
				186,036,899
TOTAL INVESTMENTS—100.0%
(Cost $195,450,183)				186,036,899
Other assets less liabilities—(0.0%)				(47,871	)
NET ASSETS—100.0%			$	185,989,028

 

See accompanying notes to financial statements.

349

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint
Milestone 2020 Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		3,628,378	$	35,884,662
Vantagepoint Diversified Assets Fund		1,881,638		18,534,137
Vantagepoint Equity Income Fund		5,155,499		39,697,343
Vantagepoint Growth & Income Fund		2,473,203		20,997,492
Vantagepoint Growth Fund		1,980,050		15,246,386
Vantagepoint International Fund		2,604,520		23,050,001
Vantagepoint Low Duration Bond Fund		1,676,905		16,685,203
Vantagepoint Mid/Small Company Index Fund Class I		1,303,574		16,099,134
				186,194,358
TOTAL INVESTMENTS—100.0%
(Cost $196,211,536)				186,194,358
Other assets less liabilities—(0.0%)				(46,298	)
NET ASSETS—100.0%			$	186,148,060

 

See accompanying notes to financial statements.

350

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint
Milestone 2025 Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		2,372,046	$	23,459,536
Vantagepoint Diversified Assets Fund		1,478,937		14,567,533
Vantagepoint Equity Income Fund		4,335,510		33,383,428
Vantagepoint Growth & Income Fund		2,205,585		18,725,417
Vantagepoint Growth Fund		1,747,363		13,454,694
Vantagepoint International Fund		2,338,325		20,694,180
Vantagepoint Low Duration Bond Fund		585,657		5,827,284
Vantagepoint Mid/Small Company Index Fund Class I		1,321,999		16,326,686
				146,438,758
TOTAL INVESTMENTS—100.0%
(Cost $155,093,927)				146,438,758
Other assets less liabilities—(0.0%)				(42,009	)
NET ASSETS—100.0%			$	146,396,749

 

See accompanying notes to financial statements.

351

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint
Milestone 2030 Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		1,612,702	$	15,949,619
Vantagepoint Diversified Assets Fund		1,105,397		10,888,165
Vantagepoint Equity Income Fund		3,801,918		29,274,770
Vantagepoint Growth & Income Fund		2,009,051		17,056,847
Vantagepoint Growth Fund		1,602,502		12,339,264
Vantagepoint International Fund		2,155,872		19,079,471
Vantagepoint Mid/Small Company Index Fund Class I		1,349,788	��	16,669,884
				121,258,020
TOTAL INVESTMENTS—100.0%
(Cost $127,481,971)				121,258,020
Other assets less liabilities—(0.0%)				(39,424	)
NET ASSETS—100.0%			$	121,218,596

 

See accompanying notes to financial statements.

352

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint
Milestone 2035 Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		888,356	$	8,785,845
Vantagepoint Diversified Assets Fund		312,109		3,074,273
Vantagepoint Equity Income Fund		2,511,099		19,335,461
Vantagepoint Growth & Income Fund		1,321,720		11,221,406
Vantagepoint Growth Fund		1,116,420		8,596,435
Vantagepoint International Fund		1,476,484		13,066,885
Vantagepoint Mid/Small Company Index Fund Class I		1,038,880		12,830,165
				76,910,470
TOTAL INVESTMENTS—100.0%
(Cost $80,506,481)				76,910,470
Other assets less liabilities—(0.0%)				(35,504	)
NET ASSETS—100.0%			$	76,874,966

 

See accompanying notes to financial statements.

353

SCHEDULE OF INVESTMENTS

December 31, 2009

Vantagepoint
Milestone 2040 Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		927,231	$	9,170,316
Vantagepoint Equity Income Fund		3,082,881		23,738,185
Vantagepoint Growth & Income Fund		1,614,065		13,703,415
Vantagepoint Growth Fund		1,422,982		10,956,965
Vantagepoint International Fund		1,860,590		16,466,224
Vantagepoint Mid/Small Company Index Fund Class I		1,404,731		17,348,429
				91,383,534
TOTAL INVESTMENTS—100.0%
(Cost $92,522,491)				91,383,534
Other assets less liabilities—(0.0%)				(35,762	)
NET ASSETS—100.0%			$	91,347,772

 

See accompanying notes to financial statements.

354

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Item 2 (Code of Ethics):

Sub-item 2a. The board of directors of the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, and to persons performing similar functions.

Sub-item 2c. Changes were made to the Code of Ethics to clarify the reporting requirements for gifts and business entertainment.

Sub-item 2d. Not applicable.

Sub-item 2e. Not applicable.

Sub-item 2f. Not applicable.

Item 3 (Audit Committee Financial Expert): Two members of the audit committee of the registrant have been determined by its board of directors to be audit committee financial experts. The audit committee financial experts of the registrant are Arthur Lynch and Anthony Calhoun, both of whom are independent under the applicable rules.

Item 4 (Principal Accountant Fees and Services):

Sub-item 4a (Audit Fees). The aggregate fees billed for professional services rendered by the registrant’s principal accountant, PricewaterhouseCoopers LLP, for audits of the registrant’s financial statements were $416,170 and $481,170 in 2009 and 2008, respectively.

Sub-item 4b (Audit Related Fees). Not applicable.

Sub-item 4c (Tax Fees). The aggregate fees billed for professional services rendered by PricewaterhouseCoopers LLP for tax compliance, tax advice and tax planning were $176,387 and $140,887 in 2009 and 2008, respectively.  These services covered preparation of the registrant’s income tax and excise tax returns, and also included related consulting and tax provision work.

Sub-item 4d (All Other Fees). Not applicable.

Sub-item 4e (1). The registrant’s audit committee pre-approves all audit and non-audit services to be performed by the registrant’s accountant before they are engaged to perform such services.

Sub-item 4e (2). The registrant’s audit committee approved 100% of the services described in Sub-item 4c.

Sub-item 4f. Not applicable.

Sub-item 4g. Not applicable.

Sub-item 4h. Not applicable.

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

Item 6   (Investments):

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

Form N-CSR (Page 3 of 6)

Sub-item 6b. Not applicable; the registrant did not divest itself of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

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.

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: March 8, 2010

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

By: /s/ Joan McCallen                                            

Joan McCallen, Principal Executive Officer

Date: March 8, 2010

By: /s/ Elizabeth Glista                                           

Elizabeth Glista, Principal Financial Officer

Date: March 8, 2010