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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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: 12/31/11

Date of reporting period: 01/01/11 - 06/30/11

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

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

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

Table of Contents

Vantagepoint Shareholder Expenses	1
Vantagepoint Funds Returns	3
Vantagepoint Funds Investment Objectives	5
Vantagepoint Funds Portfolio Holdings	14
Vantagepoint Funds
Statements of Assets and Liabilities	17
Statements of Operations	24
Statements of Changes in Net Assets	31
Financial Highlights	48
Notes to Financial Statements	65
Schedules of Investments	110

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 January 1, 2011 to June 30, 2011.

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 1/01/11	Ending Account Value 6/30/11		2011 Annualized Expense Ratio		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 1/01/11		Ending Account Value 6/30/11		2011 Annualized Expense Ratio		Expenses Paid During Period*
$1,000.00	$	1,012.10		0.63%	$	3.14	Low Duration Bond	$	1,000.00	$	1,021.67		0.63%	$	3.16
$1,000.00	$	1,047.60		0.67%	$	3.40	Inflation Protected Securities	$	1,000.00	$	1,021.47		0.67%	$	3.36
$1,000.00	$	1,079.90		0.85%	$	4.38	Equity Income	$	1,000.00	$	1,020.58		0.85%	$	4.26
$1,000.00	$	1,054.80		0.78%	$	3.97	Growth & Income	$	1,000.00	$	1,020.93		0.78%	$	3.91
$1,000.00	$	1,033.00		0.81%	$	4.08	Growth	$	1,000.00	$	1,020.78		0.81%	$	4.06
$1,000.00	$	1,087.40		0.99%	$	5.12	Select Value	$	1,000.00	$	1,019.89		0.99%	$	4.96
$1,000.00	$	1,047.60		0.92%	$	4.67	Aggressive Opportunities	$	1,000.00	$	1,020.23		0.92%	$	4.61
$1,000.00	$	1,043.50		0.96%	$	4.86	Discovery	$	1,000.00	$	1,020.03		0.96%	$	4.81
$1,000.00	$	1,068.50		0.96%	$	4.92	International	$	1,000.00	$	1,020.03		0.96%	$	4.81
$1,000.00	$	1,013.80		0.88%	$	4.39	Diversifying Strategies	$	1,000.00	$	1,020.43		0.88%	$	4.41
$1,000.00	$	1,025.20		0.40%	$	2.01	Core Bond Index Class I	$	1,000.00	$	1,022.81		0.40%	$	2.01
$1,000.00	$	1,026.00		0.20%	$	1.00	Core Bond Index Class II	$	1,000.00	$	1,023.80		0.20%	$	1.00
$1,000.00	$	1,058.30		0.43%	$	2.19	500 Stock Index Class I	$	1,000.00	$	1,022.66		0.43%	$	2.16
$1,000.00	$	1,059.60		0.23%	$	1.17	500 Stock Index Class II	$	1,000.00	$	1,023.65		0.23%	$	1.15
$1,000.00	$	1,058.60		0.42%	$	2.14	Broad Market Index Class I	$	1,000.00	$	1,022.71		0.42%	$	2.11
$1,000.00	$	1,060.40		0.22%	$	1.12	Broad Market Index Class II	$	1,000.00	$	1,023.70		0.22%	$	1.10
$1,000.00	$	1,070.80		0.44%	$	2.26	Mid/Small Company Index Class I	$	1,000.00	$	1,022.61		0.44%	$	2.21
$1,000.00	$	1,071.90		0.24%	$	1.23	Mid/Small Company Index Class II	$	1,000.00	$	1,023.60		0.24%	$	1.20
$1,000.00	$	1,054.50		0.54%	$	2.75	Overseas Equity Index Class I	$	1,000.00	$	1,022.12		0.54%	$	2.71
$1,000.00	$	1,055.10		0.34%	$	1.73	Overseas Equity Index Class II	$	1,000.00	$	1,023.11		0.34%	$	1.71
$1,000.00	$	1,032.50		0.86%	$	4.33	Model Portfolio Savings Oriented**	$	1,000.00	$	1,020.53		0.86%	$	4.31
$1,000.00	$	1,037.70		0.88%	$	4.45	Model Portfolio Conservative Growth**	$	1,000.00	$	1,020.43		0.88%	$	4.41
$1,000.00	$	1,044.20		0.90%	$	4.56	Model Portfolio Traditional Growth**	$	1,000.00	$	1,020.33		0.90%	$	4.51
$1,000.00	$	1,050.90		0.93%	$	4.73	Model Portfolio Long-Term Growth**	$	1,000.00	$	1,020.18		0.93%	$	4.66
$1,000.00	$	1,059.10		1.00%	$	5.11	Model Portfolio All-Equity Growth**	$	1,000.00	$	1,019.84		1.00%	$	5.01
$1,000.00	$	1,031.90		0.88%	$	4.43	Milestone Retirement Income**	$	1,000.00	$	1,020.43		0.88%	$	4.41

(continued)

1

ACTUAL								HYPOTHETICAL
Beginning Account Value 1/01/11	Ending Account Value 6/30/11		2011 Annualized Expense Ratio		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 1/01/11		Ending Account Value 6/30/11		2011 Annualized Expense Ratio		Expenses Paid During Period*
$1,000.00	$	1,042.00		0.93%	$	4.71	Milestone 2010**	$	1,000.00	$	1,020.18		0.93%	$	4.66
$1,000.00	$	1,045.40		0.89%	$	4.51	Milestone 2015**	$	1,000.00	$	1,020.38		0.89%	$	4.46
$1,000.00	$	1,048.40		0.88%	$	4.47	Milestone 2020**	$	1,000.00	$	1,020.43		0.88%	$	4.41
$1,000.00	$	1,051.60		0.89%	$	4.53	Milestone 2025**	$	1,000.00	$	1,020.38		0.89%	$	4.46
$1,000.00	$	1,056.10		0.91%	$	4.64	Milestone 2030**	$	1,000.00	$	1,020.28		0.91%	$	4.56
$1,000.00	$	1,060.30		0.93%	$	4.75	Milestone 2035**	$	1,000.00	$	1,020.18		0.93%	$	4.66
$1,000.00	$	1,062.10		0.92%	$	4.70	Milestone 2040**	$	1,000.00	$	1,020.23		0.92%	$	4.61
$1,000.00	$	1,062.70		1.10%	$	5.63	Milestone 2045**	$	1,000.00	$	1,019.34		1.10%	$	5.51

* 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., 181/365] (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).

2

Vantagepoint Funds Returns

As of June 30, 2011

	Year-to-date through 6/30/11			1 Year			3 Years			5 Years			10 Years			Since Inception			Inception Date*
Actively Managed Funds
Low Duration Bond Fund		1.21	%		2.56	%		4.05	%		4.35	%		3.77	%		—			12/00
Inflation Protected Securities Fund		4.76	%		6.21	%		5.01	%		6.62	%		5.10	%		—			7/92
Equity Income Fund		7.99	%		29.74	%		4.32	%		3.32	%		5.22	%		—			4/94
Growth & Income Fund		5.48	%		29.49	%		4.16	%		3.22	%		3.15	%		—			10/98
Growth Fund		3.30	%		29.48	%		0.11	%		1.48	%		0.74	%		—			4/83
Select Value Fund		8.74	%		34.44	%		8.43	%		—			—			3.00	%		10/07
Aggressive Opportunities Fund		4.76	%		28.71	%		7.77	%		5.20	%		3.01	%		—			10/94
Discovery Fund		4.35	%		36.64	%		6.96	%		—			—			1.45	%		10/07
International Fund		6.85	%		31.98	%		-1.65	%		1.77	%		4.87	%		—			10/94
Diversifying Strategies Fund		1.38	%		6.70	%		1.63	%		—			—			1.56	%		10/07
Index Funds
Core Bond Index Fund (Class I)		2.52	%		3.41	%		5.92	%		6.06	%		5.35	%		—			6/97
Core Bond Index Fund (Class II)		2.60	%		3.70	%		6.17	%		6.28	%		5.57	%		—			4/99
500 Stock Index Fund (Class I)		5.83	%		30.25	%		2.98	%		2.54	%		2.29	%		—			6/97
500 Stock Index Fund (Class II)		5.96	%		30.41	%		3.18	%		2.73	%		2.49	%		—			4/99
Broad Market Index Fund (Class I)		5.86	%		31.46	%		3.76	%		3.18	%		3.31	%		—			10/94
Broad Market Index Fund (Class II)		6.04	%		31.89	%		4.00	%		3.40	%		3.53	%		—			4/99
Mid/Small Company Index Fund (Class I)		7.08	%		38.90	%		7.48	%		5.58	%		6.89	%		—			6/97
Mid/Small Company Index Fund (Class II)		7.19	%		39.14	%		7.70	%		5.79	%		7.11	%		—			4/99
Overseas Equity Index Fund (Class I)		5.45	%		31.62	%		-1.85	%		1.21	%		5.17	%		—			6/97
Overseas Equity Index Fund (Class II)		5.51	%		31.83	%		-1.67	%		1.41	%		5.40	%		—			4/99
Model Portfolio Funds1
Model Portfolio Savings Oriented Fund		3.25	%		10.34	%		4.43	%		4.69	%		4.30	%		—			2/95
Model Portfolio Conservative Growth Fund		3.77	%		14.34	%		4.44	%		4.61	%		4.23	%		—			4/96
Model Portfolio Traditional Growth Fund		4.42	%		19.75	%		4.26	%		4.36	%		4.07	%		—			4/96
Model Portfolio Long-Term Growth Fund		5.09	%		23.98	%		4.02	%		4.27	%		4.03	%		—			4/96
Model Portfolio All-Equity Growth Fund		5.91	%		30.99	%		3.29	%		3.42	%		3.31	%		—			10/00

3

Vantagepoint Funds Returns

As of June 30, 2011

	Year-to-date through 6/30/11			1 Year			3 Years			5 Years			10 Years		Since Inception			Inception Date*
Milestone Funds1,2
Milestone Retirement Income Fund		3.19	%		10.35	%		4.23	%		4.54	%		—		4.21	%		1/05
Milestone 2010 Fund		4.20	%		16.11	%		4.39	%		4.65	%		—		4.55	%		1/05
Milestone 2015 Fund		4.54	%		18.82	%		4.19	%		4.45	%		—		4.69	%		1/05
Milestone 2020 Fund		4.84	%		21.14	%		3.98	%		4.21	%		—		4.67	%		1/05
Milestone 2025 Fund		5.16	%		23.50	%		3.79	%		4.00	%		—		4.65	%		1/05
Milestone 2030 Fund		5.61	%		26.13	%		3.71	%		3.83	%		—		4.65	%		1/05
Milestone 2035 Fund		6.03	%		29.02	%		3.75	%		3.76	%		—		4.70	%		1/05
Milestone 2040 Fund		6.21	%		30.23	%		3.85	%		3.77	%		—		4.71	%		1/05
Milestone 2045 Fund		6.27	%		30.13	%		—			—			—		14.09	%		1/10

* 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.

¹  Performance of the Model Portfolio Funds and Milestone Funds is dependent upon the performance of the underlying funds in which each Model Portfolio Fund and Milestone Fund invests.

²  The share values of the Milestone Funds are not guaranteed at any time, including at or after each Milestone Fund’s target year, which is the year when investors expect to retire and begin making gradual withdrawals. There is no guarantee that a Milestone Fund will provide adequate income at and through an investor’s retirement or that the investor will have adequate savings for retirement. The Milestone Funds’ asset allocations change over time, as described in The Vantagepoint Funds’ prospectus.

4

Vantagepoint Funds Investment Objectives

Fund ticker symbols are included in parentheses after fund names. Total net assets presented are as of June 30, 2011.

Actively Managed Funds

Low Duration Bond Fund (VPIPX) Year of Inception: 2000 Total Net Assets: $555 million

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

Inflation Protected Securities Fund (VPTSX) Year of Inception: 1992 Total Net Assets: $509 million

Investment Objective:	To offer current income.
Investment Subadviser:	BlackRock Financial Management, Inc. Pacific Investment Management Company, LLC
Market Index:	Barclays Capital U.S. TIPS Index (Series-L)
Peer Group:	Morningstar Inflation-Protected Bond Funds Average

Equity Income Fund (VPEIX) Year of Inception: 1994 Total Net Assets: $1,958 million

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

Growth & Income Fund (VPGIX) Year of Inception: 1998 Total Net Assets: $1,258 million

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

5

Growth Fund (VPGRX) Year of Inception: 1983 Total Net Assets: $1,963 million

Investment Objective:	To offer long-term capital growth.
Investment Subadvisers:	Columbus Circle Investors D. G. Capital Management Trust Legg Mason Capital Management, Inc. Tukman Grossman Capital Management, Inc. Westfield Capital Management Company, L.P.
Market Index:	Russell 1000 Growth Index
Peer Group:	Morningstar Large Growth Funds Average

Select Value Fund (VPSVX) Year of Inception: 2007 Total Net Assets: $351 million

Investment Objective:	To offer long-term growth from dividend income and capital appreciation.
Investment Subadvisers:	Artisan Partners Limited Partnership Systematic Financial Management, L.P. WEDGE Capital Management LLP
Market Index:	Russell Midcap Value Index
Peer Group:	Morningstar Mid-Cap Value Funds Average

Aggressive Opportunities Fund (VPAOX) Year of Inception: 1994 Total Net Assets: $1,138 million

Investment Objective:	To offer high long-term capital appreciation.
Investment Subadvisers:	Legg Mason Capital Management, Inc. Southeastern Asset Management, Inc. TimesSquare Capital Management, LLC Wellington Management Company, LLP
Market Index:	Russell Midcap Growth Index
Peer Group:	Morningstar Mid-Cap Growth Funds Average

Discovery Fund (VPDSX) Year of Inception: 2007 Total Net Assets: $215 million

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

International Fund (VPINX) Year of Inception: 1994 Total Net Assets: $1,261 million

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

6

Diversifying Strategies Fund (VPDAX) Year of Inception: 2007 Total Net Assets: $903 million

Investment Objective:	To offer long-term capital growth.
Investment Subadvisers:	Calamos Advisors, LLC Mellon Capital Management Corporation Payden & Rygel Shenkman Capital Management, Inc.
Market Index:	Barclays Capital U.S. Intermediate Aggregate Bond Index

Index Funds

The Vantagepoint Index Funds follow an indexed or “passively managed” approach to investing, and are designed to approximate the investment characteristics and performance of their respective specified benchmarks. Mellon Capital Management Corporation is the subadviser of the Index Funds.

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

Core Bond Index Fund (VPCIX/VPCDX) Year of Inception: 1997 Total Net Assets: $1,126 million

Investment Objective:	To offer current income by approximating the performance of the Barclays Capital U.S. Aggregate Bond Index.
Market Index:	Barclays Capital U.S. Aggregate Bond Index

500 Stock Index Fund (VPFIX/VPSKX) Year of Inception: 1997 Total Net Assets: $398 million

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

Broad Market Index Fund (VPMIX/VPBMX) Year of Inception: 1994 Total Net Assets: $534 million

Investment Objective:	To offer long-term capital growth by approximating the performance of the Wilshire 5000 Total Market Index.
Market Index:	Wilshire 5000 Total Market Index

Mid/Small Company Index Fund (VPSIX/VPMSX) Year of Inception: 1997 Total Net Assets: $447 million

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

Overseas Equity Index Fund (VPOIX/VPOEX) Year of Inception: 1997 Total Net Assets: $213 million

Investment Objective:	To offer long-term capital growth and diversification by approximating the performance of the MSCI EAFE Index (Net).
Market Index:	MSCI EAFE Index (Net)

7

Model Portfolio Funds

Model Portfolio Savings Oriented Fund (VPSOX) Year of Inception: 1995 Total Net Assets: $342 million

Investment Objective:	To offer capital preservation, reasonable current income, and some capital growth while seeking to limit risk.
Allocation Ranges:	Fixed Income Funds
	Vantagepoint Low Duration Bond Fund	26% - 36	%
	Vantagepoint Core Bond Index Fund (Class I)	4% - 14	%
	Vantagepoint Inflation Protected Securities Fund	10% - 20	%
	Equity Funds
	Vantagepoint Equity Income Fund	5% - 15	%
	Vantagepoint Growth & Income Fund	5% - 15	%
	Vantagepoint International Fund	0% - 10	%
	Multi-Strategy Fund
	Vantagepoint Diversifying Strategies Fund	18% - 22	%
Market Index:	Barclays Capital U.S. Intermediate Aggregate Bond Index
Peer Group:	Morningstar Conservative Allocation Funds Average

Model Portfolio Conservative Growth Fund (VPCGX) Year of Inception: 1996 Total Net Assets: $593 million

Investment Objective:	To offer reasonable current income and capital preservation, with modest potential for capital growth.
Allocation Ranges:	Fixed Income Funds
	Vantagepoint Low Duration Bond Fund	14% - 24	%
	Vantagepoint Core Bond Index Fund (Class I)	7% - 17	%
	Vantagepoint Inflation Protected Securities Fund	5% - 15	%
	Equity Funds
	Vantagepoint Equity Income Fund	6% - 16	%
	Vantagepoint Growth & Income Fund	4% - 14	%
	Vantagepoint Growth Fund	1% - 11	%
	Vantagepoint Select Value Fund	0% - 8	%
	Vantagepoint Aggressive Opportunities Fund	0% - 8	%
	Vantagepoint International Fund	3% - 13	%
	Multi-Strategy Fund
	Vantagepoint Diversifying Strategies Fund	17% - 21	%
Market Index:	Barclays Capital U.S. Intermediate Aggregate Bond Index
Peer Group:	Morningstar Conservative Allocation Funds Average

8

Model Portfolio Traditional Growth Fund (VPTGX) Year of Inception: 1996 Total Net Assets: $1,497 million

Investment Objective:	To offer moderate capital growth and reasonable current income.
Allocation Ranges:	Fixed Income Funds
	Vantagepoint Low Duration Bond Fund	3% - 13	%
	Vantagepoint Core Bond Index Fund (Class I)	8% - 18	%
	Vantagepoint Inflation Protected Securities Fund	0% - 9	%
	Equity Funds
	Vantagepoint Equity Income Fund	7% - 17	%
	Vantagepoint Growth & Income Fund	7% - 17	%
	Vantagepoint Growth Fund	5% - 15	%
	Vantagepoint Select Value Fund	1% - 11	%
	Vantagepoint Aggressive Opportunities Fund	1% - 11	%
	Vantagepoint Discovery Fund	0% - 8	%
	Vantagepoint International Fund	7% - 17	%
	Multi-Strategy Fund
	Vantagepoint Diversifying Strategies Fund	13% - 17	%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Moderate Allocation Funds Average

Model Portfolio Long-Term Growth Fund (VPLGX) Year of Inception: 1996 Total Net Assets: $1,887 million

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

Model Portfolio All-Equity Growth Fund (VPAGX) Year of Inception: 2000 Total Net Assets: $738 million

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

9

Vantagepoint Milestone Funds

Milestone Retirement Income Fund (VPRRX) Year of Inception: 2005 Total Net Assets: $225 million

Investment Objective:	To seek to offer current income and opportunities for capital growth that have limited risk.
Allocation Ranges:	Fixed Income Funds
	Vantagepoint Low Duration Bond Fund	26	% - 36%
	Vantagepoint Core Bond Index Fund (Class I)	4	% - 14%
	Vantagepoint Inflation Protected Securities Fund	10	% - 20%
	Equity Funds
	Vantagepoint Equity Income Fund	5	% - 15%
	Vantagepoint Growth & Income Fund	5	% - 15%
	Vantagepoint International Fund	0	% - 10%
	Multi-Strategy Fund
	Vantagepoint Diversifying Strategies Fund	15	% - 25%
Market Index:	Barclays Capital U.S. Intermediate Aggregate Bond Index
Peer Group:	Morningstar Retirement Income Funds Average

Milestone 2010 Fund (VPRQX) Year of Inception: 2005 Total Net Assets: $229 million

Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	Fixed Income Funds
	Vantagepoint Low Duration Fund	10	% - 20%
	Vantagepoint Core Bond Index Fund (Class I)	1	% - 11%
	Vantagepoint Inflation Protected Securities Fund	10	% - 20%
	Equity Funds
	Vantagepoint Equity Income Fund	13	% - 23%
	Vantagepoint Growth & Income Fund	6	% - 16%
	Vantagepoint Growth Fund	2	% - 12%
	Vantagepoint International Fund	4	% - 14%
	Multi-Strategy Fund
	Vantagepoint Diversifying Strategies Fund	13	% - 23%
Market Indexes:	Barclays Capital U.S. Intermediate Aggregate Bond Index
Peer Group:	Morningstar Target Date 2000-2010 Funds Average

Milestone 2015 Fund (VPRPX) Year of Inception: 2005 Total Net Assets: $391 million

Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	Fixed Income Funds
	Vantagepoint Low Duration Fund	6	% - 16%
	Vantagepoint Core Bond Index Fund (Class I)	5	% - 15%
	Vantagepoint Inflation Protected Securities Fund	4	% - 14%
	Equity Funds
	Vantagepoint Equity Income Fund	14	% - 24%
	Vantagepoint Growth & Income Fund	6	% - 16%
	Vantagepoint Growth Fund	3	% - 13%
	Vantagepoint Mid/Small Company Index Fund (Class I)	0	% - 10%
	Vantagepoint International Fund	6	% - 16%
	Multi-Strategy Fund
	Vantagepoint Diversifying Strategies Fund	12	% - 22%
Market Indexes:	S&P 500 Index
Peer Group:	Morningstar Target Date 2011-2015 Funds Average

10

Milestone 2020 Fund (VPROX) Year of Inception: 2005 Total Net Assets: $385 million

Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	Fixed Income Funds
	Vantagepoint Low Duration Fund	2% - 12	%
	Vantagepoint Core Bond Index Fund (Class I)	9% - 19	%
	Vantagepoint Inflation Protected Securities Fund	0% - 7	%
	Equity Funds
	Vantagepoint Equity Income Fund	16% - 26	%
	Vantagepoint Growth & Income Fund	7% - 17	%
	Vantagepoint Growth Fund	3% -13	%
	Vantagepoint Mid/Small Company Index Fund (Class I)	4% - 14	%
	Vantagepoint International Fund	7% - 17	%
	Multi-Strategy Fund
	Vantagepoint Diversifying Strategies Fund	10% - 20	%
Market Indexes:	S&P 500 Index
Peer Group:	Morningstar Target Date 2016-2020 Funds Average

Milestone 2025 Fund (VPRNX) Year of Inception: 2005 Total Net Assets: $300 million

Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	Fixed Income Funds
	Vantagepoint Low Duration Bond Fund	0% - 8	%
	Vantagepoint Core Bond Index Fund (Class I)	8% - 18	%
	Equity Funds
	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 Fund
	Vantagepoint Diversifying Strategies Fund	8% - 18	%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Target Date 2021-2025 Funds Average

Milestone 2030 Fund (VPRMX) Year of Inception: 2005 Total Net Assets: $234 million

Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	Fixed Income Fund
	Vantagepoint Low Duration Bond Fund	0% - 6	%
	Vantagepoint Core Bond Index Fund (Class I)	4% - 14	%
	Equity Funds
	Vantagepoint Equity Income Fund	19% - 29	%
	Vantagepoint Growth & Income Fund	9% - 19	%
	Vantagepoint Growth Fund	5% - 15	%
	Vantagepoint Mid/Small Company Index Fund (Class I)	9% - 19	%
	Vantagepoint International Fund	11% - 21	%
	Multi-Strategy Fund
	Vantagepoint Diversifying Strategies Fund	6% - 16	%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Target Date 2026-2030 Funds Average

11

Milestone 2035 Fund (VPRLX) Year of Inception: 2005 Total Net Assets: $149 million

Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	Fixed Income Fund
	Vantagepoint Low Duration Bond Fund	0% - 5	%
	Vantagepoint Core Bond Index Fund (Class I)	1% - 11	%
	Equity Funds
	Vantagepoint Equity Income Fund	21% - 31	%
	Vantagepoint Growth & Income Fund	10% - 20	%
	Vantagepoint Growth Fund	7% - 17	%
	Vantagepoint Mid/Small Company Index Fund (Class I)	13% - 23	%
	Vantagepoint International Fund	13% - 23	%
	Multi-Strategy Fund
	Vantagepoint Diversifying Strategies Fund	1% - 11	%
Market Indexes:	S&P 500 Index
Peer Group:	Morningstar Target Date 2031-2035 Funds Average

Milestone 2040 Fund (VPRKX) Year of Inception: 2005 Total Net Assets: $147 million

Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	Fixed Income Fund
	Vantagepoint Core Bond Index Fund (Class I)	0% - 10	%
	Equity Funds
	Vantagepoint Equity Income Fund	22% - 32	%
	Vantagepoint Growth & Income Fund	11% - 21	%
	Vantagepoint Growth Fund	7% - 17	%
	Vantagepoint Mid/Small Company Index Fund (Class I)	15% - 25	%
	Vantagepoint International Fund	14% - 24	%
	Multi-Strategy Fund
	Vantagepoint Diversifying Strategies Fund	0% - 6	%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Target Date 2036-2040 Funds Average

Milestone 2045 Fund (VPRJX) Year of Inception: 2010 Total Net Assets: $30 million

Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	Fixed Income Fund
	Vantagepoint Core Bond Index Fund (Class I)	0% - 10	%
	Equity Funds
	Vantagepoint Equity Income Fund	22% - 32	%
	Vantagepoint Growth & Income Fund	11% - 21	%
	Vantagepoint Growth Fund	8% - 18	%
	Vantagepoint Mid/Small Company Index Fund (Class I)	15% - 25	%
	Vantagepoint International Fund	14% - 24	%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Target Date 2041-2045 Funds Average

12

Comparative Indexes

The Funds may, from time to time, use one or more of the unmanaged indexes listed below for purposes of appraising fund performance. This list of indexes is not intended to be all inclusive, and other indexes, benchmarks, or peer groups may be used, as deemed appropriate. All of the indexes are unmanaged and do not reflect the costs of portfolio management, trading, fees, expenses, or taxes.

Barclays Capital U.S. Aggregate Bond Index – consists of investment-grade U.S. fixed income securities.

Barclays Capital U.S. Intermediate Aggregate Bond Index – consists of investment-grade U.S. fixed income securities with maturities of 1to 10 years.

Barclays Capital U.S. Treasury Inflation Protected Securities (“TIPS”) 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. Treasury Inflation Protected Securities (TIPS) Index.

BofA Merrill Lynch 1-3 Year US Corporate & Government Index – tracks the performance of U.S. dollar-denominated investment grade Government and corporate public debt issued in the U.S. domestic bond market with maturities ranging between 1 and 3 years.

MSCI Europe Australasia Far East (“EAFE”) Index (Net) – is a free float-adjusted market capitalization index of equity securities 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.

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

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

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

Russell Midcap Index – measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap Index represents approximately one-third of the total market capitalization of the Russell 1000 companies.

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

Russell Midcap Value Index – measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000 Index – measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index, and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

Russell 3000 Index – measures the performance of the largest 3000 U.S. companies based on market capitalization representing a substantial portion of the investable U.S. equity market.

Standard & Poor’s 500 Index (“S&P 500”) – consists of 500 stocks representing larger capitalization companies traded in the U.S.

Wilshire 5000 Total Market Index – consists of all U.S. equity securities with readily available price data (which includes common stocks, interests in real estate investment trusts and limited partnership interests of U.S. companies, that have their primary market listing in the U.S.) 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.

Wilshire 4500 Completion Index – consists of all U.S. equity securities included in the Wilshire 5000 Total Market Index, excluding the companies in the S&P 500 Index. As such, it consists of small- and mid-capitalization U.S. equity securities. It is calculated using a float-adjusted market capitalization weighting, which adjusts an individual stock’s market capitalization to account for (by excluding) shares that may be restricted or otherwise unavailable for purchase.

13

Vantagepoint Funds Portfolio Holdings

Fixed Income Funds’ Sector Allocation (% of Net Assets)
	Asset-backed			Mortgage- related			Corporates			U.S. Treasury			U.S. Treasury Inflation Indexed			U.S. Government Agency			Non-U.S. Government Agency			Sovereign			Supranational			U.S. Municipal			Non-U.S. Regional Authority			Cash/Cash Equivalents1
Low Duration Bond Fund		14.7	%		5.2	%		58.9	%		12.1	%		0.0	%		2.2	%		0.8	%		2.7	%		0.0	%		1.2	%		0.7	%		1.5	%
Inflation Protected Securities Fund		1.8	%		0.0	%		6.1	%		3.7	%		83.0	%		0.0	%		0.5	%		0.0	%		0.1	%		0.0	%		0.0	%		4.9	%
Core Bond Index Fund Class I and II		0.2	%		35.5	%		19.7	%		32.3	%		0.0	%		6.3	%		1.1	%		1.2	%		1.3	%		1.1	%		0.4	%		0.9	%

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

Equity Funds’ Asset Class Allocation (% of Net Assets)

	Stocks			Cash/Cash Equivalents1
Equity Income Fund		94.1	%		5.9	%
500 Stock Index Fund Class I and II		99.1	%		0.9	%
Growth & Income Fund		98.4	%		1.6	%
Broad Market Index Fund Class I and II		99.3	%		0.7	%
Growth Fund		97.8	%		2.2	%
Select Value Fund		96.5	%		3.5	%
Aggressive Opportunities Fund		98.0	%		2.0	%
Mid-Small Company Index Fund Class I and II		97.9	%		2.1	%

Equity Funds’ Sector Allocation (% of Total Investments)

	Consumer Discretionary			Consumer Staples			Energy			Financials			Health Care			Industrials			Information Technology			Materials			Telecomm Services			Utilities			Other
Equity Income Fund		15.5	%		6.2	%		12.9	%		22.6	%		7.7	%		10.3	%		10.0	%		3.7	%		7.5	%		3.5	%		0.0	%
500 Stock Index Fund Class I and II		10.7	%		10.7	%		12.6	%		15.1	%		11.7	%		11.2	%		17.8	%		3.6	%		3.1	%		3.3	%		0.1	%
Growth & Income Fund		13.5	%		9.1	%		10.1	%		17.5	%		10.9	%		14.9	%		16.4	%		5.2	%		1.4	%		1.1	%		0.0	%
Broad Market Index Fund Class I and II		11.0	%		9.5	%		12.0	%		16.2	%		11.6	%		11.2	%		17.7	%		4.2	%		2.9	%		3.5	%		0.1	%
Growth Fund		14.8	%		10.1	%		12.7	%		7.6	%		13.0	%		12.1	%		25.0	%		4.6	%		0.2	%		0.0	%		0.0	%
Select Value Fund		11.5	%		5.2	%		7.5	%		24.5	%		4.5	%		17.8	%		14.5	%		5.7	%		0.4	%		8.3	%		0.0	%
Aggressive Opportunities Fund		15.5	%		3.4	%		7.3	%		16.7	%		12.0	%		15.8	%		19.8	%		3.3	%		4.9	%		0.7	%		0.6	%
Mid/Small Company Index Fund Class I and II		14.7	%		3.6	%		7.2	%		20.9	%		11.1	%		13.9	%		15.7	%		6.8	%		1.7	%		4.2	%		0.1	%

Allocations represent the portion of each fund classified as stocks above and due to rounding, the allocations may not add up to 100%.

Vantagepoint Discovery Fund’s Asset Class Allocation (% of Net Assets)

	Stocks			Bonds			Cash/Cash Equivalents1
Discovery Fund*		97.0	%		49.0	%		3.0	%

* For the Discovery Fund, portfolio exposures represent the market value of physical securities and a measurement of the 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, is intended to reflect the “economic exposure" of the derivative, and results in a total percentage reflected in the chart that exceeds 100%.

Vantagepoint Discovery Fund’s Fixed Income Sector Allocation (% of Net Assets excluding equities)

	Asset-backed			Mortgage- related			Corporates			U.S. Treasury			U.S. Treasury Inflation Indexed			U.S. Government Agency			Non-U.S. Government Agency			Sovereign			Supranational			U.S. Municipal			Non-U.S. Regional Authority			Cash/Cash Equivalents
Discovery Fund*		4.6	%		9.9	%		56.8	%		11.6	%		0.0	%		13.7	%		0.7	%		0.7	%		0.0	%		0.8	%		0.6	%		0.6	%

* For the Discovery Fund, the fixed income sector allocations were calculated using the actual fixed income securities held. This represents the portion of the fund classified as bonds above. Due to rounding, allocations may not add up to 100%.

14

Vantagepoint Funds Portfolio Holdings (continued)

Vantagepoint Discovery Fund’s Equity Sector Allocation (% of Total Investments excluding bonds)

	Consumer Discretionary			Consumer Staples			Energy			Financials			Health Care			Industrials			Information Technology			Materials			Telecomm			Utilities			Other
Discovery Fund*		13.4	%		2.8	%		9.0	%		19.4	%		10.6	%		14.4	%		18.1	%		5.9	%		1.5	%		3.5	%		1.3	%

* For the Discovery Fund, the equity sector allocations were 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 represents the portion of the fund classified as stocks above and due to rounding, the allocations may not add up to 100%.

Country Allocation for the International Fund and Overseas Equity Index Fund (% of Net Assets)

	Australia			Canada			France			Germany			Hong Kong			Italy			Japan			Netherlands			South Korea			Spain			Sweden			Switzerland			United Kingdom			Cash/Cash Equivalents1			Other**
International Fund		4.6	%		4.4	%		10.3	%		5.9	%		5.8	%		3.1	%		17.5	%		3.0	%		2.5	%		3.3	%		1.8	%		5.9	%		12.6	%		3.0	%		16.3	%
Overseas Equity Index Fund Class I and II		8.5	%		0.0	%		9.8	%		8.8	%		2.6	%		2.6	%		19.8	%		4.6	%		0.0	%		3.5	%		3.1	%		8.7	%		18.1	%		1.5	%		8.4	%

** Other represents countries not listed above with under a 2.5% individual weighting.

Model Portfolio Funds and Milestone Funds Underlying Fund Allocation (% of Net Assets)

	Low Duration Bond Fund			Core Bond Index Fund, Class I			Inflation Protected Securities Fund			Equity Income Fund			Growth & Income Fund			Growth Fund			Select Value Fund			Mid/Small Index Fund, Class I			Aggressive Opportunities Fund			Discovery Fund			International Fund			Diversifying Strategies Fund
Model Portfolio Savings Oriented Fund		31.0	%		9.0	%		15.0	%		10.0	%		10.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		5.0	%		20.0	%
Model Portfolio Conservative Growth Fund		19.0	%		12.0	%		10.0	%		11.0	%		9.0	%		6.0	%		3.0	%		0.0	%		3.0	%		0.0	%		8.0	%		19.0	%
Model Portfolio Traditional Growth Fund		8.0	%		13.0	%		4.0	%		12.0	%		12.0	%		10.0	%		5.5	%		0.0	%		5.5	%		3.0	%		12.0	%		15.0	%
Model Portfolio Long-Term Growth Fund		0.0	%		13.0	%		0.0	%		13.0	%		13.0	%		11.5	%		8.5	%		0.0	%		8.5	%		4.5	%		16.0	%		12.0	%
Model Portfolio All-Equity Growth Fund		0.0	%		0.0	%		0.0	%		18.0	%		17.0	%		17.0	%		9.5	%		0.0	%		9.5	%		9.0	%		20.0	%		0.0	%
Milestone Retirement Income Fund		31.0	%		9.0	%		15.0	%		10.0	%		10.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		5.0	%		20.0	%
Milestone 2010 Fund		14.6	%		6.4	%		15.0	%		18.7	%		11.0	%		7.3	%		0.0	%		0.0	%		0.0	%		0.0	%		9.4	%		17.6	%
Milestone 2015 Fund		10.3	%		10.4	%		8.3	%		19.1	%		11.1	%		7.5	%		0.0	%		6.1	%		0.0	%		0.0	%		10.9	%		16.4	%
Milestone 2020 Fund		6.5	%		14.6	%		0.8	%		21.4	%		11.7	%		8.4	%		0.0	%		9.0	%		0.0	%		0.0	%		12.7	%		15.1	%
Milestone 2025 Fund		2.6	%		13.2	%		0.0	%		23.1	%		13.1	%		9.4	%		0.0	%		11.5	%		0.0	%		0.0	%		14.4	%		12.8	%
Milestone 2030 Fund		1.2	%		8.7	%		0.0	%		24.5	%		14.2	%		10.6	%		0.0	%		14.5	%		0.0	%		0.0	%		16.1	%		10.3	%
Milestone 2035 Fund		0.1	%		5.3	%		0.0	%		25.9	%		15.0	%		11.9	%		0.0	%		18.5	%		0.0	%		0.0	%		17.8	%		5.5	%
Milestone 2040 Fund		0.0	%		5.0	%		0.0	%		27.3	%		15.9	%		12.5	%		0.0	%		19.9	%		0.0	%		0.0	%		18.9	%		0.5	%
Milestone 2045 Fund		0.0	%		5.0	%		0.0	%		27.4	%		16.0	%		12.6	%		0.0	%		20.0	%		0.0	%		0.0	%		19.0	%		0.0	%

Vantagepoint Diversifying Strategies Fund’s Asset Class Allocation (% of Net Assets)

	Stocks						Bonds						Cash						Currencies
	Long			Short			Long			Short			Long			Short			Long			Short
Vantagepoint Diversifying Strategies Fund***		14	%		-12	%		103	%		-13	%		5	%		0	%		14	%		-14	%

*** For the Diversifying Strategies Fund, portfolio exposures represent the market value of physical securities and a 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, is intended to reflect the “economic exposure” of the derivative, and 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 above.

¹  Cash allocation reduced by other assets and liabilities such as receivables, payables, and accrued expenses as detailed in the Statements of Assets & Liabilities.

15

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THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2011 (Unaudited)

	Low Duration Bond			Inflation Protected Securities		Equity Income
ASSETS:
Investment in securities, at value†	$	557,267,457		$	564,365,101	$	2,109,559,261
Cash		4,676			—		119,588
Cash denominated in foreign currencies		—			338,105		—
Receivables:
Dividends		1,724			4,532		2,381,069
Interest		4,144,539			3,674,592		—
Security lending income		622			6,435		18,175
Investments sold		7,560,644			—		12,244,657
Fund shares sold		1,212,398			2,911,409		412,305
Recoverable foreign taxes		1,901			1,107		—
Variation margin on futures contracts		24,680			53,055		—
Unrealized appreciation on futures contracts		—			—		—
Unrealized appreciation on swap agreements		—			211,482		—
Unrealized appreciation on forward foreign currency exchange contracts		53,200			—		—
Total Assets		570,271,841			571,565,818		2,124,735,055
LIABILITIES:
Payables:
Investments purchased		11,843,673			1,495,084		6,911,824
Distributions		854,274			2,623,943		—
Fund shares redeemed		32,978			176,775		204,661
Collateral for securities loaned		1,999,800			57,407,453		157,134,896
Due to broker – swap agreements collateral		—			250,000		—
Options written, at value (Premium $0, $551,560 and $0, respectively)		—			352,364		—
Accrued Expenses:
Advisory fees		46,258			42,034		157,558
Subadviser fees		211,029			259,117		1,833,824
Fund services fees		161,905			147,122		551,461
Administration fees		8,827			8,827		8,827
Directors’ fees and expenses		3,287			2,968		11,475
Other accrued expenses		102,940			100,782		200,956
Total Liabilities		15,264,971			62,866,469		167,015,482
NET ASSETS	$	555,006,870		$	508,699,349	$	1,957,719,573
NET ASSETS REPRESENTED BY:
Paid-in capital	$	552,923,351		$	480,210,645	$	1,676,878,023
Undistributed net investment income		222,413			92,878		31,283,879
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, written options and swap agreements		(3,830,462	)		5,224,977		(16,472,151	)
Net unrealized appreciation on investments, futures contracts, foreign currency transactions, written options and swap agreements		5,691,568			23,170,849		266,029,822
NET ASSETS	$	555,006,870		$	508,699,349	$	1,957,719,573
CAPITAL SHARES:
Net Assets	$	555,006,870		$	508,699,349	$	1,957,719,573
Shares Outstanding		55,171,311			45,232,162		209,914,270
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	10.06		$	11.25	$	9.33
Cost of investments	$	551,609,760		$	541,666,595	$	1,843,526,534
Cost of cash denominated in foreign currencies	$	—		$	315,027	$	—
†Includes securities on loan with values of (Note 7):	$	1,959,955		$	55,759,881	$	154,147,817

See Notes to Financial Statements

17

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2011 (Unaudited)

	Growth & Income			Growth			Select Value			Aggressive Opportunities
ASSETS:
Investment in securities, at value†	$	1,305,996,358		$	1,989,458,049		$	370,720,600		$	1,254,777,503
Cash		81,110			—			—			—
Cash denominated in foreign currencies		11,730			—			—			14
Receivables:
Dividends		1,575,275			1,514,363			559,469			480,992
Security lending income		7,290			9,076			2,454			32,091
Investments sold		10,557,074			12,837,149			2,195,372			7,694,444
Fund shares sold		271,643			109,694			131,526			409,068
Recoverable foreign taxes		7,063			—			—			29,552
Unrealized appreciation on futures contracts		—			—			—			—
Total Assets		1,318,507,543			2,003,928,331			373,609,421			1,263,423,664
LIABILITIES:
Payables:
Investments purchased		7,943,308			3,236,239			2,141,207			6,115,197
Fund shares redeemed		404,976			399,660			30,000			41,208
Collateral for securities loaned		50,263,374			34,198,266			20,014,039			117,202,870
Accrued Expenses:
Advisory fees		100,978			156,867			27,944			91,733
Subadviser fees		971,750			1,676,165			440,908			1,262,885
Fund services fees		353,430			549,042			97,804			321,072
Administration fees		8,828			8,818			8,827			8,827
Directors’ fees and expenses		7,494			12,032			2,069			7,017
Other accrued expenses		155,194			285,595			77,076			131,338
Total Liabilities		60,209,332			40,522,684			22,839,874			125,182,147
NET ASSETS	$	1,258,298,211		$	1,963,405,647		$	350,769,547		$	1,138,241,517
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,093,224,078		$	2,202,484,697		$	310,340,899		$	899,523,246
Undistributed net investment income		10,107,036			4,632,757			1,587,725			1,787,556
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, written options and swap agreements		(69,836,937	)		(546,933,039	)		(21,258,044	)		71,602,456
Net unrealized appreciation on investments, futures contracts, foreign currency transactions, written options and swap agreements		224,804,034			303,221,232			60,098,967			165,328,259
NET ASSETS	$	1,258,298,211		$	1,963,405,647		$	350,769,547		$	1,138,241,517
CAPITAL SHARES:
Net Assets	$	1,258,298,211		$	1,963,405,647		$	350,769,547		$	1,138,241,517
Shares Outstanding		123,410,840			216,441,639			32,779,408			95,831,934
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	10.20		$	9.07		$	10.70		$	11.88
Cost of investments	$	1,081,194,097		$	1,686,236,817		$	310,621,633		$	1,089,458,186
Cost of cash denominated in foreign currencies	$	11,773		$	—		$	—		$	—
†Includes securities on loan with values of (Note 7):	$	49,892,787		$	33,771,246		$	19,628,607		$	113,966,896

See Notes to Financial Statements

18

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2011 (Unaudited)

	Discovery			International			Diversifying Strategies(1)
ASSETS:
Investment in securities, at value†	$	238,040,082		$	1,326,370,478		$	909,280,540
Cash		6,382			176,088			10,224
Cash denominated in foreign currencies		647,929			8,442,428			2,483
Receivables:
Dividends		94,114			2,741,346			15,091
Interest		637,789			—			4,292,406
Security lending income		30,419			161,275			—
Investments sold		2,101,641			6,466,370			2,084,026
Fund shares sold		8,278			126,388			686,810
Recoverable foreign taxes		—			950,293			40,664
Variation margin on futures contracts		845,650			—			—
Due from broker—forward foreign currency exchange contracts collateral		—			—			1,210,000
Unrealized appreciation on futures contracts		—			—			—
Unrealized appreciation on forward foreign currency exchange contracts		15,614			—			2,528,550
Total Assets		242,427,898			1,345,434,666			920,150,794
LIABILITIES:
Payables:
Investments purchased		2,169,588			11,581,113			9,350,812
Fund shares redeemed		74,786			294,281			—
Variation margin on futures contracts		—			—			3,905,388
Foreign taxes		—			79,276			—
Collateral for securities loaned		24,714,053			69,780,867			—
Options written, at value (Premium $0, $0 and $137,702, respectively)		—			—			145,073
Unrealized depreciation on forward foreign currency exchange contracts		—			104,334			2,002,288
Other		—			—			10,798
Accrued Expenses:
Advisory fees		17,267			101,691			74,834
Subadviser fees		233,010			1,551,793			877,154
Fund services fees		60,436			355,922			261,923
Administration fees		8,828			8,828			8,827
Directors’ fees and expenses		1,295			7,410			5,319
Other accrued expenses		77,664			272,063			165,070
Total Liabilities		27,356,927			84,137,578			16,807,486
NET ASSETS	$	215,070,971		$	1,261,297,088		$	903,343,308
NET ASSETS REPRESENTED BY:
Paid-in capital	$	196,942,842		$	1,236,930,737		$	873,842,173
Undistributed net investment income		959,274			29,512,027			2,303,941
Accumulated net realized loss on investments, futures contracts, foreign currency transactions, written options and swap agreements		(3,931,167	)		(144,216,686	)		(554,346	)
Net unrealized appreciation on investments, futures contracts, foreign currency transactions, written options and swap agreements		21,100,022			139,071,010			27,751,540
NET ASSETS	$	215,070,971		$	1,261,297,088		$	903,343,308
CAPITAL SHARES:
Net Assets	$	215,070,971		$	1,261,297,088		$	903,343,308
Shares Outstanding		21,886,141			126,421,588			87,694,786
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	9.83		$	9.98		$	10.30
Cost of investments	$	223,440,104		$	1,187,298,708		$	882,921,929
Cost of cash denominated in foreign currencies	$	644,757		$	8,365,342		$	—
†Includes securities on loan with values of (Note 7):	$	23,946,506		$	66,850,865		$	—

(1) Formerly Diversified Assets Fund.

See Notes to Financial Statements

19

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2011 (Unaudited)

	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index		Overseas Equity Index
ASSETS:
Investment in securities, at value†	$	1,226,779,215		$	411,548,590		$	562,112,968		$	517,655,685	$	218,996,049
Cash		—			1			—			4		—
Cash denominated in foreign currencies		—			—			—			—		1,529,059
Receivables:
Dividends		1,043			503,032			630,573			468,090		431,226
Interest		8,398,847			—			—			—		—
Security lending income		7,798			4,217			12,908			35,720		18,465
Investments sold		20,930,681			52,015			439			23,143		—
Fund shares sold		4,973,171			48,254			49,525			214,630		136,068
Recoverable foreign taxes		1,242			—			—			—		295,791
Variation margin on futures contracts		—			31,272			33,008			55,649		33,842
Unrealized appreciation on futures contracts		—			—			—			—		—
Unrealized appreciation on forward foreign currency exchange contracts		—			—			—			—		8,301
Total Assets		1,261,091,997			412,187,381			562,839,421			518,452,921		221,448,801
LIABILITIES:
Payables:
Investments purchased		24,980,329			—			—			476,012		—
Distributions		3,329,979			—			—			—		—
Fund shares redeemed		577,962			272,447			87,457			270,531		23,859
Collateral for securities loaned		105,160,263			13,907,872			28,659,893			70,639,808		7,818,960
Unrealized depreciation on forward foreign currency exchange contracts		—			—			—			—		34,655
Accrued Expenses:
Advisory fees		47,157			16,114			21,434			17,862		8,622
Subadviser fees		58,868			19,851			32,700			33,243		36,884
Fund services fees		235,425			48,883			63,635			78,224		26,663
Administration fees		8,827			8,828			8,827			8,828		8,828
Directors’ fees and expenses		6,675			2,376			3,280			2,497		1,265
Other accrued expenses		187,055			91,441			106,333			85,482		89,911
Total Liabilities		134,592,540			14,367,812			28,983,559			71,612,487		8,049,647
NET ASSETS	$	1,126,499,457		$	397,819,569		$	533,855,862		$	446,840,434	$	213,399,154
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,115,446,405		$	272,238,118		$	361,018,552		$	343,775,701	$	211,235,225
Undistributed net investment income (loss)		(2,719,444	)		3,425,498			10,133,413			2,860,548		3,379,356
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, written options and swap agreements		(26,551,945	)		(13,168,784	)		(3,741,891	)		11,019,148		(4,316,154	)
Net unrealized appreciation on investments, futures contracts, foreign currency transactions, written options and swap agreements		40,324,441			135,324,737			166,445,788			89,185,037		3,100,727
NET ASSETS	$	1,126,499,457		$	397,819,569		$	533,855,862		$	446,840,434	$	213,399,154
CAPITAL SHARES:
Net Assets—Class I	$	840,754,555		$	103,916,930		$	129,401,761		$	266,514,482	$	58,886,816
Shares Outstanding—Class I		82,658,788			9,869,439			11,191,471			16,174,144		5,162,508
Net Asset Value—Class I, offering and redemption price per share (net assets divided by shares outstanding)	$	10.17		$	10.53		$	11.56		$	16.48	$	11.41
Net Assets—Class II	$	285,744,902		$	293,902,639		$	404,454,101		$	180,325,952	$	154,512,338
Shares Outstanding—Class II		27,935,127			29,538,151			37,150,712			11,523,270		14,410,199
Net Asset Value—Class II, offering and redemption price per share (net assets divided by shares outstanding)	$	10.23		$	9.95		$	10.89		$	15.65	$	10.72
Cost of investments	$	1,186,454,774		$	276,351,142		$	395,808,191		$	428,837,597	$	216,005,471
Cost of cash denominated in foreign currencies	$	—		$	—		$	—		$	—	$	1,511,362
† Includes securities on loan with values of (Note 7):	$	102,647,308		$	12,944,286		$	27,313,477		$	68,963,263	$	7,528,390

See Notes to Financial Statements

20

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2011 (Unaudited)

	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)	$	341,747,801		$	593,535,148		$	1,497,546,398		$	1,887,003,532		$	737,747,623
Receivables:
Dividends		513,888			684,412			1,053,109			701,288			—
Investments sold		28,096			47,758			109,656			134,526			58,496
Fund shares sold		67,039			88,932			1,100,144			1,119,509			372,350
Total Assets		342,356,824			594,356,250			1,499,809,307			1,888,958,855			738,178,469
LIABILITIES:
Payables:
Investments purchased		580,927			773,344			2,139,353			1,820,798			369,141
Fund shares redeemed		—			—			13,900			—			3,209
Accrued Expenses:
Advisory fees		29,029			49,351			113,324			139,036			60,431
Administration fees		7,353			7,352			7,352			7,352			7,353
Directors’ fees and expenses		2,041			3,556			9,053			11,262			4,400
Other accrued expenses		54,777			80,221			169,335			195,248			80,816
Total Liabilities		674,127			913,824			2,452,317			2,173,696			525,350
NET ASSETS	$	341,682,697		$	593,442,426		$	1,497,356,990		$	1,886,785,159		$	737,653,119
NET ASSETS REPRESENTED BY:
Paid-in capital	$	325,439,566		$	562,496,520		$	1,411,148,281		$	1,733,325,628		$	705,786,620
Undistributed net investment income		3,188,661			4,766,931			11,906,664			8,123,293			910,154
Accumulated net realized loss on investments		(9,155,373	)		(13,453,749	)		(40,260,744	)		(12,479,172	)		(10,160,834	)
Net unrealized appreciation on investments		22,209,843			39,632,724			114,562,789			157,815,410			41,117,179
NET ASSETS	$	341,682,697		$	593,442,426		$	1,497,356,990		$	1,886,785,159		$	737,653,119
CAPITAL SHARES:
Net Assets	$	341,682,697		$	593,442,426		$	1,497,356,990		$	1,886,785,159		$	737,653,119
Shares Outstanding		13,606,117			24,211,514			64,678,992			83,871,604			35,156,988
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	25.11		$	24.51		$	23.15		$	22.50		$	20.98
Cost of investments	$	319,537,958		$	553,902,424		$	1,382,983,609		$	1,729,188,122		$	696,630,444

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

See Notes to Financial Statements

21

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2011 (Unaudited)

	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
ASSETS:
Investment in securities of affiliated Mutual Funds, at value(a)	$	224,729,361		$	228,960,188		$	390,940,467		$	384,616,492		$	299,772,228
Receivables:
Dividends		337,225			269,352			340,390			212,379			124,036
Investments sold		18,590			18,756			441,992			285,700			24,261
Fund shares sold		375,000			208,024			99,640			80,587			245,964
Total Assets		225,460,176			229,456,320			391,822,489			385,195,158			300,166,489
LIABILITIES:
Payables:
Investments purchased		712,225			297,283			340,390			212,379			370,000
Fund shares redeemed		—			180,094			509,591			335,151			—
Accrued Expenses:
Advisory fees		19,203			19,379			33,106			32,182			25,075
Administration fees		7,352			7,352			7,352			7,353			7,353
Directors’ fees and expenses		1,300			1,318			2,218			2,120			1,643
Other accrued expenses		41,607			42,385			50,076			48,704			43,171
Total Liabilities		781,687			547,811			942,733			637,889			447,242
NET ASSETS	$	224,678,489		$	228,908,509		$	390,879,756		$	384,557,269		$	299,719,247
NET ASSETS REPRESENTED BY:
Paid-in capital	$	215,970,714		$	217,097,587		$	368,492,823		$	358,690,503		$	276,021,293
Undistributed net investment income		1,669,877			1,624,416			2,440,961			1,035,133			565,364
Accumulated net realized loss on investments		(2,513,655	)		(6,602,515	)		(8,923,031	)		(5,465,947	)		(3,292,694	)
Net unrealized appreciation on investments		9,551,553			16,789,021			28,869,003			30,297,580			26,425,284
NET ASSETS	$	224,678,489		$	228,908,509		$	390,879,756		$	384,557,269		$	299,719,247
CAPITAL SHARES:
Net Assets	$	224,678,489		$	228,908,509		$	390,879,756		$	384,557,269		$	299,719,247
Shares Outstanding		21,073,129			21,448,286			36,129,573			35,487,697			27,748,917
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	10.66		$	10.67		$	10.82		$	10.84		$	10.80
Cost of investments	$	215,177,808		$	212,171,167		$	362,071,464		$	354,318,912		$	273,346,944

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

See Notes to Financial Statements

22

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2011 (Unaudited)

	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040			Milestone 2045
ASSETS:
Investment in securities of affiliated Mutual Funds, at value(a)	$	233,868,778		$	148,832,645		$	147,000,767		$	30,395,175
Receivables:
Dividends		61,701			22,615			20,883			4,329
Investments sold		58,623			79,596			11,760			2,393
Fund shares sold		79,768			19,482			148,203			37,318
Total Assets		234,068,870			148,954,338			147,181,613			30,439,215
LIABILITIES:
Payables:
Investments purchased		61,701			22,615			169,086			41,647
Fund shares redeemed		119,428			87,074			—			—
Accrued Expenses:
Advisory fees		19,597			12,407			12,158			2,475
Administration fees		7,352			7,353			7,352			7,440
Directors’ fees and expenses		1,304			814			813			67
Other accrued expenses		38,962			34,765			35,285			28,460
Total Liabilities		248,344			165,028			224,694			80,089
NET ASSETS	$	233,820,526		$	148,789,310		$	146,956,919		$	30,359,126
NET ASSETS REPRESENTED BY:
Paid-in capital	$	211,087,434		$	131,964,357		$	127,457,496		$	26,226,044
Undistributed net investment income (loss)		225,184			27,762			16,041			(21,916	)
Accumulated net realized gain (loss) on investments		(3,421,578	)		(2,538,792	)		(8,655,666	)		150,965
Net unrealized appreciation on investments		25,929,486			19,335,983			28,139,048			4,004,033
NET ASSETS	$	233,820,526		$	148,789,310		$	146,956,919		$	30,359,126
CAPITAL SHARES:
Net Assets	$	233,820,526		$	148,789,310		$	146,956,919		$	30,359,126
Shares Outstanding		21,406,930			13,653,832			13,430,656			2,521,862
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	10.92		$	10.90		$	10.94		$	12.04
Cost of investments	$	207,939,292		$	129,496,662		$	118,861,719		$	26,391,142

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

See Notes to Financial Statements

23

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2011 to June 30, 2011 (Unaudited)

	Low Duration Bond			Inflation Protected Securities			Equity Income
INVESTMENT INCOME:
Dividends	$	19,641		$	35,974		$	19,645,842
Interest		7,264,126			13,346,789			—
Security lending income		8,604			25,206			244,622
Foreign taxes withheld on dividends		—			(2,675	)		(153,494	)
Total investment income		7,292,371			13,405,294			19,736,970
EXPENSES:
Advisory (Note 4)		275,981			248,261			961,756
Subadviser		395,670			376,452			3,618,208
Fund services		965,948			868,926			3,366,198
Custodian		19,380			36,639			13,047
Administration		8,902			8,901			8,902
Fund accounting		11,157			11,157			18,482
Legal		24,562			22,578			83,852
Audit		11,724			11,660			11,494
Directors		5,053			4,559			17,622
State license fees and memberships		11,765			32,467			38,665
Other expenses		16,571			30,457			70,599
Total expenses		1,746,713			1,652,057			8,208,825
Less waivers (Note 4)		—			—			(41,987	)
Net Expenses		1,746,713			1,652,057			8,166,838
NET INVESTMENT INCOME		5,545,658			11,753,237			11,570,132
NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on:
Investments		1,414,236			2,870,315			60,542,612
Forward contracts and foreign currency transactions		(578,042	)		—			(4,054	)
Futures contracts		(370,421	)		(588,501	)		—
Options written		—			81,755			—
Net realized gain		465,773			2,363,569			60,538,558
Net change in unrealized appreciation (depreciation) on:
Investments		842,055			8,742,393			72,868,949
Forward contracts and foreign currency transactions		49,022			16,262			(2,086	)
Futures contracts		(24,970	)		44,491			—
Options written		—			409,881			—
Swap agreements		—			24,053			—
Net change in unrealized appreciation		866,107			9,237,080			72,866,863
NET GAIN		1,331,880			11,600,649			133,405,421
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,877,538		$	23,353,886		$	144,975,553

See Notes to Financial Statements

24

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2011 to June 30, 2011 (Unaudited)

	Growth & Income			Growth			Select Value			Aggressive Opportunities
INVESTMENT INCOME:
Dividends	$	11,509,224		$	12,185,496		$	2,978,229		$	6,347,721
Security lending income		79,721			57,736			23,856			259,241
Foreign taxes withheld on dividends		—			(40,187	)		(93	)		(174,247	)
Total investment income		11,588,945			12,203,045			3,001,992			6,432,715
EXPENSES:
Advisory (Note 4)		621,868			982,364			172,058			575,527
Subadviser		1,909,837			3,455,238			860,990			2,513,152
Fund services		2,176,571			3,438,329			602,211			2,014,377
Custodian		11,254			8,503			7,622			11,464
Administration		8,902			8,902			8,901			8,902
Fund accounting		13,133			27,203			11,157			14,628
Legal		55,404			82,039			15,472			51,343
Audit		11,621			11,463			11,723			11,724
Directors		11,507			18,451			3,176			10,763
State license fees and memberships		31,770			37,709			9,412			30,707
Other expenses		40,759			51,056			7,803			26,403
Total expenses		4,892,626			8,121,257			1,710,525			5,268,990
Less waivers (Note 4)		(21,493	)		(146,706	)		—			—
Net Expenses		4,871,133			7,974,551			1,710,525			5,268,990
NET INVESTMENT INCOME		6,717,812			4,228,494			1,291,467			1,163,725
NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on:
Investments		62,694,041			111,968,002			30,319,397			80,604,377
Forward contracts and foreign currency transactions		(49,745	)		—			—			2,016
Net realized gain		62,644,296			111,968,002			30,319,397			80,606,393
Net change in unrealized appreciation (depreciation) on:
Investments		(3,966,768	)		(50,496,113	)		(2,794,114	)		(27,685,449	)
Forward contracts and foreign currency transactions		(22	)		—			—			9,750
Net change in unrealized depreciation		(3,966,790	)		(50,496,113	)		(2,794,114	)		(27,675,699	)
NET GAIN		58,677,506			61,471,889			27,525,283			52,930,694
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	65,395,318		$	65,700,383		$	28,816,750		$	54,094,419

See Notes to Financial Statements

25

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2011 to June 30, 2011 (Unaudited)

	Discovery			International			Diversifying Strategies(1)
INVESTMENT INCOME:
Dividends	$	706,716		$	25,217,843		$	677,994
Interest		1,077,369			3,092			7,360,220
Security lending income		257,103			973,664			—
Foreign taxes withheld on dividends		(5,304	)		(2,310,911	)		(24,915	)
Total investment income		2,035,884			23,883,688			8,013,299
EXPENSES:
Advisory (Note 4)		107,199			619,350			446,887
Subadviser		467,509			2,953,332			1,802,920
Fund services		375,204			2,167,761			1,564,130
Custodian		18,177			18,027			51,185
Administration		8,902			8,902			8,902
Fund accounting		12,893			14,990			14,628
Legal		9,654			55,192			75,775
Audit		11,724			11,602			11,724
Directors		1,990			11,382			8,178
State license fees and memberships		8,869			31,827			7,519
Other expenses		4,927			54,249			71,302
Total expenses		1,027,048			5,946,614			4,063,150
Less waivers (Note 4)		—			—			(109,569	)
Net Expenses		1,027,048			5,946,614			3,953,581
NET INVESTMENT INCOME		1,008,836			17,937,074			4,059,718
NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on:
Investments		7,801,991			40,677,149			2,363,110
Forward contracts and foreign currency transactions		(60,289	)		(576,871	)		(2,151,023	)
Futures contracts		2,381,229			—			1,308,431
Options written		—			—			(23,201	)
Swap agreements		—			—			(101,348	)
Net realized gain		10,122,931			40,100,278			1,395,969
Net change in unrealized appreciation (depreciation) on:
Investments		(6,390,831	)		24,129,653	(a)		4,084,187
Forward contracts and foreign currency transactions		18,400			(55,822	)		(369,767	)
Futures contracts		4,109,474			—			914,446
Options written		—			—			(24,609	)
Swap agreements		—			—			1,853,545
Net change in unrealized appreciation (depreciation)		(2,262,957	)		24,073,831			6,457,802
NET GAIN		7,859,974			64,174,109			7,853,771
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,868,810		$	82,111,183		$	11,913,489

(1) Formerly Diversified Assets Fund.

(a) Net of decrease in deferred foreign tax of $18,711.

See Notes to Financial Statements

26

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2011 to June 30, 2011 (Unaudited)

	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index			Overseas Equity Index
INVESTMENT INCOME:
Dividends	$	14,439		$	3,827,259		$	4,903,479		$	2,761,889		$	4,881,944
Interest		19,595,793			396			163			195			968
Security lending income		50,979			25,436			84,757			188,538			173,170
Foreign taxes withheld on dividends		(1,134	)		—			(437	)		(1,269	)		(429,406	)
Total investment income		19,660,077			3,853,091			4,987,962			2,949,353			4,626,676
EXPENSES:
Advisory (Note 4)		278,845			99,472			134,802			107,876			52,858
Subadviser		117,749			39,763			61,923			65,461			73,346
Fund services Class I		1,256,537			156,790			197,715			383,411			87,416
Fund services Class II		138,834			146,680			203,698			87,945			76,577
Custodian		27,950			9,547			17,785			17,476			10,312
Administration		8,902			8,902			8,902			8,902			8,902
Fund accounting		13,774			11,157			11,157			11,157			11,157
Legal		50,183			17,479			24,479			18,666			9,377
Audit		11,725			11,725			11,725			11,724			11,724
Directors		10,245			3,648			5,033			3,851			1,943
State license fees and memberships		36,434			48,879			33,941			32,715			44,808
Other expenses		28,200			13,020			14,698			24,276			25,981
Total expenses		1,979,378			567,062			725,858			773,460			414,401
NET INVESTMENT INCOME		17,680,699			3,286,029			4,262,104			2,175,893			4,212,275
NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on:
Investments		2,524,914			1,782,057			11,261,066			7,958,307			(149,323	)
Forward contracts and foreign currency transactions		—			—			—			—			169,963
Futures contracts		—			503,019			116,301			(401,213	)		(197,347	)
Net realized gain (loss)		2,524,914			2,285,076			11,377,367			7,557,094			(176,707	)
Net change in unrealized appreciation (depreciation) on:
Investments		8,278,976			16,911,088			15,975,547			18,563,097			6,978,510
Forward contracts and foreign currency transactions		—			—			—			—			21,771
Futures contracts		—			(62,269	)		43,171			372,746			98,669
Net change in unrealized appreciation		8,278,976			16,848,819			16,018,718			18,935,843			7,098,950
NET GAIN		10,803,890			19,133,895			27,396,085			26,492,937			6,922,243
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	28,484,589		$	22,419,924		$	31,658,189		$	28,668,830		$	11,134,518

See Notes to Financial Statements

27

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2011 to June 30, 2011 (Unaudited)

	Model Portfolio Funds
	Savings Oriented			Conservative Growth		Traditional Growth		Long-Term Growth		All-Equity Growth
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	2,793,079		$	3,772,627	$	6,068,923	$	4,343,117	$	—
Total investment income		2,793,079			3,772,627		6,068,923		4,343,117		—
EXPENSES:
Advisory (Note 4)		169,037			289,172		670,460		820,866		356,545
Custodian		1,086			1,086		1,086		1,086		1,086
Administration		7,417			7,417		7,417		7,417		7,418
Fund accounting		6,181			8,869		22,082		24,978		8,688
Legal		15,297			26,405		67,497		83,674		32,582
Audit		8,815			8,752		8,654		8,815		8,815
Directors		3,127			5,449		13,879		17,277		6,758
State license fees and memberships		11,403			11,584		16,992		18,579		11,041
Other expenses		10,945			18,341		42,211		56,324		24,857
Total expenses		233,308			377,075		850,278		1,039,016		457,790
NET INVESTMENT INCOME (LOSS)		2,559,771			3,395,552		5,218,645		3,304,101		(457,790	)
NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on investments		(919,266	)		608,948		16,053,072		17,157,087		677,416
Net change in unrealized appreciation on investments		9,189,601			17,793,153		43,763,412		71,159,122		41,182,627
NET GAIN		8,270,335			18,402,101		59,816,484		88,316,209		41,860,043
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,830,106		$	21,797,653	$	65,035,129	$	91,620,310	$	41,402,253

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

See Notes to Financial Statements

28

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2011 to June 30, 2011 (Unaudited)

	Milestone Funds
	Milestone Retirement Income		Milestone 2010		Milestone 2015			Milestone 2020			Milestone 2025
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a) .	$	1,846,943	$	1,393,539	$	1,862,188		$	1,285,329		$	763,587
Total investment income		1,846,943		1,393,539		1,862,188			1,285,329			763,587
EXPENSES:
Advisory (Note 4)		110,888		112,179		190,616			183,906			142,953
Custodian		181		181		181			181			181
Administration		7,417		7,417		7,417			7,418			7,417
Fund accounting		6,181		6,181		6,181			6,181			6,181
Legal		10,026		10,099		16,728			15,880			12,315
Audit		8,825		8,825		8,825			8,825			8,825
Directors		2,018		2,042		3,428			3,276			2,537
State license fees and memberships		11,765		12,308		11,946			11,222			10,498
Other expenses		22,999		20,613		28,994			26,050			20,241
Total expenses		180,300		179,845		274,316			262,939			211,148
NET INVESTMENT INCOME		1,666,643		1,213,694		1,587,872			1,022,390			552,439
NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on investments		2,824,965		2,003,367		(2,276,534	)		(1,498,125	)		(1,024,350	)
Net change in unrealized appreciation on investments		2,554,482		6,032,463		17,387,958			17,317,738			14,512,749
NET GAIN		5,379,447		8,035,830		15,111,424			15,819,613			13,488,399
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,046,090	$	9,249,524	$	16,699,296		$	16,842,003		$	14,040,838

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

See Notes to Financial Statements

29

THE VANTAGEPOINT FUNDS

Statement of Operations

For the Period from January 1, 2011 to June 30, 2011 (Unaudited)

	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040			Milestone 2045
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	384,265		$	139,726		$	127,530		$	24,792
Total investment income		384,265			139,726			127,530			24,792
EXPENSES:
Advisory (Note 4)		112,745			71,109			69,858			13,358
Custodian		181			181			181			349
Administration		7,417			7,417			7,418			7,439
Fund accounting		6,181			6,181			6,181			6,188
Legal		9,748			6,105			6,075			1,889
Audit		8,825			8,825			8,825			8,776
Directors		2,011			1,256			1,251			152
State license fees and memberships		9,774			9,412			9,774			5,020
Other expenses		15,568			10,288			8,533			5,016
Total expenses		172,450			120,774			118,096			48,187
Less reimbursements/waivers (Note 4)		—			—			—			(1,479	)
Net Expenses		172,450			120,774			118,096			46,708
NET INVESTMENT INCOME (LOSS)		211,815			18,952			9,434			(21,916	)
NET REALIZED AND UNREALIZED GAIN (Note 2):
Net realized gain (loss) on investments		(1,616,275	)		(1,453,671	)		(770,662	)		84,450
Net change in unrealized appreciation on investments		13,172,108			9,401,196			8,886,255			1,429,660
NET GAIN		11,555,833			7,947,525			8,115,593			1,514,110
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,767,648		$	7,966,477		$	8,125,027		$	1,492,194

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

See Notes to Financial Statements

30

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Low Duration Bond
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,545,658		$	11,368,342
Net realized gain		465,773			7,891,404
Net change in unrealized appreciation (depreciation)		866,107			(4,644,205	)
Net increase in net assets resulting from operations		6,877,538			14,615,541
Distributions to shareholders from:
Net investment income		(5,591,986	)		(11,819,982	)
Total distributions		(5,591,986	)		(11,819,982	)
Capital share transactions:
Proceeds from sale of shares		39,703,719			153,859,333
Reinvestment of distributions		5,591,986			11,819,982
Value of shares redeemed		(29,283,557	)		(148,424,550	)
Net increase from capital share transactions		16,012,148			17,254,765
Total increase in net assets		17,297,700			20,050,324
NET ASSETS at beginning of period		537,709,170			517,658,846
NET ASSETS at end of period	$	555,006,870		$	537,709,170
Accumulated net investment income included in net assets at end of period	$	222,413		$	268,741
SHARE TRANSACTIONS:
Number of shares sold		3,948,456			15,262,796
Number of shares issued through reinvestment of dividends and distributions		555,528			1,174,377
Number of shares redeemed		(2,904,179	)		(14,867,466	)
Net increase in shares outstanding		1,599,805			1,569,707

See Notes to Financial Statements

31

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Inflation Protected Securities						Equity Income
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010			For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	11,753,237		$	7,493,347		$	11,570,132		$	19,287,303
Net realized gain		2,363,569			13,341,834			60,538,558			68,128,714
Net change in unrealized appreciation		9,237,080			2,863,005			72,866,863			126,234,519
Net increase in net assets resulting from operations		23,353,886			23,698,186			144,975,553			213,650,536
Distributions to shareholders from:
Net investment income		(11,660,359	)		(7,562,392	)		—			(17,413,710	)
Net realized gain		—			(7,414,344	)		—			—
Total distributions		(11,660,359	)		(14,976,736	)		—			(17,413,710	)
Capital share transactions:
Proceeds from sale of shares		35,690,778			176,197,701			60,803,783			258,561,722
Reinvestment of distributions		11,660,359			14,976,736			—			17,413,211
Value of shares redeemed		(42,346,960	)		(46,683,849	)		(115,564,931	)		(120,905,222	)
Net increase (decrease) from capital share transactions		5,004,177			144,490,588			(54,761,148	)		155,069,711
Total increase in net assets		16,697,704			153,212,038			90,214,405			351,306,537
NET ASSETS at beginning of period		492,001,645			338,789,607			1,867,505,168			1,516,198,631
NET ASSETS at end of period	$	508,699,349		$	492,001,645		$	1,957,719,573		$	1,867,505,168
Accumulated net investment income included in net assets at end of period	$	92,878		$	—		$	31,283,879		$	19,713,747
SHARE TRANSACTIONS:
Number of shares sold		3,215,070			16,047,775			6,639,897			32,408,118
Number of shares issued through reinvestment of dividends and distributions		1,040,615			1,363,298			—			2,051,026
Number of shares redeemed		(3,804,186	)		(4,244,002	)		(12,802,693	)		(15,260,016	)
Net increase (decrease) in shares outstanding		451,499			13,167,071			(6,162,796	)		19,199,128

See Notes to Financial Statements

32

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Growth & Income						Growth
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010			For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	6,717,812		$	9,774,009		$	4,228,494		$	11,957,271
Net realized gain		62,644,296			80,869,349			111,968,002			132,859,679
Net change in unrealized appreciation (depreciation)		(3,966,790	)		65,787,259			(50,496,113	)		112,223,450
Net increase in net assets resulting from operations		65,395,318			156,430,617			65,700,383			257,040,400
Distributions to shareholders from:
Net investment income		—			(9,595,362	)		—			(12,440,966	)
Total distributions		—			(9,595,362	)		—			(12,440,966	)
Capital share transactions:
Proceeds from sale of shares		42,042,828			156,434,244			36,749,715			118,629,311
Reinvestment of distributions		—			9,595,165			—			12,440,966
Value of shares redeemed		(77,261,857	)		(108,378,342	)		(110,851,720	)		(218,394,942	)
Net increase (decrease) from capital share transactions		(35,219,029	)		57,651,067			(74,102,005	)		(87,324,665	)
Total increase (decrease) in net assets		30,176,289			204,486,322			(8,401,622	)		157,274,769
NET ASSETS at beginning of period		1,228,121,922			1,023,635,600			1,971,807,269			1,814,532,500
NET ASSETS at end of period	$	1,258,298,211		$	1,228,121,922		$	1,963,405,647		$	1,971,807,269
Accumulated net investment income included in net assets at end of period	$	10,107,036		$	3,389,224		$	4,632,757		$	404,263
SHARE TRANSACTIONS:
Number of shares sold		4,160,547			17,780,947			4,081,092			15,096,886
Number of shares issued through reinvestment of dividends and distributions		—			1,002,630			—			1,429,996
Number of shares redeemed		(7,719,089	)		(12,392,060	)		(12,344,048	)		(27,614,863	)
Net increase (decrease) in shares outstanding		(3,558,542	)		6,391,517			(8,262,956	)		(11,087,981	)

See Notes to Financial Statements

33

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Select Value						Aggressive Opportunities
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010			For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,291,467		$	3,055,195		$	1,163,725		$	505,137
Net realized gain		30,319,397			29,416,353			80,606,393			150,445,498
Net change in unrealized appreciation (depreciation)		(2,794,114	)		26,343,846			(27,675,699	)		34,516,017
Net increase in net assets resulting from operations		28,816,750			58,815,394			54,094,419			185,466,652
Distributions to shareholders from:
Net investment income		—			(2,972,119	)		—			—
Total distributions		—			(2,972,119	)		—			—
Capital share transactions:
Proceeds from sale of shares		14,532,562			18,344,078			12,312,098			66,682,250
Reinvestment of distributions		—			2,972,119			—			—
Value of shares redeemed		(30,916,205	)		(34,623,221	)		(75,734,790	)		(114,677,378	)
Net decrease from capital share transactions		(16,383,643	)		(13,307,024	)		(63,422,692	)		(47,995,128	)
Total increase (decrease) in net assets		12,433,107			42,536,251			(9,328,273	)		137,471,524
NET ASSETS at beginning of period		338,336,440			295,800,189			1,147,569,790			1,010,098,266
NET ASSETS at end of period	$	350,769,547		$	338,336,440		$	1,138,241,517		$	1,147,569,790
Accumulated net investment income included in net assets at end of period	$	1,587,725		$	296,258		$	1,787,556		$	623,831
SHARE TRANSACTIONS:
Number of shares sold		1,392,012			2,148,934			1,048,455			6,533,411
Number of shares issued through reinvestment of dividends and distributions		—			304,833			—			—
Number of shares redeemed		(2,992,041	)		(3,932,125	)		(6,444,686	)		(11,440,999	)
Net decrease in shares outstanding		(1,600,029	)		(1,478,358	)		(5,396,231	)		(4,907,588	)

See Notes to Financial Statements

34

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Discovery						International
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010			For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,008,836		$	1,783,425		$	17,937,074		$	20,744,447
Net realized gain		10,122,931			41,836,563			40,100,278			20,637,444
Net change in unrealized appreciation (depreciation)		(2,262,957	)		2,640,839			24,073,831			47,499,370
Net increase in net assets resulting from operations		8,868,810			46,260,827			82,111,183			88,881,261
Distributions to shareholders from:
Net investment income		—			(1,907,086	)		—			(22,937,847	)
Total distributions		—			(1,907,086	)		—			(22,937,847	)
Capital share transactions:
Proceeds from sale of shares		10,502,761			24,685,115			51,460,860			221,751,601
Reinvestment of distributions		—			1,907,086			—			22,937,847
Value of shares redeemed		(17,070,558	)		(36,350,248	)		(91,038,140	)		(107,496,325	)
Net increase (decrease) from capital share transactions		(6,567,797	)		(9,758,047	)		(39,577,280	)		137,193,123
Total increase in net assets		2,301,013			34,595,694			42,533,903			203,136,537
NET ASSETS at beginning of period		212,769,958			178,174,264			1,218,763,185			1,015,626,648
NET ASSETS at end of period	$	215,070,971		$	212,769,958		$	1,261,297,088		$	1,218,763,185
Accumulated net investment income (loss) included in net assets at end of period	$	959,274		$	(49,562	)	$	29,512,027		$	11,574,953
SHARE TRANSACTIONS:
Number of shares sold		1,083,105			3,105,575			5,352,564			25,357,736
Number of shares issued through reinvestment of dividends and distributions		—			205,015			—			2,493,244
Number of shares redeemed		(1,772,180	)		(4,380,347	)		(9,359,002	)		(12,161,106	)
Net increase (decrease) in shares outstanding		(689,075	)		(1,069,757	)		(4,006,438	)		15,689,874

See Notes to Financial Statements

35

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Diversifying Strategies(1)
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	4,059,718		$	7,806,302
Net realized gain		1,395,969			6,694,400
Net change in unrealized appreciation		6,457,802			20,775,645
Net increase in net assets resulting from operations		11,913,489			35,276,347
Distributions to shareholders from:
Net investment income		—			(15,514,149	)
Total distributions		—			(15,514,149	)
Capital share transactions:
Proceeds from sale of shares		52,623,368			431,006,703
Reinvestment of distributions		—			15,514,149
Value of shares redeemed		(31,784,663	)		(48,887,751	)
Net increase from capital share transactions		20,838,705			397,633,101
Total increase in net assets		32,752,194			417,395,299
NET ASSETS at beginning of period		870,591,114			453,195,815
NET ASSETS at end of period	$	903,343,308		$	870,591,114
Accumulated net investment income (loss) included in net assets at end of period	$	2,303,941		$	(1,755,777	)
SHARE TRANSACTIONS:
Number of shares sold		5,125,072			43,063,258
Number of shares issued through reinvestment of dividends and distributions		—			1,531,505
Number of shares redeemed		(3,105,413	)		(4,948,332	)
Net increase in shares outstanding		2,019,659			39,646,431

(1) Formerly Diversified Assets Fund.

See Notes to Financial Statements

36

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Core Bond Index						500 Stock Index
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010			For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	17,680,699		$	33,435,459		$	3,286,029		$	6,035,497
Net realized gain		2,524,914			7,955,159			2,285,076			4,234,237
Net change in unrealized appreciation		8,278,976			16,038,999			16,848,819			38,084,448
Net increase in net assets resulting from operations		28,484,589			57,429,617			22,419,924			48,354,182
Distributions to shareholders from:
Net investment income—Class I		(15,155,454	)		(28,430,963	)		—			(1,428,297	)
Net investment income—Class II		(5,258,999	)		(10,420,610	)		—			(4,640,755	)
Total distributions		(20,414,453	)		(38,851,573	)		—			(6,069,052	)
Capital share transactions:
Proceeds from sale of shares—Class I		54,782,632			203,777,877			8,803,693			14,588,594
Proceeds from sale of shares—Class II		20,403,379			50,001,904			19,865,419			37,573,481
Reinvestment of distributions—Class I		15,155,454			28,430,963			—			1,427,754
Reinvestment of distributions—Class II		5,258,999			10,420,610			—			4,640,755
Value of shares redeemed—Class I		(60,303,607	)		(278,819,887	)		(13,462,352	)		(10,331,582	)
Value of shares redeemed—Class II		(24,188,887	)		(20,765,381	)		(23,892,530	)		(29,614,247	)
Net increase (decrease) from capital share transactions		11,107,970			(6,953,914	)		(8,685,770	)		18,284,755
Total increase in net assets		19,178,106			11,624,130			13,734,154			60,569,885
NET ASSETS at beginning of period		1,107,321,351			1,095,697,221			384,085,415			323,515,530
NET ASSETS at end of period	$	1,126,499,457		$	1,107,321,351		$	397,819,569		$	384,085,415
Accumulated net investment income (loss) included in net assets at end of period	$	(2,719,444	)	$	14,310		$	3,425,498		$	139,469
SHARE TRANSACTIONS:
Number of shares sold—Class I		5,433,603			19,999,683			848,010			1,592,115
Number of shares issued through reinvestment of dividends and distributions—Class I		1,496,818			2,799,424			—			145,097
Number of shares redeemed—Class I		(5,925,397	)		(27,859,444	)		(1,295,056	)		(1,159,827	)
Net increase (decrease) in shares outstanding—Class I		1,005,024			(5,060,337	)		(447,046	)		577,385
Number of shares sold—Class II		2,003,636			4,856,998			2,029,892			4,346,334
Number of shares issued through reinvestment of dividends and distributions—Class II		516,470			1,020,016			—			499,543
Number of shares redeemed—Class II		(2,378,301	)		(2,041,422	)		(2,455,826	)		(3,458,473	)
Net increase (decrease) in shares outstanding—Class II		141,805			3,835,592			(425,934	)		1,387,404

See Notes to Financial Statements

37

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Broad Market Index						Mid/Small Company Index
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010			For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010
Increase in net assets resulting from operations:
Net investment income	$	4,262,104		$	8,214,664		$	2,175,893		$	3,699,440
Net realized gain		11,377,367			10,774,722			7,557,094			10,490,951
Net change in unrealized appreciation		16,018,718			61,434,056			18,935,843			65,038,295
Net increase in net assets resulting from operations		31,658,189			80,423,442			28,668,830			79,228,686
Distributions to shareholders from:
Net investment income—Class I		—			(1,698,268	)		—			(1,856,518	)
Net investment income—Class II		—			(6,388,942	)		—			(1,502,952	)
Net realized gain—Class I		—			—			—			(4,324,029	)
Net realized gain—Class II		—			—			—			(2,957,241	)
Total distributions		—			(8,087,210	)		—			(10,640,740	)
Capital share transactions:
Proceeds from sale of shares—Class I		6,618,747			8,161,973			25,291,118			78,493,509
Proceeds from sale of shares—Class II		16,986,997			40,387,637			23,699,757			45,105,812
Reinvestment of distributions—Class I		—			1,698,268			—			6,179,653
Reinvestment of distributions—Class II		—			6,388,942			—			4,460,193
Value of shares redeemed—Class I		(16,577,944	)		(15,130,889	)		(19,650,560	)		(15,906,098	)
Value of shares redeemed—Class II		(42,532,387	)		(54,166,831	)		(16,141,450	)		(13,566,570	)
Net increase (decrease) from capital share transactions		(35,504,587	)		(12,660,900	)		13,198,865			104,766,499
Total increase (decrease) in net assets		(3,846,398	)		59,675,332			41,867,695			173,354,445
NET ASSETS at beginning of period		537,702,260			478,026,928			404,972,739			231,618,294
NET ASSETS at end of period	$	533,855,862		$	537,702,260		$	446,840,434		$	404,972,739
Accumulated net investment income included in net assets at end of period	$	10,133,413		$	5,871,309		$	2,860,548		$	684,655
SHARE TRANSACTIONS:
Number of shares sold—Class I		583,221			823,042			1,571,287			5,770,721
Number of shares issued through reinvestment of dividends and distributions—Class I		—			157,393			—			406,557
Number of shares redeemed—Class I		(1,454,989	)		(1,566,504	)		(1,235,121	)		(1,203,680	)
Net increase (decrease) in shares outstanding—Class I		(871,768	)		(586,069	)		336,166			4,973,598
Number of shares sold—Class II		1,579,312			4,472,508			1,550,052			3,480,050
Number of shares issued through reinvestment of dividends and distributions—Class II		—			629,452			—			309,306
Number of shares redeemed—Class II		(3,975,093	)		(5,751,688	)		(1,063,303	)		(1,063,592	)
Net increase (decrease) in shares outstanding—Class II		(2,395,781	)		(649,728	)		486,749			2,725,764

See Notes to Financial Statements

38

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Overseas Equity Index
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	4,212,275		$	4,377,431
Net realized loss		(176,707	)		(311,721	)
Net change in unrealized appreciation		7,098,950			10,232,532
Net increase in net assets resulting from operations		11,134,518			14,298,242
Distributions to shareholders from:
Net investment income—Class I		—			(1,217,868	)
Net investment income—Class II		—			(3,668,751	)
Total distributions		—			(4,886,619	)
Capital share transactions:
Proceeds from sale of shares—Class I		3,596,047			8,123,045
Proceeds from sale of shares—Class II		10,030,495			23,326,692
Reinvestment of distributions—Class I		—			1,217,868
Reinvestment of distributions—Class II		—			3,668,751
Value of shares redeemed—Class I		(5,446,413	)		(7,089,014	)
Value of shares redeemed—Class II		(12,772,709	)		(12,740,308	)
Net increase (decrease) from capital share transactions		(4,592,580	)		16,507,034
Total increase in net assets		6,541,938			25,918,657
NET ASSETS at beginning of period		206,857,216			180,938,559
NET ASSETS at end of period	$	213,399,154		$	206,857,216
Accumulated net investment income (loss) included in net assets at end of period	$	3,379,356		$	(832,919	)
SHARE TRANSACTIONS:
Number of shares sold—Class I		319,977			794,858
Number of shares issued through reinvestment of dividends and distributions—Class I		—			114,307
Number of shares redeemed—Class I		(484,953	)		(719,758	)
Net increase (decrease) in shares outstanding—Class I		(164,976	)		189,407
Number of shares sold—Class II		948,072			2,446,773
Number of shares issued through reinvestment of dividends and distributions—Class II		—			366,711
Number of shares redeemed—Class II		(1,220,735	)		(1,341,339	)
Net increase (decrease) in shares outstanding—Class II		(272,663	)		1,472,145

See Notes to Financial Statements

39

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio Funds
	Savings Oriented						Conservative Growth
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010			For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	2,559,771		$	6,337,201		$	3,395,552		$	9,904,540
Net realized gain (loss)		(919,266	)		(2,640,382	)		608,948			2,312,457
Net change in unrealized appreciation		9,189,601			17,590,586			17,793,153			33,658,884
Net increase in net assets resulting from operations		10,830,106			21,287,405			21,797,653			45,875,881
Distributions to shareholders from:
Net investment income		—			(6,476,782	)		—			(10,064,194	)
Total distributions		—			(6,476,782	)		—			(10,064,194	)
Capital share transactions:
Proceeds from sale of shares		18,893,097			39,888,620			23,323,321			59,902,564
Reinvestment of distributions		—			6,475,804			—			10,063,438
Value of shares redeemed		(26,573,409	)		(29,938,691	)		(38,590,409	)		(47,048,924	)
Net increase (decrease) from capital share transactions		(7,680,312	)		16,425,733			(15,267,088	)		22,917,078
Total increase in net assets		3,149,794			31,236,356			6,530,565			58,728,765
NET ASSETS at beginning of period		338,532,903			307,296,547			586,911,861			528,183,096
NET ASSETS at end of period	$	341,682,697		$	338,532,903		$	593,442,426		$	586,911,861
Undistributed net investment income included in net assets at end of period	$	3,188,661		$	628,890		$	4,766,931		$	1,371,379
SHARE TRANSACTIONS:
Number of shares sold		760,905			1,671,899			964,360			2,629,989
Number of shares issued through reinvestment of dividends and distributions		—			266,165			—			425,875
Number of shares redeemed		(1,073,767	)		(1,255,126	)		(1,600,836	)		(2,071,257	)
Net increase (decrease) in shares outstanding		(312,862	)		682,938			(636,476	)		984,607

See Notes to Financial Statements

40

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio Funds
	Traditional Growth						Long-Term Growth
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010			For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,218,645		$	21,820,282		$	3,304,101		$	23,528,585
Net realized gain		16,053,072			13,171,964			17,157,087			12,496,051
Net change in unrealized appreciation		43,763,412			112,016,099			71,159,122			169,636,223
Net increase in net assets resulting from operations		65,035,129			147,008,345			91,620,310			205,660,859
Distributions to shareholders from:
Net investment income		—			(21,975,154	)		—			(26,389,015	)
Total distributions		—			(21,975,154	)		—			(26,389,015	)
Capital share transactions:
Proceeds from sale of shares		39,323,393			81,013,767			46,602,773			100,667,167
Reinvestment of distributions		—			21,972,001			—			26,389,015
Value of shares redeemed		(102,758,769	)		(85,311,246	)		(99,867,871	)		(79,000,421	)
Net increase (decrease) from capital share transactions		(63,435,376	)		17,674,522			(53,265,098	)		48,055,761
Total increase in net assets		1,599,753			142,707,713			38,355,212			227,327,605
NET ASSETS at beginning of period		1,495,757,237			1,353,049,524			1,848,429,947			1,621,102,342
NET ASSETS at end of period	$	1,497,356,990		$	1,495,757,237		$	1,886,785,159		$	1,848,429,947
Undistributed net investment income included in net assets at end of period	$	11,906,664		$	6,688,019		$	8,123,293		$	4,819,192
SHARE TRANSACTIONS:
Number of shares sold		1,716,204			3,873,208			2,096,559			5,065,938
Number of shares issued through reinvestment of dividends and distributions		—			991,069			—			1,231,405
Number of shares redeemed		(4,519,439	)		(4,101,587	)		(4,539,728	)		(3,983,899	)
Net increase (decrease) in shares outstanding		(2,803,235	)		762,690			(2,443,169	)		2,313,444

See Notes to Financial Statements

41

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio Funds
	All-Equity Growth
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	(457,790	)	$	5,917,143
Net realized gain (loss)		677,416			(3,536,219	)
Net change in unrealized appreciation		41,182,627			89,034,048
Net increase in net assets resulting from operations		41,402,253			91,414,972
Distributions to shareholders from:
Net investment income		—			(5,906,426	)
Total distributions		—			(5,906,426	)
Capital share transactions:
Proceeds from sale of shares		31,232,705			67,871,936
Reinvestment of distributions		—			5,906,426
Value of shares redeemed		(50,071,449	)		(35,730,366	)
Net increase (decrease) from capital share transactions		(18,838,744	)		38,047,996
Total increase in net assets		22,563,509			123,556,542
NET ASSETS at beginning of period		715,089,610			591,533,068
NET ASSETS at end of period	$	737,653,119		$	715,089,610
Undistributed net investment income included in net assets at end of period	$	910,154		$	1,367,944
SHARE TRANSACTIONS:
Number of shares sold		1,509,891			3,779,376
Number of shares issued through reinvestment of dividends and distributions		—			298,003
Number of shares redeemed		(2,455,774	)		(2,004,125	)
Net increase (decrease) in shares outstanding		(945,883	)		2,073,254

See Notes to Financial Statements

42

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone Retirement Income						Milestone 2010
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010			For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,666,643		$	2,833,920		$	1,213,694		$	2,721,503
Net realized gain (loss)		2,824,965			(390,853	)		2,003,367			(890,949	)
Net change in unrealized appreciation		2,554,482			5,225,970			6,032,463			9,515,183
Net increase in net assets resulting from operations		7,046,090			7,669,037			9,249,524			11,345,737
Distributions to shareholders from:
Net investment income		—			(3,104,436	)		—			(2,813,079	)
Net realized gain		—			(188,938	)		—			—
Total distributions		—			(3,293,374	)		—			(2,813,079	)
Capital share transactions:
Proceeds from sale of shares		24,390,073			157,374,875			22,320,220			135,480,402
Reinvestment of distributions		—			3,293,374			—			2,813,079
Value of shares redeemed		(22,719,120	)		(25,765,656	)		(20,431,251	)		(19,845,672	)
Net increase from capital share transactions		1,670,953			134,902,593			1,888,969			118,447,809
Total increase in net assets		8,717,043			139,278,256			11,138,493			126,980,467
NET ASSETS at beginning of period		215,961,446			76,683,190			217,770,016			90,789,549
NET ASSETS at end of period	$	224,678,489		$	215,961,446		$	228,908,509		$	217,770,016
Undistributed net investment income included in net assets at end of period	$	1,669,877		$	3,234		$	1,624,416		$	410,722
SHARE TRANSACTIONS:
Number of shares sold		2,316,851			15,330,569			2,121,650			13,531,505
Number of shares issued through reinvestment of dividends and distributions		—			318,816			—			274,715
Number of shares redeemed		(2,155,394	)		(2,551,535	)		(1,944,816	)		(2,030,717	)
Net increase in shares outstanding		161,457			13,097,850			176,834			11,775,503

See Notes to Financial Statements

43

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2015						Milestone 2020
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010			For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,587,872		$	4,778,662		$	1,022,390		$	4,574,916
Net realized loss		(2,276,534	)		(309,614	)		(1,498,125	)		(16,066	)
Net change in unrealized appreciation		17,387,958			20,894,329			17,317,738			22,997,020
Net increase in net assets resulting from operations		16,699,296			25,363,377			16,842,003			27,555,870
Distributions to shareholders from:
Net investment income		—			(4,947,542	)		—			(4,666,602	)
Net realized gain		—			(307,240	)		—			(327,355	)
Total distributions		—			(5,254,782	)		—			(4,993,957	)
Capital share transactions:
Proceeds from sale of shares		39,342,351			171,311,494			43,970,672			141,895,139
Reinvestment of distributions		—			5,254,782			—			4,993,957
Value of shares redeemed		(28,305,595	)		(19,520,195	)		(20,288,048	)		(11,566,427	)
Net increase from capital share transactions		11,036,756			157,046,081			23,682,624			135,322,669
Total increase in net assets		27,736,052			177,154,676			40,524,627			157,884,582
NET ASSETS at beginning of period		363,143,704			185,989,028			344,032,642			186,148,060
NET ASSETS at end of period	$	390,879,756		$	363,143,704		$	384,557,269		$	344,032,642
Undistributed net investment income included in net assets at end of period	$	2,440,961		$	853,089		$	1,035,133		$	12,743
SHARE TRANSACTIONS:
Number of shares sold		3,687,562			17,080,020			4,113,983			14,257,125
Number of shares issued through reinvestment of dividends and distributions		—			507,708			—			482,975
Number of shares redeemed		(2,656,929	)		(2,014,504	)		(1,908,200	)		(1,195,001	)
Net increase in shares outstanding		1,030,633			15,573,224			2,205,783			13,545,099

See Notes to Financial Statements

44

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2025						Milestone 2030
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010			For the Period January 1, 2011 to June 30, 2011 (Unaudited)				For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	552,439		$	3,341,394		$	211,815			$	2,403,843
Net realized gain (loss)		(1,024,350	)		184,088			(1,616,275	)			69,648
Net change in unrealized appreciation		14,512,749			20,567,704			13,172,108		��		18,981,329
Net increase in net assets resulting from operations		14,040,838			24,093,186			11,767,648				21,454,820
Distributions to shareholders from:
Net investment income		—			(3,355,439	)		—				(2,417,766	)
Net realized gain		—			(409,547	)		—				(293,847	)
Total distributions		—			(3,764,986	)		—				(2,711,613	)
Capital share transactions:
Proceeds from sale of shares		33,174,235			102,735,105			25,975,850				73,730,416
Reinvestment of distributions		—			3,764,986			—				2,711,613
Value of shares redeemed		(14,651,079	)		(6,069,787	)		(15,077,988	)			(5,248,816	)
Net increase from capital share transactions		18,523,156			100,430,304			10,897,862				71,193,213
Total increase in net assets		32,563,994			120,758,504			22,665,510				89,936,420
NET ASSETS at beginning of period		267,155,253			146,396,749			211,155,016				121,218,596
NET ASSETS at end of period	$	299,719,247		$	267,155,253		$	233,820,526			$	211,155,016
Undistributed net investment income included in net assets at end of period	$	565,364		$	12,925		$	225,184			$	13,369
SHARE TRANSACTIONS:
Number of shares sold		3,111,395			10,522,334			2,414,230				7,614,799
Number of shares issued through reinvestment of dividends and distributions		—			366,601			—				261,991
Number of shares redeemed		(1,385,574	)		(637,062	)		(1,419,692	)			(556,779	)
Net increase in shares outstanding		1,725,821			10,251,873			994,538				7,320,011

See Notes to Financial Statements

45

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2035						Milestone 2040
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010			For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	18,952		$	1,339,037		$	9,434		$	1,288,163
Net realized gain (loss)		(1,453,671	)		73,403			(770,662	)		(6,410,788	)
Net change in unrealized appreciation		9,401,196			13,530,798			8,886,255			20,391,750
Net increase in net assets resulting from operations		7,966,477			14,943,238			8,125,027			15,269,125
Distributions to shareholders from:
Net investment income		—			(1,350,089	)		—			(1,299,828	)
Net realized gain		—			(234,623	)		—			(247,741	)
Total distributions		—			(1,584,712	)		—			(1,547,569	)
Capital share transactions:
Proceeds from sale of shares		17,803,650			44,879,846			19,557,679			45,741,486
Reinvestment of distributions		—			1,584,712			—			1,547,569
Value of shares redeemed		(10,101,495	)		(3,577,372	)		(13,032,233	)		(20,051,937	)
Net increase from capital share transactions		7,702,155			42,887,186			6,525,446			27,237,118
Total increase in net assets		15,668,632			56,245,712			14,650,473			40,958,674
NET ASSETS at beginning of period		133,120,678			76,874,966			132,306,446			91,347,772
NET ASSETS at end of period	$	148,789,310		$	133,120,678		$	146,956,919		$	132,306,446
Undistributed net investment income included in net assets at end of period	$	27,762		$	8,810		$	16,041		$	6,607
SHARE TRANSACTIONS:
Number of shares sold		1,658,847			4,732,919			1,811,133			4,848,744
Number of shares issued through reinvestment of dividends and distributions		—			154,005			—			150,249
Number of shares redeemed		(953,999	)		(384,845	)		(1,231,929	)		(2,223,674	)
Net increase in shares outstanding		704,848			4,502,079			579,204			2,775,319

See Notes to Financial Statements

46

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2045
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Period From January 4, 2010* to December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	(21,916	)	$	203,346
Net realized gain		84,450			121,282
Net change in unrealized appreciation		1,429,660			2,574,373
Net increase in net assets resulting from operations		1,492,194			2,899,001
Distributions to shareholders from:
Net investment income		—			(206,583	)
Net realized gain		—			(51,530	)
Total distributions		—			(258,113	)
Capital share transactions:
Proceeds from sale of shares		7,582,455			20,506,639
Reinvestment of distributions		—			258,113
Value of shares redeemed		(1,078,868	)		(1,042,295	)
Net increase from capital share transactions		6,503,587			19,722,457
Total increase in net assets		7,995,781			22,363,345
NET ASSETS at beginning of period		22,363,345			—
NET ASSETS at end of period	$	30,359,126		$	22,363,345
Undistributed net investment loss included in net assets at end of period	$	(21,916	)	$	—
SHARE TRANSACTIONS:
Number of shares sold		639,790			2,049,774
Number of shares issued through reinvestment of dividends and distributions		—			22,761
Number of shares redeemed		(90,941	)		(99,522	)
Net increase in shares outstanding		548,849			1,973,013

* Commencement of operations

See Notes to Financial Statements

47

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Low Duration Bond(1)
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.04		$	9.95		$	9.28		$	9.83		$	9.76		$	9.79
Income from investment operations:
Net investment income		0.10			0.25			0.32			0.37			0.41			0.37
Net realized and unrealized gain (loss)		0.02			0.10			0.65			(0.51	)		0.09			0.01
Total from investment operations		0.12			0.35			0.97			(0.14	)		0.50			0.38
Less distributions:
From net investment income		(0.10	)		(0.26	)		(0.30	)		(0.41	)		(0.43	)		(0.38	)
Return of capital		—			—			—			—			—			(0.03	)
Total distributions		(0.10	)		(0.26	)		(0.30	)		(0.41	)		(0.43	)		(0.41	)
Net Asset Value, end of period	$	10.06		$	10.04		$	9.95		$	9.28		$	9.83		$	9.76
Total return		1.21	%††		3.58	%		10.63	%		(1.52	)%		5.24	%		3.98	%
Ratios to Average Net Assets:
Expenses		0.63	%†		0.64	%		0.66	%		0.66	%		0.65	%		0.65	%
Net investment income		2.01	%†		2.51	%		3.27	%		3.82	%		4.15	%		3.82	%
Supplemental Data:
Net assets, end of period (000)	$	555,007		$	537,709		$	517,659		$	394,704		$	507,120		$	607,673
Portfolio turnover		29	%††		70	%		63	%		91	%		149	%		123	%

	Inflation Protected Securities(2)
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.99		$	10.72		$	9.88		$	10.46		$	10.03		$	10.12
Income from investment operations:
Net investment income		0.26			0.19			0.11			0.57			0.50			0.39
Net realized and unrealized gain (loss)		0.26			0.44			0.85			(0.59	)		0.43			(0.06	)
Total from investment operations		0.52			0.63			0.96			(0.02	)		0.93			0.33
Less distributions:
From net investment income		(0.26	)		(0.19	)		(0.12	)		(0.46	)		(0.50	)		(0.39	)
From net realized gain		—			(0.17	)		—			—			—			—
Return of capital		—			—			—			(0.10	)		—			(0.03	)
Total distributions		(0.26	)		(0.36	)		(0.12	)		(0.56	)		(0.50	)		(0.42	)
Net Asset Value, end of period	$	11.25		$	10.99		$	10.72		$	9.88		$	10.46		$	10.03
Total return		4.76	%††		5.95	%		9.75	%		(0.40	)%		9.64	%		3.34	%
Ratios to Average Net Assets:
Expenses		0.67	%†		0.65	%		0.67	%		0.67	%		0.68	%		0.60	%
Net investment income		4.73	%†		1.73	%		1.13	%		4.64	%		4.86	%		3.85	%
Supplemental Data:
Net assets, end of period (000)	$	508,699		$	492,002		$	338,790		$	300,148		$	274,209		$	142,540
Portfolio turnover		44	%††		97	%		105	%		149	%		174	%		69	%

  † Annualized

†† Not annualized

(1) Formerly Short-Term Bond Fund.

(2) Formerly US Government Securities Fund.

See Notes to Financial Statements

48

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Equity Income
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	8.64		$	7.70		$	5.79		$	9.78		$	9.90		$	8.87
Income from investment operations:
Net investment income		0.06			0.08			0.09			0.13			0.13			0.14
Net realized and unrealized gain (loss)		0.63			0.94			1.95			(3.96	)		0.25			1.52
Total from investment operations		0.69			1.02			2.04			(3.83	)		0.38			1.66
Less distributions:
From net investment income		—			(0.08	)		(0.13	)		—			(0.14	)		(0.14	)
From net realized gain		—			—			—			(0.16	)		(0.36	)		(0.49	)
Total distributions		—			(0.08	)		(0.13	)		(0.16	)		(0.50	)		(0.63	)
Net Asset Value, end of period	$	9.33		$	8.64		$	7.70		$	5.79		$	9.78		$	9.90
Total return		7.99	%††		13.28	%		35.28	%		(39.19	)%		3.76	%		18.73	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.85	%†		0.85	%		0.88	%		0.88	%		0.88	%		0.89	%
Expenses net of reimbursements/waivers, if any		0.85	%†		0.85	%		0.88	%		0.88	%		0.88	%		0.89	%
Net investment income before reimbursements/waivers		1.20	%†		1.19	%		1.49	%		1.74	%		1.22	%		1.48	%
Net investment income net of reimbursements/waivers, if any		1.20	%†		1.19	%		1.49	%		1.74	%		1.23	%		1.49	%
Supplemental Data:
Net assets, end of period (000)	$	1,957,720		$	1,867,505		$	1,516,199		$	1,102,032		$	1,734,750		$	1,467,953
Portfolio turnover		8	%††		18	%		22	%		29	%		18	%		18	%

	Growth & Income
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	9.67		$	8.49		$	6.43		$	10.56		$	11.49		$	10.64
Income from investment operations:
Net investment income		0.06			0.08			0.10			0.10			0.12			0.10
Net realized and unrealized gain (loss)		0.47			1.18			2.06			(4.13	)		0.58			1.32
Total from investment operations		0.53			1.26			2.16			(4.03	)		0.70			1.42
Less distributions:
From net investment income		—			(0.08	)		(0.10	)		(0.07	)		(0.15	)		(0.10	)
From net realized gain		—			—			—			(0.03	)		(1.48	)		(0.47	)
Total distributions		—			(0.08	)		(0.10	)		(0.10	)		(1.63	)		(0.57	)
Net Asset Value, end of period	$	10.20		$	9.67		$	8.49		$	6.43		$	10.56		$	11.49
Total return		5.48	%††		14.81	%		33.61	%		(38.16	)%		5.98	%		13.28	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.79	%†		0.79	%		0.82	%		0.81	%		0.81	%		0.81	%
Expenses net of reimbursements/waivers, if any		0.78	%†		0.79	%		0.81	%		0.80	%		0.80	%		0.81	%
Net investment income before reimbursements/waivers		1.08	%†		0.91	%		1.39	%		1.20	%		0.90	%		0.89	%
Net investment income net of reimbursements/waivers, if any		1.08	%†		0.91	%		1.39	%		1.21	%		0.90	%		0.90	%
Supplemental Data:
Net assets, end of period (000)	$	1,258,298		$	1,228,122		$	1,023,636		$	747,032		$	1,101,700		$	1,176,614
Portfolio turnover		22	%††		46	%		111	%		58	%		41	%		38	%

  † Annualized

†† Not annualized

See Notes to Financial Statements

49

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Growth
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	8.78		$	7.70		$	5.91		$	10.45		$	9.56		$	8.70
Income from investment operations:
Net investment income		0.02			0.05			0.04			0.06			0.05			0.03
Net realized and unrealized gain (loss)		0.27			1.09			1.79			(4.54	)		0.89			0.86
Total from investment operations		0.29			1.14			1.83			(4.48	)		0.94			0.89
Less distributions:
From net investment income		—			(0.06	)		(0.04	)		(0.06	)		(0.05	)		(0.03	)
Total distributions		—			(0.06	)		(0.04	)		(0.06	)		(0.05	)		(0.03	)
Net Asset Value, end of period	$	9.07		$	8.78		$	7.70		$	5.91		$	10.45		$	9.56
Total return		3.30	%††		14.76	%		31.02	%		(42.89	)%		9.81	%		10.21	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.83	%†		0.86	%		0.86	%		0.88	%		0.87	%		0.90	%
Expenses net of reimbursements/waivers, if any		0.81	%†		0.84	%		0.84	%		0.87	%		0.87	%		0.90	%
Net investment income before reimbursements/waivers		0.42	%†		0.64	%		0.64	%		0.63	%		0.41	%		0.31	%
Net investment income net of reimbursements/waivers, if any		0.43	%†		0.66	%		0.66	%		0.64	%		0.41	%		0.31	%
Supplemental Data:
Net assets, end of period (000)	$	1,963,406		$	1,971,807		$	1,814,533		$	1,427,675		$	2,567,845		$	2,783,795
Portfolio turnover		37	%††		117	%		89	%		175	%		50	%		62	%

	Select Value
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,									For the Period from October 30, 2007* to December 31, 2007
				2010			2009			2008
Net Asset Value, beginning of period	$	9.84		$	8.25		$	6.07		$	9.38		$	10.00
Income from investment operations:
Net investment income		0.04			0.09			0.10			0.12			0.04
Net realized and unrealized gain (loss)		0.82			1.59			2.14			(3.31	)		(0.62	)
Total from investment operations		0.86			1.68			2.24			(3.19	)		(0.58	)
Less distributions:
From net investment income		—			(0.09	)		(0.06	)		(0.12	)		(0.04	)
Total distributions		—			(0.09	)		(0.06	)		(0.12	)		(0.04	)
Net Asset Value, end of period	$	10.70		$	9.84		$	8.25		$	6.07		$	9.38
Total return		8.74	%††		20.34	%		36.99	%		(33.96	)%		(5.85	)%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.99	%†		1.00	%		1.04	%		1.01	%		1.04	%†
Expenses net of reimbursements/waivers, if any		0.99	%†		1.00	%		1.04	%		0.98	%		1.00	%†
Net investment income before reimbursements/waivers		0.75	%†		1.01	%		1.42	%		1.65	%		2.02	%†
Net investment income net of reimbursements/waivers, if any		0.75	%†		1.01	%		1.42	%		1.68	%		2.06	%†
Supplemental Data:
Net assets, end of period (000)	$	350,770		$	338,336		$	295,800		$	220,955		$	294,157
Portfolio turnover		31	%††		68	%		85	%		211	%		11	%††

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

50

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Aggressive Opportunities
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	11.34		$	9.52		$	6.32		$	11.26		$	12.85		$	11.63
Income from investment operations:
Net investment income		0.01			0.01			(0.00	)#		0.03			0.01			(0.00	)#
Net realized and unrealized gain (loss)		0.53			1.81			3.22			(4.68	)		0.72			1.56
Total from investment operations		0.54			1.82			3.22			(4.65	)		0.73			1.56
Less distributions:
From net investment income		—			—			(0.02	)		(0.01	)		—			(0.05	)
From net realized gain		—			—			—			(0.28	)		(2.32	)		(0.29	)
Total distributions		—			—			(0.02	)		(0.29	)		(2.32	)		(0.34	)
Net Asset Value, end of period	$	11.88		$	11.34		$	9.52		$	6.32		$	11.26		$	12.85
Total return		4.76	%††		19.12	%		50.95	%		(41.29	)%		5.53	%		13.36	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.92	%†		0.93	%		0.99	%		1.01	%		1.02	%		1.05	%
Expenses net of reimbursements/waivers, if any		0.92	%†		0.93	%		0.98	%		0.96	%		1.02	%		1.04	%
Net investment income (loss) before reimbursements/waivers		0.20	%†		0.05	%		(0.02	)%		0.25	%		0.07	%		(0.04	)%
Net investment income (loss) net of reimbursements/waivers, if any		0.20	%†		0.05	%		(0.02	)%		0.30	%		0.08	%		(0.03	)%
Supplemental Data:
Net assets, end of period (000)	$	1,138,242		$	1,147,570		$	1,010,098		$	668,403		$	1,154,745		$	1,366,708
Portfolio turnover		25	%††		95	%		53	%		57	%		45	%		88	%

	Discovery
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,									For the Period from October 30, 2007* to December 31, 2007
				2010			2009			2008
Net Asset Value, beginning of period	$	9.42		$	7.54		$	5.46		$	9.25		$	10.00
Income from investment operations:
Net investment income		0.05			0.08			0.08			0.20			0.03
Net realized and unrealized gain (loss)		0.36			1.89			2.07			(3.77	)		(0.68	)
Total from investment operations		0.41			1.97			2.15			(3.57	)		(0.65	)
Less distributions:
From net investment income		—			(0.09	)		(0.07	)		(0.17	)		(0.03	)
From net realized gain		—			—			—			—			(0.07	)
Return of capital		—			—			—			(0.05	)		—
Total distributions		—			(0.09	)		(0.07	)		(0.22	)		(0.10	)
Net Asset Value, end of period	$	9.83		$	9.42		$	7.54		$	5.46		$	9.25
Total return		4.35	%††		26.08	%		39.32	%		(38.51	)%		(6.46	)%††
Ratios to Average Net Assets:
Expenses		0.96	%†		0.98	%		0.99	%		0.99	%		1.07	%†
Net investment income		0.94	%†		0.97	%		1.35	%		2.12	%		2.08	%†
Supplemental Data:
Net assets, end of period (000)	$	215,071		$	212,770		$	178,174		$	126,382		$	173,510
Portfolio turnover		30	%††		73	%		85	%		111	%		36	%††

# Rounds to less than $0.01

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements

51

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	International
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	9.34		$	8.85		$	6.94		$	12.19		$	12.57		$	11.56
Income from investment operations:
Net investment income		0.14			0.15			0.12			0.17			0.18			0.16
Net realized and unrealized gain (loss)		0.50			0.52			1.96			(5.29	)		1.37			2.29
Total from investment operations		0.64			0.67			2.08			(5.12	)		1.55			2.45
Less distributions:
From net investment income		—			(0.18	)		(0.17	)		(0.02	)		(0.21	)		(0.20	)
From net realized gain		—			—			—			(0.11	)		(1.72	)		(1.24	)
Total distributions		—			(0.18	)		(0.17	)		(0.13	)		(1.93	)		(1.44	)
Net Asset Value, end of period	$	9.98		$	9.34		$	8.85		$	6.94		$	12.19		$	12.57
Total return		6.85	%††		7.61	%		29.97	%		(42.03	)%		12.46	%		21.14	%
Ratios to Average Net Assets:
Expenses		0.96	%†		0.98	%		1.05	%		1.07	%		1.10	%		1.11	%
Net investment income		2.90	%†		1.95	%		1.70	%		1.95	%		1.15	%		1.08	%
Supplemental Data:
Net assets, end of period (000)	$	1,261,297		$	1,218,763		$	1,015,627		$	766,210		$	1,145,029		$	1,049,831
Portfolio turnover		23	%††		53	%		164	%		59	%		60	%		65	%

	Diversifying Strategies(1)
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,									For the Period from October 30, 2007* to December 31, 2007
				2010			2009			2008
Net Asset Value, beginning of period	$	10.16		$	9.85		$	9.28		$	9.95		$	10.00
Income from investment operations:
Net investment income		0.05			0.06			0.09			0.28			0.06
Net realized and unrealized gain (loss)		0.09			0.44			0.53			(0.95	)		(0.07	)
Total from investment operations		0.14			0.50			0.62			(0.67	)		(0.01	)
Less distributions:
From net investment income		—			(0.19	)		(0.05	)		—			(0.04	)
From net realized gain		—			—			—			(0.00	)#		—
Total distributions		—			(0.19	)		(0.05	)		(0.00	)#		(0.04	)
Net Asset Value, end of period	$	10.30		$	10.16		$	9.85		$	9.28		$	9.95
Total return		1.38	%††		5.04	%		6.64	%		(6.73	)%		(0.07	)%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.91	%†		0.91	%		0.96	%		1.00	%		1.02	%†
Expenses net of reimbursements/waivers, if any		0.88	%†		0.91	%		0.95	%		0.99	%		1.01	%†
Net investment income before reimbursements/waivers		0.88	%†		1.06	%		1.05	%		2.30	%		3.52	%†
Net investment income net of reimbursements/waivers, if any		0.91	%†		1.06	%		1.06	%		2.31	%		3.53	%†
Supplemental Data:
Net assets, end of period (000)	$	903,343		$	870,591		$	453,196		$	338,090		$	465,175
Portfolio turnover		36	%††		63	%		129	%		89	%		16	%††

# Rounds to less than $0.01

  * Commencement of operations

  † Annualized

†† Not annualized

(1) Formerly Diversified Assets Fund.

See Notes to Financial Statements

52

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Core Bond Index Class I
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.10		$	9.89		$	9.81		$	9.87		$	9.75		$	9.90
Income from investment operations:
Net investment income		0.16			0.34			0.40			0.46			0.47			0.44
Net realized and unrealized gain (loss)		0.09			0.26			0.13			(0.02	)		0.15			(0.08	)
Total from investment operations		0.25			0.60			0.53			0.44			0.62			0.36
Less distributions:
From net investment income		(0.18	)		(0.39	)		(0.45	)		(0.50	)		(0.50	)		(0.47	)
Return of capital		—			—			—			—			—			(0.04	)
Total distributions		(0.18	)		(0.39	)		(0.45	)		(0.50	)		(0.50	)		(0.51	)
Net Asset Value, end of period	$	10.17		$	10.10		$	9.89		$	9.81		$	9.87		$	9.75
Total return		2.52	%††		6.13	%		5.57	%		4.63	%		6.52	%		3.82	%
Ratios to Average Net Assets:
Expenses		0.40	%†		0.42	%		0.42	%		0.44	%		0.44	%		0.44	%
Net investment income		3.12	%†		3.31	%		3.99	%		4.70	%		4.71	%		4.50	%
Supplemental Data:
Net assets, end of period (000)	$	840,755		$	824,963		$	857,504		$	656,279		$	888,541		$	988,984
Portfolio turnover		25	%††		85	%		60	%		49	%		76	%		28	%

	Core Bond Index Class II
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.16		$	9.94		$	9.86		$	9.92		$	9.80		$	9.94
Income from investment operations:
Net investment income		0.17			0.36			0.42			0.48			0.49			0.46
Net realized and unrealized gain (loss)		0.09			0.27			0.13			(0.02	)		0.15			(0.07	)
Total from investment operations		0.26			0.63			0.55			0.46			0.64			0.39
Less distributions:
From net investment income		(0.19	)		(0.41	)		(0.47	)		(0.52	)		(0.52	)		(0.49	)
Return of capital		—			—			—			—			—			(0.04	)
Total distributions		(0.19	)		(0.41	)		(0.47	)		(0.52	)		(0.52	)		(0.53	)
Net Asset Value, end of period	$	10.23		$	10.16		$	9.94		$	9.86		$	9.92		$	9.80
Total return		2.60	%††		6.41	%		5.74	%		4.82	%		6.71	%		4.11	%
Ratios to Average Net Assets:
Expenses		0.20	%†		0.22	%		0.22	%		0.24	%		0.24	%		0.24	%
Net investment income		3.31	%†		3.51	%		4.21	%		4.90	%		4.91	%		4.70	%
Supplemental Data:
Net assets, end of period (000)	$	285,745		$	282,359		$	238,193		$	220,355		$	201,573		$	170,987
Portfolio turnover		25	%††		85	%		60	%		49	%		76	%		28	%

  † Annualized

†† Not annualized

See Notes to Financial Statements

53

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	500 Stock Index Class I
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	9.95		$	8.81		$	7.12		$	11.63		$	11.23		$	9.87
Income from investment operations:
Net investment income		0.08			0.15			0.16			0.18			0.22			0.18
Net realized and unrealized gain (loss)		0.50			1.13			1.70			(4.52	)		0.35			1.33
Total from investment operations		0.58			1.28			1.86			(4.34	)		0.57			1.51
Less distributions:
From net investment income		—			(0.14	)		(0.17	)		(0.17	)		(0.17	)		(0.15	)
Total distributions		—			(0.14	)		(0.17	)		(0.17	)		(0.17	)		(0.15	)
Net Asset Value, end of period	$	10.53		$	9.95		$	8.81		$	7.12		$	11.63		$	11.23
Total return		5.83	%††		14.56	%		26.13	%		(37.31	)%		5.06	%		15.27	%
Ratios to Average Net Assets:
Expenses		0.43	%†		0.43	%		0.44	%		0.46	%		0.45	%		0.45	%
Net investment income		1.50	%†		1.63	%		2.19	%		1.92	%		1.55	%		1.53	%
Supplemental Data:
Net assets, end of period (000)	$	103,917		$	102,642		$	85,772		$	59,748		$	95,694		$	107,977
Portfolio turnover		1	%††		3	%		15	%		7	%		5	%		4	%

	500 Stock Index Class II
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	9.39		$	8.32		$	6.73		$	11.01		$	10.65		$	9.36
Income from investment operations:
Net investment income		0.08			0.16			0.19			0.19			0.20			0.17
Net realized and unrealized gain (loss)		0.48			1.07			1.58			(4.28	)		0.36			1.29
Total from investment operations		0.56			1.23			1.77			(4.09	)		0.56			1.46
Less distributions:
From net investment income		—			(0.16	)		(0.18	)		(0.19	)		(0.20	)		(0.17	)
Total distributions		—			(0.16	)		(0.18	)		(0.19	)		(0.20	)		(0.17	)
Net Asset Value, end of period	$	9.95		$	9.39		$	8.32		$	6.73		$	11.01		$	10.65
Total return		5.96	%††		14.78	%		26.35	%		(37.15	)%		5.22	%		15.60	%
Ratios to Average Net Assets:
Expenses		0.23	%†		0.23	%		0.24	%		0.26	%		0.25	%		0.25	%
Net investment income		1.70	%†		1.84	%		2.40	%		2.13	%		1.75	%		1.73	%
Supplemental Data:
Net assets, end of period (000)	$	293,903		$	281,443		$	237,743		$	200,989		$	316,248		$	287,392
Portfolio turnover		1	%††		3	%		15	%		7	%		5	%		4	%

  † Annualized

†† Not annualized

See Notes to Financial Statements

54

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Broad Market Index Class I
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.92		$	9.47		$	7.53		$	12.25		$	11.81		$	10.35
Income from investment operations:
Net investment income		0.09			0.16			0.17			0.21			0.26			0.22
Net realized and unrealized gain (loss)		0.55			1.43			1.92			(4.75	)		0.35			1.38
Total from investment operations		0.64			1.59			2.09			(4.54	)		0.61			1.60
Less distributions:
From net investment income		—			(0.14	)		(0.15	)		(0.18	)		(0.17	)		(0.14	)
Total distributions		—			(0.14	)		(0.15	)		(0.18	)		(0.17	)		(0.14	)
Net Asset Value, end of period	$	11.56		$	10.92		$	9.47		$	7.53		$	12.25		$	11.81
Total return		5.86	%††		16.84	%		27.78	%		(37.06	)%		5.15	%		15.46	%
Ratios to Average Net Assets:
Expenses		0.42	%†		0.42	%		0.43	%		0.44	%		0.44	%		0.44	%
Net investment income		1.43	%†		1.55	%		2.05	%		1.81	%		1.48	%		1.42	%
Supplemental Data:
Net assets, end of period (000)	$	129,402		$	131,673		$	119,777		$	94,710		$	170,584		$	195,651
Portfolio turnover		0	%††^		6	%		7	%		4	%		2	%		2	%

	Broad Market Index Class II
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.27		$	8.91		$	7.09		$	11.57		$	11.17		$	9.80
Income from investment operations:
Net investment income		0.10			0.16			0.18			0.20			0.20			0.17
Net realized and unrealized gain (loss)		0.52			1.36			1.81			(4.48	)		0.40			1.37
Total from investment operations		0.62			1.52			1.99			(4.28	)		0.60			1.54
Less distributions:
From net investment income		—			(0.16	)		(0.17	)		(0.20	)		(0.20	)		(0.17	)
Total distributions		—			(0.16	)		(0.17	)		(0.20	)		(0.20	)		(0.17	)
Net Asset Value, end of period	$	10.89		$	10.27		$	8.91		$	7.09		$	11.57		$	11.17
Total return		6.04	%††		17.12	%		28.04	%		(36.97	)%		5.35	%		15.68	%
Ratios to Average Net Assets:
Expenses		0.22	%†		0.22	%		0.23	%		0.24	%		0.24	%		0.24	%
Net investment income		1.63	%†		1.75	%		2.26	%		2.03	%		1.68	%		1.63	%
Supplemental Data:
Net assets, end of period (000)	$	404,454		$	406,029		$	358,250		$	295,297		$	484,534		$	449,961
Portfolio turnover		0	%††^		6	%		7	%		4	%		2	%		2	%

  ^ Rounds to less than 1%

  † Annualized

†† Not annualized

See Notes to Financial Statements

55

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Mid/Small Company Index Class I
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	15.39		$	12.35		$	9.17		$	16.23		$	16.52		$	14.99
Income from investment operations:
Net investment income		0.07			0.13			0.13			0.18			0.16			0.16
Net realized and unrealized gain (loss)		1.02			3.31			3.19			(6.46	)		0.68			2.09
Total from investment operations		1.09			3.44			3.32			(6.28	)		0.84			2.25
Less distributions:
From net investment income		—			(0.12	)		(0.14	)		(0.18	)		(0.20	)		(0.12	)
From net realized gain		—			(0.28	)		—			(0.59	)		(0.93	)		(0.60	)
Return of capital		—			—			—			(0.01	)		—			—
Total distributions		—			(0.40	)		(0.14	)		(0.78	)		(1.13	)		(0.72	)
Net Asset Value, end of period	$	16.48		$	15.39		$	12.35		$	9.17		$	16.23		$	16.52
Total return		7.08	%††		27.93	%		36.19	%		(38.57	)%		4.98	%		14.99	%
Ratios to Average Net Assets:
Expenses		0.44	%†		0.45	%		0.48	%		0.50	%		0.50	%		0.51	%
Net investment income		0.93	%†		1.16	%		1.46	%		1.47	%		1.16	%		1.04	%
Supplemental Data:
Net assets, end of period (000)	$	266,514		$	243,794		$	134,165		$	82,628		$	105,496		$	78,663
Portfolio turnover		6	%††		14	%		25	%		15	%		18	%		20	%

	Mid/Small Company Index Class II
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	14.60		$	11.73		$	8.71		$	15.48		$	15.80		$	14.36
Income from investment operations:
Net investment income		0.08			0.15			0.17			0.23			0.22			0.20
Net realized and unrealized gain (loss)		0.97			3.14			3.00			(6.20	)		0.61			2.00
Total from investment operations		1.05			3.29			3.17			(5.97	)		0.83			2.20
Less distributions:
From net investment income		—			(0.14	)		(0.15	)		(0.20	)		(0.22	)		(0.16	)
From net realized gain		—			(0.28	)		—			(0.59	)		(0.93	)		(0.60	)
Return of capital		—			—			—			(0.01	)		—			—
Total distributions		—			(0.42	)		(0.15	)		(0.80	)		(1.15	)		(0.76	)
Net Asset Value, end of period	$	15.65		$	14.60		$	11.73		$	8.71		$	15.48		$	15.80
Total return		7.19	%††		28.15	%		36.47	%		(38.44	)%		5.20	%		15.24	%
Ratios to Average Net Assets:
Expenses		0.24	%†		0.25	%		0.28	%		0.30	%		0.30	%		0.31	%
Net investment income		1.13	%†		1.35	%		1.66	%		1.63	%		1.36	%		1.24	%
Supplemental Data:
Net assets, end of period (000)	$	180,326		$	161,178		$	97,453		$	71,965		$	121,950		$	106,900
Portfolio turnover		6	%††		14	%		25	%		15	%		18	%		20	%

  † Annualized

†† Not annualized

See Notes to Financial Statements

56

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Overseas Equity Index Class I
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.82		$	10.30		$	8.20		$	14.80		$	13.79		$	11.26
Income from investment operations:
Net investment income		0.21			0.23			0.22			0.39			0.35			0.21
Net realized and unrealized gain (loss)		0.38			0.52			2.12			(6.61	)		1.05			2.64
Total from investment operations		0.59			0.75			2.34			(6.22	)		1.40			2.85
Less distributions:
From net investment income		—			(0.23	)		(0.24	)		(0.32	)		(0.38	)		(0.32	)
From net realized gain		—			—			—			(0.06	)		(0.01	)		—
Total distributions		—			(0.23	)		(0.24	)		(0.38	)		(0.39	)		(0.32	)
Net Asset Value, end of period	$	11.41		$	10.82		$	10.30		$	8.20		$	14.80		$	13.79
Total return		5.45	%††		7.37	%		28.63	%		(42.05	)%		10.17	%		25.35	%
Ratios to Average Net Assets:
Expenses		0.54	%†		0.56	%		0.59	%		0.63	%		0.63	%		0.73	%
Net investment income		3.82	%†		2.27	%		2.61	%		3.07	%		2.36	%		2.15	%
Supplemental Data:
Net assets, end of period (000)	$	58,887		$	57,649		$	52,937		$	36,021		$	70,723		$	55,259
Portfolio turnover		1	%††		2	%		5	%		6	%		5	%		3	%

	Overseas Equity Index Class II
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.16		$	9.69		$	7.72		$	13.98		$	13.06		$	10.67
Income from investment operations:
Net investment income		0.21			0.23			0.23			0.39			0.35			0.25
Net realized and unrealized gain (loss)		0.35			0.50			2.00			(6.25	)		0.99			2.48
Total from investment operations		0.56			0.73			2.23			(5.86	)		1.34			2.73
Less distributions:
From net investment income		—			(0.26	)		(0.26	)		(0.34	)		(0.41	)		(0.34	)
From net realized gain		—			—			—			(0.06	)		(0.01	)		—
Total distributions		—			(0.26	)		(0.26	)		(0.40	)		(0.42	)		(0.34	)
Net Asset Value, end of period	$	10.72		$	10.16		$	9.69		$	7.72		$	13.98		$	13.06
Total return		5.51	%††		7.54	%		28.94	%		(41.90	)%		10.30	%		25.64	%
Ratios to Average Net Assets:
Expenses		0.34	%†		0.36	%		0.39	%		0.43	%		0.43	%		0.53	%
Net investment income		4.05	%†		2.45	%		2.83	%		3.27	%		2.56	%		2.37	%
Supplemental Data:
Net assets, end of period (000)	$	154,512		$	149,208		$	128,002		$	92,719		$	178,661		$	107,963
Portfolio turnover		1	%††		2	%		5	%		6	%		5	%		3	%

  † Annualized

†† Not annualized

See Notes to Financial Statements

57

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Savings Oriented
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	24.32		$	23.22		$	20.58		$	24.70		$	24.70		$	24.23
Income from investment operations:
Net investment income		0.19			0.46			0.49			0.73			0.88			0.84
Net realized and unrealized gain (loss)		0.60			1.11			2.64			(3.63	)		0.63			0.83
Total from investment operations		0.79			1.57			3.13			(2.90	)		1.51			1.67
Less distributions:
From net investment income		—			(0.47	)		(0.48	)		(0.70	)		(0.96	)		(0.86	)
From net realized gain		—			—			(0.01	)		(0.52	)		(0.55	)		(0.34	)
Total distributions		—			(0.47	)		(0.49	)		(1.22	)		(1.51	)		(1.20	)
Net Asset Value, end of period	$	25.11		$	24.32		$	23.22		$	20.58		$	24.70		$	24.70
Total return		3.25	%††		6.78	%		15.18	%		(11.67	)%		6.15	%		6.90	%
Ratios to Average Net Assets:
Expenses		0.14	%†		0.14	%		0.16	%		0.16	%		0.15	%		0.15	%
Net investment income		1.51	%†		1.97	%		2.36	%		2.88	%		3.66	%		3.36	%
Supplemental Data:
Net assets, end of period (000)	$	341,683		$	338,533		$	307,297		$	255,970		$	311,455		$	292,287
Portfolio turnover		5	%††		25	%		7	%		18	%		27	%		11	%

	Model Portfolio Conservative Growth
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	23.62		$	22.13		$	19.04		$	24.62		$	24.48		$	23.24
Income from investment operations:
Net investment income		0.14			0.40			0.44			0.58			0.68			0.69
Net realized and unrealized gain (loss)		0.75			1.50			3.08			(4.92	)		0.92			1.26
Total from investment operations		0.89			1.90			3.52			(4.34	)		1.60			1.95
Less distributions:
From net investment income		—			(0.41	)		(0.43	)		(0.53	)		(0.75	)		(0.71	)
From net realized gain		—			—			—			(0.71	)		(0.71	)		—
Total distributions		—			(0.41	)		(0.43	)		(1.24	)		(1.46	)		(0.71	)
Net Asset Value, end of period	$	24.51		$	23.62		$	22.13		$	19.04		$	24.62		$	24.48
Total return		3.77	%††		8.60	%		18.50	%		(17.56	)%		6.57	%		8.38	%
Ratios to Average Net Assets:
Expenses		0.13	%†		0.13	%		0.15	%		0.15	%		0.14	%		0.15	%
Net investment income		1.16	%†		1.80	%		2.20	%		2.40	%		2.99	%		2.86	%
Supplemental Data:
Net assets, end of period (000)	$	593,442		$	586,912		$	528,183		$	449,433		$	597,775		$	549,966
Portfolio turnover		3	%††		23	%		13	%		19	%		27	%		9	%

  † Annualized

†† Not annualized

See Notes to Financial Statements

58

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Traditional Growth
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	22.17		$	20.28		$	16.65		$	24.04		$	24.26		$	22.46
Income from investment operations:
Net investment income		0.08			0.33			0.33			0.38			0.46			0.48
Net realized and unrealized gain (loss)		0.90			1.89			3.62			(6.53	)		1.25			1.86
Total from investment operations		0.98			2.22			3.95			(6.15	)		1.71			2.34
Less distributions:
From net investment income		—			(0.33	)		(0.30	)		(0.30	)		(0.56	)		(0.51	)
From net realized gain		—			—			(0.02	)		(0.94	)		(1.37	)		(0.03	)
Total distributions		—			(0.33	)		(0.32	)		(1.24	)		(1.93	)		(0.54	)
Net Asset Value, end of period	$	23.15		$	22.17		$	20.28		$	16.65		$	24.04		$	24.26
Total return		4.42	%††		10.95	%		23.72	%		(25.39	)%		7.03	%		10.42	%
Ratios to Average Net Assets:
Expenses		0.11	%†		0.12	%		0.13	%		0.13	%		0.13	%		0.13	%
Net investment income		0.70	%†		1.57	%		1.86	%		1.74	%		2.23	%		2.13	%
Supplemental Data:
Net assets, end of period (000)	$	1,497,357		$	1,495,757		$	1,353,050		$	1,072,076		$	1,487,224		$	1,331,012
Portfolio turnover		2	%††		15	%		8	%		20	%		28	%		6	%

	Model Portfolio Long-Term Growth
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	21.41		$	19.30		$	15.35		$	24.26		$	24.56		$	22.16
Income from investment operations:
Net investment income		0.04			0.27			0.26			0.24			0.26			0.34
Net realized and unrealized gain (loss)		1.05			2.15			3.99			(7.81	)		1.64			2.43
Total from investment operations		1.09			2.42			4.25			(7.57	)		1.90			2.77
Less distributions:
From net investment income		—			(0.31	)		(0.21	)		(0.21	)		(0.43	)		(0.32	)
From net realized gain		—			—			(0.09	)		(1.13	)		(1.77	)		(0.05	)
Total distributions		—			(0.31	)		(0.30	)		(1.34	)		(2.20	)		(0.37	)
Net Asset Value, end of period	$	22.50		$	21.41		$	19.30		$	15.35		$	24.26		$	24.56
Total return		5.09	%††		12.54	%		27.67	%		(30.99	)%		7.74	%		12.50	%
Ratios to Average Net Assets:
Expenses		0.11	%†		0.12	%		0.13	%		0.13	%		0.12	%		0.13	%
Net investment income		0.35	%†		1.40	%		1.63	%		1.16	%		1.57	%		1.51	%
Supplemental Data:
Net assets, end of period (000)	$	1,886,785		$	1,848,430		$	1,621,102		$	1,203,596		$	1,677,987		$	1,470,918
Portfolio turnover		2	%††		10	%		5	%		14	%		27	%		6	%

  † Annualized

†† Not annualized

See Notes to Financial Statements

59

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio All-Equity Growth
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	19.81		$	17.38		$	13.07		$	24.63		$	25.88		$	22.96
Income from investment operations:
Net investment income (loss)		(0.01	)		0.16			0.18			0.11			0.04			0.15
Net realized and unrealized gain (loss)		1.18			2.43			4.41			(10.01	)		1.98			3.19
Total from investment operations		1.17			2.59			4.59			(9.90	)		2.02			3.34
Less distributions:
From net investment income		—			(0.16	)		(0.15	)		(0.12	)		(0.21	)		(0.19	)
From net realized gain		—			—			(0.13	)		(1.54	)		(3.06	)		(0.23	)
Total distributions		—			(0.16	)		(0.28	)		(1.66	)		(3.27	)		(0.42	)
Net Asset Value, end of period	$	20.98		$	19.81		$	17.38		$	13.07		$	24.63		$	25.88
Total return		5.91	%††		14.93	%		35.07	%		(39.86	)%		7.75	%		14.58	%
Ratios to Average Net Assets:
Expenses		0.12	%†		0.13	%		0.14	%		0.15	%		0.14	%		0.15	%
Net investment income (loss)		(0.12	)%†		0.95	%		1.30	%		0.57	%		0.82	%		0.71	%
Supplemental Data:
Net assets, end of period (000)	$	737,653		$	715,090		$	591,533		$	385,657		$	597,973		$	470,888
Portfolio turnover		3	%††		6	%		3	%		7	%		23	%		6	%

	Milestone Retirement Income
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.33		$	9.81		$	8.56		$	10.61		$	10.51		$	10.14
Income from investment operations:
Net investment income		0.08			0.12			0.16			0.29			0.27			0.29
Net realized and unrealized gain (loss)		0.25			0.56			1.26			(1.76	)		0.36			0.48
Total from investment operations		0.33			0.68			1.42			(1.47	)		0.63			0.77
Less distributions:
From net investment income		—			(0.15	)		(0.15	)		(0.29	)		(0.29	)		(0.29	)
From net realized gain		—			(0.01	)		(0.02	)		(0.29	)		(0.24	)		(0.11	)
Total distributions		—			(0.16	)		(0.17	)		(0.58	)		(0.53	)		(0.40	)
Net Asset Value, end of period	$	10.66		$	10.33		$	9.81		$	8.56		$	10.61		$	10.51
Total return		3.19	%††		6.93	%		16.53	%		(13.76	)%		6.05	%		7.52	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.16	%†		0.18	%		0.25	%		0.27	%		0.30	%		0.53	%
Expenses net of reimbursements/waivers, if any		0.16	%†		0.18	%		0.20	%		0.07	%		0.14	%		0.16	%
Net investment income before reimbursements/waivers		1.50	%†		2.49	%		2.29	%		2.55	%		3.48	%		3.06	%
Net investment income net of reimbursements/waivers, if any		1.50	%†		2.49	%		2.34	%		2.74	%		3.63	%		3.43	%
Supplemental Data:
Net assets, end of period (000)	$	224,678		$	215,961		$	76,683		$	43,323		$	54,573		$	22,534
Portfolio turnover		8	%††		25	%		14	%		36	%		63	%		25	%

  † Annualized

†† Not annualized

See Notes to Financial Statements

60

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2010
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.24		$	9.56		$	8.27		$	10.65		$	10.85		$	10.28
Income from investment operations:
Net investment income		0.06			0.10			0.18			0.23			0.27			0.24
Net realized and unrealized gain (loss)		0.37			0.71			1.29			(2.09	)		0.42			0.68
Total from investment operations		0.43			0.81			1.47			(1.86	)		0.69			0.92
Less distributions:
From net investment income		—			(0.13	)		(0.14	)		(0.23	)		(0.30	)		(0.25	)
From net realized gain		—			—			(0.04	)		(0.29	)		(0.59	)		(0.10	)
Total distributions		—			(0.13	)		(0.18	)		(0.52	)		(0.89	)		(0.35	)
Net Asset Value, end of period	$	10.67		$	10.24		$	9.56		$	8.27		$	10.65		$	10.85
Total return		4.20	%††		8.51	%		17.71	%		(17.34	)%		6.43	%		8.95	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.16	%†		0.18	%		0.22	%		0.23	%		0.24	%		0.32	%
Expenses net of reimbursements/waivers, if any		0.16	%†		0.18	%		0.19	%		0.13	%		0.18	%		0.18	%
Net investment income before reimbursements/waivers		1.08	%†		2.11	%		2.15	%		2.31	%		2.97	%		2.74	%
Net investment income net of reimbursements/waivers, if any		1.08	%†		2.11	%		2.17	%		2.41	%		3.02	%		2.88	%
Supplemental Data:
Net assets, end of period (000)	$	228,909		$	217,770		$	90,790		$	65,043		$	70,403		$	48,483
Portfolio turnover		8	%††		33	%		20	%		27	%		58	%		15	%

	Milestone 2015
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.35		$	9.53		$	7.96		$	11.13		$	11.29		$	10.44
Income from investment operations:
Net investment income		0.04			0.12			0.16			0.17			0.22			0.19
Net realized and unrealized gain (loss)		0.43			0.85			1.58			(2.80	)		0.56			0.94
Total from investment operations		0.47			0.97			1.74			(2.63	)		0.78			1.13
Less distributions:
From net investment income		—			(0.14	)		(0.11	)		(0.18	)		(0.25	)		(0.20	)
From net realized gain		—			(0.01	)		(0.06	)		(0.36	)		(0.69	)		(0.08	)
Total distributions		—			(0.15	)		(0.17	)		(0.54	)		(0.94	)		(0.28	)
Net Asset Value, end of period	$	10.82		$	10.35		$	9.53		$	7.96		$	11.13		$	11.29
Total return		4.54	%††		10.20	%		21.84	%		(23.54	)%		6.88	%		10.87	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.14	%†		0.15	%		0.18	%		0.19	%		0.18	%		0.24	%
Expenses net of reimbursements/waivers, if any		0.14	%†		0.15	%		0.17	%		0.14	%		0.18	%		0.17	%
Net investment income before reimbursements/waivers		0.83	%†		1.96	%		2.06	%		1.81	%		2.57	%		2.33	%
Net investment income net of reimbursements/waivers, if any		0.83	%†		1.96	%		2.07	%		1.85	%		2.57	%		2.39	%
Supplemental Data:
Net assets, end of period (000)	$	390,880		$	363,144		$	185,989		$	120,249		$	138,535		$	84,357
Portfolio turnover		7	%††		15	%		12	%		21	%		40	%		10	%

  † Annualized

†† Not annualized

See Notes to Financial Statements

61

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2020
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.34		$	9.43		$	7.83		$	11.38		$	11.52		$	10.50
Income from investment operations:
Net investment income		0.03			0.14			0.16			0.13			0.20			0.18
Net realized and unrealized gain (loss)		0.47			0.92			1.68			(3.20	)		0.63			1.07
Total from investment operations		0.50			1.06			1.84			(3.07	)		0.83			1.25
Less distributions:
From net investment income		—			(0.14	)		(0.16	)		(0.14	)		(0.23	)		(0.18	)
From net realized gain		—			(0.01	)		(0.08	)		(0.34	)		(0.74	)		(0.05	)
Total distributions		—			(0.15	)		(0.24	)		(0.48	)		(0.97	)		(0.23	)
Net Asset Value, end of period	$	10.84		$	10.34		$	9.43		$	7.83		$	11.38		$	11.52
Total return		4.84	%††		11.27	%		23.43	%		(26.86	)%		7.17	%		11.92	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.14	%†		0.15	%		0.18	%		0.19	%		0.20	%		0.28	%
Expenses net of reimbursements/waivers, if any		0.14	%†		0.15	%		0.17	%		0.15	%		0.19	%		0.18	%
Net investment income before reimbursements/waivers		0.56	%†		1.93	%		2.16	%		1.50	%		2.23	%		2.05	%
Net investment income net of reimbursements/waivers, if any		0.56	%†		1.93	%		2.17	%		1.54	%		2.24	%		2.16	%
Supplemental Data:
Net assets, end of period (000)	$	384,557		$	344,033		$	186,148		$	112,440		$	112,064		$	62,402
Portfolio turnover		5	%††		10	%		7	%		12	%		40	%		5	%

	Milestone 2025
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.27		$	9.28		$	7.58		$	11.55		$	11.72		$	10.58
Income from investment operations:
Net investment income		0.02			0.13			0.14			0.10			0.16			0.15
Net realized and unrealized gain (loss)		0.51			1.00			1.78			(3.57	)		0.68			1.19
Total from investment operations		0.53			1.13			1.92			(3.47	)		0.84			1.34
Less distributions:
From net investment income		—			(0.12	)		(0.14	)		(0.11	)		(0.20	)		(0.16	)
From net realized gain		—			(0.02	)		(0.08	)		(0.39	)		(0.81	)		(0.04	)
Total distributions		—			(0.14	)		(0.22	)		(0.50	)		(1.01	)		(0.20	)
Net Asset Value, end of period	$	10.80		$	10.27		$	9.28		$	7.58		$	11.55		$	11.72
Total return		5.16	%††		12.25	%		25.40	%		(29.90	)%		7.17	%		12.70	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.15	%†		0.16	%		0.19	%		0.21	%		0.22	%		0.33	%
Expenses net of reimbursements/waivers, if any		0.15	%†		0.16	%		0.18	%		0.15	%		0.18	%		0.18	%
Net investment income before reimbursements/waivers		0.39	%†		1.77	%		2.03	%		1.17	%		1.98	%		1.81	%
Net investment income net of reimbursements/waivers, if any		0.39	%†		1.77	%		2.04	%		1.22	%		2.02	%		1.96	%
Supplemental Data:
Net assets, end of period (000)	$	299,719		$	267,155		$	146,397		$	81,317		$	83,891		$	48,804
Portfolio turnover		5	%††		7	%		5	%		11	%		38	%		4	%

  † Annualized

†† Not annualized

See Notes to Financial Statements

62

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2030
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.34		$	9.26		$	7.45		$	11.75		$	11.88		$	10.64
Income from investment operations:
Net investment income		0.01			0.12			0.13			0.08			0.14			0.14
Net realized and unrealized gain (loss)		0.57			1.09			1.90			(3.92	)		0.70			1.30
Total from investment operations		0.58			1.21			2.03			(3.84	)		0.84			1.44
Less distributions:
From net investment income		—			(0.12	)		(0.13	)		(0.09	)		(0.18	)		(0.15	)
From net realized gain		—			(0.01	)		(0.09	)		(0.37	)		(0.79	)		(0.05	)
Total distributions		—			(0.13	)		(0.22	)		(0.46	)		(0.97	)		(0.20	)
Net Asset Value, end of period	$	10.92		$	10.34		$	9.26		$	7.45		$	11.75		$	11.88
Total return		5.61	%††		13.11	%		27.33	%		(32.54	)%		7.11	%		13.52	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.15	%†		0.16	%		0.20	%		0.23	%		0.26	%		0.51	%
Expenses net of reimbursements/waivers, if any		0.15	%†		0.16	%		0.19	%		0.16	%		0.20	%		0.18	%
Net investment income before reimbursements/waivers		0.19	%†		1.53	%		1.89	%		1.01	%		1.78	%		1.43	%
Net investment income net of reimbursements/waivers, if any		0.19	%†		1.53	%		1.90	%		1.07	%		1.85	%		1.76	%
Supplemental Data:
Net assets, end of period (000)	$	233,821		$	211,155		$	121,219		$	66,183		$	61,465		$	26,007
Portfolio turnover		7	%††		7	%		4	%		10	%		43	%		3	%

	Milestone 2035
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.28		$	9.10		$	7.21		$	11.83		$	11.98		$	10.69
Income from investment operations:
Net investment income		—			0.10			0.13			0.08			0.12			0.13
Net realized and unrealized gain (loss)		0.62			1.20			1.98			(4.23	)		0.75			1.36
Total from investment operations		0.62			1.30			2.11			(4.15	)		0.87			1.49
Less distributions:
From net investment income		—			(0.10	)		(0.13	)		(0.08	)		(0.17	)		(0.13	)
From net realized gain		—			(0.02	)		(0.09	)		(0.39	)		(0.85	)		(0.07	)
Total distributions		—			(0.12	)		(0.22	)		(0.47	)		(1.02	)		(0.20	)
Net Asset Value, end of period	$	10.90		$	10.28		$	9.10		$	7.21		$	11.83		$	11.98
Total return		6.03	%††		14.33	%		29.22	%		(34.91	)%		7.25	%		14.00	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.17	%†		0.19	%		0.25	%		0.31	%		0.40	%		0.76	%
Expenses net of reimbursements/waivers, if any		0.17	%†		0.19	%		0.22	%		0.19	%		0.20	%		0.18	%
Net investment income before reimbursements/waivers		0.03	%†		1.35	%		1.92	%		0.90	%		1.60	%		1.04	%
Net investment income net of reimbursements/waivers, if any		0.03	%†		1.35	%		1.95	%		1.03	%		1.80	%		1.62	%
Supplemental Data:
Net assets, end of period (000)	$	148,789		$	133,121		$	76,875		$	37,375		$	34,831		$	16,418
Portfolio turnover		7	%††		7	%		4	%		9	%		40	%		10	%

  † Annualized

†† Not annualized

See Notes to Financial Statements

63

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2040
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Year Ended December 31,
				2010			2009			2008			2007			2006
Net Asset Value, beginning of period	$	10.30		$	9.07		$	7.10		$	11.85		$	11.91		$	10.68
Income from investment operations:
Net investment income		—			0.10			0.13			0.08			0.11			0.12
Net realized and unrealized gain (loss)		0.64			1.25			2.05			(4.38	)		0.75			1.39
Total from investment operations		0.64			1.35			2.18			(4.30	)		0.86			1.51
Less distributions:
From net investment income		—			(0.10	)		(0.13	)		(0.08	)		(0.16	)		(0.13	)
From net realized gain		—			(0.02	)		(0.08	)		(0.37	)		(0.76	)		(0.15	)
Total distributions		—			(0.12	)		(0.21	)		(0.45	)		(0.92	)		(0.28	)
Net Asset Value, end of period	$	10.94		$	10.30		$	9.07		$	7.10		$	11.85		$	11.91
Total return		6.21	%††		14.91	%		30.70	%		(36.13	)%		7.23	%		14.14	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.17	%†		0.18	%		0.23	%		0.32	%		0.43	%		1.11	%
Expenses net of reimbursements/waivers, if any		0.17	%†		0.18	%		0.21	%		0.19	%		0.19	%		0.18	%
Net investment income before reimbursements/waivers		0.01	%†		1.20	%		2.05	%		0.92	%		1.61	%		0.90	%
Net investment income net of reimbursements/waivers, if any		0.01	%†		1.20	%		2.06	%		1.05	%		1.85	%		1.83	%
Supplemental Data:
Net assets, end of period (000)	$	146,957		$	132,306		$	91,348		$	38,001		$	32,882		$	12,699
Portfolio turnover		9	%††		21	%		4	%		11	%		47	%		24	%

	Milestone 2045
	For the Period January 1, 2011 to June 30, 2011 (Unaudited)			For the Period From January 4, 2010 to December 31, 2010
Net Asset Value, beginning of period	$	11.33		$	10.00
Income from investment operations:
Net investment income (loss)		(0.01	)		0.10
Net realized and unrealized gain		0.72			1.36
Total from investment operations		0.71			1.46
Less distributions:
From net investment income		—			(0.10	)
From net realized gain		—			(0.03	)
Total distributions		—			(0.13	)
Net Asset Value, end of period	$	12.04		$	11.33
Total return		6.27	%††		14.62	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.36	%†		0.87	%†
Expenses net of reimbursements/waivers, if any		0.35	%†		0.34	%†
Net investment income (loss) before reimbursements/waivers		(0.17	)%†		1.67	%†
Net investment income (loss) net of reimbursements/waivers, if any		(0.16	)%†		2.19	%†
Supplemental Data:
Net assets, end of period (000)	$	30,359		$	22,363
Portfolio turnover		2	%††		8	%††

  † Annualized

†† Not annualized

See Notes to Financial Statements

64

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization

The Vantagepoint Funds (the “Company”) was organized as a Delaware statutory trust on July 28, 1998 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company consisted of the following series on June 30, 2011:

The “Actively Managed Funds”:	The “Index Funds”:
Low Duration Bond Fund	Core Bond Index Fund
Inflation Protected Securities Fund	500 Stock Index Fund
Equity Income Fund	Broad Market Index Fund
Growth & Income Fund	Mid/Small Company Index Fund
Growth Fund	Overseas Equity Index Fund
Select Value Fund
Aggressive Opportunities Fund
Discovery Fund
International Fund
Diversifying Strategies Fund
The “Milestone Funds”:	The “Model Portfolio Funds”:
Milestone Retirement Income Fund	Model Portfolio Savings Oriented Fund
Milestone 2010 Fund	Model Portfolio Conservative Growth Fund
Milestone 2015 Fund	Model Portfolio Traditional Growth Fund
Milestone 2020 Fund	Model Portfolio Long-Term Growth Fund
Milestone 2025 Fund	Model Portfolio All-Equity Growth Fund
Milestone 2030 Fund
Milestone 2035 Fund
Milestone 2040 Fund
Milestone 2045 Fund

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.

At a meeting on January 27, 2011, the Company’s Board of Directors (“Board”) determined to liquidate and terminate the Money Market Fund. The Money Market Fund was closed and liquidated on March 25, 2011.

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 Board, Vantagepoint Investment Advisers, LLC (“VIA” or the “Adviser”) 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 target investment allocation to each underlying fund as of June 30, 2011 were as follows:

	Model Portfolio Funds
Fund	Savings Oriented			Conservative Growth			Traditional Growth			Long- Term Growth			All-Equity Growth
Fixed Income—%
Low Duration Bond		31.00	%		19.00	%		8.00	%		0.00	%		0.00	%
Core Bond Index, Class I		9.00	%		12.00	%		13.00	%		13.00	%		0.00	%
Inflation Protected Securities		15.00	%		10.00	%		4.00	%		0.00	%		0.00	%
Total Fixed Income—%		55.00	%		41.00	%		25.00	%		13.00	%		0.00	%

65

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Model Portfolio Funds
Fund	Savings Oriented			Conservative Growth			Traditional Growth			Long- Term Growth			All-Equity Growth
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—%
Diversifying Strategies		20.00	%		19.00	%		15.00	%		12.00	%		0.00	%
Total Multi-Strategy—%		20.00	%		19.00	%		15.00	%		12.00	%		0.00	%
Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%

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 for investors who expect to begin making gradual withdrawals from the fund, typically at or after retirement, in or around the year stated in the Milestone Fund’s name, except for the Milestone Retirement Income Fund. VIA adjusts the asset allocation of each “dated” Milestone Fund to become more conservative over time until the fund achieves a constant asset allocation approximately ten years after the year designated in its name. The Milestone 2045 Fund has not yet been adjusted because of its long remaining time horizon. 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 target investment allocation to each underlying fund as of June 30, 2011, were as follows:

	Milestone Funds
Fund	Retirement Income			2010			2015			2020			2025
Fixed Income—%
Low Duration Bond		31.00	%		14.62	%		10.32	%		6.49	%		2.55	%
Core Bond Index, Class I		9.00	%		6.44	%		10.38	%		14.55	%		13.22	%
Inflation Protected Securities		15.00	%		15.00	%		8.25	%		0.75	%		0.00	%
Total Fixed Income—%		55.00	%		36.06	%		28.95	%		21.79	%		15.77	%
Equity—%
Equity Income		10.00	%		18.65	%		19.08	%		21.41	%		23.08	%
Growth & Income		10.00	%		11.00	%		11.05	%		11.65	%		13.09	%
Growth		0.00	%		7.30	%		7.53	%		8.38	%		9.39	%
Mid/Small Company Index, Class I		0.00	%		0.00	%		6.07	%		8.97	%		11.49	%
International		5.00	%		9.36	%		10.94	%		12.67	%		14.43	%
Total Equity—%		25.00	%		46.31	%		54.67	%		63.08	%		71.48	%

66

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Milestone Funds
Fund	Retirement Income			2010			2015			2020			2025
Multi-Strategy—%
Diversifying Strategies		20.00	%		17.63	%		16.38	%		15.13	%		12.75	%
Total Multi-Strategy—%		20.00	%		17.63	%		16.38	%		15.13	%		12.75	%
Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%
Fund	2030			2035			2040			2045
Fixed Income—%
Low Duration Bond		1.21	%		0.11	%		0.00	%		0.00	%
Core Bond Index, Class I		8.67	%		5.32	%		5.00	%		5.00	%
Inflation Protected Securities		0.00	%		0.00	%		0.00	%		0.00	%
Total Fixed Income—%		9.88	%		5.43	%		5.00	%		5.00	%
Equity—%
Equity Income		24.50	%		25.90	%		27.27	%		27.40	%
Growth & Income		14.19	%		14.96	%		15.90	%		16.00	%
Growth		10.55	%		11.89	%		12.54	%		12.60	%
Mid/Small Company Index, Class I		14.52	%		18.49	%		19.89	%		20.00	%
International		16.11	%		17.83	%		18.90	%		19.00	%
Total Equity—%		79.87	%		89.07	%		94.50	%		95.00	%
Multi-Strategy—%
Diversifying Strategies		10.25	%		5.50	%		0.50	%		0.00	%
Total Multi-Strategy—%		10.25	%		5.50	%		0.50	%		0.00	%
Total—%		100.00	%		100.00	%		100.00	%		100.00	%

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

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

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

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

Subadviser Changes from January 1, 2011 to June 30, 2011

At a Board meeting held on June 17, 2011 VIA recommended, and the Board approved, the termination of Analytic Investors, LLC as a subadviser to the Diversifying Strategies Fund.

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.

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New Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-04, Fair Value Measurement (Topic 820)—Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (International Financial Reporting Standards). The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update’s adoption on the Company’s financial statement disclosures.

Fair Value Measurements

The Company adopted FASB ASC, Fair Value Measurements and Disclosures, effective January 1, 2008. In accordance with ASC 820, fair value is defined as the price that the fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. ASC 820 established a three-tier hierarchy, which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.

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)

Investment Policy and Security Valuation

All 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 or official close price (if available) on the exchange on which the security is primarily traded, and are categorized as Level 1 in the hierarchy. If, on a particular day, an exchange-traded security does not trade on its primary exchange, then the price normally will be the mean between the closing bid and closing offer reported to the primary exchange and made available to quotation vendors or disseminated through an automated quotation system, or obtained by a pricing service from other quotation sources believed to be reliable and is generally categorized as Level 2 in the hierarchy. 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 of such securities normally will be the mean between the closing bid and closing offer reported on NASDAQ prior to the calculation of the net asset value (“NAV”) of a fund and are generally categorized as Level 1 in the hierarchy. All equity securities not traded on a national securities exchange (“OTC Equities”) normally will be priced at the last reported sale price in the over-the-counter market and are generally categorized as Level 1 in the hierarchy. 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 source believed to be reliable and is generally categorized as Level 1 in the hierarchy. 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 may be valued at amortized cost and are generally categorized as Level 2 in the hierarchy. Prices for debt instruments normally will be obtained from a pricing service. In determining prices, the pricing service may employ methodologies designed to identify the market value of debt

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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 and are generally categorized as Level 2 in the hierarchy. 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 and is generally categorized as Level 2 in the hierarchy. 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”) and are generally categorized as Level 2 or Level 3 in the hierarchy depending on the observability of market inputs. Except for certain foreign equity securities described later in this note, foreign exchange traded securities are valued in the same manner as domestic exchange traded equity securities and are generally categorized as Level 1 in the hierarchy.

Shares of the underlying funds in which the Model Portfolio and Milestone Funds invest are valued by using the underlying funds’ current NAVs for purchase and/or redemption orders that day and are categorized as Level 1 in the hierarchy.

On May 18, 2011, the Diversifying Strategies Fund resolved and withdrew its two bankruptcy claims, each in the amount of $54,298, that it had filed against Lehman Brothers Special Financing Inc. and Lehman Brothers Holdings Inc. with respect to certain derivatives transactions.

Valuation of Certain Foreign Equity Securities

For foreign equity securities that are primarily traded in markets outside North and South America, the Board has approved the use of a third party fair valuation service. The service uses a multifactor model to calculate a factor that is then applied to adjust the market price for each such security, which are generally categorized as Level 2 in the hierarchy. 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 the funds that are primarily traded in markets outside North and South America which are generally categorized as Level 2 in the hierarchy. 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 and are generally categorized as Level 2 or Level 3 in the hierarchy.

The valuation techniques used by the funds to measure fair value during the period ended June 30, 2011 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 June 30, 2011, in valuing each fund’s investment carried at value:

Low Duration Bond Fund
Investment Type	Level 1			Level 2		Level 3		Total
Investments in Securities:
Corporate Obligations	$	—		$	326,870,121	$	—	$	326,870,121
Mortgage-Related Securities		—			28,979,134		—		28,979,134
U.S. Treasury Obligations		—			67,072,269		—		67,072,269
Government Related Obligations		—			41,854,470		—		41,854,470
Asset-Backed Securities		—			81,813,437		—		81,813,437
Money Market Funds		10,678,026			—		—		10,678,026
Total Investments in Securities	$	10,678,026		$	546,589,431	$	—	$	557,267,457
Derivative Instruments:
Assets:
Forward Currency Contracts		—			53,200		—		53,200
Total Assets	$	—		$	53,200	$	—	$	53,200
Liabilities:
Futures		(24,970	)		—		—		(24,970	)
Total Liabilities	$	(24,970	)	$	—	$	—	$	(24,970	)
Total Derivative Instruments	$	(24,970	)	$	53,200	$	—	$	28,230

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Inflation Protected Securities Fund
Investment Type		Level 1			Level 2			Level 3		Total
Investments in Securities:	��
Corporate Obligations		$	—		$	30,976,074		$	—	$	30,976,074
U.S. Treasury Obligations			—			440,999,646			—		440,999,646
Government Related Obligations			—			2,621,038			—		2,621,038
Asset-Backed Securities			—			9,325,583			—		9,325,583
Certificates of Deposit			—			5,503,346			—		5,503,346
Money Market Funds			74,860,425			—			—		74,860,425
Total Investments in Securities		$	74,860,425		$	489,425,687		$	—	$	564,286,112
Derivative Instruments:
Assets:
Purchased Options			4,631			74,358			—		78,989
Swap Agreements			—			211,482			—		211,482
Futures			226,950			—			—		226,950
Total Assets		$	231,581		$	285,840		$	—	$	517,421
Liabilities:
Written Options			(63,419	)		(288,945	)		—		(352,364	)
Futures			(188,363	)		—			—		(188,363	)
Total Liabilities		$	(251,782	)	$	(288,945	)	$	—	$	(540,727	)
Total Derivative Instruments		$	(20,201	)	$	(3,105	)	$	—	$	(23,306	)
Equity Income Fund
Investment Type		Level 1			Level 2			Level 3		Total
Investments in Securities:
Common Stocks		$	1,828,852,281		$	7,341,334		$	—	$	1,836,193,615
Convertible Preferred Stocks			—			4,445,088			—		4,445,088
Money Market Funds			268,920,558			—			—		268,920,558
Total Investments in Securities		$	2,097,772,839		$	11,786,422		$	—	$	2,109,559,261
Growth & Income Fund
Investment Type		Level 1			Level 2			Level 3		Total
Investments in Securities:
Common Stocks		$	1,234,297,807		$	3,664,016		$	—	$	1,237,961,823
Money Market Funds			68,034,535			—			—		68,034,535
Total Investments in Securities		$	1,302,332,342		$	3,664,016		$	—	$	1,305,996,358
Growth Fund
Investment Type		Level 1			Level 2			Level 3		Total
Investments in Securities:
Common Stocks		$	1,919,997,614		$	—		$	—	$	1,919,997,614
Money Market Funds			69,460,435			—			—		69,460,435
Total Investments in Securities		$	1,989,458,049		$	—		$	—	$	1,989,458,049

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Select Value Fund
Investment Type	Level 1		Level 2			Level 3		Total
Investments in Securities:
Common Stocks	$	338,314,130	$	—		$	—	$	338,314,130
Money Market Funds		32,406,470		—			—		32,406,470
Total Investments in Securities	$	370,720,600	$	—		$	—	$	370,720,600
Aggressive Opportunities Fund
Investment Type	Level 1		Level 2			Level 3		Total
Investments in Securities:
Common Stocks	$	1,091,538,196	$	24,118,980		$	—	$	1,115,657,176
Money Market Funds		139,120,327		—			—		139,120,327
Total Investments in Securities	$	1,230,658,523	$	24,118,980		$	—	$	1,254,777,503
Discovery Fund
Investment Type	Level 1		Level 2			Level 3		Total
Investments in Securities:
Common Stocks	$	99,528,506	$	2,618,498		$	—	$	102,147,004
Convertible Preferred Stocks		—		1,273,444			—		1,273,444
Corporate Obligations		—		59,872,658			—		59,872,658
Mortgage-Related Securities		—		12,880,397			—		12,880,397
Convertible Debt Obligations		—		386,266			—		386,266
U.S. Treasury Obligations		—		12,435,467			—		12,435,467
Government Related Obligations		—		14,914,063			—		14,914,063
Asset-Backed Securities		—		6,132,908			—		6,132,908
Warrants		107,924		18,388			—		126,312
Money Market Funds		27,871,563		—			—		27,871,563
Total Investments in Securities	$	127,507,993	$	110,532,089		$	—	$	238,040,082
Derivative Instruments:
Assets:
Futures		6,481,042		—			—		6,481,042
Forward Currency Contracts		—		15,614			—		15,614
Total Assets	$	6,481,042	$	15,614		$	—	$	6,496,656
Total Derivative Instruments	$	6,481,042	$	15,614		$	—	$	6,496,656
International Fund
Investment Type	Level 1		Level 2			Level 3		Total
Investments in Securities:
Common Stocks	$	102,566,260	$	1,120,563,327		$	—	$	1,223,129,587
Money Market Funds		103,240,891		—			—		103,240,891
Total Investments in Securities	$	205,807,151	$	1,120,563,327		$	—	$	1,326,370,478
Derivative Instruments:
Liabilities:
Forward Currency Contracts		—		(104,334	)		—		(104,334	)
Total Liabilities	$	—	$	(104,334	)	$	—	$	(104,334	)
Total Derivative Instruments	$	—	$	(104,334	)	$	—	$	(104,334	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Diversifying Strategies Fund
Investment Type	Level 1			Level 2			Level 3		Total
Investments in Securities:
Common Stocks	$	4,809,772		$	18,475,370		$	—	$	23,285,142
Convertible Preferred Stocks		—			13,638,409			—		13,638,409
Corporate Obligations		—			320,522,630			—		320,522,630
Mortgage-Related Securities		—			33,978,842			—		33,978,842
Convertible Debt Obligations		—			221,021,828			—		221,021,828
U.S. Treasury Obligations		—			99,676,752			—		99,676,752
Government Related Obligations		—			65,907,959			—		65,907,959
Asset-Backed Securities		—			48,129,714			—		48,129,714
Certificates of Deposit		—			24,480,337			—		24,480,337
Commercial Paper		—			2,500,000			—		2,500,000
Money Market Funds		39,204,059			—			—		39,204,059
Total Investments in Securities	$	44,013,831		$	848,331,841		$	—	$	892,345,672
Derivative Instruments:
Assets:
Purchased Options		16,779,854			155,014			—		16,934,868
Futures		2,789,479			—			—		2,789,479
Forward Currency Contracts		—			2,528,550			—		2,528,550
Total Assets	$	19,569,333		$	2,683,564		$	—	$	22,252,897
Liabilities:
Written Options		—			(145,073	)		—		(145,073	)
Futures		(1,896,974	)		—			—		(1,896,974	)
Forward Currency Contracts		—			(2,002,288	)		—		(2,002,288	)
Total Liabilities	$	(1,896,974	)	$	(2,147,361	)	$	—	$	(4,044,335	)
Total Derivative Instruments	$	17,672,359		$	536,203		$	—	$	18,208,562
Core Bond Index Fund
Investment Type	Level 1			Level 2			Level 3		Total
Investments in Securities:
Corporate Obligations	$	—		$	221,680,842		$	—	$	221,680,842
Mortgage-Related Securities		—			399,901,017			—		399,901,017
U.S. Treasury Obligations		—			363,774,747			—		363,774,747
Government Related Obligations		—			128,696,316			—		128,696,316
Asset-Backed Securities		—			2,691,458			—		2,691,458
Certificates of Deposit		—			514,205			—		514,205
Money Market Funds		109,520,630			—			—		109,520,630
Total Investments in Securities	$	109,520,630		$	1,117,258,585		$	—	$	1,226,779,215

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

500 Stock Index Fund
Investment Type	Level 1		Level 2		Level 3		Total
Investments in Securities:
Common Stocks	$	394,126,326	$	—	$	—	$	394,126,326
U.S. Treasury Obligations		—		319,989		—		319,989
Money Market Funds		17,102,275		—		—		17,102,275
Total Investments in Securities	$	411,228,601	$	319,989	$	—	$	411,548,590
Derivative Instruments:
Assets:
Futures		127,289		—		—		127,289
Total Assets	$	127,289	$	—	$	—	$	127,289
Total Derivative Instruments	$	127,289	$	—	$	—	$	127,289
Broad Market Index Fund
Investment Type	Level 1		Level 2		Level 3		Total
Investments in Securities:
Common Stocks	$	530,056,890	$	258	$	—	$	530,057,148
Corporate Obligations		—		4		—		4
U.S. Treasury Obligations		—		294,990		—		294,990
Rights		—		—		—		—
Warrants		—		—		—		—
Money Market Funds		31,760,826		—		—		31,760,826
Total Investments in Securities	$	561,817,716	$	295,252	$	—	$	562,112,968
Derivative Instruments:
Assets:
Futures		141,011		—		—		141,011
Total Assets	$	141,011	$	—	$	—	$	141,011
Total Derivative Instruments	$	141,011	$	—	$	—	$	141,011
Mid/Small Company Index Fund
Investment Type	Level 1		Level 2		Level 3		Total
Investments in Securities:
Common Stocks	$	437,351,976	$	1,713	$	—	$	437,353,689
Corporate Obligations		—		27		—		27
U.S. Treasury Obligations		—		534,981		—		534,981
Rights		—		—		—		—
Warrants		—		—		—		—
Money Market Funds		79,796,988		—		—		79,796,988
Total Investments in Securities	$	517,148,964	$	536,721	$	—	$	517,685,685
Derivative Instruments:
Assets:
Futures		366,949		—		—		366,949
Total Assets	$	366,949	$	—	$	—	$	366,949
Total Derivative Instruments	$	366,949	$	—	$	—	$	366,949

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Overseas Equity Index Fund
Investment Type	Level 1		Level 2			Level 3		Total
Investments in Securities:
Common Stocks	$	—	$	209,154,184		$	—	$	209,154,184
Preferred Stocks		—		1,143,966			—		1,143,966
U.S. Treasury Obligations		—		224,992			—		224,992
Rights		—		8,607			—		8,607
Money Market Funds		8,464,300		—			—		8,464,300
Total Investments in Securities	$	8,464,300	$	210,531,749		$	—	$	218,996,049
Derivative Instruments:
Assets:
Futures		87,643		—			—		87,643
Forward Currency Contracts		—		8,301			—		8,301
Total Assets	$	87,643	$	8,301		$	—	$	95,944
Liabilities:
Forward Currency Contracts		—		(34,655	)		—		(34,655	)
Total Liabilities	$	—	$	(34,655	)	$	—	$	(34,655	)
Total Derivative Instruments	$	87,643	$	(26,354	)	$	—	$	61,289

See Schedule of Investments for identification of securities by industry classification.

All investments held by the Model Portfolio Funds and Milestone Funds are categorized as Level 1.

As of June 30, 2011, the funds did not hold any significant investments in Level 3, and there were no significant transfers in and out of Levels 1, 2, or 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 will be translated (but not actually converted) into U.S. dollars daily at the closing spot rates supplied by the WM/Reuters Intraday Spot exchange rates provided as of 4:00 pm Eastern Time. Purchases and sales of securities, income receipts and expense payments are translated (but not actually converted) into U.S. dollars at the prevailing exchange rates 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.

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Currency symbols utilized throughout the notes to these 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, as provided by a pricing service. If on a particular day, an option does not trade on its primary exchange, the fund’s custodian will calculate and use the mean between the closing bid and closing offer reported to the exchange and obtained from a pricing service and such options are generally categorized as Level 1 in the hierarchy.

Non-exchange traded (i.e., over the counter) options normally will be priced using an option valuation model, which incorporates relevant parameters (e.g., implied volatility; current value of underlier). Such prices will be provided by a pricing service and these options are generally categorized as Level 2 in the hierarchy.

In the event a pricing service is unable to provide a price for a particular option, the option may be priced based on the average of two or more independent broker-dealer quotations, pursuant to the Valuation Procedures, or at its fair value determined in accordance with the Valuation Procedures and is generally categorized as Level 2 in the hierarchy.

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 and are generally categorized as Level 1 in the hierarchy. In the event a pricing service is unable to provide a price for a particular futures contract, the value of the contract will be priced at its fair value in accordance with the Valuation Procedures and generally such futures are categorized as Level 2 in the hierarchy.

Futures exchange abbreviations utilized throughout the notes to these 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

Forward currency contracts normally will be priced using the WM/Reuters Intraday Forwards rates provided as of 4:00 pm Eastern Time. In the event WM/Reuters (or a designated pricing service) is unable to provide a rate for a particular contract, the fair value of the contract will be determined in accordance with the Valuation Procedures and generally such contracts are categorized as Level 2 in the hierarchy.

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,

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

as applicable). Such prices will be provided by a pricing service. 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 and generally such swaps are categorized as Level 2 in the hierarchy.

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. Such prices will be provided by a pricing service. 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 and generally such swaptions are categorized as Level 2 in the hierarchy.

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 and generally such swaps are categorized as Level 2 in the hierarchy.

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.

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. 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, contingent payment debt instruments, and mutual fund company securities. These reclassifications have no effect on net assets or net asset values per share, and they do not affect the net investment income per share calculations presented in the Financial Highlights.

Federal Income Taxes

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

76

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

The FASB issued Interpretation ASC 740, “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 June 30, 2011. 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.

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted on December 22, 2010. The Act changed various technical rules governing the tax treatment of regulated investment companies, which are generally effective beginning with the Company’s taxable year ending December 31, 2011. Under the Act, the funds will be permitted to carry forward capital losses incurred in taxable years beginning after the enactment date indefinitely. However, any losses incurred during post-enactment taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carry forwards may be more likely to expire unused. Relevant information regarding the impact of the Act on the Company, if any, will be contained within the financial statement notes for the Company’s taxable year ending December 31, 2011.

3. Investments in Derivative Instruments

Some of the funds use derivative instruments in pursuing their investment objectives. The following table and discussion provides more detailed information about a fund’s derivative usage. The table below shows the average notional balance, settlement value, or market value (as applicable) of the derivative instruments held by each fund during the reporting period.

	Low Duration Bond Fund		Inflation Protected Securities Fund		Discovery Fund		Diversifying Strategies Fund
Futures Contracts:
Average Notional Balance Long	$	—	$	7,841,002	$	108,871,197	$	184,962,145
Average Notional Balance Short		7,034,545		30,612,579		—		283,110,170
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	496,447	$	—	$	—	$	323,521,118
Average Settlement Value Sold		6,400,626		—		798,621		319,049,514
Exchange-Traded Options:
Average Market Value Purchased	$	—	$	47,003	$	—	$	6,686,271
Average Market Value Written		—		45,610		—		—
Over the Counter Options:
Average Market Value Purchased	$	—	$	—	$	—	$	62,637
Average Market Value Written		—		—		—		166,410
Swaptions:
Average Notional Balance Purchased	$	—	$	8,757,143	$	—	$	—
Average Notional Balance Written		—		55,314,286		—		—
Total Return Swaps:
Average Notional Balance Long	$	—	$	—	$	—	$	71,914,286
Average Notional Balance Short		—		—		—		14,942,857
Interest Rate Swaps:
Average Notional Balance—Pays Fixed Rate	$	—	$	—	$	—	$	—
Average Notional Balance—Sells Fixed Rate		—		6,600,000		—		—

77

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	500 Stock Index Fund		Broad Market Index fund		Mid/Small Company Index Fund		Overseas Equity Index Fund
Futures Contracts:
Average Notional Balance Long	$	10,517,517	$	4,427,045	$	6,693,800	$	3,621,246
Average Notional Balance Short		—		—		—		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	—	$	—	$	—	$	6,146,879
Average Settlement Value Sold		—		—		—		3,317,007
	International Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	—
Average Settlement Value Sold		9,708,339

Futures Contracts (“Futures”)

A futures contract is an agreement to buy or sell a specific amount of a commodity or financial instrument at a particular price on a stipulated future date.

Certain funds may enter into futures to manage certain risks. These risks may include interest rate risk (the risk that interest rates will rise, causing fixed income securities prices to fall), credit risk (the risk that the issuer of a fixed income security will default on its obligation to pay interest and/or principal in a timely manner on the instrument), stock market risk (the risk that stock prices overall will decline over short or extended periods), or foreign currency risk (the risk that foreign currency values will decline relative to the U.S. dollar). Certain funds may use futures to seek to increase portfolio value, by increasing or decreasing their exposure to changes in the market value of the specific underlying security, foreign currency, or index. Some funds also may use futures to obtain or adjust investment exposure to certain assets, or asset classes, or foreign currencies.

Futures may be used by the following funds for the following purposes:

Manage Risk:

Obtain or Adjust Investment Exposure:

Fund

Interest Rate Risk

Credit Risk

Stock Market Risk

Foreign Currency Risk

To Certain Assets or Asset Classes

To Foreign Currencies

Low Duration Bond

*

*

*

*

Inflation Protected Securities

*

*

*

*

Equity Income

*

*

Growth & Income

*

*

Growth

*

*

Select Value

*

*

Aggressive Opportunities

*

*

Discovery

*

*

*

International

*

*

*

*

Diversifying Strategies

*

*

*

*

*

*

Core Bond Index

*

*

500 Stock Index

*

Broad Market Index

*

Mid/Small Company Index

*

Overseas Equity Index

*

*

Upon entering into the future the fund agrees to deposit an amount equal to a certain percentage of the contract value (initial margin). The fund agrees to subsequently receive 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

78

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

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 in the Statement of Operations.

Use of futures may involve risks different from, or possibly greater than, the risks associated with more traditional investments, and may involve a small amount of investment relative to the amount of risk assumed. Risks associated with futures include: the risk that a particular future may be difficult to purchase or sell (liquidity risk); the risk that certain futures may be more sensitive than traditional investments to interest rate changes and market price fluctuations (interest rate and market risks); the risk of mispricing or improper valuation of the future, and the inability of the future to correlate perfectly, or at all, with the value of the underlying asset, reference rate, or index it is designed to closely track (valuation risk); the risk that the fund may lose substantially more than the amount invested and that the fund may be forced to liquidate portfolio positions when it may not be advantageous to do so (leverage risk). There is no assurance that a fund will not lose money.

During the six month period ended June 30, 2011, the following funds purchased and/or sold futures contracts: Low Duration Bond Fund, Inflation Protected Securities Fund, Discovery Fund, Diversifying Strategies Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, and Overseas Equity Index Fund.

As of June 30, 2011, the following funds had open futures contracts outstanding:

Low Duration Bond Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Sold
	81	CBT	U.S. 5 Year Treasury Note	September 2011	$	9,654,820	$	(24,970	)
	Inflation Protected Securities Fund
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	30	CBT	U.S. 10 Year Treasury Note	September 2011	$	3,669,844	$	(23,026	)
	Sold
	97	CBT	U.S. 2 Year Treasury Note	September 2011	$	21,276,344	$	(58,492	)
	29	CBT	U.S. 20 Year Treasury Bond	September 2011		3,567,906		92,224
	59	CBT	U.S. 30 Year Treasury Bond	September 2011		7,448,750		134,726
	127	CBT	U.S. 5 Year Treasury Note	September 2011		15,137,805		(106,845	)
							$	61,613
							$	38,587
	Discovery Fund
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	1,301	NYF	E-MINI Russell 2000 Index	September 2011	$	107,384,540	$	6,481,042

79

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Diversifying Strategies Fund
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	161	EOE	Amsterdam Index	July 2011	$	15,864,568	$	289,331
	177	SFE	Australian Government 10 Year Bond	September 2011		20,134,017		(130,268	)
	59	EOP	CAC 40 Index	July 2011		3,404,815		152,550
	160	CME	E-MINI S&P 500 Index	September 2011		10,524,000		215,189
	474	LIF	FTSE 100 Index	September 2011		44,903,050		1,625,350
	16	MIL	FTSE/MIB Index	September 2011		2,344,951		47,833
	16	MFM	IBEX 35 Index	July 2011		2,383,583		97,455
	65	SFE	SPI 200 Index	September 2011		8,019,054		225,065
	4	CBT	U.S. 10 Year Treasury Note	September 2011		489,313		2,837
	158	LIF	UK Gilt Long Bond	September 2011		30,467,889		(224,132	)
							$	2,301,210
	Sold
	461	SGX	10 Year Mini-JGB	September 2011	$	80,810,285	$	(88,728	)
	134	MSE	Canadian Government 10 Year Bond	September 2011		17,227,083		122,610
	66	EUX	DAX Index	September 2011		17,685,993		(550,758	)
	181	EUX	Euro Bund	September 2011		32,935,633		11,259
	151	HKG	Hang Seng Index	July 2011		21,760,207		(416,634	)
	88	MSE	S&P/TSX 60 Index	September 2011		13,909,192		(379,087	)
	19	TSE	TOPIX Index	September 2011		2,004,906		(52,101	)
	87	CBT	U.S. 5 Year Treasury Note	September 2011		10,369,992		(55,266	)
							$	(1,408,705	)
							$	892,505
	500 Stock Index Fund
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	61	CME	E-MINI S&P 500 Index	September 2011	$	4,012,275	$	127,289
	Broad Market Index Fund
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	8	NYF	E-MINI Russell 2000 Index	September 2011	$	660,320	$	30,413
	49	CME	E-MINI S&P 500 Index	September 2011		3,222,975		110,598
							$	141,011

80

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Mid/Small Company Index Fund
Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	55	NYF	E-MINI Russell 2000 Index	September 2011	$	4,539,700	$	203,938
	47	CME	E-MINI S&P MidCap 400 Index	September 2011		4,589,550		163,011
							$	366,949

Overseas Equity Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	24	EUX	DJ Euro STOXX 50 Index	September 2011	$	991,207	$	26,484
	9	LIF	FTSE 100 Index	September 2011		852,590		26,011
	2	SFE	SPI 200 Index	September 2011		246,740		4,267
	6	TSE	TOPIX Index	September 2011		633,128		30,881
							$	87,643

Forward Currency Contracts

A forward currency contract involves a privately negotiated obligation to purchase or sell a specific currency at a future date at a price set in the contract.

Certain funds may enter into forward currency contracts to manage foreign currency risk. Foreign currency risk is the risk that a fund’s investment in or exposure to foreign currencies or securities denominated in foreign currencies may experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. A decline in the value of foreign currencies relative to the U.S. dollar will reduce the value of securities held by a fund and denominated in those currencies. Certain funds also may enter into forward currency contracts to obtain or adjust investment exposure to a foreign currency.

Forward currency contracts may be used by the following funds for the following purposes:

Fund	Manage Foreign Currency Risk	Obtain or Adjust Investment Exposure to Foreign Currencies
Low Duration Bond	*	*
Inflation Protected Securities	*	*
Equity Income	*
Growth & Income	*
Growth	*
Select Value	*
Aggressive Opportunities	*
Discovery	*
International	*	*
Diversifying Strategies	*	*
Overseas Equity Index	*

81

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Risks of entering into forward currency contracts include the possibility that a fund may lose money. For example, 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 use of over-the-counter forward currency contracts includes counterparty risk, which is the risk that the other party to a contract may not fulfill its 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 currency contracts are components of net realized gain (loss) on foreign currency transactions and change in net unrealized appreciation (depreciation) on forward currency contracts and foreign currency transactions in the Statement of Operations, respectively.

The amount at risk for such forward currency contracts may exceed the amount reflected in the financial statements.

During the six month period ended June 30, 2011, the following funds purchased and/or sold forward foreign currency exchange contracts: Low Duration Bond Fund, Discovery Fund, International Fund, Diversifying Strategies Fund, and Overseas Equity Index Fund.

As of June 30, 2011, the following funds had open forward foreign currency exchange contracts outstanding:

Low Duration Bond Fund

Contract Type

Counterparty

Currency to Deliver

In Exchange For

Exchange Date

Foreign Currency Cost/Proceeds (U.S.$)

U.S. Dollar Value at June 30, 2011

Net Unrealized Appreciation

Sale

Citibank NA

EUR

USD

07/11/2011

$

3,855,093

$

3,832,112

$

22,981

Sale

HSBC Bank plc

GBP

USD

07/11/2011

1,381,486

1,351,267

30,219

$

53,200

Discovery Fund

Contract Type

Counterparty

Currency to Deliver

In Exchange For

Exchange Date

Foreign Currency Cost/Proceeds (U.S.$)

U.S. Dollar Value at June 30, 2011

Net Unrealized Appreciation

Sale

Citibank NA

EUR

USD

07/11/2011

$

650,538

$

646,660

$

3,878

Sale

HSBC Bank plc

GBP

USD

07/11/2011

536,515

524,779

11,736

$

15,614

International Fund

Contract Type

Counterparty

Currency to Deliver

In Exchange For

Exchange Date

Foreign Currency Cost/Proceeds (U.S.$)

U.S. Dollar Value at June 30, 2011

Net Unrealized Depreciation

Sale

JPMorgan Chase Bank NA

AUD

USD

07/29/2011

$

14,091,780

$

14,181,736

$

(89,956

)

Sale

JPMorgan Chase Bank NA

CHF

USD

09/30/2011

10,160,923

10,175,301

(14,378

)

$

(104,334

)

Diversifying Strategies Fund

Contract Type

Counterparty

Currency to Deliver

In Exchange For

Exchange Date

Foreign Currency Cost/Proceeds (U.S.$)

U.S. Dollar Value at June 30, 2011

Net Unrealized Appreciation/ (Depreciation)

Purchase

Goldman Sachs International

USD

AUD

09/21/2011

$

57,899,687

$

58,500,975

$

601,288

Purchase

Goldman Sachs International

USD

CAD

09/21/2011

14,238,026

14,354,751

116,725

82

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at June 30, 2011		Net Unrealized Appreciation/ (Depreciation)
Purchase	Goldman Sachs International	USD		CHF		09/21/2011	$	20,077,129	$	20,092,455	$	15,326
Purchase	Goldman Sachs International	USD		EUR		09/21/2011		38,822,417		38,960,619		138,202
Purchase	Goldman Sachs International	USD		GBP		09/21/2011		9,942,264		9,848,389		(93,875	)
Purchase	Goldman Sachs International	USD		JPY		09/21/2011		43,976,621		43,758,969		(217,652	)
Purchase	Goldman Sachs International	USD		NOK		09/21/2011		23,420,282		23,781,210		360,928
Purchase	Goldman Sachs International	USD		NZD		09/21/2011		16,628,530		16,953,041		324,511
Purchase	Goldman Sachs International	USD		SEK		09/21/2011		31,542,938		31,384,587		(158,351	)
											$	1,087,102
Sale	Goldman Sachs International	AUD		USD		09/21/2011	$	19,614,736	$	19,934,204	$	(319,468	)
Sale	Goldman Sachs International	CAD		USD		09/21/2011		9,148,544		9,312,702		(164,158	)
Sale	Goldman Sachs International	CHF		USD		09/21/2011		39,161,639		39,150,073		11,566
Sale	Goldman Sachs International	EUR		USD		09/21/2011		44,294,917		45,050,167		(755,250	)
Sale	Goldman Sachs International	GBP		USD		09/21/2011		64,891,940		63,931,936		960,004
Sale	Goldman Sachs International	JPY		USD		09/21/2011		8,033,749		8,049,945		(16,196	)
Sale	Goldman Sachs International	NOK		USD		09/21/2011		24,713,004		24,783,999		(70,995	)
Sale	Goldman Sachs International	NZD		USD		09/21/2011		10,552,782		10,726,225		(173,443	)
Sale	Goldman Sachs International	SEK		USD		09/21/2011		3,797,920		3,830,820		(32,900	)
											$	(560,840	)
											$	526,262
Overseas Equity Index Fund
Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at June 30, 2011		Net Unrealized Appreciation/ (Depreciation)
Purchase	Barclays Bank plc	USD		AUD		09/21/2011	$	145,190	$	147,089	$	1,899
Purchase	Citibank NA	USD		AUD		09/21/2011		227,021		230,062		3,041
Purchase	Citibank NA	USD		EUR		09/21/2011		1,109,861		1,109,298		(563	)
Purchase	Credit Suisse International	USD		EUR		09/21/2011		39,936		40,080		144
Purchase	Bank of America NA	USD		GBP		09/21/2011		386,389		379,429		(6,960	)
Purchase	Citibank NA	USD		GBP		09/21/2011		90,335		90,755		420
Purchase	Deutsche Bank AG	USD		GBP		09/21/2011		257,641		252,954		(4,687	)
Purchase	UBS AG	USD		GBP		09/21/2011		90,189		90,435		246
Purchase	Citibank NA	USD		JPY		09/21/2011		303,821		302,665		(1,156	)
Purchase	JPMorgan Chase Bank NA	USD		JPY		09/21/2011		689,820		684,660		(5,160	)
											$	(12,776	)
Sale	Citibank NA	AUD		USD		09/21/2011	$	312,600	$	319,519	$	(6,919	)
Sale	Credit Suisse International	EUR		USD		09/21/2011		40,396		40,080		316
Sale	Citibank NA	EUR		USD		09/21/2011		651,376		659,613		(8,237	)
Sale	Bank of America NA	EUR		USD		09/21/2011		38,878		39,501		(623	)
Sale	Citibank NA	GBP		USD		09/21/2011		477,334		475,940		1,394
Sale	Citibank NA	JPY		USD		09/21/2011		546,322		545,836		486
Sale	JPMorgan Chase Bank NA	JPY		USD		09/21/2011		101,740		102,090		(350	)
Sale	Bank of America NA	JPY		USD		09/21/2011		101,140		100,785		355
											$	(13,578	)
											$	(26,354	)

83

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Option Contracts (“Options”)

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 on or before a specific date 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.

Certain funds may enter into options to manage certain risks. These risks may include interest rate risk (the risk that interest rates will rise, causing prices of fixed income securities to fall), credit risk (the risk that the issuer of a fixed income security will default on its obligation to pay interest and/or principal on the instrument in a timely manner), stock market risk (the risk that stock prices overall will decline over short or extended periods), and foreign currency risk (the risk that foreign currency values will decline relative to the U.S. dollar). Some funds also may use options to obtain or adjust investment exposure to certain assets, asset classes, or foreign currencies.

Option contracts may be used by the following funds for the following purposes:

Manage Risk:

Obtain or Adjust Investment Exposure:

Fund

Interest Rate Risk

Credit Risk

Stock Market Risk

Foreign Currency Risk

To Certain Assets or Asset Classes

To Foreign Currencies

Low Duration Bond

*

*

*

*

*

Inflation Protected Securities

*

*

*

*

*

Equity Income

*

Growth & Income

*

Growth

*

Select Value

*

*

Aggressive Opportunities

*

*

Discovery

*

*

*

International

*

*

*

Diversifying Strategies

*

*

*

*

*

*

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 that the fund purchases upon exercise will be increased by the premium originally paid. When a fund writes (sells) a call or put option, an amount equal to the premium received by the fund is recorded as a liability, and 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. Option contract transactions may incur a commission, in addition to the premium paid or received. Options written are reported as a liability in a fund’s Statement of Assets and Liabilities.

A risk in writing (selling) a call option is that the fund gives up the opportunity for profit if the market price of the security increases to or above the strike price 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.

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During the six month period ended June 30, 2011, the following funds purchased and/or sold put and/or call options: Inflation Protected Securities Fund and Diversifying Strategies Fund.

Written option activity for the six month period ended June 30, 2011 was as follows:

Inflation Protected Securities Fund

	Call Options				Put Options						Total
	Number of Contracts		Premium		Number of Contracts			Premium			Number of Contracts			Premium
Beginning balance as of 12/31/2010		—	$	—		—		$	—			—		$	—
Written		88		46,462		541			147,345			629			193,807
Closed		—		—		(294	)		(92,557	)		(294	)		(92,557	)
Expired		—		—		—			—			—			—
Ending balance as of 06/30/2011		88	$	46,462		247		$	54,788			335		$	101,250

Diversifying Strategies Fund

	Call Options						Put Options				Total
	Number of Contracts			Premium			Number of Contracts		Premium		Number of Contracts			Premium
Beginning balance as of 12/31/2010		470		$	88,257			—	$	—		470		$	88,257
Written		1,620			272,476			—		—		1,620			272,476
Closed		(1,380	)		(223,031	)		—		—		(1,380	)		(223,031	)
Expired		—			—			—		—		—			—
Ending balance as of 06/30/2011		710		$	137,702			—	$	—		710		$	137,702

As of June 30, 2011, the following funds had open written option contracts outstanding:

Inflation Protected Securities Fund

Option Type	Description	# Contracts		Strike Price	Expiration Date		Unrealized Gain/(Loss)
Call	U.S. 10 Year Treasury Note		88	124.00		8/26/2011	$	(15,413	)
Put	Euro-Dollars 1 Year Mid Curve		247	97.75		9/16/2011		53,244
							$	37,831
Diversifying Strategies Fund
Option Type	Description	# Contracts		Strike Price	Expiration Date		Unrealized Gain/(Loss)
Call	Swiss Market Index		300	6,110.50		9/16/2011	$	(22,085	)
Call	Swiss Market Index		410	6,262.00		9/16/2011		14,714
							$	(7,371	)

Swap Agreements (“Swaps”)

Swaps are two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, such as specified interest rates, a particular foreign currency, or in a “basket” of securities or commodities as represented by a

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particular index. The gross returns to be exchanged or “swapped” between the parties are generally calculated based on the return on or increase in value of a “notional amount”, i.e. the predetermined dollar amount on which the dollar amount of gross returns are calculated.

Total return swaps 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. Total return swaps may be used to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. 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 fixed income security in the event of a default or other agreed upon credit related event by the issuer of the debt obligation. Interest rate swaps involve the exchange by a fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. Inflation rate swaps involve the exchange by a fund with another party of their respective commitments to pay or receive a fixed rate in exchange for the rate of change of an inflation index with respect to a notional amount of principal.

Certain funds may enter into swaps to manage certain risks (e.g. interest rate risk, which is the risk that interest rates will rise, causing prices of fixed income securities to fall, and credit risk, which is the risk that the issuer of a fixed income security will default on its obligation to pay interest and/or principal on the instrument in a timely manner). Some funds also may use swaps to manage foreign currency risk or to obtain or adjust investment exposure to certain assets or asset classes.

Swaps may be used by the following funds for the following purposes:

	Manage Risk:						Obtain or Adjust Investment Exposure:
Fund	Interest Rate Risk		Credit Risk		Foreign Currency Risk		To Certain Assets or Asset Classes
Low Duration Bond		*		*		*		*
Inflation Protected Securities		*		*				*
Discovery		*		*				*
Diversifying Strategies		*		*				*
Core Bond Index		*		*				*

The risks of entering into swaps include the possible lack of liquidity and unfavorable changes in the underlying investments or instruments. The use of swaps may also include counterparty risk, which is the risk that the other party to a swap may not fulfill its 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, swaps are not traded on exchanges or other organized markets and are generally illiquid.

Swaps are marked to market daily using pricing services or fair values. Changes in value, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation (depreciation) on swaps. A realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of a swap. Net realized and unrealized gains and losses occurring during the holding period of swaps are a component of net realized gain (loss) on swaps and change in net unrealized appreciation (depreciation) on swaps in the Statement of Operations, respectively.

During the six month period ended June 30, 2011, the Inflation Protected Securities Fund participated in interest rate swaps and the Diversified Strategies Fund participated in total return swaps.

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As of June 30, 2011, the following swaps were outstanding:

Inflation Protected Securities Fund

Interest Rate Swaps
	Rates Exchanged
Swap Counterparty	Payments Made By The Fund	Payments Received By The Fund		Termination Date		Notional Amount		Net Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services	Daily Brazil CETIP Interbank Deposit Rate		12.54%		01/02/2012		BRL 6,600,000	$	211,482

Swap Options (“Swaptions”)

A swaption is a contract that gives the holder 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.

Certain funds may enter into swaptions to manage certain risks (e.g., 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 in a timely manner). Some funds also may use swaptions to manage foreign currency risk or to obtain or adjust investment exposure to certain assets or asset classes.

Swaptions may be used by the following funds for the following purposes:

	Manage Risk:						Obtain or Adjust Investment Exposure:
Fund	Interest Rate Risk		Credit Risk		Foreign Currency Risk		To Certain Assets or Asset Classes
Low Duration Bond		*		*		*		*
Inflation Protected Securities		*		*				*
Discovery		*		*
Diversifying Strategies		*		*				*
Core Bond Index		*		*				*

When a fund purchases a swaption, it risks losing 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 (i.e., the fund may be required to enter into a new swap agreement, or to shorten, extend, cancel, or otherwise modify an existing swap agreement, even when there has been an unfavorable change in the value of the underlying swap). The use of swaptions includes counterparty risk, which is the risk that the other party to a swaption may not fulfill its obligations.

When a fund writes a call or put swaption, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the swaption written. These liabilities are reflected as written swaptions outstanding on the Statement of Assets and Liabilities. Certain swaptions may be written with premiums to be determined on a future date. Premiums received from writing swaptions which expire are treated as realized gains. Premiums received from writing swaptions which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying swap to determine the realized gain or loss.

Funds may also purchase put and call swaptions. Purchasing put or call swaptions tends to increase the fund’s potential opportunity to benefit from favorable market value changes in the underlying swap without obligating the fund to participate in unfavorable market changes that may occur. The fund pays a premium which is included on the fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

value of the swaption. Premiums paid for purchasing swaptions which expire are treated as realized losses. Certain swaptions may be purchased with premiums to be determined on a future date. The premiums for these swaptions are based upon implied volatility parameters at specified terms. Premiums paid for purchasing swaptions which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying swap to determine the realized gain or loss. 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.

During the six month period ended June 30, 2011, the following fund participated in interest rate swaptions: Inflation Protected Securities Fund.

Written swaption activity for the six month period ended June 30, 2011 was as follows:

Inflation Protected Securities Fund

	Call Swaptions						Put Swaptions						Total
	Notional Amount			Premium			Notional Amount			Premium			Notional Amount			Premium
Beginning balance as of
12/31/2010	$	3,600,000		$	7,371		$	34,200,000		$	267,038		$	37,800,000		$	274,409
Written		23,200,000			100,341			48,200,000			191,976			71,400,000			292,317
Closed		—			—			(3,600,000	)		(17,311	)		(3,600,000	)		(17,311	)
Expired		(14,200,000	)		(45,507	)		(10,600,000	)		(53,598	)		(24,800,000	)		(99,105	)
Ending balance as of 06/30/2011	$	12,600,000		$	62,205		$	68,200,000		$	388,105		$	80,800,000		$	450,310

As of June 30, 2011, the following fund had open written swaption contracts outstanding:

Inflation Protected Securities Fund

Exchange	Counterparty	Contract	Notional Amount		Strike Rate		Expiration Date		Net Unrealized Appreciation/ (Depreciation)
OTC	Goldman Sachs	Put—Interest Rate Swaption	$	16,200,000		2.00%		4/30/2012	$	19,712
OTC	Royal Bank of Scotland plc	Put—Interest Rate Swaption		15,800,000		2.25%		9/24/2012		46,507
OTC	Royal Bank of Scotland plc	Put—Interest Rate Swaption		8,800,000		2.00%		4/30/2012		8,635
OTC	Citibank NA	Put—Interest Rate Swaption		6,900,000		3.00%		6/18/2012		37,147
OTC	Royal Bank of Scotland plc	Call—Interest Rate Swaption		4,800,000		1.80%		8/24/2011		1,158
OTC	Royal Bank of Scotland plc	Put—Interest Rate Swaption		4,800,000		2.50%		8/24/2011		9,296
OTC	Royal Bank of Scotland plc	Put—Interest Rate Swaption		4,200,000		3.75%		11/14/2011		6,574
OTC	Royal Bank of Scotland plc	Call—Interest Rate Swaption		4,200,000		3.00%		11/14/2011		2,706
OTC	Morgan Stanley Capital Services	Call—Interest Rate Swaption		3,600,000		3.00%		10/11/2011		(4,365	)
OTC	Morgan Stanley Capital Services	Put—Interest Rate Swaption		3,600,000		4.25%		10/11/2011		10,997
OTC	Goldman Sachs	Put—Interest Rate Swaption		3,400,000		1.00%		11/19/2012		(151	)
OTC	Deutsche Bank AG	Put—Interest Rate Swaption		3,000,000		3.00%		6/18/2012		19,316
OTC	Citibank NA	Put—Interest Rate Swaption		800,000		2.25%		9/24/2012		1,384
OTC	Barclays Bank plc	Put—Interest Rate Swaption		400,000		3.00%		6/18/2012		2,054
OTC	Morgan Stanley Capital Services	Put—Interest Rate Swaption		300,000		2.25%		9/24/2012		395
									$	161,365

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Derivative Risk Exposure

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 (risks to which a fund is exposed as a result of holding the derivative contract) as of June 30, 2011.

	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	$	—		Payable for variation margin on futures contracts	$	24,970	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		53,200		Unrealized depreciation on forward foreign currency exchange contracts		—
Total		$	53,200			$	24,970
Inflation Protected Securities Fund
Interest rate	Investment in Securities, at value — purchased options, unrealized appreciation on swap agreements and receivable for variation margin on futures contracts	$	517,421	*	Payable for variation margin on futures contracts and written options at value	$	540,727	*
Total		$	517,421			$	540,727
Discovery Fund
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	15,614		Unrealized depreciation on forward foreign currency exchange contracts	$	—
Stock market	Receivable for variation margin on futures contracts		6,481,042	*	Payable for variation margin on futures contracts		—
Total		$	6,496,656			$	—
International Fund
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	—		Unrealized depreciation on forward foreign currency exchange contracts	$	104,334
Total		$	—			$	104,334
Diversifying Strategies Fund
Interest rate	Investment in Securities, at value — purchased options and receivable for variation margin on futures contracts	$	16,916,560	^	Payable for variation margin on futures contracts	$	498,394	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		2,528,550		Unrealized depreciation on forward foreign currency exchange contracts		2,002,288
Stock market	Investments in Securities, at value — purchased options and receivable for variation margin on futures contracts		2,807,787	^	Payable for variation margin on futures contracts and written options at value		1,543,653	*
Total		$	22,252,897			$	4,044,335

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (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
Stock market	Receivable for variation margin on futures contracts	$	127,289	*	Payable for variation margin on futures contracts	$	—
Total		$	127,289			$	—
Broad Market Index Fund
Stock market	Receivable for variation margin on futures contracts	$	141,011	*	Payable for variation margin on futures contracts	$	—
Total		$	141,011			$	—
Mid/Small Company Index Fund
Stock market	Receivable for variation margin on futures contracts	$	366,949	*	Payable for variation margin on futures contracts	$	—
Total		$	366,949			$	—
Overseas Equity Index Fund
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	8,301		Unrealized depreciation on forward foreign currency exchange contracts	$	34,655
Stock market	Receivable for variation margin on futures contracts		87,643	*	Payable for variation margin on futures contracts		—
Total		$	95,944			$	34,655

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

^ 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. The cumulative variation margin is reported within the asset and liability sections of the Statements of Assets and Liabilities.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

The following tables reflect the funds’ gains (losses) related to derivative activities by risk exposure types (risks to which a fund is exposed as a result of holding the derivative contract) for the six month period ended June 30, 2011, 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 Fund1
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—		$	(370,421	)	$	—		$	—	$	(370,421	)
Foreign currency		—			—			(493,956	)		—		(493,956	)
Total	$	—		$	(370,421	)	$	(493,956	)	$	—	$	(864,377	)
Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—		$	(27,970	)	$	—		$	—	$	(27,970	)
Foreign currency		—			—			45,711			—		45,711
Total	$	—		$	(27,970	)	$	45,711		$	—	$	17,741
Inflation Protected Securities Fund2
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	81,756	**	$	(588,501	)	$	—		$	—	$	(506,745	)
Foreign currency		—			—			—			—		—
Total	$	81,756	**	$	(588,501	)	$	—		$	—	$	(506,745	)
Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	314,922		$	44,491		$	—		$	24,053	$	383,466
Foreign currency		—			—			—			—		—
Total	$	314,922		$	44,491		$	—		$	24,053	$	383,466

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Discovery Fund3
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—		$	—		$	—		$	—	$	—
Foreign currency		—			—			(31,296	)		—		(31,296	)
Stock market		—			2,381,229			—			—		2,381,229
Total	$	—		$	2,381,229		$	(31,296	)	$	—	$	2,349,933
Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—		$	—		$	—		$	—	$	—
Foreign currency		—			—			14,954			—		14,954
Stock market		—			4,109,474			—			—		4,109,474
Total	$	—		$	4,109,474		$	14,954		$	—	$	4,124,428
International Fund4
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—		$	—		$	(1,005,723	)	$	—	$	(1,005,723	)
Stock market		—			—			—			—		—
Total	$	—		$	—		$	(1,005,723	)	$	—	$	(1,005,723	)
Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—		$	—		$	(104,334	)	$	—	$	(104,334	)
Stock market		—			—			—			—		—
Total	$	—		$	—		$	(104,334	)	$	—	$	(104,334	)
Diversifying Strategies Fund5
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	(2,653,129	)**	$	(870,073	)	$	—		$	101,348	$	(3,421,854	)
Foreign currency		—			—			2,331,116			—		2,331,116
Stock market		38,225			2,178,504			—			—		2,216,729
Total	$	(2,614,904	)**	$	1,308,431		$	2,331,116		$	101,348	$	1,125,991
Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	1,396,830		$	407,131		$	—		$	1,853,545	$	3,657,506
Foreign currency		—			—			(366,458	)		—		(366,458	)
Stock market		(350,585	)		507,315			—			—		156,730
Total	$	1,046,245		$	914,446		$	(366,458	)	$	1,853,545	$	3,447,778

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

500 Stock Index Fund6
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	503,019		$	—		$	—	$	503,019
	Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	(62,269	)	$	—		$	—	$	(62,269	)
Broad Market Index Fund7
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	116,301		$	—		$	—	$	116,301
	Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	43,171		$	—		$	—	$	43,171
Mid/Small Company Index Fund8
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	(401,213	)	$	—		$	—	$	(401,213	)
Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	372,476		$	—		$	—	$	372,476
Overseas Equity Index Fund9
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—	$	—		$	233,513		$	—	$	233,513
Stock market		—		197,347			—			—		197,347
Total	$	—	$	197,347		$	233,513		$	—	$	430,860
Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—	$	—		$	(113,079	)	$	—	$	(113,079	)
Stock market		—		98,669			—			—		98,669
Total	$	—	$	98,669		$	(113,079	)	$	—	$	(14,410	)

** The realized gain (loss) and unrealized appreciation (depreciation) for purchased options is reported in the Statements of Operations within realized gains (losses) on investments and net change in unrealized appreciation (depreciation) on investments, respectively.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

(1) The Low Duration Bond Fund used futures to manage interest rate risk inherent in its fixed income securities, consistent with its principal investment strategies. The fund used forward currency contracts to manage currency risk.

(2) The Inflation Protected Securities Fund used futures, options (including swaptions), and swaps to manage interest rate risk inherent in its fixed income securities, consistent with its principal investment strategies. The fund used futures, options (including swaptions), and swaps to obtain or adjust investment exposure to segments of the fixed income market in pursuit of its investment objective and to obtain or adjust investment exposure to foreign currencies in pursuit of its investment objective.

(3) The Discovery Fund used Russell 2000 Index futures and fixed income futures to obtain or adjust investment exposure to U.S. common stocks and to fixed income markets consistent with its principal investment strategies. The fund also used fixed income futures to manage interest rate risk inherent in its fixed income holdings. The fund used forward currency contracts to manage foreign currency risk inherent in its foreign fixed income holdings.

(4) The International Fund used forward currency contracts to obtain or adjust investment exposure to foreign currencies to facilitate the trading of the foreign securities in which the fund invested consistent with its principal investment strategies and in pursuit of its investment objective.

(5) The Diversifying Strategies Fund used futures to manage interest rate risk inherent in its fixed income securities, consistent with its investment strategies. The fund also used futures to obtain or adjust investment exposure to stocks and fixed income securities in pursuit of its investment objective. Also, in pursuit of its investment objective, the fund used (1) options and swaps to obtain or adjust investment exposure to fixed income securities, (2) foreign currency contracts to obtain or adjust investment exposure to foreign currencies, and (3) options to obtain or adjust investment exposure to equity securities.

(6) The 500 Stock Index Fund used futures to obtain or adjust investment exposure to stocks included in the S&P 500 Index in pursuit of its investment objective, when it was believed that using futures would be more efficient or cost effective than trading in the securities directly.

(7) The Broad Market Index Fund used futures to obtain or adjust investment exposure to equity issues in pursuit of its investment objective, when it was believed that using futures would be more efficient or cost effective than trading in the securities directly.

(8) The Mid/Small Company Index Fund used futures to obtain or adjust investment exposure to equity issues in pursuit of its investment objective, when it was believed that using futures would be more efficient or cost effective than trading in the securities directly.

(9) The Overseas Equity Index Fund used forward currency contracts to manage currency risks inherent in the fund’s equity securities in pursuit of its investment objective. The fund used futures to obtain or adjust investment exposure to equity securities, which were in support of the fund’s investment objective, when it was believed that using futures would be more efficient or cost effective than trading in the securities directly.

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 earned $8,994,018 in the aggregate for the six month period ended June 30, 2011.

Vantagepoint Transfer Agents, LLC (“VTA”), a wholly owned subsidiary of ICMA-RC, provides transfer agency and administrative shareholder support services for the funds related to the retirement plans investing in the funds. Pursuant to a Transfer Agency and Administrative Services Agreement with The Vantagepoint Funds, VTA is entitled to receive a fee for fund services. VTA receives 0.35% of the average daily net assets of each Actively Managed Fund, 0.30% of the average daily net assets of the Class I shares of the Index Funds and 0.10% of the average daily net assets of the Class II shares of the Index Funds. For these services, VTA earned $20,749,089 in the aggregate for the six month period ended June 30, 2011.

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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 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 subadvisory fees for Analytic Investors, LLC and Mellon Capital Management Corporation for the Diversifying Strategies Fund are 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 under management increases the rate of fee paid to the Subadviser decreases. Other subadvisers charge one fee no matter what amount of assets they have 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 six month period ended June 30, 2011 are presented in the “Additional Information” section of these Notes. The Subadviser’s fees during the six month period ended June 30, 2011 are shown here as an annual percentage of average net assets under management, except the subadvisory fees for Analytic Investors, LLC and Mellon Capital Management Corporation for the Diversifying Strategies Fund which are 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 LLC		0.18	%
Inflation Protected Securities	Pacific Investment Management Company, LLC		0.20	%
	BlackRock Financial Management, Inc.		0.10	%
Equity Income	Barrow, Hanley, Mewhinney & Strauss, LLC (1)		0.22	%
	T. Rowe Price Associates, Inc. (1)		0.35	%
	Southeastern Asset Management, Inc.		0.52	%
Growth & Income	Fiduciary Management, Inc.		0.29	%
	T. Rowe Price Associates, Inc.		0.38	%
	Wellington Management Company, LLP		0.27	%
Growth	Columbus Circle Investors		0.33	%
	D.G. Capital Management Trust		0.35	%
	Legg Mason Capital Management, Inc.		0.32	%
	Tukman Grossman Capital Management, Inc.		0.40	%
	Westfield Capital Management Company, L.P.		0.33	%
Select Value	Artisan Partners Limited Partnership		0.55	%
	WEDGE Capital Management LLP		0.53	%
	Systematic Financial Management, L.P.		0.42	%
Aggressive Opportunities	Legg Mason Capital Management, Inc.		0.32	%
	Southeastern Asset Management, Inc.		0.56	%
	TimesSquare Capital Management, LLC		0.50	%
	Wellington Management Company, LLP		0.41	%
Discovery	Payden & Rygel		0.15	%
	Wellington Management Company, LLP		0.73	%
International	Artisan Partners Limited Partnership		0.65	%
	GlobeFlex Capital, LP		0.40	%
	Mondrian Investment Partners Limited		0.43	%
	Walter Scott & Partners Limited		0.55	%

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Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)
Diversifying Strategies	Analytic Investors, LLC (2)		0.45	%
	Calamos Advisors LLC		0.54	%
	Mellon Capital Management Corporation (3)		0.53	%
	Payden & Rygel (Enhanced Cash Strategy)		0.10	%
	Payden & Rygel (Low Duration Strategy)		0.10	%
	Shenkman Capital Management, Inc.		0.39	%
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		0.03	%
Overseas Equity Index	Mellon Capital Management Corporation		0.07	%

(1) Effective May 1, 2011, the fee schedules charged by Barrow, Hanley, Mewhinney & Strauss, LLC and T. Rowe Price & Associates, Inc. were amended and the percentages shown above represent a blended rate of the previous fee schedules and the new fee schedules.

(2) On June 17, 2011, the Board approved the termination of Analytic Investors, LLC.

(3) Effective May 1, 2011, Mellon Capital Management Corporation has contractually agreed to waive a portion of its subadvisory fee through April 30, 2014.

Expenses

The Model Portfolio Funds and Milestone Funds incur fees and expenses indirectly as shareholders in their respective underlying funds. Because the underlying funds have varied expense and fee levels and the Model Portfolio and Milestone Funds may own different proportions of such funds at different times, the amount of fees and expenses indirectly incurred by the Model Portfolio and Milestone 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 six month period ended June 30, 2011, no waiver or reimbursement was required.

From January 4, 2010 through April 30, 2011, and from May 1, 2011 through April 30, 2012, VIA contractually agreed to limit the Milestone 2045 Fund expense ratio to 1.10%. The waived amount during the six month period ended June 30, 2011 was $1,479.

T. Rowe Price Associates, Inc. (“T. Rowe Price”) voluntarily waives a portion of its aggregate subadvisory fees for the Growth & Income and Equity Income 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 Vantagepoint Funds: a 2.5% waiver on the first $500 million in total assets provided the total amount of assets managed by T. Rowe Price is between $250 and $500 million and a 5% waiver on total assets above $500 million. For the six month period ended June 30, 2011, the fee waiver for the Growth & Income Fund totaled $21,493 and the fee waiver for the Equity Income Fund totaled $41,987. 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 managed in the Growth Fund. This waiver totaled $146,706 for the six month period ended June 30, 2011. Effective May 1, 2011, Mellon Capital Management Corporation (“Mellon Capital

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Management”) agreed to waive a portion of its subadvisory fee through April 30, 2014 so that its fee for the Diversifying Strategies Fund does not exceed 0.325% of the average daily market value of the assets managed in the Diversifying Strategies Fund. This waiver totaled $109,569 for the six month period ended June 30, 2011.

5. Investment Portfolio Transactions

Purchases and sales of investments, exclusive of short-term securities, for each fund for the six month period ended June 30, 2011 were as follows:

	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Low Duration Bond	$	25,178,517	$	17,674,915	$	161,431,897	$	132,896,370
Inflation Protected Securities		161,957,796		177,155,956		56,103,119		29,130,076
Equity Income		—		—		142,788,410		236,361,209
Growth & Income		—		—		268,314,237		270,640,006
Growth		—		—		720,884,710		765,661,362
Select Value		—		—		105,485,761		123,445,850
Aggressive Opportunities		—		—		288,923,287		338,145,932
Discovery		10,319,433		6,989,233		69,231,322		55,388,672
International		—		—		288,543,579		299,342,985
Diversifying Strategies		23,877,336		29,706,369		295,278,390		234,537,176
Core Bond Index		113,631,612		123,114,597		177,349,022		155,326,517
500 Stock Index		—		—		6,077,532		3,495,964
Broad Market Index		—		—		2,151,037		31,713,666
Mid/Small Company Index		—		—		43,096,510		28,341,406
Overseas Equity Index		—		—		3,153,948		2,511,987
Model Portfolio Savings Oriented		—		—		16,319,953		21,435,644
Model Portfolio Conservative Growth		—		—		19,814,041		31,672,791
Model Portfolio Traditional Growth		—		—		33,947,626		92,125,997
Model Portfolio Long-Term Growth		—		—		38,048,161		87,956,113
Model Portfolio All-Equity Growth		—		—		22,384,164		41,664,148
Milestone Retirement Income		—		—		20,738,344		17,393,455
Milestone 2010		—		—		21,341,596		18,232,341
Milestone 2015		—		—		40,092,406		27,458,015
Milestone 2020		—		—		44,658,936		19,944,212
Milestone 2025		—		—		33,767,622		14,684,848
Milestone 2030		—		—		26,101,169		14,986,590
Milestone 2035		—		—		17,180,717		9,456,235
Milestone 2040		—		—		18,814,998		12,277,066
Milestone 2045		—		—		7,048,782		568,756

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6. Tax Basis Unrealized Appreciation (Depreciation)

As of June 30, 2011, 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)
Low Duration Bond	$	551,609,760	$	9,234,717	$	3,577,020	$	5,657,697
Inflation Protected Securities		542,330,336		22,572,288		537,523		22,034,765
Equity Income		1,883,206,866		312,093,094		85,740,699		226,352,395
Growth & Income		1,093,293,516		239,744,152		27,041,310		212,702,842
Growth		1,708,850,210		312,071,794		31,463,955		280,607,839
Select Value		313,763,441		59,971,627		3,014,468		56,957,159
Aggressive Opportunities		1,104,670,794		200,255,545		50,148,836		150,106,709
Discovery		226,536,464		20,926,517		9,422,899		11,503,618
International		1,198,951,927		168,807,824		41,389,273		127,418,551
Diversifying Strategies		882,910,678		28,539,455		2,169,593		26,369,862
Core Bond Index		1,193,217,103		38,526,556		4,964,444		33,562,112
500 Stock Index		280,156,031		154,331,115		22,938,556		131,392,559
Broad Market Index		396,235,235		217,944,492		52,066,759		165,877,733
Mid/Small Company Index		428,692,199		121,881,414		32,917,928		88,963,486
Overseas Equity Index		216,992,603		37,041,089		35,037,643		2,003,446
Model Portfolio Savings Oriented		325,168,464		16,579,337		—		16,579,337
Model Portfolio Conservative Growth		562,887,138		30,648,010		—		30,648,010
Model Portfolio Traditional Growth		1,415,724,653		85,460,359		3,638,614		81,821,745
Model Portfolio Long-Term Growth		1,752,301,125		138,398,627		3,696,220		134,702,407
Model Portfolio All-Equity Growth		705,069,789		39,186,420		6,508,586		32,677,834
Milestone Retirement Income		220,100,860		4,628,501		—		4,628,501
Milestone 2010		217,849,192		11,110,996		—		11,110,996
Milestone 2015		370,661,821		20,278,646		—		20,278,646
Milestone 2020		360,252,280		24,364,212		—		24,364,212
Milestone 2025		277,135,922		22,636,306		—		22,636,306
Milestone 2030		211,444,540		22,424,238		—		22,424,238
Milestone 2035		132,242,232		16,590,413		—		16,590,413
Milestone 2040		125,174,605		21,826,162		—		21,826,162
Milestone 2045		26,396,521		3,998,654		—		3,998,654

7. Portfolio Securities Loaned

Certain funds lend securities to approved borrowers to seek to earn additional income. As of June 30, 2011, 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. A fund also continues to receive any distributions paid on the loaned securities. The fund may terminate a loan at any time and generally expects to receive the securities loaned within the normal settlement period for the security involved. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in collateral in the event of default or insolvency of the borrower. The fund may not retain voting rights on securities while they are on loan. Voting rights on the loaned securities may pass to the borrower. The funds, however, are entitled to terminate or recall the loans to vote proxies or otherwise obtain rights to vote or consent with respect to a material event.

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

The market value of the securities on loan and the value of the related collateral as of June 30, 2011, were as follows:

Fund	Securities on Loan		Collateral		Collateralization
Low Duration Bond	$	1,959,955	$	1,999,800		102	%
Inflation Protected Securities		55,759,881		57,407,453		103	%
Equity Income		154,147,817		157,134,896		102	%
Growth & Income		49,892,787		50,263,374		101	%
Growth		33,771,246		34,198,266		101	%
Select Value		19,628,607		20,014,039		102	%
Aggressive Opportunities		113,966,896		117,202,870		103	%
Discovery		23,946,506		24,714,053		103	%
International		66,850,865		69,780,867		104	%
Core Bond Index		102,647,308		105,160,263		102	%
500 Stock Index		12,944,286		13,907,872		107	%
Broad Market Index		27,313,477		28,659,893		105	%
Mid/Small Company Index		68,963,263		70,639,808		102	%
Overseas Equity Index		7,528,390		7,818,960		104	%

8. Transactions with Affiliated Funds

As of June 30, 2011, 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		18.93	%		20.17	%		21.39	%		—			—
Inflation Protected Securities		10.04	%		11.66	%		11.76	%		—			—
Equity Income		1.77	%		3.36	%		9.22	%		12.58	%		6.74	%
Growth & Income		2.76	%		4.27	%		14.29	%		19.55	%		9.95	%
Growth		—			1.83	%		7.68	%		11.12	%		6.42	%
Select Value		—			5.12	%		23.59	%		46.05	%		19.93	%
Aggressive Opportunities		—			1.56	%		7.19	%		14.05	%		6.17	%
Discovery		—			—			21.05	%		39.82	%		30.87	%
International		1.38	%		3.81	%		14.37	%		24.16	%		11.73	%
Core Bond Index Class I		3.62	%		8.40	%		22.96	%		28.64	%		—
Diversifying Strategies		7.56	%		12.45	%		24.75	%		24.76	%		—

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Underlying Fund	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
Low Duration Bond		12.44	%		5.97	%		7.12	%		4.42	%		1.35	%
Inflation Protected Securities		6.61	%		6.70	%		6.25	%		0.56	%		—
Equity Income		1.16	%		2.21	%		3.85	%		4.23	%		3.55	%
Growth & Income		1.82	%		2.02	%		3.48	%		3.59	%		3.14	%
Growth		—			0.86	%		1.53	%		1.67	%		1.46	%
International		0.91	%		1.70	%		3.43	%		3.90	%		3.45	%
Core Bond Index Class I		2.38	%		1.73	%		4.71	%		6.52	%		4.60	%
Mid/Small Company Index Class I		—			—			9.08	%		13.14	%		13.09	%
Diversifying Strategies		4.97	%		4.44	%		7.00	%		6.35	%		4.16	%
Underlying Fund	Milestone 2030			Milestone 2035			Milestone 2040			Milestone 2045
Low Duration Bond		0.50	%		0.03	%		—			—
Equity Income		2.93	%		1.97	%		2.04	%		0.42	%
Growth & Income		2.65	%		1.77	%		1.85	%		0.39	%
Growth		1.27	%		0.91	%		0.94	%		0.20	%
International		3.00	%		2.11	%		2.21	%		0.46	%
Core Bond Index Class I		2.34	%		0.91	%		0.86	%		0.18	%
Mid/Small Company Index Class I		12.89	%		10.40	%		11.01	%		2.28	%
Diversifying Strategies		2.60	%		0.88	%		0.08	%		—

9. Control Persons and Principal Holders of Securities

As of June 30, 2011, a majority of the voting shares of all funds 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 all the funds, the Trust Company may possess the ability to control the outcome of matters submitted to the vote of shareholders.

Additionally, as of June 30, 2011, the VantageTrust, an affiliated group trust, held directly or indirectly, the outstanding shares of the Company in the percentages shown below:

Fund	% Owned by VantageTrust
Low Duration Bond		78.70	%
Inflation Protected Securities		85.96	%
Equity Income		90.88	%
Growth & Income		90.37	%
Growth		95.52	%
Select Value		93.47	%
Aggressive Opportunities		95.86	%
Discovery		93.54	%
International		91.48	%
Diversifying Strategies		88.83	%
Core Bond Index Class I		88.90	%
Core Bond Index Class II		88.77	%
500 Stock Index Class I		83.12	%

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Fund	% Owned by VantageTrust
500 Stock Index Class II		99.88	%
Broad Market Index Class I		84.70	%
Broad Market Index Class II		98.35	%
Mid/Small Company Index Class I		81.04	%
Mid/Small Company Index Class II		99.01	%
Overseas Equity Index Class I		83.70	%
Overseas Equity Index Class II		99.09	%
Model Portfolio Savings Oriented		84.15	%
Model Portfolio Conservative Growth		88.70	%
Model Portfolio Traditional Growth		94.20	%
Model Portfolio Long-Term Growth		95.87	%
Model Portfolio All-Equity Growth		91.04	%
Milestone Retirement Income		75.06	%
Milestone 2010		73.16	%
Milestone 2015		80.17	%
Milestone 2020		83.50	%
Milestone 2025		84.16	%
Milestone 2030		84.45	%
Milestone 2035		81.25	%
Milestone 2040		83.33	%
Milestone 2045		63.91	%

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 six month period ended June 30, 2011, the funds recaptured the following amounts of brokerage commissions:

Fund	Recaptured Brokerage Commissions
Equity Income	$	24,015
Growth & Income		23,894
Growth		193,724
Select Value		39,328
Aggressive Opportunities		88,072
Discovery		8,213
International		48,704

11. Subsequent Events

Management has evaluated events or transactions that may have occurred since June 30, 2011, that would merit recognition or disclosure in the financial statements. Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date the financial statements were issued.

12. Capital Stock Authorization

The Company’s Amended Declaration of Trust permits it to issue an unlimited number of full and fractional shares of beneficial interest of each fund, without par value, and to divide or combine the shares of any series into a greater or lesser number of shares of that fund without thereby changing the proportionate beneficial interests in that fund and to divide such shares into classes. Each share of a class of a fund represents an equal proportional interest in the fund with each other share in the same class.

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A. Subadviser Fees

Presented below are the fees paid by each fund to subadvisers during the six month period ended June 30, 2011. Fees are shown as an annual percentage of average net assets under management except that the subadvisory fees for Analytic Investors, LLC and Mellon Capital Management Corporation for the Diversifying Strategies Fund are 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 October 1, 2010 through March 31, 2011.

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%	$	124,126
	STW Fixed Income Management LLC		0.18%		240,743
Inflation Protected Securities	Pacific Investment Management Company, LLC		0.20%		237,910
	BlackRock Financial Management, Inc.		0.10%		62,103
Equity Income	Barrow, Hanley, Mewhinney & Strauss, LLC (1)		0.22%		685,217
	T. Rowe Price Associates, Inc. (1)		0.35%		1,108,613
	Southeastern Asset Management, Inc.		0.52%		1,584,145
Growth & Income	Fiduciary Management, Inc.		0.29%		587,239
	T. Rowe Price Associates, Inc.		0.38%		563,156
	Wellington Management Company, LLP		0.27%		665,664
Growth	Columbus Circle Investors		0.33%		853,724
	D.G. Capital Management Trust		0.35%		418,573
	Legg Mason Capital Management, Inc.		0.32%		474,050
	Tukman Grossman Capital Management, Inc.		0.40%		581,185
	Westfield Capital Management Company, L.P.		0.33%		945,376
Select Value	Artisan Partners Limited Partnership		0.55%		302,176
	WEDGE Capital Management L.L.P.		0.53%		295,553
	Systematic Financial Management, L.P.		0.42%		234,150
Aggressive Opportunities	Legg Mason Capital Management, Inc.		0.32%		542,594
	Southeastern Asset Management, Inc.		0.56%		617,487
	TimesSquare Capital Management, LLC		0.50%		839,295
	Wellington Management Company, LLP		0.41%		458,348
Discovery	Payden & Rygel		0.15%		77,845
	Wellington Management Company, LLP		0.73%		377,286
International	Artisan Partners Limited Partnership		0.65%		672,461
	GlobeFlex Capital, LP		0.40%		717,344
	Mondrian Investment Partners Limited		0.43%		898,021
	Walter Scott & Partners Limited		0.55%		568,711
Diversifying Strategies	Analytic Investors, LLC (2)		0.45%		369,307
	Calamos Advisors LLC		0.54%		294,027
	Mellon Capital Management Corporation (3)		0.53%		539,371
	Payden & Rygel (Enhanced Cash Strategy)		0.10%		128,320
	Payden & Rygel (Low Duration Strategy)		0.10%		140,978
	Shenkman Capital Management, Inc.		0.39%		204,184

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Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)		Dollars Paid
Core Bond Index	Mellon Capital Management Corporation		0.02%	$	116,343
500 Stock Index	Mellon Capital Management Corporation		0.02%		38,432
Broad Market Index	Mellon Capital Management Corporation		0.02%		59,932
Mid/Small Company Index	Mellon Capital Management Corporation		0.03%		61,318
Overseas Equity Index	Mellon Capital Management Corporation		0.07%		71,538

(1) Effective May 1, 2011, the fee schedules charged by Barrow, Hanley, Mewhinney & Strauss, LLC and T. Rowe Price & Associates, Inc. were amended and the percentages shown above represent a blended rate of the previous fee schedules and the new fee schedules.

(2) On June 17, 2011, the Board approved the termination of Analytic Investors, LLC.

(3) Effective May 1, 2011, Mellon Capital Management Corporation has contractually agreed to waive a portion of its subadvisory fee through April 30, 2014.

B. Directors’ Considerations of Investment 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 January 1, 2011 through June 30, 2011, of the approval of the Master Investment Advisory Agreements (“Advisory Agreement” or “Advisory Agreements”) between VIA and each series of the Company (each series, a “Fund” and collectively, the “Funds”) and certain Investment Subadvisory Agreements (“Subadvisory Agreement” or “Subadvisory Agreements”) for the Funds.

Annual Consideration of the Investment Advisory Agreements and Certain Subadvisory Agreements

At a meeting held on January 27, 2011 (“January 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”), approved the continuance of the Advisory Agreements between VIA and each Fund. In addition, the Board, including a majority of the Independent Directors, approved the continuance of the Subadvisory Agreements with respect to the following subadvisers and Funds (may be referred to collectively as the “Sub-Advised Funds”): Payden & Rygel (Low Duration Bond Fund, Discovery Fund and Diversifying Strategies Fund); STW Fixed Income Management LLC (Low Duration Bond Fund); BlackRock Financial Management, Inc. (Inflation Protected Securities Fund); Pacific Investment Management Company, LLC (“PIMCO”) (Inflation Protected Securities Fund); T. Rowe Price Associates, Inc. (“T. Rowe Price”) (Equity Income Fund and Growth & Income Fund); Barrow, Hanley, Mewhinney & Strauss LLC (“Barrow Hanley”) (Equity Income Fund); Southeastern Asset Management Inc. (Equity Income Fund and Aggressive Opportunities Fund); Fiduciary Management, Inc. (Growth & Income Fund); Wellington Management Company, LLP (Growth & Income Fund, Aggressive Opportunities Fund and Discovery Fund); Legg Mason Capital Management, Inc. (“Legg Mason”) (Growth Fund and Aggressive Opportunities Fund); Tukman Grossman Capital Management, Inc. (Growth Fund); Westfield Capital Management Company, L.P. (Growth Fund); D.G. Capital Management Trust (Growth Fund); Columbus Circle Investors (Growth Fund); Systematic Financial Management L.P. (Select Value Fund); WEDGE Capital Management LLP (Select Value Fund); Artisan Partners Limited Partnership (Select Value Fund and International Fund); TimesSquare Capital Management, LLC (Aggressive Opportunities Fund); GlobeFlex Capital, LP (“GlobeFlex”) (International Fund); Walter Scott & Partners Limited (International Fund); Mondrian Investment Partners Limited (International Fund); Analytic Investors, LLC (“Analytic”) (Diversifying Strategies Fund); Calamos Advisors LLC (Diversifying Strategies Fund); Shenkman Capital Management, Inc. (Diversifying Strategies Fund); and Mellon Capital Management Corporation (“Mellon”) (Diversifying Strategies Fund and each of the Index Funds).

In reaching its decisions, the Board considered the information furnished and discussed throughout the year at regularly scheduled Board or Committee meetings, as applicable, and reviewed and considered the information

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provided specifically in relation to the annual consideration of the approval of the Advisory Agreements and Subadvisory Agreements.

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

In considering the information and materials described above, the Independent Directors received assistance from, and met separately with, their independent legal counsel and were provided with a written description of their statutory responsibilities and the legal standards that are applicable to approvals of advisory agreements. Although the Advisory Agreements and Subadvisory Agreements for all of the Funds were considered at the same Board meeting, the Directors addressed each Fund separately. In view of the broad scope and variety of factors and information, the Directors did not find it practicable to, and did not, assign relative weights to the specific factors considered in reaching their conclusions and determinations to approve the Advisory Agreements and Subadvisory Agreements for an additional year. Rather, the approval determinations were made on the basis of each Director’s business judgment after consideration of all of the factors taken in their entirety. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decisions to approve the Advisory Agreements and Subadvisory Agreements.

Nature, Extent and Quality of Services

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

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

In addition, the Directors considered information provided by VIA regarding the overall financial strength of VIA and its affiliates and the resources and staffing in place with respect to the services provided to the Funds.

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With respect to the nature, extent and quality of the investment advisory services provided by each subadviser to the Sub-Advised Funds, the Directors considered each subadviser’s investment management process in managing the assets allocated to it, including the experience and capability of the subadviser’s management and other personnel responsible for the portfolio management of the applicable Fund and compliance with the Fund’s investment policies and restrictions. In addition, the Directors considered information with respect to the assets under management of each subadviser; the percentage of assets the applicable Fund represents of the assets under management of each subadviser; and the resources and staffing in place with regard to the services provided to the Funds by each subadviser. The Directors also considered the favorable assessment provided by VIA as to the nature and quality of the services provided by each subadviser to the Sub-Advised Funds and the ability of each subadviser to fulfill its contractual obligations with respect to the Sub-Advised Funds.

Based on the totality of the information considered, the Directors concluded that the Funds were likely to benefit from the nature, extent and quality of VIA’s and the subadvisers’ services, as applicable, as well as the services of VIA’s affiliates, and that VIA and its affiliates, as well as the subadvisers, have the ability to continue to provide these services based on their respective experience, operations and current resources.¹

Investment Performance

The Board placed emphasis on the investment performance of each of the Funds. While consideration was given to performance reports and discussions held at prior Board or Investment Committee meetings, as applicable, particular attention was given to the performance reports provided specifically in connection with the January Meeting. In particular, the Directors reviewed the performance of each Fund over a five-year period ending June 30, 2010, or shorter period, as applicable, relative to its stated investment objective, benchmark and Lipper peer group. The Directors also considered updated performance information for each Fund relative to its benchmark and, with respect to applicable Funds, its Morningstar, Inc. (“Morningstar”) peer category (“Morningstar peer group”), through October 31, 2010.

In reviewing the performance of the Funds over the five-year period ended June 30, 2010, the Directors considered that the performance of each of the following Funds was in one of the first three quintiles of its Lipper peer group for all of the periods reviewed: Low Duration Bond Fund; Inflation Protected Securities Fund; Equity Income Fund; Growth & Income Fund; Select Value Fund; Aggressive Opportunities Fund; Discovery Fund; International Fund; 500 Stock Index Fund; Overseas Equity Index Fund; Model Portfolio All-Equity Growth Fund; Milestone 2040 Fund; and Milestone 2045 Fund. In addition, the Directors considered that the performance of each of the following Funds was in one of the first three quintiles of its Lipper peer group for all but one of the periods reviewed: Money Market Fund; Diversifying Strategies Fund; Mid/Small Company Index Fund; Model Portfolio Savings Oriented Fund; Model Portfolio Traditional Growth Fund; Model Portfolio Long-Term Growth Fund; Milestone Retirement Income Fund; Milestone 2010 Fund; Milestone 2015 Fund; Milestone 2020 Fund; Milestone 2025 Fund; Milestone 2030 Fund; and Milestone 2035 Fund.

With regard to the performance of the Growth Fund relative to its Lipper peer group, the Board noted that the performance of the Fund was in the second quintile for the one-year period ended June 30, 2010. In addition, the Directors considered that VIA conducted a strategic review and evaluation of the Fund during 2010, which resulted in the reallocation of the Growth Fund’s assets in October 2010 among its current subadvisers in order to enhance the Fund’s overall risk/return profile.

With regard to the performance of the Core Bond Index Fund relative to its Lipper peer group, the Directors considered that the Class II performance of the Fund was in the third quintile of its Lipper peer group for the one-year period ended June 30, 2010. The Directors also considered VIA’s explanation that this Fund’s Lipper peer group includes certain funds that seek to replicate the performance of an index that is different than the index the Core Bond Index Fund seeks to replicate, which affected the Fund’s performance relative to its Lipper peer group. The Directors also took into consideration VIA’s explanation that the Fund performed as expected relative to its benchmark when taking into account the fees and expenses of the Fund.

¹  With respect to the Directors’ consideration of the Advisory Agreement for the Money Market Fund, the Directors considered VIA’s recommendation that the Board approve the liquidation and termination of the Money Market Fund at the January Meeting, effective on or about March 25, 2011. At the January Meeting, the Board approved VIA’s recommendation to liquidate and terminate the Money Market Fund.

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With regard to the performance of the Broad Market Index Fund relative to its Lipper peer group, the Directors considered that the Class I performance of the Fund was in the third quintile of its Lipper peer group for the four-year period ended June 30, 2010 and the Class II performance of the Fund was in the third quintile of its Lipper peer group for the four- and five-year periods ended June 30, 2010. The Directors also considered VIA’s explanation that this Fund’s Lipper peer group includes certain funds that seek to replicate the performance of an index that is different than the index the Broad Market Index Fund seeks to replicate, which affected the Fund’s performance relative to its Lipper peer group. The Directors also took into consideration VIA’s explanation that the Fund performed as expected relative to its benchmark when taking into account the fees and expenses of the Fund.

With respect to the performance of the Model Portfolio Conservative Growth Fund relative to its Lipper peer group, the Board noted that the performance of the Fund was in the third quintile of its Lipper peer group for the four- and five-year periods ended June 30, 2010. The Directors also took into consideration VIA’s assessment that the Fund’s equity allocation was among the highest in its Lipper peer group, which affected the Fund’s performance as compared to its Lipper peer group for the one-, two- and three-year periods ended June 30, 2010. The Board also considered that the Model Portfolio Conservative Growth Fund performed better in four of the past five calendar years than its Morningstar Conservative Allocation peer group, which VIA considers a more relevant peer group comparison than the Lipper peer group in light of the strategy of the Fund.

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

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

Management Fees and Expenses. The Board considered the fees payable under each Advisory Agreement and under each Subadvisory Agreement for the Sub-Advised Funds. The Board reviewed the information compiled by Lipper comparing each Fund’s contractual management fee rate (at common asset levels based on the Fund’s total net assets as of June 30, 2010) and actual management fee rate (which includes the effect of any fee waivers) as a percentage of total assets—these fee rates include advisory, subadvisory and administrative service fees—to other funds in its Lipper expense group. Based on the data provided on management fee rates, on a Fund-by-Fund basis, the Board noted that: (i) each Fund’s contractual management fee rate at a common asset level, was at or lower than the median of its Lipper expense group, except for the 500 Stock Index Fund (Class I); and (ii) the actual management fee rate of each Fund was at or lower than the median of its Lipper expense group, except for the Inflation Protected Securities Fund, International Fund, Core Bond Index Fund (Class I), 500 Stock Index Fund (Class I), Broad Market Index Fund (Class I), each of the Model Portfolio Funds and each of the Milestone Funds (other than the Milestone 2045 Fund). With respect to these Funds, the Board considered that each Fund’s actual total expense ratio was lower than the median of its Lipper expense group, except for the Broad Market Index Fund (Class I).

The Board also reviewed the information compiled by Lipper comparing each Fund’s total expense ratio to other funds in its Lipper expense group. Based on this comparative expense data, the Board noted that the actual total expense ratio for each Fund, other than the Broad Market Index Fund (Class I), was at or lower than the median of its Lipper expense group. The Directors noted that the total expense ratio of the Broad Market Index Fund (Class I) was in the third quintile of its Lipper expense group.

The Board also reviewed and considered information about the fee rates charged to other accounts for which VIA’s affiliate provides management and/or investment advisory services, and for which, in some cases, these services are provided in conjunction with administrative services, and took into consideration the differences in services performed for such other accounts as compared to their fee rates.

With regard to the Sub-Advised Funds, the Directors also considered VIA’s assessment, which was based in part on information provided by the subadvisers, that each subadvisory fee reflects the lowest available fee schedule from the respective subadviser for “like accounts.” For this purpose, the term “like accounts” was used by VIA generally to describe other accounts of similar size (including any other registered and unregistered investment companies) managed by a subadviser that have the same investment objective as, and other characteristics similar to, the portfolio being managed for a Fund by the subadviser.

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

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

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

Economies of Scale. With respect to whether economies of scale are realized by VIA as a Fund’s assets increase and whether management fee levels reflect these economies of scale for the benefit of Fund investors, the Board considered, on a Fund-by-Fund basis, the current level of management fee charged and fee structure and concluded that VIA’s fee structure with respect to each Fund was appropriate at this time.

With regard to each Sub-Advised Fund, the Directors considered that the fee schedule relating to each Subadvisory Agreement (except for the Subadvisory Agreements with PIMCO (Inflation Protected Securities Fund), Legg Mason (Growth Fund and Aggressive Opportunities Fund), GlobeFlex (International Fund), Analytic (Diversifying Strategies Fund) and Mellon (Diversifying Strategies Fund)) currently includes breakpoints and these Sub-Advised Funds and their shareholders will benefit from reduced subadvisory fee rates as the assets managed by the relevant subadviser increase, and that this represents a recognition that economies are being passed on by the subadviser to the Fund’s shareholders. The Directors also considered that each Subadvisory Agreement was the product of arm’s-length negotiations. The Directors further considered the appropriateness of each subadvisory fee structure in light of VIA’s assessment that each subadvisory fee reflects the lowest available fee schedule from the respective subadviser for like accounts.

“Fall Out” or Ancillary Benefits. The Board considered whether there were any “fall-out” or ancillary benefits that may accrue to VIA and its affiliates and the subadvisers as a result of their relationships with the Funds. With respect to VIA, the Directors noted that VIA stated that its personnel indirectly benefit from increased exposure to the research, insight and resources of the subadvisers. With regard to the subadvisers, the Board considered that certain subadvisers may experience benefits due to their relationships with the Funds, which include reputational and marketing benefits, and may direct Fund brokerage transactions to certain brokers to obtain research and other services. However, the Directors noted that the subadvisers are required to select brokers that meet the Funds’ requirements for seeking best execution, and that VIA monitors and evaluates the subadvisers’ trade execution with respect to the Funds’ brokerage transactions on a regular basis and provides reports to the Board in this regard. The Board concluded that the benefits accruing to VIA and the subadvisers by virtue of their relationships to the Funds appeared to be reasonable.

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

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

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Vantagepoint Equity Income Fund

At a meeting held on March 25, 2011, VIA recommended, and the Board, including a majority of the Independent Directors, approved, an amended fee schedule to the Investment Subadvisory Agreement with Barrow Hanley for the Equity Income Fund. The contractual fee schedule for the Equity Income Fund was amended, effective as of May 1, 2011, to: (1) reflect a revised fee schedule that would apply only when the portfolio of assets managed by Barrow Hanley was at or below $525 million; and (2) add an additional fee schedule that would apply only when the portfolio of assets managed by Barrow Hanley was above $525 million. In approving the amended fee schedule with Barrow Hanley, the Board took into consideration VIA’s assessment that the contractual fee to be paid to Barrow Hanley by the Equity Income Fund under the amended fee schedule would be more advantageous to the Fund and its shareholders based on the current assets of the Fund allocated to Barrow Hanley as well as the anticipated assets of the Fund to be allocated to Barrow Hanley over the current contractual period (through February 29, 2012), and VIA’s conclusion that the amended fee schedule is in the best interests of the Fund and its shareholders. In addition, the Board considered that Barrow Hanley represented to VIA that the nature and quality of services Barrow Hanley provides to the Equity Income Fund would not be affected by the change in fee schedule.

In addition, at a meeting held on June 17, 2011, VIA recommended, and the Board, including a majority of the Independent Directors, approved, an amended fee schedule to the Investment Subadvisory Agreement with T. Rowe Price for the Equity Income Fund. The contractual fee schedule for the Equity Income Fund was amended, effective for subadvisory fees calculated beginning May 1, 2011, to reflect revised and additional breakpoints, along with a revised fee calculation methodology. In approving the amended fee schedule with T. Rowe Price, the Board took into consideration VIA’s assessment that the contractual fee to be paid to T. Rowe Price by the Equity Income Fund under the amended fee schedule would be more advantageous to the Fund and its shareholders based on the current assets of the Fund allocated to T. Rowe Price as well as the anticipated assets of the Fund to be allocated to T. Rowe Price in the foreseeable future, and VIA’s conclusion that the amended fee schedule is in the best interests of the Fund and its shareholders. In addition, the Board considered that T. Rowe Price represented to VIA that the nature and quality of services T. Rowe Price provides to the Equity Income Fund would not be affected by the change in fee schedule.

C. Directors and Officers Remuneration

Aggregate compensation that was paid to the Directors during the six months ended June 30, 2011 totaled $49,852. Executive officers do not receive any compensation from the Company. However, the Board of the Company has agreed to reimburse ICMA-RC for certain costs associated with the Chief Compliance Officer function. The amount reimbursed during the six months ended June 30, 2011 totaled $119,251. 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.

D. Householding

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

E. 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, 2011 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.

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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.

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 (the “Funds”), on behalf of the Broad Market Index Fund and the Mid/Small Company Index Fund, respectively. All content of the Wilshire Indexes and the aforementioned indexes is ^©2011 Wilshire Associates Incorporated, all rights reserved. The Funds are not sponsored, endorsed, sold or promoted by Wilshire, and Wilshire makes no representations or warranties with respect to the Funds. 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 the 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 for the Vantagepoint 500 Stock Index Fund. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and makes no representation regarding the advisability of investing in the Fund.

109

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—58.9%
Aerospace & Defense—0.2%
Boeing Co. (The)
1.875%		11/20/2012		$	1,280,000	$	1,300,603
Beverages—1.4%
Anheuser-Busch InBev Worldwide, Inc.
2.500%		03/26/2013			6,085,000		6,238,232
Cia de Bebidas das Americas (Brazil)
8.750%		09/15/2013			631,000		727,228
Dr. Pepper Snapple Group, Inc.
1.700%		12/21/2011			1,060,000		1,066,251
							8,031,711
Biotechnology—0.4%
Amgen, Inc.
2.300%		06/15/2016			700,000		694,756
Life Technologies Corp.
3.500%		01/15/2016			1,300,000		1,331,005
							2,025,761
Capital Markets—3.0%
Bear Stearns Cos. LLC (The)
5.700%		11/15/2014			7,340,000		8,113,064
Goldman Sachs Group, Inc. (The)
1.268%		02/07/2014	#		1,430,000		1,419,216
Macquarie Bank Ltd., Series B MTN (Australia)
2.600%		01/20/2012	^		1,230,000		1,245,414
Merrill Lynch & Co., Inc., Series C MTN
6.050%		08/15/2012			550,000		579,148
Morgan Stanley
1.253%		04/29/2013	#		1,530,000		1,528,043
TD Ameritrade Holding Corp.
4.150%		12/01/2014			1,140,000		1,208,052
WCI Finance LLC/WEA Finance LLC
5.400%		10/01/2012	^		1,000,000		1,051,107
WT Finance Aust Pty Ltd./Westfield Capital/WEA Finance LLC (Australia)
5.125%		11/15/2014	^		1,170,000		1,275,609
							16,419,653
Chemicals—1.7%
Airgas, Inc.
2.850%		10/01/2013			460,000		471,858
Dow Chemical Co. (The)
7.600%		05/15/2014			4,385,000		5,088,337
4.850%		08/15/2012			2,300,000		2,402,902
2.500%		02/15/2016			690,000		686,507
Praxair, Inc.
1.750%		11/15/2012			570,000		578,028
							9,227,632
Commercial Banks—11.1%
Banco Bradesco SA (Brazil)
2.361%		05/16/2014	#^		300,000		304,011
Banco de Credito del Peru (Peru)
4.750%		03/16/2016	^		1,430,000		1,422,850
Banco do Brasil SA (Brazil)
4.500%		01/22/2015	^†		1,180,000		1,236,050
Bank of Nova Scotia (Canada)
2.250%		01/22/2013			950,000		972,875

Coupon Rate	Maturity Date			Face		Value
Barclays Bank plc (United Kingdom)
3.900%	04/07/2015		$	2,590,000	$	2,689,611
2.700%	03/05/2012	^		500,000		508,097
1.323%	01/13/2014	#		970,000		973,625
BB&T Corp.
0.973%	04/28/2014	#		350,000		350,784
BB&T Corp. MTN
3.850%	07/27/2012			4,018,000		4,151,229
BB&T Corp., Series A MTN
3.375%	09/25/2013			700,000		730,098
Capital One Financial Corp.
7.375%	05/23/2014			3,630,000		4,147,594
CIT Group, Inc.
5.250%	04/01/2014	^		735,000		735,000
Commonwealth Bank of Australia (Australia)
2.125%	03/17/2014	^		1,360,000		1,372,827
Credit Suisse (Switzerland)
1.241%	01/14/2014	#		2,020,000		2,029,583
Danske Bank A/S (Denmark)
1.331%	04/14/2014	#^†		1,450,000		1,451,198
HSBC Bank plc (United Kingdom)
1.625%	07/07/2014	^		970,000		972,157
ING Bank NV (Netherlands)
2.625%	02/09/2012	^		1,700,000		1,722,540
1.297%	03/15/2013	#^		1,400,000		1,403,222
KeyCorp MTN
3.750%	08/13/2015			560,000		578,670
M&T Bank Corp.
5.375%	05/24/2012			5,000,000		5,206,345
Royal Bank of Scotland plc (The) (United Kingdom)
3.950%	09/21/2015			5,990,000		6,023,915
3.250%	01/11/2014			1,320,000		1,338,974
Royal Bank of Scotland plc (The), Series 2 (United Kingdom)
3.400%	08/23/2013			2,250,000		2,303,494
Santander US Debt SA Unipersonal (Spain)
3.781%	10/07/2015	^		5,200,000		5,018,988
Sparebank 1 Boligkreditt AS (Norway)
1.250%	10/25/2013	^		570,000		569,739
Standard Chartered plc (United Kingdom)
3.200%	05/12/2016	^		3,800,000		3,767,517
SunTrust Bank
0.945%	06/22/2012	#		GBP 850,000		1,341,150
Union Bank NA, Bank Note
2.125%	12/16/2013			1,380,000		1,388,363
US Bancorp
4.200%	05/15/2014			1,300,000		1,401,092
US Bancorp MTN
1.375%	09/13/2013			1,000,000		1,005,067
Wachovia Bank NA, Bank Note
4.800%	11/01/2014			660,000		705,977
Wells Fargo & Co.
5.300%	08/26/2011			1,240,000		1,248,974
Westpac Banking Corp. (Australia)
2.250%	11/19/2012			1,600,000		1,631,086
0.843%	04/08/2013	#^		1,000,000		1,003,150
						61,705,852
Communications Equipment—0.7%
Cisco Systems, Inc.
1.625%	03/14/2014			3,630,000		3,667,839
Computers & Peripherals—1.0%
Hewlett-Packard Co.
4.500%	03/01/2013			890,000		942,932

See accompanying notes to financial statements

110

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
4.250%		02/24/2012		$	730,000	$	747,696
2.950%		08/15/2012			3,000,000		3,074,457
Seagate Technology HDD Holdings (Cayman Islands)
6.800%		10/01/2016			900,000		951,750
							5,716,835
Consumer Finance—3.1%
Ally Financial, Inc.
4.500%		02/11/2014			900,000		902,250
American Express Credit Corp., Series D MTN
5.125%		08/25/2014			3,177,000		3,469,659
American Honda Finance Corp.
2.375%		03/18/2013	^		470,000		479,123
Banque PSA Finance MTN (France)
3.500%		01/17/2014	EUR		850,000		1,224,332
Caterpillar Financial Services Corp. MTN
5.750%		02/15/2012			900,000		929,791
Ford Motor Credit Co. LLC
7.000%		10/01/2013			560,000		599,859
HSBC Finance Corp.
0.684%		06/01/2016	#		4,347,000		4,125,859
John Deere Capital Corp. MTN
2.950%		03/09/2015			1,210,000		1,260,919
1.600%		03/03/2014			1,160,000		1,173,775
PACCAR Financial Corp. MTN
0.635%		04/05/2013	#		840,000		845,133
RCI Banque SA (France)
2.155%		04/11/2014	#^		1,900,000		1,905,117
							16,915,817
Diversified Financial Services—7.9%
American Express Travel Related Services Co., Inc.
5.250%		11/21/2011	^		2,691,000		2,738,063
Bank of America Corp.
4.875%		09/15/2012			3,910,000		4,076,113
Bank of America Corp. MTN
4.900%		05/01/2013			550,000		579,660
Bank of America Corp., Series L MTN
7.375%		05/15/2014			2,680,000		3,014,812
Caisse Centrale Desjardins du Quebec (Canada)
1.700%		09/16/2013	^		350,000		352,183
Citigroup, Inc.
6.375%		08/12/2014			2,000,000		2,213,018
6.010%		01/15/2015			2,660,000		2,929,506
6.000%		12/13/2013			2,800,000		3,046,120
5.300%		10/17/2012			425,000		446,176
Equifax, Inc.
4.450%		12/01/2014			240,000		257,402
ERAC USA Finance LLC
2.250%		01/10/2014	^		550,000		555,823
General Electric Capital Corp.
5.900%		05/13/2014			680,000		755,920
General Electric Capital Corp. MTN
1.875%		09/16/2013			300,000		303,588
1.128%		01/15/2013	#		1,000,000		1,008,975
General Electric Capital Corp., Series A MTN
3.750%		11/14/2014			1,130,000		1,197,060
0.507%		09/15/2014	#		2,075,000		2,041,011
General Electric Capital Corp., Series G MTN
1.138%		05/09/2016	#		5,675,000		5,675,114

Coupon Rate	Maturity Date			Face		Value
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.750%	01/15/2016		$	920,000	$	948,750
JPMorgan Chase & Co.
5.375%	10/01/2012			400,000		422,817
4.750%	05/01/2013			500,000		532,497
Lloyds TSB Bank plc (United Kingdom)
4.875%	01/21/2016			8,380,000		8,579,503
NASDAQ OMX Group, Inc. (The)
4.000%	01/15/2015			1,040,000		1,052,893
Susser Holdings LLC/Susser Finance Corp.
8.500%	05/15/2016			950,000		1,004,625
						43,731,629
Diversified Telecommunication Services—4.2%
AT&T, Inc.
6.700%	11/15/2013			5,000,000		5,610,045
4.850%	02/15/2014			600,000		652,103
Cellco Partnership/Verizon Wireless Capital LLC
5.550%	02/01/2014			400,000		441,159
Frontier Communications Corp.
6.250%	01/15/2013			700,000		734,125
Telecom Italia Capital SA (Luxembourg)
5.250%	11/15/2013			280,000		294,100
5.250%	10/01/2015			1,986,000		2,066,647
Telefonica Emisiones SAU (Spain)
4.949%	01/15/2015			4,000,000		4,260,008
2.582%	04/26/2013			1,090,000		1,101,760
Verizon Communications, Inc.
4.350%	02/15/2013			750,000		789,732
0.856%	03/28/2014	#		3,595,000		3,631,590
Verizon Global Funding Corp.
7.375%	09/01/2012			3,000,000		3,227,283
Windstream Corp.
8.125%	08/01/2013			655,000		713,950
						23,522,502
Electric Utilities—2.3%
Commonwealth Edison Co., Series 105
5.400%	12/15/2011			1,400,000		1,430,446
Consumers Energy Co., Series D
5.375%	04/15/2013			850,000		913,369
Duke Energy Carolinas LLC
6.250%	01/15/2012			1,165,000		1,200,259
Enel Finance International NV (Luxembourg)
3.875%	10/07/2014	^		6,034,000		6,231,282
Georgia Power Co.
1.300%	09/15/2013			1,100,000		1,107,849
Midamerican Energy Holdings Co.
3.150%	07/15/2012			1,000,000		1,024,249
NextEra Energy Capital Holdings, Inc.
5.625%	09/01/2011			910,000		916,898
						12,824,352
Electronic Equipment, Instruments & Components—0.2%
Agilent Technologies, Inc.
2.500%	07/15/2013			470,000		478,781
Thermo Fisher Scientific, Inc.
2.150%	12/28/2012			640,000		652,001
						1,130,782
Food & Staples Retailing—0.2%
Safeway, Inc.
5.800%	08/15/2012			1,000,000		1,052,403

See accompanying notes to financial statements

111

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Woolworths Ltd. (Australia)
2.550%		09/22/2015	^	$	220,000	$	221,997
							1,274,400
Food Products—1.5%
Corn Products International, Inc.
3.200%		11/01/2015			310,000		316,487
General Mills, Inc.
6.000%		02/15/2012			1,500,000		1,551,129
Kellogg Co.
5.125%		12/03/2012			1,000,000		1,060,374
Kraft Foods, Inc.
6.750%		02/19/2014			2,099,000		2,378,943
5.250%		10/01/2013			340,000		369,665
2.625%		05/08/2013			340,000		349,948
Wm. Wrigley Jr. Co.
3.700%		06/30/2014	^		2,190,000		2,276,943
							8,303,489
Health Care Equipment & Supplies—0.3%
Covidien International Finance SA (Luxembourg)
1.875%		06/15/2013			880,000		895,451
Stryker Corp.
3.000%		01/15/2015			680,000		707,937
							1,603,388
Health Care Providers & Services—2.1%
Express Scripts, Inc.
5.250%		06/15/2012			1,100,000		1,144,679
Omnicare, Inc.
6.875%		12/15/2015			1,235,000		1,270,506
Quest Diagnostics, Inc.
1.096%		03/24/2014	#		410,000		413,806
UnitedHealth Group, Inc.
4.875%		02/15/2013			3,000,000		3,173,583
WellPoint, Inc.
6.800%		08/01/2012			3,290,000		3,495,006
5.000%		12/15/2014			2,000,000		2,205,236
							11,702,816
Household Durables—0.2%
Fortune Brands, Inc.
3.000%		06/01/2012			1,170,000		1,186,668
Independent Power Producers & Energy Traders—0.1%
AES Corp. (The)
7.750%		03/01/2014			565,000		613,025
Insurance—2.2%
Aflac, Inc.
3.450%		08/15/2015			5,437,000		5,557,854
Allstate Corp. (The)
6.200%		05/16/2014			800,000		905,983
Berkshire Hathaway Finance Corp.
4.000%		04/15/2012			700,000		719,693
Hartford Financial Services Group, Inc.
4.000%		03/30/2015			510,000		526,190
MetLife, Inc.
2.375%		02/06/2014			450,000		458,846
Metropolitan Life Global Funding I
1.040%		01/10/2014	#^		2,100,000		2,101,060

Coupon Rate	Maturity Date			Face		Value
Prudential Financial, Inc., Series D MTN
5.150%	01/15/2013		$	1,000,000	$	1,055,606
3.625%	09/17/2012			1,100,000		1,129,600
						12,454,832
Internet & Catalog Retail—0.1%							��
eBay, Inc.
0.875%	10/15/2013			500,000		499,163
IT Services—0.6%
International Business Machines Corp.
2.100%	05/06/2013			2,170,000		2,226,312
1.000%	08/05/2013			1,100,000		1,103,731
						3,330,043
Life Sciences Tools & Services—0.2%
Howard Hughes Medical Institute
3.450%	09/01/2014			1,100,000		1,171,312
Machinery—0.6%
Danaher Corp.
1.300%	06/23/2014			400,000		400,057
SPX Corp.
7.625%	12/15/2014			685,000		760,350
Tyco International Finance SA (Luxembourg)
6.000%	11/15/2013			2,100,000		2,322,766
						3,483,173
Media—2.1%
Charter Communications Operating LLC/ Charter Communications Operating Capital
8.000%	04/30/2012	^		850,000		888,250
CSC Holdings LLC
8.500%	04/15/2014			230,000		255,875
8.500%	06/15/2015			610,000		661,850
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.750%	10/01/2014			1,060,000		1,161,177
DISH DBS Corp.
6.375%	10/01/2011			570,000		576,412
NBCUniversal Media LLC
3.650%	04/30/2015	^		850,000		893,222
Time Warner Cable, Inc.
6.200%	07/01/2013			5,500,000		6,035,854
Time Warner, Inc.
3.150%	07/15/2015			440,000		455,466
Viacom, Inc.
4.375%	09/15/2014			700,000		752,377
						11,680,483
Metals & Mining—3.3%
Alcoa, Inc.
6.000%	07/15/2013			5,000,000		5,429,430
ArcelorMittal (Luxembourg)
5.375%	06/01/2013			1,910,000		2,034,534
Barrick Gold Corp. (Canada)
1.750%	05/30/2014	^		510,000		511,345
Barrick Gold Financeco LLC (Canada)
6.125%	09/15/2013			2,545,000		2,815,857
Rio Tinto Finance USA Ltd. (Australia)
8.950%	05/01/2014			2,875,000		3,454,718
1.875%	11/02/2015			2,160,000		2,131,006
Steel Dynamics, Inc.
7.375%	11/01/2012			1,230,000		1,303,800
Vedanta Resources plc (United Kingdom)
6.750%	06/07/2016	^		450,000		450,540
						18,131,230

See accompanying notes to financial statements

112

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Multi-Utilities—0.6%
DTE Energy Co.
0.955%		06/03/2013	#	$	950,000	$	953,081
Sempra Energy
1.007%		03/15/2014	#		2,413,000		2,423,603
							3,376,684
Oil, Gas & Consumable Fuels—1.5%
Chevron Corp.
3.450%		03/03/2012			900,000		919,003
ConocoPhillips
4.750%		02/01/2014			600,000		655,086
4.600%		01/15/2015			455,000		502,982
Kinder Morgan Kansas, Inc.
6.500%		09/01/2012			748,000		787,270
Newfield Exploration Co.
6.625%		04/15/2016			900,000		933,750
Plains Exploration & Production Co.
7.750%		06/15/2015			650,000		676,812
Rockies Express Pipeline LLC
3.900%		04/15/2015	^		680,000		690,562
Shell International Finance BV (Netherlands)
1.875%		03/25/2013			620,000		633,608
Tesoro Corp.
6.625%		11/01/2015			355,000		364,762
TransCanada PipeLines Ltd. (Canada)
3.400%		06/01/2015			550,000		577,875
Valero Energy Corp.
6.875%		04/15/2012			550,000		575,264
XTO Energy, Inc.
7.500%		04/15/2012			990,000		1,043,128
							8,360,102
Personal Products—0.2%
Revlon Consumer Products Corp.
9.750%		11/15/2015			950,000		1,026,000
Pharmaceuticals—1.1%
Novartis Capital Corp.
4.125%		02/10/2014			310,000		334,291
1.900%		04/24/2013			860,000		880,452
Pfizer, Inc.
3.625%		06/03/2013	EUR		200,000		296,364
Sanofi (France)
1.625%		03/28/2014			800,000		809,847
0.446%		03/28/2013	#		1,580,000		1,584,048
Teva Pharmaceutical Finance III BV (Netherlands Antilles)
1.700%		03/21/2014			500,000		503,105
Teva Pharmaceutical Finance III LLC
1.500%		06/15/2012			1,230,000		1,241,852
Valeant Pharmaceuticals International
6.500%		07/15/2016	^		720,000		715,500
							6,365,459
Real Estate Investment Trusts (REITs)—1.1%
China Resources Land Ltd. (Hong Kong)
4.625%		05/19/2016	^		1,250,000		1,238,291
HCP, Inc.
2.700%		02/01/2014			1,410,000		1,431,218

Coupon Rate	Maturity Date			Face		Value
Health Care REIT, Inc.
6.000%	11/15/2013		$	810,000	$	878,971
Host Hotels & Resorts LP, Series Q
6.750%	06/01/2016			1,300,000		1,348,750
Simon Property Group LP
4.200%	02/01/2015			210,000		223,580
Vornado Realty LP
4.250%	04/01/2015			1,080,000		1,121,917
						6,242,727
Road & Rail—0.3%
JB Hunt Transport Services, Inc.
3.375%	09/15/2015			850,000		859,331
Union Pacific Corp.
6.125%	01/15/2012			545,000		560,369
						1,419,700
Semiconductors & Semiconductor Equipment—0.2%
Texas Instruments, Inc.
0.875%	05/15/2013			1,030,000		1,032,594
Software—0.4%
Microsoft Corp.
2.950%	06/01/2014			1,400,000		1,480,592
Oracle Corp.
3.750%	07/08/2014			700,000		750,984
						2,231,576
Specialty Retail—0.5%
GameStop Corp./GameStop, Inc.
8.000%	10/01/2012			191,000		194,343
Lowe’s Cos., Inc.
2.125%	04/15/2016			2,500,000		2,492,410
						2,686,753
Textiles, Apparel & Luxury Goods—0.2%
Levi Strauss & Co.
8.875%	04/01/2016			850,000		886,125
Tobacco—1.6%
Altria Group, Inc.
8.500%	11/10/2013			5,319,000		6,168,136
Philip Morris International, Inc.
6.875%	03/17/2014			2,120,000		2,435,712
						8,603,848
Trading Companies & Distributors—0.2%
AmeriGas Partners LP/AmeriGas Eagle Finance Corp.
7.125%	05/20/2016			1,275,000		1,319,625
Wireless Telecommunication Services—0.3%
America Movil SAB de CV (Mexico)
3.625%	03/30/2015			300,000		315,888
Sprint Capital Corp.
8.375%	03/15/2012			1,290,000		1,348,050
						1,663,938
TOTAL CORPORATE OBLIGATIONS
(Cost $320,099,708)						326,870,121
MORTGAGE-RELATED SECURITIES—5.2%
Commercial Mortgage-Backed Securities—0.4%
Extended Stay America Trust, Series 2010-ESHA, Class A
2.951%	11/05/2027	^		1,177,133		1,171,765

See accompanying notes to financial statements

113

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-RELATED SECURITIES—(Continued)
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A2
2.900%		10/29/2020		$	1,100,000	$	1,099,600
							2,271,365
U.S. Government Agency Mortgage-Backed Securities—3.2%
Federal Deposit Insurance Corporation Structured Sale Guaranteed Notes, Series 2010-S1, Class 2A
3.250%		04/25/2038	^		1,598,854		1,641,333
Federal Home Loan Mortgage Corp.
6.000%		11/01/2022			659,227		722,121
Federal National Mortgage Association
3.500%		05/01/2020- 12/01/2020			2,710,732		2,824,398
2.647%		09/01/2034	#		147,566		152,423
2.644%		09/01/2034	#		213,567		220,812
2.625%		10/01/2034	#		1,711,127		1,791,358
2.426%		10/01/2034	#		263,102		274,746
Federal National Mortgage Association TBA
0.536%		03/15/2034	‡		2,800,000		2,800,875
Government National Mortgage Association, Series 2005-58, Class NJ
4.500%		08/20/2035			842,471		858,206
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%		10/07/2020			532,278		538,181
National Credit Union Administration Guaranteed Notes, Series 2010-R2, Class 1A
0.560%		11/06/2017	#		2,084,638		2,085,285
National Credit Union Administration Guaranteed Notes, Series 2010-R3, Class 1A
0.750%		12/08/2020	#		3,779,016		3,800,556
							17,710,294
U.S. Non-Agency Mortgage-Backed Securities—1.6%
Banc of America Mortgage Securities, Inc., Series 2004-L, Class 1A1
2.888%		01/25/2035	#		785,127		645,383
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1
2.790%		09/25/2035	#		2,469,281		2,363,555
Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A
2.945%		12/19/2035	#		2,811,450		2,090,313
MLCC Mortgage Investors, Inc., Series 2004-1, Class 2A2
2.192%		12/25/2034	#		1,668,510		1,636,622
Provident Funding Mortgage Loan Trust, Series 2004-1, Class 1A1
2.654%		04/25/2034	#		254,197		244,003
Structured Asset Mortgage Investments, Inc., Series 2004-AR5, Class 2A1
2.127%		10/19/2034	#		725,425		485,646
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.772%		03/25/2044	#		557,110		507,689

Coupon Rate	Maturity Date			Face		Value
Wells Fargo Mortgage Backed Securities Trust, Series 2004-S, Class B1
2.832%	09/25/2034	#	$	1,651,634	$	1,024,264
						8,997,475
TOTAL MORTGAGE-RELATED SECURITIES
(Cost $30,638,192)						28,979,134
U.S. TREASURY OBLIGATIONS—12.1%
U.S. Treasury Bills—3.6%
U.S. Treasury Bill
0.184%	05/03/2012			19,800,000		19,775,547
U.S. Treasury Notes—8.5%
U.S. Treasury Note
1.750%	04/15/2013			2,280,000		2,333,984
1.375%	03/15/2013			8,000,000		8,132,536
1.250%	02/15/2014			3,788,000		3,844,229
1.000%	07/15/2013-
	05/15/2014			11,200,000		11,296,874
0.625%	07/31/2012-
	02/28/2013			9,300,000		9,339,048
0.625%	06/30/2012	‡‡		2,850,000		2,861,591
0.500%	11/15/2013			9,510,000		9,488,460
						47,296,722
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $66,844,535)						67,072,269
GOVERNMENT RELATED OBLIGATIONS—7.6%
U.S. Government Agencies—2.0%
Federal Farm Credit Bank
1.875%	12/07/2012			1,200,000		1,225,698
1.375%	06/25/2013			1,830,000		1,864,406
Federal National Mortgage Association
0.500%	10/30/2012			6,000,000		6,011,772
National Credit Union Administration Guaranteed Notes
1.400%	06/12/2015			1,770,000		1,772,495
						10,874,371
U.S. Government Agencies-U.S. Government Guaranteed Bank Debt—0.2%
Western Corporate Federal Credit Union
1.750%	11/02/2012			980,000		995,750
Non-U.S. Government Agencies—0.8%
Export Development Canada (Canada)
3.750%	07/15/2011			1,365,000		1,366,928
IPIC Ltd. MTN (Cayman Islands)
3.125%	11/15/2015	^		500,000		497,500
Korea National Oil Corp. (Korea, Republic of)
2.875%	11/09/2015	^		1,160,000		1,140,600
Kreditanstalt fuer Wiederaufbau (Germany)
1.375%	01/13/2014			1,500,000		1,515,270
						4,520,298
Sovereign Debt—2.7%
Brazilian Government International Bond (Brazil)
10.250%	06/17/2013			400,000		473,000
Indonesia Government International Bond, Reg S (Indonesia)
10.375%	05/04/2014			900,000		1,104,750
Irish Life & Permanent Group Holdings plc (Ireland)
3.600%	01/14/2013	^		7,400,000		6,295,247

See accompanying notes to financial statements

114

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Korea Finance Corp. (Korea, Republic of)
3.250%		09/20/2016		$	1,660,000	$	1,639,570
Malaysia Government International Bond (Malaysia)
7.500%		07/15/2011			980,000		981,956
Mexico Government International Bond, Series A MTN (Mexico)
6.375%		01/16/2013			1,160,000		1,255,700
Panama Government International Bond (Panama)
9.375%		07/23/2012			500,000		543,750
Qatar Government International Bond (Qatar)
4.000%		01/20/2015	^		500,000		525,000
Republic of Chile (Chile)
5.500%		01/15/2013			1,000,000		1,067,000
Republic of South Africa (South Africa)
7.375%		04/25/2012			1,000,000		1,053,800
							14,939,773
U.S. Municipal Bonds—1.2%
California General Obligation Bonds (California)
5.450%		04/01/2015			3,635,000		3,967,530
5.250%		04/01/2014			1,200,000		1,293,312
Kentucky Asset Liability Commission Revenue Bonds (Kentucky)
3.165%		04/01/2018			1,100,000		1,101,023
University of California Revenue Bonds (California)
1.988%		05/15/2050	#		460,000		467,921
							6,829,786
Non-U.S. Regional Authority Bonds—0.7%
Nederlandse Waterschapsbank NV MTN (Netherlands)
4.625%		07/25/2011	EUR		1,500,000		2,179,570
Province of Manitoba (Canada)
1.375%		04/28/2014			1,500,000		1,514,922
							3,694,492
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $42,262,665)							41,854,470
ASSET-BACKED SECURITIES—14.7%
Automobile—5.3%
Bank of America Auto Trust Series 2008-1A, Class A4
5.730%		01/20/2013	^		2,630,000		2,665,664
Capital Auto Receivables Asset Trust Series 2007-4A, Class A4
5.300%		05/15/2014			520,287		529,572
Capital Auto Receivables Asset Trust Series 2008-2, Class A3A
4.680%		10/15/2012			344,837		347,573
Capital Auto Receivables Asset Trust Series 2008-1, Class A4B
1.537%		07/15/2014	#		3,380,000		3,399,941
Capital Auto Receivables Asset Trust Series 2007-1, Class A4B
0.227%		04/16/2012	#		90,668		90,656
Capital Auto Receivables Asset Trust
Series 2008-2, Class A3B
1.637%		10/15/2012	#		709,665		711,053

Coupon Rate	Maturity Date			Face		Value
CarMax Auto Owner Trust
Series 2007-2, Class B
5.370%	03/15/2013		$	1,450,000	$	1,458,061
Daimler Chrysler Auto Trust
Series 2008-B, Class A4A
5.320%	11/10/2014			2,000,000		2,034,723
Daimler Chrysler Auto Trust
Series 2007-A, Class A4
5.280%	03/08/2013			950,723		965,527
Ford Credit Auto Owner Trust
Series 2009-A, Class A4
6.070%	05/15/2014			1,600,000		1,691,480
Ford Credit Auto Owner Trust
Series 2007-B, Class A4A
5.240%	07/15/2012			2,301,193		2,318,105
Harley-Davidson Motorcycle Trust
Series 2008-1, Class A4
4.900%	12/15/2013			1,892,052		1,932,590
Harley-Davidson Motorcycle Trust
Series 2009-3, Class A4
2.540%	04/15/2017			2,000,000		2,034,839
Harley-Davidson Motorcycle Trust
Series 2007-2, Class A4
5.120%	08/15/2013			1,012,687		1,030,642
Honda Auto Receivables Owner Trust
Series 2009-2, Class A4
4.430%	07/15/2015			1,175,000		1,219,964
Honda Auto Receivables Owner Trust
Series 2009-2, Class A3
2.790%	01/15/2013			2,802,509		2,823,193
Honda Auto Receivables Owner Trust
Series 2011-1, Class A3
1.130%	10/15/2014			2,000,000		2,011,542
Hyundai Capital Auto Funding Ltd. (Cayman Islands)
Series 2010-8A, Class A
1.186%	09/20/2016	#^		2,200,000		2,185,608
						29,450,733
Credit Card—9.2%
American Express Credit Account Master Trust
Series 2005-4, Class A
0.257%	01/15/2015	#		1,268,000		1,267,815
American Express Credit Account Master Trust
Series 2008-5, Class A
0.987%	03/15/2016	#		4,550,000		4,617,685
Bank of America Credit Card Trust
Series 2006-A15, Class A15
0.187%	04/15/2014	#		4,200,000		4,198,635
Capital One Multi-Asset Execution Trust
Series 2005-A10, Class A
0.267%	09/15/2015	#		2,095,000		2,093,493
Capital One Multi-Asset Execution Trust
Series 2006-A5, Class A5
0.247%	01/15/2016	#		6,750,000		6,732,656
Chase Issuance Trust
Series 2007-A17, Class A
5.120%	10/15/2014			5,050,000		5,348,041
Chase Issuance Trust
Series 2007-A9, Class A9
0.217%	06/16/2014	#		1,250,000		1,249,283
Citibank Credit Card Issuance Trust
Series 2009-A5, Class A5
2.250%	12/23/2014			4,230,000		4,332,137

See accompanying notes to financial statements

115

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
ASSET BACKED SECURITIES—(Continued)
Citibank Credit Card Issuance Trust
Series 2009-A2, Class A2
1.737%		05/15/2014	#	$	2,211,000	$	2,239,614
Discover Card Master Trust
Series 2009-A1, Class A1
1.487%		12/15/2014	#		5,383,000		5,447,154
Discover Card Master Trust
Series 2009-A2, Class A
1.487%		02/17/2015	#		2,200,000		2,228,046
GE Capital Credit Card Master Note Trust
Series 2007-4, Class A
0.237%		06/15/2015	#		1,886,000		1,882,795
GE Capital Credit Card Master Note Trust
Series 2010-3, Class A
2.210%		06/15/2016			6,300,000		6,451,812
Penarth Master Issuer plc (United Kingdom)
Series 2011-1A, Class A1
0.850%		05/18/2015	#^		2,850,000		2,848,389
							50,937,555
Other—0.2%
CNH Equipment Trust
Series 2011-A, Class A2
0.620%		06/16/2014			1,425,000		1,425,149
TOTAL ASSET-BACKED SECURITIES
(Cost $81,086,634)							81,813,437
					Shares		Value
MONEY MARKET FUNDS—1.9%
Institutional Money Market Funds—1.9%
Dreyfus Institutional Cash Advantage Fund, 0.15%			††µ		325,000		325,000
Fidelity Institutional Money Market: Money Market Portfolio— Institutional Class, 0.17%			µ		8,678,226		8,678,226
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%			††µ		374,800		374,800
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.13%			††µ		325,000		325,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.00%			††µ		325,000		325,000

Coupon Rate	Maturity Date		Shares		Value
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%		††µ	325,000	$	325,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.10%		††µ	325,000		325,000
TOTAL MONEY MARKET FUNDS
(Cost $10,678,026)					10,678,026
TOTAL INVESTMENTS—100.4%
(Cost $551,609,760)					557,267,457
Other assets less liabilities—(0.4%)					(2,260,587	)
NET ASSETS—100.0%				$	555,006,870

Notes to the Schedule of Investments:

EUR	European Monetary Unit
GBP	British Pound Sterling
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.
TBA	Security is subject to delayed delivery.
#	Rate is subject to change. Rate shown reflects current rate.
^	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 $66,279,883, which represents 11.9% of Net Assets.
†	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.
‡‡	Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.
µ	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

116

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Inflation Protected Securities Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—6.1%
Capital Markets—0.9%
Bear Stearns Cos. LLC (The), Series CPI MTN
4.480%		03/10/2014	#	$	380,000	$	381,322
Morgan Stanley MTN
2.761%		05/14/2013	#		4,000,000		4,109,116
							4,490,438
Commercial Banks—1.9%
Barclays Bank plc MTN (United Kingdom)
0.450%		09/11/2017	#		1,500,000		1,445,753
Barclays Bank plc, Series E MTN (United Kingdom)
0.421%		03/23/2017	#		3,600,000		3,511,364
BNP Paribas/BNP Paribas LLC MTN (France)
4.150%		03/23/2012	#		2,000,000		2,056,680
JPMorgan Chase Bank NA
0.580%		06/13/2016	#		2,100,000		1,968,380
Royal Bank of Scotland plc (The) (United Kingdom)
4.875%		03/16/2015			600,000		623,222
							9,605,399
Consumer Finance—1.9%
HSBC Finance Corp.
0.528%		01/15/2014	#		4,900,000		4,822,933
SLM Corp. MTN
6.250%		01/25/2016			4,200,000		4,361,792
5.050%		11/14/2014			500,000		500,344
SLM Corp., Series CPI MTN
4.932%		03/15/2013	#		120,000		118,041
							9,803,110
Diversified Financial Services—1.0%
Bank of America Corp., Series K MTN
0.577%		09/15/2014	#		2,000,000		1,929,162
Citigroup, Inc.
2.262%		08/13/2013	#		700,000		713,545
Lloyds TSB Bank plc (United Kingdom)
2.624%		01/24/2014	#		2,500,000		2,536,650
							5,179,357
Energy Equipment & Services—0.1%
Transocean, Inc. (Cayman Islands)
4.950%		11/15/2015			500,000		541,408
Thrifts & Mortgage Finance—0.3%
Countrywide Financial Corp. MTN
5.800%		06/07/2012			1,300,000		1,356,362
TOTAL CORPORATE OBLIGATIONS
(Cost $30,450,190)							30,976,074
U.S. TREASURY OBLIGATIONS—86.7%
U.S. Treasury Bonds—0.3%
U.S. Treasury Bond
4.375%		05/15/2041			1,670,000		1,667,655

Coupon Rate	Maturity Date			Face		Value
U.S. Treasury Inflation Protected Securities Bonds—34.8%
U.S. Treasury Bond
3.875%	04/15/2029		$	15,160,000	$	28,458,084
3.625%	04/15/2028			11,080,000		20,317,021
3.375%	04/15/2032	†		604,100		1,014,272
2.500%	01/15/2029			12,625,000		15,388,755
2.375%	01/15/2025-
	01/15/2027			32,512,400		43,849,847
2.125%	02/15/2040-
	02/15/2041			29,766,000		33,541,103
2.000%	01/15/2026			15,970,000		19,801,605
1.750%	01/15/2028			12,940,000		14,562,580
						176,933,267
U.S. Treasury Inflation Protected Securities Notes—48.2%
U.S. Treasury Note
3.375%	01/15/2012	†		1,900,000		2,459,410
3.000%	07/15/2012	†		7,900,000		10,314,205
2.625%	07/15/2017			21,340,000		26,960,185
2.500%	07/15/2016			22,320,000		28,468,921
2.375%	01/15/2017	†		16,660,300		21,213,595
2.125%	01/15/2019			1,592,600		1,897,185
2.000%	07/15/2014	‡‡		11,113,500		14,469,141
2.000%	04/15/2012-
	01/15/2014	†		18,087,600		22,173,581
2.000%	01/15/2016			6,510,000		8,203,310
1.875%	07/15/2013-
	07/15/2019			27,743,600		35,222,135
1.625%	01/15/2015-
	01/15/2018			13,625,000		17,159,126
1.375%	07/15/2018	†		2,690,000		3,048,887
1.375%	01/15/2020			11,274,800		12,585,675
1.250%	04/15/2014-
	07/15/2020			5,755,000		6,390,648
1.125%	01/15/2021	†		12,395,000		13,245,453
0.625%	04/15/2013			320,000		350,741
0.500%	04/15/2015			14,191,700		15,370,353
0.125%	04/15/2016	†		5,180,000		5,400,471
						244,933,022
U.S. Treasury Notes—3.4%
U.S. Treasury Note
3.625%	02/15/2021	†‡‡		8,150,000		8,499,562
3.125%	05/15/2021	†		8,990,000		8,966,140
						17,465,702
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $418,780,121)						440,999,646
GOVERNMENT RELATED OBLIGATIONS—0.5%
Non-U.S. Government Agencies—0.5%
Export-Import Bank of Korea (Korea, Republic of)
4.000%	01/29/2021			1,200,000		1,110,631
Petrobras International Finance Co. (Cayman Islands)
3.875%	01/27/2016			1,200,000		1,227,982
						2,338,613

See accompanying notes to financial statements

117

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Inflation Protected Securities Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Supranational—0.0%
International Bank for Reconstruction & Development, Series CPI
3.754%		12/10/2013	#	$	275,000	$	282,425
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $2,660,219)							2,621,038
ASSET-BACKED SECURITIES—1.8%
Home Equity—0.4%
Argent Securities, Inc.
Series 2005-W2, Class A2B1
0.386%		10/25/2035	#		285,871		262,312
First Franklin Mortgage Loan Asset Backed Certificates
Series 2005-FF11, Class A2D
0.526%		11/25/2035	#		1,782,546		1,544,770
First Franklin Mortgage Loan Asset Backed Certificates
Series 2006-FF15, Class A3
0.236%		11/25/2036	#		22,670		22,565
Saxon Asset Securities Trust
Series 2003-1, Class AF7
4.034%		06/25/2033			146,927		136,270
							1,965,917
Manufactured Housing—0.2%
Conseco Finance Securitizations Corp.
Series 2002-1, Class A
6.681%		12/01/2033	#		1,256,257		1,339,342
Other—0.1%
Park Place Securities, Inc.
Series 2004-WWF1, Class M2
0.866%		12/25/2034	#		341,620		322,140
Student Loan—1.1%
Illinois Student Assistance Commission
Series 2010-1, Class A1
0.754%		04/25/2017	#		3,031,934		3,031,873
North Carolina State Education Assistance Authority
Series 2011-2, Class A1
0.785%		10/26/2020			600,000		598,890
South Carolina Student Loan Corp.
Series 2010-1, Class A1
0.724%		01/25/2021	#		2,069,926		2,067,421
							5,698,184
TOTAL ASSET-BACKED SECURITIES
(Cost $9,255,491)							9,325,583
PURCHASED OPTIONS—0.0%
					Contracts/ Notional		Value
Put—Euro-Dollars 1 Year Mid
Curve, Expires 09/16/2011,
Strike $98.25					247		4,631

				Contracts/ Notional		Value
Put—U.S. 1 Year Swaption,
Expires 11/19/2012, Strike
2.00%			$	3,400,000	$	7,947
Call—U.S. 1 Year Swaption,
Expires 04/30/2012, Strike
1.25%				12,500,000		66,411
TOTAL PURCHASED OPTIONS
(Cost $160,149)						78,989
Coupon Rate	Maturity Date			Face		Value
CERTIFICATES OF DEPOSIT—1.1%
Commercial Banks—0.3%
Industrial & Commercial Bank of China Ltd.
0.750%	08/15/2011			1,700,000		1,701,154
Mortgage Backed—0.8%
Abbey National Treasury Services plc (United Kingdom)
1.600%	06/10/2013			3,800,000		3,802,192
TOTAL CERTIFICATES OF DEPOSIT
(Cost $5,500,000)						5,503,346
				Shares		Value
MONEY MARKET FUNDS—14.7%
Institutional Money Market Funds—14.7%
Dreyfus Institutional Cash Advantage Fund, 0.15%		††µ		10,000,000		10,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%		µ		17,452,972		17,452,972
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%		††µ		7,407,453		7,407,453
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.13%		††µ		10,000,000		10,000,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.00%		††µ		10,000,000		10,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%		††µ		10,000,000		10,000,000

See accompanying notes to financial statements

118

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Inflation Protected Securities Fund
		Shares		Value
MONEY MARKET FUNDS—(Continued)
Wells Fargo Advantage Heritage Money Market Fund— Select Class, 0.10%	††µ	$	10,000,000	$	10,000,000
TOTAL MONEY MARKET FUNDS
(Cost $74,860,425)					74,860,425
TOTAL INVESTMENTS—110.9%
(Cost $541,666,595)					564,365,101
Other assets less liabilities—(10.9%)					(55,665,752	)
NET ASSETS—100.0%				$	508,699,349

Notes to the Schedule of Investments:

MTN	Medium Term Note
#	Rate is subject to change. Rate shown reflects current rate.
†	Denotes all or a portion of the security on loan.
‡‡	Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.
µ	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

119

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—93.8%
Aerospace & Defense—2.6%
Boeing Co. (The)		77,300	$	5,714,789
Honeywell International, Inc.		392,200		23,371,198
ITT Corp.		73,800		4,349,034
L-3 Communications Holdings,
Inc.		60,200		5,264,490
Lockheed Martin Corp.		41,500		3,360,255
Raytheon Co.		187,900		9,366,815
				51,426,581
Air Freight & Logistics—1.1%
FedEx Corp.		168,600		15,991,710
United Parcel Service, Inc.,
Class B		85,300		6,220,929
				22,212,639
Automobiles—0.2%
General Motors Co.		54,500		1,654,620
Harley-Davidson, Inc.		78,100		3,199,757
				4,854,377
Beverages—0.4%
Molson Coors Brewing Co.,
Class B		51,500		2,304,110
PepsiCo, Inc.		88,800		6,254,184
				8,558,294
Biotechnology—0.2%
Amgen, Inc.	*	77,800		4,539,630
Building Products—0.2%
Masco Corp.	†	242,400		2,916,072
USG Corp.	*†	85,900		1,231,806
				4,147,878
Capital Markets—3.0%
Bank of New York Mellon Corp.
(The)		1,288,100		33,001,122
Legg Mason, Inc.		157,700		5,166,252
Morgan Stanley		89,000		2,047,890
Northern Trust Corp.		90,800		4,173,168
State Street Corp.		333,500		15,037,515
				59,425,947
Chemicals—0.7%
E.I. Du Pont de Nemours & Co.		67,046		3,623,836
International Flavors & Fragrances, Inc.		63,800		4,098,512
Monsanto Co.		92,000		6,673,680
				14,396,028
Commercial Banks—3.1%
KeyCorp		275,600		2,295,748
PNC Financial Services Group, Inc.		326,700		19,474,587
Regions Financial Corp.		319,100		1,978,420
SunTrust Banks, Inc.		191,600		4,943,280
U.S. Bancorp		337,100		8,599,421
Wells Fargo & Co.		824,700		23,141,082
				60,432,538

		Shares		Value
Commercial Services & Supplies—0.2%
Avery Dennison Corp.		85,200	$	3,291,276
Communications Equipment—0.5%
Cisco Systems, Inc.		236,100		3,685,521
Harris Corp.		145,100		6,538,206
				10,223,727
Computers & Peripherals—3.9%
Dell, Inc.	*	3,512,500		58,553,375
Hewlett-Packard Co.		477,000		17,362,800
				75,916,175
Construction Materials—1.9%
Cemex SAB de CV ADR (Mexico)	*†	2,314,539		19,905,036
Martin Marietta Materials, Inc.	†	147,000		11,755,590
Vulcan Materials Co.	†	120,600		4,646,718
				36,307,344
Consumer Finance—3.2%
American Express Co.		596,400		30,833,880
Capital One Financial Corp.		333,200		17,216,444
SLM Corp.		895,600		15,055,036
				63,105,360
Distributors—0.2%
Genuine Parts Co.		55,052		2,994,829
Diversified Consumer Services—0.1%
H&R Block, Inc.	†	82,500		1,323,300
Diversified Financial Services—3.4%
Bank of America Corp.		1,719,006		18,840,306
Citigroup, Inc.		388,199		16,164,606
JPMorgan Chase & Co.		706,700		28,932,298
NYSE Euronext		87,500		2,998,625
				66,935,835
Diversified Telecommunication Services—6.6%
AT&T, Inc.		779,342		24,479,132
CenturyLink, Inc.		105,090		4,248,789
Level 3 Communications, Inc.	*†	16,464,000		40,172,160
Telefonica SA (Spain)		121,500		2,967,485
tw telecom inc.	*	1,783,991		36,625,335
Verizon Communications, Inc.	†	533,541		19,863,732
				128,356,633
Electric Utilities—1.9%
Duke Energy Corp.	†	183,200		3,449,656
Entergy Corp.		185,800		12,686,424
Exelon Corp.		163,500		7,004,340
FirstEnergy Corp.		66,600		2,940,390
Pinnacle West Capital Corp.		71,500		3,187,470
PPL Corp.	†	104,600		2,911,018
Progress Energy, Inc.		91,800		4,407,318
				36,586,616
Electrical Equipment—1.0%
Cooper Industries plc		73,400		4,379,778

See accompanying notes to financial statements

120

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Emerson Electric Co.		257,700	$	14,495,625
				18,875,403
Electronic Equipment, Instruments & Components—0.3%
Corning, Inc.		321,900		5,842,485
Energy Equipment & Services—0.6%
Baker Hughes, Inc.		31,400		2,278,384
Diamond Offshore Drilling, Inc.	†	30,400		2,140,464
Schlumberger Ltd.		86,600		7,482,240
				11,901,088
Food & Staples Retailing—1.0%
Walgreen Co.		455,300		19,332,038
Food Products—2.1%
Archer-Daniels-Midland Co.		77,600		2,339,640
Campbell Soup Co.	†	730,900		25,252,595
ConAgra Foods, Inc.		149,400		3,856,014
General Mills, Inc.		12,600		468,972
Hershey Co. (The)		116,900		6,645,765
McCormick & Co., Inc.		54,900		2,721,393
				41,284,379
Health Care Equipment & Supplies—1.3%
Baxter International, Inc.		214,900		12,827,381
Medtronic, Inc.		331,400		12,768,842
				25,596,223
Health Care Providers & Services—1.7%
UnitedHealth Group, Inc.		312,500		16,118,750
WellPoint, Inc.		214,100		16,864,657
				32,983,407
Hotels, Restaurants & Leisure—2.4%
Carnival Corp.		322,100		12,120,623
Marriott International, Inc., Class A	†	84,588		3,002,028
Yum! Brands, Inc.		583,000		32,204,920
				47,327,571
Household Durables—0.7%
Fortune Brands, Inc.		127,700		8,143,429
Whirlpool Corp.		79,600		6,473,072
				14,616,501
Household Products—0.7%
Clorox Co.		96,100		6,480,984
Kimberly-Clark Corp.		98,559		6,560,087
				13,041,071
Independent Power Producers & Energy Traders—0.3%
Constellation Energy Group, Inc.		159,600		6,058,416
Industrial Conglomerates—3.0%
3M Co.		103,200		9,788,520
General Electric Co.		1,340,400		25,279,944
Koninklijke Philips Electronics

		Shares		Value
NV NYRS (Netherlands)	†	906,000	$	23,266,080
				58,334,544
Insurance—8.4%
Allstate Corp. (The)		406,600		12,413,498
AON Corp.		721,141		36,994,533
Chubb Corp.		42,800		2,679,708
Fairfax Financial Holdings Ltd. (Canada)	†	93,600		37,546,704
Lincoln National Corp.	†	143,990		4,102,275
Loews Corp.		731,000		30,767,790
Marsh & McLennan Cos., Inc.		214,500		6,690,255
Sun Life Financial, Inc. (Canada)		114,500		3,444,160
Travelers Cos., Inc. (The)		507,000		29,598,660
				164,237,583
Internet & Catalog Retail—1.2%
Liberty Media Corp. - Interactive, Series A	*	1,462,500		24,526,125
IT Services—1.2%
Computer Sciences Corp.		163,600		6,210,256
International Business Machines Corp.		104,800		17,978,440
				24,188,696
Leisure Equipment & Products—0.3%
Mattel, Inc.		198,500		5,456,765
Machinery—2.8%
Dover Corp.		148,500		10,068,300
Illinois Tool Works, Inc.		470,500		26,578,545
Stanley Black & Decker, Inc.		251,200		18,098,960
				54,745,805
Media—6.6%
Cablevision Systems Corp.,
Class A	*	138,000		3,622,500
Comcast Corp., Class A		135,300		3,428,502
DIRECTV, Class A	*	674,000		34,252,680
Madison Square Garden Co. (The), Class A	*	47,500		1,307,675
McGraw-Hill Cos., Inc. (The)		155,400		6,512,814
New York Times Co. (The), Class A	*†	193,800		1,689,936
News Corp., Class A		2,101,000		37,187,700
Time Warner, Inc.		240,633		8,751,822
Walt Disney Co. (The)		773,200		30,185,728
WPP plc (Ireland)		162,700		2,038,282
				128,977,639
Metals & Mining—0.3%
Nucor Corp.		139,500		5,750,190
Multiline Retail—0.2%
Macy’s, Inc.		106,300		3,108,212
Multi-Utilities—1.1%
CenterPoint Energy, Inc.		50,000		967,500
Dominion Resources, Inc.		208,600		10,069,122
NiSource, Inc.	†	298,200		6,038,550
TECO Energy, Inc.	†	68,800		1,299,632

See accompanying notes to financial statements

121

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Xcel Energy, Inc.		169,400	$	4,116,420
				22,491,224
Oil, Gas & Consumable Fuels—11.5%
Anadarko Petroleum Corp.		89,500		6,870,020
BP plc ADR (United Kingdom)		370,598		16,413,785
Chesapeake Energy Corp.		1,961,000		58,222,090
Chevron Corp.		231,658		23,823,709
ConocoPhillips		333,900		25,105,941
Exxon Mobil Corp.		170,660		13,888,311
Marathon Oil Corp.		507,000		26,708,760
Murphy Oil Corp.		117,100		7,688,786
Occidental Petroleum Corp.		220,400		22,930,416
Royal Dutch Shell plc, Class A ADR (Netherlands)		163,781		11,649,742
Spectra Energy Corp.		348,512		9,552,714
Sunoco, Inc.		68,400		2,852,964
				225,707,238
Paper & Forest Products—0.6%
International Paper Co.		244,500		7,290,990
MeadWestvaco Corp.	†	112,000		3,730,720
				11,021,710
Personal Products—0.3%
Avon Products, Inc.		226,400		6,339,200
Pharmaceuticals—4.0%
Bristol-Myers Squibb Co.		417,000		12,076,320
Eli Lilly & Co.		75,000		2,814,750
Johnson & Johnson		355,700		23,661,164
Merck & Co., Inc.		186,800		6,592,172
Pfizer, Inc.		1,116,987		23,009,932
Teva Pharmaceutical Industries Ltd. ADR (Israel)		209,300		10,092,446
				78,246,784
Real Estate Investment Trusts (REITs)—0.1%
Weyerhaeuser Co. REIT		108,037		2,361,689
Semiconductors & Semiconductor Equipment—2.1%
Analog Devices, Inc.		116,300		4,551,982
Applied Materials, Inc.		784,700		10,208,947
Intel Corp.		549,300		12,172,488
Texas Instruments, Inc.		421,300		13,831,279
				40,764,696
Software—1.4%
Electronic Arts, Inc.	*	111,200		2,624,320
Microsoft Corp.		926,200		24,081,200
				26,705,520
Specialty Retail—1.3%
Home Depot, Inc.		551,400		19,971,708
Staples, Inc.		271,400		4,288,120
Tiffany & Co.	†	7,300		573,196
				24,833,024
Tobacco—1.4%
Altria Group, Inc.		243,300		6,425,553

		Shares		Value
Imperial Tobacco Group plc ADR (United Kingdom)		106,900	$	7,116,333
Philip Morris International, Inc.		197,300		13,173,721
				26,715,607
Wireless Telecommunication Services—0.5%
Vodafone Group plc (United Kingdom)		880,800		2,335,567
Vodafone Group plc ADR (United Kingdom)	†	278,900		7,452,208
				9,787,775
TOTAL COMMON STOCKS
(Cost $1,570,050,963)				1,836,193,615
CONVERTIBLE PREFERRED STOCKS—0.3%
Automobiles—0.3%
General Motors Co., Series B 4.750%
(Cost $4,555,013)		91,200		4,445,088
MONEY MARKET FUNDS—13.7%
Institutional Money Market Funds—13.7%
Dreyfus Institutional Cash Advantage Fund, 0.15%	††µ	26,000,000		26,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	µ	111,785,662		111,785,662
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	††µ	27,134,896		27,134,896
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.13%	††µ	26,000,000		26,000,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.00%	††µ	26,000,000		26,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††µ	26,000,000		26,000,000

See accompanying notes to financial statements

122

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.10%	††µ	26,000,000	$	26,000,000
TOTAL MONEY MARKET FUNDS
(Cost $268,920,558)				268,920,558
TOTAL INVESTMENTS—107.8%
(Cost $1,843,526,534)				2,109,559,261
Other assets less liabilities—(7.8%)				(151,839,688	)
NET ASSETS—100.0%			$	1,957,719,573

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.
µ	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

123

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—98.4%
Aerospace & Defense—1.4%
Boeing Co. (The)		8,100	$	598,833
Honeywell International, Inc.		46,300		2,759,017
Precision Castparts Corp.		27,800		4,577,270
Textron, Inc.	†	238,700		5,635,707
United Technologies Corp.		48,700		4,310,437
				17,881,264
Air Freight & Logistics—1.9%
Expeditors International of Washington, Inc.		33,100		1,694,389
FedEx Corp.		48,000		4,552,800
United Parcel Service, Inc., Class B		248,275		18,106,696
				24,353,885
Auto Components—0.7%
Goodyear Tire & Rubber Co. (The)	*	350,900		5,884,593
Johnson Controls, Inc.		55,500		2,312,130
				8,196,723
Automobiles—0.4%
General Motors Co.	*	180,000		5,464,800
Beverages—1.5%
Anheuser-Busch InBev NV (Belgium)		800		46,430
Coca-Cola Co. (The)		3,000		201,870
Diageo plc ADR (United Kingdom)	†	157,175		12,867,917
Molson Coors Brewing Co., Class B		120,600		5,395,644
PepsiCo, Inc.		600		42,258
				18,554,119
Biotechnology—1.1%
Alexion Pharmaceuticals, Inc.	*	5,300		249,259
Amgen, Inc.	*	152,600		8,904,210
Biogen Idec, Inc.	*	9,600		1,026,432
Celgene Corp.	*	51,200		3,088,384
Vertex Pharmaceuticals, Inc.	*	7,800		405,522
				13,673,807
Capital Markets—4.6%
Ameriprise Financial, Inc.		22,400		1,292,032
Bank of New York Mellon Corp. (The)		677,050		17,346,021
BlackRock, Inc.		32,600		6,253,006
Charles Schwab Corp. (The)		31,300		514,885
Credit Suisse Group AG (Registered) (Switzerland)	*	1,225		47,741
Credit Suisse Group AG ADR (Switzerland)		198,400		7,741,568
Franklin Resources, Inc.	†	56,000		7,352,240
Goldman Sachs Group, Inc. (The)		48,800		6,494,792
Invesco Ltd.		416,700		9,750,780
Northern Trust Corp.		8,200		376,872
State Street Corp.		16,900		762,021
TD Ameritrade Holding Corp.		17,700		345,327
				58,277,285

		Shares		Value
Chemicals—3.6%
Air Products & Chemicals, Inc.		24,300	$	2,322,594
CF Industries Holdings, Inc.		41,900		5,935,973
Dow Chemical Co. (The)		260,000		9,360,000
Monsanto Co.		181,350		13,155,129
Mosaic Co. (The)		77,300		5,235,529
Potash Corp. of Saskatchewan, Inc. (Canada)		32,000		1,823,680
Praxair, Inc.	†	63,700		6,904,443
Sherwin-Williams Co. (The)		1,100		92,257
				44,829,605
Commercial Banks—3.9%
BB&T Corp.		360,300		9,670,452
Comerica, Inc.		238,550		8,246,673
PNC Financial Services Group, Inc.		205,600		12,255,816
U.S. Bancorp		36,900		941,319
Wells Fargo & Co.		642,500		18,028,550
				49,142,810
Commercial Services & Supplies—0.9%
Cintas Corp.	†	334,000		11,032,020
Communications Equipment—1.5%
Cisco Systems, Inc.		334,300		5,218,423
Juniper Networks, Inc.	*	95,000		2,992,500
Nokia Oyj ADR (Finland)	†	522,000		3,351,240
QUALCOMM, Inc.		131,700		7,479,243
				19,041,406
Computers & Peripherals—2.6%
Apple, Inc.	*	72,100		24,201,807
EMC Corp.	*	116,100		3,198,555
Hewlett-Packard Co.		143,000		5,205,200
NetApp, Inc.	*	4,900		258,622
				32,864,184
Consumer Finance—1.3%
American Express Co.		326,000		16,854,200
Containers & Packaging—0.5%
Rexam plc ADR (United Kingdom)	†	205,300		6,466,950
Diversified Financial Services—3.0%
Bank of America Corp.		1,237,300		13,560,808
CME Group, Inc.		100		29,159
IntercontinentalExchange, Inc.	*†	20,300		2,531,613
JPMorgan Chase & Co.		502,308		20,564,490
NYSE Euronext		13,700		469,499
				37,155,569
Diversified Telecommunication Services—1.0%
AT&T, Inc.		386,706		12,146,435
Electric Utilities—1.1%
Edison International		138,700		5,374,625
Entergy Corp.		77,300		5,278,044
PPL Corp.		112,500		3,130,875
				13,783,544

See accompanying notes to financial statements

124

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Electrical Equipment—0.2%
Emerson Electric Co.		37,800	$	2,126,250
Roper Industries, Inc.		8,200		683,060
				2,809,310
Electronic Equipment, Instruments & Components—1.3%
Corning, Inc.		142,500		2,586,375
TE Connectivity Ltd. (Switzerland)		388,450		14,279,422
				16,865,797
Energy Equipment & Services—2.2%
Baker Hughes, Inc.		91,700		6,653,752
Cameron International Corp.	*	23,800		1,196,902
FMC Technologies, Inc.	*†	36,000		1,612,440
Halliburton Co.		54,500		2,779,500
McDermott International, Inc.	*	13,900		275,359
Noble Corp. (Switzerland)		167,800		6,612,998
Schlumberger Ltd.		92,700		8,009,280
				27,140,231
Food & Staples Retailing—3.2%
Costco Wholesale Corp.		600		48,744
Sysco Corp.		690,175		21,519,657
Walgreen Co.		100		4,246
Wal-Mart Stores, Inc.		336,575		17,885,595
Whole Foods Market, Inc.		10,800		685,260
				40,143,502
Food Products—2.6%
Archer-Daniels-Midland Co.		175,500		5,291,325
General Mills, Inc.		137,800		5,128,916
Nestle SA ADR (Switzerland)		347,125		21,653,658
				32,073,899
Health Care Equipment & Supplies—3.6%
Baxter International, Inc.		126,400		7,544,816
Covidien plc (Ireland)		276,700		14,728,741
DENTSPLY International, Inc.		503,275		19,164,712
Edwards Lifesciences Corp.	*	6,700		584,106
Intuitive Surgical, Inc.	*	400		148,844
Stryker Corp.		44,900		2,635,181
				44,806,400
Health Care Providers & Services—3.5%
AmerisourceBergen Corp.		454,575		18,819,405
Cardinal Health, Inc.		42,000		1,907,640
Express Scripts, Inc.	*	73,300		3,956,734
HCA Holdings, Inc.	*	223,380		7,371,540
McKesson Corp.		60,800		5,085,920
UnitedHealth Group, Inc.		132,200		6,818,876
				43,960,115
Health Care Technology—0.0%
Cerner Corp.	*	2,400		146,664
Hotels, Restaurants & Leisure—1.7%
Carnival Corp.		90,400		3,401,752
Chipotle Mexican Grill, Inc.	*†	4,500		1,386,855
Las Vegas Sands Corp.	*	49,900		2,106,279

		Shares		Value
Marriott International, Inc., Class A		98,371	$	3,491,187
McDonald’s Corp.		34,900		2,942,768
Starbucks Corp.		129,400		5,110,006
Starwood Hotels & Resorts Worldwide, Inc.		41,800		2,342,472
Wynn Resorts Ltd.		4,900		703,346
				21,484,665
Household Durables—0.4%
Newell Rubbermaid, Inc.		339,200		5,352,576
Household Products—1.2%
Kimberly-Clark Corp.		216,000		14,376,960
Procter & Gamble Co. (The)		1,175		74,695
				14,451,655
Industrial Conglomerates—5.6%
3M Co.		281,950		26,742,957
General Electric Co.		811,800		15,310,548
Tyco International Ltd. (Switzerland)		584,700		28,901,721
				70,955,226
Insurance—4.2%
ACE Ltd. (Switzerland)		95,500		6,285,810
Berkshire Hathaway, Inc., Class B	*	216,800		16,778,152
Marsh & McLennan Cos., Inc.		227,600		7,098,844
Principal Financial Group, Inc.		186,200		5,664,204
Prudential Financial, Inc.		26,100		1,659,699
Unum Group		172,600		4,397,848
Willis Group Holdings plc (United Kingdom)		277,550		11,410,080
				53,294,637
Internet & Catalog Retail—1.6%
Amazon.com, Inc.	*	68,100		13,925,769
Liberty Media Corp.—Interactive, Series A	*	102,100		1,712,217
Netflix, Inc.	*†	600		157,614
priceline.com, Inc.	*	9,300		4,760,949
				20,556,549
Internet Software & Services—2.5%
Baidu, Inc. ADR (China)	*	49,200		6,894,396
eBay, Inc.	*	84,800		2,736,496
Google, Inc., Class A	*	35,100		17,773,938
Tencent Holdings Ltd. (China)		130,800		3,569,845
				30,974,675
IT Services—4.3%
Accenture plc, Class A (Ireland)		426,525		25,770,641
Automatic Data Processing, Inc.		316,675		16,682,439
Fiserv, Inc.	*	4,400		275,572
International Business Machines Corp.		8,400		1,441,020
Mastercard, Inc., Class A		19,600		5,906,264
Visa, Inc., Class A		42,900		3,614,754

See accompanying notes to financial statements

125

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Western Union Co. (The)		29,400	$	588,882
				54,279,572
Leisure Equipment & Products—0.0%
Hasbro, Inc.		700		30,751
Mattel, Inc.		1,900		52,231
				82,982
Life Sciences Tools & Services—0.1%
Thermo Fisher Scientific, Inc.	*	20,800		1,339,312
Machinery—3.7%
Caterpillar, Inc.		8,300		883,618
Cummins, Inc.		3,700		382,913
Danaher Corp.		200,400		10,619,196
Deere & Co.		14,300		1,179,035
Eaton Corp.		10,600		545,370
Illinois Tool Works, Inc.		3,900		220,311
Ingersoll-Rand plc (Ireland)		410,325		18,632,858
Joy Global, Inc.		11,400		1,085,736
PACCAR, Inc.		121,900		6,227,871
Stanley Black & Decker, Inc.		91,100		6,563,755
				46,340,663
Media—4.3%
CBS Corp., Class B		193,700		5,518,513
Comcast Corp., Class A		317,800		8,053,052
Discovery Communications, Inc., Class C	*	46,150		1,686,782
McGraw-Hill Cos., Inc. (The)		341,775		14,323,790
Omnicom Group, Inc.		40,250		1,938,440
Time Warner, Inc.		557,883		20,290,205
Walt Disney Co. (The)		68,400		2,670,336
				54,481,118
Metals & Mining—1.1%
Freeport-McMoRan Copper & Gold, Inc.		7,900		417,910
Nucor Corp.		168,600		6,949,692
Steel Dynamics, Inc.		377,900		6,140,875
				13,508,477
Multiline Retail—1.1%
Dollar Tree, Inc.	*	2,250		149,895
Kohl’s Corp.		150,600		7,531,506
Nordstrom, Inc.		135,500		6,360,370
				14,041,771
Oil, Gas & Consumable Fuels—7.8%
Chevron Corp.		215,800		22,192,872
Cimarex Energy Co.		7,500		674,400
Concho Resources, Inc.	*	11,900		1,093,015
Devon Energy Corp.		192,900		15,202,449
EOG Resources, Inc.		26,100		2,728,755
EQT Corp.		12,600		661,752
Exxon Mobil Corp.		600		48,828
Marathon Oil Corp.		122,500		6,453,300
Occidental Petroleum Corp.		113,600		11,818,944
Peabody Energy Corp.		41,000		2,415,310
Petroleo Brasileiro SA ADR (Brazil)		242,200		8,200,892
Plains Exploration & Production Co.	*	218,500		8,329,220

		Shares		Value
Range Resources Corp.		22,000	$	1,221,000
Royal Dutch Shell plc, Class A ADR (Netherlands)		143,000		10,171,590
Southwestern Energy Co.	*	153,200		6,569,216
Suncor Energy, Inc. (Canada)		11,300		441,830
				98,223,373
Pharmaceuticals—2.4%
Allergan, Inc.		29,400		2,447,550
Merck & Co., Inc.		230,540		8,135,757
Pfizer, Inc.		501,000		10,320,600
Shire plc ADR (Ireland)	†	4,000		376,840
Teva Pharmaceutical Industries Ltd. ADR (Israel)		190,900		9,205,198
				30,485,945
Real Estate Management & Development—0.1%
CB Richard Ellis Group, Inc., Class A	*	62,200		1,561,842
Road & Rail—0.4%
Norfolk Southern Corp.		2,000		149,860
Union Pacific Corp.		41,300		4,311,720
				4,461,580
Semiconductors & Semiconductor Equipment—2.5%
Altera Corp.		20,200		936,270
Broadcom Corp., Class A	*	69,400		2,334,616
Freescale Semiconductor Holdings I Ltd.	*†	191,700		3,525,363
Intel Corp.		313,100		6,938,296
Marvell Technology Group Ltd. (Bermuda)	*	1,800		26,577
Maxim Integrated Products, Inc.		235,600		6,021,936
Xilinx, Inc.	†	319,900		11,666,753
				31,449,811
Software—1.4%
Autodesk, Inc.	*	7,300		281,780
Intuit, Inc.	*	9,700		503,042
Microsoft Corp.		617,425		16,053,050
Salesforce.com, Inc.	*	3,500		521,430
				17,359,302
Specialty Retail—2.4%
Bed Bath & Beyond, Inc.	*	40,800		2,381,496
CarMax, Inc.	*	1,900		62,833
Lowe’s Cos., Inc.		253,100		5,899,761
O’Reilly Automotive, Inc.	*	39,600		2,594,196
Staples, Inc.		1,165,025		18,407,395
Tiffany & Co.		11,100		871,572
				30,217,253
Textiles, Apparel & Luxury Goods—0.6%
Coach, Inc.		29,100		1,860,363
Fossil, Inc.	*	10,300		1,212,516
NIKE, Inc., Class B		32,200		2,897,356
Polo Ralph Lauren Corp.	†	13,500		1,790,235
				7,760,470

See accompanying notes to financial statements

126

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
Tobacco—0.6%
Imperial Tobacco Group plc ADR (United Kingdom)		107,200	$	7,136,304
Trading Companies & Distributors—0.4%
Fastenal Co.	†	96,600		3,476,634
W.W. Grainger, Inc.	†	11,500		1,766,975
				5,243,609
Wireless Telecommunication Services—0.4%
American Tower Corp., Class A	*	100,400		5,253,932
TOTAL COMMON STOCKS
(Cost $1,013,159,562)				1,237,961,823
MONEY MARKET FUNDS—5.4%
Institutional Money Market Funds—5.4%
Dreyfus Institutional Cash Advantage Fund, 0.15%	††µ	8,000,000		8,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	µ	17,771,161		17,771,161
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	††µ	10,263,374		10,263,374
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.13%	††µ	8,000,000		8,000,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.00%	††µ	8,000,000		8,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††µ	8,000,000		8,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.10%	††µ	8,000,000		8,000,000
TOTAL MONEY MARKET FUNDS
(Cost $68,034,535)				68,034,535
TOTAL INVESTMENTS—103.8%
(Cost $1,081,194,097)				1,305,996,358
Other assets less liabilities—(3.8%)				(47,698,147	)
NET ASSETS—100.0%			$	1,258,298,211

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.
µ	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

127

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—97.8%
Aerospace & Defense—3.4%
Boeing Co. (The)		125,800	$	9,300,394
Goodrich Corp.		192,103		18,345,837
Honeywell International, Inc.		251,150		14,966,028
ITT Corp.		36,750		2,165,678
United Technologies Corp.		242,650		21,476,951
				66,254,888
Air Freight & Logistics—1.3%
FedEx Corp.		266,560		25,283,216
Airlines—0.3%
Southwest Airlines Co.		516,800		5,901,856
Auto Components—0.7%
BorgWarner, Inc.	*†	159,420		12,879,542
Automobiles—1.7%
Ford Motor Co.	*†	2,344,352		32,328,614
Beverages—3.4%
Anheuser-Busch InBev NV ADR (Belgium)		105,210		6,103,232
Coca-Cola Co. (The)		444,900		29,937,321
Diageo plc ADR (United Kingdom)	†	107,278		8,782,850
PepsiCo, Inc.		315,800		22,241,794
				67,065,197
Biotechnology—2.5%
Celgene Corp.	*	472,700		28,513,264
Gilead Sciences, Inc.	*	382,350		15,833,114
Myriad Genetics, Inc.	*	207,016		4,701,333
				49,047,711
Capital Markets—2.4%
BlackRock, Inc.		49,100		9,417,871
Charles Schwab Corp. (The)		415,900		6,841,555
Goldman Sachs Group, Inc. (The)		117,100		15,584,839
Morgan Stanley		87,700		2,017,977
State Street Corp.		265,100		11,953,359
UBS AG (Switzerland)	*†	57,400		1,048,124
				46,863,725
Chemicals—3.7%
CF Industries Holdings, Inc.		15,530		2,200,135
Chemtura Corp.	*	257,060		4,678,492
Dow Chemical Co. (The)		444,420		15,999,120
E.I. Du Pont de Nemours & Co.		106,000		5,729,300
Monsanto Co.		291,010		21,109,865
Mosaic Co. (The)		84,000		5,689,320
Nalco Holding Co.		182,818		5,084,169
Potash Corp. of Saskatchewan, Inc. (Canada)		197,250		11,241,278
				71,731,679
Commercial Banks—0.9%
Wells Fargo & Co.		636,100		17,848,966
Communications Equipment—4.5%
Acme Packet, Inc.	*	36,900		2,587,797
Ciena Corp.	*†	84,700		1,556,786

		Shares		Value
Cisco Systems, Inc.		1,313,820	$	20,508,730
F5 Networks, Inc.	*	54,700		6,030,675
JDS Uniphase Corp.	*	281,227		4,685,242
Juniper Networks, Inc.	*	222,220		6,999,930
QUALCOMM, Inc.		762,330		43,292,721
Riverbed Technology, Inc.	*	83,300		3,297,847
				88,959,728
Computers & Peripherals—5.8%
Apple, Inc.	*	196,550		65,975,939
EMC Corp.	*	1,117,250		30,780,237
NetApp, Inc.	*	206,019		10,873,683
SanDisk Corp.	*	145,766		6,049,289
				113,679,148
Construction & Engineering—0.3%
Quanta Services, Inc.	*†	316,354		6,390,351
Consumer Finance—1.7%
American Express Co.		421,600		21,796,720
Capital One Financial Corp.		104,229		5,385,513
Discover Financial Services		217,563		5,819,810
				33,002,043
Diversified Financial Services—0.5%
Citigroup, Inc.		99,830		4,156,921
Moody’s Corp.	†	138,700		5,319,145
				9,476,066
Electrical Equipment—0.6%
ABB Ltd. ADR (Switzerland)	*	159,200		4,131,240
Babcock & Wilcox Co. (The)	*	95,250		2,639,377
Rockwell Automation, Inc.		52,600		4,563,576
				11,334,193
Energy Equipment & Services—5.7%
Cameron International Corp.	*	85,310		4,290,240
Ensco plc ADR (United Kingdom)		250,090		13,329,797
Halliburton Co.		358,400		18,278,400
McDermott International, Inc.	*	106,300		2,105,803
Nabors Industries Ltd. (Bermuda)	*	383,000		9,437,120
National Oilwell Varco, Inc.		298,100		23,314,401
Noble Corp. (Switzerland)		47,900		1,887,739
Schlumberger Ltd.		310,000		26,784,000
Weatherford International Ltd. (Switzerland)	*	632,205		11,853,844
				111,281,344
Food & Staples Retailing—1.3%
Wal-Mart Stores, Inc.		280,800		14,921,712
Whole Foods Market, Inc.		154,500		9,803,025
				24,724,737
Food Products—2.2%
Archer-Daniels-Midland Co.		338,650		10,210,297
General Mills, Inc.		309,780		11,530,012
Hershey Co. (The)		270,335		15,368,545
Mead Johnson Nutrition Co.		102,670		6,935,358
				44,044,212

See accompanying notes to financial statements

128

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Health Care Equipment & Supplies—1.0%
Medtronic, Inc.		257,700	$	9,929,181
St. Jude Medical, Inc.		105,700		5,039,776
Stryker Corp.		86,100		5,053,209
				20,022,166
Health Care Providers & Services—2.1%
Aetna, Inc.		414,400		18,270,896
Express Scripts, Inc.	*	35,490		1,915,750
HCA Holdings, Inc.	*	363,660		12,000,780
Omnicare, Inc.	†	127,000		4,050,030
UnitedHealth Group, Inc.		113,500		5,854,330
				42,091,786
Hotels, Restaurants & Leisure—2.0%
Intercontinental Hotels Group plc ADR (United Kingdom)	†	125,700		2,598,219
Las Vegas Sands Corp.	*	383,585		16,191,123
McDonald’s Corp.		35,700		3,010,224
Starbucks Corp.		396,000		15,638,040
Yum! Brands, Inc.		45,350		2,505,134
				39,942,740
Household Products—1.7%
Colgate-Palmolive Co.		24,650		2,154,656
Procter & Gamble Co. (The)		479,100		30,456,387
				32,611,043
Industrial Conglomerates—2.8%
3M Co.		282,300		26,776,155
General Electric Co.		1,225,720		23,117,079
Tyco International Ltd. (Switzerland)		117,510		5,808,519
				55,701,753
Insurance—1.9%
ACE Ltd. (Switzerland)		92,730		6,103,489
AON Corp.		92,330		4,736,529
Berkshire Hathaway, Inc., Class B	*	66,300		5,130,957
Marsh & McLennan Cos., Inc.		164,400		5,127,636
MetLife, Inc.		354,970		15,572,534
Transatlantic Holdings, Inc.		29,320		1,436,973
				38,108,118
Internet & Catalog Retail—3.0%
Amazon.com, Inc.	*	170,590		34,883,949
priceline.com, Inc.	*	47,650		24,393,465
				59,277,414
Internet Software & Services—1.7%
eBay, Inc.	*	287,500		9,277,625
Google, Inc., Class A	*	38,150		19,318,397
Rackspace Hosting, Inc.	*†	103,354		4,417,350
				33,013,372
IT Services—6.3%
Accenture plc, Class A (Ireland)		276,560		16,709,755
Automatic Data Processing, Inc.		450,200		23,716,536
Cognizant Technology Solutions Corp., Class A	*	156,327		11,465,022

		Shares		Value
International Business Machines Corp.		165,600	$	28,408,680
Mastercard, Inc., Class A		93,000		28,024,620
VeriFone Systems, Inc.	*	47,600		2,111,060
Visa, Inc., Class A		159,600		13,447,896
				123,883,569
Life Sciences Tools & Services—2.2%
Agilent Technologies, Inc.	*	238,400		12,184,624
Illumina, Inc.	*†	246,554		18,528,533
Thermo Fisher Scientific, Inc.	*	194,668		12,534,673
				43,247,830
Machinery—2.9%
Caterpillar, Inc.		151,000		16,075,460
Cummins, Inc.		24,300		2,514,807
Danaher Corp.		334,220		17,710,318
Deere & Co.		172,534		14,225,428
Flowserve Corp.		13,420		1,474,724
SPX Corp.		54,590		4,512,409
				56,513,146
Media—3.4%
Comcast Corp., Class A		582,150		14,751,681
DIRECTV, Class A	*	114,400		5,813,808
Viacom, Inc., Class B		245,100		12,500,100
Walt Disney Co. (The)		856,850		33,451,424
				66,517,013
Metals & Mining—0.8%
Barrick Gold Corp. (Canada)		37,700		1,707,433
Freeport-McMoRan Copper & Gold, Inc.		235,130		12,438,377
Xstrata plc ADR (Switzerland)	†	486,800		2,141,920
				16,287,730
Multiline Retail—0.1%
Target Corp.		41,000		1,923,310
Oil, Gas & Consumable Fuels—6.7%
Alpha Natural Resources, Inc.	*	71,570		3,252,141
Apache Corp.		89,800		11,080,422
Cabot Oil & Gas Corp.		95,283		6,318,216
Cenovus Energy, Inc. (Canada)		235,020		8,850,853
ConocoPhillips		114,500		8,609,255
CONSOL Energy, Inc.		468,100		22,693,488
Denbury Resources, Inc.	*	195,300		3,906,000
Devon Energy Corp.		24,180		1,905,626
Occidental Petroleum Corp.		206,970		21,533,159
Peabody Energy Corp.	†	200,700		11,823,237
Range Resources Corp.		19,700		1,093,350
Southwestern Energy Co.	*	98,440		4,221,107
Suncor Energy, Inc. (Canada)		368,660		14,414,606
Valero Energy Corp.		481,050		12,300,448
				132,001,908
Personal Products—1.2%
Avon Products, Inc.		365,900		10,245,200
Estee Lauder Cos., Inc. (The), Class A		117,544		12,364,453
				22,609,653

See accompanying notes to financial statements

129

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Pharmaceuticals—4.8%
Abbott Laboratories		301,600	$	15,870,192
Allergan, Inc.		113,700		9,465,525
Johnson & Johnson		433,968		28,867,551
Pfizer, Inc.		604,500		12,452,700
Valeant Pharmaceuticals International, Inc. (Canada)	†	53,800		2,795,448
Warner Chilcott plc, Class A (Ireland)		472,367		11,398,216
Watson Pharmaceuticals, Inc.	*	196,600		13,512,318
				94,361,950
Professional Services—0.2%
Verisk Analytics, Inc., Class A	*	122,060		4,225,717
Software—6.2%
Adobe Systems, Inc.	*	402,954		12,672,903
Autodesk, Inc.	*	118,400		4,570,240
Check Point Software Technologies Ltd. (Israel)	*	198,305		11,273,639
Citrix Systems, Inc.	*	156,100		12,488,000
Intuit, Inc.	*	58,400		3,028,624
Microsoft Corp.		988,500		25,701,000
Nuance Communications, Inc.	*†	278,263		5,974,307
Oracle Corp.		996,900		32,807,979
Red Hat, Inc.	*	64,631		2,966,563
Salesforce.com, Inc.	*	62,900		9,370,842
				120,854,097
Specialty Retail—3.0%
Bed Bath & Beyond, Inc.	*	263,020		15,352,477
Home Depot, Inc.		379,300		13,738,246
Limited Brands, Inc.		107,800		4,144,910
Lowe’s Cos., Inc.		1,114,400		25,976,664
				59,212,297
Textiles, Apparel & Luxury Goods—0.6%
Adidas AG ADR (Germany)	†	79,960		3,188,005
NIKE, Inc., Class B		101,830		9,162,664
				12,350,669
Tobacco—0.1%
Philip Morris International, Inc.		38,110		2,544,605
Wireless Telecommunication Services—0.2%
MetroPCS Communications, Inc.	*	267,200		4,598,512
TOTAL COMMON STOCKS
(Cost $1,616,776,382)				1,919,997,614

		Shares		Value
MONEY MARKET FUNDS—3.5%
Institutional Money Market Funds—3.5%
Dreyfus Institutional Cash Advantage Fund, 0.15%	††µ	5,500,000	$	5,500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	µ	35,262,169		35,262,169
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	††µ	6,698,266		6,698,266
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.13%	††µ	5,500,000		5,500,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.00%	††µ	5,500,000		5,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††µ	5,500,000		5,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.10%	††µ	5,500,000		5,500,000
TOTAL MONEY MARKET FUNDS
(Cost $69,460,435)				69,460,435
TOTAL INVESTMENTS—101.3%
(Cost $1,686,236,817)				1,989,458,049
Other assets less liabilities—(1.3%)				(26,052,402	)
NET ASSETS—100.0%			$	1,963,405,647

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.
µ	The rate quoted is the annualized seven-day yield of the
	fund at period end.

See accompanying notes to financial statements

130

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—96.5%
Aerospace & Defense—3.1%
L-3 Communications Holdings, Inc.		29,500	$	2,579,775
Rockwell Collins, Inc.		19,400		1,196,786
Spirit Aerosystems Holdings, Inc., Class A	*	78,400		1,724,800
TransDigm Group, Inc.	*	46,819		4,269,425
Triumph Group, Inc.		12,345		1,229,315
				11,000,101
Air Freight & Logistics—0.2%
Atlas Air Worldwide Holdings, Inc.	*	9,350		556,419
Auto Components—1.4%
BorgWarner, Inc.	*†	29,900		2,415,621
Lear Corp.		48,975		2,619,183
				5,034,804
Automobiles—0.4%
Harley-Davidson, Inc.		33,525		1,373,519
Beverages—0.2%
Constellation Brands, Inc., Class A	*	25,950		540,279
Building Products—0.3%
Owens Corning, Inc.	*	31,700		1,183,995
Capital Markets—0.9%
Invesco Ltd.		77,650		1,817,010
Raymond James Financial, Inc.		43,650		1,403,347
				3,220,357
Chemicals—0.8%
Agrium, Inc. (Canada)		10,950		960,972
Huntsman Corp.		92,400		1,741,740
				2,702,712
Commercial Banks—3.9%
Bank of Hawaii Corp.	†	73,000		3,395,960
Fifth Third Bancorp		190,575		2,429,831
Huntington Bancshares, Inc./Ohio		312,650		2,050,984
KeyCorp		284,700		2,371,551
M&T Bank Corp.	†	26,500		2,330,675
TCF Financial Corp.	†	76,200		1,051,560
				13,630,561
Commercial Services & Supplies—2.4%
Cintas Corp.		33,000		1,089,990
R.R. Donnelley & Sons Co.	†	221,513		4,343,870
Steelcase, Inc., Class A		201,400		2,293,946
United Stationers, Inc.	†	16,150		572,194
				8,300,000
Communications Equipment—0.9%
Alcatel-Lucent ADR (France)	*†	257,600		1,486,352
Comtech Telecommunications Corp.	†	57,100		1,601,084
				3,087,436

		Shares		Value
Computers & Peripherals—0.9%
Lexmark International, Inc., Class A	*	64,400	$	1,884,344
Western Digital Corp.	*	32,125		1,168,708
				3,053,052
Construction & Engineering—1.9%
Jacobs Engineering Group, Inc.	*	49,800		2,153,850
KBR, Inc.		57,510		2,167,552
URS Corp.	*	52,900		2,366,746
				6,688,148
Consumer Finance—1.4%
Discover Financial Services		98,950		2,646,912
SLM Corp.		144,175		2,423,582
				5,070,494
Containers & Packaging—3.2%
AptarGroup, Inc.		51,000		2,669,340
Bemis Co., Inc.	†	109,800		3,709,044
Sonoco Products Co.		135,300		4,808,562
				11,186,946
Diversified Consumer Services—0.9%
H&R Block, Inc.		128,900		2,067,556
Weight Watchers International, Inc.		13,775		1,039,599
				3,107,155
Diversified Financial Services—0.3%
PHH Corp.	*	47,500		974,700
Electric Utilities—2.1%
FirstEnergy Corp.		52,600		2,322,290
Pinnacle West Capital Corp.		82,500		3,677,850
Westar Energy, Inc.		48,800		1,313,208
				7,313,348
Electrical Equipment—0.6%
Hubbell, Inc., Class B		34,000		2,208,300
Electronic Equipment, Instruments & Components—2.5%
Arrow Electronics, Inc.	*	75,500		3,133,250
Avnet, Inc.	*	92,600		2,952,088
Ingram Micro, Inc., Class A	*	152,000		2,757,280
				8,842,618
Energy Equipment & Services—2.0%
Ensco plc ADR (United Kingdom)		32,157		1,713,968
Oil States International, Inc.	*	20,275		1,620,175
SEACOR Holdings, Inc.		23,800		2,379,048
Superior Energy Services, Inc.	*	33,025		1,226,549
				6,939,740
Food & Staples Retailing—2.4%
Kroger Co. (The)		112,200		2,782,560
Ruddick Corp.	†	62,165		2,706,664
Sysco Corp.		90,300		2,815,554
				8,304,778
Food Products—2.1%
Campbell Soup Co.	†	48,900		1,689,495
H.J. Heinz Co.		1,200		63,936
Hain Celestial Group, Inc. (The)	*	53,425		1,782,258

See accompanying notes to financial statements

131

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—(Continued)
Sara Lee Corp.		121,960	$	2,316,020
Smithfield Foods, Inc.	*	66,500		1,454,355
				7,306,064
Gas Utilities—0.3%
UGI Corp.		37,500		1,195,875
Health Care Equipment & Supplies—0.6%
Zimmer Holdings, Inc.	*	31,375		1,982,900
Health Care Providers & Services—3.1%
Cardinal Health, Inc.		44,825		2,035,951
CIGNA Corp.		78,725		4,048,827
Health Management Associates, Inc., Class A	*	202,650		2,184,567
Health Net, Inc.	*	61,875		1,985,569
Quest Diagnostics, Inc.	†	11,300		667,830
				10,922,744
Hotels, Restaurants & Leisure—1.7%
Darden Restaurants, Inc.		46,000		2,288,960
Wyndham Worldwide Corp.		112,000		3,768,800
				6,057,760
Household Durables—0.4%
Mohawk Industries, Inc.	*	20,800		1,247,792
Industrial Conglomerates—1.2%
Carlisle Cos., Inc.		83,800		4,125,474
Insurance—11.8%
Alleghany Corp.	*	9,370		3,121,241
Allied World Assurance Co. Holdings AG (Switzerland)		18,900		1,088,262
Allstate Corp. (The)		215,200		6,570,056
AON Corp.		55,049		2,824,014
Arch Capital Group Ltd. (Bermuda)	*	146,600		4,679,472
Fidelity National Financial, Inc., Class A	†	157,000		2,471,180
Hartford Financial Services Group, Inc.		67,875		1,789,864
HCC Insurance Holdings, Inc.		116,900		3,682,350
Lincoln National Corp.		234,260		6,674,067
Marsh & McLennan Cos., Inc.		76,900		2,398,511
Progressive Corp. (The)		115,400		2,467,252
W.R. Berkley Corp.		48,400		1,570,096
XL Group plc (Ireland)		87,725		1,928,195
				41,264,560
Internet Software & Services—0.7%
Open Text Corp. (Canada)	*†	22,000		1,408,440
ValueClick, Inc.	*	55,225		916,735
				2,325,175
IT Services—4.4%
Broadridge Financial Solutions, Inc.		57,900		1,393,653
Computer Sciences Corp.		124,167		4,713,379
Convergys Corp.	*	153,800		2,097,832
SAIC, Inc.	*	138,400		2,327,888
Total System Services, Inc.		120,800		2,244,464
Western Union Co. (The)		129,300		2,589,879
				15,367,095

		Shares		Value
Leisure Equipment & Products—1.7%
Brunswick Corp.	†	190,200	$	3,880,080
Mattel, Inc.		80,300		2,207,447
				6,087,527
Life Sciences Tools & Services—0.6%
Life Technologies Corp.	*	43,700		2,275,459
Machinery—2.9%
Dover Corp.		56,100		3,803,580
Eaton Corp.		32,200		1,656,690
Flowserve Corp.		12,100		1,329,669
Pentair, Inc.		44,425		1,792,993
Timken Co.		35,275		1,777,860
				10,360,792
Media—0.8%
CBS Corp., Class B		32,750		933,048
Omnicom Group, Inc.		39,000		1,878,240
				2,811,288
Metals & Mining—1.1%
Alcoa, Inc.		130,675		2,072,506
Walter Energy, Inc.		14,875		1,722,525
				3,795,031
Multiline Retail—1.1%
Family Dollar Stores, Inc.		20,800		1,093,248
Macy’s, Inc.		99,150		2,899,146
				3,992,394
Multi-Utilities—4.1%
CMS Energy Corp.		119,175		2,346,555
DTE Energy Co.		24,300		1,215,486
NiSource, Inc.	†	81,975		1,659,994
OGE Energy Corp.		39,200		1,972,544
PG&E Corp.		75,300		3,164,859
SCANA Corp.		44,200		1,740,154
Wisconsin Energy Corp.		10,700		335,445
Xcel Energy, Inc.		77,900		1,892,970
				14,328,007
Office Electronics—0.5%
Xerox Corp.		168,150		1,750,441
Oil, Gas & Consumable Fuels—5.2%
Cimarex Energy Co.		26,700		2,400,864
Denbury Resources, Inc.	*	113,175		2,263,500
Energen Corp.		69,750		3,940,875
QEP Resources, Inc.		57,800		2,417,774
Range Resources Corp.		36,300		2,014,650
SM Energy Co.		8,625		633,765
Southwestern Energy Co.	*	53,600		2,298,368
Western Refining, Inc.	*†	126,925		2,293,535
				18,263,331
Paper & Forest Products—0.4%
MeadWestvaco Corp.		46,925		1,563,072
Personal Products—0.2%
Nu Skin Enterprises, Inc., Class A	†	19,000		713,450
Professional Services—2.3%
Dun & Bradstreet Corp.		27,900		2,107,566
Equifax, Inc.		65,600		2,277,632

See accompanying notes to financial statements

132

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—(Continued)
Manpower, Inc.		22,400	$	1,201,760
Towers Watson & Co., Class A		39,000		2,562,690
				8,149,648
Real Estate Investment Trusts (REITs)—4.8%
Annaly Capital Management, Inc. REIT	†	102,500		1,849,100
BioMed Realty Trust, Inc. REIT		30,900		594,516
CBL & Associates Properties, Inc. REIT	†	116,950		2,120,303
Duke Realty Corp. REIT		347,532		4,868,923
DuPont Fabros Technology, Inc. REIT	†	35,825		902,790
Entertainment Properties Trust REIT	†	24,400		1,139,480
Hatteras Financial Corp. REIT		16,900		477,087
Health Care REIT, Inc. REIT		44,250		2,320,028
Home Properties, Inc. REIT	†	23,845		1,451,684
Vornado Realty Trust REIT		12,575		1,171,738
				16,895,649
Road & Rail—2.2%
Hertz Global Holdings, Inc.	*	70,475		1,119,143
Ryder System, Inc.		57,350		3,260,348
Werner Enterprises, Inc.	†	134,300		3,364,215
				7,743,706
Semiconductors & Semiconductor Equipment—2.6%
Analog Devices, Inc.		54,300		2,125,302
Applied Materials, Inc.		152,700		1,986,627
Atmel Corp.	*	151,000		2,124,570
National Semiconductor Corp.		115,300		2,837,533
				9,074,032
Software—1.6%
Progress Software Corp.	*	63,062		1,521,686
Symantec Corp.	*	110,400		2,177,088
Synopsys, Inc.	*	75,500		1,941,105
				5,639,879
Specialty Retail—1.1%
Pier 1 Imports, Inc.	*	104,875		1,213,404
Signet Jewelers Ltd. (Bermuda)	*	40,750		1,907,507
Williams-Sonoma, Inc.		15,950		582,016
				3,702,927
Textiles, Apparel & Luxury Goods—1.6%
Phillips-Van Heusen Corp.		24,910		1,630,858
V.F. Corp.		36,600		3,973,296
				5,604,154
Thrifts & Mortgage Finance—0.6%
First Niagara Financial Group, Inc.		147,250		1,943,700
Tobacco—0.2%
Reynolds American, Inc.		19,350		716,918
Water Utilities—1.5%
American Water Works Co., Inc.		182,275		5,367,999

		Shares		Value
Wireless Telecommunication Services—0.4%
MetroPCS Communications, Inc.	*	82,500	$	1,419,825
TOTAL COMMON STOCKS
(Cost $278,215,163)				338,314,130
MONEY MARKET FUNDS—9.2%
Institutional Money Market Funds—9.2%
Dreyfus Institutional Cash Advantage Fund, 0.15%	††µ	3,000,000		3,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	µ	12,392,431		12,392,431
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	††µ	5,014,039		5,014,039
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.13%	††µ	3,000,000		3,000,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.00%	††µ	3,000,000		3,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††µ	3,000,000		3,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.10%	††µ	3,000,000		3,000,000
TOTAL MONEY MARKET FUNDS
(Cost $32,406,470)				32,406,470
TOTAL INVESTMENTS—105.7%
(Cost $310,621,633)				370,720,600
Other assets less liabilities—(5.7%)				(19,951,053	)
NET ASSETS—100.0%			$	350,769,547

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
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.
µ	The rate quoted is the annualized seven-day yield of the
	fund at period end.

See accompanying notes to financial statements

133

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—98.0%
Aerospace & Defense—1.1%
Rockwell Collins, Inc.		197,150	$	12,162,184
Air Freight & Logistics—2.3%
C.H. Robinson Worldwide, Inc.		153,225		12,080,259
Expeditors International of
Washington, Inc.		175,100		8,963,369
FedEx Corp.		58,100		5,510,785
				26,554,413
Airlines—1.0%
United Continental Holdings, Inc.	*†	510,195		11,545,713
Biotechnology—1.8%
Alkermes, Inc.	*	337,349		6,274,691
Amylin Pharmaceuticals, Inc.	*	448,925		5,997,638
Dendreon Corp.	*	82,900		3,269,576
Human Genome Sciences, Inc.	*†	182,500		4,478,550
				20,020,455
Building Products—1.6%
Lennox International, Inc.		173,950		7,492,026
Masco Corp.	†	452,700		5,445,981
Owens Corning, Inc.	*	153,205		5,722,207
				18,660,214
Capital Markets—3.7%
Bank of New York Mellon Corp. (The)		392,000		10,043,040
Fortress Investment Group LLC, Class A	*	1,209,700		5,830,754
Greenhill & Co., Inc.	†	124,670		6,709,739
Invesco Ltd.		125,400		2,934,360
Lazard Ltd., Class A (Bermuda)		107,000		3,969,700
Penson Worldwide, Inc.	*†	238,200		850,374
SEI Investments Co.		509,400		11,466,594
				41,804,561
Chemicals—1.5%
Airgas, Inc.		71,600		5,014,864
Ecolab, Inc.		119,500		6,737,410
Nalco Holding Co.		177,600		4,939,056
				16,691,330
Commercial Banks—1.6%
Comerica, Inc.		145,100		5,016,107
Fifth Third Bancorp		460,400		5,870,100
First Interstate BancSystem, Inc.	†	247,300		3,645,202
Synovus Financial Corp.	†	2,063,300		4,291,664
				18,823,073
Commercial Services & Supplies—0.4%
Copart, Inc.	*	92,400		4,305,840
Communications Equipment—1.4%
ADTRAN, Inc.		206,725		8,002,325
F5 Networks, Inc.	*	33,200		3,660,300
Juniper Networks, Inc.	*	128,300		4,041,450
				15,704,075

		Shares		Value
Computers & Peripherals—2.0%
Dell, Inc.	*	1,257,000	$	20,954,190
NetApp, Inc.	*	26,800		1,414,504
				22,368,694
Construction & Engineering—2.7%
ACS Actividades de Construccion y Servicios SA (Spain)	†	304,000		14,348,245
Aecom Technology Corp.	*	191,200		5,227,408
Jacobs Engineering Group, Inc.	*	132,575		5,733,869
URS Corp.	*	126,900		5,677,506
				30,987,028
Construction Materials—1.2%
Cemex SAB de CV ADR (Mexico)	*†	1,090,534		9,378,592
Vulcan Materials Co.	†	102,000		3,930,060
				13,308,652
Distributors—0.4%
Pool Corp.		143,100		4,265,811
Diversified Consumer Services—1.1%
Career Education Corp.	*†	269,100		5,691,465
DeVry, Inc.		17,400		1,028,862
Strayer Education, Inc.	†	42,500		5,371,575
				12,091,902
Diversified Financial Services—1.4%
KKR Financial Holdings LLC		1,236,700		12,132,027
NASDAQ OMX Group, Inc. (The)	*	160,000		4,048,000
				16,180,027
Diversified Telecommunication Services—2.4%
Level 3 Communications, Inc.	*†	6,017,000		14,681,480
tw telecom inc.	*	640,000		13,139,200
				27,820,680
Electrical Equipment—1.3%
AMETEK, Inc.		109,500		4,916,550
Babcock & Wilcox Co. (The)	*	135,075		3,742,928
Cooper Industries plc		95,600		5,704,452
				14,363,930
Electronic Equipment, Instruments & Components—0.5%
FLIR Systems, Inc.	†	78,000		2,629,380
Trimble Navigation Ltd.	*	87,798		3,480,313
				6,109,693
Energy Equipment & Services—0.7%
Cameron International Corp.	*	86,600		4,355,114
Core Laboratories NV (Netherlands)	†	35,900		4,004,286
				8,359,400
Food & Staples Retailing—1.0%
Safeway, Inc.		365,200		8,534,724
Whole Foods Market, Inc.		48,500		3,077,325
				11,612,049

See accompanying notes to financial statements

134

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Food Products—0.8%
Campbell Soup Co.	†	146,000	$	5,044,300
Hershey Co. (The)		67,450		3,834,532
				8,878,832
Health Care Equipment & Supplies—1.8%
Gen-Probe, Inc.	*	75,700		5,234,655
Hologic, Inc.	*	192,900		3,890,793
ResMed, Inc.	*†	235,425		7,286,404
Stryker Corp.		68,800		4,037,872
				20,449,724
Health Care Providers & Services—3.8%
DaVita, Inc.	*	182,300		15,789,003
Express Scripts, Inc.	*	80,900		4,366,982
Health Management Associates, Inc., Class A	*	370,800		3,997,224
Lincare Holdings, Inc.		379,150		11,097,720
WellPoint, Inc.		103,200		8,129,064
				43,379,993
Health Care Technology—0.4%
MedAssets, Inc.	*†	312,900		4,180,344
Hotels, Restaurants & Leisure—1.3%
Bwin.Party Digital Entertainment plc (Gibraltar)	*	1,249,400		3,003,864
Yum! Brands, Inc.		210,000		11,600,400
				14,604,264
Household Durables—1.5%
Lennar Corp., Class A		352,700		6,401,505
Mohawk Industries, Inc.	*	37,900		2,273,621
NVR, Inc.	*	11,700		8,488,116
				17,163,242
Household Products—1.1%
Church & Dwight Co., Inc.		85,900		3,482,386
Energizer Holdings, Inc.	*	119,200		8,625,312
				12,107,698
Independent Power Producers & Energy Traders—0.6%
Calpine Corp.	*	456,700		7,366,571
Industrial Conglomerates—0.7%
Koninklijke Philips Electronics NV NYRS (Netherlands)	†	314,000		8,063,520
Insurance—8.5%
Aflac, Inc.		99,500		4,644,660
Allied World Assurance Co. Holdings AG (Switzerland)		118,300		6,811,714
AON Corp.		273,000		14,004,900
Assured Guaranty Ltd. (Bermuda)		885,700		14,445,767
Axis Capital Holdings Ltd. (Bermuda)		130,700		4,046,472
Fairfax Financial Holdings Ltd. (Canada)	†	47,000		18,853,580
Genworth Financial, Inc., Class A	*	707,000		7,267,960

		��	Shares		Value
Loews Corp.			273,000	$	11,490,570
NKSJ Holdings, Inc. (Japan)			276,600		1,825,611
RenaissanceRe Holdings Ltd. (Bermuda)			129,400		9,051,530
Syncora Holdings Ltd. (Bermuda)	*†		626,661		238,131
XL Group plc (Ireland)			210,600		4,628,988
					97,309,883
Internet & Catalog Retail—2.2%
Expedia, Inc.			193,800		5,618,262
Liberty Media Corp.—Interactive, Series A	*		671,275		11,257,282
Netflix, Inc.	*		29,625		7,782,191
					24,657,735
Internet Software & Services—2.3%
Active Network, Inc. (The)	*†		98,000		1,724,800
eBay, Inc.	*		263,600		8,506,372
Rackspace Hosting, Inc.	*†		112,900		4,825,346
VeriSign, Inc.			335,325		11,219,975
					26,276,493
IT Services—2.9%
Alliance Data Systems Corp.	*		88,400		8,315,788
Amdocs Ltd. (Guernsey, Channel Islands)	*		272,500		8,281,275
Global Payments, Inc.			75,900		3,870,900
NeuStar, Inc., Class A	*		182,900		4,791,980
Teradata Corp.	*		57,700		3,473,540
Western Union Co. (The)			206,600		4,138,198
					32,871,681
Leisure Equipment & Products—0.3%
Hasbro, Inc.			86,500		3,799,945
Life Sciences Tools & Services—1.8%
BG Medicine, Inc.	*†		317,300		2,525,708
Mettler-Toledo International, Inc.	*		22,400		3,778,208
QIAGEN NV (Netherlands)	*†		360,675		6,860,039
Waters Corp.	*		83,500		7,994,290
					21,158,245
Machinery—3.0%
Navistar International Corp.	*		102,800		5,804,088
PACCAR, Inc.			157,900		8,067,111
Parker Hannifin Corp.			47,300		4,244,702
SPX Corp.			58,500		4,835,610
Stanley Black & Decker, Inc.			136,900		9,863,645
WABCO Holdings, Inc.	*		17,000		1,174,020
					33,989,176
Media—5.2%
DIRECTV, Class A	*		234,000		11,891,880
Discovery Communications, Inc., Class A	*		80,925		3,314,688
Discovery Communications, Inc., Class C	*		197,300		7,211,315
National CineMedia, Inc.			155,500		2,629,505
News Corp., Class A			750,000		13,275,000
Virgin Media, Inc.	†		420,600		12,588,558
Walt Disney Co. (The)			217,000		8,471,680
					59,382,626

See accompanying notes to financial statements

135

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Metals & Mining—0.6%
Walter Energy, Inc.		58,050	$	6,722,190
Oil, Gas & Consumable Fuels—6.5%
Alpha Natural Resources, Inc.	*	156,550		7,113,632
Chesapeake Energy Corp.		695,000		20,634,550
Cimarex Energy Co.		38,850		3,493,392
Concho Resources, Inc.	*	40,100		3,683,185
CONSOL Energy, Inc.		134,700		6,530,256
Denbury Resources, Inc.	*	156,300		3,126,000
Penn West Petroleum Ltd. (Canada)	†	125,100		2,887,308
Petrohawk Energy Corp.	*	166,500		4,107,555
Pioneer Natural Resources Co.		91,305		8,178,189
QEP Resources, Inc.		176,200		7,370,446
Ultra Petroleum Corp.	*†	57,200		2,619,760
Whiting Petroleum Corp.	*	68,400		3,892,644
				73,636,917
Personal Products—0.5%
Herbalife Ltd. (Cayman Islands)		92,100		5,308,644
Pharmaceuticals—2.7%
Forest Laboratories, Inc.	*	189,200		7,443,128
Medicis Pharmaceutical Corp., Class A	†	137,400		5,244,558
Nektar Therapeutics	*	283,200		2,058,864
Shire plc ADR (Ireland)	†	77,300		7,282,433
Watson Pharmaceuticals, Inc.	*	130,030		8,936,962
				30,965,945
				��
Professional Services—1.0%
IHS, Inc., Class A	*	55,200		4,604,784
Manpower, Inc.		64,900		3,481,885
Nielsen Holdings NV	*	99,500		3,100,420
				11,187,089
Real Estate Investment Trusts (REITs)—0.5%
PennyMac Mortgage Investment Trust REIT		343,300		5,688,481
Road & Rail—0.7%
Kansas City Southern	*	130,700		7,754,431
Semiconductors & Semiconductor Equipment—6.2%
Altera Corp.		151,100		7,003,485
Analog Devices, Inc.		95,900		3,753,526
ASML Holding NV, Class G NYRS (Netherlands)		67,200		2,483,712
Broadcom Corp., Class A	*	105,400		3,545,656
Integrated Device Technology, Inc.	*	1,309,100		10,289,526
Linear Technology Corp.		141,900		4,685,538
Marvell Technology Group Ltd. (Bermuda)	*	397,800		5,873,517
Micron Technology, Inc.	*	556,200		4,160,376
NVIDIA Corp.	*	512,325		8,163,899
PMC—Sierra, Inc.	*	943,300		7,140,781
Skyworks Solutions, Inc.	*	352,200		8,093,556
Spansion, Inc., Class A	*	258,900		4,989,003
				70,182,575

		Shares		Value
Software—4.2%
Adobe Systems, Inc.	*	177,000	$	5,566,650
Autodesk, Inc.	*	105,600		4,076,160
Citrix Systems, Inc.	*	102,150		8,172,000
Factset Research Systems, Inc.		76,175		7,794,226
MICROS Systems, Inc.	*	160,313		7,969,159
Red Hat, Inc.	*	160,175		7,352,033
Solera Holdings, Inc.		54,300		3,212,388
TIBCO Software, Inc.	*	115,400		3,348,908
				47,491,524
Specialty Retail—1.0%
Aeropostale, Inc.	*†	167,500		2,931,250
O’Reilly Automotive, Inc.	*	66,000		4,323,660
Tiffany & Co.		56,000		4,397,120
				11,652,030
Textiles, Apparel & Luxury Goods—1.5%
Coach, Inc.		80,900		5,171,937
Lululemon Athletica, Inc. (Canada)	*	64,000		7,156,480
Pandora A/S (Denmark)		156,600		4,941,260
				17,269,677
Thrifts & Mortgage Finance—0.5%
People’s United Financial, Inc.		353,300		4,748,352
Radian Group, Inc.	†	307,300		1,299,879
				6,048,231
Trading Companies & Distributors—0.4%
Aircastle Ltd.		387,100		4,923,912
Wireless Telecommunication Services—2.4%
American Tower Corp., Class A	*	266,850		13,964,261
NII Holdings, Inc.	*	121,845		5,163,791
SBA Communications Corp., Class A	*	217,800		8,317,782
				27,445,834
TOTAL COMMON STOCKS
(Cost $950,337,859)				1,115,657,176
MONEY MARKET FUNDS—12.2%
Institutional Money Market Funds—12.2%
Dreyfus Institutional Cash Advantage Fund, 0.15%	††µ	19,000,000		19,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	µ	21,917,457		21,917,457
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	††µ	22,202,870		22,202,870

See accompanying notes to financial statements

136

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.13%	††µ	19,000,000	$	19,000,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.00%	††µ	19,000,000		19,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††µ	19,000,000		19,000,000
Wells Fargo Advantage Heritage Money Market Fund— Select Class, 0.10%	††µ	19,000,000		19,000,000
TOTAL MONEY MARKET FUNDS
(Cost $139,120,327)				139,120,327
TOTAL INVESTMENTS—110.2%
(Cost $1,089,458,186)				1,254,777,503
Other assets less liabilities—(10.2%)				(116,535,986	)
NET ASSETS—100.0%			$	1,138,241,517

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
NYRS	New York Registry Shares
REIT	Real Estate Investment Trust
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
††	Represents reinvestment of collateral received in
	conjunction with securities lending.
µ	The rate quoted is the annualized seven-day yield of the
	fund at period end.

See accompanying notes to financial statements

137

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Discovery Fund		Shares		Value
COMMON STOCKS—47.5%
Aerospace & Defense—0.5%
Kratos Defense & Security Solutions, Inc.	*†	90,800	$	1,104,128
Automobiles—0.6%
Tesla Motors, Inc.	*†	45,900		1,337,067
Biotechnology—1.6%
Acadia Pharmaceuticals, Inc.	*	198,655		323,808
Arena Pharmaceuticals, Inc.	*†	556,258		756,511
Incyte Corp. Ltd.	*†	57,800		1,094,732
Rigel Pharmaceuticals, Inc.	*	131,200		1,203,104
				3,378,155
Capital Markets—2.0%
BGC Partners, Inc., Class A		24,200		187,066
Cowen Group, Inc., Class A	*†	275,363		1,035,365
Duff & Phelps Corp., Class A		47,900		614,557
Gluskin Sheff + Associates, Inc. (Canada)		27,400		534,107
Knight Capital Group, Inc., Class A	*	87,000		958,740
Uranium Participation Corp. (Canada)	*	157,478		1,038,478
				4,368,313
Commercial Banks—0.7%
First Midwest Bancorp, Inc./Illinois		17,575		215,997
Hudson Valley Holding Corp.	†	33,627		649,337
MB Financial, Inc.		36,500		702,260
				1,567,594
Communications Equipment—3.3%
Arris Group, Inc.	*	91,800		1,065,798
Brocade Communications Systems, Inc.	*	135,700		876,622
Comverse Technology, Inc.	*	103,600		802,900
Emulex Corp.	*	79,800		686,280
Mitel Networks Corp. (Canada)	*†	261,500		1,145,370
NETGEAR, Inc.	*	24,700		1,079,884
Parkervision, Inc.	*†	453,372		258,467
SeaChange International, Inc.	*	102,743		1,107,570
				7,022,891
Computers & Peripherals—0.5%
Novatel Wireless, Inc.	*	119,900		657,052
Quantum Corp.	*	107,500		354,750
				1,011,802
Construction & Engineering—1.3%
EMCOR Group, Inc.	*	33,800		990,678
Great Lakes Dredge & Dock Corp.		89,500		499,410
Michael Baker Corp.	*†	38,700		817,344
Orion Marine Group, Inc.	*	60,700		571,187
				2,878,619
Consumer Finance—0.5%
Dollar Financial Corp.	*	52,200		1,130,130
Containers & Packaging—0.5%
AptarGroup, Inc.		19,000		994,460

		Shares		Value
Diversified Consumer Services—1.5%
Lincoln Educational Services Corp.		64,100	$	1,099,315
Regis Corp.	†	66,400		1,017,248
Steiner Leisure Ltd. (Bahamas)	*†	23,300		1,064,344
				3,180,907
Diversified Financial Services—0.6%
Gain Capital Holdings, Inc.	*†	190,000		1,293,900
Diversified Telecommunication Services—0.5%
Neutral Tandem, Inc.	*	55,800		972,036
Electric Utilities—1.4%
Portland General Electric Co.		40,800		1,031,424
Unisource Energy Corp.		27,400		1,022,842
Westar Energy, Inc.		36,400		979,524
				3,033,790
Electronic Equipment, Instruments & Components—1.4%
Fabrinet	*†	52,000		1,262,560
OSI Systems, Inc.	*	16,400		705,200
Park Electrochemical Corp.		39,500		1,104,025
				3,071,785
Energy Equipment & Services—1.1%
C&J Energy Services, Inc.	*^‡	94,000		1,457,000
Vantage Drilling Co.	*†	480,500		874,510
				2,331,510
Food Products—1.0%
Cosan SA Industria e Comercio (Brazil)		69,100		1,089,200
Viterra, Inc. (Canada)		89,600		973,620
				2,062,820
Health Care Equipment & Supplies—0.5%
ICU Medical, Inc.	*†	25,200		1,101,240
Health Care Providers & Services—1.8%
Amsurg Corp.	*	40,800		1,066,104
Ensign Group, Inc. (The)	†	32,000		972,480
LHC Group, Inc.	*†	34,500		795,570
Mednax, Inc.	*	13,100		945,689
				3,779,843
Hotels, Restaurants & Leisure—0.7%
Gaylord Entertainment Co.	*	22,000		660,000
Whistler Blackcomb Holdings, Inc. (Canada)		44,200		531,619
Whistler Blackcomb Holdings, Inc. (Canada)	‡	30,100		362,030
				1,553,649
Industrial Conglomerates—0.5%
Carlisle Cos., Inc.		23,500		1,156,905
Insurance—0.4%
Platinum Underwriters Holdings Ltd. (Bermuda)		25,700		854,268
Internet & Catalog Retail—0.5%
PetMed Express, Inc.	†	94,000		1,113,900
Internet Software & Services—1.0%
KIT Digital, Inc.	*†	110,152		1,315,215

See accompanying notes to financial statements

138

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Discovery Fund		Shares		Value
COMMON STOCKS—(Continued)
XO Group, Inc.	*	94,700	$	942,265
				2,257,480
Leisure Equipment & Products—0.4%
Eastman Kodak Co.	*†	250,400		896,432
Machinery—0.8%
Force Protection, Inc.	*†	160,200		795,393
Wabash National Corp.	*†	100,000		937,000
				1,732,393
Marine—0.5%
Kirby Corp.	*	17,500		991,725
Metals & Mining—2.8%
Allied Nevada Gold Corp.	*	22,900		809,973
Carpenter Technology Corp.	†	20,100		1,159,368
New Gold, Inc. (Canada)	*	95,600		983,724
Romarco Minerals, Inc. (Canada)	*	488,500		830,670
Sandstorm Gold Ltd. (Canada)	*W	907,500		1,119,732
Universal Stainless & Alloy Products, Inc.	*	25,600		1,197,056
				6,100,523
Oil, Gas & Consumable Fuels—4.7%
Berry Petroleum Co., Class A		16,700		887,271
BPZ Resources, Inc.	*†	254,100		833,448
Cloud Peak Energy, Inc.	*	54,000		1,150,200
Karoon Gas Australia Ltd. (Australia)	*	109,473		617,126
Northern Oil and Gas, Inc.	*†	49,500		1,096,425
Oilsands Quest, Inc. (Canada)	*†	2,055,636		657,803
Penn Virginia Corp.	†	60,000		792,600
Porto Energy Corp.	*	1,192,900		1,026,603
Swift Energy Co.	*	21,600		805,032
Triangle Petroleum Corp.	*	164,900		1,065,254
Warren Resources, Inc.	*	297,000		1,131,570
				10,063,332
Personal Products—0.1%
China-Biotics, Inc. (China)	*†‡	105,400		182,342
Pharmaceuticals—0.5%
Medicines Co. (The)	*	63,700		1,051,687
Professional Services—0.5%
CRA International, Inc.	*†	37,500		1,015,875
Real Estate Investment Trusts (REITs)—2.9%
Anworth Mortgage Asset Corp. REIT	†	133,200		1,000,332
Capstead Mortgage Corp. REIT		72,700		974,180
CreXus Investment Corp. REIT		70,818		786,788
Gladstone Commercial Corp. REIT		42,000		727,860
Medical Properties Trust, Inc. REIT	†	80,900		930,350
MFA Financial, Inc. REIT		109,700		881,988

		Shares		Value
Summit Hotel Properties, Inc. REIT		79,000	$	896,650
				6,198,148
Real Estate Management & Development—0.7%
Brasil Brokers Participacoes SA (Brazil)		153,400		748,988
General Shopping Brasil SA (Brazil)	*	79,100		663,454
				1,412,442
Road & Rail—0.0%
Zipcar, Inc.	*†	1,200		24,492
Semiconductors & Semiconductor Equipment—1.4%
Cabot Microelectronics Corp.	*	21,600		1,003,752
Cymer, Inc.	*†	22,100		1,094,171
PMC—Sierra, Inc.	*	129,400		979,558
				3,077,481
Software—0.5%
JDA Software Group, Inc.	*	35,900		1,108,951
Specialty Retail—1.6%
Cato Corp. (The), Class A	†	41,600		1,198,080
Destination Maternity Corp.		62,100		1,240,758
Hot Topic, Inc.		135,100		1,005,144
				3,443,982
Textiles, Apparel & Luxury Goods—1.0%
Carter’s, Inc.	*	33,400		1,027,384
Skechers U.S.A., Inc., Class A	*	84,200		1,219,216
				2,246,600
Thrifts & Mortgage Finance—0.9%
Flushing Financial Corp.		70,500		916,500
Northwest Bancshares, Inc.	†	86,500		1,088,170
				2,004,670
Trading Companies & Distributors—2.8%
Applied Industrial
Technologies, Inc.		30,200		1,075,422
H&E Equipment Services, Inc.	*†	64,400		900,956
RSC Holdings, Inc.	*	79,600		952,016
SeaCube Container Leasing Ltd.		63,800		1,096,084
TAL International Group, Inc.		28,953		999,747
Textainer Group Holdings Ltd.		32,100		986,754
				6,010,979
Water Utilities—0.5%
Companhia de Saneamento de
Minas Gerais—Copasa MG (Brazil)		49,800		998,776
Wireless Telecommunication Services—0.5%
Leap Wireless International, Inc.	*†	63,400		1,028,982
TOTAL COMMON STOCKS
(Cost $88,030,697)				102,147,004

See accompanying notes to financial statements

139

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Discovery Fund				Shares		Value
CONVERTIBLE PREFERRED STOCKS—0.6%
Leisure Equipment & Products—0.4%
Callaway Golf Co., Perpetual, Series B 7.500%				7,100	$	753,069
Real Estate Management & Development—0.2%
Grubb & Ellis Co. 12.000%		*‡		5,800		260,687
Grubb & Ellis Co., Perpetual 12.000%		^		5,200		259,688
						520,375
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $1,731,216)						1,273,444
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—27.8%
Aerospace & Defense—0.2%
Boeing Co. (The)
1.875%	11/20/2012		$	450,000		457,243
Auto Components—0.1%
Johnson Controls, Inc.
0.683%	02/04/2014	#		290,000		291,204
Automobiles—0.2%
Volkswagen International Finance NV (Netherlands)
1.625%	08/12/2013	^		380,000		382,785
Beverages—1.7%
Anheuser-Busch InBev Worldwide, Inc.
9.750%	11/17/2015	BRL		1,030,000		701,230
2.500%	03/26/2013			470,000		481,836
Coca-Cola Co. (The)
0.750%	11/15/2013			910,000		905,907
Coca-Cola Enterprises, Inc.
1.125%	11/12/2013			530,000		529,804
Dr. Pepper Snapple Group, Inc.
1.700%	12/21/2011			380,000		382,241
PepsiCo, Inc./NC
0.347%	05/10/2013	#		740,000		741,518
						3,742,536
Capital Markets—1.1%
Goldman Sachs Group, Inc. (The)
1.268%	02/07/2014	#		570,000		565,702
Merrill Lynch & Co., Inc., Series C MTN
6.050%	08/15/2012			225,000		236,924
Morgan Stanley
1.253%	04/29/2013	#		610,000		609,220
TD Ameritrade Holding Corp.
4.150%	12/01/2014			410,000		434,475
WCI Finance LLC/WEA Finance LLC
5.400%	10/01/2012	^		450,000		472,998
						2,319,319
Chemicals—0.5%
Dow Chemical Co. (The)
4.850%	08/15/2012			900,000		940,266
Praxair, Inc.
1.750%	11/15/2012			200,000		202,817
						1,143,083

Coupon Rate	Maturity Date			Face		Value
Commercial Banks—3.1%
Banco Bradesco SA (Brazil)
2.361%	05/16/2014	#^	$	300,000	$	304,011
Banco de Credito del Peru (Peru)
4.750%	03/16/2016	^		550,000		547,250
Barclays Bank plc (United Kingdom)
1.323%	01/13/2014	#		520,000		521,943
BB&T Corp., Series A MTN
3.375%	09/25/2013			200,000		208,599
CIT Group, Inc.
5.250%	04/01/2014	^		285,000		285,000
HSBC Bank plc (United Kingdom)
1.625%	08/12/2013	^		400,000		401,689
1.625%	07/07/2014	^		360,000		360,800
ING Bank NV (Netherlands)
1.297%	03/15/2013	#^		570,000		571,312
KeyCorp MTN
3.750%	08/13/2015			230,000		237,668
Nordea Bank AB (Sweden)
1.181%	01/14/2014	#^		500,000		504,754
Royal Bank of Scotland plc (The) (United Kingdom)
3.250%	01/11/2014			520,000		527,474
SunTrust Bank
0.945%	06/22/2012	#		GBP 330,000		520,682
Union Bank NA, Bank Note
2.125%	12/16/2013			530,000		533,212
US Bancorp
4.200%	05/15/2014			500,000		538,882
Wachovia Bank NA, Bank Note
4.800%	11/01/2014			250,000		267,415
Wells Fargo & Co.
5.300%	08/26/2011			430,000		432,924
						6,763,615
Commercial Services & Supplies—0.1%
Corrections Corp. of America
6.250%	03/15/2013			295,000		295,738
Communications Equipment—0.8%
Cisco Systems, Inc.
0.499%	03/14/2014	#		1,680,000		1,686,061
Computers & Peripherals—0.2%
Hewlett-Packard Co.
4.250%	02/24/2012			150,000		153,636
Seagate Technology HDD Holdings (Cayman Islands)
6.800%	10/01/2016			350,000		370,125
						523,761
Consumer Finance—2.2%
Ally Financial, Inc.
4.500%	02/11/2014			400,000		401,000
American Express Credit Corp., Series D MTN
5.125%	08/25/2014			300,000		327,635
American Honda Finance Corp.
2.375%	03/18/2013	^		200,000		203,882
Banque PSA Finance (France)
2.146%	04/04/2014	#^		540,000		539,426
Caterpillar Financial Services Corp. MTN
5.750%	02/15/2012			275,000		284,103
Caterpillar Financial Services Corp., Series G MTN
1.375%	05/20/2014			360,000		361,721
Ford Motor Credit Co. LLC
7.000%	10/01/2013			225,000		241,015

See accompanying notes to financial statements

140

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
International Lease Finance Corp.
6.500%		09/01/2014	^	$	200,000	$	213,000
John Deere Capital Corp. MTN
1.600%		03/03/2014			270,000		273,206
0.473%		03/03/2014	#		810,000		812,873
PACCAR Financial Corp. MTN
0.635%		04/05/2013	#		360,000		362,200
RCI Banque SA (France)
2.155%		04/11/2014	#^		800,000		802,154
							4,822,215
Diversified Financial Services—3.2%
Bank of America Corp. MTN
4.900%		05/01/2013			225,000		237,134
Caisse Centrale Desjardins du Quebec (Canada)
1.700%		09/16/2013	^		450,000		452,807
Citigroup, Inc.
6.000%		12/13/2013			175,000		190,382
5.300%		10/17/2012			175,000		183,720
1.111%		02/15/2013	#		470,000		468,389
CME Group, Inc.
5.400%		08/01/2013			200,000		217,719
Equifax, Inc.
4.450%		12/01/2014			80,000		85,801
ERAC USA Finance LLC
2.250%		01/10/2014	^		400,000		404,235
General Electric Capital Corp.
5.900%		05/13/2014			260,000		289,028
2.800%		01/08/2013			400,000		410,308
General Electric Capital Corp. MTN
1.128%		01/15/2013	#		300,000		302,692
General Electric Capital Corp., Series A MTN
3.750%		11/14/2014			390,000		413,144
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.750%		01/15/2016			360,000		371,250
JPMorgan Chase & Co.
4.750%		05/01/2013			350,000		372,748
JPMorgan Chase & Co. MTN
1.074%		01/24/2014	#		540,000		541,785
NASDAQ OMX Group, Inc. (The)
4.000%		01/15/2015			460,000		465,703
National Rural Utilities Cooperative Finance Corp.
1.125%		11/01/2013			215,000		215,269
National Rural Utilities Cooperative Finance Corp., Series C MTN
0.352%		12/09/2011	#		800,000		800,194
Western Union Co. (The)
0.832%		03/07/2013	#		390,000		392,380
							6,814,688
Diversified Telecommunication Services—1.2%
BellSouth Corp.
4.750%		11/15/2012			630,000		662,490
Cellco Partnership/Verizon Wireless Capital LLC
5.550%		02/01/2014			100,000		110,290
Frontier Communications Corp.
6.250%		01/15/2013			360,000		377,550
Telecom Italia Capital SA (Luxembourg)
5.250%		11/15/2013			105,000		110,287
Telefonica Emisiones SAU (Spain)
2.582%		04/26/2013			490,000		495,287

Coupon Rate	Maturity Date			Face		Value
Verizon Communications, Inc.
0.856%	03/28/2014	#	$	300,000	$	303,054
Windstream Corp.
8.125%	08/01/2013			400,000		436,000
						2,494,958
Electric Utilities—1.9%
Cia de Eletricidade do Estado da Bahia (Brazil)
11.750%	04/27/2016	^		BRL 700,000		487,732
Commonwealth Edison Co., Series 105
5.400%	12/15/2011			500,000		510,873
Consumers Energy Co., Series D
5.375%	04/15/2013			275,000		295,502
Duke Energy Carolinas LLC
6.250%	01/15/2012			400,000		412,106
Georgia Power Co.
1.300%	09/15/2013			460,000		463,283
0.548%	01/15/2013	#		500,000		500,940
Midamerican Energy Holdings Co.
3.150%	07/15/2012			300,000		307,275
NextEra Energy Capital Holdings, Inc.
5.625%	09/01/2011			280,000		282,122
Public Service Electric & Gas Co., Series B MTN
5.125%	09/01/2012			700,000		735,328
						3,995,161
Electronic Equipment, Instruments & Components—0.1%
Thermo Fisher Scientific, Inc.
2.150%	12/28/2012			220,000		224,125
Food & Staples Retailing—0.3%
Costco Wholesale Corp.
5.300%	03/15/2012			300,000		310,724
Safeway, Inc.
5.800%	08/15/2012			350,000		368,341
						679,065
Food Products—1.0%
Archer-Daniels-Midland Co.
0.422%	08/13/2012	#		970,000		972,099
General Mills, Inc.
5.250%	08/15/2013			750,000		815,298
Kraft Foods, Inc.
5.250%	10/01/2013			140,000		152,215
2.625%	05/08/2013			140,000		144,096
						2,083,708
Health Care Equipment & Supplies—0.1%
Stryker Corp.
3.000%	01/15/2015			300,000		312,325
Health Care Providers & Services—0.5%
Express Scripts, Inc.
5.250%	06/15/2012			350,000		364,216
Omnicare, Inc.
6.875%	12/15/2015			495,000		509,231
Quest Diagnostics, Inc.
1.096%	03/24/2014	#		160,000		161,486
						1,034,933
Hotels, Restaurants & Leisure—0.2%
McDonald’s Corp., Series G MTN
5.750%	03/01/2012			400,000		414,350

See accompanying notes to financial statements

141

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Household Durables—0.2%
Fortune Brands, Inc.
3.000%		06/01/2012		$	420,000	$	425,983
Independent Power Producers & Energy Traders—0.1%
AES Corp. (The)
7.750%		03/01/2014			225,000		244,125
Insurance—1.1%
Allstate Corp. (The)
6.200%		05/16/2014			300,000		339,744
Berkshire Hathaway Finance Corp.
4.000%		04/15/2012			150,000		154,220
MetLife, Inc.
2.375%		02/06/2014			190,000		193,735
Metropolitan Life Global Funding I
1.040%		01/10/2014	#^		700,000		700,353
New York Life Global Funding
0.563%		04/04/2014	#^		500,000		500,545
Prudential Financial, Inc., Series D MTN
3.625%		09/17/2012			355,000		364,553
							2,253,150
IT Services—0.7%
International Business Machines Corp.
2.100%		05/06/2013			730,000		748,944
1.000%		08/05/2013			750,000		752,544
							1,501,488
Life Sciences Tools & Services—0.2%
Howard Hughes Medical Institute
3.450%		09/01/2014			400,000		425,932
Machinery—0.6%
Case New Holland, Inc.
7.750%		09/01/2013			400,000		435,000
Danaher Corp.
0.497%		06/21/2013	#		500,000		500,982
SPX Corp.
7.625%		12/15/2014			400,000		444,000
							1,379,982
Media—0.4%
Charter Communications Operating LLC/ Charter Communications Operating Capital
8.000%		04/30/2012	^		340,000		355,300
CSC Holdings LLC
8.500%		04/15/2014			90,000		100,125
8.500%		06/15/2015			240,000		260,400
Viacom, Inc.
4.375%		09/15/2014			200,000		214,965
							930,790
Metals & Mining—0.4%
Barrick Gold Corp. (Canada)
1.750%		05/30/2014	^		200,000		200,527
Steel Dynamics, Inc.
7.375%		11/01/2012			520,000		551,200
Vedanta Resources plc (United Kingdom)
6.750%		06/07/2016	^		200,000		200,240
							951,967

Coupon Rate	Maturity Date			Face		Value
Multi-Utilities—0.2%
DTE Energy Co.
0.955%	06/03/2013	#	$	370,000	$	371,200
Oil, Gas & Consumable Fuels—1.7%
Chevron Corp.
3.450%	03/03/2012			600,000		612,669
ConocoPhillips
4.750%	02/01/2014			200,000		218,362
Kinder Morgan Energy Partners LP
5.850%	09/15/2012			370,000		389,987
Kinder Morgan Kansas, Inc.
6.500%	09/01/2012			460,000		484,150
Newfield Exploration Co.
6.625%	04/15/2016			350,000		363,125
Plains Exploration & Production Co.
7.750%	06/15/2015			400,000		416,500
Rockies Express Pipeline LLC
3.900%	04/15/2015	^		290,000		294,504
Sonat, Inc.
7.625%	07/15/2011			250,000		250,457
Tesoro Corp.
6.625%	11/01/2015			140,000		143,850
XTO Energy, Inc.
7.500%	04/15/2012			390,000		410,929
						3,584,533
Personal Products—0.2%
Revlon Consumer Products Corp.
9.750%	11/15/2015			380,000		410,400
Pharmaceuticals—0.6%
Eli Lilly & Co.
3.550%	03/06/2012			100,000		102,203
Novartis Capital Corp.
4.125%	02/10/2014			100,000		107,835
1.900%	04/24/2013			170,000		174,043
Teva Pharmaceutical Finance III BV (Netherlands Antilles)
1.700%	03/21/2014			550,000		553,416
Valeant Pharmaceuticals International
6.500%	07/15/2016	^		400,000		397,500
						1,334,997
Real Estate Investment Trusts (REITs)—1.0%
HCP, Inc.
2.700%	02/01/2014			570,000		578,577
Health Care REIT, Inc.
6.000%	11/15/2013			370,000		401,505
Host Hotels & Resorts LP, Series Q
6.750%	06/01/2016			520,000		539,500
Simon Property Group LP
4.200%	02/01/2015			90,000		95,820
Vornado Realty LP
4.250%	04/01/2015			470,000		488,242
						2,103,644
Semiconductors & Semiconductor Equipment—0.2%
Texas Instruments, Inc.
0.875%	05/15/2013			410,000		411,032
Software—0.8%
Microsoft Corp.
2.950%	06/01/2014			500,000		528,783
0.875%	09/27/2013			610,000		611,409

See accompanying notes to financial statements

142

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Oracle Corp.
3.750%		07/08/2014		$	480,000	$	514,960
							1,655,152
Textiles, Apparel & Luxury Goods—0.2%
Levi Strauss & Co.
8.875%		04/01/2016			350,000		364,875
Trading Companies & Distributors—0.2%
AmeriGas Partners LP/AmeriGas Eagle Finance Corp.
7.125%		05/20/2016			350,000		362,250
Wireless Telecommunication Services—0.3%
America Movil SAB de CV (Mexico)
3.625%		03/30/2015			130,000		136,885
Sprint Capital Corp.
8.375%		03/15/2012			520,000		543,400
							680,285
TOTAL CORPORATE OBLIGATIONS
(Cost $58,939,729)							59,872,658
MORTGAGE-RELATED SECURITIES—6.0%
Commercial Mortgage-Backed Securities—0.5%
Extended Stay America Trust, Series 2010-ESHA, Class A
2.951%		11/05/2027	^		504,486		502,185
National Credit Union Administration Guaranteed Notes,
Series 2010-C1, Class A1
1.600%		10/29/2020			452,730		452,220
							954,405
U.S. Government Agency Mortgage-Backed Securities—4.7%
Federal Home Loan Mortgage Corp.
6.000%		11/01/2022	‡‡		231,308		253,376
Federal National Mortgage Association
3.500%		12/01/2020			694,377		723,493
Federal National Mortgage Association TBA
0.536%		03/15/2034	‡		1,500,000		1,500,469
Government National Mortgage Association, Series 2005-58, Class NJ
4.500%		08/20/2035			281,499		286,756
National Credit Union Administration Guaranteed Notes,
Series 2010-R1, Class 1A
0.640%		10/07/2020	#		776,457		777,916
National Credit Union Administration Guaranteed Notes,
Series 2010-R2, Class 1A
0.560%		11/06/2017	#		1,828,475		1,829,042
National Credit Union Administration Guaranteed Notes,
Series 2010-R3, Class 1A
0.750%		12/08/2020	#		2,672,031		2,687,262
National Credit Union Administration Guaranteed Notes,
Series 2011-R6, Class 1A
0.570%		05/07/2020	#		2,128,724		2,128,724
							10,187,038
U.S. Non-Agency Mortgage-Backed Securities—0.8%
Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A
2.945%		12/19/2035	#		822,062		611,203

Coupon Rate	Maturity Date			Face		Value
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.772%	03/25/2044	#	$	1,076,235	$	980,762
WaMu Mortgage Pass Through Certificates, Series 2006-AR12, Class 1A1
5.936%	10/25/2036	#		157,824		146,989
						1,738,954
TOTAL MORTGAGE-RELATED SECURITIES
(Cost $13,106,701)						12,880,397
CONVERTIBLE DEBT OBLIGATIONS—0.2%
Capital Markets—0.1%
Grubb & Ellis Co.
7.950%	05/01/2015	^		299,000		256,766
Oil, Gas & Consumable Fuels—0.1%
Rentech, Inc.
4.000%	04/15/2013			148,000		129,500
TOTAL CONVERTIBLE DEBT OBLIGATIONS
(Cost $390,156)						386,266
U.S. TREASURY OBLIGATIONS—5.8%
U.S. Treasury Notes—5.8%
U.S. Treasury Note
1.375%	05/15/2013			450,000		457,910
1.250%	04/15/2014			2,000,000		2,028,438
1.000%	07/15/2013			20,000		20,216
0.750%	09/15/2013	†‡‡		1,620,000		1,627,973
0.625%	12/31/2012	†		4,000,000		4,017,032
0.500%	11/15/2013			280,000		279,366
0.375%	10/31/2012			4,000,000		4,004,532
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $12,412,563)						12,435,467
GOVERNMENT RELATED OBLIGATIONS—6.9%
U.S. Government Agencies—5.6%
Federal Farm Credit Bank
1.375%	06/25/2013			1,250,000		1,273,501
Federal Home Loan Bank
5.375%	08/19/2011	‡‡		3,000,000		3,021,111
2.250%	04/13/2012	‡‡		1,500,000		1,523,107
Federal Home Loan Mortgage Corp.
1.000%	07/30/2014	†		2,000,000		1,999,094
Federal National Mortgage Association
1.125%	06/27/2014	†		2,000,000		2,012,578
1.000%	11/23/2011	‡‡		1,500,000		1,505,589
National Credit Union Administration Guaranteed Notes
1.400%	06/12/2015			180,000		180,254
0.206%	06/12/2013	#‡		570,000		570,003
						12,085,237
U.S. Government Agencies-U.S. Government Guaranteed Bank Debt—0.2%
Western Corporate Federal Credit Union
1.750%	11/02/2012			350,000		355,625
Non-U.S. Government Agencies—0.3%
IPIC Ltd. MTN (Cayman Islands)
3.125%	11/15/2015	^		250,000		248,750

See accompanying notes to financial statements

143

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Korea National Oil Corp. (Korea, Republic of)
2.875%		11/09/2015	^	$	500,000	$	491,638
							740,388
Sovereign Debt—0.3%
Indonesia Government International Bond, Reg S (Indonesia)
10.375%		05/04/2014			220,000		270,050
Malaysia Government International Bond (Malaysia)
7.500%		07/15/2011			450,000		450,999
							721,049
U.S. Municipal Bonds—0.5%
Citizens Property Insurance Corp. Revenue Bonds,
Series 2007-A (Florida)
5.000%		03/01/2013			150,000		157,351
State of Louisiana General Obligation Bonds,
Series 2011-B (Louisiana)
0.933%		07/15/2014	#		670,000		671,313
University of California Revenue Bonds (California)
1.988%		05/15/2050	#		180,000		183,100
							1,011,764
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $14,829,109)							14,914,063
ASSET-BACKED SECURITIES—2.8%
Automobile—2.0%
CarMax Auto Owner Trust Series 2011-1, Class A2
0.720%		11/15/2013			2,000,000		2,001,926
Hyundai Capital Auto Funding Ltd. (Cayman Islands)
Series 2010-8A, Class A
1.186%		09/20/2016	#^		950,000		943,785
World Omni Auto Receivables Trust Series 2011-A, Class A2
0.640%		11/15/2013			1,500,000		1,501,096
							4,446,807
Credit Card—0.2%
Penarth Master Issuer plc (United Kingdom)
Series 2011-1A, Class A1
0.850%		05/18/2015	#^		380,000		379,785
Student Loan—0.6%
National Credit Union Administration Guaranteed Notes
Series 2010-A1, Class A
0.540%		12/07/2020	#		1,302,694		1,306,316
TOTAL ASSET-BACKED SECURITIES
(Cost $6,128,370)							6,132,908
					Shares		Value
WARRANTS—0.1%
Food Products—0.0%
Kulim Malaysia BHD (Malaysia), Expires 02/27/2016, Strike MYR 3.85			*		60,350		18,388

		Shares		Value
Metals & Mining—0.1%
Sandstorm Gold Ltd. (Canada), Expires 10/19/2015, Strike CAD 1.00	*,W	189,250	$	107,924
TOTAL WARRANTS
(Cost $—)				126,312
MONEY MARKET FUNDS—13.0%
Institutional Money Market Funds—13.0%
Dreyfus Institutional Cash Advantage Fund, 0.15%	††µ	4,500,000		4,500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	µ	3,157,510		3,157,510
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	††µ	2,214,053		2,214,053
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.13%	††µ	4,500,000	$	4,500,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.00%	††µ	4,500,000		4,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††µ	4,500,000		4,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.10%	††µ	4,500,000		4,500,000
TOTAL MONEY MARKET FUNDS
(Cost $27,871,563)				27,871,563
TOTAL INVESTMENTS—110.7%
(Cost $223,440,104)				238,040,082
Other assets less liabilities—(10.7%)				(22,969,111	)
NET ASSETS—100.0%			$	215,070,971

See accompanying notes to financial statements

144

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint
Discovery Fund

Notes to the Schedule of Investments:

BRL	Brazilian Real
CAD	Canadian Dollar
GBP	British Pound Sterling
MTN	Medium Term Note
MYR	Malaysian Ringgit
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
TBA	Security is subject to delayed delivery
#	Rate is subject to change. Rate shown reflects current rate.
*	Non-income producing.
^	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 $14,122,401, which represents 6.6% of Net Assets.
†	Denotes all or a portion of the security on loan.
††	Represents reinvestment of collateral received in conjunction with securities lending.
‡	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 and/or options contracts.
µ	The rate quoted is the annualized seven-day yield of the fund at period end.
W	The aggregate value of restricted securities (excluding 144A issues) at period end amounted to $1,227,656 , which represents 0.60% of Net Assets.
	Additional Information on each holding is as follows:

Security	Acquisition Date		Acquisition Cost
Sandstorm Gold Ltd.	10/6/2010- 12/06/2010	$	652,241
Sandstorm Gold Ltd. (Warrant)	10/19/2010	$	—

See accompanying notes to financial statements

145

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—97.0%
Australia—4.6%
AMP Ltd.		720,460	$	3,788,832
Asciano Ltd.		1,468,452		2,596,199
Coca-Cola Amatil Ltd.	†	31,829		390,539
Cochlear Ltd.	†	29,000		2,244,530
Commonwealth Bank of Australia		38,800		2,185,224
CSL Ltd.		112,300		3,991,818
Foster’s Group Ltd.		567,253		3,139,679
Iluka Resources Ltd.	†	322,900		5,841,007
Lend Lease Group		211,400		2,041,567
National Australia Bank Ltd.		86,100		2,380,444
QBE Insurance Group Ltd.		672,414		12,480,023
Telstra Corp. Ltd.		3,418,815		10,623,583
Treasury Wine Estates Ltd.	*†	189,083		689,523
Wesfarmers Ltd.	†	34,848		1,194,305
Woodside Petroleum Ltd.		101,701		4,486,746
				58,074,019
Belgium—1.1%
Anheuser-Busch InBev NV		129,460		7,513,524
Colruyt SA		80,000		4,004,848
Tessenderlo Chemie NV		50,800		2,190,411
				13,708,783
Brazil—1.8%
CCR SA		78,300		2,331,967
Cia de Bebidas das Americas ADR		64,300		2,168,839
Cia Siderurgica Nacional SA ADR		95,000		1,183,700
CPFL Energia SA ADR		19,800		1,720,620
Itausa—Investimentos Itau SA	*	3,616		27,456
Itausa—Investimentos Itau SA		383,944		2,927,584
Petroleo Brasileiro SA ADR		62,135		2,103,891
Petroleo Brasileiro SA ADR		133,800		4,104,984
Redecard SA		185,400		2,779,842
Vale SA ADR		111,500		3,229,040
				22,577,923
Canada—4.4%
AuRico Gold, Inc.	*	230,500		2,533,361
BCE, Inc.		198,200		7,772,227
Canadian National Railway Co.		15,581		1,244,922
Canadian Oil Sands Ltd.		68,900		1,988,166
Canadian Pacific Railway Ltd.		95,558		5,955,174
Centerra Gold, Inc.		69,000		1,144,694
Dundee Corp., Class A	*	97,700		2,567,987
Endeavour Silver Corp.	*	225,600		1,899,395
Extendicare Real Estate Investment Trust REIT		171,500		1,852,901
First Quantum Minerals Ltd.		18,100		2,639,040
Husky Energy, Inc.		77,600		2,116,108
Magna International, Inc.		50,000		2,703,613
Metro, Inc., Class A		32,500		1,617,165
Neo Material Technologies, Inc.	*	367,600		3,537,071
Pinetree Capital Ltd.	*	457,000		1,075,629
Research In Motion Ltd.	*	17,100		494,321
Rogers Communications, Inc., Class B		69,000		2,732,241
Sherritt International Corp.		136,000		865,820

		Shares		Value
Suncor Energy, Inc.		151,300	$	5,929,950
Trinidad Drilling Ltd.		208,600		1,812,502
Wajax Corp.		58,900		2,220,544
West Fraser Timber Co. Ltd.		22,400		1,220,974
				55,923,805
Chile—0.2%
Enersis SA ADR		119,900		2,769,690
China—2.0%
Baidu, Inc. ADR	*	39,720		5,565,964
China Construction Bank Corp., H Shares	†	6,453,917		5,372,790
China Shenhua Energy Co. Ltd., H Shares		927,366		4,443,868
China Shipping Development Co. Ltd., H Shares		1,008,000		930,248
Ctrip.com International Ltd. ADR	*†	28,423		1,224,463
Hengan International Group Co. Ltd.		143,000		1,285,865
Industrial & Commercial Bank of China, H Shares		4,032,715		3,075,940
Sinopharm Group Co. Ltd., H Shares	†	241,900		815,298
Want Want China Holdings Ltd.	†	2,293,000		2,229,355
				24,943,791
Denmark—0.6%
Novo Nordisk A/S, Class B		44,000		5,512,291
Topdanmark A/S	*	13,600		2,539,546
				8,051,837
Finland—0.3%
Kesko Oyj, Class B	†	42,600		1,981,216
Kone Oyj, Class B		36,000		2,261,643
				4,242,859
France—10.3%
Alcatel-Lucent	*	465,600		2,686,811
AXA SA		106,900		2,426,648
BNP Paribas SA		74,680		5,758,499
Carrefour SA	*†	232,097		9,541,402
Cie de Saint-Gobain		134,344		8,707,914
Cie Generale des Etablissements Michelin, Class B	†	23,800		2,330,967
Cie Generale d’Optique Essilor International SA		62,000		5,030,605
Danone SA		83,224		6,212,934
France Telecom SA		537,188		11,422,495
L’Oreal SA		37,000		4,801,640
LVMH Moet Hennessy Louis Vuitton SA	†	5,670		1,018,883
Pernod-Ricard SA	†	51,706		5,099,558
PPR		1,311		233,496
Publicis Groupe SA	†	30,205		1,686,166
Sanofi		250,640		20,161,648
Schneider Electric SA		24,976		4,170,289
Societe BIC SA		14,183		1,370,130
Societe Generale SA	†	88,431		5,237,419
Total SA		253,269		14,642,364

See accompanying notes to financial statements

146

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Unibail-Rodamco SE (Paris Exchange) REIT		18,980	$	4,385,343
Valeo SA	†	35,900		2,455,834
Vallourec SA		20,000		2,438,316
Vinci SA		49,636		3,185,515
Vivendi SA		81,700		2,277,221
Zodiac Aerospace		29,692		2,585,225
				129,867,322
Germany—5.9%
Adidas AG		63,500		5,034,388
BASF SE		104,252		10,218,927
Bayer AG		80,322		6,451,190
Beiersdorf AG		33,702		2,189,672
Brenntag AG	†	16,561		1,926,190
Daimler AG (Registered)		157,049		11,843,306
Infineon Technologies AG		208,100		2,338,285
Lanxess AG		20,563		1,686,755
Linde AG		41,887		7,348,923
RWE AG		171,029		9,501,862
SAP AG		85,000		5,153,408
Siemens AG (Registered)		62,024		8,523,394
Volkswagen AG	†	14,500		2,667,287
				74,883,587
Greece—0.3%
Hellenic Petroleum SA		238,538		2,251,494
Motor Oil Hellas Corinth Refineries SA		63,400		779,814
Public Power Corp. SA		41,125		589,645
				3,620,953
Hong Kong—5.8%
AIA Group Ltd.	*	1,460,000		5,082,300
Bank of East Asia Ltd.		112,000		461,103
Beijing Enterprises Holdings Ltd.	†	601,399		3,143,005
BOC Hong Kong Holdings Ltd.		522,954		1,523,346
Cheung Kong Holdings Ltd.		194,300		2,853,303
China Merchants Holdings
International Co. Ltd.		276,000		1,070,973
China Mobile Ltd.		759,734		7,072,960
China Resources Land Ltd.		492,000		893,065
China Resources Power
Holdings Co. Ltd.		1,066,000		2,084,284
CLP Holdings Ltd.		480,000		4,258,120
CNOOC Ltd.	†	2,511,000		5,914,362
Esprit Holdings Ltd.		955,027		2,983,986
Galaxy Entertainment Group Ltd.	*†	419,642		902,686
Hang Seng Bank Ltd.	†	106,425		1,702,414
Henderson Land Development Co. Ltd.	†	311,899		2,016,909
Hong Kong & China Gas Co. Ltd.	†	894,300		2,034,448
Hong Kong Exchanges and Clearing Ltd.	†	107,400		2,261,508
Hongkong Land Holdings Ltd.		442,770		3,157,447
Huabao International Holdings Ltd.		1,689,707		1,539,412
Hutchison Whampoa Ltd.		198,000		2,145,320

		Shares		Value
Jardine Matheson Holdings Ltd.		40,000	$	2,297,008
MGM China Holdings Ltd.	*	147,600		271,616
NWS Holdings Ltd.	†	807,596		1,082,626
Sino Land Co. Ltd.		1,455,300		2,340,582
SJM Holdings Ltd.		1,066,000		2,535,886
SmarTone Telecommunications Holding Ltd.		1,744,000		2,598,514
Sun Hung Kai Properties Ltd.		200,900		2,936,671
Wheelock & Co. Ltd.		1,543,000		6,206,522
				73,370,376
India—0.4%
Axis Bank Ltd., Reg S GDR	†	113,810		3,312,144
Tata Motors Ltd. ADR		79,400		1,787,294
				5,099,438
Indonesia—0.4%
Astra International Tbk PT		210,000		1,561,028
Perusahaan Gas Negara PT		5,990,500		2,817,528
				4,378,556
Ireland—0.8%
Accenture plc, Class A		28,575		1,726,501
Shire plc		74,059		2,315,578
WPP plc		474,467		5,944,054
				9,986,133
Israel—0.5%
Bank Hapoalim BM	*	453,246		2,265,572
Delek Group Ltd.		9,151		2,056,811
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.		60,355		2,099,458
				6,421,841
Italy—3.1%
Banca Generali SpA	†	81,223		1,126,453
DiaSorin SpA	†	53,434		2,564,536
Enel SpA		632,118		4,130,371
ENI SpA		404,346		9,582,582
Fiat Industrial SpA	*	175,349		2,264,740
Intesa Sanpaolo SpA		4,044,929		10,770,750
Saipem SpA		129,944		6,710,353
Sorin SpA	*	505,648		1,433,516
				38,583,301
Japan—17.5%
Aeon Mall Co. Ltd.		116,500		2,822,187
AOC Holdings, Inc.		216,900		1,555,285
Bridgestone Corp.		88,500		2,039,086
Canon, Inc.	†	381,500		18,146,555
Chugai Pharmaceutical Co. Ltd.	†	167,200		2,741,691
Daikin Industries Ltd.		98,000		3,473,743
Daito Trust Construction Co. Ltd.		50,200		4,261,975
Denso Corp.		103,000		3,830,823
FANUC Corp.		32,500		5,434,749
Geo Corp.		1,145		1,425,398
Hirose Electric Co. Ltd.	†	23,100		2,367,959
Hitachi Capital Corp.		93,300		1,265,451
Hitachi Ltd.		429,000		2,546,116
Honda Motor Co. Ltd.		241,500		9,304,254
HOYA Corp.		164,900		3,650,645

See accompanying notes to financial statements

147

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
INPEX Corp.		455	$	3,363,899
ITOCHU Corp.		284,000		2,953,843
Japan Tobacco, Inc.		804		3,103,498
JX Holdings, Inc.		257,000		1,728,593
Kao Corp.		400,400		10,528,194
KDDI Corp.		769		5,532,907
Keyence Corp.		14,720		4,179,460
Komatsu Ltd.		126,600		3,952,850
Marubeni Corp.		163,000		1,083,267
Mitsubishi Corp.		150,600		3,761,666
Mitsubishi Estate Co. Ltd.		208,000		3,650,391
Mitsui & Co. Ltd.		576,700		9,971,215
Mizuho Financial Group, Inc.		608,722		1,000,513
Nintendo Co. Ltd.		12,900		2,422,469
Nippon Shokubai Co. Ltd.		105,000		1,281,082
Nippon Telegraph & Telephone Corp.		108,286		5,222,831
Nitto Denko Corp.		29,500		1,498,928
Okinawa Electric Power Co., Inc. (The)		24,400		1,107,080
Promise Co. Ltd.	*†	344,000		2,928,955
Seven & I Holdings Co. Ltd.		505,400		13,592,215
Shimamura Co. Ltd.		27,000		2,573,862
Shin-Etsu Chemical Co. Ltd.		106,500		5,708,588
Ship Healthcare Holdings, Inc.		79,100		1,461,134
Siix Corp.		222,900		3,413,250
Softbank Corp.		109,500		4,147,017
Sumitomo Corp.		535,700		7,287,802
Sumitomo Mitsui Financial Group, Inc.		101,291		3,123,277
Sumitomo Osaka Cement Co. Ltd.	†	979,000		2,749,598
Takeda Pharmaceutical Co. Ltd.		284,900		13,167,201
Tokio Marine Holdings, Inc.		477,000		13,353,325
Toyota Motor Corp.		269,200		11,085,437
Unipres Corp.	†	137,300		3,561,977
Yorozu Corp.	†	61,000		1,344,964
				220,707,205
Kazakhstan—0.1%
KazMunaiGas Exploration Production GDR		71,776		1,431,970
Korea, Republic of—2.5%
GS Holdings		28,600		2,103,082
Hyundai Motor Co.		32,500		7,245,344
KB Financial Group, Inc.		36,663		1,742,888
Kia Motors Corp.		126,300		8,591,950
KT&G Corp.		30,899		1,924,095
NHN Corp.	*	8,090		1,434,251
Samsung Electronics Co., Ltd.		2,972		2,309,926
SK C&C Co. Ltd.		12,900		1,577,158
SK Holdings Co. Ltd.		14,500		2,527,660
Woori Finance Holdings Co. Ltd.		168,700		2,215,494
				31,671,848
Macau—1.2%
Sands China Ltd.	*	3,605,396		9,772,600
Wynn Macau Ltd.		1,586,557		5,195,599
				14,968,199

		Shares			Value
Malaysia—0.1%
Maxis Bhd		838,700		$	1,522,968
Mexico—0.3%
Fresnillo plc		79,800			1,797,623
Grupo Mexico SAB de CV		664,500			2,194,096
					3,991,719
Netherlands—3.0%
Akzo Nobel NV		56,537			3,572,051
ING Groep NV CVA	*	181,800			2,240,414
Koninklijke Ahold NV		708,650			9,527,997
Reed Elsevier NV		534,806			7,184,445
Royal Dutch Shell plc, Class A	†	300,410			10,667,159
Royal Dutch Shell plc, Class B		64,400			2,298,175
Unilever NV CVA		87,451			2,870,199
					38,360,440
Norway—0.3%
Cermaq ASA	*	113,700			1,819,888
Statoil ASA	†	87,200			2,207,556
					4,027,444
Peru—0.2%			��
Credicorp Ltd.		20,956			1,804,312
Philippines—0.2%
Philippine Long Distance Telephone Co. ADR		37,900			2,048,116
Portugal—0.3%
Jeronimo Martins SGPS SA		185,100			3,554,971
Russia—0.5%
Gazprom OAO ADR	*	273,034			3,980,106
Lukoil OAO ADR		25,200			1,606,500
					5,586,606
Singapore—2.3%
Biosensors International Group Ltd.	*	3,575,800			3,764,069
City Developments Ltd.		60,049			509,869
DBS Group Holdings Ltd.		402,129			4,810,378
Genting Singapore plc	*	875,658			1,380,589
Singapore Telecommunications Ltd.		2,296,000			5,918,024
United Overseas Bank Ltd.		654,236			10,503,857
Wilmar International Ltd.		528,000			2,335,878
					29,222,664
South Africa—0.4%
African Bank Investments Ltd.		247,735			1,261,651
Sasol Ltd.		33,901			1,788,423
Tiger Brands Ltd.		73,437			2,148,155
					5,198,229
Spain—3.3%
Banco Santander SA		410,929			4,733,961
Construcciones y Auxiliar de Ferrocarriles SA		4,061			2,384,916
Gas Natural SDG SA		119,600			2,505,047
Iberdrola SA	*	1,260,009			11,210,045
Inditex SA		70,552			6,428,262
Mapfre SA	†	775,000			2,875,424
Telefonica SA		470,071			11,480,895
					41,618,550

See accompanying notes to financial statements

148

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Sweden—1.8%
Hennes & Mauritz AB, Class B	†	116,000	$	4,004,591
Investor AB, Class B		251,836		5,775,391
NCC AB, Class B		58,888		1,339,714
Nordea Bank AB		306,600		3,292,886
Sandvik AB		97,258		1,703,897
Skandinaviska Enskilda Banken AB, Class A		343,187		2,806,058
Skanska AB, Class B		62,985		1,129,066
Swedbank AB, Class A		131,800		2,216,340
				22,267,943
Switzerland—5.9%
ABB Ltd. (Registered)	*	237,596		6,173,292
Adecco SA (Registered)	*	64,063		4,111,905
Clariant AG	*	100,200		1,916,966
Compagnie Financiere Richemont SA (A Bearer Shares)		10,840		710,378
Givaudan SA (Registered)	*	792		837,830
Meyer Burger Technology AG	*†	49,900		2,196,558
Nestle SA (Registered)		206,867		12,873,032
Novartis AG (Registered)		335,145		20,540,072
Rieter Holding AG	*	5,300		1,381,338
SGS SA (Registered)		2,500		4,748,843
Swatch Group AG (The) (Bearer)		14,262		7,198,143
UBS AG (Registered)	*	118,900		2,169,874
Xstrata plc		138,500		3,050,515
Zurich Financial Services AG (Registered)	*	24,772		6,268,299
				74,177,045
Taiwan—0.6%
Chunghwa Telecom Co. Ltd.		623,290		2,144,816
MediaTek, Inc.		80,187		873,414
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		129,180		1,628,960
Taiwan Semiconductor
Manufacturing Co. Ltd.		1,289,000		3,248,615
				7,895,805
Thailand—0.3%
Kasikornbank PCL		368,900		1,482,965
PTT PCL	‡	234,800		2,569,031
				4,051,996
Turkey—0.3%
Tupras Turkiye Petrol
Rafinerileri AS		60,747		1,491,928
Turkiye Garanti Bankasi AS		432,637		1,963,222
				3,455,150
United Kingdom—12.6%
Anglo American plc		117,754		5,839,885
AstraZeneca plc (London Exchange)		138,099		6,902,362
BG Group plc		256,954		5,834,376
BHP Billiton plc		83,800		3,292,818
BP plc		2,305,470		16,975,155
BT Group plc		860,980		2,791,643

		Shares		Value
Cairn Energy plc	*	615,660	$	4,105,789
Centrica plc		849,000		4,408,412
Debenhams plc		3,463,663		3,833,262
Drax Group plc		156,000		1,260,287
Enterprise Inns plc	*	1,017,399		1,045,714
GlaxoSmithKline plc		596,340		12,782,100
Hochschild Mining plc		252,700		1,862,499
HSBC Holdings plc (London Exchange)		412,000		4,084,869
Imperial Tobacco Group plc		80,639		2,684,672
Intermediate Capital Group plc		1,106,732		5,734,128
Johnson Matthey plc		17,137		541,169
Kingfisher plc		470,553		2,021,301
Legal & General Group plc		1,180,963		2,237,235
Old Mutual plc		996,100		2,132,281
Prudential plc		17,676		204,101
Reckitt Benckiser Group plc		85,300		4,711,295
Rio Tinto plc		46,852		3,382,983
SABMiller plc		61,340		2,238,941
Smith & Nephew plc		394,900		4,232,012
Standard Chartered plc (London Exchange)		217,475		5,712,560
Tate & Lyle plc		76,975		761,324
Tesco plc		2,311,679		14,935,708
Unilever plc		404,962		13,066,516
Vodafone Group plc		5,844,143		15,496,576
Wm Morrison Supermarkets plc		850,000		4,065,518
				159,177,491
United States—0.8%
Boart Longyear Ltd.		1,773,959		7,630,487
Synthes, Inc.	^	12,800		2,254,215
				9,884,702
TOTAL COMMON STOCKS
(Cost $1,084,057,817)				1,223,129,587
MONEY MARKET FUNDS—8.2%
Institutional Money Market Funds—8.2%
Dreyfus Institutional Cash Advantage Fund, 0.15%	††µ	11,000,000		11,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	µ	33,460,024		33,460,024
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	††µ	14,780,867		14,780,867

See accompanying notes to financial statements

149

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint International Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.13%	††µ	11,000,000	$	11,000,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.00%	††µ	11,000,000		11,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††µ	11,000,000		11,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.10%	††µ	11,000,000		11,000,000
TOTAL MONEY MARKET FUNDS
(Cost $103,240,891)				103,240,891
TOTAL INVESTMENTS—105.2%
(Cost $1,187,298,708)				1,326,370,478
Other assets less liabilities—(5.2%)				(65,073,390	)
NET ASSETS—100.0%			$	1,261,297,088

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.
^	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 $2,254,215, which represents 0.2% of Net Assets.
††	Represents reinvestment of collateral received in conjunction with securities lending.
µ	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

150

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint International Fund
Percentage of Portfolio by Industry:
COMMON STOCKS
Oil, Gas & Consumable Fuels	9.7%
Commercial Banks	7.8%
Pharmaceuticals	7.2%
Food & Staples Retailing	5.2%
Diversified Telecommunication Services	4.6%
Insurance	4.2%
Automobiles	4.1%
Food Products	3.5%
Chemicals	3.3%
Wireless Telecommunication Services	3.3%
Metals & Mining	3.2%
Real Estate Management & Development	2.7%
Trading Companies & Distributors	2.3%
Machinery	2.0%
Electric Utilities	2.0%
Hotels, Restaurants & Leisure	1.8%
Beverages	1.7%
Industrial Conglomerates	1.7%
Health Care Equipment & Supplies	1.7%
Specialty Retail	1.5%
Personal Products	1.5%
Office Electronics	1.4%
Media	1.4%
Auto Components	1.4%
Electronic Equipment, Instruments & Components	1.3%
Textiles, Apparel & Luxury Goods	1.1%
Multi-Utilities	1.1%
Construction & Engineering	1.1%
Building Products	1.0%
Capital Markets	1.0%
Diversified Financial Services	0.9%
Electrical Equipment	0.8%
Semiconductors & Semiconductor Equipment	0.8%
Road & Rail	0.8%
Professional Services	0.7%
Energy Equipment & Services	0.7%
Software	0.6%
Gas Utilities	0.6%
Internet Software & Services	0.6%
Tobacco	0.6%
IT Services	0.5%
Real Estate Investment Trusts (REITs)	0.5%
Household Products	0.4%
Independent Power Producers & Energy Traders	0.3%
Consumer Finance	0.3%
Biotechnology	0.3%
Transportation Infrastructure	0.3%
Multiline Retail	0.3%
Communications Equipment	0.3%
Aerospace & Defense	0.2%
Health Care Providers & Services	0.2%
Construction Materials	0.2%
Marine	0.1%
Commercial Services & Supplies	0.1%
Paper & Forest Products	0.1%
TOTAL COMMON STOCKS	97.0%

MONEY MARKET FUNDS
Institutional Money Market Funds	8.2%
TOTAL INVESTMENTS	105.2%
Other assets less liabilities	(5.2)%
TOTAL NET ASSETS	100.0%

See accompanying notes to financial statements

151

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Diversifying Strategies Fund		Shares		Value
COMMON STOCKS—2.6%
Capital Markets—0.2%
Affiliated Managers Group, Inc.	*	4,800	$	486,960
Franklin Resources, Inc.		10,800		1,417,932
				1,904,892
Energy Equipment & Services—0.1%
Schlumberger Ltd.		11,000		950,400
Food Products—0.2%
Nestle SA (Registered) (Switzerland)		21,700		1,350,359
Health Care Equipment & Supplies—0.1%
St. Jude Medical, Inc.		11,000		524,480
Household Products—0.0%
Unicharm Corp. (Japan)		7,712		336,936
Industrial Conglomerates—0.2%
Siemens AG (Registered) (Germany)		10,000		1,374,209
Pharmaceuticals—0.4%
Novo Nordisk A/S, Class B (Denmark)		17,000		2,129,749
Sawai Pharmaceutical Co. Ltd. (Japan)		6,600		695,388
Shire plc (Ireland)		30,000		938,000
				3,763,137
Semiconductors & Semiconductor Equipment—0.6%
ARM Holdings plc (United Kingdom)		565,000		5,313,038
Software—0.4%
Autonomy Corp. plc (United Kingdom)	*	50,000		1,369,601
Microsoft Corp.		55,000		1,430,000
SAP AG (Germany)		20,400		1,236,818
				4,036,419
Textiles, Apparel & Luxury Goods—0.4%
Swatch Group AG (The) (Registered) (Switzerland)		41,500		3,731,272
TOTAL COMMON STOCKS
(Cost $17,234,270)				23,285,142
CONVERTIBLE PREFERRED STOCKS—1.5%
Communications Equipment—0.4%
Lucent Technologies Capital Trust I 7.750%		3,750		3,689,063
Electric Utilities—0.2%
NextEra Energy, Inc. 7.000%		35,000		1,811,250
Food Products—0.1%
Bunge Ltd., Perpetual (Bermuda) 4.875%		11,195		1,123,418
Insurance—0.1%
MetLife, Inc. 5.000%		10,000		824,300

				Shares			Value
Oil, Gas & Consumable Fuels—0.5%
Apache Corp., Series D 6.000%				43,400		$	2,860,928
Chesapeake Energy Corp., Perpetual 5.750%		^		1,400			1,767,500
							4,628,428
Wireless Telecommunication Services—0.2%
Crown Castle International Corp. 6.250%				26,700			1,561,950
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $13,307,892)							13,638,409
Coupon Rate	Maturity Date			Face			Value
CORPORATE OBLIGATIONS—35.5%
Auto Components—0.1%
Johnson Controls, Inc.
0.683%	02/04/2014	#§	$	770,000			773,198
Beverages—1.6%
Anheuser-Busch InBev Worldwide, Inc.
9.750%	11/17/2015	BRL		2,600,000			1,770,096
3.000%	10/15/2012	§		910,000			934,665
2.500%	03/26/2013			1,240,000			1,271,226
0.977%	03/26/2013	#§		1,900,000			1,918,479
Coca-Cola Co. (The)
0.311%	05/15/2012	#§		2,130,000			2,132,488
Coca-Cola Enterprises, Inc.
1.125%	11/12/2013	§		1,220,000			1,219,549
Diageo Capital plc (United Kingdom)					��
5.125%	01/30/2012	§		2,700,000			2,773,105
Dr. Pepper Snapple Group, Inc.
1.700%	12/21/2011	§		2,815,000			2,831,600
							14,851,208
Biotechnology—0.3%
Amgen, Inc.
2.300%	06/15/2016			750,000			744,382
Genzyme Corp.
3.625%	06/15/2015			730,000			773,513
Life Technologies Corp.
3.500%	01/15/2016	§		1,500,000			1,535,775
							3,053,670
Capital Markets—1.5%
Bank of New York Mellon Corp. (The) MTN
0.553%	01/31/2014	#§		2,750,000			2,760,659
Bear Stearns Cos. LLC (The), Series B MTN
6.950%	08/10/2012			2,000,000			2,135,798
Goldman Sachs Group, Inc. (The)
1.268%	02/07/2014	#§		3,088,000			3,064,713
Merrill Lynch & Co., Inc., Series C MTN
6.050%	08/15/2012			650,000			684,448
Morgan Stanley
1.253%	04/29/2013	#§		3,300,000			3,295,779
TD Ameritrade Holding Corp.
4.150%	12/01/2014			760,000			805,368
WT Finance Aust Pty Ltd./Westfield Capital/WEA Finance LLC (Australia)
5.125%	11/15/2014	^		1,000,000			1,090,264
							13,837,029

See accompanying notes to financial statements

152

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Chemicals—0.8%
Airgas, Inc.
2.850%		10/01/2013	§	$	1,270,000	$	1,302,739
Dow Chemical Co. (The)
4.850%		08/15/2012			3,100,000		3,238,694
2.518%		08/08/2011	#		1,700,000		1,703,977
Ferro Corp.
7.875%		08/15/2018			650,000		677,625
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC
8.875%		02/01/2018			250,000		261,250
							7,184,285
Commercial Banks—4.2%
Banco Bradesco SA (Brazil)
2.361%		05/16/2014	#^		1,000,000		1,013,369
Banco de Credito del Peru (Peru)
4.750%		03/16/2016	^		1,640,000		1,631,800
Banco do Brasil SA (Brazil)
4.500%		01/22/2015	^		1,200,000		1,257,000
Banco do Nordeste do Brasil SA (Brazil)
3.625%		11/09/2015	^		1,320,000		1,303,500
BanColombia SA (Colombia)
4.250%		01/12/2016	^		1,000,000		1,010,000
Bank of Nova Scotia (Canada)
2.250%		01/22/2013			2,000,000		2,048,158
Barclays Bank plc (United Kingdom)
3.900%		04/07/2015			925,000		960,575
1.323%		01/13/2014	#§		2,510,000		2,519,380
BB&T Corp.
0.973%		04/28/2014	#		850,000		851,903
BB&T Corp., Series A MTN
3.375%		09/25/2013			400,000		417,199
CBQ Finance Ltd. (Bermuda)
5.000%		11/18/2014	^		750,000		795,222
CIT Group, Inc.
5.250%		04/01/2014	^		350,000		350,000
Credit Suisse (Switzerland)
1.241%		01/14/2014	#§		4,440,000		4,461,063
ICICI Bank Ltd. (India)
5.500%		03/25/2015	^		450,000		472,957
KeyCorp MTN
3.750%		08/13/2015			630,000		651,004
Royal Bank of Canada (Canada)
1.125%		01/15/2014			2,330,000		2,354,763
Royal Bank of Scotland plc (The) (United Kingdom)
3.250%		01/11/2014	§		2,860,000		2,901,110
Societe Generale SA (France)
1.570%		12/13/2013	#^		1,000,000		1,007,222
SunTrust Bank GA, Bank Note
0.369%		05/21/2012	#		1,250,000		1,248,158
Union Bank NA
1.202%		06/06/2014	#		1,360,000		1,360,015
Union Bank NA, Bank Note
2.125%		12/16/2013			1,560,000		1,569,454
US Bancorp
4.200%		05/15/2014			800,000		862,210
2.000%		06/14/2013	§		1,500,000		1,533,105
US Bancorp MTN
1.375%		09/13/2013			1,000,000		1,005,067
Wachovia Bank NA, Bank Note
4.800%		11/01/2014			1,390,000		1,486,830

Coupon Rate	Maturity Date			Face		Value
Wachovia Corp. MTN
0.463%	08/01/2013	#§	$	2,250,000	$	2,239,970
Westpac Banking Corp. (Australia)
2.250%	11/19/2012			700,000		713,600
						38,024,634
Commercial Services & Supplies—0.1%
Corrections Corp. of America
6.250%	03/15/2013	§		815,000		817,037
Communications Equipment—1.0%
Cisco Systems, Inc.
1.625%	03/14/2014			4,400,000		4,445,866
0.499%	03/14/2014	#§		4,500,000		4,516,236
						8,962,102
Computers & Peripherals—0.3%
Hewlett-Packard Co.
4.250%	02/24/2012			1,929,000		1,975,761
Seagate Technology HDD Holdings (Cayman Islands)
6.800%	10/01/2016	§		1,000,000		1,057,500
						3,033,261
Construction Materials—0.3%
CRH America, Inc.
6.950%	03/15/2012	§		1,400,000		1,454,683
5.625%	09/30/2011			792,000		800,736
						2,255,419
Consumer Finance—2.3%
Ally Financial, Inc.
4.500%	02/11/2014	§		1,000,000		1,002,500
American Express Credit Corp.
1.096%	06/24/2014	#		1,570,000		1,573,227
American Express Credit Corp. MTN
1.886%	06/19/2013	#§		1,400,000		1,430,733
Banque PSA Finance (France)
2.146%	04/04/2014	#^		1,360,000		1,358,553
Caterpillar Financial Services Corp., Series G MTN
1.375%	05/20/2014			3,200,000		3,215,299
Ford Motor Credit Co. LLC
7.000%	10/01/2013	§		645,000		690,909
HSBC Finance Corp.
0.528%	01/15/2014	#		1,500,000		1,476,408
International Lease Finance Corp.
6.500%	09/01/2014	^		600,000		639,000
John Deere Capital Corp. MTN
1.600%	03/03/2014			2,720,000		2,752,300
0.473%	03/03/2014	#§		680,000		682,411
John Deere Capital Corp., Series D MTN
5.350%	01/17/2012	§		2,150,000		2,207,734
PACCAR Financial Corp. MTN
0.635%	04/05/2013	#§		3,350,000		3,370,472
						20,399,546
Containers & Packaging—0.0%
Bemis Co., Inc.
5.650%	08/01/2014			290,000		319,228
Diversified Financial Services—2.5%
Bank of America Corp.
0.750%	09/11/2012	#§		1,300,000		1,298,446
Bank of America Corp. MTN
4.900%	05/01/2013			650,000		685,053

See accompanying notes to financial statements

153

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Citigroup, Inc.
6.000%		12/13/2013		$	475,000	$	516,753
5.300%		10/17/2012			475,000		498,668
2.262%		08/13/2013	#§		1,530,000		1,559,605
1.111%		02/15/2013	#§		1,210,000		1,205,853
CME Group, Inc.
5.750%		02/15/2014			1,000,000		1,111,426
Equifax, Inc.
4.450%		12/01/2014			160,000		171,602
ERAC USA Finance LLC
2.250%		01/10/2014	^		630,000		636,670
General Electric Capital Corp.
5.900%		05/13/2014			430,000		478,008
2.800%		01/08/2013			1,100,000		1,128,346
General Electric Capital Corp. MTN
1.875%		09/16/2013			1,400,000		1,416,741
General Electric Capital Corp., Series A MTN
6.000%		06/15/2012	§		2,700,000		2,839,563
3.750%		11/14/2014			750,000		794,509
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.750%		01/15/2016	§		1,035,000		1,067,344
JPMorgan Chase & Co. MTN
1.074%		01/24/2014	#§		1,300,000		1,304,298
NASDAQ OMX Group, Inc. (The)
4.000%		01/15/2015			1,210,000		1,225,000
National Rural Utilities Cooperative Finance Corp., Series C MTN
0.352%		12/09/2011	#		2,590,000		2,590,627
Noble Group Ltd. (Bermuda)
8.500%		05/30/2013	^		530,000		590,950
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.
8.250%		09/01/2017			550,000		573,375
Susser Holdings LLC/Susser Finance Corp.
8.500%		05/15/2016	§		1,090,000		1,152,675
							22,845,512
Diversified Telecommunication Services—1.7%
AT&T, Inc.
5.875%		08/15/2012	§		3,210,000		3,390,473
4.850%		02/15/2014			600,000		652,103
Cellco Partnership/Verizon Wireless Capital LLC
5.550%		02/01/2014			500,000		551,449
Cincinnati Bell, Inc.
8.250%		10/15/2017			500,000		505,000
Frontier Communications Corp.
6.250%		01/15/2013			820,000		859,975
PAETEC Holding Corp.
8.875%		06/30/2017			500,000		527,500
Qtel International Finance Ltd. (Bermuda)
6.500%		06/10/2014	^		1,170,000		1,300,162
Telecom Italia Capital SA (Luxembourg)
5.250%		11/15/2013			280,000		294,100
Telefonica Emisiones SAU (Spain)
2.582%		04/26/2013			1,260,000		1,273,594
Verizon Communications, Inc.
0.856%		03/28/2014	#§		4,800,000		4,848,854
Windstream Corp.
8.125%		08/01/2013			765,000		833,850
							15,037,060

Coupon Rate	Maturity Date			Face		Value
Electric Utilities—2.5%
Cia de Eletricidade do Estado da Bahia (Brazil)
11.750%	04/27/2016	^	BRL$	2,100,000	$	1,463,195
Columbus Southern Power Co.
0.645%	03/16/2012	#§		1,490,000		1,493,715
Columbus Southern Power Co., Series C
5.500%	03/01/2013			750,000		802,350
Commonwealth Edison Co., Series 105
5.400%	12/15/2011	§		4,447,000		4,543,709
Consolidated Edison Co. of New York, Inc., Series 2002-B
4.875%	02/01/2013	§		1,000,000		1,060,670
Consumers Energy Co., Series D
5.375%	04/15/2013			575,000		617,868
Dominion Resources, Inc.
5.700%	09/17/2012	§		700,000		740,172
Duke Energy Carolinas LLC
6.250%	01/15/2012	§		2,625,000		2,704,446
Georgia Power Co.
1.300%	09/15/2013			1,260,000		1,268,991
0.567%	03/15/2013	#§		1,700,000		1,704,794
0.548%	01/15/2013	#§		1,000,000		1,001,881
NextEra Energy Capital Holdings, Inc.
5.625%	09/01/2011			1,583,000		1,594,999
2.600%	09/01/2015			2,000,000		1,992,780
Northern States Power Co., Series B
8.000%	08/28/2012			1,039,000		1,124,413
Southern Co., Series A
5.300%	01/15/2012	§		350,000		358,829
						22,472,812
Electronic Equipment, Instruments & Components—0.4%
Agilent Technologies, Inc.
2.500%	07/15/2013			520,000		529,716
Koninklijke Philips Electronics NV (Netherlands)
4.625%	03/11/2013	§		1,000,000		1,055,594
Sanmina-SCI Corp.
8.125%	03/01/2016			300,000		313,125
Thermo Fisher Scientific, Inc.
2.150%	12/28/2012	§		1,620,000		1,650,376
						3,548,811
Energy Equipment & Services—0.1%
Cameron International Corp.
1.183%	06/02/2014	#		1,010,000		1,014,929
Food & Staples Retailing—0.7%
Costco Wholesale Corp.
5.300%	03/15/2012	§		2,000,000		2,071,496
Kroger Co. (The)
6.200%	06/15/2012			1,500,000		1,576,003
Safeway, Inc.
5.800%	08/15/2012	§		1,786,000		1,879,592
SUPERVALU, Inc.
7.500%	11/15/2014			750,000		753,750
						6,280,841
Food Products—1.2%
Archer-Daniels-Midland Co.
0.422%	08/13/2012	#		2,470,000		2,475,345
Corn Products International, Inc.
3.200%	11/01/2015			350,000		357,324

See accompanying notes to financial statements

154

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
General Mills, Inc.
6.000%		02/15/2012	§	$	2,500,000	$	2,585,215
5.250%		08/15/2013			1,500,000		1,630,596
Kraft Foods, Inc.
6.250%		06/01/2012	§		425,000		446,306
5.250%		10/01/2013			390,000		424,027
2.625%		05/08/2013			390,000		401,411
Wm. Wrigley Jr. Co.
3.700%		06/30/2014	^		2,510,000		2,609,647
							10,929,871
Gas Utilities—0.2%
Consolidated Natural Gas Co., Series C
6.250%		11/01/2011			1,800,000		1,832,695
Health Care Equipment & Supplies—0.2%
Covidien International Finance SA (Luxembourg)
1.875%		06/15/2013			1,250,000		1,271,948
Stryker Corp.
3.000%		01/15/2015			790,000		822,456
							2,094,404
Health Care Providers & Services—0.4%
Express Scripts, Inc.
5.250%		06/15/2012			600,000		624,370
Omnicare, Inc.
6.875%		12/15/2015	§		1,475,000		1,517,406
Quest Diagnostics, Inc.
1.096%		03/24/2014	#§		890,000		898,262
Vanguard Health Holding Co. II LLC/Vanguard Holding Co II, Inc.
8.000%		02/01/2018			550,000		570,625
							3,610,663
Hotels, Restaurants & Leisure—0.1%
Isle of Capri Casinos, Inc.
7.000%		03/01/2014			500,000		498,125
McDonald’s Corp., Series G MTN
5.750%		03/01/2012			750,000		776,905
							1,275,030
Household Durables—0.5%
Clorox Co.
5.000%		03/01/2013	§		1,000,000		1,058,808
Fortune Brands, Inc.
3.000%		06/01/2012	§		1,950,000		1,977,780
Kimberly-Clark Corp.
5.625%		02/15/2012	§		1,000,000		1,032,929
							4,069,517
Household Products—0.1%
Procter & Gamble International Funding SCA (Luxembourg)
1.350%		08/26/2011			520,000		520,781
Independent Power Producers & Energy Traders—0.3%
AES Corp. (The)
7.750%		03/01/2014			650,000		705,250
Calpine Corp.
7.250%		10/15/2017	^		750,000		765,000

Coupon Rate	Maturity Date			Face		Value
GenOn Energy, Inc.
7.875%	06/15/2017		$	750,000	$	757,500
						2,227,750
Industrial Conglomerates—0.2%
3M Co., Series E MTN
4.375%	08/15/2013			750,000		810,331
Siemens Financieringsmaatschappij NV MTN (Netherlands)
0.395%	03/16/2012	#		1,100,000		1,099,439
						1,909,770
Insurance—0.8%
Allstate Corp. (The)
6.200%	05/16/2014			510,000		577,564
Berkshire Hathaway Finance Corp.
4.000%	04/15/2012			750,000		771,100
Hartford Financial Services Group, Inc.
4.000%	03/30/2015			570,000		588,095
MetLife, Inc.
2.375%	02/06/2014	§		980,000		999,264
Prudential Financial, Inc., Series D MTN
5.150%	01/15/2013	§		2,000,000		2,111,212
5.100%	12/14/2011	§		1,100,000		1,119,907
3.625%	09/17/2012			710,000		729,105
2.750%	01/14/2013			600,000		612,517
						7,508,764
Internet & Catalog Retail—0.1%
eBay, Inc.
0.875%	10/15/2013	§		1,090,000		1,088,175
IT Services—0.5%
International Business Machines Corp.
2.100%	05/06/2013			630,000		646,349
1.000%	08/05/2013			1,250,000		1,254,240
0.313%	11/04/2011	#		1,400,000		1,400,909
0.277%	06/15/2012	#§		1,500,000		1,501,009
						4,802,507
Life Sciences Tools & Services—0.1%
Howard Hughes Medical Institute
3.450%	09/01/2014			700,000		745,380
Machinery—0.5%
Caterpillar, Inc.
0.425%	05/21/2013	#		1,200,000		1,202,036
Danaher Corp.
1.300%	06/23/2014			500,000		500,072
0.497%	06/21/2013	#		1,000,000		1,001,963
SPX Corp.
7.625%	12/15/2014	§		795,000		882,450
Terex Corp.
8.000%	11/15/2017			500,000		515,000
						4,101,521
Media—0.8%
CCO Holdings LLC/CCO Holdings Capital Corp.
8.125%	04/30/2020			250,000		271,250
Charter Communications Operating LLC/Charter Communications Operating Capital
8.000%	04/30/2012	^		995,000		1,039,775
COX Communications, Inc.
5.450%	12/15/2014			500,000		557,707

See accompanying notes to financial statements

155

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
CSC Holdings LLC
8.500%		04/15/2014		$	275,000	$	305,938
8.500%		06/15/2015	§		725,000		786,625
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.750%		10/01/2014			1,200,000		1,314,540
DISH DBS Corp.
6.375%		10/01/2011			790,000		798,887
Mediacom Broadband LLC/Mediacom Broadband Corp.
8.500%		10/15/2015			500,000		515,000
Time Warner, Inc.
3.150%		07/15/2015			500,000		517,575
Viacom, Inc.
4.375%		09/15/2014			500,000		537,412
Walt Disney Co. (The), Series B MTN
6.375%		03/01/2012			375,000		389,836
							7,034,545
Metals & Mining—0.5%
BHP Billiton Finance USA Ltd. (Australia)
5.125%		03/29/2012			1,400,000		1,450,219
Mueller Water Products, Inc.
7.375%		06/01/2017			550,000		519,750
Steel Dynamics, Inc.
7.375%		11/01/2012	§		1,480,000		1,568,800
Vale Overseas Ltd. (Cayman Islands)
6.250%		01/23/2017			560,000		634,898
Vedanta Resources plc (United Kingdom)
6.750%		06/07/2016	^		550,000		550,660
							4,724,327
Multiline Retail—0.2%
Target Corp.
8.600%		01/15/2012	§		1,600,000		1,668,181
Multi-Utilities—0.2%
DTE Energy Co.
0.955%		06/03/2013	#		2,070,000		2,076,713
Oil, Gas & Consumable Fuels—2.4%
Alpha Natural Resources, Inc.
6.000%		06/01/2019			250,000		250,625
Chevron Corp.
3.950%		03/03/2014			1,000,000		1,078,322
3.450%		03/03/2012			900,000		919,003
ConocoPhillips
4.750%		02/01/2014			750,000		818,857
Husky Energy, Inc. (Canada)
6.250%		06/15/2012	§		1,670,000		1,756,314
Kinder Morgan Energy Partners LP
7.125%		03/15/2012			900,000		939,637
5.850%		09/15/2012	§		980,000		1,032,939
Kinder Morgan Kansas, Inc.
6.500%		09/01/2012			1,300,000		1,368,250
Newfield Exploration Co.
6.625%		04/15/2016	§		1,000,000		1,037,500
Petroleos Mexicanos (Mexico)
4.875%		03/15/2015			1,400,000		1,522,500
Plains Exploration & Production Co.
7.750%		06/15/2015	§		1,000,000		1,041,250
Ras Laffan Liquefied Natural Gas Co. Ltd. III (Qatar)
4.500%		09/30/2012	^		650,000		679,250

Coupon Rate	Maturity Date			Face		Value
Rockies Express Pipeline LLC
3.900%	04/15/2015	^	$	770,000	$	781,960
Shell International Finance BV (Netherlands)
1.875%	03/25/2013			710,000		725,583
Sonat, Inc.
7.625%	07/15/2011			850,000		852,847
Tesoro Corp.
6.625%	11/01/2015			390,000		400,725
Total Capital Canada Ltd. (Canada)
0.348%	05/13/2013	#		2,000,000		2,002,260
TransCanada PipeLines Ltd. (Canada)
3.400%	06/01/2015			630,000		661,929
Valero Energy Corp.
6.875%	04/15/2012			1,200,000		1,255,122
XTO Energy, Inc.
7.500%	04/15/2012	§		2,190,000		2,307,526
						21,432,399
Personal Products—0.1%
Revlon Consumer Products Corp.
9.750%	11/15/2015	§		1,090,000		1,177,200
Pharmaceuticals—1.9%
AstraZeneca plc (United Kingdom)
5.400%	09/15/2012	§		1,000,000		1,058,385
GlaxoSmithKline Capital, Inc.
4.850%	05/15/2013			1,700,000		1,828,756
Merck & Co., Inc.
4.375%	02/15/2013	§		1,816,000		1,923,847
Novartis Capital Corp.
4.125%	02/10/2014			600,000		647,014
1.900%	04/24/2013			980,000		1,003,306
Sanofi (France)
1.625%	03/28/2014	§		1,720,000		1,741,172
0.446%	03/28/2013	#§		3,410,000		3,418,736
Teva Pharmaceutical Finance III BV (Netherlands Antilles)
1.700%	03/21/2014			580,000		583,602
0.747%	03/21/2014	#§		470,000		472,211
Teva Pharmaceutical Finance III LLC
1.500%	06/15/2012	§		1,846,000		1,863,788
0.647%	12/19/2011	#		2,000,000		2,003,718
Valeant Pharmaceuticals International
6.500%	07/15/2016	^§		820,000		814,875
						17,359,410
Real Estate Investment Trusts (REITs)—0.8%
China Resources Land Ltd. (Hong Kong)
4.625%	05/19/2016	^		1,300,000		1,287,823
HCP, Inc.
2.700%	02/01/2014			1,610,000		1,634,227
Health Care REIT, Inc.
6.000%	11/15/2013			930,000		1,009,189
Host Hotels & Resorts LP, Series Q
6.750%	06/01/2016	§		1,500,000		1,556,250
Simon Property Group LP
4.200%	02/01/2015			250,000		266,167
Vornado Realty LP
4.250%	04/01/2015			1,240,000		1,288,127
						7,041,783
Road & Rail—0.4%
Canadian National Railway Co. (Canada)
6.375%	10/15/2011			2,153,000		2,188,072
JB Hunt Transport Services, Inc.
3.375%	09/15/2015			970,000		980,649
						3,168,721

See accompanying notes to financial statements

156

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Semiconductors & Semiconductor Equipment—0.4%
Texas Instruments, Inc.
0.875%		05/15/2013		$	2,230,000	$	2,235,615
0.439%		05/15/2013	#		1,000,000		1,003,361
							3,238,976
Software—0.5%
Microsoft Corp.
2.950%		06/01/2014			900,000		951,809
0.875%		09/27/2013	§		2,760,000		2,766,376
Oracle Corp.
3.750%		07/08/2014			750,000		804,626
							4,522,811
Specialty Retail—0.0%
Toys R Us, Inc.
7.375%		10/15/2018			200,000		195,250
Textiles, Apparel & Luxury Goods—0.1%
Levi Strauss & Co.
8.875%		04/01/2016	§		1,000,000		1,042,500
Tobacco—0.3%
Philip Morris International, Inc.
4.875%		05/16/2013	§		2,500,000		2,683,030
Trading Companies & Distributors—0.2%
AmeriGas Partners LP/AmeriGas Eagle Finance Corp.
7.125%		05/20/2016	§		1,450,000		1,500,750
Water Utilities—0.1%
Veolia Environnement SA (France)
5.250%		06/03/2013			910,000		976,111
Wireless Telecommunication Services—1.0%
America Movil SAB de CV (Mexico)
3.625%		03/30/2015			350,000		368,536
Buccaneer Merger Sub, Inc.
9.125%		01/15/2019	^		500,000		522,500
New Cingular Wireless Services, Inc.
8.125%		05/01/2012			455,000		482,506
Rogers Communications, Inc. (Canada)
6.375%		03/01/2014			360,000		404,013
6.250%		06/15/2013	§		1,100,000		1,206,958
Sprint Capital Corp.
8.375%		03/15/2012			1,470,000		1,536,150
Vodafone Group plc (United Kingdom)
5.350%		02/27/2012	§		250,000		257,645
4.150%		06/10/2014			1,090,000		1,170,314
0.535%		02/27/2012	#		3,300,000		3,303,891
							9,252,513
TOTAL CORPORATE OBLIGATIONS
(Cost $315,951,830)							320,522,630
MORTGAGE-RELATED SECURITIES—3.8%
Commercial Mortgage-Backed Securities—0.4%
Extended Stay America Trust, Series 2010-ESHA, Class A
2.951%		11/05/2027	^		1,355,187		1,349,007
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A1
1.600%		10/29/2020	§		1,075,235		1,074,021

Coupon Rate	Maturity Date			Face		Value
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A2
2.900%	10/29/2020		$	1,260,000	$	1,259,542
						3,682,570
U.S. Government Agency Mortgage-Backed Securities—3.0%
Federal Home Loan Mortgage Corp.
3.914%	12/01/2039	#		603,420		635,096
Federal Home Loan Mortgage Corp. REMICS, Series 2626, Class KA
3.000%	03/15/2030	§		418,938		420,522
Federal Home Loan Mortgage Corp. REMICS, Series 2929, Class AC
4.500%	12/15/2022			480,951		491,922
Federal National Mortgage Association
5.000%	01/01/2018			1,716,959		1,856,209
3.500%	05/01/2020- 12/01/2020			2,942,191		3,065,563
Federal National Mortgage Association REMICS, Series 2005-38, Class CD
5.000%	06/25/2019	§		826,530		861,316
Federal National Mortgage Association TBA
0.536%	03/15/2034	‡		6,600,000		6,602,063
Government National Mortgage Association, Series 2004-19, Class FC
0.486%	03/20/2034	#§		2,276,711		2,279,900
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.640%	10/07/2020	#§		1,856,356		1,859,846
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%	10/07/2020			606,206		612,928
National Credit Union Administration Guaranteed Notes, Series 2010-R2, Class 1A
0.560%	11/06/2017	#§		6,580,744		6,582,784
National Credit Union Administration Guaranteed Notes, Series 2011-R4, Class 1A
0.570%	03/06/2020	#		2,052,149		2,052,149
						27,320,298
U.S. Non-Agency Mortgage-Backed Securities—0.4%
Banc of America Mortgage Securities, Inc., Series 2002-K, Class 1A4
2.805%	10/20/2032	#		694,464		685,264
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-3, Class 2A1
5.000%	04/25/2019			271,132		283,210
GMAC Mortgage Corp. Loan Trust, Series 2003-J7, Class A6
5.000%	11/25/2033	§		675,228		676,007
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.772%	03/25/2044	#§		949,112		864,917
Wells Fargo Mortgage Backed Securities Trust, Series 2004-6, Class A13
0.636%	06/25/2034	#§		471,965		466,576
						2,975,974
TOTAL MORTGAGE-RELATED SECURITIES
(Cost $33,876,164)						33,978,842

See accompanying notes to financial statements

157

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—24.5%
Aerospace & Defense—0.2%
Alliant Techsystems, Inc.
2.750%		09/15/2011		$	600,000	$	605,250
MTU Aero Engines Finance BV (Netherlands)
2.750%		02/01/2012	EUR		800,000		1,309,775
							1,915,025
Automobile—0.1%
Tata Motors Ltd. (India)
0.000%		07/12/2012			700,000		914,725
Beverages—0.1%
Molson Coors Brewing Co.
2.500%		07/30/2013			1,100,000		1,212,750
Biotechnology—1.3%
Amgen, Inc., Series B
0.375%		02/01/2013			5,350,000		5,396,813
Cubist Pharmaceuticals, Inc.
2.250%		06/15/2013			250,000		320,625
Gilead Sciences, Inc.
1.000%		05/01/2014	^		1,500,000		1,676,250
Gilead Sciences, Inc., Series D
1.625%		05/01/2016	^		2,475,000		2,880,281
Life Technologies Corp.
1.500%		02/15/2024			1,300,000		1,491,750
							11,765,719
Building Products—0.1%
Asahi Glass Co. Ltd. (Japan)
0.000%		11/14/2014	JPY		80,000,000		1,070,741
Capital Markets—1.1%
Affiliated Managers Group, Inc.
3.950%		08/15/2038			3,750,000		4,181,250
Billion Express Investments Ltd. (Virgin Islands, British)
0.750%		10/18/2015			2,900,000		3,398,800
Janus Capital Group, Inc.
3.250%		07/15/2014			900,000		978,750
ProLogis LP
3.250%		03/15/2015			1,500,000		1,723,125
							10,281,925
Communications Equipment—0.2%
Arris Group, Inc.
2.000%		11/15/2026			1,750,000		1,828,750
Computers & Peripherals—1.0%
EMC Corp.
1.750%		12/01/2013			2,600,000		4,569,500
SanDisk Corp.
1.500%		08/15/2017			1,900,000		2,018,750
1.000%		05/15/2013			2,850,000		2,768,062
							9,356,312
Containers & Packaging—0.2%
Owens-Brockway Glass Container, Inc.
3.000%		06/01/2015	^		2,000,000		1,980,000
Diversified Consumer Services—0.3%
Stewart Enterprises, Inc.
3.125%		07/15/2014			2,250,000		2,300,625

Coupon Rate	Maturity Date		Face		Value
Diversified Financial Services—0.1%
Industrivarden AB (Sweden)
2.500%	02/27/2015	EUR	600,000	$	1,053,696
Diversified Telecommunication Services—0.6%
Alaska Communications Systems Group, Inc.
6.250%	05/01/2018	^	1,800,000		1,795,500
5.750%	03/01/2013		1,150,000		1,197,438
Level 3 Communications, Inc.
3.500%	06/15/2012		2,000,000		2,005,000
					4,997,938
Electric Utilities—0.1%
Unisource Energy Corp.
4.500%	03/01/2035		550,000		594,687
Electrical Equipment—0.6%
EnerSys
3.375%	06/01/2038		1,000,000		1,126,250
General Cable Corp.
0.875%	11/15/2013		3,561,000		3,863,685
Nexans SA (France)
1.500%	01/01/2013	EUR	500,000		622,186
					5,612,121
Electronic Equipment, Instruments & Components—0.2%
TPK Holding Co. Ltd. (Cayman Islands)
0.000%	04/20/2014		1,600,000		1,718,000
Energy Equipment & Services—2.4%
Bristow Group, Inc.
3.000%	06/15/2038		2,500,000		2,612,500
Exterran Energy Corp.
4.750%	01/15/2014		2,500,000		2,462,500
Helix Energy Solutions Group, Inc.
3.250%	12/15/2025		2,750,000		2,746,563
Hornbeck Offshore Services, Inc.
1.625%	11/15/2026		2,750,000		2,619,375
SESI LLC
1.500%	12/15/2026		2,650,000		2,703,000
Subsea 7 SA (Luxembourg)
2.250%	10/11/2013		4,500,000		5,503,504
Technip SA (France)
0.500%	01/01/2016	EUR	23,000		3,151,161
					21,798,603
Food & Staples Retailing—0.3%
Pantry, Inc. (The)
3.000%	11/15/2012		2,500,000		2,493,750
Food Products—0.6%
Archer-Daniels-Midland Co.
0.875%	02/15/2014		4,808,000		5,096,480
Health Care Equipment & Supplies—1.4%
Beckman Coulter, Inc.
2.500%	12/15/2036		750,000		899,062
Hologic, Inc.
2.000%	12/15/2037		3,000,000		2,925,000
Integra LifeSciences Holdings Corp.
2.375%	06/01/2012	^	2,000,000		2,017,500
Kinetic Concepts, Inc.
3.250%	04/15/2015	^	2,750,000		3,523,438
Medtronic, Inc., Series B
1.625%	04/15/2013		3,650,000		3,750,375
					13,115,375

See accompanying notes to financial statements

158

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Health Care Providers & Services—0.5%
LifePoint Hospitals, Inc.
3.500%		05/15/2014		$	4,050,000	$	4,353,750
Household Durables—0.5%
Lennar Corp.
2.000%		12/01/2020	^		2,750,000		2,774,063
Stanley Black & Decker, Inc.
0.000%		05/17/2012	#		1,180,000		1,362,428
							4,136,491
Household Products—0.3%
Unicharm Corp. (Japan)
0.000%		09/24/2013	JPY		70,000,000		931,681
0.000%		09/24/2015	JPY		130,000,000		1,767,204
							2,698,885
Internet & Catalog Retail—0.3%
priceline.com, Inc.
1.250%		03/15/2015	^		1,650,000		2,934,937
Internet Software & Services—0.4%
Equinix, Inc.
2.500%		04/15/2012			1,750,000		1,850,625
WebMD Health Corp.
2.250%		03/31/2016	^		1,500,000		1,443,750
							3,294,375
IT Services—0.3%
Alliance Data Systems Corp.
1.750%		08/01/2013			750,000		955,313
Euronet Worldwide, Inc.
3.500%		10/15/2025			1,500,000		1,513,125
							2,468,438
Life Sciences Tools & Services—0.4%
Charles River Laboratories International, Inc.
2.250%		06/15/2013			1,500,000		1,580,625
Illumina, Inc.
0.250%		03/15/2016	^		1,600,000		1,730,000
							3,310,625
Machinery—0.9%
AGCO Corp.
1.250%		12/15/2036			600,000		807,000
Danaher Corp.
0.000%		01/22/2021			1,500,000		2,315,625
Greenbrier Cos., Inc.
3.500%		04/01/2018	^		1,000,000		910,000
2.375%		05/15/2026			250,000		241,562
Meritor, Inc.
4.625%		03/01/2026			850,000		931,813
Trinity Industries, Inc.
3.875%		06/01/2036			3,000,000		3,146,250
							8,352,250
Media—1.2%
Central European Media Enterprises Ltd. (Bermuda)
5.000%		11/15/2015			1,600,000		1,424,000
3.500%		03/15/2013	^		900,000		850,500

Coupon Rate	Maturity Date			Face		Value
Interpublic Group of Cos., Inc. (The)
4.250%	03/15/2023		$	1,750,000	$	2,010,313
Liberty Media LLC
3.125%	03/30/2023			1,600,000		1,918,000
Live Nation Entertainment, Inc.
2.875%	07/15/2027			1,000,000		945,000
Omnicom Group, Inc.
0.000%	07/01/2038			1,925,000		2,129,531
Publicis Groupe SA (France)
3.125%	07/30/2014	EUR		9,000		523,984
XM Satellite Radio, Inc.
7.000%	12/01/2014	^		865,000		1,275,875
						11,077,203
Metals & Mining—1.2%
Anglo American plc (United Kingdom)
4.000%	05/07/2014			900,000		1,651,275
AngloGold Ashanti Holdings Finance plc, Reg S (Isle of Man)
3.500%	05/22/2014			1,000,000		1,158,250
Goldcorp, Inc. (Canada)
2.000%	08/01/2014			3,500,000		4,401,250
Kaiser Aluminum Corp.
4.500%	04/01/2015	^		725,000		939,818
Newmont Mining Corp.
3.000%	02/15/2012			1,400,000		1,722,000
Newmont Mining Corp., Series A
1.250%	07/15/2014			525,000		686,437
						10,559,030
Oil, Gas & Consumable Fuels—1.4%
Bill Barrett Corp.
5.000%	03/15/2028			2,000,000		2,067,500
Chesapeake Energy Corp.
2.750%	11/15/2035			1,250,000		1,389,063
2.500%	05/15/2037			3,030,000		3,204,225
Goodrich Petroleum Corp.
5.000%	10/01/2029			1,500,000		1,471,875
Patriot Coal Corp.
3.250%	05/31/2013			2,250,000		2,207,812
Petrominerales Ltd. (Canada)
2.625%	08/25/2016			900,000		1,030,051
Premier Oil Finance Jersey Ltd. (Jersey, Channel Islands)
2.875%	06/27/2014			1,050,000		1,327,200
						12,697,726
Pharmaceuticals—1.1%
Endo Pharmaceuticals Holdings, Inc.
1.750%	04/15/2015			700,000		1,022,875
Mylan, Inc.
1.250%	03/15/2012			3,450,000		3,855,375
Sawai Pharmaceutical Co. Ltd. (Japan)
0.000%	09/17/2015	JPY		125,000,000		1,711,462
Shire plc, Reg S (Jersey, Channel Islands)
2.750%	05/09/2014			3,200,000		3,739,200
						10,328,912
Real Estate Investment Trusts (REITs)—0.7%
Alexandria Real Estate Equities, Inc.
3.700%	01/15/2027	^		2,500,000		2,525,000
Health Care REIT, Inc.
3.000%	12/01/2029			1,500,000		1,689,375
Host Hotels & Resorts LP
2.625%	04/15/2027	^		2,265,000		2,276,325
						6,490,700

See accompanying notes to financial statements

159

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Road & Rail—0.2%
Avis Budget Group, Inc.
3.500%		10/01/2014		$	1,100,000	$	1,403,875
Semiconductors & Semiconductor Equipment—1.4%
Advanced Micro Devices, Inc.
6.000%		05/01/2015			2,000,000		2,037,500
Hynix Semiconductor, Inc. (Korea, Republic of)
2.650%		05/14/2015			500,000		532,500
Intel Corp.
3.250%		08/01/2039			1,950,000		2,388,750
Linear Technology Corp., Series A
3.000%		05/01/2027			2,000,000		2,127,500
Micron Technology, Inc.
1.875%		06/01/2014			2,500,000		2,450,000
Xilinx, Inc.
2.625%		06/15/2017			2,150,000		2,869,712
							12,405,962
Software—1.2%
Autonomy Corp. plc (United Kingdom)
3.250%		03/04/2015	GBP		2,450,000		4,472,795
Microsoft Corp.
0.000%		06/15/2013	^		2,300,000		2,363,250
Rovi Corp.
2.625%		02/15/2040			243,000		330,480
Symantec Corp., Series B
1.000%		06/15/2013			2,900,000		3,538,000
							10,704,525
Specialty Retail—0.7%
Group 1 Automotive, Inc.
2.250%		06/15/2036			3,000,000		3,056,250
RadioShack Corp.
2.500%		08/01/2013	^		1,500,000		1,505,625
Sonic Automotive, Inc.
5.000%		10/01/2029			1,335,000		1,768,875
							6,330,750
Textiles, Apparel & Luxury Goods—0.4%
Hengdeli Holdings Ltd. (Cayman Islands)
2.500%		10/20/2015	HKD		7,000,000		1,023,234
Iconix Brand Group, Inc.
2.500%		06/01/2016	^		1,500,000		1,584,375
1.875%		06/30/2012			1,250,000		1,315,625
							3,923,234
Wireless Telecommunication Services—0.5%
Leap Wireless International, Inc.
4.500%		07/15/2014			2,350,000		2,235,438
SBA Communications Corp.
1.875%		05/01/2013			2,000,000		2,207,500
							4,442,938
TOTAL CONVERTIBLE DEBT OBLIGATIONS
(Cost $206,508,924)							221,021,828

Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—11.0%
U.S. Treasury Bills—7.8%
U.S. Treasury Bill
0.184%	05/03/2012		$	46,500,000	$	46,442,573
0.055%	08/25/2011			2,000,000		1,999,985
0.049%	07/14/2011- 09/01/2011			6,700,000		6,699,977
0.032%	09/22/2011	‡‡		10,160,000		10,159,645
0.027%	08/11/2011			5,000,000		4,999,886
						70,302,066
U.S. Treasury Inflation Protected Securities Notes—0.4%
U.S. Treasury Note
2.000%	01/15/2016			2,903,000		3,658,097
U.S. Treasury Notes—2.8%
U.S. Treasury Note
1.375%	04/15/2012	‡‡		300,000		302,859
1.250%	02/15/2014			430,000		436,383
1.000%	04/30/2012	§		5,000,000		5,033,985
0.625%	06/30/2012	§‡‡		400,000		401,627
0.500%	11/30/2012	§		12,500,000		12,532,712
0.375%	09/30/2012			7,000,000		7,009,023
						25,716,589
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $99,289,739)						99,676,752
GOVERNMENT RELATED OBLIGATIONS—7.3%
U.S. Government Agencies—3.5%
Federal Farm Credit Bank
1.375%	06/25/2013	§		3,850,000		3,922,384
Federal Home Loan Mortgage Corp.
1.750%	06/15/2012	§		6,000,000		6,083,508
1.000%	08/28/2012	§		4,000,000		4,031,052
Federal National Mortgage Association
0.500%	10/30/2012	§		7,000,000		7,013,734
0.206%	08/23/2012- 11/23/2012	#§		7,000,000		7,006,990
National Credit Union Administration Guaranteed Notes, Series A1
0.206%	06/12/2013	#‡		1,510,000		1,510,008
National Credit Union Administration Guaranteed Notes, Series A2
1.400%	06/12/2015			2,050,000		2,052,890
						31,620,566
U.S. Government Agencies-U.S. Government Guaranteed Bank Debt—0.6%
State Street Bank and Trust Co.
0.447%	09/15/2011	#		1,500,000		1,501,208
US Central Federal Credit Union
0.275%	10/19/2011	#		2,900,000		2,901,221
Western Corporate Federal Credit Union
1.750%	11/02/2012			640,000		650,285
						5,052,714
Non-U.S. Government Agencies—0.3%
Corp. Nacional del Cobre de Chile (Chile)
6.375%	11/30/2012	^		700,000		748,318
Export-Import Bank of Korea (Korea, Republic of)
5.500%	10/17/2012			500,000		526,486
IPIC Ltd. MTN (Cayman Islands)
3.125%	11/15/2015	^		600,000		597,000

See accompanying notes to financial statements

160

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Korea National Oil Corp. (Korea, Republic of)
2.875%		11/09/2015	^	$	1,330,000	$	1,307,757
							3,179,561
Sovereign Debt—1.7%
Brazilian Government International Bond (Brazil)
10.250%		06/17/2013			1,490,000		1,761,925
Canadian Government International Bond (Canada)
2.000%		12/01/2014	CAD		500,000		518,928
Colombia Government International Bond (Colombia)
10.000%		01/23/2012			1,570,000		1,648,107
Indonesia Government International Bond, Reg S (Indonesia)
10.375%		05/04/2014			1,900,000		2,332,250
Korea Finance Corp. (Korea, Republic of)
3.250%		09/20/2016			1,890,000		1,866,740
Malaysia Government International Bond (Malaysia)
7.500%		07/15/2011			1,135,000		1,137,265
Mexico Government International Bond, Series A MTN (Mexico)
6.375%		01/16/2013			1,340,000		1,450,550
Norway Government International Bond (Norway)
5.000%		05/15/2015	NOK		2,500,000		503,095
Panama Government International Bond (Panama)
9.375%		07/23/2012			740,000		804,750
Peruvian Government International Bond (Peru)
9.125%		02/21/2012			960,000		1,012,896
Qatar Government International Bond (Qatar)
4.000%		01/20/2015	^		600,000		630,000
Republic of Chile (Chile)
5.500%		01/15/2013			970,000		1,034,990
Republic of South Africa (South Africa)
7.375%		04/25/2012			1,080,000		1,138,104
							15,839,600
Supranational—0.2%
Asian Development Bank, Series G MTN (Philippines)
3.375%		05/20/2014	NOK		8,700,000		1,610,120
U.S. Municipal Bonds—0.8%
Citizens Property Insurance Corp. Revenue Bonds, Series 2007-A (Florida)
5.000%		06/01/2012- 03/01/2013			1,390,000		1,444,967
Kentucky Asset Liability Commission Revenue Bonds (Kentucky)
3.165%		04/01/2018	§		1,300,000		1,301,209
South Carolina State Public Service Authority Revenue Bonds, Series 2011-A (South Carolina)
0.885%		06/02/2014	#§		1,500,000		1,500,300
State of Louisiana General Obligation Bonds, Series 2011-B (Louisiana)
0.933%		07/15/2014	#		1,780,000		1,783,489
University of California Revenue Bonds (California)
1.988%		05/15/2050	#§		1,000,000		1,017,220
							7,047,185

Coupon Rate	Maturity Date			Face		Value
Non-U.S. Regional Authority Bonds—0.2%
Province of Ontario, Series 1 (Canada)
1.875%	11/19/2012		$	1,530,000	$	1,558,213
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $65,112,756)						65,907,959
ASSET-BACKED SECURITIES—5.3%
Automobile—3.8%
Ally Auto Receivables Trust Series 2011-1, Class A2
0.810%	10/15/2013	§		2,150,000		2,153,060
AmeriCredit Automobile Receivables Trust
Series 2010-3, Class A2
0.770%	12/09/2013	§		2,203,045		2,205,226
Bank of America Auto Trust Series 2010-2, Class A2
0.910%	10/15/2012	§		1,495,214		1,496,039
BMW Vehicle Lease Trust Series 2010-1, Class A2
0.580%	09/17/2012	§		4,646,372		4,647,013
Capital Auto Receivables Asset Trust Series 2007-2, Class A4A
5.390%	02/18/2014	§		440,294		444,483
CarMax Auto Owner Trust Series 2007-2, Class B
5.370%	03/15/2013			1,125,000		1,131,254
CarMax Auto Owner Trust Series 2011-1, Class A2
0.720%	11/15/2013			5,300,000		5,305,104
First Investors Auto Owner Trust Series 2011-1, Class C
3.400%	03/15/2016	^		1,400,000		1,414,277
Honda Auto Receivables Owner Trust Series 2010-2, Class A2
0.820%	06/18/2012	§		1,121,487		1,122,013
Hyundai Capital Auto Funding Ltd. (Cayman Islands) Series 2010-8A, Class A
1.186%	09/20/2016	#^		1,100,000		1,092,804
Nissan Auto Receivables Owner Trust Series 2010-A, Class A2
0.550%	03/15/2013	§		5,430,000		5,432,361
Volkswagen Auto Lease Trust Series 2009-A, Class A3
3.410%	04/16/2012	§		752,171		754,457
Volkswagen Auto Loan Enhanced Trust Series 2011-1, Class A2
0.670%	12/20/2013	§		3,300,000		3,303,661
World Omni Auto Receivables Trust Series 2011-A, Class A2
0.640%	11/15/2013	§		4,100,000		4,102,996
						34,604,748
Credit Card—0.3%
Chase Issuance Trust Series 2011-A2, Class A2
0.275%	05/15/2015	#		2,500,000		2,500,000
Home Equity—0.5%
Ameriquest Mortgage Securities, Inc. Series 2003-AR3, Class M2
3.261%	10/25/2033	#		421,570		412,095
Argent Securities, Inc. Series 2006-W3, Class A2B
0.306%	04/25/2036	#		75,748		24,416
Countrywide Asset-Backed Certificates Series 2004-AB1, Class 2A3
1.226%	02/25/2035	#		350,995		343,383

See accompanying notes to financial statements

161

SCHEDULE OF INVESTMENTS��(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Countrywide Asset-Backed Certificates Series 2005-12, Class 2A3
5.069%		02/25/2036	#	$	643,922	$	604,769
Countrywide Asset-Backed Certificates Series 2005-11, Class 3AV2
0.476%		02/25/2036	#		197,684		195,978
Option One Mortgage Loan Trust Series 2005-4, Class A3
0.446%		11/25/2035	#		920,969		869,800
Saxon Asset Securities Trust Series 2005-4, Class A2C
0.436%		11/25/2037	#		644,225		619,407
Soundview Home Equity Loan Trust Series 2006-OPT4, Class 2A2
0.276%		06/25/2036	#		72,151		71,693
Structured Asset Investment Loan Trust Series 2003-BC1, Class A2
0.866%		01/25/2033	#		2,155,275		1,810,948
							4,952,489
Other—0.3%
CIT Equipment Collateral Series 2008-VT1, Class A3
6.590%		12/22/2014	§		1,228,487		1,237,999
CNH Equipment Trust Series 2011-A, Class A2
0.620%		06/16/2014	§		1,100,000		1,100,115
PG&E Energy Recovery Funding LLC Series 2005-1, Class A4
4.370%		06/25/2014	§		373,488		381,486
							2,719,600
Student Loan—0.4%
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.540%		12/07/2020	#§		3,343,581		3,352,877
TOTAL ASSET-BACKED SECURITIES
(Cost $48,386,922)							48,129,714
PURCHASED OPTIONS—1.9%
					Contracts		Value
Put—Euro Bund, Expires 08/31/2011, Strike EUR 138.00					254		4,615,276
Put—Swiss Market Index, Expires 09/16/2011, Strike CHF 6,110.50					300		52,071
Put—Swiss Market Index, Expires 09/16/2011, Strike CHF 6,262.00					410		102,943
Call—U.S. 10 Year Treasury Note, Expires 08/26/2011, Strike $108.00					849		12,164,578
TOTAL PURCHASED OPTIONS
(Cost $17,089,610)							16,934,868

Coupon Rate	Maturity Date			Face		Value
CERTIFICATES OF DEPOSIT—2.7%
Commercial Banks—2.7%
Bank of Montreal (Canada)
0.286%	11/23/2011	§	$	2,300,000	$	2,299,924
Bank of Nova Scotia
0.474%	07/27/2012	§		3,000,000		3,001,395
Canadian Imperial Bank of Commerce
0.476%	07/17/2012	§		2,250,000		2,253,263
0.473%	05/04/2012	§		500,000		500,561
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
0.260%	01/06/2012	§		2,400,000		2,400,367
Nordea Bank Finland plc
0.748%	02/07/2013			900,000		902,472
0.583%	04/13/2012	§		2,500,000		2,505,428
Royal Bank of Canada
0.700%	03/11/2013	§		1,390,000		1,390,482
0.286%	01/27/2012	§		2,850,000		2,852,078
Standard Chartered Bank yankee
0.661%	11/16/2011			3,640,000		3,645,140
Svenska Handelsbanken, Inc. (Sweden)
0.726%	01/18/2013	§		2,730,000		2,729,227
TOTAL CERTIFICATES OF DEPOSIT
(Cost $24,459,763)						24,480,337
COMMERCIAL PAPER—0.3%
Commercial Banks—0.3%
National Bank of Canada (Canada)
0.276%	08/16/2011
(Cost $2,500,000)				2,500,000		2,500,000
				Shares		Value
MONEY MARKET FUNDS—4.3%
Institutional Money Market Fund—4.3%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17% (Cost $39,204,059)		¥		39,204,059		39,204,059
TOTAL INVESTMENTS—100.7%
(Cost $882,921,929)						909,280,540
Other assets less liabilities—(0.7%)						(5,937,232	)
NET ASSETS—100.0%					$	903,343,308

See accompanying notes to financial statements

162

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Diversifying
Strategies Fund

Notes to the Schedule of Investments:

BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
MTN	Medium Term Note
NOK	Norwegian Krone
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
TBA	Security is subject to delayed delivery.
*	Non-income producing.
^	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 $70,864,504, which represents 7.8% of Net Assets.
#	Rate is subject to change. Rate shown reflects current rate.
§	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.
‡	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 and/or options contracts.
¥	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

163

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—19.7%
Aerospace & Defense—0.2%
Boeing Co. (The)
6.125%		02/15/2033	$	100,000	$	113,692
5.125%		02/15/2013		250,000		267,077
4.875%		02/15/2020		200,000		216,829
L-3 Communications Corp.
4.950%		02/15/2021		300,000		299,915
Lockheed Martin Corp., Series B
6.150%		09/01/2036		250,000		272,914
Northrop Grumman Corp.
3.500%		03/15/2021		300,000		285,255
United Technologies Corp.
6.700%		08/01/2028		150,000		181,298
4.875%		05/01/2015		500,000		556,621
						2,193,601
Airlines—0.0%
Continental Airlines, Inc., Series 2010-1 A, Class A
4.750%		01/12/2021		300,000		292,500
Auto Components—0.0%
Johnson Controls, Inc.
5.500%		01/15/2016		250,000		280,613
4.250%		03/01/2021		300,000		299,909
						580,522
Beverages—0.5%
Anheuser-Busch Cos., Inc.
6.800%		01/15/2031		350,000		399,888
Anheuser-Busch InBev Worldwide, Inc.
8.200%		01/15/2039		300,000		413,971
6.875%		11/15/2019		300,000		365,441
6.375%		01/15/2040		300,000		342,601
5.375%		01/15/2020		500,000		551,750
3.000%		10/15/2012		300,000		308,131
Bottling Group LLC
5.500%		04/01/2016		500,000		572,524
Cia de Bebidas das Americas (Brazil)
8.750%		09/15/2013		100,000		115,250
Coca-Cola Co. (The)
3.150%		11/15/2020		200,000		192,389
0.750%		11/15/2013		200,000		199,100
Coca-Cola Enterprises, Inc.
4.500%		09/01/2021		300,000		309,263
Diageo Finance BV (Netherlands)
5.300%		10/28/2015		750,000		847,346
PepsiCo, Inc.
3.750%		03/01/2014		500,000		533,898
2.500%		05/10/2016		200,000		202,344
						5,353,896
Biotechnology—0.1%
Amgen, Inc.
6.150%		06/01/2018		500,000		580,177
5.850%		06/01/2017		250,000		289,857
Genentech, Inc.
5.250%		07/15/2035		100,000		100,803
						970,837
Capital Markets—1.4%
Bear Stearns Cos. LLC (The)
7.250%		02/01/2018		250,000		297,270

Coupon Rate	Maturity Date		Face		Value
6.400%	10/02/2017	$	1,000,000	$	1,142,424
5.700%	11/15/2014		50,000		55,266
4.650%	07/02/2018		400,000		414,899
Credit Suisse USA, Inc.
5.500%	08/15/2013		300,000		325,282
5.125%	01/15/2014		500,000		542,472
5.125%	08/15/2015		500,000		550,067
Goldman Sachs Group, Inc. (The)
6.750%	10/01/2037		500,000		501,523
6.250%	09/01/2017		500,000		552,413
6.150%	04/01/2018		500,000		544,927
6.125%	02/15/2033		600,000		605,774
5.700%	09/01/2012		250,000		262,955
5.450%	11/01/2012		500,000		528,608
5.375%	03/15/2020		300,000		310,330
5.150%	01/15/2014		500,000		534,188
5.125%	01/15/2015		500,000		536,984
5.000%	10/01/2014		553,000		592,759
3.625%	02/07/2016		300,000		303,576
Jefferies Group, Inc.
6.250%	01/15/2036		230,000		215,156
5.125%	04/13/2018		300,000		301,031
JP Morgan Chase Capital XXV, Series Y
6.800%	10/01/2037		500,000		496,060
Merrill Lynch & Co., Inc.
6.875%	11/15/2018		250,000		274,623
6.220%	09/15/2026		400,000		402,537
Merrill Lynch & Co., Inc. MTN
6.875%	04/25/2018		630,000		698,000
Morgan Stanley
7.250%	04/01/2032		100,000		114,394
6.000%	05/13/2014		500,000		544,920
5.750%	01/25/2021		300,000		304,103
2.875%	01/24/2014		300,000		303,762
Morgan Stanley MTN
5.450%	01/09/2017		1,000,000		1,058,782
Morgan Stanley, Series F MTN
6.625%	04/01/2018		500,000		551,551
6.000%	04/28/2015		1,000,000		1,084,994
5.950%	12/28/2017		500,000		538,248
Nomura Holdings, Inc. (Japan)
6.700%	03/04/2020		300,000		328,340
					15,818,218
Chemicals—0.4%
Agrium, Inc. (Canada)
6.125%	01/15/2041		400,000		418,609
Airgas, Inc.
2.950%	06/15/2016		200,000		199,760
Dow Chemical Co. (The)
8.550%	05/15/2019		629,000		812,283
7.375%	11/01/2029		150,000		184,854
E.I. du Pont de Nemours & Co.
4.900%	01/15/2041		200,000		190,587
4.750%	11/15/2012		500,000		526,653
4.250%	04/01/2021		300,000		305,424
2.750%	04/01/2016		300,000		306,520
1.750%	03/25/2014		300,000		303,473
Monsanto Co.
5.500%	08/15/2025		200,000		223,738
Potash Corp. of Saskatchewan, Inc. (Canada)
4.875%	03/01/2013		500,000		532,964
PPG Industries, Inc.
3.600%	11/15/2020		400,000		389,641

See accompanying notes to financial statements

164

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Praxair, Inc.
3.950%		06/01/2013		$	150,000	$	159,215
3.250%		09/15/2015			500,000		527,725
							5,081,446
Commercial Banks—1.7%
Bank of Nova Scotia (Canada)
2.375%		12/17/2013			300,000		308,769
2.050%		10/07/2015			400,000		397,700
Barclays Bank plc (United Kingdom)
3.900%		04/07/2015			1,000,000		1,038,460
2.375%		01/13/2014			300,000		303,748
BB&T Corp.
5.250%		11/01/2019			500,000		527,776
BNP Paribas SA, Bank Note (France)
5.000%		01/15/2021			400,000		402,919
Capital One Financial Corp.
6.150%		09/01/2016			500,000		552,223
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
2.125%		10/13/2015			200,000		198,324
Credit Suisse (Switzerland)
5.300%		08/13/2019			400,000		426,458
Credit Suisse MTN (Switzerland)
4.375%		08/05/2020			200,000		195,914
3.450%		07/02/2012			800,000		821,415
Discover Bank
7.000%		04/15/2020			200,000		222,508
Fifth Third Capital Trust IV
6.500%		04/15/2037	#		580,000		574,200
FleetBoston Financial Corp.
6.875%		01/15/2028			150,000		154,965
HSBC Bank USA NA
4.875%		08/24/2020			400,000		394,531
JP Morgan Chase Bank NA, Bank Note
6.000%		10/01/2017			500,000		556,365
KeyBank NA, Bank Note
5.800%		07/01/2014			100,000		109,712
5.700%		08/15/2012			500,000		523,555
KeyCorp MTN
5.100%		03/24/2021			500,000		510,217
National City Bank
4.625%		05/01/2013			500,000		527,185
National City Corp.
6.875%		05/15/2019			500,000		577,090
NB Capital Trust II
7.830%		12/15/2026			200,000		203,750
Royal Bank of Canada MTN (Canada)
2.875%		04/19/2016			300,000		307,194
Royal Bank of Scotland Group plc (The) (United Kingdom)
5.000%		10/01/2014			750,000		740,822
Royal Bank of Scotland plc (The) (United Kingdom)
6.125%		01/11/2021			300,000		308,086
4.875%		03/16/2015			100,000		103,870
4.375%		03/16/2016			500,000		504,898
SunTrust Banks, Inc.
3.600%		04/15/2016			500,000		505,402
U.S. Bank NA, Bank Note
4.800%		04/15/2015			250,000		275,625

Coupon Rate	Maturity Date		Face		Value
UBS AG (Switzerland)
7.000%	10/15/2015	$	100,000	$	111,084
5.875%	07/15/2016		1,000,000		1,098,114
UBS AG MTN (Switzerland)
7.375%	06/15/2017		100,000		117,096
US Bancorp
2.000%	06/14/2013		300,000		306,621
USB Capital XIII Trust
6.625%	12/15/2039		300,000		309,375
Wachovia Bank NA, Bank Note
6.600%	01/15/2038		300,000		329,949
4.875%	02/01/2015		500,000		537,266
Wachovia Corp., Series G MTN
5.500%	05/01/2013		1,000,000		1,075,822
Wells Fargo & Co.
5.000%	11/15/2014		750,000		810,271
3.676%	06/15/2016		400,000		411,398
Wells Fargo & Co. MTN
4.600%	04/01/2021		500,000		503,756
Wells Fargo Bank NA
5.950%	08/26/2036		100,000		102,177
Westpac Banking Corp. (Australia)
4.200%	02/27/2015		400,000		423,633
3.000%	08/04/2015		400,000		404,723
1.850%	12/09/2013		600,000		606,873
					19,421,839
Commercial Services & Supplies—0.1%
Republic Services, Inc.
5.700%	05/15/2041		200,000		195,934
5.500%	09/15/2019		500,000		545,966
Waste Management, Inc.
7.000%	07/15/2028		250,000		291,288
6.375%	03/11/2015		400,000		458,076
					1,491,264
Communications Equipment—0.3%
Cisco Systems, Inc.
5.500%	02/22/2016		500,000		569,091
4.950%	02/15/2019		500,000		543,759
1.625%	03/14/2014		400,000		404,170
Harris Corp.
6.150%	12/15/2040		500,000		527,396
Juniper Networks, Inc.
3.100%	03/15/2016		400,000		408,006
Motorola Solutions, Inc.
7.500%	05/15/2025		340,000		398,668
					2,851,090
Computers & Peripherals—0.1%
Dell, Inc.
5.400%	09/10/2040		300,000		286,674
1.400%	09/10/2013		300,000		302,756
Hewlett-Packard Co.
2.125%	09/13/2015		500,000		499,635
1.250%	09/13/2013		200,000		201,078
					1,290,143
Construction Materials—0.1%
CRH America, Inc.
6.000%	09/30/2016		750,000		824,183
Lafarge SA (France)
6.500%	07/15/2016		250,000		270,486
					1,094,669

See accompanying notes to financial statements

165

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Consumer Finance—0.6%
American Express Co.
8.150%		03/19/2038		$	350,000	$	466,017
4.875%		07/15/2013			1,000,000		1,063,757
American Express Credit Corp. MTN
2.750%		09/15/2015			400,000		400,274
Capital One Bank USA NA
8.800%		07/15/2019			500,000		614,541
Caterpillar Financial Services Corp.
1.550%		12/20/2013			400,000		403,668
Caterpillar Financial Services Corp. MTN
2.750%		06/24/2015			200,000		206,549
Caterpillar Financial Services Corp., Series F MTN
2.650%		04/01/2016			400,000		409,280
HSBC Finance Capital Trust IX
5.911%		11/30/2035	#		500,000		475,000
HSBC Finance Corp.
6.375%		11/27/2012			600,000		642,110
John Deere Capital Corp.
2.250%		06/07/2016			200,000		200,072
John Deere Capital Corp. MTN
1.875%		06/17/2013			200,000		204,067
SLM Corp., Series A MTN
5.000%		10/01/2013			500,000		520,275
Toyota Motor Credit Corp. MTN
4.500%		06/17/2020			500,000		519,669
1.375%		08/12/2013			500,000		503,692
							6,628,971
Diversified Financial Services—2.3%
Associates Corp. of North America
6.950%		11/01/2018			250,000		282,444
Bank of America Corp.
7.750%		08/15/2015			750,000		852,127
6.800%		03/15/2028			200,000		204,923
6.500%		09/15/2037			500,000		499,688
5.875%		01/05/2021			400,000		420,555
5.750%		12/01/2017			460,000		489,763
5.625%		07/01/2020			500,000		517,164
5.420%		03/15/2017			700,000		714,978
4.875%		01/15/2013			200,000		209,806
4.500%		04/01/2015			200,000		209,280
Bank of America Corp. MTN
5.000%		05/13/2021			300,000		296,925
4.900%		05/01/2013			200,000		210,786
3.625%		03/17/2016			500,000		501,977
Bank of America Corp., Series L MTN
7.375%		05/15/2014			200,000		224,986
5.650%		05/01/2018			500,000		527,911
BP Capital Markets plc (United Kingdom)
5.250%		11/07/2013			1,000,000		1,084,065
3.200%		03/11/2016			400,000		407,280
Citigroup, Inc.
8.125%		07/15/2039			500,000		627,656
6.625%		06/15/2032			150,000		155,726
6.125%		11/21/2017			750,000		829,442
6.010%		01/15/2015			200,000		220,264
6.000%		08/15/2017			600,000		657,897
5.850%		12/11/2034			100,000		99,189
5.625%		08/27/2012			150,000		156,747

Coupon Rate	Maturity Date			Face		Value
5.500%	04/11/2013		$	1,820,000	$	1,933,068
3.953%	06/15/2016			200,000		204,970
Deutsche Bank AG (Germany)
6.000%	09/01/2017			1,150,000		1,284,773
Deutsche Bank Financial LLC MTN
5.375%	03/02/2015			250,000		266,459
General Electric Capital Corp.
5.500%	01/08/2020			100,000		107,273
4.800%	05/01/2013			1,000,000		1,062,341
4.625%	01/07/2021			300,000		302,342
2.950%	05/09/2016			400,000		402,654
2.100%	01/07/2014			400,000		405,923
General Electric Capital Corp. MTN
5.875%	01/14/2038			300,000		304,492
5.400%	02/15/2017			250,000		273,723
General Electric Capital Corp., Series A MTN
6.875%	01/10/2039			300,000		340,723
6.750%	03/15/2032			750,000		835,708
5.625%	09/15/2017			750,000		829,109
3.750%	11/14/2014			500,000		529,672
IBM International Group Capital LLC
5.050%	10/22/2012			990,000		1,048,439
JPMorgan Chase & Co.
6.400%	05/15/2038			300,000		339,745
5.750%	01/02/2013			750,000		799,745
5.125%	09/15/2014			500,000		540,724
4.750%	03/01/2015			500,000		535,014
4.625%	05/10/2021			300,000		298,156
3.450%	03/01/2016			300,000		305,917
JPMorgan Chase & Co. MTN
2.050%	01/24/2014			300,000		302,421
MUFG Capital Finance 1 Ltd., Perpetual Bond (Cayman Islands)
6.346%	07/29/2049	#		300,000		305,211
National Rural Utilities Cooperative Finance Corp.
10.375%	11/01/2018			281,000		389,701
5.500%	07/01/2013			75,000		81,745
3.050%	03/01/2016			500,000		516,178
Western Union Co. (The)
5.253%	04/01/2020			502,000		529,613
						25,477,418
Diversified Telecommunication Services—1.1%
AT&T, Inc.
6.550%	02/15/2039			200,000		220,099
6.300%	01/15/2038			250,000		265,620
6.150%	09/15/2034			500,000		519,245
5.800%	02/15/2019			500,000		565,055
5.625%	06/15/2016			150,000		170,227
5.350%	09/01/2040			307,000		292,038
BellSouth Capital Funding Corp.
7.875%	02/15/2030			400,000		494,520
BellSouth Corp.
6.875%	10/15/2031			350,000		394,296
5.200%	09/15/2014			500,000		551,258
British Telecommunications plc (United Kingdom)
9.875%	12/15/2030			150,000		206,580
Deutsche Telekom International Finance BV (Netherlands)
8.750%	06/15/2030			600,000		793,948
Embarq Corp.
7.082%	06/01/2016			500,000		556,390
France Telecom SA (France)
8.500%	03/01/2031			500,000		674,783
Qwest Capital Funding, Inc.
6.875%	07/15/2028			200,000		192,000

See accompanying notes to financial statements

166

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Qwest Communications International, Inc.
8.000%		10/01/2015	$	200,000	$	218,500
Qwest Corp.
6.500%		06/01/2017		500,000		545,000
Telecom Italia Capital SA (Luxembourg)
6.999%		06/04/2018		500,000		547,595
6.000%		09/30/2034		250,000		212,779
5.250%		11/15/2013		350,000		367,625
Telefonica Emisiones SAU (Spain)
5.134%		04/27/2020		200,000		198,601
3.729%		04/27/2015		200,000		203,816
Telefonica Europe BV (Netherlands)
8.250%		09/15/2030		350,000		418,997
Verizon Communications, Inc.
6.400%		02/15/2038		500,000		543,689
5.850%		09/15/2035		500,000		516,136
3.000%		04/01/2016		400,000		409,015
1.950%		03/28/2014		400,000		406,781
Verizon Global Funding Corp.
7.750%		12/01/2030		130,000		162,915
7.375%		09/01/2012		1,000,000		1,075,761
Verizon Virginia, Inc., Series A
4.625%		03/15/2013		250,000		263,773
						11,987,042
Electric Utilities—1.5%
Alabama Power Co., Series Q
5.500%		10/15/2017		150,000		171,463
Columbus Southern Power Co., Series C
5.500%		03/01/2013		150,000		160,470
Commonwealth Edison Co.
5.900%		03/15/2036		300,000		315,489
5.800%		03/15/2018		100,000		112,260
1.625%		01/15/2014		400,000		403,069
Consolidated Edison Co. of New York, Inc., Series 06-C
5.500%		09/15/2016		500,000		572,796
Constellation Energy Group, Inc.
5.150%		12/01/2020		400,000		410,689
Consumers Energy Co., Series P
5.500%		08/15/2016		150,000		169,209
Dominion Resources, Inc.
1.800%		03/15/2014		400,000		404,050
Duke Energy Carolinas LLC
6.450%		10/15/2032		330,000		374,658
4.300%		06/15/2020		100,000		103,889
Duke Energy Indiana, Inc.
3.750%		07/15/2020		300,000		298,113
Duke Energy Ohio, Inc.
5.700%		09/15/2012		150,000		158,846
Exelon Corp.
4.900%		06/15/2015		350,000		376,674
FirstEnergy Corp., Series C
7.375%		11/15/2031		150,000		171,270
FirstEnergy Solutions Corp.
6.050%		08/15/2021		500,000		539,049
Florida Power & Light Co.
5.625%		04/01/2034		50,000		52,851
5.125%		06/01/2041		200,000		199,418
4.950%		06/01/2035		100,000		97,344
4.850%		02/01/2013		150,000		159,285

Coupon Rate	Maturity Date			Face		Value
Florida Power Corp.
6.400%	06/15/2038		$	350,000	$	405,770
Georgia Power Co., Series 07-A
5.650%	03/01/2037			200,000		208,476
Great Plains Energy, Inc.
4.850%	06/01/2021			400,000		402,064
Indiana Michigan Power Co.
7.000%	03/15/2019			500,000		597,230
Jersey Central Power & Light
5.625%	05/01/2016			500,000		562,239
Kentucky Utilities Co.
5.125%	11/01/2040	^		500,000		494,797
MidAmerican Energy Co.
5.800%	10/15/2036			500,000		527,799
MidAmerican Energy Holdings Co.
6.125%	04/01/2036			200,000		216,085
MidAmerican Energy Holdings Co., Series D
5.000%	02/15/2014			150,000		162,714
NextEra Energy Capital Holdings, Inc.
6.000%	03/01/2019			250,000		278,777
4.500%	06/01/2021			200,000		197,278
Nisource Finance Corp.
5.450%	09/15/2020			500,000		527,577
Northern States Power Co.
5.250%	03/01/2018			500,000		557,380
Northern States Power Co., Series B
8.000%	08/28/2012			150,000		162,331
Ohio Power Co., Series K
6.000%	06/01/2016			500,000		573,993
Pacific Gas & Electric Co.
6.050%	03/01/2034			500,000		530,362
Potomac Electric Power Co.
7.900%	12/15/2038			200,000		271,341
Progress Energy, Inc.
7.050%	03/15/2019			400,000		480,560
4.400%	01/15/2021			300,000		303,891
PSEG Power LLC
8.625%	04/15/2031			300,000		386,534
2.500%	04/15/2013			500,000		509,426
South Carolina Electric & Gas Co.
5.300%	05/15/2033			150,000		150,106
Southern California Edison Co.
6.650%	04/01/2029			500,000		574,186
Southern Power Co., Series D
4.875%	07/15/2015			350,000		382,454
Toledo Edison Co. (The)
7.250%	05/01/2020			300,000		362,086
Union Electric Co.
6.400%	06/15/2017			500,000		580,307
Virginia Electric and Power Co.
5.950%	09/15/2017			500,000		584,542
5.400%	04/30/2018			500,000		560,912
Virginia Electric and Power Co., Series B
6.000%	01/15/2036			380,000		421,630
Wisconsin Electric Power
5.625%	05/15/2033			150,000		157,371
						17,381,110
Electrical Equipment—0.1%
Emerson Electric Co.
5.000%	12/15/2014			150,000		167,464
5.000%	04/15/2019			500,000		547,823
						715,287

See accompanying notes to financial statements

167

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Electronic Equipment, Instruments & Components—0.1%
Agilent Technologies, Inc.
5.000%		07/15/2020	$	100,000	$	105,158
Arrow Electronics, Inc.
6.875%		07/01/2013		250,000		272,499
Thermo Fisher Scientific, Inc.
2.050%		02/21/2014		300,000		306,059
						683,716
Energy Equipment & Services—0.2%
Halliburton Co.
7.450%		09/15/2039		400,000		501,293
Noble Holding International Ltd. (Cayman Islands)
6.200%		08/01/2040		200,000		209,889
3.450%		08/01/2015		200,000		207,212
Pride International, Inc.
6.875%		08/15/2020		200,000		233,095
Transocean, Inc. (Cayman Islands)
6.800%		03/15/2038		500,000		538,568
Weatherford International Ltd. (Bermuda)
9.625%		03/01/2019		400,000		517,316
6.750%		09/15/2040		500,000		537,258
						2,744,631
Food & Staples Retailing—0.2%
CVS Caremark Corp.
6.600%		03/15/2019		500,000		581,245
4.875%		09/15/2014		530,000		581,826
4.125%		05/15/2021		200,000		195,269
Kroger Co. (The)
7.500%		04/01/2031		200,000		242,814
5.400%		07/15/2040		200,000		192,876
4.950%		01/15/2015		300,000		329,801
Safeway, Inc.
5.800%		08/15/2012		300,000		315,721
						2,439,552
Food Products—0.4%
Archer-Daniels Midland Co.
5.450%		03/15/2018		500,000		568,454
Bunge Ltd. Finance Corp.
5.350%		04/15/2014		500,000		539,402
Campbell Soup Co.
4.875%		10/01/2013		250,000		272,480
ConAgra Foods, Inc.
5.875%		04/15/2014		500,000		549,507
General Mills, Inc.
5.400%		06/15/2040		300,000		306,017
Kraft Foods, Inc.
6.875%		02/01/2038		380,000		441,062
6.500%		02/09/2040		200,000		222,916
5.375%		02/10/2020		400,000		438,038
5.250%		10/01/2013		600,000		652,350
4.125%		02/09/2016		100,000		107,042
Sara Lee Corp.
2.750%		09/15/2015		300,000		299,498
Unilever Capital Corp.
4.250%		02/10/2021		300,000		312,895
						4,709,661

Coupon Rate	Maturity Date		Face		Value
Gas Utilities—0.0%
Southern California Gas Co.
5.125%	11/15/2040	$	400,000	$	398,830
Health Care Equipment & Supplies—0.3%
Baxter International, Inc.
5.900%	09/01/2016		400,000		469,326
Becton Dickinson and Co.
5.000%	11/12/2040		300,000		291,703
CareFusion Corp.
6.375%	08/01/2019		500,000		565,251
Covidien International Finance SA (Luxembourg)
6.000%	10/15/2017		500,000		585,127
Johnson & Johnson
5.950%	08/15/2037		250,000		280,814
4.950%	05/15/2033		200,000		200,759
4.850%	05/15/2041		200,000		194,336
3.550%	05/15/2021		200,000		198,614
2.150%	05/15/2016		200,000		200,706
					2,986,636
Health Care Providers & Services—0.3%
Aetna, Inc.
6.625%	06/15/2036		250,000		279,351
CIGNA Corp.
5.125%	06/15/2020		300,000		317,451
Express Scripts, Inc.
6.250%	06/15/2014		300,000		338,067
Quest Diagnostics, Inc.
6.950%	07/01/2037		300,000		334,124
UnitedHealth Group, Inc.
6.000%	02/15/2018		500,000		567,724
5.950%	02/15/2041		200,000		205,240
5.375%	03/15/2016		500,000		561,079
WellPoint, Inc.
6.800%	08/01/2012		150,000		159,347
5.250%	01/15/2016		500,000		558,186
					3,320,569
Hotels, Restaurants & Leisure—0.1%
McDonald’s Corp., Series I MTN
5.350%	03/01/2018		500,000		567,688
Yum! Brands, Inc.
6.875%	11/15/2037		200,000		227,623
					795,311
Household Durables—0.1%
Fortune Brands, Inc.
5.375%	01/15/2016		500,000		542,331
Kimberly-Clark Corp.
6.125%	08/01/2017		500,000		590,907
Whirlpool Corp. MTN
4.850%	06/15/2021		200,000		198,217
					1,331,455
Household Products—0.1%
Procter & Gamble Co. (The)
5.800%	08/15/2034		250,000		277,794
4.700%	02/15/2019		500,000		552,659
					830,453
Industrial Conglomerates—0.1%
3M Co. MTN
5.700%	03/15/2037		100,000		110,148

See accompanying notes to financial statements

168

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
GE Capital Trust I
6.375%		11/15/2067	#	$	130,000	$	133,575
General Electric Co.
5.000%		02/01/2013			1,000,000		1,061,803
							1,305,526
Insurance—1.0%
ACE INA Holdings, Inc.
5.875%		06/15/2014			300,000		335,649
AEGON Funding Co. LLC
5.750%		12/15/2020			290,000		308,829
Allstate Corp. (The)
5.350%		06/01/2033			500,000		485,905
American International Group, Inc.
6.400%		12/15/2020			400,000		431,323
6.250%		03/15/2037			300,000		274,500
4.250%		05/15/2013			100,000		102,897
American International Group, Inc., Series G MTN
5.850%		01/16/2018			1,000,000		1,049,211
Assurant, Inc.
5.625%		02/15/2014			500,000		534,559
AXA SA (France)
8.600%		12/15/2030			250,000		298,611
Berkshire Hathaway Finance Corp.
5.000%		08/15/2013			700,000		756,427
4.250%		01/15/2021			300,000		306,056
Chubb Corp.
6.375%		03/29/2067	#		200,000		208,000
CNA Financial Corp.
5.850%		12/15/2014			430,000		466,189
5.750%		08/15/2021			300,000		310,370
Fidelity National Financial, Inc.
6.600%		05/15/2017			300,000		317,048
Genworth Financial, Inc.
7.700%		06/15/2020			200,000		208,731
Hartford Financial Services Group, Inc.
6.100%		10/01/2041			150,000		143,727
Jefferson-Pilot Corp.
4.750%		01/30/2014			300,000		318,947
Lincoln National Corp.
6.150%		04/07/2036			250,000		255,948
Marsh & McLennan Cos., Inc.
5.750%		09/15/2015			250,000		274,994
MetLife, Inc.
6.750%		06/01/2016			600,000		699,115
5.700%		06/15/2035			250,000		251,488
2.375%		02/06/2014			300,000		305,897
Progressive Corp. (The)
6.625%		03/01/2029			150,000		160,235
Prudential Financial, Inc.
6.625%		06/21/2040			100,000		108,329
5.375%		06/21/2020			300,000		316,614
Prudential Financial, Inc., Series D MTN
5.700%		12/14/2036			250,000		241,404
4.750%		09/17/2015			300,000		323,070
3.625%		09/17/2012			300,000		308,073
Travelers Property Casualty Corp.
5.000%		03/15/2013			400,000		426,487
Validus Holdings Ltd. (Bermuda)
8.875%		01/26/2040			200,000		212,845
							10,741,478

Coupon Rate	Maturity Date			Face		Value
Internet Software & Services—0.1%
Google, Inc.
3.625%	05/19/2021		$	300,000	$	297,336
2.125%	05/19/2016			300,000		301,146
1.250%	05/19/2014			300,000		301,648
						900,130
IT Services—0.1%
HP Enterprise Services LLC, Series B
6.000%	08/01/2013			650,000		713,974
International Business Machines Corp.
7.000%	10/30/2025			300,000		374,405
4.750%	11/29/2012			250,000		264,327
						1,352,706
Machinery—0.3%
Caterpillar, Inc.
6.050%	08/15/2036			500,000		562,894
Deere & Co.
6.950%	04/25/2014			250,000		289,992
Dover Corp.
5.375%	03/01/2041			300,000		307,823
Honeywell International, Inc.
5.700%	03/15/2036			300,000		321,396
3.875%	02/15/2014			300,000		322,512
Honeywell International, Inc., Series 30
5.375%	03/01/2041			300,000		308,603
Parker Hannifin Corp. MTN
3.500%	09/15/2022			400,000		385,832
Tyco International Finance SA (Luxembourg)
4.625%	01/15/2023			300,000		302,452
3.750%	01/15/2018			300,000		303,436
3.375%	10/15/2015			200,000		205,884
						3,310,824
Media—1.1%
CBS Corp.
7.875%	07/30/2030			250,000		299,150
5.750%	04/15/2020			200,000		217,144
5.625%	08/15/2012			3,000		3,137
Comcast Corp.
6.450%	03/15/2037			500,000		536,507
6.300%	11/15/2017			1,000,000		1,160,674
5.650%	06/15/2035			200,000		196,541
COX Communications, Inc.
5.500%	10/01/2015			75,000		84,270
4.625%	06/01/2013			250,000		265,581
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
6.375%	03/01/2041			500,000		535,679
5.200%	03/15/2020			200,000		211,989
3.550%	03/15/2015			200,000		209,142
3.500%	03/01/2016			400,000		413,328
NBCUniversal Media LLC
5.950%	04/01/2041	^		500,000		510,230
4.375%	04/01/2021	^		500,000		495,747
News America, Inc.
8.000%	10/17/2016			150,000		184,535
7.750%	12/01/2045			200,000		239,784
6.150%	02/15/2041	^		300,000		298,195
5.650%	08/15/2020			500,000		547,130
Omnicom Group, Inc.
5.900%	04/15/2016			500,000		561,856
Thomson Reuters Corp. (Canada)
6.500%	07/15/2018			500,000		585,805

See accompanying notes to financial statements

169

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Time Warner Cable, Inc.
6.200%		07/01/2013	$	1,000,000	$	1,097,428
Time Warner Entertainment Co. LP
8.375%		03/15/2023		500,000		636,038
8.375%		07/15/2033		500,000		640,866
Time Warner, Inc.
5.875%		11/15/2016		1,000,000		1,144,377
Viacom, Inc.
6.875%		04/30/2036		300,000		335,971
4.500%		03/01/2021		200,000		201,344
Walt Disney Co. (The), Series B MTN
7.000%		03/01/2032		210,000		259,695
						11,872,143
Metals & Mining—0.6%
Alcoa, Inc.
5.550%		02/01/2017		590,000		628,507
5.400%		04/15/2021		300,000		301,493
ArcelorMittal (Luxembourg)
7.000%		10/15/2039		400,000		405,687
5.250%		08/05/2020		400,000		396,199
3.750%		08/05/2015		400,000		409,393
Barrick PD Australia Finance Pty Ltd. (Australia)
5.950%		10/15/2039		400,000		405,790
BHP Billiton Finance USA Ltd. (Australia)
6.500%		04/01/2019		1,000,000		1,198,490
Newmont Mining Corp.
6.250%		10/01/2039		200,000		208,303
Rio Tinto Alcan, Inc. (Canada)
6.125%		12/15/2033		150,000		165,684
4.875%		09/15/2012		350,000		366,578
Rio Tinto Finance USA Ltd. (Australia)
8.950%		05/01/2014		500,000		600,820
Southern Copper Corp.
7.500%		07/27/2035		250,000		262,390
Teck Resources Ltd. (Canada)
9.750%		05/15/2014		500,000		605,629
Vale Overseas Ltd. (Cayman Islands)
6.875%		11/21/2036		100,000		108,829
4.625%		09/15/2020		500,000		499,769
						6,563,561
Multiline Retail—0.4%
Macy’s Retail Holdings, Inc.
6.900%		04/01/2029		100,000		111,171
6.650%		07/15/2024		100,000		113,002
5.900%		12/01/2016		100,000		112,757
5.750%		07/15/2014		300,000		331,492
Target Corp.
7.000%		07/15/2031		350,000		420,727
6.000%		01/15/2018		500,000		578,585
Wal-Mart Stores, Inc.
7.550%		02/15/2030		250,000		320,628
5.250%		09/01/2035		750,000		752,605
4.875%		07/08/2040		300,000		281,050
4.550%		05/01/2013		500,000		535,173
4.250%		04/15/2021		300,000		306,907
3.625%		07/08/2020		300,000		295,376
1.625%		04/15/2014		300,000		304,168
						4,463,641

Coupon Rate	Maturity Date			Face		Value
Multi-Utilities—0.1%
Sempra Energy
6.150%	06/15/2018		$	500,000	$	570,013
2.000%	03/15/2014			500,000		505,046
						1,075,059
Office Electronics—0.1%
Pitney Bowes, Inc.
5.000%	03/15/2015			500,000		538,071
Pitney Bowes, Inc. MTN
4.750%	01/15/2016			200,000		213,456
Xerox Corp.
6.350%	05/15/2018			500,000		573,938
4.500%	05/15/2021			200,000		198,217
						1,523,682
Oil, Gas & Consumable Fuels—1.4%
Alberta Energy Co. Ltd. (Canada)
7.375%	11/01/2031			400,000		461,767
Anadarko Petroleum Corp.
8.700%	03/15/2019			500,000		638,093
Apache Corp.
5.250%	02/01/2042			500,000		494,408
Apache Finance Canada Corp. (Canada)
7.750%	12/15/2029			150,000		188,978
Canadian Natural Resources Ltd. (Canada)
5.850%	02/01/2035			500,000		516,624
5.450%	10/01/2012			250,000		264,236
Cenovus Energy, Inc. (Canada)
5.700%	10/15/2019			200,000		227,010
CenterPoint Energy Resources Corp.
4.500%	01/15/2021	^		734,000		740,622
Chevron Corp.
3.950%	03/03/2014			300,000		323,497
ConocoPhillips Canada Funding Co. I (Canada)
5.625%	10/15/2016			500,000		579,803
ConocoPhillips Holding Co.
6.950%	04/15/2029			500,000		608,944
Energy Transfer Partners LP
5.950%	02/01/2015			750,000		831,086
Enterprise Products Operating LLC
6.450%	09/01/2040			300,000		318,713
5.950%	02/01/2041			200,000		199,325
3.700%	06/01/2015			100,000		104,932
3.200%	02/01/2016			200,000		203,380
Enterprise Products Operating LLC, Series D
6.875%	03/01/2033			150,000		167,124
Enterprise Products Operating LLC, Series G
5.600%	10/15/2014			150,000		166,767
Hess Corp.
7.300%	08/15/2031			250,000		299,717
Kinder Morgan Energy Partners LP
6.550%	09/15/2040			300,000		315,138
6.500%	02/01/2037			300,000		313,666
Marathon Oil Corp.
5.900%	03/15/2018			455,000		516,337
Nexen, Inc. (Canada)
6.400%	05/15/2037			500,000		500,326
ONEOK Partners LP
6.150%	10/01/2016			160,000		184,312
Petro-Canada (Canada)
5.950%	05/15/2035			100,000		102,256
Petroleos Mexicanos (Mexico)
8.000%	05/03/2019			250,000		309,500

See accompanying notes to financial statements

170

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Plains All American Pipeline LP/PAA Finance Corp.
3.950%		09/15/2015		$	300,000	$	314,977
Shell International Finance BV (Netherlands)
5.200%		03/22/2017			1,000,000		1,135,874
3.100%		06/28/2015			100,000		104,608
Southern Natural Gas Co./Southern Natural Issuing Corp.
4.400%		06/15/2021	^		200,000		197,707
Statoil ASA (Norway)
5.100%		08/17/2040			300,000		293,570
Suncor Energy, Inc. (Canada)
7.150%		02/01/2032			500,000		580,845
Tennessee Gas Pipeline Co.
7.000%		10/15/2028			350,000		404,703
Texas Eastern Transmission LP
7.000%		07/15/2032			150,000		175,262
Total Capital SA (France)
4.450%		06/24/2020			300,000		313,698
TransCanada PipeLines Ltd. (Canada)
5.850%		03/15/2036			500,000		523,854
4.000%		06/15/2013			250,000		264,137
Valero Energy Corp.
6.125%		06/15/2017			500,000		566,638
4.750%		06/15/2013			500,000		531,899
Williams Cos., Inc.
7.875%		09/01/2021			371,000		460,682
Williams Partners LP
6.300%		04/15/2040			100,000		104,020
5.250%		03/15/2020			100,000		105,464
3.800%		02/15/2015			100,000		104,838
							15,759,337
Paper & Forest Products—0.1%
International Paper Co.
7.500%		08/15/2021			500,000		585,491
Pharmaceuticals—0.7%
Abbott Laboratories
5.875%		05/15/2016			700,000		816,033
AstraZeneca plc (United Kingdom)
5.900%		09/15/2017			750,000		875,167
Bristol-Myers Squibb Co.
5.875%		11/15/2036			155,000		173,137
5.450%		05/01/2018			500,000		564,549
Eli Lilly & Co.
6.770%		01/01/2036			250,000		301,773
GlaxoSmithKline Capital, Inc.
4.850%		05/15/2013			500,000		537,869
4.375%		04/15/2014			500,000		544,669
Merck & Co., Inc.
6.550%		09/15/2037			200,000		236,951
6.500%		12/01/2033			250,000		297,003
4.750%		03/01/2015			350,000		390,127
4.375%		02/15/2013			200,000		211,877
Novartis Capital Corp.
2.900%		04/24/2015			200,000		208,252
1.900%		04/24/2013			200,000		204,756
Pfizer, Inc.
6.200%		03/15/2019			400,000		468,633
5.350%		03/15/2015			500,000		564,217

Coupon Rate	Maturity Date			Face		Value
Pharmacia Corp.
6.500%	12/01/2018		$	350,000	$	415,212
Sanofi (France)
2.625%	03/29/2016			400,000		407,736
Teva Pharmaceutical Finance Co. LLC
6.150%	02/01/2036			250,000		274,826
Wyeth
6.500%	02/01/2034			250,000		287,727
5.500%	03/15/2013			100,000		107,925
5.500%	02/01/2014			250,000		277,353
						8,165,792
Real Estate Investment Trusts (REITs)—0.3%
Boston Properties LP
4.125%	05/15/2021			300,000		287,689
Camden Property Trust
5.000%	06/15/2015			200,000		216,240
Duke Realty LP
7.375%	02/15/2015			150,000		171,108
ERP Operating LP
5.375%	08/01/2016			500,000		549,230
5.200%	04/01/2013	†		250,000		266,387
HCP, Inc.
2.700%	02/01/2014			300,000		304,514
HCP, Inc. MTN
6.700%	01/30/2018			500,000		559,721
Health Care REIT, Inc.
6.125%	04/15/2020			300,000		321,881
ProLogis LP
7.375%	10/30/2019			350,000		399,741
Realty Income Corp.
5.875%	03/15/2035			200,000		189,496
Simon Property Group LP
4.375%	03/01/2021			400,000		394,468
						3,660,475
Road & Rail—0.3%
Burlington Northern Santa Fe LLC
5.650%	05/01/2017			500,000		568,786
Canadian National Railway Co. (Canada)
4.400%	03/15/2013			585,000		620,412
CSX Corp.
7.375%	02/01/2019			300,000		366,231
6.000%	10/01/2036			334,000		352,791
Norfolk Southern Corp.
5.900%	06/15/2019			300,000		344,518
Ryder System, Inc. MTN
3.150%	03/02/2015			300,000		309,164
Union Pacific Corp.
6.625%	02/01/2029			250,000		290,008
5.780%	07/15/2040			300,000		315,520
						3,167,430
Software—0.1%
Microsoft Corp.
4.500%	10/01/2040			300,000		273,884
0.875%	09/27/2013			300,000		300,693
Oracle Corp.
5.375%	07/15/2040	^		500,000		507,454
5.250%	01/15/2016			500,000		564,832
						1,646,863
Specialty Retail—0.1%
Gap, Inc. (The)
5.950%	04/12/2021			200,000		192,491

See accompanying notes to financial statements

171

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Home Depot, Inc.
5.875%		12/16/2036		$	550,000	$	564,769
Lowe’s Cos., Inc.
5.400%		10/15/2016			400,000		461,854
							1,219,114
Thrifts & Mortgage Finance—0.0%
Abbey National Treasury Services plc (United Kingdom)
2.875%		04/25/2014			300,000		301,280
Tobacco—0.2%
Altria Group, Inc.
9.250%		08/06/2019			800,000		1,044,732
Lorillard Tobacco Co.
6.875%		05/01/2020			300,000		326,022
Philip Morris International, Inc.
5.650%		05/16/2018			500,000		563,147
							1,933,901
Transportation Infrastructure—0.0%
United Parcel Service, Inc.
6.200%		01/15/2038			300,000		347,493
Wireless Telecommunication Services—0.3%
Alltel Corp.
7.000%		07/01/2012			700,000		742,761
America Movil SAB de CV (Mexico)
5.000%		03/30/2020			400,000		419,280
Rogers Communications, Inc. (Canada)
6.800%		08/15/2018			500,000		590,836
Vodafone Group plc (United Kingdom)
7.875%		02/15/2030			250,000		322,259
5.625%		02/27/2017			500,000		560,959
5.375%		01/30/2015			250,000		278,154
							2,914,249
TOTAL CORPORATE OBLIGATIONS
(Cost $206,129,032)							221,680,842
MORTGAGE-RELATED SECURITIES—35.5%
Commercial Mortgage-Backed Securities—2.4%
Banc of America Commercial Mortgage, Inc., Series 2005-1, Class A4
5.233%		11/10/2042	#		500,000		524,793
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class AM
5.367%		09/10/2047	#		1,000,000		1,039,648
Banc of America Commercial Mortgage, Inc., Series 2007-5, Class A4
5.492%		02/10/2051			2,000,000		2,145,119
Bear Stearns Commercial Mortgage Securities, Series 2005-T20, Class A4A
5.296%		10/12/2042	#		921,000		1,009,739
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4
5.537%		10/12/2041			1,000,000		1,095,496
Citigroup Commercial Mortgage Trust, Series 2004-C1, Class A3
5.251%		04/15/2040	#		482,012		506,056

Coupon Rate	Maturity Date			Face		Value
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class A4
5.394%	07/15/2044	#	$	900,000	$	979,621
CS First Boston Mortgage Securities Corp., Series 2005-C5, Class A3
5.100%	08/15/2038	#		1,000,000		1,033,727
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4
5.736%	12/10/2049			1,000,000		1,074,647
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4
5.444%	03/10/2039			1,000,000		1,074,097
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6
5.396%	08/10/2038	#		600,000		649,459
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4
5.560%	11/10/2039			2,700,000		2,929,372
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class A4
4.738%	07/15/2042			935,000		999,376
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class AM
5.464%	12/12/2043			750,000		747,586
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB20, Class A4
5.794%	02/12/2051	#		500,000		543,534
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class AM
5.464%	01/15/2049	#		2,000,000		1,807,179
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3
5.430%	02/15/2040			750,000		800,442
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4
5.414%	07/12/2046	#		750,000		809,068
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class AJ
5.485%	07/12/2046	#		500,000		444,059
Morgan Stanley Capital I, Series 2006-IQ12, Class A3
5.374%	12/15/2043			500,000		511,280
Morgan Stanley Capital I, Series 2007-HQ13, Class A2
5.649%	12/15/2044			1,400,000		1,445,696
Wachovia Bank Commercial Mortgage Trust, Series 2003-C5, Class A2
3.989%	06/15/2035			750,000		775,002
Wachovia Bank Commercial Mortgage Trust, Series 2003-C9, Class A4
5.012%	12/15/2035	#		750,000		802,184
Wachovia Bank Commercial Mortgage Trust, Series 2004-C11, Class A5
5.215%	01/15/2041	#		500,000		537,630
Wachovia Bank Commercial Mortgage Trust, Series 2004-C12, Class A4
5.512%	07/15/2041	#		750,000		809,303
Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class B
4.892%	10/15/2041			1,000,000		1,019,672
Wachovia Bank Commercial Mortgage Trust, Series 2006-C26, Class AJ
6.203%	06/15/2045	#		1,000,000		917,358
						27,031,143

See accompanying notes to financial statements

172

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

��

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-RELATED SECURITIES—(Continued)
U.S. Government Agency Mortgage-Backed Securities—33.1%
Federal Home Loan Mortgage Corp.
7.500%		06/01/2027-
		10/01/2029		$	312,113	$	363,775
7.000%		02/01/2016-
		09/01/2036			758,675		872,965
6.500%		07/01/2014-
		01/01/2039			3,711,029		4,169,462
6.043%		01/01/2037	#		894,220		971,340
6.000%		11/01/2016-
		10/01/2038			10,343,414		11,416,409
5.760%		01/01/2037	#		229,582		247,324
5.618%		02/01/2037	#		371,174		401,704
5.500%		02/01/2018-
		08/01/2039			16,648,030		18,076,374
5.000%		05/01/2018-
		04/01/2041			23,531,061		25,129,091
4.500%		08/01/2018-
		06/01/2041			28,951,868		30,119,706
4.000%		05/01/2019-
		02/01/2041			16,945,945		17,220,336
3.500%		10/01/2025-
		10/01/2040			4,695,710		4,702,359
Federal National Mortgage Association
7.500%		06/01/2030-
		07/01/2031			28,561		33,532
7.000%		03/01/2030-
		04/01/2038			1,680,193		1,937,534
6.500%		02/01/2017-
		10/01/2039			4,522,556		5,132,575
6.000%		04/01/2014-
		11/01/2039			16,665,703		18,377,875
5.623%		01/01/2037	#		1,356,098		1,458,855
5.574%		03/01/2037	#		2,417,015		2,566,299
5.500%		01/01/2018-
		05/01/2040			28,460,096		30,934,669
5.224%		02/01/2037	#		128,064		135,428
5.000%		03/01/2018-
		04/01/2041			30,521,549		32,614,898
4.500%		03/01/2018-
		10/01/2040			38,774,752		40,411,165
4.000%		08/01/2018-
		06/01/2041			30,664,738		31,142,835
3.650%		05/01/2041	#		499,656		521,247
3.570%		08/01/2040	#		423,964		442,305
3.500%		08/01/2025-
		01/01/2041			7,777,831		7,827,893
3.450%		02/01/2041	#		296,936		302,822
3.228%		07/01/2040	#		861,088		897,226
3.139%		06/01/2040	#		338,335		349,284
2.891%		10/01/2035	#		855,190		897,509
2.587%		05/01/2035	#		282,748		298,291
2.405%		05/01/2035	#		738,643		774,712
Federal National Mortgage Association TBA
5.000%		07/25/2041			300,000		318,797
4.500%		07/25/2041			1,000,000		1,034,844
Government National Mortgage Association
7.500%		12/15/2029-
		05/15/2032			421,350		496,492

Coupon Rate	Maturity Date			Face		Value
7.000%	09/15/2037		$	49,210	$	57,193
6.500%	03/15/2026 -
	01/15/2039			2,067,946		2,356,810
6.000%	02/15/2033-
	12/15/2039			5,524,796		6,171,064
5.500%	01/15/2024-
	07/20/2040			8,867,309		9,796,625
5.000%	05/15/2033-
	07/20/2040			19,057,442		20,720,616
4.500%	07/15/2038-
	03/20/2041			24,988,148		26,451,610
4.000%	08/15/2024-
	05/15/2041			10,428,006		10,692,934
3.500%	12/15/2025-
	01/20/2041			741,763		736,766
3.500%	12/20/2040	#		487,972		511,216
3.000%	02/20/2041	#		494,294		510,793
2.500%	11/20/2040-
	12/20/2040	#		984,410		1,005,049
Government National Mortgage Association TBA
5.000%	07/15/2041			200,000		216,656
4.500%	07/15/2041			700,000		738,938
4.000%	07/15/2041			300,000		305,672
						372,869,874
TOTAL MORTGAGE-RELATED SECURITIES
(Cost $383,057,097)						399,901,017
U.S. TREASURY OBLIGATIONS—32.3%
U.S. Treasury Bonds—5.9%
U.S. Treasury Bond
11.250%	02/15/2015	†		1,300,000		1,767,493
9.875%	11/15/2015	†		2,550,000		3,463,616
9.125%	05/15/2018	†		1,060,000		1,520,935
8.750%	05/15/2017-
	08/15/2020	†		2,610,000		3,709,576
8.500%	02/15/2020	†		1,221,000		1,754,615
8.125%	05/15/2021-
	08/15/2021			2,180,000		3,114,625
8.125%	08/15/2019	†		2,260,000		3,163,471
8.000%	11/15/2021			1,320,000		1,879,763
7.625%	02/15/2025			600,000		854,719
7.500%	11/15/2024	†		475,000		669,008
7.250%	08/15/2022	†		1,130,000		1,540,155
7.125%	02/15/2023			723,000		979,326
6.875%	08/15/2025			1,000,000		1,344,531
6.500%	11/15/2026			800,000		1,045,125
6.250%	05/15/2030			800,000		1,032,375
6.250%	08/15/2023	†		2,200,000		2,791,250
6.125%	11/15/2027			700,000		885,172
6.000%	02/15/2026			565,000		703,337
5.375%	02/15/2031			600,000		703,313
5.000%	05/15/2037			710,000		788,766
4.750%	02/15/2037-
	02/15/2041			3,200,000		3,406,812
4.625%	02/15/2040			3,100,000		3,232,720
4.500%	02/15/2036-
	08/15/2039			5,400,000		5,543,531
4.375%	02/15/2038-
	05/15/2041			10,270,000		10,277,191
4.250%	05/15/2039-
	11/15/2040			5,700,000		5,581,922
3.875%	08/15/2040			3,000,000		2,747,343
3.500%	02/15/2039			2,100,000		1,803,703
						66,304,393

See accompanying notes to financial statements

173

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
U.S. Treasury Notes—26.4%
U.S. Treasury Note
5.125%		05/15/2016		$	700,000	$	813,641
4.875%		08/15/2016			1,600,000		1,844,750
4.750%		05/15/2014-
		08/15/2017			3,010,000		3,399,519
4.625%		07/31/2012-
		02/15/2017			3,260,000		3,626,830
4.500%		11/15/2015-
		02/15/2016			1,440,000		1,628,044
4.375%		08/15/2012			2,000,000		2,092,656
4.250%		09/30/2012-
		11/15/2017			11,080,000		12,105,325
4.250%		08/15/2014	†		1,655,000		1,829,422
4.125%		08/31/2012-
		05/15/2015			3,780,000		4,049,367
4.000%		11/15/2012-
		08/15/2018			7,850,000		8,550,579
3.875%		10/31/2012			2,000,000		2,094,766
3.875%		02/15/2013-
		05/15/2018	†		2,555,000		2,759,124
3.750%		11/15/2018			3,100,000		3,358,658
3.625%		08/15/2019-
		02/15/2021	†		7,950,000		8,355,775
3.625%		12/31/2012-
		02/15/2020			7,920,000		8,374,174
3.500%		05/31/2013-
		05/15/2020			7,835,000		8,264,585
3.375%		06/30/2013-
		11/15/2019			6,375,000		6,708,269
3.375%		11/30/2012	†		1,800,000		1,877,344
3.250%		06/30/2016-
		12/31/2016			3,000,000		3,211,875
3.250%		03/31/2017	†		2,500,000		2,662,890
3.125%		01/31/2017-
		05/15/2021	†		5,300,000		5,399,555
3.125%		08/31/2013-
		05/15/2019			11,555,000		12,125,084
3.000%		08/31/2016-
		02/28/2017			4,100,000		4,324,993
2.875%		03/31/2018			600,000		618,188
2.750%		10/31/2013-
		02/15/2019			11,230,000		11,567,886
2.625%		06/30/2014-
		11/15/2020			15,450,000		15,827,542
2.625%		02/29/2016-
		08/15/2020	†		5,935,000		5,907,581
2.500%		03/31/2015	†		2,000,000		2,098,434
2.500%		03/31/2013-
		06/30/2017			6,400,000		6,631,019
2.375%		08/31/2014-
		07/31/2017			9,400,000		9,765,609
2.375%		10/31/2014-
		03/31/2016	†		4,075,000		4,251,265
2.250%		03/31/2016	†		2,200,000		2,263,089
2.250%		05/31/2014-
		11/30/2017			6,100,000		6,264,227
2.125%		11/30/2014-
		02/29/2016			6,900,000		7,122,546
2.125%		12/31/2015	†		2,500,000		2,566,797

Coupon Rate	Maturity Date			Face		Value
2.000%	11/30/2013-
	04/30/2016		$	5,500,000	$	5,626,925
1.875%	02/28/2014-
	10/31/2017			12,825,000		12,866,417
1.750%	08/15/2012-
	05/31/2016			14,000,000		14,294,387
1.500%	07/15/2012	†		2,000,000		2,026,406
1.500%	12/31/2013			2,350,000		2,400,856
1.375%	09/15/2012-
	11/30/2015			16,769,000		16,977,209
1.375%	02/15/2013	†		1,750,000		1,778,096
1.250%	09/30/2015-
	10/31/2015			5,500,000		5,460,314
1.250%	03/15/2014-
	08/31/2015	†		7,000,000		7,054,179
1.125%	12/15/2012-
	06/15/2013			4,600,000		4,656,590
1.000%	05/15/2014	†		2,000,000		2,013,594
1.000%	07/15/2013-
	01/15/2014			4,250,000		4,292,241
0.750%	09/15/2013	†		2,000,000		2,009,844
0.750%	03/31/2013-
	06/15/2014			6,600,000		6,626,643
0.625%	12/31/2012	†		2,000,000		2,008,516
0.625%	07/31/2012-
	04/30/2013			7,000,000		7,028,209
0.500%	11/30/2012-
	10/15/2013	†		6,500,000		6,506,153
0.500%	11/15/2013			2,000,000		1,995,470
0.375%	09/30/2012	†		2,000,000		2,002,578
0.375%	08/31/2012-
	06/30/2013			5,500,000		5,504,319
						297,470,354
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $360,463,014)						363,774,747
GOVERNMENT RELATED OBLIGATIONS—11.4%
U.S. Government Agencies—5.8%
Federal Farm Credit Bank
2.950%	12/13/2018			200,000		197,437
2.120%	09/08/2016			350,000		346,762
Federal Home Loan Bank
5.375%	05/18/2016	†		2,000,000		2,322,336
5.250%	06/18/2014	†		1,000,000		1,127,854
4.875%	09/08/2017			1,250,000		1,430,075
4.750%	12/16/2016	†		1,000,000		1,136,072
4.500%	11/15/2012	†		2,500,000		2,638,493
4.000%	01/13/2021			500,000		500,014
3.625%	10/18/2013			900,000		961,116
3.125%	12/13/2013			500,000		529,571
2.000%	12/09/2014			500,000		503,653
1.750%	08/22/2012			2,400,000		2,438,839
0.800%	11/18/2013			250,000		250,230
Federal Home Loan Mortgage Corp.
6.250%	07/15/2032			1,050,000		1,298,952
6.000%	04/16/2037			600,000		616,625
5.500%	07/18/2016			1,000,000		1,163,856
5.000%	01/30/2014			600,000		664,523
4.875%	06/13/2018			1,000,000		1,138,279
4.500%	01/15/2013-
	04/02/2014			3,150,000		3,412,980

See accompanying notes to financial statements

174

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
4.500%		01/15/2015	†	$	350,000	$	388,946
4.375%		07/17/2015	†		1,400,000		1,554,140
4.125%		09/27/2013	†		1,000,000		1,078,560
3.750%		06/28/2013			2,710,000		2,889,687
3.000%		07/14/2016			250,000		250,224
2.875%		02/09/2015			1,000,000		1,053,920
2.125%		09/21/2012			1,000,000		1,021,787
1.625%		04/15/2013	†		500,000		510,549
1.375%		10/18/2013			500,000		501,521
1.350%		12/30/2014			500,000		498,688
1.200%		04/28/2014	†		200,000		200,120
1.150%		10/07/2013			500,000		501,250
1.125%		07/27/2012	†		1,000,000		1,008,226
Federal Home Loan Mortgage Corp. MTN
5.050%		01/26/2015			300,000		339,186
Federal National Mortgage Association
7.250%		05/15/2030			700,000		946,004
6.625%		11/15/2030			500,000		633,447
6.250%		05/15/2029	†		740,000		901,005
6.000%		04/18/2036			250,000		273,563
5.375%		04/11/2022			880,000		910,708
5.000%		03/15/2016	†		900,000		1,026,741
5.000%		05/11/2017			650,000		744,465
4.875%		12/15/2016	†		1,000,000		1,135,964
4.625%		10/15/2013			900,000		981,994
4.375%		09/15/2012-
		03/15/2013	†		3,600,000		3,822,624
4.000%		09/30/2025			550,000		541,761
3.625%		02/12/2013			900,000		945,563
2.750%		02/05/2014	†		2,000,000		2,104,330
2.750%		03/13/2014-
		03/28/2016			2,750,000		2,859,521
2.625%		11/20/2014			1,000,000		1,049,559
2.000%		08/24/2015-
		03/28/2016			600,000		599,690
1.800%		02/08/2013			500,000		500,819
1.750%		05/07/2013	†		1,000,000		1,022,936
1.750%		11/17/2015			100,000		99,586
1.550%		08/12/2014-
		10/27/2015			500,000		498,280
1.500%		08/26/2014-
		09/08/2014			750,000		755,877
1.375%		07/19/2013			500,000		500,258
1.250%		07/29/2013			450,000		450,361
1.000%		09/20/2013-
		10/18/2013			1,000,000		1,004,186
0.750%		12/18/2013			1,000,000		1,000,463
0.550%		11/01/2012			400,000		400,432
0.500%		10/30/2012			1,000,000		1,001,962
0.000%		06/01/2017			1,000,000		860,347
Financing Corp. Fico
8.600%		09/26/2019			500,000		694,621
Financing Corp. Fico, Series E
9.650%		11/02/2018			500,000		719,353
Tennessee Valley Authority
5.250%		09/15/2039			500,000		531,398
Tennessee Valley Authority, Series E
6.250%		12/15/2017	†		1,200,000		1,453,308
							65,445,597

Coupon Rate	Maturity Date		Face		Value
U.S. Government Agencies-U.S. Government Guaranteed Bank Debt—0.5%
Ally Financial, Inc.
2.200%	12/19/2012	$	750,000	$	769,414
Bank of America Corp., Series L MTN
3.125%	06/15/2012		1,500,000		1,541,373
Citigroup Funding, Inc.
1.875%	10/22/2012		1,000,000		1,019,775
General Electric Capital Corp., Series G MTN
2.625%	12/28/2012		1,000,000		1,030,605
Goldman Sachs Group, Inc. (The)
3.250%	06/15/2012		1,000,000		1,028,303
					5,389,470
Non-U.S. Government Agencies—1.1%
Export Development Canada (Canada)
2.250%	05/28/2015		300,000		309,459
1.500%	05/15/2014		300,000		304,854
Export-Import Bank of Korea (Korea, Republic of)
5.125%	03/16/2015		500,000		539,971
Japan Finance Corp. (Japan)
2.500%	05/18/2016		400,000		403,676
2.125%	11/05/2012		500,000		508,206
1.500%	07/06/2012		500,000		501,943
Korea Development Bank (Korea, Republic of)
8.000%	01/23/2014		500,000		569,436
Kreditanstalt fuer Wiederaufbau (Germany)
4.875%	01/17/2017		1,000,000		1,136,784
4.500%	07/16/2018		500,000		554,417
4.125%	10/15/2014		1,000,000		1,091,789
3.250%	03/15/2013		750,000		783,787
2.625%	03/03/2015		750,000		783,604
1.875%	01/14/2013		200,000		204,227
1.375%	01/13/2014		300,000		303,054
Kreditanstalt fuer Wiederaufbau MTN (Germany)
2.750%	09/08/2020		500,000		479,027
Landwirtschaftliche Rentenbank (Germany)
4.875%	11/16/2015		750,000		844,891
4.125%	07/15/2013		150,000		160,501
Oesterreichische Kontrollbank AG MTN (Austria)
1.750%	03/11/2013		200,000		203,805
Pemex Project Funding Master Trust
6.625%	06/15/2035		500,000		529,512
Petrobras International Finance Co. (Cayman Islands)
8.375%	12/10/2018		250,000		309,376
6.750%	01/27/2041		300,000		321,634
6.125%	10/06/2016		500,000		559,159
5.375%	01/27/2021		300,000		309,543
Svensk Exportkredit AB (Sweden)
5.125%	03/01/2017		500,000		566,742
					12,279,397
Sovereign Debt—1.2%
Brazilian Government International Bond (Brazil)
11.000%	08/17/2040		260,000		355,160
10.125%	05/15/2027		635,000		996,950
8.875%	04/15/2024		400,000		573,000
7.875%	03/07/2015		455,000		551,005
7.125%	01/20/2037		460,000		570,400
Canada Government International Bond (Canada)
2.375%	09/10/2014		500,000		520,685
Chile Government International Bond (Chile)
3.875%	08/05/2020		500,000		505,500

See accompanying notes to financial statements

175

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Colombia Government International Bond (Colombia)
11.750%		02/25/2020		$	200,000	$	310,400
10.750%		01/15/2013			300,000		345,000
7.375%		09/18/2037			200,000		253,000
Israel Government AID Bond (Israel)
5.500%		04/26/2024			350,000		406,659
Mexico Government International Bond (Mexico)
6.050%		01/11/2040			500,000		534,500
5.875%		02/17/2014			500,000		556,750
Panama Government International Bond (Panama)
7.250%		03/15/2015			300,000		354,900
Peruvian Government International Bond (Peru)
6.550%		03/14/2037			500,000		560,250
Poland Government International Bond (Poland)
5.125%		04/21/2021			300,000		310,875
3.875%		07/16/2015			300,000		310,575
Republic of Finland (Finland)
6.950%		02/15/2026			150,000		198,135
Republic of Italy (Italy)
6.875%		09/27/2023			250,000		284,127
5.375%		06/15/2033			500,000		489,330
4.375%		06/15/2013			1,000,000		1,055,399
Republic of Korea (Korea, Republic of)
5.750%		04/16/2014			500,000		552,972
South Africa Government International Bond (South Africa)
6.875%		05/27/2019			500,000		598,750
State of Israel (Israel)
5.500%		11/09/2016			600,000		672,934
United Mexican States (Mexico)
8.125%		12/30/2019			750,000		1,046,250
United Mexican States MTN (Mexico)
8.300%		08/15/2031			500,000		690,000
							13,603,506
Supranational—1.3%
African Development Bank, Series GDIF
1.750%		10/01/2012			710,000		721,059
Asian Development Bank
2.750%		05/21/2014			100,000		104,758
Asian Development Bank MTN
3.625%		09/05/2013			800,000		849,805
2.500%		03/15/2016	†		400,000		412,313
Corp. Andina de Fomento
3.750%		01/15/2016			300,000		305,653
European Bank for Reconstruction & Development MTN
2.500%		03/15/2016			500,000		515,121
European Investment Bank
5.125%		09/13/2016-
		05/30/2017			1,000,000		1,147,363
4.625%		05/15/2014			500,000		549,715
3.375%		06/12/2013			500,000		525,900
3.000%		04/08/2014			500,000		526,059
2.875%		09/15/2020			500,000		481,695
2.125%		07/15/2016			500,000		502,211
1.875%		06/17/2013			1,000,000		1,023,203
1.750%		09/14/2012			500,000		507,576
1.625%		03/15/2013			400,000		406,753
1.500%		05/15/2014			500,000		505,752
1.250%		02/14/2014			500,000		503,572

Coupon Rate	Maturity Date			Face		Value
Inter-American Development Bank
2.250%	07/15/2015	†	$	200,000	$	204,665
1.625%	07/15/2013			500,000		510,633
Inter-American Development Bank MTN
3.875%	02/14/2020			500,000		530,860
3.500%	03/15/2013	†		500,000		525,119
1.750%	10/22/2012	†		300,000		305,139
International Bank for Reconstruction & Development
2.375%	05/26/2015			200,000		206,808
2.125%	03/15/2016	†		500,000		507,874
1.750%	07/15/2013	†		1,000,000		1,025,441
1.125%	08/25/2014			500,000		503,154
0.800%	07/13/2012			300,000		301,388
International Finance Corp. MTN
2.125%	11/17/2017			500,000		491,727
Nordic Investment Bank
2.500%	07/15/2015			500,000		519,657
						15,220,973
U.S. Municipal Bonds—1.1%
American Municipal Power-Ohio, Inc. Revenue Bonds (Ohio)
7.499%	02/15/2050			400,000		452,916
Bay Area Toll Authority Revenue Bonds (California)
6.263%	04/01/2049			400,000		430,784
California General Obligation Bonds (California)
7.550%	04/01/2039			500,000		572,680
California State Public Works Board Revenue Bonds, Series 2009 G-2 (California)
8.361%	10/01/2034			400,000		436,492
City of New York General Obligation Bonds (New York)
5.517%	10/01/2037			100,000		99,691
County of Cook Illinois General Obligation Bonds, Series 2010 D (Illinois)
6.229%	11/15/2034			200,000		201,430
Dallas Area Rapid Transit Revenue Bonds (Texas)
5.022%	12/01/2048			300,000		285,024
Dallas Convention Center Hotel Development Corp. Revenue Bonds (Texas)
7.088%	01/01/2042			200,000		209,936
Dallas County Hospital District General Obligation Bonds, Series 2009 C (Texas)
5.621%	08/15/2044			300,000		309,993
Dallas Independent School District General Obligation Bonds, Series 2010 C (Texas)
6.450%	02/15/2035			300,000		328,059
Government Development Bank for Puerto Rico Revenue Bonds (Puerto Rico), Series 2011 B ()
4.704%	05/01/2016			400,000		401,928
3.670%	05/01/2014			400,000		400,944
Illinois General Obligation Bonds (Illinois)
5.100%	06/01/2033			1,100,000		936,892
Los Angeles Unified School District General Obligation Bonds (California)
5.755%	07/01/2029			200,000		201,800
5.750%	07/01/2034			300,000		295,989
Metropolitan Government of Nashville & Davidson County Authority General Obligation Bonds (Tennessee)
5.707%	07/01/2034			300,000		315,426
Metropolitan Transportation Authority Revenue Bonds (New York)
6.814%	11/15/2040			400,000		440,880
6.648%	11/15/2039			100,000		106,117
6.548%	11/15/2031			200,000		216,554

See accompanying notes to financial statements

176

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Municipal Electric Authority of Georgia Revenue Bonds, Series 2010 J (Georgia)
6.637%		04/01/2057	$	300,000	$	287,898
New Jersey Economic Development Authority Revenue Bonds, Series 1997 A (New Jersey)
7.425%		02/15/2029		500,000		557,425
New Jersey State Turnpike Authority Revenue Bonds, Series 2003 B (New Jersey)
7.102%		01/01/2041		500,000		581,880
4.252%		01/01/2016		25,000		27,133
New York City Municipal Water Finance Authority Revenue Bonds (New York)
5.724%		06/15/2042		200,000		207,226
New York State Dormitory Authority Revenue Bonds (New York)
5.600%		03/15/2040		200,000		205,932
North Texas Tollway Authority Revenue Bonds, Series 2010 B-2 (Texas)
8.910%		02/01/2030		200,000		215,610
Ohio State University General Obligation Bonds, Series 2010 C (Ohio)
4.910%		06/01/2040		300,000		285,330
Oregon General Obligation Bonds (Oregon)
5.762%		06/01/2023		200,000		225,238
Oregon State Department of Transportation Revenue Bonds, Series 2010 A (Oregon)
5.834%		11/15/2034		300,000		325,797
Port Authority of New York & New Jersey Revenue Bonds (New York)
6.040%		12/01/2029		255,000		276,991
State of California General Obligation Bonds (California)
7.625%		03/01/2040		300,000		345,663
State of Connecticut General Obligation Bonds, Series 2008 A (Connecticut)
5.850%		03/15/2032		200,000		212,192
State of Georgia General Obligation Bonds, Series 2009 H (Georgia)
4.503%		11/01/2025		300,000		306,630
State of Illinois General Obligation Bonds (Illinois)
4.961%		03/01/2016		300,000		310,440
State of Texas General Obligation Bonds (Texas)
5.517%		04/01/2039		400,000		419,300
4.681%		04/01/2040		300,000		278,784
University of California Revenue Bonds (California)
6.548%		05/15/2048		300,000		314,892
						12,027,896
Non-U.S. Regional Authority Bonds—0.4%
Hydro Quebec, Series IO (Canada)
8.050%		07/07/2024		250,000		345,283
Landesbank Baden-Wuerttemberg (Germany)
7.625%		02/01/2023		200,000		243,066
Ontario Electricity Financial Corp. (Canada)
7.450%		03/31/2013		350,000		389,204
Province of British Columbia (Canada)
2.850%		06/15/2015		200,000		209,967
Province of Manitoba, Series FH (Canada)
4.900%		12/06/2016		500,000		566,060
Province of Nova Scotia (Canada)
2.375%		07/21/2015		300,000		307,734

Coupon Rate	Maturity Date			Face		Value
Province of Ontario (Canada)
5.450%	04/27/2016		$	1,000,000	$	1,147,088
4.500%	02/03/2015			400,000		441,704
4.400%	04/14/2020			200,000		212,507
2.700%	06/16/2015			200,000		207,714
1.375%	01/27/2014			300,000		301,961
Province of Saskatchewan (Canada)
7.375%	07/15/2013			230,000		259,468
Region of Lombardy (Italy)
5.804%	10/25/2032			100,000		97,721
						4,729,477
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $124,135,172)						128,696,316
ASSET-BACKED SECURITIES—0.2%
Automobile—0.1%
Ally Auto Receivables Trust Series 2010-5, Class A3
1.110%	01/15/2015			750,000		754,119
Credit Card—0.1%
Capital One Multi-Asset Execution Trust Series 2007-A7, Class A7
5.750%	07/15/2020			1,500,000		1,745,165
Other—0.0%
PSE&G Transition Funding LLC Series 2001-1, Class A6
6.610%	06/15/2015			180,441		192,174
TOTAL ASSET-BACKED SECURITIES
(Cost $2,634,199)						2,691,458
CERTIFICATES OF DEPOSIT—0.1%
Commercial Banks—0.1%
Royal Bank of Canada
2.250%	03/15/2013
(Cost $515,630)				500,000		514,205
				Shares		Value
MONEY MARKET FUNDS—9.7%
Institutional Money Market Funds—9.7%
Dreyfus Institutional Cash
Advantage Fund, 0.15%		††µ		18,000,000		18,000,000
Fidelity Institutional Money Market: Money Market Portfolio— Institutional Class,
0.17%		µ		4,360,367		4,360,367
Fidelity Institutional Money Market: Money Market Portfolio— Institutional Class,
0.17%		††µ		15,160,263		15,160,263
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class,
0.13%		††µ		18,000,000		18,000,000
Short-Term Investments Trust Liquid Assets Portfolio,
0.00%		††µ		18,000,000		18,000,000

See accompanying notes to financial statements

177

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Core Bond Index Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Wells Fargo Advantage Cash Investment Money Market
Fund—Select Class, 0.11%	††µ	18,000,000	$	18,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.10%	††µ	18,000,000		18,000,000
TOTAL MONEY MARKET FUNDS
(Cost $109,520,630)				109,520,630
TOTAL INVESTMENTS—108.9%
(Cost $1,186,454,774)				1,226,779,215
Other assets less liabilities—(8.9%)				(100,279,758	)
NET ASSETS—100.0%			$	1,126,499,457

Notes to the Schedule of Investments:

MTN	Medium Term Note
TBA	Security is subject to delayed delivery.
#	Rate is subject to change. Rate shown reflects current rate.
^	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 $3,244,752, which represents 0.3% of Net Assets.
†	Denotes all or a portion of the security on loan.
††	Represents reinvestment of collateral received in conjunction with securities lending.
µ	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

178

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—99.1%
Aerospace & Defense—2.8%
Boeing Co. (The)		24,199	$	1,789,032
General Dynamics Corp.		12,201		909,219
Goodrich Corp.		4,185		399,668
Honeywell International, Inc.		25,794		1,537,064
ITT Corp.		5,812		342,501
L-3 Communications Holdings, Inc.		3,715		324,877
Lockheed Martin Corp.		9,396		760,794
Northrop Grumman Corp.	†	9,753		676,371
Precision Castparts Corp.		4,605		758,213
Raytheon Co.		11,917		594,062
Rockwell Collins, Inc.	†	5,022		309,807
Textron, Inc.	†	9,147		215,961
United Technologies Corp.		30,133		2,667,072
				11,284,641
Air Freight & Logistics—1.0%
C.H. Robinson Worldwide, Inc.		5,367		423,134
Expeditors International of Washington, Inc.		7,127		364,831
FedEx Corp.		10,160		963,676
United Parcel Service, Inc., Class B		32,349		2,359,213
				4,110,854
Airlines—0.1%
Southwest Airlines Co.		25,882		295,572
Auto Components—0.3%
Goodyear Tire & Rubber Co. (The)	*	7,170		120,241
Johnson Controls, Inc.		21,794		907,938
				1,028,179
Automobiles—0.5%
Ford Motor Co.	*	123,585		1,704,237
Harley-Davidson, Inc.		7,505		307,480
				2,011,717
Beverages—2.5%
Brown-Forman Corp., Class B	†	3,358		250,809
Coca-Cola Co. (The)		75,041		5,049,509
Coca-Cola Enterprises, Inc.		10,815		315,582
Constellation Brands, Inc., Class A	*	6,458		134,455
Dr. Pepper Snapple Group, Inc.	†	7,442		312,043
Molson Coors Brewing Co., Class B		5,028		224,953
PepsiCo, Inc.		51,898		3,655,176
				9,942,527
Biotechnology—1.2%
Amgen, Inc.	*	30,836		1,799,281
Biogen Idec, Inc.	*	7,862		840,605
Celgene Corp.	*	15,329		924,645
Cephalon, Inc.	*	2,526		201,827
Gilead Sciences, Inc.	*	26,521		1,098,235
				4,864,593
Building Products—0.0%
Masco Corp.	†	10,878		130,862

		Shares		Value
Capital Markets—2.3%
Ameriprise Financial, Inc.		8,127	$	468,765
Bank of New York Mellon Corp. (The)		40,410		1,035,304
BlackRock, Inc.		3,120		598,447
Charles Schwab Corp. (The)		32,391		532,832
E*Trade Financial Corp.	*	8,183		112,925
Federated Investors, Inc., Class B	†	2,838		67,658
Franklin Resources, Inc.	†	4,782		627,829
Goldman Sachs Group, Inc. (The)		17,000		2,262,530
Invesco Ltd.		14,822		346,835
Janus Capital Group, Inc.		5,927		55,951
Legg Mason, Inc.		5,075		166,257
Morgan Stanley		50,469		1,161,292
Northern Trust Corp.		7,701		353,938
State Street Corp.		16,251		732,758
T. Rowe Price Group, Inc.		8,601		518,984
				9,042,305
Chemicals—2.2%
Air Products & Chemicals, Inc.		6,874		657,017
Airgas, Inc.		2,441		170,968
CF Industries Holdings, Inc.		2,339		331,366
Dow Chemical Co. (The)		38,147		1,373,292
E.I. Du Pont de Nemours & Co.		30,102		1,627,013
Eastman Chemical Co.		2,451		250,174
Ecolab, Inc.	†	7,552		425,782
FMC Corp.		2,512		216,082
International Flavors & Fragrances, Inc.		2,537		162,977
Monsanto Co.		17,793		1,290,704
PPG Industries, Inc.		5,518		500,979
Praxair, Inc.	†	9,974		1,081,082
Sherwin-Williams Co. (The)		3,050		255,803
Sigma-Aldrich Corp.		3,803		279,064
				8,622,303
Commercial Banks—2.7%
BB&T Corp.		22,869		613,804
Comerica, Inc.		5,923		204,758
Fifth Third Bancorp		29,930		381,607
First Horizon National Corp.		8,525		81,328
Huntington Bancshares, Inc./Ohio		27,946		183,326
KeyCorp		31,081		258,905
M&T Bank Corp.	†	4,107		361,211
Marshall & Ilsley Corp.		16,636		132,589
PNC Financial Services Group, Inc.		17,070		1,017,543
Regions Financial Corp.		40,205		249,271
SunTrust Banks, Inc.		17,569		453,280
U.S. Bancorp		62,561		1,595,931
Wells Fargo & Co.		173,396		4,865,492
Zions Bancorporation	†	5,936		142,523
				10,541,568
Commercial Services & Supplies—0.5%
Avery Dennison Corp.		3,386		130,801
Cintas Corp.		4,626		152,797
Iron Mountain, Inc.	†	6,512		221,994
Pitney Bowes, Inc.		7,101		163,252
R.R. Donnelley & Sons Co.	†	6,781		132,975
Republic Services, Inc.		10,271		316,860

See accompanying notes to financial statements

179

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Stericycle, Inc.	*	2,698	$	240,446
Waste Management, Inc.	†	15,740		586,630
				1,945,755
Communications Equipment—2.0%
Cisco Systems, Inc.		181,018		2,825,691
F5 Networks, Inc.	*	2,505		276,176
Harris Corp.		4,085		184,070
JDS Uniphase Corp.	*	7,658		127,582
Juniper Networks, Inc.	*	17,428		548,982
Motorola Mobility Holdings, Inc.	*†	9,409		207,375
Motorola Solutions, Inc.	*	10,754		495,114
QUALCOMM, Inc.		54,710		3,106,981
Tellabs, Inc.		12,447		57,381
				7,829,352
Computers & Peripherals—4.2%
Apple, Inc.	*	30,317		10,176,507
Dell, Inc.	*	53,960		899,513
EMC Corp.	*	67,075		1,847,916
Hewlett-Packard Co.		68,209		2,482,808
Lexmark International, Inc., Class A	*	2,870		83,976
NetApp, Inc.	*	11,768		621,115
SanDisk Corp.	*	7,717		320,256
Western Digital Corp.	*	7,676		279,253
				16,711,344
Construction & Engineering—0.2%
Fluor Corp.		5,633		364,230
Jacobs Engineering Group, Inc.	*	3,849		166,469
Quanta Services, Inc.	*	6,807		137,501
				668,200
Construction Materials—0.0%
Vulcan Materials Co.	†	4,015		154,698
Consumer Finance—0.8%
American Express Co.		34,382		1,777,550
Capital One Financial Corp.		14,787		764,044
Discover Financial Services		18,231		487,679
SLM Corp.		17,168		288,594
				3,317,867
Containers & Packaging—0.2%
Ball Corp.		5,788		222,606
Bemis Co., Inc.	†	3,365		113,670
Owens-Illinois, Inc.	*	5,235		135,115
Sealed Air Corp.		5,101		121,353
				592,744
Distributors—0.1%
Genuine Parts Co.		4,973		270,531
Diversified Consumer Services—0.1%
Apollo Group, Inc., Class A	*	4,113		179,656
DeVry, Inc.		2,111		124,823
H&R Block, Inc.	†	10,479		168,083
				472,562

		Shares		Value
Diversified Financial Services—3.7%
Bank of America Corp.		330,781	$	3,625,360
Citigroup, Inc.		95,738		3,986,530
CME Group, Inc.		2,188		637,999
IntercontinentalExchange, Inc.	*	2,472		308,283
JPMorgan Chase & Co.		130,099		5,326,253
Leucadia National Corp.		6,542		223,082
Moody’s Corp.		6,750		258,863
NASDAQ OMX Group, Inc. (The)	*	4,996		126,399
NYSE Euronext		8,746		299,725
				14,792,494
Diversified Telecommunication Services—2.7%
AT&T, Inc.		194,161		6,098,597
CenturyLink, Inc.		19,349		782,280
Frontier Communications Corp.	†	32,749		264,285
Verizon Communications, Inc.		92,431		3,441,206
Windstream Corp.		16,674		216,095
				10,802,463
Electric Utilities—1.8%
American Electric Power Co., Inc.		15,506		584,266
Duke Energy Corp.		43,619		821,346
Edison International		10,394		402,767
Entergy Corp.		5,918		404,081
Exelon Corp.		21,434		918,233
FirstEnergy Corp.		13,644		602,383
NextEra Energy, Inc.	†	13,746		789,845
Northeast Utilities		5,907		207,749
Pepco Holdings, Inc.	†	7,419		145,635
Pinnacle West Capital Corp.		3,328		148,362
PPL Corp.		18,447		513,380
Progress Energy, Inc.		9,523		457,199
Southern Co.		27,607		1,114,771
				7,110,017
Electrical Equipment—0.5%
Emerson Electric Co.		24,573		1,382,231
Rockwell Automation, Inc.		4,779		414,626
Roper Industries, Inc.		3,106		258,730
				2,055,587
Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp., Class A		5,737		309,741
Corning, Inc.		50,629		918,916
FLIR Systems, Inc.	†	5,021		169,258
Jabil Circuit, Inc.		6,753		136,411
Molex, Inc.		3,928		101,224
				1,635,550
Energy Equipment & Services—2.3%
Baker Hughes, Inc.		14,181		1,028,974
Cameron International Corp.	*	8,159		410,316
Diamond Offshore Drilling, Inc.	†	2,210		155,606
FMC Technologies, Inc.	*†	7,656		342,912
Halliburton Co.		29,836		1,521,636
Helmerich & Payne, Inc.		3,364		222,428
Nabors Industries Ltd. (Bermuda)	*	9,642		237,579
National Oilwell Varco, Inc.		13,863		1,084,225

See accompanying notes to financial statements

180

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Noble Corp. (Switzerland)		8,339	$	328,640
Rowan Cos., Inc.	*	4,110		159,509
Schlumberger Ltd.		44,418		3,837,715
				9,329,540
Food & Staples Retailing—2.3%
Costco Wholesale Corp.		14,305		1,162,138
CVS Caremark Corp.		44,408		1,668,853
Kroger Co. (The)		20,793		515,667
Safeway, Inc.	†	12,573		293,831
SUPERVALU, Inc.	†	7,553		71,074
Sysco Corp.		19,557		609,787
Walgreen Co.		30,270		1,285,264
Wal-Mart Stores, Inc.		62,710		3,332,409
Whole Foods Market, Inc.		4,794		304,179
				9,243,202
Food Products—1.8%
Archer-Daniels-Midland Co.		22,275		671,591
Campbell Soup Co.	†	6,126		211,653
ConAgra Foods, Inc.		13,490		348,177
Dean Foods Co.	*	6,452		79,166
General Mills, Inc.		20,967		780,392
H.J. Heinz Co.		10,469		557,788
Hershey Co. (The)		5,061		287,718
Hormel Foods Corp.	†	4,650		138,617
J.M. Smucker Co. (The)		3,807		291,007
Kellogg Co.		8,189		453,015
Kraft Foods, Inc., Class A		57,620		2,029,953
McCormick & Co., Inc.		4,418		219,000
Mead Johnson Nutrition Co.		6,505		439,413
Sara Lee Corp.		19,315		366,792
Tyson Foods, Inc., Class A		10,014		194,472
				7,068,754
Gas Utilities—0.1%
Nicor, Inc.		1,395		76,363
Oneok, Inc.		3,325		246,083
				322,446
Health Care Equipment & Supplies—1.9%
Baxter International, Inc.		18,743		1,118,770
Becton Dickinson and Co.		7,250		624,732
Boston Scientific Corp.	*	48,118		332,495
C.R. Bard, Inc.		2,796		307,169
CareFusion Corp.	*	7,217		196,086
Covidien plc (Ireland)		16,300		867,649
DENTSPLY International, Inc.		4,513		171,855
Edwards Lifesciences Corp.	*	3,751		327,012
Intuitive Surgical, Inc.	*†	1,297		482,627
Medtronic, Inc.		35,243		1,357,913
St. Jude Medical, Inc.		10,668		508,650
Stryker Corp.		11,023		646,940
Varian Medical Systems, Inc.	*	3,908		273,638
Zimmer Holdings, Inc.	*	6,576		415,603
				7,631,139
Health Care Providers & Services—2.2%
Aetna, Inc.		12,484		550,420
AmerisourceBergen Corp.		9,315		385,641
Cardinal Health, Inc.		11,476		521,240
CIGNA Corp.		9,237		475,059

		Shares		Value
Coventry Health Care, Inc.	*	4,426	$	161,416
DaVita, Inc.	*	3,186		275,940
Express Scripts, Inc.	*	17,218		929,428
Humana, Inc.		5,695		458,675
Laboratory Corp. of America Holdings	*	3,448		333,732
McKesson Corp.		8,268		691,618
Medco Health Solutions, Inc.	*	13,268		749,907
Patterson Cos., Inc.		2,852		93,802
Quest Diagnostics, Inc.	†	4,972		293,845
Tenet Healthcare Corp.	*	14,819		92,471
UnitedHealth Group, Inc.		35,912		1,852,341
WellPoint, Inc.		12,313		969,895
				8,835,430
Health Care Technology—0.1%
Cerner Corp.	*	4,670		285,384
Hotels, Restaurants & Leisure—1.8%
Carnival Corp.		13,990		526,444
Chipotle Mexican Grill, Inc.	*	1,014		312,505
Darden Restaurants, Inc.		4,663		232,031
International Game Technology		9,205		161,824
Marriott International, Inc., Class A		9,303		330,163
McDonald’s Corp.		34,126		2,877,504
Starbucks Corp.		24,135		953,091
Starwood Hotels & Resorts Worldwide, Inc.		6,332		354,845
Wyndham Worldwide Corp.		6,076		204,457
Wynn Resorts Ltd.		2,444		350,812
Yum! Brands, Inc.		15,149		836,831
				7,140,507
Household Durables—0.3%
D.R. Horton, Inc.		7,975		91,872
Fortune Brands, Inc.		5,116		326,247
Harman International Industries, Inc.		2,000		91,140
Leggett & Platt, Inc.	†	5,276		128,629
Lennar Corp., Class A		5,349		97,084
Newell Rubbermaid, Inc.		9,337		147,338
Pulte Group, Inc.	*†	11,419		87,470
Whirlpool Corp.		2,518		204,764
				1,174,544
Household Products—2.1%
Clorox Co.		4,707		317,440
Colgate-Palmolive Co.	†	16,126		1,409,574
Kimberly-Clark Corp.		12,920		859,955
Procter & Gamble Co. (The)		91,356		5,807,501
				8,394,470
Independent Power Producers & Energy Traders—0.2%
AES Corp. (The)	*	21,242		270,623
Constellation Energy Group, Inc.		6,423		243,817
NRG Energy, Inc.	*	8,174		200,917
				715,357
Industrial Conglomerates—2.4%
3M Co.		23,285		2,208,582
General Electric Co.		347,213		6,548,437
Tyco International Ltd. (Switzerland)		15,500		766,165
				9,523,184

See accompanying notes to financial statements

181

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Insurance—3.7%
ACE Ltd. (Switzerland)		11,000	$	724,020
Aflac, Inc.		15,227		710,796
Allstate Corp. (The)		17,794		543,251
American International Group, Inc.	*†	14,242		417,575
AON Corp.		10,696		548,705
Assurant, Inc.		3,628		131,588
Berkshire Hathaway, Inc., Class B	*	56,574		4,378,262
Chubb Corp.	†	9,973		624,410
Cincinnati Financial Corp.		5,643		164,663
Genworth Financial, Inc., Class A	*	16,334		167,913
Hartford Financial Services Group, Inc.		14,732		388,483
Lincoln National Corp.		10,294		293,276
Loews Corp.		10,425		438,788
Marsh & McLennan Cos., Inc.		17,937		559,455
MetLife, Inc.		34,354		1,507,110
Principal Financial Group, Inc.		10,148		308,702
Progressive Corp. (The)		21,649		462,856
Prudential Financial, Inc.		15,793		1,004,277
Torchmark Corp.		2,839		182,093
Travelers Cos., Inc. (The)		14,178		827,712
Unum Group		10,175		259,259
XL Group plc (Ireland)		10,674		234,614
				14,877,808
Internet & Catalog Retail—1.0%
Amazon.com, Inc.	*	11,641		2,380,468
Expedia, Inc.		6,542		189,653
Netflix, Inc.	*†	1,430		375,647
priceline.com, Inc.	*	1,626		832,398
				3,778,166
Internet Software & Services—1.6%
Akamai Technologies, Inc.	*	5,766		181,456
eBay, Inc.	*	37,608		1,213,610
Google, Inc., Class A	*	8,241		4,173,078
Monster Worldwide, Inc.	*	4,065		59,593
VeriSign, Inc.		5,701		190,755
Yahoo! Inc.	*	43,665		656,722
				6,475,214
IT Services—3.2%
Automatic Data Processing, Inc.		16,299		858,631
Cognizant Technology Solutions Corp., Class A	*	9,934		728,560
Computer Sciences Corp.		5,168		196,177
Fidelity National Information Services, Inc.		8,254		254,141
Fiserv, Inc.	*	4,834		302,753
International Business Machines Corp.		39,729		6,815,510
Mastercard, Inc., Class A		3,137		945,304
Paychex, Inc.	†	10,243		314,665
SAIC, Inc.	*	9,268		155,888
Teradata Corp.	*	5,336		321,227
Total System Services, Inc.		5,490		102,004
Visa, Inc., Class A		15,732		1,325,578
Western Union Co. (The)		21,565		431,947
				12,752,385

		Shares		Value
Leisure Equipment & Products—0.1%
Hasbro, Inc.		4,244	$	186,439
Mattel, Inc.		12,211		335,680
				522,119
Life Sciences Tools & Services—0.5%
Agilent Technologies, Inc.	*	11,545		590,065
Life Technologies Corp.	*	6,099		317,575
PerkinElmer, Inc.		4,019		108,151
Thermo Fisher Scientific, Inc.	*	12,796		823,934
Waters Corp.	*	2,974		284,731
				2,124,456
Machinery—2.4%
Caterpillar, Inc.		21,124		2,248,861
Cummins, Inc.		6,431		665,544
Danaher Corp.		17,842		945,448
Deere & Co.		13,851		1,142,015
Dover Corp.		5,924		401,647
Eaton Corp.		11,110		571,610
Flowserve Corp.		1,878		206,374
Illinois Tool Works, Inc.		16,235		917,115
Ingersoll-Rand plc (Ireland)		10,900		494,969
Joy Global, Inc.		3,366		320,578
PACCAR, Inc.	†	11,811		603,424
Pall Corp.		3,958		222,558
Parker Hannifin Corp.		5,311		476,609
Snap-On, Inc.		1,846		115,338
Stanley Black & Decker, Inc.		5,362		386,332
				9,718,422
Media—3.3%
Cablevision Systems Corp., Class A		7,437		269,294
CBS Corp., Class B		21,597		615,298
Comcast Corp., Class A		91,050		2,307,207
DIRECTV, Class A	*	25,227		1,282,036
Discovery Communications, Inc., Class A	*	9,025		369,664
Gannett Co., Inc.		7,093		101,572
Interpublic Group of Cos., Inc. (The)		16,092		201,150
McGraw-Hill Cos., Inc. (The)		10,038		420,692
News Corp., Class A		74,288		1,314,898
Omnicom Group, Inc.		9,317		448,707
Scripps Networks Interactive, Inc.,
Class A		3,006		146,933
Time Warner Cable, Inc.		11,057		862,888
Time Warner, Inc.		35,775		1,301,137
Viacom, Inc., Class B		19,681		1,003,731
Walt Disney Co. (The)		61,790		2,412,282
Washington Post Co. (The), Class B	†	218		91,331
				13,148,820
Metals & Mining—1.1%
AK Steel Holding Corp.	†	4,204		66,255
Alcoa, Inc.		33,865		537,099
Allegheny Technologies, Inc.		3,302		209,578
Cliffs Natural Resources, Inc.		4,728		437,103
Freeport-McMoRan Copper & Gold, Inc.		30,774		1,627,945
Newmont Mining Corp.		15,946		860,606
Nucor Corp.		10,440		430,337

See accompanying notes to financial statements

182

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Titanium Metals Corp.		2,725	$	49,922
United States Steel Corp.		4,478		206,167
				4,425,012
Multiline Retail—0.7%
Big Lots, Inc.	*	2,659		88,146
Family Dollar Stores, Inc.		4,369		229,635
J.C. Penney Co., Inc.		7,046		243,369
Kohl’s Corp.		9,590		479,596
Macy’s, Inc.		14,108		412,518
Nordstrom, Inc.		5,299		248,735
Sears Holdings Corp.	*†	1,559		111,375
Target Corp.		23,116		1,084,371
				2,897,745
Multi-Utilities—1.3%
Ameren Corp.		8,026		231,470
CenterPoint Energy, Inc.		13,038		252,285
CMS Energy Corp.		7,916		155,866
Consolidated Edison, Inc.	†	9,344		497,475
Dominion Resources, Inc.		18,957		915,054
DTE Energy Co.		5,638		282,013
Integrys Energy Group, Inc.		2,588		134,162
NiSource, Inc.	†	8,838		178,969
PG&E Corp.		12,705		533,991
Public Service Enterprise Group, Inc.		16,379		534,611
SCANA Corp.		3,814		150,157
Sempra Energy		8,205		433,880
TECO Energy, Inc.	†	7,055		133,269
Wisconsin Energy Corp.		7,552		236,755
Xcel Energy, Inc.		15,732		382,288
				5,052,245
Office Electronics—0.1%
Xerox Corp.		45,690		475,633
Oil, Gas & Consumable Fuels—10.2%
Alpha Natural Resources, Inc.	*†	7,415		336,938
Anadarko Petroleum Corp.		16,306		1,251,649
Apache Corp.		12,440		1,534,972
Cabot Oil & Gas Corp.		3,632		240,838
Chesapeake Energy Corp.		21,536		639,404
Chevron Corp.		65,910		6,778,184
ConocoPhillips		46,379		3,487,237
CONSOL Energy, Inc.		7,547		365,879
Denbury Resources, Inc.	*	12,602		252,040
Devon Energy Corp.		14,198		1,118,944
El Paso Corp.		25,157		508,171
EOG Resources, Inc.		8,755		915,335
EQT Corp.		4,564		239,701
Exxon Mobil Corp.		161,580		13,149,380
Hess Corp.		9,907		740,647
Marathon Oil Corp.		23,004		1,211,851
Murphy Oil Corp.		6,084		399,476
Newfield Exploration Co.	*	4,380		297,928
Noble Energy, Inc.		5,791		519,047
Occidental Petroleum Corp.		26,523		2,759,453
Peabody Energy Corp.		8,830		520,175
Pioneer Natural Resources Co.		3,881		347,621
QEP Resources, Inc.		5,856		244,957
Range Resources Corp.		5,342		296,481
Southwestern Energy Co.	*	11,457		491,276

			Shares		Value
Spectra Energy Corp.			21,457	$	588,136
Sunoco, Inc.			3,836		160,000
Tesoro Corp.		*†	4,285		98,169
Valero Energy Corp.			18,867		482,429
Williams Cos., Inc. (The)			19,364		585,761
					40,562,079
Paper & Forest Products—0.2%
International Paper Co.			14,482		431,853
MeadWestvaco Corp.			5,178		172,479
					604,332
Personal Products—0.2%
Avon Products, Inc.			13,632		381,696
Estee Lauder Cos., Inc. (The), Class A			3,737		393,095
					774,791
Pharmaceuticals—5.7%
Abbott Laboratories			50,954		2,681,200
Allergan, Inc.			9,964		829,503
Bristol-Myers Squibb Co.			56,133		1,625,612
Eli Lilly & Co.			33,106		1,242,468
Forest Laboratories, Inc.		*	9,192		361,613
Hospira, Inc.		*	5,541		313,953
Johnson & Johnson			89,745		5,969,837
Merck & Co., Inc.			101,187		3,570,889
Mylan, Inc.		*	14,173		349,648
Pfizer, Inc.			259,228		5,340,097
Watson Pharmaceuticals, Inc.		*	4,062		279,181
					22,564,001
Professional Services—0.1%
Dun & Bradstreet Corp.			1,587		119,882
Equifax, Inc.			4,486		155,754
Robert Half International, Inc.			5,293		143,070
					418,706
	��
Real Estate Investment Trusts (REITs)—1.6%
Apartment Investment & Management Co., Class A REIT			3,454		88,181
AvalonBay Communities, Inc. REIT		†	2,776		356,438
Boston Properties, Inc. REIT		†	4,651		493,750
Equity Residential REIT			9,375		562,500
HCP, Inc. REIT		†	13,264		486,656
Health Care REIT, Inc. REIT		†	5,548		290,882
Host Hotels & Resorts, Inc. REIT			22,178		375,917
Kimco Realty Corp. REIT		†	13,174		245,563
Plum Creek Timber Co., Inc. REIT		†	5,220		211,619
ProLogis, Inc. REIT			13,892		497,889
Public Storage REIT			4,502		513,273
Simon Property Group, Inc. REIT			9,698		1,127,199
Ventas, Inc. REIT			5,257		277,097
Vornado Realty Trust REIT			5,245		488,729
Weyerhaeuser Co. REIT			17,506		382,681
					6,398,374

See accompanying notes to financial statements

183

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Real Estate Management & Development—0.1%
CB Richard Ellis Group, Inc., Class A	*	9,194	$	230,861
Road & Rail—0.9%
CSX Corp.		36,672		961,540
Norfolk Southern Corp.		11,608		869,787
Ryder System, Inc.		1,762		100,170
Union Pacific Corp.		16,237		1,695,143
				3,626,640
Semiconductors & Semiconductor Equipment—2.4%
Advanced Micro Devices, Inc.	*†	17,355		121,312
Altera Corp.		10,550		488,993
Analog Devices, Inc.		9,959		389,795
Applied Materials, Inc.		44,415		577,839
Broadcom Corp., Class A	*	15,511		521,790
First Solar, Inc.	*†	1,746		230,943
Intel Corp.		174,205		3,860,383
KLA-Tencor Corp.		5,322		215,435
Linear Technology Corp.		7,535		248,806
LSI Corp.	*	19,354		137,801
MEMC Electronic Materials, Inc.	*†	7,971		67,993
Microchip Technology, Inc.	†	5,876		222,759
Micron Technology, Inc.	*	28,456		212,851
National Semiconductor Corp.		7,438		183,049
Novellus Systems, Inc.	*†	3,117		112,648
NVIDIA Corp.	*	19,212		306,143
Teradyne, Inc.	*†	6,358		94,098
Texas Instruments, Inc.		38,329		1,258,341
Xilinx, Inc.		8,358		304,816
				9,555,795
Software—3.7%
Adobe Systems, Inc.	*	16,632		523,076
Autodesk, Inc.	*	7,352		283,787
BMC Software, Inc.	*	5,758		314,963
CA, Inc.		12,683		289,680
Citrix Systems, Inc.	*	5,998		479,840
Compuware Corp.	*	7,422		72,439
Electronic Arts, Inc.	*	10,885		256,886
Intuit, Inc.	*	9,271		480,794
Microsoft Corp.		243,296		6,325,696
Oracle Corp.		127,756		4,204,450
Red Hat, Inc.	*	6,356		291,740
Salesforce.com, Inc.	*	3,945		587,726
Symantec Corp.	*	26,008		512,878
				14,623,955
Specialty Retail—1.8%
Abercrombie & Fitch Co., Class A		2,804		187,644
AutoNation, Inc.	*†	2,557		93,612
AutoZone, Inc.	*	892		263,006
Bed Bath & Beyond, Inc.	*	8,349		487,331

				Shares		Value
Best Buy Co., Inc.				10,804	$	339,354
CarMax, Inc.		*		7,221		238,798
GameStop Corp., Class A		*†		4,873		129,963
Gap, Inc. (The)		†		12,917		233,798
Home Depot, Inc.				52,290		1,893,944
Limited Brands, Inc.				8,319		319,865
Lowe’s Cos., Inc.				42,841		998,624
O’Reilly Automotive, Inc.		*†		4,639		303,901
Ross Stores, Inc.				4,115		329,694
Staples, Inc.				24,150		381,570
Tiffany & Co.				4,254		334,024
TJX Cos., Inc.				13,083		687,250
Urban Outfitters, Inc.		*†		4,083		114,936
						7,337,314
Textiles, Apparel & Luxury Goods—0.6%
Coach, Inc.				9,719		621,335
NIKE, Inc., Class B				12,609		1,134,558
Polo Ralph Lauren Corp.				2,129		282,327
V.F. Corp.		†		2,834		307,659
						2,345,879
Thrifts & Mortgage Finance—0.1%
Hudson City Bancorp, Inc.				15,948		130,614
People’s United Financial, Inc.				12,543		168,578
						299,192
Tobacco—1.7%
Altria Group, Inc.				67,986		1,795,510
Lorillard, Inc.				4,916		535,205
Philip Morris International, Inc.				58,345		3,895,696
Reynolds American, Inc.				10,768		398,954
						6,625,365
Trading Companies & Distributors—0.2%
Fastenal Co.		†		9,572		344,496
W.W. Grainger, Inc.		†		1,952		299,925
						644,421
Wireless Telecommunication Services—0.3%
American Tower Corp., Class A		*		13,071		684,006
MetroPCS Communications, Inc.		*		8,843		152,188
Sprint Nextel Corp.		*		98,731		532,160
						1,368,354
TOTAL COMMON STOCKS
(Cost $258,928,900)						394,126,326
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.040%	09/22/2011
(Cost $319,967)		‡‡	$	320,000		319,989

See accompanying notes to financial statements

184

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
MONEY MARKET FUNDS—4.3%
Institutional Money Market Funds—4.3%
Dreyfus Institutional Cash
Advantage Fund, 0.15%	††µ	2,500,000	$	2,500,000
Fidelity Institutional Money Market:
Money Market Portfolio—Institutional Class, 0.17%	µ	3,194,403		3,194,403
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	††µ	1,407,872		1,407,872
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.13%	††µ	2,500,000		2,500,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.00%	††µ	2,500,000		2,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††µ	2,500,000		2,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.10%	††µ	2,500,000		2,500,000
TOTAL MONEY MARKET FUNDS
(Cost $17,102,275)				17,102,275
TOTAL INVESTMENTS—103.5%
(Cost $276,351,142)				411,548,590
Other assets less liabilities—(3.5%)				(13,729,021	)
NET ASSETS—100.0%			$	397,819,569

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 and/or options contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.
µ	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

185

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—99.3%
Aerospace & Defense—2.3%
AAR Corp.		1,489	$	40,337
Alliant Techsystems, Inc.		1,550		110,561
American Science & Engineering, Inc.		435		34,800
BE Aerospace, Inc.	*†	2,393		97,658
Boeing Co. (The)		24,231		1,791,398
Ceradyne, Inc.	*	1,867		72,794
Cubic Corp.	†	476		24,271
Curtiss-Wright Corp.		2,112		68,365
Esterline Technologies Corp.	*	1,049		80,144
GenCorp, Inc.	*†	1,629		10,458
General Dynamics Corp.		12,337		919,353
Goodrich Corp.		4,882		466,231
HEICO Corp., Class A		1,371		54,511
Hexcel Corp.	*	4,757		104,131
Honeywell International, Inc.		26,085		1,554,405
Huntington Ingalls Industries, Inc.	*†	1,577		54,406
ITT Corp.		4,977		293,295
Kratos Defense & Security Solutions, Inc.	*†	239		2,906
L-3 Communications Holdings, Inc.		3,737		326,801
Lockheed Martin Corp.		9,671		783,061
Moog, Inc., Class A	*†	1,446		62,930
National Presto Industries, Inc.	†	535		54,297
Northrop Grumman Corp.		7,805		541,277
Orbital Sciences Corp.	*	2,123		35,773
Precision Castparts Corp.		5,136		845,642
Raytheon Co.		12,223		609,317
Rockwell Collins, Inc.		6,041		372,669
Spirit Aerosystems Holdings, Inc., Class A	*	2,103		46,266
Taser International, Inc.	*†	2,292		10,429
Teledyne Technologies, Inc.	*†	1,228		61,842
Textron, Inc.		8,214		193,933
Triumph Group, Inc.		822		81,855
United Technologies Corp.		30,087		2,663,000
				12,469,116
Air Freight & Logistics—0.8%
Air T, Inc.		1,352		12,127
Atlas Air Worldwide Holdings, Inc.	*	600		35,706
C.H. Robinson Worldwide, Inc.		6,357		501,186
Expeditors International of Washington, Inc.		8,772		449,039
FedEx Corp.		9,135		866,455
Forward Air Corp.	†	1,431		48,353
HUB Group, Inc., Class A	*	2,400		90,384
Pacer International, Inc.	*†	1,664		7,854
United Parcel Service, Inc., Class B		26,935		1,964,370
UTi Worldwide, Inc. (Virgin Islands, British)		2,208		43,475
				4,018,949
Airlines—0.2%
Alaska Air Group, Inc.	*†	1,343		91,942
AMR Corp.	*	6,672		36,029
Delta Air Lines, Inc.	*	25,505		233,881
JetBlue Airways Corp.	*†	6,414		39,125

		Shares		Value
Skywest, Inc.	†	2,390	$	35,993
Southwest Airlines Co.		18,586		212,252
United Continental Holdings, Inc.	*†	12,259		277,421
US Airways Group, Inc.	*†	8,660		77,161
				1,003,804
Auto Components—0.4%
American Axle & Manufacturing Holdings, Inc.	*†	2,113		24,046
Amerigon, Inc.	*†	2,107		36,620
BorgWarner, Inc.	*†	4,109		331,966
Cooper Tire & Rubber Co.		3,066		60,676
Dana Holding Corp.	*	9,980		182,634
Fuel Systems Solutions, Inc.	*	769		19,187
Gentex Corp.		6,594		199,337
Goodyear Tire & Rubber Co. (The)	*	7,281		122,102
Johnson Controls, Inc.		21,627		900,981
Modine Manufacturing Co.	*†	1,208		18,567
Quantum Fuel Systems Technologies Worldwide, Inc.	*†	141		489
Shiloh Industries, Inc.		1,441		15,534
Strattec Security Corp.		123		2,581
Superior Industries International, Inc.		1,102		24,365
Tenneco, Inc.	*	1,600		70,512
TRW Automotive Holdings Corp.	*	3,548		209,438
				2,219,035
Automobiles—0.5%
Ford Motor Co.	*	132,145		1,822,280
General Motors Co.	*	19,026		577,629
Harley-Davidson, Inc.		5,597		229,309
Thor Industries, Inc.		1,221		35,214
Winnebago Industries, Inc.	*†	1,432		13,833
				2,678,265
Beverages—2.1%
Brown-Forman Corp., Class B		3,385		252,826
Central European Distribution Corp. (Poland)	*	652		7,302
Coca-Cola Bottling Co. Consolidated	†	437		29,567
Coca-Cola Co. (The)		81,245		5,466,976
Coca-Cola Enterprises, Inc.		13,572		396,031
Constellation Brands, Inc., Class A	*	8,096		168,559
Dr. Pepper Snapple Group, Inc.	†	7,323		307,053
Hansen Natural Corp.	*	2,680		216,946
Molson Coors Brewing Co., Class B		3,486		155,964
PepsiCo, Inc.		61,612		4,339,333
				11,340,557
Biotechnology—1.6%
Aastrom Biosciences, Inc.	*†	411		1,130
Acorda Therapeutics, Inc.	*	674		21,777
Agenus, Inc.	*†	1,707		1,332
Alexion Pharmaceuticals, Inc.	*†	4,700		221,041
Alkermes, Inc.	*	3,579		66,569
Allos Therapeutics, Inc.	*	3,978		8,513
Alnylam Pharmaceuticals, Inc.	*	2,390		22,394

See accompanying notes to financial statements

186

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
AMAG Pharmaceuticals, Inc.	*	834	$	15,679
Amgen, Inc.	*	35,581		2,076,151
Amylin Pharmaceuticals, Inc.	*	4,036		53,921
Anadys Pharmaceuticals, Inc.	*	3,242		3,274
ARCA Biopharma, Inc.	*†	57		92
Arena Pharmaceuticals, Inc.	*†	1,439		1,957
Ariad Pharmaceuticals, Inc.	*†	15,703		177,915
Arqule, Inc.	*†	864		5,400
Array Biopharma, Inc.	*	4,333		9,706
AVI BioPharma, Inc.	*†	2,400		3,432
Avigen, Inc. (Escrow Shares)	*‡d	1,009		—
Biogen Idec, Inc.	*	6,544		699,685
BioMarin Pharmaceutical, Inc.	*	3,587		97,602
Biosante Pharmaceuticals, Inc.	*†	300		825
Capstone Therapeutics Corp.	*	1,516		381
Celgene Corp.	*	19,373		1,168,579
Cell Therapeutics, Inc.	*†	15,172		23,896
Celldex Therapeutics, Inc.	*	429		1,523
Cephalon, Inc.	*	2,647		211,495
Cepheid, Inc.	*†	4,930		170,775
Codexis, Inc.	*	230		2,215
Cubist Pharmaceuticals, Inc.	*†	1,762		63,414
CytRx Corp.	*	4,200		3,024
Dendreon Corp.	*	4,737		186,827
Discovery Laboratories, Inc.	*†	171		385
Emergent Biosolutions, Inc.	*†	1,319		29,743
Entremed, Inc.	*	126		285
Enzon Pharmaceuticals, Inc.	*†	1,765		17,738
EPIX Pharmaceuticals, Inc.	*	640		2
Exact Sciences Corp.	*	1,250		10,750
Exelixis, Inc.	*	2,695		24,147
Genomic Health, Inc.	*†	1,284		35,836
Geron Corp.	*†	4,719		18,923
Gilead Sciences, Inc.	*	29,798		1,233,935
GTx, Inc.	*†	200		958
Halozyme Therapeutics, Inc.	*	6,362		43,961
Hemispherx Biopharma, Inc.	*†	920		368
Human Genome Sciences, Inc.	*†	5,938		145,719
Immunogen, Inc.	*†	1,323		16,127
Immunomedics, Inc.	*†	2,141		8,714
Incyte Corp. Ltd.	*†	3,102		58,752
InterMune, Inc.	*	1,586		56,858
Isis Pharmaceuticals, Inc.	*	2,216		20,299
Keryx Biopharmaceuticals, Inc.	*†	5,221		24,695
Lexicon Pharmaceuticals, Inc.	*	2,343		4,124
Ligand Pharmaceuticals, Inc., Class B	*	815		9,739
MannKind Corp.	*†	4,492		17,070
Marina Biotech, Inc.	*†	375		73
Maxygen, Inc.		1,231		6,734
MediciNova, Inc.	*†	91		245
Medivation, Inc.	*	1,731		37,095
Momenta Pharmaceuticals, Inc.	*†	2,618		50,946
Myrexis, Inc.	*	1,031		3,691
Myriad Genetics, Inc.	*	4,124		93,656
Nabi Biopharmaceuticals	*	1,995		10,733
Neurocrine Biosciences, Inc.	*	1,479		11,906
Novavax, Inc.	*†	1,550		3,131
NPS Pharmaceuticals, Inc.	*	1,660		15,687
Onyx Pharmaceuticals, Inc.	*	1,361		48,043
Osiris Therapeutics, Inc.	*†	1,402		10,852
PDL BioPharma, Inc.	†	3,841		22,547

		Shares		Value
Peregrine Pharmaceuticals, Inc.	*†	1,823	$	3,391
Pharmasset, Inc.	*	1,946		218,341
Poniard Pharmaceuticals, Inc.	*	396		93
Progenics Pharmaceuticals, Inc.	*†	793		5,694
Regeneron Pharmaceuticals, Inc.	*	2,632		149,261
Rigel Pharmaceuticals, Inc.	*	1,882		17,258
RXi Pharmaceuticals Corp.	*†	209		205
Savient Pharmaceuticals, Inc.	*	1,538		11,520
Sciclone Pharmaceuticals, Inc.	*†	1,700		10,268
SIGA Technologies, Inc.	*†	4,649		45,281
SuperGen, Inc.	*	1,338		3,987
Telik, Inc.	*	1,748		1,363
Theravance, Inc.	*†	3,224		71,605
Trimeris, Inc.	*	1,214		2,999
United Therapeutics Corp.	*†	1,828		100,723
Vanda Pharmaceuticals, Inc.	*	2,680		19,135
Vertex Pharmaceuticals, Inc.	*	5,197		270,192
XOMA Ltd.	*†	331		778
				8,347,085
Building Products—0.1%
A.O. Smith Corp.		2,012		85,108
American Woodmark Corp.	†	800		13,856
Ameron International Corp.		542		35,598
Apogee Enterprises, Inc.		1,250		16,012
Gibraltar Industries, Inc.	*†	1,188		13,448
Griffon Corp.	*	1,288		12,983
Lennox International, Inc.	†	2,437		104,962
Masco Corp.	†	9,464		113,852
NCI Building Systems, Inc.	*†	246		2,802
Owens Corning, Inc.	*	1,100		41,085
Quanex Building Products Corp.		1,671		27,388
Simpson Manufacturing Co., Inc.		2,084		62,249
Trex Co., Inc.	*†	731		17,895
U.S. Home Systems, Inc.		1,291		6,481
Universal Forest Products, Inc.	†	1,121		26,859
USG Corp.	*†	3,348		48,010
				628,588
Capital Markets—2.3%
Affiliated Managers Group, Inc.	*	1,354		137,363
Ameriprise Financial, Inc.		9,235		532,675
Arlington Asset Investment Corp., Class A	†	304		9,542
Bank of New York Mellon Corp. (The)		46,996		1,204,037
BGC Partners, Inc., Class A	†	7,270		56,197
BlackRock, Inc.		3,912		750,361
Calamos Asset Management, Inc., Class A	†	1,800		26,136
Charles Schwab Corp. (The)		37,877		623,077
CIFC Deerfield Corp.	*	342		2,343
Cowen Group, Inc., Class A	*	2,583		9,711
Diamond Hill Investment Group, Inc.	†	331		26,907
E*Trade Financial Corp.	*	13,474		185,941
Eaton Vance Corp.		5,282		159,675
Federated Investors, Inc., Class B	†	3,745		89,281
Franklin Resources, Inc.		6,281		824,632
GAMCO Investors, Inc., Class A	†	558		25,830
GFI Group, Inc.		2,520		11,567
Goldman Sachs Group, Inc. (The)		19,417		2,584,208
Greenhill & Co., Inc.	†	495		26,641
Institutional Financial Markets, Inc.		421		1,419

See accompanying notes to financial statements

187

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Intl. FCStone, Inc.	*†	507	$	12,274
Invesco Ltd.		16,610		388,674
Investment Technology Group, Inc.	*†	2,078		29,134
Janus Capital Group, Inc.		6,411		60,520
Jefferies Group, Inc.	†	4,678		95,431
KBW, Inc.	†	1,604		29,995
Knight Capital Group, Inc., Class A	*	4,630		51,023
Legg Mason, Inc.		5,850		191,646
Medallion Financial Corp.		958		9,340
MF Global Holdings Ltd.	*†	2,928		22,663
Morgan Stanley		49,782		1,145,484
Northern Trust Corp.		8,495		390,430
optionsXpress Holdings, Inc.		1,914		31,925
Piper Jaffray Cos.	*	963		27,744
Raymond James Financial, Inc.		3,472		111,625
Safeguard Scientifics, Inc.	*	678		12,801
SEI Investments Co.		5,918		133,214
State Street Corp.		19,892		896,930
Stifel Financial Corp.	*†	2,381		85,383
SWS Group, Inc.		1,323		7,925
T. Rowe Price Group, Inc.		11,032		665,671
TD Ameritrade Holding Corp.		8,355		163,006
Virtus Investment Partners, Inc.	*	210		12,747
Waddell & Reed Financial, Inc., Class A		3,971		144,346
Westwood Holdings Group, Inc.	†	1,027		39,129
				12,046,603
Chemicals—2.4%
A. Schulman, Inc.		1,444		36,374
Air Products & Chemicals, Inc.		6,756		645,738
Airgas, Inc.		3,075		215,373
Albemarle Corp.		3,712		256,870
Ampal-American Israel Corp., Class A	*	1,391		1,308
Arch Chemicals, Inc.		1,211		41,707
Ashland, Inc.		1,520		98,222
Cabot Corp.		2,693		107,370
Calgon Carbon Corp.	*†	3,184		54,128
Celanese Corp., Class A		2,979		158,811
CF Industries Holdings, Inc.		2,571		364,234
Cytec Industries, Inc.		1,644		94,020
Dow Chemical Co. (The)		41,287		1,486,332
E.I. Du Pont de Nemours & Co.		36,166		1,954,772
Eastman Chemical Co.		2,183		222,819
Ecolab, Inc.		8,286		467,165
Ferro Corp.	*	1,818		24,434
FMC Corp.		3,336		286,963
Georgia Gulf Corp.	*	50		1,207
H.B. Fuller Co.		2,570		62,759
Huntsman Corp.		5,470		103,110
International Flavors & Fragrances, Inc.		3,885		249,572
Intrepid Potash, Inc.	*†	1,172		38,090
Koppers Holdings, Inc.		1,582		60,005
Kronos Worldwide, Inc.		2,262		71,140
Landec Corp.	*	986		6,508
LSB Industries, Inc.	*†	1,411		60,560
Lubrizol Corp.		1,819		244,237
Minerals Technologies, Inc.		868		57,540

		Shares		Value
Monsanto Co.		21,746	$	1,577,455
Mosaic Co. (The)		6,742		456,636
Nalco Holding Co.		3,074		85,488
NewMarket Corp.	†	378		64,528
NL Industries, Inc.		2,111		38,758
Olin Corp.		2,796		63,357
OM Group, Inc.	*	1,147		46,614
Omnova Solutions, Inc.	*	6,478		45,087
Penford Corp.	*	785		4,161
PolyOne Corp.	†	2,862		44,275
PPG Industries, Inc.		5,657		513,599
Praxair, Inc.		10,790		1,169,528
Quaker Chemical Corp.		483		20,774
RPM International, Inc.		4,832		111,233
Scotts Miracle-Gro Co. (The), Class A	†	1,662		85,277
Sensient Technologies Corp.		2,027		75,141
Sherwin-Williams Co. (The)		2,340		196,256
Sigma-Aldrich Corp.		3,395		249,125
Spartech Corp.	*	1,451		8,837
Stepan Co.	†	556		39,420
Valhi, Inc.	†	511		25,381
Valspar Corp.		2,240		80,774
W.R. Grace & Co.	*	4,200		191,646
Zep, Inc.	†	936		17,690
				12,682,408
Commercial Banks—2.9%
1st Source Corp.		1,180		24,473
Associated Banc-Corp		5,110		71,029
BancFirst Corp.		642		24,781
BancorpSouth, Inc.		3,611		44,813
BancTrust Financial Group, Inc.	*†	1,600		4,112
Bank of Hawaii Corp.	†	1,898		88,295
BB&T Corp.		24,485		657,177
BOK Financial Corp.		1,765		96,669
Boston Private Financial Holdings, Inc.	†	1,297		8,534
Bryn Mawr Bank Corp.		1,058		21,425
Capital Bank Corp.	*†	1,779		6,209
Capital City Bank Group, Inc.	†	1,113		11,419
CapitalSource, Inc.		19,650		126,743
Cardinal Financial Corp.	†	1,142		12,505
Cascade Bancorp	*†	219		2,212
Cascade Financial Corp.	*	1,063		477
Cathay General Bancorp	†	2,082		34,124
Catskill Litigation Trust	*‡d	582		—
Central Pacific Financial Corp.	*†	103		1,442
Chemical Financial Corp.	†	1,552		29,116
CIT Group, Inc.	*	6,132		271,402
Citizens Republic Bancorp, Inc.	*	67,597		46,649
City Holding Co.		250		8,258
City National Corp./California		1,548		83,979
CoBiz Financial, Inc.	†	1,063		6,952
Comerica, Inc.		7,729		267,192
Commerce Bancshares, Inc./Missouri		2,594		111,542
Community Bank System, Inc.	†	1,402		34,756
Community Trust Bancorp, Inc.	†	665		18,434
Cullen/Frost Bankers, Inc.		2,502		142,239
CVB Financial Corp.	†	4,084		37,777
East West Bancorp, Inc.		7,969		161,053
Eastern Virginia Bankshares, Inc.		6,402		21,447
Fidelity Southern Corp.	*	1,455		9,952

See accompanying notes to financial statements

188

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Fifth Third Bancorp		34,539	$	440,372
Financial Institutions, Inc.	†	749		12,299
First BanCorp. (Puerto Rico)	*†	215		927
First Bancorp/North Carolina	†	643		6,584
First Busey Corp.		2,407		12,733
First Citizens BancShares, Inc./North Carolina, Class A		254		47,554
First Commonwealth Financial Corp.		2,619		15,033
First Financial Bancorp	†	1,895		31,628
First Financial Bankshares, Inc.	†	500		17,225
First Horizon National Corp.		8,735		83,332
First Merchants Corp.	†	874		7,814
First Midwest Bancorp, Inc./Illinois		2,002		24,605
First of Long Island Corp. (The)		986		27,500
FirstMerit Corp.		3,950		65,214
FNB Corp./Pennsylvania	†	3,344		34,610
Fulton Financial Corp.	†	6,533		69,968
Glacier Bancorp, Inc.	†	1,771		23,873
Guaranty Bancorp	*	5,300		7,102
Hancock Holding Co.		2,032		62,951
Hanmi Financial Corp.	*	7,200		7,704
Heritage Financial Corp./Washington		332		4,293
Home Bancshares, Inc./Arkansas		1,170		27,659
Huntington Bancshares, Inc./Ohio		26,837		176,051
IBERIABANK Corp.	†	966		55,680
Independent Bank Corp./Massachusetts	†	874		22,943
Independent Bank Corp./Michigan	*†	208		422
Integra Bank Corp.	*†	848		42
International Bancshares Corp.	†	3,248		54,339
KeyCorp		27,431		228,500
M&T Bank Corp.	†	3,469		305,099
Marshall & Ilsley Corp.		26,233		209,077
MB Financial, Inc.		931		17,912
Merchants Bancshares, Inc.		571		13,972
Midsouth Bancorp, Inc.		522		7,115
MidWestOne Financial Group, Inc.		552		7,976
National Penn Bancshares, Inc.		2,758		21,871
NBT Bancorp, Inc.	†	1,000		22,130
Northern States Financial Corp.	*†	772		861
Old National Bancorp/Indiana		3,552		38,362
Pacific Capital Bancorp NA	*†	281		8,933
Pacific Premier Bancorp, Inc.	*	976		6,246
PacWest Bancorp	†	894		18,390
Park National Corp.	†	728		47,946
Peoples Bancorp, Inc./Ohio	†	814		9,174
Peoples Financial Corp./Mississippi		883		12,141
Pinnacle Financial Partners, Inc.	*†	1,818		28,288
PNC Financial Services Group, Inc.		20,071		1,196,432
Popular, Inc. (Puerto Rico)	*	53,808		148,510
PrivateBancorp, Inc.	†	1,200		16,560
Prosperity Bancshares, Inc.	†	2,300		100,786
Regions Financial Corp.		41,501		257,306
Republic Bancorp, Inc./Kentucky, Class A	†	1,603		31,900
Royal Bancshares of Pennsylvania, Inc., Class A	*†	882		1,367
S&T Bancorp, Inc.	†	955		17,753
Sandy Spring Bancorp, Inc.		344		6,189
Shore Bancshares, Inc.		826		5,741

		Shares		Value
Signature Bank/New York	*	1,900	$	108,680
Simmons First National Corp., Class A	†	911		23,376
Sterling Bancorp/New York	†	1,476		14,007
Sterling Bancshares, Inc./Texas		2,422		19,764
Sterling Financial Corp./Washington	*	38		613
Suffolk Bancorp		1,100		15,356
SunTrust Banks, Inc.		19,144		493,915
Susquehanna Bancshares, Inc.	†	2,932		23,456
SVB Financial Group	*	1,437		85,803
Synovus Financial Corp.	†	41,667		86,667
TCF Financial Corp.	†	6,104		84,235
Texas Capital Bancshares, Inc.	*†	2,821		72,866
Tompkins Financial Corp.	†	730		28,645
TowneBank/Virginia	†	1,406		18,812
Trustmark Corp.	†	2,435		57,003
U.S. Bancorp		76,378		1,948,403
UMB Financial Corp.	†	1,211		50,717
Umpqua Holdings Corp.		1,151		13,317
United Bankshares, Inc.	†	2,134		52,240
United Community Banks,
Inc./Georgia	*†	454		4,798
Valley National Bancorp	†	6,571		89,431
Washington Trust Bancorp, Inc.		500		11,485
Webster Financial Corp.		2,393		50,301
Wells Fargo & Co.		188,400		5,286,504
WesBanco, Inc.	†	1,699		33,402
Westamerica Bancorporation		1,628		80,179
Western Alliance Bancorp	*	1,400		9,940
Wintrust Financial Corp.		1,017		32,727
Zions Bancorporation		5,053		121,323
				15,532,146
Commercial Services & Supplies—0.7%
ABM Industries, Inc.		2,291		53,472
ACCO Brands Corp.	*†	1,319		10,354
APAC Customer Services, Inc.	*†	1,972		10,511
Avery Dennison Corp.		3,924		151,584
Brink’s Co. (The)		2,084		62,166
Cenveo, Inc.	*†	4,741		30,342
Cintas Corp.		2,017		66,621
Clean Harbors, Inc.	*	1,207		124,623
Consolidated Graphics, Inc.	*†	776		42,641
Copart, Inc.	*	3,582		166,921
Corrections Corp. of America	*	5,700		123,405
Courier Corp.	†	424		4,685
Covanta Holding Corp.		4,185		69,011
Deluxe Corp.	†	2,098		51,842
EnergySolutions, Inc.		4,049		20,002
Ennis, Inc.		695		12,093
G&K Services, Inc., Class A	†	1,008		34,131
Geo Group, Inc. (The)	*	2,456		56,562
Healthcare Services Group, Inc.	†	5,603		91,049
Herman Miller, Inc.		3,155		85,879
HNI Corp.	†	2,512		63,101
Interface, Inc., Class A	†	3,357		65,025
Iron Mountain, Inc.		7,146		243,607
Kimball International, Inc., Class B	†	1,500		9,645
Knoll, Inc.	†	2,701		54,209
M&F Worldwide Corp.	*	780		20,155
McGrath Rentcorp	†	916		25,721
Mine Safety Appliances Co.	†	1,444		53,919

See accompanying notes to financial statements

189

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Mobile Mini, Inc.	*†	2,000	$	42,380
Perma-Fix Environmental Services, Inc.	*	5,502		7,648
Pitney Bowes, Inc.	†	1,828		42,026
R.R. Donnelley & Sons Co.	†	8,887		174,274
Republic Services, Inc.		14,202		438,132
Rollins, Inc.		1,486		30,285
Standard Register Co. (The)		1,650		5,197
Steelcase, Inc., Class A		1,992		22,689
Stericycle, Inc.	*	3,138		279,659
Sykes Enterprises, Inc.	*	1,423		30,637
Tetra Tech, Inc.	*	2,114		47,565
TRC Cos., Inc.	*	327		2,044
United Stationers, Inc.	†	2,556		90,559
Viad Corp.	†	937		20,886
Virco Mfg. Corp.		799		2,237
Waste Connections, Inc.	†	3,543		112,419
Waste Management, Inc.		11,664		434,717
				3,586,630
Communications Equipment—2.0%
ADTRAN, Inc.		3,197		123,756
Alliance Fiber Optic Products, Inc.	*†	963		8,147
AltiGen Communications, Inc.	*	4,109		3,431
Anaren, Inc.	*	813		17,276
Arris Group, Inc.	*	3,613		41,947
Aviat Networks, Inc.	*	2,182		8,597
Black Box Corp.		865		27,049
Blonder Tongue Laboratories, Inc.	*	2,285		3,770
Blue Coat Systems, Inc.	*	1,072		23,434
Brocade Communications Systems, Inc.	*	14,008		90,492
Ciena Corp.	*	5,950		109,361
Cisco Systems, Inc.		212,768		3,321,308
Comtech Telecommunications Corp.	†	1,350		37,854
Digi International, Inc.	*†	1,976		25,688
Ditech Networks, Inc.	*	1,360		1,605
EchoStar Corp., Class A	*	1,877		68,379
Emcore Corp.	*†	1,219		3,340
EMS Technologies, Inc.	*	960		31,651
Emulex Corp.	*	3,408		29,309
Extreme Networks, Inc.	*†	4,491		14,551
F5 Networks, Inc.	*	2,664		293,706
Finisar Corp.	*	856		15,434
Harmonic, Inc.	*†	2,820		20,389
Harris Corp.		3,891		175,328
Infinera Corp.	*†	4,191		28,960
InterDigital, Inc.	†	2,803		114,503
Ixia	*†	2,330		29,824
JDS Uniphase Corp.	*	7,444		124,017
Juniper Networks, Inc.	*	17,553		552,920
KVH Industries, Inc.	*†	375		3,986
Motorola Mobility Holdings, Inc.	*	10,553		232,588
Motorola Solutions, Inc.	*	12,061		555,288
NETGEAR, Inc.	*	1,206		52,726
Network Engines, Inc.	*	1,329		1,462
Numerex Corp., Class A	*	1,800		17,514
Oclaro, Inc.	*†	363		2,439
Oplink Communications, Inc.	*	758		14,122
Optical Cable Corp.		240		972
Parkervision, Inc.	*†	1,052		600

		Shares		Value
Performance Technologies, Inc.	*	793	$	1,578
Plantronics, Inc.		1,826		66,704
Polycom, Inc.	*	4,177		268,581
Powerwave Technologies, Inc.	*	2,434		7,180
QUALCOMM, Inc.		64,405		3,657,560
Riverbed Technology, Inc.	*	3,698		146,404
SeaChange International, Inc.	*	958		10,327
Sonus Networks, Inc.	*	10,700		34,668
Sycamore Networks, Inc.	†	991		22,040
Tekelec	*†	2,569		23,455
Tellabs, Inc.		19,143		88,249
UTStarcom Holdings Corp. (China)	*	4,555		7,106
Viasat, Inc.	*	1,190		51,491
Westell Technologies, Inc., Class A	*	1,821		6,501
Zoom Technologies, Inc. (China)	*†	542		1,333
				10,620,900
Computers & Peripherals—3.6%
ADPT Corp.	*	3,850		11,665
Apple, Inc.	*	33,474		11,236,218
Avid Technology, Inc.	*†	1,448		27,280
Concurrent Computer Corp.	*	190		1,189
Cray, Inc.	*	714		4,570
Dataram Corp.	*†	1,175		1,774
Dell, Inc.	*	58,645		977,612
Diebold, Inc.	†	3,079		95,480
Dot Hill Systems Corp.	*	1,396		3,965
Electronics for Imaging, Inc.	*	2,638		45,426
EMC Corp.	*	74,289		2,046,662
Hewlett-Packard Co.		79,079		2,878,476
Hutchinson Technology, Inc.	*†	1,149		2,608
Hypercom Corp.	*	1,992		19,581
iGO, Inc.	*	674		1,099
Imation Corp.	*†	1,564		14,764
Intermec, Inc.	*	2,374		26,209
Lexmark International, Inc., Class A	*	1,492		43,656
NCR Corp.	*	7,848		148,249
NetApp, Inc.	*	11,382		600,742
Novatel Wireless, Inc.	*	1,358		7,442
Overland Storage, Inc.	*†	160		445
Presstek, Inc.	*†	945		1,540
QLogic Corp.	*	3,731		59,397
Quantum Corp.	*	6,681		22,047
SanDisk Corp.	*	8,969		372,213
Silicon Graphics International Corp.	*†	1,843		31,700
STEC, Inc.	*†	1,255		21,348
Stratasys, Inc.	*†	1,782		60,053
Synaptics, Inc.	*†	1,586		40,824
TransAct Technologies, Inc.	*	888		10,390
Western Digital Corp.	*	8,356		303,991
				19,118,615
Construction & Engineering—0.3%
Aecom Technology Corp.	*	3,236		88,472
Comfort Systems USA, Inc.	†	2,179		23,119
Dycom Industries, Inc.	*	2,076		33,922
EMCOR Group, Inc.	*†	2,908		85,234
Fluor Corp.		4,946		319,809
Furmanite Corp.	*†	1,100		8,734
Granite Construction, Inc.		1,889		46,337

See accompanying notes to financial statements

190

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Insituform Technologies, Inc., Class A	*	1,223	$	25,646
Jacobs Engineering Group, Inc.	*	4,968		214,866
KBR, Inc.		6,464		243,628
Layne Christensen Co.	*†	510		15,474
MasTec, Inc.	*	2,049		40,406
Quanta Services, Inc.	*	8,861		178,992
Shaw Group, Inc. (The)	*†	2,182		65,918
Tutor Perini Corp.		960		18,413
URS Corp.	*	2,934		131,267
				1,540,237
Construction Materials—0.1%
Eagle Materials, Inc.	†	2,083		58,053
Headwaters, Inc.	*	2,095		6,557
Martin Marietta Materials, Inc.		494		39,505
Texas Industries, Inc.	†	1,116		46,459
Vulcan Materials Co.	†	3,605		138,901
				289,475
Consumer Finance—0.7%
Advance America Cash Advance
Centers, Inc.		21,480		147,997
American Express Co.		39,008		2,016,714
Capital One Financial Corp.		16,201		837,106
Cash America International, Inc.	†	685		39,641
CompuCredit Holdings Corp.	*†	38		88
Discover Financial Services		18,027		482,222
Ezcorp, Inc., Class A	*	2,031		72,253
First Marblehead Corp. (The)	*†	2,764		4,892
Nelnet, Inc., Class A		481		10,611
SLM Corp.		20,100		337,881
World Acceptance Corp.	*	639		41,899
				3,991,304
Containers & Packaging—0.3%
AEP Industries, Inc.	*	372		10,859
AptarGroup, Inc.		3,130		163,824
Ball Corp.		6,557		252,182
Bemis Co., Inc.		1,316		44,454
Crown Holdings, Inc.	*	3,283		127,446
Greif, Inc., Class A		852		55,406
Myers Industries, Inc.		1,716		17,640
Owens-Illinois, Inc.	*	6,064		156,512
Packaging Corp. of America		4,339		121,449
Rock-Tenn Co., Class A		1,450		96,193
Sealed Air Corp.		2,704		64,328
Silgan Holdings, Inc.		908		37,201
Sonoco Products Co.		3,353		119,166
Temple-Inland, Inc.		4,506		134,008
				1,400,668
Distributors—0.1%
Audiovox Corp., Class A	*†	1,218		9,208
Genuine Parts Co.		3,417		185,885
LKQ Corp.	*	7,000		182,630
Pool Corp.		2,434		72,557
				450,280
Diversified Consumer Services—0.3%
American Public Education, Inc.	*†	698		31,068
Apollo Group, Inc., Class A	*	5,209		227,529

		Shares		Value
Ascent Media Corp., Class A	*†	545	$	28,869
Career Education Corp.	*†	4,167		88,132
Coinstar, Inc.	*†	1,075		58,631
Corinthian Colleges, Inc.	*†	3,624		15,438
DeVry, Inc.		2,980		176,207
H&R Block, Inc.		11,402		182,888
Hillenbrand, Inc.	†	1,576		37,272
ITT Educational Services, Inc.	*†	1,873		146,544
Jackson Hewitt Tax Service, Inc.	*	1,779		62
Learning Tree International, Inc.		766		6,825
Matthews International Corp., Class A	†	1,052		42,238
Pre-Paid Legal Services, Inc.	*	779		51,796
Regis Corp.	†	1,818		27,852
Service Corp. International		11,775		137,532
Sotheby’s		2,623		114,100
Steiner Leisure Ltd. (Bahamas)	*†	1,503		68,657
Stewart Enterprises, Inc., Class A	†	4,115		30,040
Strayer Education, Inc.	†	551		69,641
Universal Technical Institute, Inc.	†	418		8,264
Weight Watchers International, Inc.		1,826		137,808
				1,687,393
Diversified Financial Services—3.3%
Bank of America Corp.		388,627		4,259,352
Citigroup, Inc.		111,256		4,632,700
CME Group, Inc.		2,698		786,710
Interactive Brokers Group, Inc., Class A		1,570		24,570
IntercontinentalExchange, Inc.	*	2,776		346,195
JPMorgan Chase & Co.		151,051		6,184,028
Leucadia National Corp.		6,084		207,464
Moody’s Corp.		6,057		232,286
MSCI, Inc., Class A	*	3,439		129,582
NASDAQ OMX Group, Inc. (The)	*	5,431		137,404
NYSE Euronext		9,567		327,861
PHH Corp.	*	2,212		45,390
Pico Holdings, Inc.	*	1,150		33,350
Portfolio Recovery Associates, Inc.	*	504		42,734
Resource America, Inc., Class A		1,287		7,555
				17,397,181
Diversified Telecommunication Services—2.4%
8x8, Inc.	*†	3,048		14,905
Alaska Communications Systems Group, Inc.	†	2,850		25,279
AT&T, Inc.		226,036		7,099,791
CenturyLink, Inc.		19,539		789,962
Cincinnati Bell, Inc.	*†	35,531		117,963
Cogent Communications Group, Inc.	*	2,886		49,091
Frontier Communications Corp.	†	39,354		317,587
General Communication, Inc., Class A	*†	2,516		30,368
HickoryTech Corp.		651		7,734
IDT Corp., Class B	†	1,600		43,232

See accompanying notes to financial statements

191

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Integrated Telecom Express, Inc.	*‡d	1,103	$	—
Level 3 Communications, Inc.	*†	58,172		141,940
PAETEC Holding Corp.	*	5,459		26,149
Premiere Global Services, Inc.	*†	2,174		17,348
Superior TeleCom, Inc.	*‡d	2,013		—
SureWest Communications	†	184		3,076
tw telecom inc.	*	1,928		39,582
Verizon Communications, Inc.		110,434		4,111,458
Windstream Corp.		18,492		239,656
				13,075,121
Electric Utilities—1.7%
Allete, Inc.		1,243		51,013
American Electric Power Co., Inc.		17,879		673,681
Central Vermont Public Service Corp.		540		19,521
Cleco Corp.		2,109		73,499
DPL, Inc.		807		24,339
Duke Energy Corp.		48,292		909,338
Edison International		12,222		473,602
El Paso Electric Co.		1,748		56,460
Empire District Electric Co. (The)	†	1,197		23,054
Entergy Corp.		5,441		371,511
Exelon Corp.		24,553		1,051,851
FirstEnergy Corp.		12,192		538,277
Great Plains Energy, Inc.		3,450		71,518
Hawaiian Electric Industries, Inc.		3,066		73,768
IDACORP, Inc.		1,515		59,842
ITC Holdings Corp.	†	1,539		110,454
MGE Energy, Inc.		1,559		63,186
NextEra Energy, Inc.		16,813		966,075
Northeast Utilities		5,201		182,919
NV Energy, Inc.		7,959		122,171
Otter Tail Corp.		1,095		23,104
Pepco Holdings, Inc.	†	7,066		138,706
Pinnacle West Capital Corp.		3,789		168,914
PNM Resources, Inc.		2,169		36,309
Portland General Electric Co.		1,100		27,808
PPL Corp.		14,691		408,851
Progress Energy, Inc.		10,369		497,816
Southern Co.		33,923		1,369,811
UIL Holdings Corp.	†	1,496		48,396
Unisource Energy Corp.		1,571		58,645
Unitil Corp.		420		11,046
Westar Energy, Inc.		4,032		108,501
				8,813,986
Electrical Equipment—0.7%
Active Power, Inc.	*	1,093		2,678
Acuity Brands, Inc.		1,873		104,476
American Superconductor Corp.	*	1,147		10,369
AMETEK, Inc.		6,351		285,160
AZZ, Inc.	†	1,582		72,456
Babcock & Wilcox Co. (The)	*	5,852		162,159
Belden, Inc.	†	1,894		66,025
Brady Corp., Class A		2,402		77,008
Capstone Turbine Corp.	*†	34,249		52,401

		Shares		Value
Emerson Electric Co.		26,374	$	1,483,537
Encore Wire Corp.		1,400		33,908
Franklin Electric Co., Inc.		902		42,349
FuelCell Energy, Inc.	*†	1,938		2,539
General Cable Corp.	*	3,772		160,612
GrafTech International Ltd.	*	3,487		70,681
Hubbell, Inc., Class B		2,078		134,966
II-VI, Inc.	*†	1,364		34,918
LSI Industries, Inc.		1,083		8,599
Magnetek, Inc.	*	1,406		2,559
Orbit International Corp.	*	2,812		14,763
Plug Power, Inc.	*†	270		599
Powell Industries, Inc.	*	1,045		38,143
Regal-Beloit Corp.	†	1,272		84,931
Rockwell Automation, Inc.		4,331		375,758
Roper Industries, Inc.		2,980		248,234
Servotronics, Inc.		3,205		28,300
Thomas & Betts Corp.	*	2,428		130,748
Ultralife Corp.	*	416		1,951
Universal Security Instruments, Inc.	*	1,866		12,931
Valence Technology, Inc.	*†	6,972		8,227
Vicor Corp.		1,380		22,315
Woodward, Inc.		2,448		85,337
				3,859,637
Electronic Equipment, Instruments & Components—0.8%
Agilysys, Inc.	*	1,335		11,134
Amphenol Corp., Class A		5,423		292,788
Anixter International, Inc.		1,723		112,581
Arrow Electronics, Inc.	*	4,585		190,278
Avnet, Inc.	*	5,129		163,513
AVX Corp.		2,270		34,595
Benchmark Electronics, Inc.	*†	2,520		41,580
Brightpoint, Inc.	*	2,358		19,123
CalAmp Corp.	*	550		1,667
Checkpoint Systems, Inc.	*	1,441		25,765
Cognex Corp.		2,023		71,675
Coherent, Inc.	*	1,348		74,504
Corning, Inc.		52,776		957,884
CTS Corp.	†	1,580		15,279
Daktronics, Inc.	†	927		10,002
Dolby Laboratories, Inc., Class A	*†	1,370		58,170
DTS, Inc.	*	755		30,615
Echelon Corp.	*	1,769		16,080
Electro Rent Corp.		950		16,264
Electro Scientific Industries, Inc.	*	1,421		27,425
FARO Technologies, Inc.	*	453		19,841
FLIR Systems, Inc.	†	5,608		189,046
Frequency Electronics, Inc.	*	821		7,800
Gerber Scientific, Inc.	*	1,608		17,897
ID Systems, Inc.	*	2,016		9,374
Identive Group, Inc.	*†	1,494		3,466
Ingram Micro, Inc., Class A	*	1,030		18,684
Insight Enterprises, Inc.	*†	2,054		36,376
Iteris, Inc.	*	4,263		5,542
Itron, Inc.	*	955		45,993
Jabil Circuit, Inc.		8,287		167,397
L-1 Identity Solutions, Inc.	*	1,637		19,235
Lightpath Technologies, Inc., Class A	*	1,526		2,335
Littelfuse, Inc.	†	909		53,376
LRAD Corp.	*	3,686		10,137
Maxwell Technologies, Inc.	*†	370		5,990

See accompanying notes to financial statements

192

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Mercury Computer Systems, Inc.	*	963	$	17,989
Mesa Laboratories, Inc.		1,200		37,992
Methode Electronics, Inc.	†	1,383		16,057
Molex, Inc.	†	1,611		41,515
MTS Systems Corp.		1,342		56,136
National Instruments Corp.		5,121		152,042
Newport Corp.	*	1,614		29,326
OSI Systems, Inc.	*	867		37,281
Park Electrochemical Corp.		1,086		30,354
PC Connection, Inc.	*	854		7,071
Planar Systems, Inc.	*†	785		2,245
Plexus Corp.	*	1,884		65,582
Power-One, Inc.	*†	3,459		28,018
Pulse Electronics Corp.		1,866		8,248
Radisys Corp.	*	961		7,006
Research Frontiers, Inc.	*†	752		3,437
Rofin-Sinar Technologies, Inc.	*	2,200		75,130
Rogers Corp.	*	803		37,099
Sanmina-SCI Corp.	*	3,577		36,950
ScanSource, Inc.	*	1,126		42,202
Sigmatron International, Inc.	*	282		1,294
SYNNEX Corp.	*	104		3,297
Tech Data Corp.	*†	2,057		100,567
Trimble Navigation Ltd.	*	4,318		171,166
TTM Technologies, Inc.	*	1,639		26,257
Universal Display Corp.	*	1,350		47,371
Vishay Intertechnology, Inc.	*†	6,172		92,827
Vishay Precision Group, Inc.	*†	440		7,427
Wayside Technology Group, Inc.		1,787		24,232
X-Rite, Inc.	*†	1,890		9,393
Zygo Corp.	*	967		12,784
				4,011,706
Energy Equipment & Services—2.4%
Atwood Oceanics, Inc.	*	1,298		57,281
Baker Hughes, Inc.		13,177		956,123
Basic Energy Services, Inc.	*†	1,600		50,352
Bristow Group, Inc.		982		50,102
Cal Dive International, Inc.	*	4,816		28,800
Cameron International Corp.	*	9,319		468,652
CARBO Ceramics, Inc.	†	1,137		185,274
Complete Production Services, Inc.	*	1,200		40,032
Dawson Geophysical Co.	*	924		31,555
Diamond Offshore Drilling, Inc.	†	1,577		111,037
Dresser-Rand Group, Inc.	*	2,924		157,165
Dril-Quip, Inc.	*	880		59,690
Exterran Holdings, Inc.	*†	2,465		48,881
FMC Technologies, Inc.	*	8,237		368,935
Global Industries Ltd.	*	2,539		13,914
Gulfmark Offshore, Inc., Class A	*†	1,000		44,190
Halliburton Co.		34,838		1,776,738
Helix Energy Solutions Group, Inc.	*	3,853		63,806
Helmerich & Payne, Inc.		3,926		259,587
Hercules Offshore, Inc.	*	5,226		28,795
Hornbeck Offshore Services, Inc.	*†	1,800		49,500
ION Geophysical Corp.	*†	13,280		125,629
Key Energy Services, Inc.	*	7,257		130,626
Lufkin Industries, Inc.		2,000		172,100
Matrix Service Co.	*	468		6,262
McDermott International, Inc.	*	11,704		231,856
Mitcham Industries, Inc.	*	1,100		19,030
Nabors Industries Ltd. (Bermuda)	*	10,988		270,744

		Shares		Value
National Oilwell Varco, Inc.		16,517	$	1,291,794
Newpark Resources, Inc.	*	3,484		31,600
Oceaneering International, Inc.		4,464		180,792
Oil States International, Inc.	*	2,026		161,898
OYO Geospace Corp.	*	550		55,000
Parker Drilling Co.	*	3,755		21,967
Patterson-UTI Energy, Inc.		6,712		212,166
PHI, Inc.	*	774		16,819
Pioneer Drilling Co.	*	2,700		41,148
Rowan Cos., Inc.	*	3,918		152,058
Schlumberger Ltd.		52,928		4,572,979
SEACOR Holdings, Inc.		713		71,271
Superior Energy Services, Inc.	*	2,900		107,706
Tesco Corp.	*	3,185		61,821
Tetra Technologies, Inc.	*	2,352		29,941
Tidewater, Inc.		78		4,197
Unit Corp.	*	1,702		103,703
				12,923,516
Food & Staples Retailing—2.0%
Andersons, Inc. (The)		700		29,575
Arden Group, Inc., Class A	†	260		23,925
BJ’s Wholesale Club, Inc.	*	2,859		143,951
Casey’s General Stores, Inc.	†	1,608		70,752
Costco Wholesale Corp.		14,385		1,168,637
CVS Caremark Corp.		51,118		1,921,015
Kroger Co. (The)		19,202		476,210
Nash Finch Co.		674		24,136
Pantry, Inc. (The)	*†	1,200		22,548
Rite Aid Corp.	*	25,982		34,556
Ruddick Corp.		1,967		85,643
Safeway, Inc.		8,825		206,240
SUPERVALU, Inc.	†	8,154		76,729
Sysco Corp.		22,511		701,893
United Natural Foods, Inc.	*†	1,912		81,585
Walgreen Co.		36,291		1,540,916
Wal-Mart Stores, Inc.		71,149		3,780,858
Weis Markets, Inc.		382		15,559
Whole Foods Market, Inc.		5,036		319,534
Winn-Dixie Stores, Inc.	*†	3,309		27,961
				10,752,223
Food Products—1.8%
Archer-Daniels-Midland Co.		23,265		701,440
Bridgford Foods Corp.	†	559		5,998
Bunge Ltd.	†	4,700		324,065
Campbell Soup Co.	†	5,629		194,482
Chiquita Brands International, Inc.	*	2,150		27,993
ConAgra Foods, Inc.		17,187		443,597
Corn Products International, Inc.		3,164		174,906
Darling International, Inc.	*	3,150		55,755
Dean Foods Co.	*	6,281		77,068
Farmer Bros. Co.	†	930		9,430
Flowers Foods, Inc.	†	6,210		136,869
Fresh Del Monte Produce, Inc.		567		15,122
General Mills, Inc.		23,368		869,757
Green Mountain Coffee Roasters, Inc.	*†	5,324		475,220
Griffin Land & Nurseries, Inc.	†	650		21,119
H.J. Heinz Co.		10,532		561,145
Hain Celestial Group, Inc. (The)	*	1,426		47,571
Hershey Co. (The)		6,664		378,848
Hormel Foods Corp.	†	6,390		190,486
Inventure Foods, Inc.	*	5,272		21,035

See accompanying notes to financial statements

193

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
J&J Snack Foods Corp.	†	761	$	37,936
J.M. Smucker Co. (The)		4,592		351,013
Kellogg Co.		10,132		560,502
Kraft Foods, Inc., Class A		61,319		2,160,268
Lancaster Colony Corp.	†	1,389		84,479
McCormick & Co., Inc.		4,101		203,287
Mead Johnson Nutrition Co.		4,802		324,375
Ralcorp Holdings, Inc.	*	2,312		200,173
Sanderson Farms, Inc.	†	864		41,282
Sara Lee Corp.		26,476		502,779
Smithfield Foods, Inc.	*	4,682		102,395
Snyders-Lance, Inc.	†	1,370		29,633
Tootsie Roll Industries, Inc.		643		18,814
TreeHouse Foods, Inc.	*	1,256		68,590
Tyson Foods, Inc., Class A		10,231		198,686
				9,616,118
Gas Utilities—0.3%
AGL Resources, Inc.		2,166		88,178
Atmos Energy Corp.		2,732		90,839
Chesapeake Utilities Corp.	†	949		37,988
Delta Natural Gas Co., Inc.		380		12,069
Laclede Group, Inc. (The)		1,025		38,776
National Fuel Gas Co.		3,639		264,919
New Jersey Resources Corp.		1,681		74,989
Nicor, Inc.		1,828		100,065
Northwest Natural Gas Co.		1,183		53,389
Oneok, Inc.		3,908		289,231
Piedmont Natural Gas Co., Inc.	†	2,740		82,912
Questar Corp.		7,412		131,267
South Jersey Industries, Inc.		2,014		109,380
Southwest Gas Corp.	†	1,252		48,340
UGI Corp.		2,720		86,741
WGL Holdings, Inc.		2,315		89,104
				1,598,187
Health Care Equipment & Supplies—1.8%
Abaxis, Inc.	*†	749		20,410
ABIOMED, Inc.	*†	886		14,353
Alere, Inc.	*	3,011		110,263
Align Technology, Inc.	*	2,449		55,837
Analogic Corp.	†	593		31,186
Baxter International, Inc.		20,628		1,231,285
Becton Dickinson and Co.		7,370		635,073
Biolase Technology, Inc.	*†	781		4,013
Boston Scientific Corp.	*	53,540		369,961
C.R. Bard, Inc.		3,904		428,893
CareFusion Corp.	*	6,833		185,653
Cerus Corp.	*†	1,010		3,030
Conceptus, Inc.	*	1,047		12,219
CONMED Corp.	*†	1,362		38,790
Cooper Cos., Inc. (The)		1,627		128,924
CryoLife, Inc.	*	937		5,247
Cyberonics, Inc.	*†	956		26,720
DENTSPLY International, Inc.		5,668		215,837
Edwards Lifesciences Corp.	*	4,494		391,787
Gen-Probe, Inc.	*	1,849		127,858
Greatbatch, Inc.	*	942		25,264
Haemonetics Corp.	*†	1,157		74,476
Hill-Rom Holdings, Inc.		1,576		72,559
Hologic, Inc.	*	9,792		197,505
ICU Medical, Inc.	*†	605		26,439

		Shares		Value
IDEXX Laboratories, Inc.	*†	1,985	$	153,957
Immucor, Inc.	*	1,828		37,328
Integra LifeSciences Holdings Corp.	*	1,190		56,894
Intuitive Surgical, Inc.	*	1,260		468,859
Invacare Corp.		1,333		44,242
Kensey Nash Corp.	*	866		21,849
Kinetic Concepts, Inc.	*	2,200		126,786
Masimo Corp.	†	1,500		44,520
Medtronic, Inc.		39,854		1,535,575
Meridian Bioscience, Inc.	†	1,158		27,919
Merit Medical Systems, Inc.	*	3,149		56,588
NuVasive, Inc.	*†	990		32,551
OraSure Technologies, Inc.	*†	1,687		14,390
Palomar Medical Technologies, Inc.	*†	1,116		12,589
ResMed, Inc.	*†	6,068		187,805
RTI Biologics, Inc.	*	807		2,187
SonoSite, Inc.	*	1,012		35,592
Spectranetics Corp.	*	1,045		6,500
St. Jude Medical, Inc.		11,448		545,841
Staar Surgical Co.	*	848		4,494
STERIS Corp.	†	2,777		97,139
Stryker Corp.		10,105		593,062
SurModics, Inc.	*	675		7,493
Synovis Life Technologies, Inc.	*	346		6,027
Teleflex, Inc.		1,322		80,721
Theragenics Corp.	*	1,492		2,626
ThermoGenesis Corp.	*†	1,079		2,169
Thoratec Corp.	*	2,306		75,683
Urologix, Inc.	*	1,050		998
Varian Medical Systems, Inc.	*	4,761		333,365
Volcano Corp.	*	1,970		63,611
West Pharmaceutical Services, Inc.	†	1,704		74,567
Wright Medical Group, Inc.	*	1,309		19,635
Young Innovations, Inc.	†	677		19,308
Zimmer Holdings, Inc.	*	6,941		438,671
Zoll Medical Corp.	*	850		48,161
				9,713,284
Health Care Providers & Services—2.4%
Aetna, Inc.		12,020		529,962
Alliance HealthCare Services, Inc.	*	1,429		5,430
Almost Family, Inc.	*	422		11,563
Amedisys, Inc.	*	1,698		45,218
AMERIGROUP Corp.	*	1,950		137,417
AmerisourceBergen Corp.		11,686		483,800
AMN Healthcare Services, Inc.	*†	1,507		12,538
Amsurg Corp.	*	1,423		37,183
BioScrip, Inc.	*	1,095		7,107
Brookdale Senior Living, Inc.	*	2,200		53,350
Cardinal Health, Inc.		13,667		620,755
CardioNet, Inc.	*	1,151		6,112
Catalyst Health Solutions, Inc.	*	1,864		104,048
Centene Corp.	*	1,972		70,065
Chemed Corp.		1,162		76,134
Chindex International, Inc.	*†	822		11,196
CIGNA Corp.		7,259		373,330
Community Health Systems, Inc.	*	4,282		109,962
Coventry Health Care, Inc.	*	6,568		239,535
Cross Country Healthcare, Inc.	*	1,339		10,176
DaVita, Inc.	*	3,507		303,741
Express Scripts, Inc.	*	21,030		1,135,199
Gentiva Health Services, Inc.	*	1,474		30,703
Hanger Orthopedic Group, Inc.	*	1,083		26,501
HCA Holdings, Inc.	*	3,319		109,527

See accompanying notes to financial statements

194

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Health Management Associates, Inc., Class A	*	9,953	$	107,293
Health Net, Inc.	*	3,209		102,977
Healthspring, Inc.	*	2,400		110,664
Healthways, Inc.	*	1,362		20,675
Henry Schein, Inc.	*	3,652		261,447
HMS Holdings Corp.	*	1,410		108,387
Humana, Inc.		4,622		372,256
Kindred Healthcare, Inc.	*	2,148		46,118
Laboratory Corp. of America Holdings	*	4,321		418,230
Landauer, Inc.		598		36,831
LCA-Vision, Inc.	*	616		2,944
LifePoint Hospitals, Inc.	*	2,149		83,983
Lincare Holdings, Inc.		3,193		93,459
Magellan Health Services, Inc.	*	1,400		76,636
McKesson Corp.		9,930		830,645
Medco Health Solutions, Inc.	*	13,709		774,833
Mednax, Inc.	*	2,182		157,519
National Healthcare Corp.	†	431		21,365
National Research Corp.		1,250		45,662
Omnicare, Inc.	†	4,277		136,394
Owens & Minor, Inc.	†	2,434		83,949
Patterson Cos., Inc.		5,546		182,408
PDI, Inc.	*	703		4,984
PharMerica Corp.	*	1,365		17,417
PSS World Medical, Inc.	*†	3,574		100,108
Psychemedics Corp.		302		2,872
Quest Diagnostics, Inc.	†	3,899		230,431
Sun Healthcare Group, Inc.	*†	694		5,566
Sunrise Senior Living, Inc.	*†	1,950		18,584
Tenet Healthcare Corp.	*	19,289		120,363
U.S. Physical Therapy, Inc.		1,300		32,149
UnitedHealth Group, Inc.		42,411		2,187,559
Universal American Corp.		1,812		19,841
Universal Health Services, Inc., Class B		2,466		127,073
VCA Antech, Inc.	*	3,442		72,970
WellCare Health Plans, Inc.	*	1,500		77,115
WellPoint, Inc.		13,856		1,091,437
				12,733,696
Health Care Technology—0.1%
Allscripts Healthcare Solutions, Inc.	*	4,515		87,681
Cerner Corp.	*	6,088		372,038
Mediware Information Systems, Inc.	*	1,088		12,022
Omnicell, Inc.	*	783		12,207
Quality Systems, Inc.	†	768		67,047
				550,995
Hotels, Restaurants & Leisure—2.0%
Ameristar Casinos, Inc.		300		7,113
Bally Technologies, Inc.	*†	1,971		80,180
Biglari Holdings, Inc.	*	63		24,636
Bob Evans Farms, Inc.		1,465		51,231
Boyd Gaming Corp.	*†	2,619		22,785
Brinker International, Inc.		5,167		126,385
Buffalo Wild Wings, Inc.	*	867		57,491
California Pizza Kitchen, Inc.	*	1,455		26,874
Carnival Corp.		11,468		431,541
CEC Entertainment, Inc.		1,614		64,738

		Shares		Value
Cheesecake Factory, Inc. (The)	*†	3,444	$	108,038
Chipotle Mexican Grill, Inc.	*	1,003		309,115
Choice Hotels International, Inc.		1,616		53,910
Churchill Downs, Inc.		638		28,761
Cracker Barrel Old Country Store, Inc.	†	2,120		104,537
Darden Restaurants, Inc.		3,930		195,557
DineEquity, Inc.	*	1,079		56,399
Dover Downs Gaming & Entertainment, Inc.		1,710		5,472
Dover Motorsports, Inc.	*	1,645		3,043
Gaylord Entertainment Co.	*†	1,772		53,160
International Game Technology		13,402		235,607
International Speedway Corp., Class A		1,190		33,808
Interval Leisure Group, Inc.	*	1,886		25,819
Isle of Capri Casinos, Inc.	*	1,250		11,063
Jack in the Box, Inc.	*	2,874		65,470
Krispy Kreme Doughnuts, Inc.	*	2,573		24,469
Las Vegas Sands Corp.	*	12,301		519,225
Life Time Fitness, Inc.	*†	1,774		70,800
Marcus Corp.	†	1,505		14,869
Marriott International, Inc., Class A		10,755		381,695
McDonald’s Corp.		37,967		3,201,377
MGM Resorts International	*	8,952		118,256
Morgans Hotel Group Co.	*	2,300		16,537
Morton’s Restaurant Group, Inc.	*	2,200		15,928
Multimedia Games Holding Co., Inc.	*	1,202		5,469
O’Charleys, Inc.	*†	1,091		7,975
Orient-Express Hotels Ltd., Class A (Bermuda)	*	1,577		16,953
P.F. Chang’s China Bistro, Inc.	†	1,089		43,821
Panera Bread Co., Class A	*	1,250		157,075
Papa John’s International, Inc.	*†	1,610		53,549
Peet’s Coffee & Tea, Inc.	*†	637		36,755
Penn National Gaming, Inc.	*	2,586		104,319
Pinnacle Entertainment, Inc.	*	1,629		24,272
Red Robin Gourmet Burgers, Inc.	*	692		25,175
Royal Caribbean Cruises Ltd.	*†	7,613		286,553
Ruby Tuesday, Inc.	*†	2,816		30,357
Scientific Games Corp., Class A	*	2,517		26,026
Shuffle Master, Inc.	*	1,527		14,285
Sonic Corp.	*†	3,730		39,650
Speedway Motorsports, Inc.		149		2,113
Starbucks Corp.		24,221		956,487
Starwood Hotels & Resorts Worldwide, Inc.		7,939		444,902
Texas Roadhouse, Inc.		3,070		53,833
Vail Resorts, Inc.	†	1,491		68,914
Wendy’s/Arby’s Group, Inc., Class A		25,109		127,303
WMS Industries, Inc.	*	564		17,326
Wyndham Worldwide Corp.		6,992		235,281
Wynn Resorts Ltd.		2,554		366,601
Yum! Brands, Inc.		14,951		825,893
				10,516,776
Household Durables—0.3%
American Greetings Corp., Class A	†	2,760		66,350
Bassett Furniture Industries, Inc.		1,139		8,975
Beazer Homes USA, Inc.	*†	1,494		5,065
Blyth, Inc.		460		23,161
D.R. Horton, Inc.		3,903		44,963

See accompanying notes to financial statements

195

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Ethan Allen Interiors, Inc.	†	1,551	$	33,021
Fortune Brands, Inc.		3,861		246,216
Furniture Brands International, Inc.	*	2,341		9,692
Harman International Industries, Inc.		2,728		124,315
Helen of Troy Ltd. (Bermuda)	*†	1,333		46,028
Hovnanian Enterprises, Inc., Class A	*†	15,517		37,396
Jarden Corp.	†	2,055		70,918
KB Home	†	3,248		31,765
Kid Brands, Inc.	*	1,156		5,965
La-Z-Boy, Inc.	*	2,404		23,727
Leggett & Platt, Inc.		2,928		71,385
Lennar Corp., Class A	†	5,675		103,001
M/I Homes, Inc.	*	610		7,479
MDC Holdings, Inc.		1,091		26,882
Meritage Homes Corp.	*	1,300		29,328
Mohawk Industries, Inc.	*	868		52,071
Newell Rubbermaid, Inc.		3,792		59,838
NVR, Inc.	*	112		81,254
Pulte Group, Inc.	*†	13,539		103,709
Ryland Group, Inc.	†	1,852		30,613
Skyline Corp.	†	720		12,600
Standard Pacific Corp.	*†	2,568		8,603
Tempur-Pedic International, Inc.	*	1,346		91,286
Toll Brothers, Inc.	*	4,132		85,698
Tupperware Brands Corp.		2,427		163,701
Universal Electronics, Inc.	*†	639		16,141
Whirlpool Corp.		1,858		151,093
				1,872,239
Household Products—1.8%
Central Garden and Pet Co., Class A	*	1,230		12,485
Church & Dwight Co., Inc.		5,138		208,295
Clorox Co.		4,503		303,682
Colgate-Palmolive Co.		16,371		1,430,989
Energizer Holdings, Inc.	*	1,856		134,300
Kimberly-Clark Corp.		15,061		1,002,460
Procter & Gamble Co. (The)		105,572		6,711,212
WD-40 Co.	†	949		37,049
				9,840,472
Independent Power Producers & Energy Traders—0.2%
AES Corp. (The)	*	26,935		343,152
Calpine Corp.	*†	16,000		258,080
Constellation Energy Group, Inc.		7,434		282,195
Dynegy, Inc.	*	25,395		157,195
GenOn Energy, Inc.	*	15,396		59,428
NRG Energy, Inc.	*	8,000		196,640
Tegal Corp.	*	62		130
				1,296,820
Industrial Conglomerates—1.9%
3M Co.		25,055		2,376,467
Carlisle Cos., Inc.		2,452		120,712
General Electric Co.		405,633		7,650,238
Seaboard Corp.	†	18		43,524
Standex International Corp.	†	724		22,205
Tredegar Corp.		1,606		29,470
United Capital Corp.	*	690		20,666
				10,263,282

		Shares		Value
Insurance—3.6%
Aflac, Inc.		19,465	$	908,626
Alleghany Corp.	*	157		52,298
Allied World Assurance Co. Holdings AG (Switzerland)		1,889		108,769
Allstate Corp. (The)		18,288		558,333
Alterra Capital Holdings Ltd. (Bermuda)	†	1,915		42,705
American Equity Investment Life Holding Co.		4,302		54,678
American Financial Group, Inc.		2,657		94,828
American International Group, Inc.	*†	14,067		412,444
American National Insurance Co.		945		73,238
AON Corp.		9,153		469,549
Arch Capital Group Ltd. (Bermuda)	*	4,284		136,745
Argo Group International Holdings Ltd. (Bermuda)		899		26,718
Arthur J. Gallagher & Co.		3,230		92,184
Aspen Insurance Holdings Ltd. (Bermuda)		3,512		90,364
Assurant, Inc.		1,358		49,255
Assured Guaranty Ltd. (Bermuda)		7,538		122,945
Axis Capital Holdings Ltd. (Bermuda)		5,691		176,193
Baldwin & Lyons, Inc., Class B	†	945		21,896
Berkshire Hathaway, Inc., Class B	*	70,600		5,463,734
Brown & Brown, Inc.		5,036		129,224
Chubb Corp.		9,347		585,216
Cincinnati Financial Corp.		6,036		176,130
CNA Financial Corp.		1,422		41,309
CNO Financial Group, Inc.	*†	6,600		52,206
Crawford & Co., Class B	†	1,891		13,369
Delphi Financial Group, Inc., Class A		1,945		56,813
EMC Insurance Group, Inc.		341		6,513
Employers Holdings, Inc.		2,770		46,453
Endurance Specialty Holdings Ltd. (Bermuda)		2,698		111,508
Erie Indemnity Co., Class A		1,023		72,347
Everest Re Group Ltd. (Bermuda)		2,468		201,759
FBL Financial Group, Inc., Class A	†	1,275		40,991
Fidelity National Financial, Inc., Class A	†	8,236		129,635
First American Financial Corp.		3,159		49,438
Genworth Financial, Inc., Class A	*	16,181		166,341
Greenlight Capital Re Ltd., Class A (Cayman Islands)	*	1,797		47,243
Hanover Insurance Group, Inc. (The)	†	2,346		88,468
Harleysville Group, Inc.	†	1,351		42,111
Hartford Financial Services Group, Inc.		15,915		419,679
HCC Insurance Holdings, Inc.		3,999		125,969
Hilltop Holdings, Inc.	*	1,180		10,431
Horace Mann Educators Corp.		2,000		31,220
Independence Holding Co.	†	961		10,033
Infinity Property & Casualty Corp.		810		44,275
Kansas City Life Insurance Co.	†	902		28,097
Lincoln National Corp.	†	10,899		310,513
Loews Corp.		7,988		336,215
Markel Corp.	*	152		60,315
Marsh & McLennan Cos., Inc.		15,676		488,934
MBIA, Inc.	*†	8,742		75,968
Mercury General Corp.		1,109		43,794

See accompanying notes to financial statements

196

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
MetLife, Inc.		32,137	$	1,409,850
Montpelier Re Holdings Ltd. (Bermuda)		3,734		67,212
National Financial Partners Corp.	*†	1,495		17,252
Navigators Group, Inc. (The)	*	938		44,086
Old Republic International Corp.		10,195		119,791
PartnerRe Ltd. (Bermuda)		2,300		158,355
Phoenix Cos., Inc. (The)	*	4,217		10,374
Platinum Underwriters Holdings Ltd. (Bermuda)		2,734		90,878
Presidential Life Corp.	†	1,144		11,943
Principal Financial Group, Inc.		10,891		331,304
ProAssurance Corp.	*	1,647		115,290
Progressive Corp. (The)		18,475		394,996
Protective Life Corp.		3,130		72,397
Prudential Financial, Inc.		17,746		1,128,468
Reinsurance Group of America, Inc.		1,440		87,638
RenaissanceRe Holdings Ltd. (Bermuda)		2,900		202,855
RLI Corp.	†	1,164		72,075
Safety Insurance Group, Inc.	†	850		35,734
Selective Insurance Group, Inc.	†	2,122		34,525
StanCorp Financial Group, Inc.		2,460		103,787
State Auto Financial Corp.		488		8,506
Stewart Information Services Corp.	†	1,239		12,427
Torchmark Corp.		3,623		232,379
Tower Group, Inc.		1,736		41,352
Transatlantic Holdings, Inc.		1,167		57,195
Travelers Cos., Inc. (The)		13,586		793,151
United Fire & Casualty Co.	†	1,250		21,713
Unitrin, Inc.		1,906		56,551
Unum Group		7,547		192,298
Validus Holdings Ltd. (Bermuda)		3,553		109,965
W.R. Berkley Corp.		2,501		81,132
White Mountains Insurance Group Ltd.		300		126,048
				19,239,546
Internet & Catalog Retail—0.9%
1-800-Flowers.com, Inc., Class A	*	793		2,458
Amazon.com, Inc.	*	13,748		2,811,328
dELiA*s, Inc.	*	925		1,452
Expedia, Inc.		7,176		208,032
Geeknet, Inc.	*†	201		5,371
Hollywood Media Corp.	*	998		1,497
HSN, Inc.	*	1,886		62,087
Liberty Media Corp.—Interactive, Series A	*	16,418		275,330
Netflix, Inc.	*†	1,859		488,341
Overstock.com, Inc.	*	770		11,719
priceline.com, Inc.	*	1,548		792,468
Valuevision Media, Inc., Class A	*	1,741		13,319
				4,673,402
Internet Software & Services—1.5%
Akamai Technologies, Inc.	*	7,479		235,364
AOL, Inc.	*†	3,989		79,221
Autobytel, Inc.	*	1,384		1,564
DealerTrack Holdings, Inc.	*†	1,800		41,310
Digital River, Inc.	*†	1,627		52,324

		Shares		Value
Earthlink, Inc.		5,814	$	44,739
eBay, Inc.	*	40,546		1,308,419
Equinix, Inc.	*	1,323		133,649
Google, Inc., Class A	*	9,223		4,670,343
IAC/InterActiveCorp	*	4,715		179,972
Infospace, Inc.	*	1,323		12,066
Internap Network Services Corp.	*	1,297		9,533
j2 Global Communications, Inc.	*†	1,614		45,563
Keynote Systems, Inc.	†	1,400		30,282
LivePerson, Inc.	*†	3,333		47,129
Looksmart Ltd.	*	500		755
ModusLink Global Solutions, Inc.		1,007		4,511
Monster Worldwide, Inc.	*	4,681		68,623
Move, Inc.	*	7,362		16,123
NIC, Inc.	†	2,450		32,977
Openwave Systems, Inc.	*†	2,570		5,885
RealNetworks, Inc.	*†	5,844		19,870
Saba Software, Inc.	*†	1,576		14,231
SAVVIS, Inc.	*	408		16,128
Stamps.com, Inc.	†	1,050		14,007
support.com, Inc.	*†	1,562		7,498
United Online, Inc.	†	2,509		15,129
ValueClick, Inc.	*	4,058		67,363
VeriSign, Inc.		8,080		270,357
Vertro, Inc.	*	198		445
Web.com Group, Inc.	*	308		3,795
WebMD Health Corp.	*	2,424		110,486
WebMediaBrands, Inc.	*†	1,450		1,943
XO Group, Inc.	*	2,304		22,925
Yahoo! Inc.	*	43,481		653,954
Zix Corp.	*	1,015		3,898
				8,242,381
IT Services—3.1%
Acxiom Corp.	*	3,451		45,243
Alliance Data Systems Corp.	*	1,955		183,907
Automatic Data Processing, Inc.		17,041		897,720
Broadridge Financial Solutions, Inc.		5,748		138,354
CACI International, Inc., Class A	*	1,198		75,570
Ciber, Inc.	*	2,444		13,564
Cognizant Technology Solutions Corp., Class A	*	12,226		896,655
Computer Sciences Corp.		3,563		135,252
Convergys Corp.	*	5,933		80,926
CoreLogic, Inc.	*	3,159		52,787
CSG Systems International, Inc.	*	2,153		39,787
DST Systems, Inc.		2,518		132,950
Edgewater Technology, Inc.	*	1,533		4,139
Euronet Worldwide, Inc.	*†	1,056		16,273
Fidelity National Information Services, Inc.		9,512		292,874
Fiserv, Inc.	*	5,260		329,434
Forrester Research, Inc.		963		31,741
Gartner, Inc.	*	1,179		47,502
Global Payments, Inc.		3,238		165,138
Hackett Group, Inc. (The)	*	1,140		5,803
iGATE Corp.	†	1,397		22,799
Integral Systems, Inc.	*	1,010		12,292
International Business Machines Corp.		44,408		7,618,192
Jack Henry & Associates, Inc.		3,591		107,766
Lender Processing Services, Inc.		4,048		84,644
Lionbridge Technologies, Inc.	*	1,165		3,705
Management Network Group, Inc.	*	320		838

See accompanying notes to financial statements

197

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Mantech International Corp., Class A	†	1,217	$	54,059
Mastech Holdings, Inc.	*	93		316
Mastercard, Inc., Class A		3,819		1,150,817
MAXIMUS, Inc.		1,052		87,032
MoneyGram International, Inc.	*	3,750		12,450
NeuStar, Inc., Class A	*	3,140		82,268
Online Resources Corp.	*	700		2,282
Paychex, Inc.		9,849		302,561
Pfsweb, Inc.	*†	1,209		5,549
SAIC, Inc.	*	8,529		143,458
Sapient Corp.	*	4,150		62,375
SRA International, Inc., Class A	*	1,664		51,451
StarTek, Inc.	*	994		3,429
Syntel, Inc.		1,554		91,872
TeleTech Holdings, Inc.	*	2,738		57,717
Teradata Corp.	*	7,848		472,450
Total System Services, Inc.		6,935		128,852
Unisys Corp.	*	1,371		35,235
VeriFone Systems, Inc.	*	2,645		117,306
Visa, Inc., Class A		18,001		1,516,764
Western Union Co. (The)		25,245		505,657
Wright Express Corp.	*	1,750		91,123
				16,410,878
Leisure Equipment & Products—0.2%
Arctic Cat, Inc.	*†	1,857		24,940
Brunswick Corp.		3,797		77,459
Callaway Golf Co.	†	2,881		17,920
Eastman Kodak Co.	*†	11,893		42,577
Hasbro, Inc.		2,107		92,560
Jakks Pacific, Inc.	*†	925		17,029
Leapfrog Enterprises, Inc.	*	1,261		5,321
Mattel, Inc.		8,487		233,308
Nautilus, Inc.	*	1,359		2,718
Polaris Industries, Inc.		1,858		206,554
Steinway Musical Instruments, Inc.	*	683		17,546
Sturm Ruger & Co., Inc.		3,296		72,347
				810,279
Life Sciences Tools & Services—0.7%
Affymetrix, Inc.	*	2,525		20,023
Agilent Technologies, Inc.	*	10,372		530,113
Albany Molecular Research, Inc.	*	1,371		6,595
Bio-Rad Laboratories, Inc., Class A	*	623		74,361
Bruker Corp.	*	1,667		33,940
Caliper Life Sciences, Inc.	*†	867		7,031
Cambrex Corp.	*	1,258		5,812
Charles River Laboratories International, Inc.	*	2,755		111,991
Covance, Inc.	*†	2,839		168,552
Enzo Biochem, Inc.	*†	1,353		5,750
eResearchTechnology, Inc.	*	2,056		13,097
Furiex Pharmaceuticals, Inc.	*	394		7,009
Illumina, Inc.	*	4,535		340,805
Kendle International, Inc.	*	1,316		19,845
Life Technologies Corp.	*	7,474		389,171
Luminex Corp.	*	1,070		22,363
Mettler-Toledo International, Inc.	*	913		153,996
Parexel International Corp.	*	2,306		54,329

		Shares		Value
PerkinElmer, Inc.		5,266	$	141,708
Pharmaceutical Product Development, Inc.		4,736		127,114
Sequenom, Inc.	*†	19,756		149,158
Techne Corp.		1,736		144,730
Thermo Fisher Scientific, Inc.	*	16,050		1,033,460
Waters Corp.	*	3,878		371,280
				3,932,233
Machinery—2.7%
3D Systems Corp.	*†	2,316		45,648
Actuant Corp., Class A		2,022		54,250
AGCO Corp.	*	3,068		151,436
Albany International Corp., Class A		1,437		37,922
American Railcar Industries, Inc.	*	1,200		28,140
Ampco-Pittsburgh Corp.	†	613		14,375
Astec Industries, Inc.	*†	821		30,361
Badger Meter, Inc.	†	1,134		41,947
Barnes Group, Inc.		2,018		50,067
Blount International, Inc.	*	1,532		26,764
Briggs & Stratton Corp.	†	1,822		36,185
Bucyrus International, Inc.		2,860		262,148
Caterpillar, Inc.		21,496		2,288,464
Chart Industries, Inc.	*	1,070		57,759
CIRCOR International, Inc.		711		30,452
CLARCOR, Inc.		2,354		111,297
Crane Co.		2,467		121,894
Cummins, Inc.		5,514		570,644
Danaher Corp.		16,656		882,601
Deere & Co.		15,887		1,309,883
Donaldson Co., Inc.		2,029		123,120
Dover Corp.		5,761		390,596
Eaton Corp.		11,582		595,894
EnPro Industries, Inc.	*	981		47,157
ESCO Technologies, Inc.		1,222		44,970
Federal Signal Corp.		2,159		14,163
Flow International Corp.	*	2,200		7,832
Flowserve Corp.		2,375		260,989
Force Protection, Inc.	*	3,825		18,991
FreightCar America, Inc.	*	900		22,806
Gardner Denver, Inc.		1,836		154,316
Graco, Inc.		2,883		146,053
Harsco Corp.		3,646		118,860
Hurco Cos., Inc.	*	300		9,663
IDEX Corp.		3,304		151,488
Illinois Tool Works, Inc.		16,815		949,879
John Bean Technologies Corp.		1,164		22,488
Joy Global, Inc.		4,799		457,057
Kadant, Inc.	*	721		22,719
Kaydon Corp.		1,422		53,069
Kennametal, Inc.		3,196		134,903
Lincoln Electric Holdings, Inc.	†	3,754		134,581
Lindsay Corp.		808		55,590
Manitowoc Co., Inc. (The)		5,044		84,941
Meritor, Inc.	*†	2,791		44,768
Middleby Corp.	*	984		92,535
Mueller Industries, Inc.		1,592		60,353
Mueller Water Products, Inc., Class A	†	3,000		11,940
NACCO Industries, Inc., Class A		309		29,917
Navistar International Corp.	*	2,436		137,537
Nordson Corp.		3,044		166,963
Oshkosh Corp.	*	2,868		83,000
PACCAR, Inc.		14,853		758,840

See accompanying notes to financial statements

198

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Pall Corp.		3,831	$	215,417
Parker Hannifin Corp.		6,039		541,940
Pentair, Inc.		3,618		146,022
Robbins & Myers, Inc.		2,604		137,621
Sauer-Danfoss, Inc.	*	1,531		77,147
Snap-On, Inc.		2,419		151,139
SPX Corp.		2,157		178,298
Stanley Black & Decker, Inc.		3,191		229,912
Tecumseh Products Co., Class A	*†	712		7,262
Tennant Co.	†	1,280		51,110
Terex Corp.	*	4,124		117,328
Timken Co.		3,702		186,581
Titan International, Inc.	†	1,356		32,897
Toro Co. (The)		1,020		61,710
Trinity Industries, Inc.	†	3,051		106,419
Valmont Industries, Inc.	†	1,162		112,005
Wabash National Corp.	*†	6,441		60,352
WABCO Holdings, Inc.	*	2,354		162,567
Wabtec Corp.		1,737		114,156
Watts Water Technologies, Inc., Class A	†	1,225		43,377
				14,293,475
Marine—0.0%
Alexander & Baldwin, Inc.		1,466		70,603
Eagle Bulk Shipping, Inc.	*†	3,648		9,047
Excel Maritime Carriers Ltd. (Greece)	*†	2,810		8,711
Genco Shipping & Trading Ltd.	*†	2,042		15,356
Horizon Lines, Inc., Class A	†	2,035		2,462
Kirby Corp.	*	2,358		133,628
				239,807
Media—2.8%
A.H. Belo Corp., Class A		944		7,023
Arbitron, Inc.		1,298		53,646
Belo Corp., Class A	*	4,721		35,549
Cablevision Systems Corp., Class A		9,044		327,483
CBS Corp., Class B		23,133		659,059
Clear Channel Outdoor Holdings, Inc., Class A	*	2,500		31,750
Comcast Corp., Class A		74,625		1,890,998
Crown Media Holdings, Inc., Class A	*†	5,899		11,267
Cumulus Media, Inc., Class A	*	2,174		7,609
DIRECTV, Class A	*	25,235		1,282,443
Discovery Communications, Inc., Class A	*	5,451		223,273
Discovery Communications, Inc., Class C	*	303		11,075
DISH Network Corp., Class A	*	4,775		146,449
DreamWorks Animation SKG, Inc., Class A	*†	1,300		26,130
E.W. Scripps Co., (The), Class A	*	1,204		11,643
Emmis Communications Corp., Class A	*	1,175		1,292
Entercom Communications Corp., Class A	*	2,183		18,948
Entravision Communications Corp., Class A	*	2,852		5,276
Gannett Co., Inc.		7,301		104,550

		Shares		Value
Gray Television, Inc.	*	1,838	$	4,852
Harris Interactive, Inc.	*	2,730		2,321
Harte-Hanks, Inc.		3,119		25,326
Interpublic Group of Cos., Inc. (The)		17,203		215,038
John Wiley & Sons, Inc., Class A		2,491		129,557
Journal Communications, Inc., Class A	*	3,900		20,163
Lamar Advertising Co., Class A	*	3,479		95,220
Lee Enterprises, Inc.	*†	1,973		1,756
Liberty Global, Inc., Series A	*	4,456		200,698
Liberty Media Corp.—Capital, Series A	*	3,623		310,672
Liberty Media Corp.—Starz, Series A	*	770		57,935
LIN TV Corp., Class A	*	1,419		6,911
Live Nation Entertainment, Inc.	*	5,485		62,913
LodgeNet Interactive Corp.	*†	1,250		3,788
Madison Square Garden Co. (The), Class A	*	2,261		62,245
McClatchy Co. (The), Class A	*†	2,444		6,868
McGraw-Hill Cos., Inc. (The)		9,601		402,378
Media General, Inc., Class A	*†	952		3,637
Meredith Corp.	†	2,083		64,844
National CineMedia, Inc.	†	2,226		37,642
New Frontier Media, Inc.	*	3,808		5,255
New York Times Co. (The), Class A	*†	5,682		49,547
News Corp., Class A		55,516		982,633
Omnicom Group, Inc.		9,924		477,940
PRIMEDIA, Inc.		1,475		10,399
Radio Unica Communications Corp.	*‡d	1,900		—
Regal Entertainment Group, Class A	†	2,743		33,876
Salem Communications Corp., Class A		850		3,051
Scholastic Corp.	†	1,845		49,077
Scripps Networks Interactive, Inc., Class A		3,612		176,555
Sinclair Broadcast Group, Inc., Class A		2,049		22,498
Sirius XM Radio, Inc.	*†	169,893		372,066
Time Warner Cable, Inc.		11,285		880,681
Time Warner, Inc.		37,219		1,353,655
Valassis Communications, Inc.	*†	2,236		67,751
Value Line, Inc.	†	573		7,684
Viacom, Inc., Class B		19,730		1,006,230
Virgin Media, Inc.		10,479		313,636
Walt Disney Co. (The)		63,802		2,490,830
Washington Post Co. (The), Class B	†	258		108,089
World Wrestling Entertainment, Inc., Class A	†	1,030		9,816
				14,991,496
Metals & Mining—1.3%
AK Steel Holding Corp.	†	5,009		78,942
Alcoa, Inc.		44,044		698,538
Allegheny Technologies, Inc.		3,760		238,647
AMCOL International Corp.		1,186		45,258
Carpenter Technology Corp.		1,882		108,554
Century Aluminum Co.	*	865		13,537

See accompanying notes to financial statements

199

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Cliffs Natural Resources, Inc.		5,736	$	530,293
Coeur d’Alene Mines Corp.	*	7,315		177,462
Commercial Metals Co.		4,080		58,548
Compass Minerals International, Inc.	†	1,915		164,824
Freeport-McMoRan Copper & Gold, Inc.		38,302		2,026,176
Hecla Mining Co.	*	20,609		158,483
Materion Corp.	*	1,122		41,480
Newmont Mining Corp.		16,854		909,611
Nucor Corp.		10,963		451,895
Reliance Steel & Aluminum Co.		2,966		147,262
Royal Gold, Inc.	†	1,153		67,531
RTI International Metals, Inc.	*†	1,363		52,298
Schnitzer Steel Industries, Inc., Class A		693		39,917
Southern Copper Corp.		8,700		285,969
Steel Dynamics, Inc.		8,080		131,300
Stillwater Mining Co.	*	3,727		82,031
Titanium Metals Corp.		5,344		97,902
United States Steel Corp.	†	5,607		258,146
Walter Energy, Inc.		1,840		213,072
Worthington Industries, Inc.		3,575		82,583
				7,160,259
Multiline Retail—0.7%
99 Cents Only Stores	*	3,207		64,910
Big Lots, Inc.	*	1,874		62,123
Dillard’s, Inc., Class A	†	1,535		80,035
Dollar Tree, Inc.	*	4,701		313,181
Family Dollar Stores, Inc.		3,743		196,732
Fred’s, Inc., Class A	†	1,781		25,700
J.C. Penney Co., Inc.		7,928		273,833
Kohl’s Corp.		8,292		414,683
Macy’s, Inc.		14,423		421,728
Nordstrom, Inc.		6,901		323,933
Saks, Inc.	*†	5,811		64,909
Sears Holdings Corp.	*†	3,097		221,250
Target Corp.		24,789		1,162,852
Tuesday Morning Corp.	*	1,816		8,444
				3,634,313
Multi-Utilities—1.3%
Alliant Energy Corp.		4,491		182,604
Ameren Corp.		8,429		243,092
Avista Corp.		1,759		45,189
Black Hills Corp.		2,041		61,414
CenterPoint Energy, Inc.		12,705		245,842
CH Energy Group, Inc.	†	694		36,962
CMS Energy Corp.		15,613		307,420
Consolidated Edison, Inc.	†	10,967		583,883
Dominion Resources, Inc.		20,559		992,383
DTE Energy Co.		5,654		282,813
Integrys Energy Group, Inc.		5,523		286,312
MDU Resources Group, Inc.		7,657		172,283
NiSource, Inc.		10,893		220,583
NorthWestern Corp.		1,449		47,976
NSTAR		4,374		201,117
OGE Energy Corp.		3,358		168,975
PG&E Corp.		13,909		584,595
Public Service Enterprise Group, Inc.		19,188		626,296

		Shares		Value
SCANA Corp.		4,791	$	188,622
Sempra Energy		6,698		354,190
TECO Energy, Inc.	†	7,797		147,285
Vectren Corp.	†	3,706		103,249
Wisconsin Energy Corp.		9,128		286,163
Xcel Energy, Inc.		16,552		402,214
				6,771,462
Office Electronics—0.1%
Xerox Corp.		37,010		385,274
Zebra Technologies Corp., Class A	*	2,988		126,004
				511,278
Oil, Gas & Consumable Fuels—9.5%
Adams Resources & Energy, Inc.		1,462		37,281
Alpha Natural Resources, Inc.	*	8,351		379,469
Anadarko Petroleum Corp.		17,995		1,381,296
Apache Corp.		13,575		1,675,019
Apco Oil and Gas International, Inc.	†	1,181		102,664
Arch Coal, Inc.		7,214		192,325
Atlas Energy, L.P.	*‡	2,578		258
ATP Oil & Gas Corp.	*†	685		10,487
Berry Petroleum Co., Class A	†	2,902		154,183
Blue Dolphin Energy Co.	*	521		1,568
BP Prudhoe Bay Royalty Trust		1,105		123,362
BPZ Resources, Inc.	*†	4,003		13,130
Cabot Oil & Gas Corp.		4,548		301,578
Callon Petroleum Co.	*	779		5,469
Carrizo Oil & Gas, Inc.	*	1,800		75,150
Chesapeake Energy Corp.		24,112		715,885
Chevron Corp.		72,994		7,506,703
Cimarex Energy Co.		2,681		241,075
Clayton Williams Energy, Inc.	*	550		33,027
Comstock Resources, Inc.	*	1,735		49,951
Concho Resources, Inc.	*	3,943		362,164
ConocoPhillips		54,805		4,120,788
CONSOL Energy, Inc.		7,662		371,454
Contango Oil & Gas Co.	*†	902		52,713
Continental Resources, Inc.	*†	3,671		238,285
Cross Timbers Royalty Trust		575		25,524
Crosstex Energy, Inc.		2,100		24,990
CVR Energy, Inc.	*†	5,235		128,886
Delta Petroleum Corp.	*†	2,709		1,344
Denbury Resources, Inc.	*	16,015		320,300
Devon Energy Corp.		14,461		1,139,671
DHT Holdings, Inc. (Jersey, Channel Islands)		4,173		15,983
El Paso Corp.		25,233		509,707
Energen Corp.		2,644		149,386
EOG Resources, Inc.		7,506		784,752
EQT Corp.		5,288		277,726
Evergreen Energy, Inc.	*†	416		745
EXCO Resources, Inc.		8,720		153,908
Exxon Mobil Corp.		189,521		15,423,219
Forest Oil Corp.	*	3,820		102,032
Frontier Oil Corp.		4,576		147,850
FX Energy, Inc.	*†	3,496		30,695
General Maritime Corp.	†	23,999		32,399
GMX Resources, Inc.	*†	1,297		5,772
Goodrich Petroleum Corp.	*†	1,566		28,830
Hess Corp.		10,275		768,159
Holly Corp.	*†	1,972		136,857

See accompanying notes to financial statements

200

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Hugoton Royalty Trust		1,669	$	37,953
James River Coal Co.	*†	1,500		31,230
Marathon Oil Corp.		25,577		1,347,396
McMoRan Exploration Co.	*†	2,961		54,719
Murphy Oil Corp.		5,804		381,091
Newfield Exploration Co.	*	3,712		252,490
Noble Energy, Inc.		4,966		445,103
Occidental Petroleum Corp.		31,343		3,260,926
Overseas Shipholding Group, Inc.		1,587		42,754
Patriot Coal Corp.	*†	2,992		66,602
Peabody Energy Corp.		10,624		625,860
Penn Virginia Corp.	†	1,433		18,930
Petrohawk Energy Corp.	*	10,513		259,356
Petroleum Development Corp.	*†	1,250		37,387
Petroquest Energy, Inc.	*†	3,346		23,489
Pioneer Natural Resources Co.		5,081		455,105
Plains Exploration & Production Co.	*	5,227		199,253
QEP Resources, Inc.		7,412		310,044
Quicksilver Resources, Inc.	*†	3,960		58,450
Range Resources Corp.		5,516		306,138
Rentech, Inc.	*†	49,300		52,258
Rosetta Resources, Inc.	*†	3,400		175,236
SandRidge Energy, Inc.	*	8,962		95,535
Ship Finance International Ltd. (Bermuda)	†	3,352		60,403
SM Energy Co.	†	2,262		166,212
Southern Union Co.		3,367		135,185
Southwestern Energy Co.	*	12,344		529,311
Spectra Energy Corp.		23,691		649,370
Stone Energy Corp.	*	1,208		36,711
Sunoco, Inc.		2,777		115,829
Swift Energy Co.	*	1,142		42,562
Syntroleum Corp.	*†	1,246		1,832
Teekay Corp. (Canada)		1,691		52,218
Tesoro Corp.	*†	6,846		156,842
Ultra Petroleum Corp.	*	7,839		359,026
USEC, Inc.	*†	7,347		24,539
Vaalco Energy, Inc.	*	3,800		22,876
Valero Energy Corp.		22,004		562,642
Verenium Corp.	*	149		267
Warren Resources, Inc.	*	3,600		13,716
Western Refining, Inc.	*†	2,500		45,175
Whiting Petroleum Corp.	*	2,484		141,364
Williams Cos., Inc. (The)		24,207		732,262
World Fuel Services Corp.	†	1,920		68,986
				50,808,652
Paper & Forest Products—0.2%
Buckeye Technologies, Inc.		1,251		33,752
Clearwater Paper Corp.	*	462		31,545
Deltic Timber Corp.	†	724		38,872
Domtar Corp. (Canada)		1,388		131,471
International Paper Co.		14,370		428,513
Louisiana-Pacific Corp.	*†	4,396		35,784
MeadWestvaco Corp.		6,398		213,117
Neenah Paper, Inc.	†	652		13,875
P.H. Glatfelter Co.		1,740		26,761
Schweitzer-Mauduit International, Inc.		724		40,653
Wausau Paper Corp.		1,903		12,826
				1,007,169

		Shares		Value
Personal Products—0.2%
Avon Products, Inc.		14,351	$	401,828
Elizabeth Arden, Inc.	*	1,017		29,524
Estee Lauder Cos., Inc. (The), Class A		3,747		394,147
Herbalife Ltd. (Cayman Islands)		1,696		97,757
Medifast, Inc.	*†	734		17,418
Nu Skin Enterprises, Inc., Class A		3,018		113,326
USANA Health Sciences, Inc.	*†	593		18,549
				1,072,549
Pharmaceuticals—4.9%
Abbott Laboratories		59,451		3,128,311
Adolor Corp.	*	1,927		3,835
Allergan, Inc.		12,063		1,004,245
AVANIR Pharmaceuticals, Inc., Class A	*†	30,376		102,063
Bristol-Myers Squibb Co.		62,456		1,808,726
Columbia Laboratories, Inc.	*	1,819		5,621
Durect Corp.	*	1,900		3,857
Eli Lilly & Co.		32,239		1,209,930
Emisphere Technologies, Inc.	*†	772		695
Endo Pharmaceuticals Holdings, Inc.	*	4,151		166,746
Forest Laboratories, Inc.	*	9,208		362,243
Heska Corp.	*	446		4,308
Hi-Tech Pharmacal Co., Inc.	*	862		24,937
Hospira, Inc.	*	5,415		306,814
Johnson & Johnson		98,698		6,565,391
KV Pharmaceutical Co., Class A	*†	2,179		5,927
Medicines Co. (The)	*	2,018		33,317
Medicis Pharmaceutical Corp., Class A	†	2,564		97,868
Merck & Co., Inc.		105,830		3,734,741
Mylan, Inc.	*	10,972		270,679
Nektar Therapeutics	*	2,368		17,215
Optimer Pharmaceuticals, Inc.	*†	2,592		30,819
Pain Therapeutics, Inc.	*	1,318		5,101
Par Pharmaceutical Cos., Inc.	*	1,362		44,919
Perrigo Co.		3,119		274,066
Pfizer, Inc.		309,251		6,370,570
Pozen, Inc.	*	1,014		4,259
Questcor Pharmaceuticals, Inc.	*†	4,217		101,630
Salix Pharmaceuticals Ltd.	*	2,346		93,441
Viropharma, Inc.	*	4,061		75,128
Vivus, Inc.	*†	1,630		13,268
Watson Pharmaceuticals, Inc.	*	4,630		318,220
XenoPort, Inc.	*	1,939		13,806
				26,202,696
Professional Services—0.3%
Advisory Board Co. (The)	*	950		54,986
Barrett Business Services, Inc.		2,203		31,547
CDI Corp.		1,131		15,031
Corporate Executive Board Co. (The)	†	1,507		65,780
CoStar Group, Inc.	*†	770		45,646
CRA International, Inc.	*	986		26,711
Dun & Bradstreet Corp.		1,546		116,785
Equifax, Inc.		2,521		87,529
FTI Consulting, Inc.	*†	1,735		65,826
Heidrick & Struggles International, Inc.	†	865		19,584
Huron Consulting Group, Inc.	*†	988		29,847

See accompanying notes to financial statements

201

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
IHS, Inc., Class A	*	1,414	$	117,956
Insperity, Inc.		1,143		33,844
Kelly Services, Inc., Class A	*	1,173		19,354
Kforce, Inc.	*†	297		3,885
Korn/Ferry International	*	1,624		35,712
Manpower, Inc.		3,593		192,764
Navigant Consulting, Inc.	*	2,313		24,263
On Assignment, Inc.	*	1,243		12,219
RCM Technologies, Inc.	*	1,593		8,523
Resources Connection, Inc.		2,060		24,802
Robert Half International, Inc.		3,922		106,012
School Specialty, Inc.	*	854		12,289
SFN Group, Inc.	*	2,689		24,443
Towers Watson & Co., Class A		1,600		105,136
TrueBlue, Inc.	*†	2,485		35,983
Verisk Analytics, Inc., Class A	*	4,073		141,007
				1,457,464
Real Estate Investment Trusts (REITs)—2.9%
Acadia Realty Trust REIT	†	1,368		27,811
Agree Realty Corp. REIT		814		18,177
Alexander’s, Inc. REIT		78		30,966
Alexandria Real Estate Equities, Inc. REIT		1,245		96,388
American Campus Communities, Inc. REIT		5,751		204,276
Annaly Capital Management, Inc. REIT	†	22,691		409,346
Anworth Mortgage Asset Corp. REIT	†	18,790		141,113
Apartment Investment & Management Co., Class A REIT		5,659		144,474
Ashford Hospitality Trust, Inc. REIT		4,200		52,290
AvalonBay Communities, Inc. REIT		3,314		425,518
BioMed Realty Trust, Inc. REIT		6,210		119,480
Boston Properties, Inc. REIT	†	5,737		609,040
Brandywine Realty Trust REIT		6,105		70,757
BRE Properties, Inc. REIT		2,433		121,358
BRT Realty Trust REIT	*	421		2,656
Camden Property Trust REIT		2,058		130,930
Capital Trust, Inc., Class A REIT	*†	523		2,024
Capstead Mortgage Corp. REIT		2,400		32,160
CBL & Associates Properties, Inc. REIT	†	10,788		195,586
Cedar Shopping Centers, Inc. REIT		583		3,002
Chimera Investment Corp. REIT		26,811		92,766
Colonial Properties Trust REIT		1,962		40,025
CommonWealth REIT REIT	†	2,285		59,044
Corporate Office Properties Trust REIT		1,904		59,233
Cousins Properties, Inc. REIT	†	2,489		21,256
DCT Industrial Trust, Inc. REIT		6,576		34,392
Developers Diversified Realty Corp. REIT		5,227		73,701
DiamondRock Hospitality Co. REIT	†	4,047		43,424
Digital Realty Trust, Inc. REIT	†	6,935		428,444
Douglas Emmett, Inc. REIT		4,212		83,777
Duke Realty Corp. REIT		5,609		78,582

		Shares		Value
DuPont Fabros Technology, Inc. REIT	†	4,666	$	117,583
EastGroup Properties, Inc. REIT	†	1,538		65,380
Entertainment Properties Trust REIT	†	2,733		127,631
Equity Lifestyle Properties, Inc. REIT		1,140		71,182
Equity One, Inc. REIT	†	2,619		48,818
Equity Residential REIT		11,387		683,220
Essex Property Trust, Inc. REIT	†	807		109,179
Extra Space Storage, Inc. REIT		3,500		74,655
Federal Realty Investment Trust REIT		2,295		195,488
FelCor Lodging Trust, Inc. REIT	*	3,135		16,710
First Industrial Realty Trust, Inc. REIT	*	6,729		77,047
First Potomac Realty Trust REIT	†	1,628		24,925
Franklin Street Properties Corp. REIT	†	2,200		28,402
General Growth Properties, Inc. REIT	†	12,432		207,490
Getty Realty Corp. REIT	†	1,747		44,077
Glimcher Realty Trust REIT		17,270		164,065
Gramercy Capital Corp. REIT	*†	2,182		6,611
Hatteras Financial Corp. REIT		1,935		54,625
HCP, Inc. REIT		13,391		491,316
Health Care REIT, Inc. REIT		3,657		191,736
Healthcare Realty Trust, Inc. REIT		1,881		38,805
Highwoods Properties, Inc. REIT	†	2,393		79,280
Home Properties, Inc. REIT	†	1,390		84,623
Hospitality Properties Trust REIT		2,923		70,883
Host Hotels & Resorts, Inc. REIT		21,796		369,442
Inland Real Estate Corp. REIT	†	2,302		20,327
Investors Real Estate Trust REIT	†	2,989		25,885
iStar Financial, Inc. REIT	*	4,331		35,124
Kilroy Realty Corp. REIT		1,316		51,969
Kimco Realty Corp. REIT		15,341		285,956
Kite Realty Group Trust REIT		2,654		13,217
LaSalle Hotel Properties REIT	†	1,561		41,117
Lexington Realty Trust REIT	†	9,308		84,982
Liberty Property Trust REIT		3,372		109,860
LTC Properties, Inc. REIT		2,385		66,351
Macerich Co. (The) REIT	†	5,275		282,212
Mack-Cali Realty Corp. REIT		2,488		81,955
Medical Properties Trust, Inc. REIT	†	11,530		132,595
MFA Financial, Inc. REIT		10,801		86,840
Mid-America Apartment Communities, Inc. REIT	†	1,240		83,663
Mission West Properties, Inc. REIT		1,417		12,441
Monmouth Real Estate Investment Corp., Class A REIT	†	3,275		27,674
MPG Office Trust, Inc. REIT	*†	1,199		3,429
National Health Investors, Inc. REIT		979		43,497
National Retail Properties, Inc. REIT	†	2,356		57,746
Nationwide Health Properties, Inc. REIT		5,873		243,201
Newcastle Investment Corp. REIT		754		4,358
NorthStar Realty Finance Corp. REIT	†	4,388		17,684
Omega Healthcare Investors, Inc. REIT		4,100		86,141
Parkway Properties, Inc. REIT	†	986		16,821
Pennsylvania Real Estate Investment Trust REIT	†	1,510		23,707
Plum Creek Timber Co., Inc. REIT		7,429		301,172
PMC Commercial Trust REIT		865		7,136

See accompanying notes to financial statements

202

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Post Properties, Inc. REIT	†	2,078	$	84,699
Potlatch Corp. REIT	†	1,618		57,067
ProLogis, Inc. REIT		16,023		574,264
PS Business Parks, Inc. REIT	†	599		33,005
Public Storage REIT		6,057		690,559
RAIT Financial Trust REIT	*†	23,646		49,657
Ramco-Gershenson Properties Trust REIT		1,275		15,784
Rayonier, Inc. REIT	†	3,336		218,008
Realty Income Corp. REIT		4,138		138,582
Redwood Trust, Inc. REIT	†	1,008		15,241
Regency Centers Corp. REIT	†	2,745		120,698
Sabra Healthcare REIT, Inc. REIT		694		11,597
Saul Centers, Inc. REIT	†	987		38,858
Senior Housing Properties Trust REIT		3,680		86,149
Simon Property Group, Inc. REIT		11,699		1,359,775
SL Green Realty Corp. REIT		3,603		298,581
Sovran Self Storage, Inc. REIT		1,269		52,029
Strategic Hotels & Resorts, Inc. REIT	*	22,977		162,677
Sun Communities, Inc. REIT	†	1,061		39,586
Sunstone Hotel Investors, Inc. REIT	*	2,559		23,722
Tanger Factory Outlet Centers, Inc. REIT		2,442		65,372
Taubman Centers, Inc. REIT	†	2,083		123,314
UDR, Inc. REIT		6,077		149,190
Universal Health Realty Income Trust REIT		1,333		53,293
U-Store-It Trust REIT		8,821		92,797
Ventas, Inc. REIT		7,875		415,091
Vornado Realty Trust REIT		7,702		717,672
Walter Investment Management Corp. REIT		598		13,270
Washington Real Estate Investment Trust REIT		1,834		59,642
Weingarten Realty Investors REIT	†	3,474		87,406
Weyerhaeuser Co. REIT		16,471		360,056
				15,749,870
Real Estate Management & Development—0.2%
Altisource Portfolio Solutions SA (Luxembourg)	*	1,119		41,179
Brookfield Office Properties, Inc.		15,325		295,466
CB Richard Ellis Group, Inc., Class A	*	6,900		173,259
Forest City Enterprises, Inc., Class A	*†	9,240		172,511
Forestar Group, Inc.	*	1,502		24,678
Grubb & Ellis Co.	*†	652		209
Jones Lang LaSalle, Inc.		1,311		123,627
St. Joe Co. (The)	*†	3,582		74,649
Tejon Ranch Co.	*	858		29,258
				934,836
Road & Rail—0.9%
Amerco, Inc.	*†	805		77,401
Arkansas Best Corp.		903		21,428
Avis Budget Group, Inc.	*†	4,424		75,606
Con-way, Inc.	†	2,160		83,830
CSX Corp.		35,751		937,391

		Shares		Value
Dollar Thrifty Automotive Group, Inc.	*	1,057	$	77,943
Genesee & Wyoming, Inc., Class A	*	1,576		92,417
Heartland Express, Inc.	†	4,220		69,883
J.B. Hunt Transport Services, Inc.		1,317		62,017
Kansas City Southern	*	4,745		281,521
Knight Transportation, Inc.		3,879		65,904
Landstar System, Inc.		2,256		104,859
Norfolk Southern Corp.		12,299		921,564
Old Dominion Freight Line, Inc.	*	2,674		99,740
PAM Transportation Services, Inc.	*	338		3,336
Ryder System, Inc.		707		40,193
Saia, Inc.	*	1,662		28,171
Union Pacific Corp.		16,265		1,698,066
Werner Enterprises, Inc.	†	2,915		73,021
YRC Worldwide, Inc.	*†	91		103
				4,814,394
Semiconductors & Semiconductor Equipment—2.6%
Advanced Energy Industries, Inc.	*	1,428		21,120
Advanced Micro Devices, Inc.	*†	21,447		149,915
Aetrium, Inc.	*	614		1,093
Altera Corp.		9,504		440,510
Amkor Technology, Inc.	*†	7,211		44,492
Anadigics, Inc.	*†	957		3,072
Analog Devices, Inc.		7,450		291,593
Applied Materials, Inc.		43,119		560,978
Applied Micro Circuits Corp.	*	3,186		28,228
Atmel Corp.	*	18,733		263,573
ATMI, Inc.	*	1,559		31,850
Axcelis Technologies, Inc.	*	4,095		6,716
AXT, Inc.	*†	946		8,022
Broadcom Corp., Class A	*	18,226		613,123
Brooks Automation, Inc.	*	3,103		33,699
Cabot Microelectronics Corp.	*	1,049		48,747
Ceva, Inc.	*	692		21,078
Cirrus Logic, Inc.	*†	2,946		46,841
Cohu, Inc.		859		11,261
Cree, Inc.	*†	3,097		104,028
Cymer, Inc.	*†	1,498		74,166
Cypress Semiconductor Corp.	*	4,876		103,079
Diodes, Inc.	*	2,400		62,640
DSP Group, Inc.	*	1,194		10,388
Energy Conversion Devices, Inc.	*†	781		922
Entegris, Inc.	*	5,738		58,069
Evergreen Solar, Inc.	*†	1,067		608
Exar Corp.	*†	1,758		11,128
Fairchild Semiconductor International, Inc.	*	4,903		81,929
FEI Co.	*	1,368		52,244
First Solar, Inc.	*†	2,540		335,966
Formfactor, Inc.	*	1,417		12,838
FSI International, Inc.	*†	1,479		4,052
GigOptix, Inc.	*	827		1,663
Integrated Device Technology, Inc.	*	8,168		64,200
Integrated Silicon Solution, Inc.	*†	1,269		12,271
Intel Corp.		210,445		4,663,461
International Rectifier Corp.	*	2,631		73,589
Intersil Corp., Class A		5,757		73,977
IXYS Corp.	*	1,329		19,908
KLA-Tencor Corp.		4,441		179,772
Kopin Corp.	*†	2,431		11,450

See accompanying notes to financial statements

203

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Kulicke & Soffa Industries, Inc.	*†	2,008	$	22,369
Lam Research Corp.	*	2,890		127,969
Lattice Semiconductor Corp.	*	4,395		28,655
Linear Technology Corp.		5,243		173,124
LSI Corp.	*	30,700		218,584
LTX-Credence Corp.	*	1,358		12,141
Marvell Technology Group Ltd. (Bermuda)	*	18,500		273,153
Mattson Technology, Inc.	*†	1,760		3,344
Maxim Integrated Products, Inc.		5,913		151,136
MEMC Electronic Materials, Inc.	*†	8,113		69,204
Micrel, Inc.		3,731		39,474
Microchip Technology, Inc.	†	3,565		135,149
Micron Technology, Inc.	*	35,271		263,827
Microsemi Corp.	*	2,474		50,717
Mindspeed Technologies, Inc.	*†	801		6,408
MIPS Technologies, Inc.	*	2,228		15,395
MKS Instruments, Inc.	†	2,455		64,861
MoSys, Inc.	*	1,251		7,193
National Semiconductor Corp.		10,460		257,421
Netlogic Microsystems, Inc.	*†	2,136		86,337
Novellus Systems, Inc.	*†	2,876		103,939
NVE Corp.	*	348		20,341
NVIDIA Corp.	*†	20,184		321,632
Omnivision Technologies, Inc.	*†	2,354		81,943
ON Semiconductor Corp.	*	10,008		104,784
PDF Solutions, Inc.	*	974		5,805
Pericom Semiconductor Corp.	*	1,023		9,146
Photronics, Inc.	*†	1,388		11,756
PLX Technology, Inc.	*	1,050		3,644
PMC—Sierra, Inc.	*	7,045		53,331
Power Integrations, Inc.	†	1,952		75,015
QuickLogic Corp.	*†	1,050		3,539
Rambus, Inc.	*†	4,071		59,762
Ramtron International Corp.	*	1,920		5,722
RF Micro Devices, Inc.	*†	8,143		49,835
Rudolph Technologies, Inc.	*	1,247		13,355
Semtech Corp.	*	2,970		81,200
Sevcon, Inc.	*	719		4,652
Sigma Designs, Inc.	*†	1,320		10,085
Silicon Image, Inc.	*†	2,948		19,044
Silicon Laboratories, Inc.	*	2,124		87,636
Skyworks Solutions, Inc.	*	5,822		133,790
Spire Corp.	*	2,500		6,125
Standard Microsystems Corp.	*	806		21,754
SunPower Corp., Class A	*†	141		2,726
Teradyne, Inc.	*†	7,938		117,482
Tessera Technologies, Inc.	*	1,560		26,738
Texas Instruments, Inc.		38,855		1,275,610
Transwitch Corp.	*	429		1,326
Trident Microsystems, Inc.	*	3,018		2,082
TriQuint Semiconductor, Inc.	*	4,918		50,114
Ultratech, Inc.	*	971		29,499
Varian Semiconductor Equipment Associates, Inc.	*	3,367		206,868
Veeco Instruments, Inc.	*†	1,294		62,643
Xilinx, Inc.		6,637		242,051
Zoran Corp.	*	1,650		13,860
				13,963,554
Software—3.9%
Accelrys, Inc.	*	2,216		15,756
ACI Worldwide, Inc.	*	1,298		43,833

		Shares		Value
Activision Blizzard, Inc.		23,814	$	278,148
Actuate Corp.	*	2,084		12,191
Adobe Systems, Inc.	*	17,358		545,909
Advent Software, Inc.	*	2,902		81,749
American Software, Inc., Class A		1,950		16,204
ANSYS, Inc.	*	2,396		130,989
Ariba, Inc.	*	2,075		71,525
Authentidate Holding Corp.	*†	1,023		1,228
Autodesk, Inc.	*	9,258		357,359
Blackbaud, Inc.		2,650		73,458
Blackboard, Inc.	*†	1,400		60,746
BMC Software, Inc.	*	2,708		148,128
CA, Inc.		11,593		264,784
Cadence Design Systems, Inc.	*†	10,745		113,467
Callidus Software, Inc.	*†	172		1,006
Citrix Systems, Inc.	*	7,179		574,320
Compuware Corp.	*	7,505		73,249
Concur Technologies, Inc.	*†	2,083		104,296
Datawatch Corp.	*	3,500		20,125
Ebix, Inc.	*†	2,802		53,378
Electronic Arts, Inc.	*	12,060		284,616
EPIQ Systems, Inc.	†	1,087		15,457
Evolving Systems, Inc.		527		3,768
Factset Research Systems, Inc.		1,490		152,457
Fair Isaac Corp.		3,039		91,778
FalconStor Software, Inc.	*†	1,373		6,151
Informatica Corp.	*	3,171		185,282
Interactive Intelligence, Inc.	*	950		33,297
Intuit, Inc.	*	8,244		427,534
JDA Software Group, Inc.	*	1,256		38,798
Kenexa Corp.	*	1,681		40,310
Lawson Software, Inc.	*	8,700		97,614
Magma Design Automation, Inc.	*†	1,429		11,418
Manhattan Associates, Inc.	*	1,346		46,356
Mentor Graphics Corp.	*	2,745		35,163
MICROS Systems, Inc.	*	3,428		170,406
Microsoft Corp.		301,290		7,833,540
MicroStrategy, Inc., Class A	*	513		83,455
Netscout Systems, Inc.	*†	1,250		26,113
Nuance Communications, Inc.	*†	4,541		97,495
Oracle Corp.		153,095		5,038,356
Parametric Technology Corp.	*	4,423		101,419
Pegasystems, Inc.	†	2,141		99,664
Progress Software Corp.	*	1,983		47,850
QAD, Inc., Class B	*	136		1,265
Quest Software, Inc.	*	3,847		87,442
Radiant Systems, Inc.	*	1,019		21,297
Red Hat, Inc.	*	7,251		332,821
Renaissance Learning, Inc.	†	1,353		16,967
Rovi Corp.	*†	3,917		224,679
S1 Corp.	*	2,636		19,717
Salesforce.com, Inc.	*	3,783		563,591
Scientific Learning Corp.	*	3,145		9,781
Solera Holdings, Inc.		1,099		65,017
Sonic Foundry, Inc.	*†	120		1,518
Symantec Corp.	*	26,135		515,382
Synopsys, Inc.	*	6,501		167,141
Take-Two Interactive Software, Inc.	*	2,643		40,385
TeleCommunication Systems, Inc., Class A	*†	1,200		5,796
THQ, Inc.	*†	2,914		10,549
TIBCO Software, Inc.	*	8,337		241,940
TiVo, Inc.	*†	2,696		27,742

See accompanying notes to financial statements

204

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Tyler Technologies, Inc.	*	1,886	$	50,507
Ultimate Software Group, Inc.	*	1,242		67,602
VASCO Data Security International, Inc.	*†	3,804		47,360
Versant Corp.	*	330		4,132
VMware, Inc., Class A	*	2,774		278,038
Websense, Inc.	*†	1,958		50,849
				20,861,663
Specialty Retail—2.0%
A.C. Moore Arts & Crafts, Inc.	*	876		2,190
Aaron’s, Inc.		2,908		82,180
Abercrombie & Fitch Co., Class A		3,072		205,578
Advance Auto Parts, Inc.		1,752		102,474
Aeropostale, Inc.	*†	2,075		36,312
American Eagle Outfitters, Inc.	†	3,552		45,288
America’s Car-Mart, Inc.	*	354		11,682
ANN, Inc.	*	2,733		71,331
Asbury Automotive Group, Inc.	*	1,342		24,867
Ascena Retail Group, Inc.	*†	2,597		88,428
AutoNation, Inc.	*†	5,363		196,339
AutoZone, Inc.	*	1,769		521,590
Barnes & Noble, Inc.		828		13,728
Bebe Stores, Inc.	†	790		4,827
Bed Bath & Beyond, Inc.	*	6,586		384,425
Best Buy Co., Inc.		9,299		292,082
Big 5 Sporting Goods Corp.		1,071		8,418
Brown Shoe Co., Inc.	†	1,791		19,074
Buckle, Inc. (The)	†	1,236		52,777
CarMax, Inc.	*	6,608		218,527
Casual Male Retail Group, Inc.	*†	1,930		8,009
Cato Corp. (The), Class A		1,761		50,717
Charming Shoppes, Inc.	*	3,138		13,054
Chico’s FAS, Inc.	†	7,236		110,204
Children’s Place Retail Stores, Inc. (The)	*†	1,144		50,897
Christopher & Banks Corp.	†	1,528		8,786
Coldwater Creek, Inc.	*	1,528		2,139
Collective Brands, Inc.	*	2,964		43,541
Cost Plus, Inc.	*†	1,014		10,140
Destination Maternity Corp.	†	1,200		23,976
Dick’s Sporting Goods, Inc.	*	2,480		95,356
DSW, Inc., Class A	*†	596		30,164
Finish Line, Inc. (The), Class A		1,917		41,024
Foot Locker, Inc.		5,840		138,758
GameStop Corp., Class A	*†	1,010		26,937
Gap, Inc. (The)		18,037		326,470
Genesco, Inc.	*	921		47,984
Group 1 Automotive, Inc.	†	1,068		43,980
Guess?, Inc.		3,548		149,229
Haverty Furniture Cos., Inc.		1,111		12,788
Hibbett Sports, Inc.	*	1,396		56,831
Home Depot, Inc.		53,471		1,936,720
Hot Topic, Inc.		1,824		13,571
JOS A. Bank Clothiers, Inc.	*†	865		43,259
Kirkland’s, Inc.	*	833		10,013
Limited Brands, Inc.		10,407		400,149
Lithia Motors, Inc., Class A		862		16,921
Lowe’s Cos., Inc.		47,338		1,103,449
MarineMax, Inc.	*†	800		7,008
Men’s Wearhouse, Inc. (The)		2,437		82,127
Midas, Inc.	*	1,277		8,071

		Shares		Value
Monro Muffler Brake, Inc.	†	1,487	$	55,450
Office Depot, Inc.	*†	11,792		49,762
OfficeMax, Inc.	*	3,587		28,158
O’Reilly Automotive, Inc.	*	5,478		358,864
Pacific Sunwear of California, Inc.	*†	3,025		7,895
Penske Automotive Group, Inc.	†	1,654		37,612
Pep Boys-Manny, Moe & Jack (The)		2,200		24,046
PetSmart, Inc.		3,546		160,882
Pier 1 Imports, Inc.	*	3,712		42,948
RadioShack Corp.	†	2,569		34,193
Rent-A-Center, Inc.	†	3,377		103,201
Ross Stores, Inc.		4,200		336,504
Sally Beauty Holdings, Inc.	*	3,659		62,569
Select Comfort Corp.	*	2,104		37,830
Signet Jewelers Ltd. (Bermuda)	*	3,344		156,533
Sonic Automotive, Inc., Class A	†	1,649		24,158
Stage Stores, Inc.	†	2,236		37,565
Staples, Inc.		22,960		362,768
Stein Mart, Inc.		1,261		12,156
Systemax, Inc.	*	1,358		20,288
Talbots, Inc.	*†	375		1,252
Tiffany & Co.		3,221		252,913
TJX Cos., Inc.		14,176		744,665
Tractor Supply Co.		3,098		207,194
Trans World Entertainment Corp.	*	1,932		3,941
Urban Outfitters, Inc.	*†	5,012		141,088
West Marine, Inc.	*	803		8,327
Wet Seal, Inc. (The), Class A	*	1,246		5,570
Williams-Sonoma, Inc.		3,877		141,472
Zale Corp.	*†	2,300		12,880
				10,767,073
Textiles, Apparel & Luxury Goods—0.8%
Carter’s, Inc.	*	1,476		45,402
Charles & Colvard Ltd.	*†	1,843		5,050
Cherokee, Inc.	†	994		17,057
Coach, Inc.		11,668		745,935
Columbia Sportswear Co.		652		41,337
CROCS, Inc.	*†	3,600		92,700
Culp, Inc.	*	888		8,338
Deckers Outdoor Corp.	*	1,935		170,551
Fossil, Inc.	*	2,134		251,214
Hallwood Group, Inc.	*	100		1,900
Hanesbrands, Inc.	*†	4,099		117,026
Iconix Brand Group, Inc.	*	2,737		66,235
Jones Group, Inc. (The)		4,641		50,355
Kenneth Cole Productions, Inc., Class A	*†	956		11,940
K-Swiss, Inc., Class A	*†	1,476		15,690
Liz Claiborne, Inc.	*†	4,930		26,376
Movado Group, Inc.		1,678		28,711
NIKE, Inc., Class B		13,686		1,231,466
Oxford Industries, Inc.	†	936		31,599
Phillips-Van Heusen Corp.		1,267		82,951
Polo Ralph Lauren Corp.		2,143		284,183
Quiksilver, Inc.	*	4,288		20,154
Skechers U.S.A., Inc., Class A	*	1,935		28,019
Steven Madden Ltd.	*	1,689		63,354
Timberland Co. (The), Class A	*	2,970		127,621
Under Armour, Inc., Class A	*†	1,937		149,749
Unifi, Inc.	*	876		12,089
V.F. Corp.		3,109		337,513

See accompanying notes to financial statements

205

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Warnaco Group, Inc. (The)	*	1,527	$	79,786
Wolverine World Wide, Inc.		2,589		108,091
				4,252,392
Thrifts & Mortgage Finance—0.2%
Anchor Bancorp Wisconsin, Inc.	*†	1,411		1,002
Astoria Financial Corp.		3,465		44,317
Bank Mutual Corp.	†	3,756		13,785
BankAtlantic Bancorp, Inc., Class A	*†	3,192		3,032
Beneficial Mutual Bancorp, Inc.	*	969		7,960
Brookline Bancorp, Inc.		3,765		34,902
Capitol Federal Financial, Inc.	†	4,787		56,295
CFS Bancorp, Inc.		1,873		10,058
Dime Community Bancshares, Inc.		1,638		23,817
Doral Financial Corp. (Puerto Rico)	*	221		433
Federal Home Loan Mortgage Corp.	*†	25,235		8,832
Federal National Mortgage Association	*†	37,770		12,502
First Niagara Financial Group, Inc.		10,034		132,449
Flagstar Bancorp, Inc.	*	211		251
Hudson City Bancorp, Inc.		14,470		118,509
MGIC Investment Corp.	*†	4,084		24,300
NASB Financial, Inc.	*†	528		5,507
New York Community Bancorp, Inc.		12,640		189,474
Northwest Bancshares, Inc.	†	4,608		57,969
Ocwen Financial Corp.	*†	3,358		42,848
Parkvale Financial Corp.		616		13,244
People’s United Financial, Inc.		9,716		130,583
PMI Group, Inc. (The)	*†	3,929		4,204
Provident Financial Services, Inc.	†	943		13,504
Provident New York Bancorp	†	3,670		30,681
Radian Group, Inc.		3,844		16,260
Riverview Bancorp, Inc.	*	2,600		7,904
TFS Financial Corp.	*	3,398		32,893
Tree.com, Inc.	*	314		1,608
Triad Guaranty, Inc.	*†	692		119
Trustco Bank Corp.	†	3,435		16,831
Washington Federal, Inc.		3,379		55,517
Westfield Financial, Inc.		4,068		33,032
				1,144,622
Tobacco—1.4%
Alliance One International, Inc.	*†	2,000		6,460
Altria Group, Inc.		73,221		1,933,767
Lorillard, Inc.		5,710		621,648
Philip Morris International, Inc.		65,331		4,362,151
Reynolds American, Inc.		14,043		520,293
Universal Corp.		1,078		40,608
Vector Group Ltd.	†	2,764		49,171
				7,534,098
Trading Companies & Distributors—0.3%
Applied Industrial Technologies, Inc.		2,056		73,214
Beacon Roofing Supply, Inc.	*†	2,570		58,647
Fastenal Co.	†	11,276		405,823
GATX Corp.		1,766		65,554
H&E Equipment Services, Inc.	*†	1,600		22,384
Interline Brands, Inc.	*	982		18,039
MSC Industrial Direct Co., Class A		1,782		118,165

				Shares		Value
United Rentals, Inc.		*†		2,798	$	71,069
W.W. Grainger, Inc.				2,817		432,832
Watsco, Inc.				553		37,599
WESCO International, Inc.		*		1,550		83,840
Willis Lease Finance Corp.		*		1,234		16,449
						1,403,615
Water Utilities—0.1%
American States Water Co.				1,261		43,706
American Water Works Co., Inc.				2,266		66,734
Aqua America, Inc.		†		4,329		95,152
California Water Service Group				1,930		36,110
Connecticut Water Service, Inc.		†		500		12,790
SJW Corp.		†		1,010		24,482
						278,974
Wireless Telecommunication Services—0.4%
American Tower Corp., Class A		*		13,160		688,663
Crown Castle International Corp.		*		13,031		531,535
Leap Wireless International, Inc.		*†		3,300		53,559
MetroPCS Communications, Inc.		*		7,134		122,776
NII Holdings, Inc.		*		5,995		254,068
NTELOS Holdings Corp.				2,700		55,134
SBA Communications Corp., Class A		*		4,064		155,204
Shenandoah Telecommunications Co.		†		1,200		20,424
Sprint Nextel Corp.		*		88,755		478,389
Telephone & Data Systems, Inc.				410		12,743
United States Cellular Corp.		*†		680		32,926
						2,405,421
TOTAL COMMON STOCKS
(Cost $363,752,391)						530,057,148
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—0.0%
Capital Markets—0.0%
GAMCO Investors, Inc.
0.000%	12/31/2015
(Cost $5)				6		4
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.050%	09/22/2011
(Cost $294,969)		‡‡	$	295,000	$	294,990

See accompanying notes to financial statements

206

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
RIGHTS—0.0%
Biotechnology—0.0%
Clinical Data, Inc.	*‡d	1,998	$	—
Ligand Pharmaceuticals, Inc., Expires 12/31/2011	*‡d	572		—
Textiles, Apparel & Luxury Goods—0.0%
Mossimo, Inc.	*‡d	2,806		—
TOTAL RIGHTS
(Cost $—)				—
WARRANTS—0.0%
Diversified Financial Services—0.0%
Pegasus Wireless Corp., Expires 12/31/2009, Strike $1.00
(Cost $—)	*‡d	540		—
MONEY MARKET FUNDS—5.9%
Institutional Money Market Funds—5.9%
Dreyfus Institutional Cash Advantage Fund, 0.15%	††µ	5,500,000		5,500,000
Fidelity Institutional Money Market: Money Market Portfolio— Institutional Class, 0.17%	µ	3,100,933		3,100,933
Fidelity Institutional Money Market: Money Market Portfolio— Institutional Class, 0.17%	††µ	1,159,894		1,159,893
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.13%	††µ	5,500,000		5,500,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.00%	††µ	5,500,000		5,500,000
Wells Fargo Advantage Cash Investment Money Market Fund— Select Class, 0.11%	††µ	5,500,000		5,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.10%	††µ	5,500,000		5,500,000
TOTAL MONEY MARKET FUNDS
(Cost $31,760,826)				31,760,826
TOTAL INVESTMENTS—105.3%
(Cost $395,808,191)				562,112,968
Other assets less liabilities—(5.3%)				(28,257,106	)
NET ASSETS—100.0%			$	533,855,862

Notes to the Schedule of Investments:

REIT	Real Estate Investment Trust
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
d	Security has no market value at June 30, 2011.
‡	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 and/or options contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.
µ	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

207

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—97.9%
Aerospace & Defense—1.2%
AAR Corp.		6,897	$	186,840
Aerovironment, Inc.	*†	8,377		296,127
Alliant Techsystems, Inc.		3,686		262,922
American Science & Engineering, Inc.		1,020		81,600
Astronics Corp.	*†	716		22,053
BE Aerospace, Inc.	*†	15,598		636,554
Ceradyne, Inc.	*	2,334		91,003
Cubic Corp.		1,262		64,349
Curtiss-Wright Corp.		8,014		259,413
DigitalGlobe, Inc.	*†	6,919		175,812
Ducommun, Inc.		6,327		130,146
Esterline Technologies Corp.	*	2,519		192,452
GenCorp, Inc.	*†	26,449		169,803
GeoEye, Inc.	*	5,933		221,894
HEICO Corp., Class A		3,870		153,871
Hexcel Corp.	*	9,301		203,599
Huntington Ingalls Industries, Inc.	*†	4,129		142,451
Innovative Solutions & Support, Inc.	*	3,094		16,924
Kratos Defense & Security Solutions, Inc.	*†	1,442		17,535
Moog, Inc., Class A	*†	3,870		168,422
National Presto Industries, Inc.	†	656		66,577
Orbital Sciences Corp.	*	13,934		234,788
Spirit Aerosystems Holdings, Inc., Class A	*	6,992		153,824
Taser International, Inc.	*†	6,942		31,586
Teledyne Technologies, Inc.	*†	2,702		136,073
TransDigm Group, Inc.	*	9,682		882,902
Triumph Group, Inc.		2,080		207,126
				5,206,646
Air Freight & Logistics—0.2%
Air T, Inc.		1,301		11,670
Air Transport Services Group, Inc.	*	25,035		171,490
Atlas Air Worldwide Holdings, Inc.	*	3,284		195,431
Forward Air Corp.	†	2,629		88,834
HUB Group, Inc., Class A	*	4,278		161,109
Pacer International, Inc.	*†	3,711		17,516
UTi Worldwide, Inc. (Virgin Islands, British)		8,709		171,480
				817,530
Airlines—0.8%
Alaska Air Group, Inc.	*	3,394		232,353
Allegiant Travel Co.	*	2,296		113,652
AMR Corp.	*	35,177		189,956
Delta Air Lines, Inc.	*	117,361		1,076,200
JetBlue Airways Corp.	*†	58,802		358,692
Pinnacle Airlines Corp.	*	7,190		32,643
Republic Airways Holdings, Inc.	*	27,551		150,429
Skywest, Inc.	†	5,070		76,354
United Continental Holdings, Inc.	*	44,083		997,598
US Airways Group, Inc.	*†	21,375		190,451
				3,418,328

		Shares		Value
Auto Components—1.1%
American Axle & Manufacturing Holdings, Inc.	*†	11,994	$	136,492
Amerigon, Inc.	*†	3,475		60,395
BorgWarner, Inc.	*	16,151		1,304,839
Cooper Tire & Rubber Co.		3,864		76,469
Dana Holding Corp.	*†	32,442		593,689
Drew Industries, Inc.	†	1,570		38,810
Exide Technologies	*	11,062		84,514
Federal-Mogul Corp.	*	14,982		342,039
Fuel Systems Solutions, Inc.	*	2,117		52,819
Gentex Corp.		26,050		787,491
Modine Manufacturing Co.	*†	5,469		84,059
Quantum Fuel Systems Technologies Worldwide, Inc.	*†	552		1,915
Shiloh Industries, Inc.		5,043		54,364
Spartan Motors, Inc.	†	6,140		33,156
Standard Motor Products, Inc.		2,540		38,684
Strattec Security Corp.		502		10,532
Superior Industries International, Inc.	†	2,013		44,507
Tenneco, Inc.	*	7,324		322,769
TRW Automotive Holdings Corp.	*	15,558		918,389
				4,985,932
Automobiles—0.9%
General Motors Co.	*	118,857		3,608,499
Tesla Motors, Inc.	*†	3,498		101,897
Thor Industries, Inc.		4,210		121,416
Winnebago Industries, Inc.	*†	4,493		43,402
				3,875,214
Beverages—0.3%
Boston Beer Co., Inc., Class A	*	1,904		170,598
Central European Distribution Corp. (Poland)	*†	8,945		100,184
Coca-Cola Bottling Co. Consolidated	†	437		29,567
Hansen Natural Corp.	*	12,766		1,033,408
Jones Soda Co.	*†	36,928		40,990
National Beverage Corp.	†	766		11,222
				1,385,969
Biotechnology—3.0%
Aastrom Biosciences, Inc.	*†	9,842		27,065
Acorda Therapeutics, Inc.	*	5,183		167,463
Agenus, Inc.	*†	9,214		7,187
Alexion Pharmaceuticals, Inc.	*†	24,366		1,145,933
Alkermes, Inc.	*	8,728		162,341
Allos Therapeutics, Inc.	*	18,248		39,051
Alnylam Pharmaceuticals, Inc.	*	5,353		50,158
AMAG Pharmaceuticals, Inc.	*	3,480		65,424
Amylin Pharmaceuticals, Inc.	*	25,467		340,239
Anadys Pharmaceuticals, Inc.	*	1,662		1,679
ARCA Biopharma, Inc.	*†	436		702
Arena Pharmaceuticals, Inc.	*†	8,294		11,280
Ariad Pharmaceuticals, Inc.	*†	31,682		358,957
Arqule, Inc.	*†	4,724		29,525
Array Biopharma, Inc.	*	4,170		9,341
AVI BioPharma, Inc.	*†	51,906		74,226
Avigen, Inc. (Escrow Shares)	*‡d	3,880		—
BioCryst Pharmaceuticals, Inc.	*†	21,994		84,017
BioMarin Pharmaceutical, Inc.	*	16,072		437,319

See accompanying notes to financial statements

208

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
BioMimetic Therapeutics, Inc.	*	7,095	$	36,326
Biosante Pharmaceuticals, Inc.	*†	1,867		5,134
Capstone Therapeutics Corp.	*	1,517		381
Cell Therapeutics, Inc.	*†	103,528		163,057
Celldex Therapeutics, Inc.	*†	10,060		35,713
Cepheid, Inc.	*†	7,418		256,959
Codexis, Inc.	*	559		5,383
Cubist Pharmaceuticals, Inc.	*†	6,923		249,159
Cytokinetics, Inc.	*	69,212		86,515
CytRx Corp.	*†	60,806		43,780
Dendreon Corp.	*	24,041		948,177
Discovery Laboratories, Inc.	*†	686		1,543
Dyax Corp.	*	9,610		19,028
Emergent Biosolutions, Inc.	*†	2,525		56,939
Entremed, Inc.	*	126		285
Enzon Pharmaceuticals, Inc.	*†	5,036		50,612
EPIX Pharmaceuticals, Inc.	*	3,320		10
Exact Sciences Corp.	*	7,997		68,774
Exelixis, Inc.	*†	29,790		266,918
Genomic Health, Inc.	*†	6,866		191,630
Geron Corp.	*†	23,339		93,589
GTx, Inc.	*†	4,210		20,166
Halozyme Therapeutics, Inc.	*	14,584		100,775
Hemispherx Biopharma, Inc.	*†	54,952		21,981
Human Genome Sciences, Inc.	*	32,730		803,194
Idenix Pharmaceuticals, Inc.	*†	3,110		15,550
Idera Pharmaceuticals, Inc.	*	1,932		4,154
Immunogen, Inc.	*†	7,889		96,167
Immunomedics, Inc.	*†	9,692		39,446
Incyte Corp. Ltd.	*†	25,132		476,000
InterMune, Inc.	*†	7,345		263,318
Isis Pharmaceuticals, Inc.	*†	11,993		109,856
Keryx Biopharmaceuticals, Inc.	*†	20,883		98,777
Lexicon Pharmaceuticals, Inc.	*	20,111		35,395
Ligand Pharmaceuticals, Inc., Class B	*	1,582		18,905
MannKind Corp.	*†	14,906		56,643
Marina Biotech, Inc.	*†	836		162
Maxygen, Inc.	†	2,991		16,361
MediciNova, Inc.	*†	349		939
Medivation, Inc.	*	6,781		145,317
Metabolix, Inc.	*†	3,165		22,598
Momenta Pharmaceuticals, Inc.	*†	4,221		82,141
Myrexis, Inc.	*	10,114		36,208
Myriad Genetics, Inc.	*	15,641		355,207
Nabi Biopharmaceuticals	*	6,806		36,616
Neurocrine Biosciences, Inc.	*	8,240		66,332
Novavax, Inc.	*†	21,148		42,719
NPS Pharmaceuticals, Inc.	*	9,432		89,132
Onyx Pharmaceuticals, Inc.	*	11,707		413,257
Osiris Therapeutics, Inc.	*†	2,984		23,096
PDL BioPharma, Inc.		25,942		152,280
Peregrine Pharmaceuticals, Inc.	*†	14,427		26,834
Pharmasset, Inc.	*	3,318		372,280
Poniard Pharmaceuticals, Inc.	*	3,696		865
Progenics Pharmaceuticals, Inc.	*	2,623		18,833
Regeneron Pharmaceuticals, Inc.	*	11,112		630,161
Repligen Corp.	*	3,422		12,456
Rigel Pharmaceuticals, Inc.	*	12,762		117,028
RXi Pharmaceuticals Corp.	*†	6,212		6,088
Sangamo Biosciences, Inc.	*	10,702		63,035

		Shares		Value
Savient Pharmaceuticals, Inc.	*†	21,839	$	163,574
Sciclone Pharmaceuticals, Inc.	*†	4,800		28,992
Seattle Genetics, Inc.	*†	17,962		368,580
SIGA Technologies, Inc.	*†	4,650		45,291
StemCells, Inc.	*†	125,740		66,642
SuperGen, Inc.	*	3,719		11,083
Telik, Inc.	*	6,069		4,734
Theravance, Inc.	*†	5,928		131,661
Trimeris, Inc.	*	4,014		9,915
United Therapeutics Corp.	*†	8,998		495,790
Vanda Pharmaceuticals, Inc.	*	4,137		29,538
Vertex Pharmaceuticals, Inc.	*	28,486		1,480,987
XOMA Ltd.	*†	803		1,887
				13,320,765
Building Products—0.5%
A.O. Smith Corp.		6,291		266,109
American Woodmark Corp.	†	800		13,856
Ameron International Corp.		853		56,025
Apogee Enterprises, Inc.		5,631		72,133
Armstrong World Industries, Inc.		4,590		209,120
Gibraltar Industries, Inc.	*†	1,868		21,146
Griffon Corp.	*	6,441		64,925
Insteel Industries, Inc.		2,829		35,476
Lennox International, Inc.		9,822		423,034
NCI Building Systems, Inc.	*†	8,291		94,435
Owens Corning, Inc.	*	16,656		622,102
Quanex Building Products Corp.		5,413		88,719
Simpson Manufacturing Co., Inc.		7,943		237,257
Trex Co., Inc.	*†	2,108		51,604
U.S. Home Systems, Inc.		1,624		8,152
Universal Forest Products, Inc.	†	1,649		39,510
USG Corp.	*†	8,613		123,510
				2,427,113
Capital Markets—1.9%
Affiliated Managers Group, Inc.	*	7,829		794,252
American Capital Ltd.	*	44,366		440,554
Apollo Investment Corp.		26,403		269,575
Arlington Asset Investment Corp., Class A	†	3,155		99,036
Artio Global Investors, Inc.	†	13,209		149,262
BGC Partners, Inc., Class A	†	9,817		75,885
Calamos Asset Management, Inc., Class A		1,520		22,070
CIFC Deerfield Corp.	*	522		3,576
Cowen Group, Inc., Class A	*	21,336		80,224
Diamond Hill Investment Group, Inc.		649		52,757
Eaton Vance Corp.		16,813		508,257
Edelman Financial Group, Inc.	†	2,882		22,739
Evercore Partners, Inc., Class A	†	5,587		186,159
GAMCO Investors, Inc., Class A	†	639		29,579
GFI Group, Inc.		28,245		129,645
Greenhill & Co., Inc.	†	4,630		249,187
ICG Group, Inc.	*	7,645		93,498
Institutional Financial Markets, Inc.		4,976		16,769
Intl. FCStone, Inc.	*	1,308		31,667
Investment Technology Group, Inc.	*	14,744		206,711
Jefferies Group, Inc.	†	25,027		510,551
KBW, Inc.		8,552		159,922

See accompanying notes to financial statements

209

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Knight Capital Group, Inc., Class A	*	25,616	$	282,288
Medallion Financial Corp.		2,518		24,551
MF Global Holdings Ltd.	*	11,362		87,942
optionsXpress Holdings, Inc.		12,233		204,046
Penson Worldwide, Inc.	*†	21,060		75,184
Piper Jaffray Cos.	*	2,312		66,609
Raymond James Financial, Inc.		16,298		523,981
Safeguard Scientifics, Inc.	*	3,658		69,063
SEI Investments Co.		28,485		641,197
Stifel Financial Corp.	*†	11,254		403,568
SWS Group, Inc.		14,960		89,610
TD Ameritrade Holding Corp.		55,725		1,087,195
U.S. Global Investors, Inc., Class A		6,927		49,874
Virtus Investment Partners, Inc.	*	1,094		66,406
Waddell & Reed Financial, Inc., Class A		11,527		419,007
Westwood Holdings Group, Inc.		1,427		54,369
				8,276,765
Chemicals—3.4%
A. Schulman, Inc.		5,791		145,875
Albemarle Corp.		14,748		1,020,562
Ampal-American Israel Corp., Class A	*	15,776		14,830
Arch Chemicals, Inc.		2,418		83,276
Ashland, Inc.		9,857		636,959
Balchem Corp.		4,960		217,149
Cabot Corp.		11,590		462,093
Calgon Carbon Corp.	*†	17,431		296,327
Celanese Corp., Class A		18,058		962,672
Chemtura Corp.	*	15,439		280,990
Cytec Industries, Inc.		5,746		328,614
Ferro Corp.	*	15,592		209,557
Flotek Industries, Inc.	*	6,157		52,458
Georgia Gulf Corp.	*	3,528		85,166
H.B. Fuller Co.		8,201		200,268
Huntsman Corp.		27,831		524,614
Intrepid Potash, Inc.	*†	4,761		154,733
Koppers Holdings, Inc.		2,428		92,094
Kronos Worldwide, Inc.		1,960		61,642
Landec Corp.	*†	8,822		58,225
LSB Industries, Inc.	*†	5,477		235,073
Lubrizol Corp.		8,523		1,144,383
Material Sciences Corp.	*	2,565		18,596
Minerals Technologies, Inc.		1,341		88,895
Mosaic Co. (The)		27,009		1,829,320
Nalco Holding Co.		27,599		767,528
NewMarket Corp.		1,651		281,842
NL Industries, Inc.		412		7,564
Olin Corp.		8,990		203,713
OM Group, Inc.	*	7,058		286,837
Omnova Solutions, Inc.	*	3,769		26,232
Penford Corp.	*	2,075		10,998
PolyOne Corp.		12,564		194,365
Quaker Chemical Corp.		1,303		56,042
Rockwood Holdings, Inc.	*	12,098		668,899
RPM International, Inc.		24,355		560,652
Scotts Miracle-Gro Co. (The), Class A		7,848		402,681
Sensient Technologies Corp.	†	9,171		339,969
Solutia, Inc.	*	14,802		338,226
Spartech Corp.	*	2,131		12,978

		Shares		Value
Stepan Co.	†	1,197	$	84,867
Valhi, Inc.	†	3,920		194,706
Valspar Corp.		19,890		717,233
W.R. Grace & Co.	*	11,567		527,802
Westlake Chemical Corp.	†	3,600		186,840
Zep, Inc.	†	2,287		43,224
Zoltek Cos., Inc.	*	17,218		181,306
				15,298,875
Commercial Banks—3.8%
1st Source Corp.		850		17,629
AmericanWest Bancorp	*	1,951		46
Ameris Bancorp	*	3,095		27,453
Arrow Financial Corp.		2,322		56,819
Associated Banc-Corp		32,696		454,474
BancFirst Corp.		1,092		42,151
Bancorp, Inc. (The)/Delaware	*†	4,479		46,806
BancorpSouth, Inc.		19,643		243,770
BancTrust Financial Group, Inc.	*†	4,800		12,336
Bank of Hawaii Corp.		10,909		507,487
Bank of the Ozarks, Inc.	†	5,661		294,712
Banner Corp.		383		6,702
BOK Financial Corp.		2,311		126,573
Boston Private Financial Holdings, Inc.	†	12,410		81,658
Bryn Mawr Bank Corp.		4,411		89,323
Camden National Corp.	†	1,411		46,295
Capital Bank Corp.	*†	1,781		6,216
Capital City Bank Group, Inc.	†	1,576		16,170
CapitalSource, Inc.		53,603		345,739
Cardinal Financial Corp.	†	5,028		55,057
Cascade Bancorp	*†	479		4,838
Cascade Financial Corp.	*	4,790		2,150
Cathay General Bancorp		18,966		310,853
Catskill Litigation Trust	*‡d	583		—
Center Financial Corp.	*	18,810		119,443
Central Pacific Financial Corp.	*	336		4,704
Chemical Financial Corp.		2,317		43,467
CIT Group, Inc.	*	24,351		1,077,775
Citizens Republic Bancorp, Inc.	*	41,232		28,454
City Holding Co.		1,962		64,805
City National Corp./California		6,327		343,240
CoBiz Financial, Inc.	†	3,329		21,772
Columbia Banking System, Inc.		9,767		168,188
Commerce Bancshares, Inc./Missouri		9,353		402,179
Community Bank System, Inc.		5,419		134,337
Community Trust Bancorp, Inc.	†	1,658		45,960
Cullen/Frost Bankers, Inc.		11,969		680,438
CVB Financial Corp.	†	13,723		126,938
Danvers Bancorp, Inc.		8,015		174,487
East West Bancorp, Inc.		27,603		557,857
Eastern Virginia Bankshares, Inc.		701		2,348
Fidelity Southern Corp.	*	6,861		46,929
Financial Institutions, Inc.	†	2,448		40,196
First BanCorp. (Puerto Rico)	*†	743		3,202
First Bancorp/North Carolina	†	2,459		25,180
First Busey Corp.		2,491		13,177
First Citizens BancShares, Inc./North Carolina, Class A		634		118,697
First Commonwealth Financial Corp.		14,573		83,649
First Financial Bancorp	†	6,617		110,438
First Financial Bankshares, Inc.	†	2,590		89,225

See accompanying notes to financial statements

210

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
First Merchants Corp.	†	2,436	$	21,778
First Midwest Bancorp, Inc./Illinois		9,549		117,357
First of Long Island Corp. (The)		1,432		39,938
FirstMerit Corp.		18,310		302,298
FNB Corp./Pennsylvania	†	21,754		225,154
Fulton Financial Corp.	†	34,487		369,356
Glacier Bancorp, Inc.	†	17,157		231,276
Great Southern Bancorp, Inc.	†	1,809		34,280
Green Bankshares, Inc.	*†	2,129		5,578
Guaranty Bancorp	*	20,379		27,308
Hancock Holding Co.		12,701		393,477
Hanmi Financial Corp.	*	21,834		23,362
Heritage Commerce Corp.	*†	5,846		29,873
Heritage Financial Corp./Washington		972		12,568
IBERIABANK Corp.	†	6,270		361,403
Independent Bank Corp./Massachusetts	†	3,125		82,031
Independent Bank Corp./Michigan	*	389		790
Integra Bank Corp.	*†	1,659		83
International Bancshares Corp.	†	6,833		114,316
Investors Bancorp, Inc.	*	16,332		231,914
Lakeland Financial Corp.		4,180		93,047
Macatawa Bank Corp.	*	1,599		4,421
MainSource Financial Group, Inc.		3,185		26,435
MB Financial, Inc.		3,847		74,016
Merchants Bancshares, Inc.		1,298		31,762
Midsouth Bancorp, Inc.		3,651		49,763
MidWestOne Financial Group, Inc.	†	4,566		65,979
Nara Bancorp, Inc.	*	22,258		180,957
National Penn Bancshares, Inc.		8,522		67,579
NBT Bancorp, Inc.	†	4,152		91,884
Northern States Financial Corp.	*†	4,695		5,235
Northfield Bancorp, Inc.	†	6,837		96,128
Old National Bancorp/Indiana		30,830		332,964
Old Second Bancorp, Inc.	*†	1,975		1,777
Oriental Financial Group, Inc. (Puerto Rico)		17,640		227,380
Pacific Capital Bancorp NA	*†	906		28,802
Pacific Premier Bancorp, Inc.	*	977		6,253
PacWest Bancorp		2,392		49,203
Park National Corp.	†	1,146		75,476
Peapack Gladstone Financial Corp.	†	1,086		12,793
Peoples Bancorp, Inc./Ohio	†	1,235		13,918
Peoples Financial Corp./Mississippi		3,749		51,549
Pinnacle Financial Partners, Inc.	*†	2,764		43,008
Popular, Inc. (Puerto Rico)	*	174,906		482,741
Preferred Bank/Los Angeles CA	*	894		6,437
PrivateBancorp, Inc.	†	12,737		175,771
Prosperity Bancshares, Inc.	†	8,275		362,610
Renasant Corp.	†	2,924		42,369
Republic Bancorp, Inc./Kentucky, Class A	†	2,055		40,894
Royal Bancshares of Pennsylvania, Inc., Class A	*†	11,522		17,859
S&T Bancorp, Inc.	†	2,764		51,383
Sandy Spring Bancorp, Inc.		2,239		40,280
Seacoast Banking Corp. of Florida	*	2,998		4,497
Shore Bancshares, Inc.		5,419		37,662
Sierra Bancorp		5,758		65,181
Signature Bank/New York	*	3,883		222,108

		Shares		Value
Simmons First National Corp., Class A	†	2,377	$	60,994
Southwest Bancorp, Inc./Oklahoma	*†	2,739		26,815
State Bancorp, Inc./New York		3,354		44,742
Sterling Bancorp/New York	†	3,135		29,751
Sterling Bancshares, Inc./Texas		17,609		143,689
Sterling Financial Corp./Washington	*	60		959
Suffolk Bancorp		1,614		22,531
Susquehanna Bancshares, Inc.	†	8,996		71,968
SVB Financial Group	*	5,353		319,628
SY Bancorp, Inc.		2,543		59,125
Synovus Financial Corp.	†	85,830		178,526
TCF Financial Corp.	†	16,152		222,898
Texas Capital Bancshares, Inc.	*†	6,292		162,522
Tompkins Financial Corp.	†	1,087		42,654
TowneBank/Virginia	†	2,280		30,506
Trustmark Corp.		7,243		169,559
UMB Financial Corp.	†	5,083		212,876
Umpqua Holdings Corp.		15,160		175,401
Union First Market Bankshares Corp.		2,131		25,956
United Bankshares, Inc.	†	4,222		103,355
United Community Banks, Inc./Georgia	*	5,392		56,935
Valley National Bancorp	†	40,293		548,388
Virginia Commerce Bancorp, Inc.	*†	10,179		60,158
Washington Trust Bancorp, Inc.		2,413		55,427
Webster Financial Corp.		17,379		365,307
WesBanco, Inc.		2,340		46,004
West Coast Bancorp/Oregon	*†	1,663		27,872
Westamerica Bancorporation	†	5,748		283,089
Western Alliance Bancorp	*	35,451		251,702
Wilshire Bancorp, Inc.	*	17,149		50,418
Wintrust Financial Corp.		4,088		131,552
				17,107,910
Commercial Services & Supplies—1.3%
ABM Industries, Inc.	†	6,426		149,983
ACCO Brands Corp.	*†	10,589		83,124
American Reprographics Co.	*	15,235		107,711
APAC Customer Services, Inc.	*†	1,972		10,511
Brink’s Co. (The)		6,600		196,878
Casella Waste Systems, Inc., Class A	*†	5,820		35,502
Cenveo, Inc.	*†	10,269		65,722
Clean Harbors, Inc.	*	2,996		309,337
Consolidated Graphics, Inc.	*	699		38,410
Copart, Inc.	*	8,857		412,736
Corrections Corp. of America	*	20,309		439,690
Courier Corp.	†	1,904		21,039
Covanta Holding Corp.		24,746		408,062
Deluxe Corp.		6,902		170,548
EnergySolutions, Inc.		17,158		84,761
Ennis, Inc.		2,217		38,576
G&K Services, Inc., Class A	†	1,576		53,363
Geo Group, Inc. (The)	*	14,742		339,508
Healthcare Services Group, Inc.		6,684		108,615
Herman Miller, Inc.		5,018		136,590
HNI Corp.		3,791		95,230
Interface, Inc., Class A		3,470		67,214
Intersections, Inc.		1,900		34,580

See accompanying notes to financial statements

211

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Kimball International, Inc., Class B	†	4,445	$	28,581
Knoll, Inc.	†	4,910		98,544
M&F Worldwide Corp.	*	1,251		32,326
McGrath Rentcorp		2,460		69,077
Metalico, Inc.	*†	1,513		8,927
Mine Safety Appliances Co.		2,725		101,751
Mobile Mini, Inc.	*†	3,320		70,351
Multi-Color Corp.		1,912		47,207
Perma-Fix Environmental Services, Inc.	*	25,765		35,813
Rollins, Inc.	†	17,041		347,296
Standard Register Co. (The)		1,650		5,197
Steelcase, Inc., Class A		19,006		216,478
Sykes Enterprises, Inc.	*	3,519		75,764
Team, Inc.	*†	1,659		40,032
Tetra Tech, Inc.	*	6,841		153,922
TRC Cos., Inc.	*	11,036		68,975
Unifirst Corp.		605		33,995
United Stationers, Inc.		4,110		145,617
US Ecology, Inc.		11,022		188,476
Viad Corp.		1,978		44,090
Virco Mfg. Corp.		1,859		5,205
Waste Connections, Inc.		21,046		667,790
				5,893,104
Communications Equipment—1.8%
Acme Packet, Inc.	*	10,066		705,929
ADTRAN, Inc.		10,447		404,403
Alliance Fiber Optic Products, Inc.	*†	963		8,147
AltiGen Communications, Inc.	*	4,110		3,432
Anaren, Inc.	*	2,003		42,564
Arris Group, Inc.	*	14,156		164,351
Aruba Networks, Inc.	*†	19,013		561,834
Aviat Networks, Inc.	*	4,485		17,671
BigBand Networks, Inc.	*	17,113		37,135
Black Box Corp.		1,414		44,216
Blonder Tongue Laboratories, Inc.	*	2,285		3,770
Blue Coat Systems, Inc.	*	9,599		209,834
Brocade Communications Systems, Inc.	*	59,993		387,555
Ciena Corp.	*†	20,644		379,437
Comtech Telecommunications Corp.		3,394		95,168
DG FastChannel, Inc.	*†	2,455		78,683
Digi International, Inc.	*†	2,517		32,721
Ditech Networks, Inc.	*	3,980		4,696
EchoStar Corp., Class A	*	7,416		270,165
Emcore Corp.	*†	6,178		16,928
EMS Technologies, Inc.	*	4,318		142,364
Emulex Corp.	*	10,624		91,366
Extreme Networks, Inc.	*†	9,940		32,206
Finisar Corp.	*	13,886		250,365
Globecomm Systems, Inc.	*	5,067		78,842
Harmonic, Inc.	*	19,391		140,197
Infinera Corp.	*†	10,202		70,496
InterDigital, Inc.	†	7,655		312,707
Ixia	*†	5,492		70,298
KVH Industries, Inc.	*†	3,755		39,916
Loral Space & Communications, Inc.	*	1,513		105,108
NETGEAR, Inc.	*†	3,773		164,956
Network Engines, Inc.	*	1,330		1,463

		Shares		Value
Network Equipment Technologies, Inc.	*†	20,690	$	45,518
Numerex Corp., Class A	*	1,800		17,514
Oclaro, Inc.	*†	9,084		61,044
Oplink Communications, Inc.	*	1,808		33,683
Optical Cable Corp.		241		976
ORBCOMM, Inc.	*	3,512		10,992
Parkervision, Inc.	*†	2,943		1,678
Performance Technologies, Inc.	*	794		1,580
Plantronics, Inc.		8,148		297,646
Polycom, Inc.	*	13,880		892,484
Powerwave Technologies, Inc.	*	8,448		24,922
Riverbed Technology, Inc.	*	24,023		951,071
SeaChange International, Inc.	*	3,359		36,210
Sonus Networks, Inc.	*	93,462		302,817
Sycamore Networks, Inc.	†	1,477		32,848
Symmetricom, Inc.	*	6,110		35,621
Tekelec	*	7,191		65,654
UTStarcom Holdings Corp. (China)	*	14,322		22,342
Viasat, Inc.	*	2,822		122,108
Westell Technologies, Inc., Class A	*	3,671		13,105
Zoom Technologies, Inc. (China)	*†	542		1,333
				7,940,069
Computers & Peripherals—0.6%
ADPT Corp.	*	45,448		137,707
Avid Technology, Inc.	*†	2,658		50,077
Concurrent Computer Corp.	*	759		4,751
Cray, Inc.	*	4,598		29,427
Dataram Corp.	*†	1,175		1,774
Diebold, Inc.		11,359		352,243
Dot Hill Systems Corp.	*	3,866		10,979
Electronics for Imaging, Inc.	*	3,912		67,365
Hutchinson Technology, Inc.	*†	2,054		4,663
Hypercom Corp.	*	8,603		84,568
iGO, Inc.	*	2,804		4,571
Imation Corp.	*†	13,307		125,618
Immersion Corp.	*†	5,977		50,984
Intermec, Inc.	*	5,471		60,400
Intevac, Inc.	*†	3,891		39,727
NCR Corp.	*	19,726		372,624
Novatel Wireless, Inc.	*	10,536		57,737
Overland Storage, Inc.	*†	9,851		27,386
Presstek, Inc.	*†	6,107		9,954
QLogic Corp.	*	17,090		272,073
Quantum Corp.	*	58,778		193,967
Rimage Corp.		924		12,409
Silicon Graphics International Corp.	*†	3,088		53,114
STEC, Inc.	*†	14,855		252,684
Stratasys, Inc.	*	1,962		66,119
Synaptics, Inc.	*†	5,067		130,425
TransAct Technologies, Inc.	*	889		10,401
				2,483,747
Construction & Engineering—0.8%
Aecom Technology Corp.	*	18,109		495,100
Comfort Systems USA, Inc.	†	3,803		40,350
Dycom Industries, Inc.	*	12,091		197,567
EMCOR Group, Inc.	*	10,329		302,743
Furmanite Corp.	*†	4,100		32,554
Granite Construction, Inc.		5,631		138,128

See accompanying notes to financial statements

212

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Insituform Technologies, Inc., Class A	*	2,980	$	62,491
KBR, Inc.		23,517		886,356
Layne Christensen Co.	*	1,813		55,006
MasTec, Inc.	*	7,935		156,478
Northwest Pipe Co.	*	1,025		26,712
Orion Marine Group, Inc.	*	10,970		103,228
Pike Electric Corp.	*†	1,369		12,102
Shaw Group, Inc. (The)	*	12,959		391,491
Sterling Construction Co., Inc.	*	1,751		24,111
Tutor Perini Corp.		5,845		112,107
URS Corp.	*	11,073		495,406
				3,531,930
Construction Materials—0.1%
Eagle Materials, Inc.	†	5,122		142,750
Headwaters, Inc.	*	14,630		45,792
Martin Marietta Materials, Inc.	†	3,598		287,732
Texas Industries, Inc.	†	3,011		125,348
				601,622
Consumer Finance—0.3%
Advance America Cash Advance Centers, Inc.		12,079		83,224
Cash America International, Inc.		6,335		366,607
CompuCredit Holdings Corp.	*†	1,291		2,995
Dollar Financial Corp.	*	10,439		226,004
Ezcorp, Inc., Class A	*	6,505		231,415
First Cash Financial Services, Inc.	*	7,544		316,773
First Marblehead Corp. (The)	*	4,118		7,289
Nelnet, Inc., Class A		4,517		99,645
World Acceptance Corp.	*	1,219		79,930
				1,413,882
Containers & Packaging—1.0%
AEP Industries, Inc.	*	1,109		32,372
AptarGroup, Inc.		6,756		353,609
Crown Holdings, Inc.	*	29,176		1,132,612
Graphic Packaging Holding Co.	*	37,857		205,942
Greif, Inc., Class A		3,616		235,148
Myers Industries, Inc.		1,717		17,651
Packaging Corp. of America		18,597		520,530
Rock-Tenn Co., Class A		10,108		670,565
Silgan Holdings, Inc.		7,687		314,936
Sonoco Products Co.		11,726		416,742
Temple-Inland, Inc.		15,475		460,227
				4,360,334
Distributors—0.1%
Audiovox Corp., Class A	*	2,945		22,264
LKQ Corp.	*	19,751		515,304
Pool Corp.		4,626		137,901
				675,469
Diversified Consumer Services—1.0%
American Public Education, Inc.	*†	2,444		108,782
Ascent Media Corp., Class A	*†	2,424		128,399
Capella Education Co.	*	3,229		135,134
Career Education Corp.	*†	11,632		246,017
Coinstar, Inc.	*†	3,501		190,945
Corinthian Colleges, Inc.	*†	17,447		74,324

		Shares		Value
Education Management Corp.	*†	12,017	$	287,687
Grand Canyon Education, Inc.	*†	8,434		119,594
Hillenbrand, Inc.		6,820		161,293
ITT Educational Services, Inc.	*†	4,939		386,427
Jackson Hewitt Tax Service, Inc.	*	5,730		201
K12, Inc.	*	7,115		235,791
Learning Tree International, Inc.		4,044		36,032
Matthews International Corp., Class A	†	4,455		178,868
Pre-Paid Legal Services, Inc.	*	4,049		269,218
Regis Corp.	†	9,256		141,802
Service Corp. International		36,748		429,217
Sotheby’s		8,625		375,187
Steiner Leisure Ltd. (Bahamas)	*	1,645		75,144
Stewart Enterprises, Inc., Class A	†	6,846		49,976
Strayer Education, Inc.	†	944		119,312
Universal Technical Institute, Inc.		2,513		49,682
Weight Watchers International, Inc.		7,300		550,931
				4,349,963
Diversified Financial Services—0.3%
Asset Acceptance Capital Corp.	*	3,797		15,340
Asta Funding, Inc.		1,791		15,027
Interactive Brokers Group, Inc., Class A		6,602		103,321
MarketAxess Holdings, Inc.		8,655		216,894
MSCI, Inc., Class A	*	16,979		639,769
PHH Corp.	*	10,994		225,597
Pico Holdings, Inc.	*	1,955		56,695
Portfolio Recovery Associates, Inc.	*	1,413		119,808
Resource America, Inc., Class A		1,547		9,081
				1,401,532
Diversified Telecommunication Services—0.6%
8x8, Inc.	*†	33,730		164,940
AboveNet, Inc.		2,364		166,567
Alaska Communications Systems Group, Inc.	†	4,537		40,243
Atlantic Tele-Network, Inc.		1,034		39,664
Cbeyond, Inc.	*†	5,638		74,591
Cincinnati Bell, Inc.	*	49,090		162,979
Cogent Communications Group, Inc.	*	3,453		58,736
Consolidated Communications Holdings, Inc.	†	13,175		256,122
General Communication, Inc., Class A	*†	3,847		46,433
Global Crossing Ltd. (Bermuda)	*	6,182		237,265
HickoryTech Corp.		2,286		27,158
IDT Corp., Class B	†	2,274		61,444
Integrated Telecom Express, Inc.	*‡d	1,103		—
Level 3 Communications, Inc.	*†	261,592		638,284
Neutral Tandem, Inc.	*	13,265		231,076
PAETEC Holding Corp.	*	20,390		97,668
Premiere Global Services, Inc.	*	5,642		45,023
Superior TeleCom, Inc.	*‡d	2,014		—
SureWest Communications	†	6,213		103,881
tw telecom inc.	*	19,424		398,775
				2,850,849

See accompanying notes to financial statements

213

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Electric Utilities—1.4%
Allete, Inc.		4,094	$	168,018
Central Vermont Public Service Corp.		6,116		221,093
Cleco Corp.		12,486		435,137
DPL, Inc.		11,214		338,214
El Paso Electric Co.		8,121		262,308
Empire District Electric Co. (The)	†	15,475		298,048
Great Plains Energy, Inc.		23,293		482,864
Hawaiian Electric Industries, Inc.		19,847		477,519
IDACORP, Inc.		8,071		318,805
ITC Holdings Corp.		6,427		461,266
MGE Energy, Inc.		4,750		192,517
NV Energy, Inc.		43,629		669,705
Otter Tail Corp.		2,897		61,127
PNM Resources, Inc.		14,732		246,614
Portland General Electric Co.		14,735		372,501
UIL Holdings Corp.	†	7,992		258,541
Unisource Energy Corp.		9,164		342,092
Unitil Corp.		1,689		44,421
Westar Energy, Inc.		17,629		474,396
				6,125,186
Electrical Equipment—1.4%
A123 Systems, Inc.	*†	28,690		152,631
Active Power, Inc.	*	28,492		69,805
Acuity Brands, Inc.		3,756		209,510
American Superconductor Corp.	*†	6,746		60,984
AMETEK, Inc.		26,331		1,182,262
AZZ, Inc.	†	1,134		51,937
Babcock & Wilcox Co. (The)	*	17,673		489,719
Belden, Inc.	†	6,067		211,496
Brady Corp., Class A		6,111		195,919
Capstone Turbine Corp.	*†	49,337		75,486
Encore Wire Corp.		1,693		41,004
EnerSys	*	11,416		392,939
Franklin Electric Co., Inc.	†	3,929		184,467
FuelCell Energy, Inc.	*†	9,197		12,048
General Cable Corp.	*†	7,507		319,648
GrafTech International Ltd.	*	18,466		374,306
Hubbell, Inc., Class B		6,100		396,195
II-VI, Inc.	*	3,964		101,478
LSI Industries, Inc.		3,003		23,844
Magnetek, Inc.	*	4,586		8,346
Orbit International Corp.	*	2,812		14,763
Plug Power, Inc.	*†	893		1,982
Polypore International, Inc.	*	2,985		202,502
Powell Industries, Inc.	*	1,046		38,179
PowerSecure International, Inc.	*†	2,650		19,133
Regal-Beloit Corp.		5,997		400,420
Servotronics, Inc.		3,119		27,541
Thomas & Betts Corp.	*	10,346		557,132
Ultralife Corp.	*	3,672		17,222
Universal Security Instruments, Inc.	*	266		1,843
Valence Technology, Inc.	*†	4,773		5,632
Vicor Corp.		3,481		56,288
Woodward, Inc.		5,398		188,174
				6,084,835

		Shares		Value
Electronic Equipment, Instruments & Components—2.2%
Agilysys, Inc.	*	2,266	$	18,898
Anixter International, Inc.		5,818		380,148
Arrow Electronics, Inc.	*	15,039		624,118
Avnet, Inc.	*	25,575		815,331
AVX Corp.		9,827		149,763
Benchmark Electronics, Inc.	*†	13,445		221,843
Brightpoint, Inc.	*	13,208		107,117
CalAmp Corp.	*	7,372		22,337
Checkpoint Systems, Inc.	*	3,624		64,797
Cognex Corp.		3,335		118,159
Coherent, Inc.	*	3,191		176,367
CTS Corp.	†	4,578		44,269
Daktronics, Inc.	†	3,564		38,456
Dolby Laboratories, Inc., Class A	*†	6,100		259,006
DTS, Inc.	*	1,605		65,083
Echelon Corp.	*	3,748		34,069
Electro Rent Corp.	†	2,563		43,879
Electro Scientific Industries, Inc.	*	3,685		71,120
FARO Technologies, Inc.	*	1,212		53,086
Frequency Electronics, Inc.	*	822		7,809
Gerber Scientific, Inc.	*	3,478		38,710
ID Systems, Inc.	*	2,437		11,332
Identive Group, Inc.	*†	1,494		3,466
Ingram Micro, Inc., Class A	*	36,056		654,056
Insight Enterprises, Inc.	*	2,944		52,138
IPG Photonics Corp.	*	6,852		498,209
Iteris, Inc.	*	4,264		5,543
Itron, Inc.	*	7,560		364,090
L-1 Identity Solutions, Inc.	*	28,365		333,289
LeCroy Corp.	*	3,916		47,149
Lightpath Technologies, Inc., Class A	*	17,646		26,998
Littelfuse, Inc.	†	2,845		167,058
LoJack Corp.	*	1,880		8,197
LRAD Corp.	*	3,686		10,137
Maxwell Technologies, Inc.	*†	3,381		54,738
Measurement Specialties, Inc.	*†	3,063		109,349
Mercury Computer Systems, Inc.	*	2,443		45,635
Mesa Laboratories, Inc.		1,200		37,992
Methode Electronics, Inc.	†	12,888		149,630
Microvision, Inc.	*†	114,459		139,640
MTS Systems Corp.		1,818		76,047
National Instruments Corp.		15,986		474,624
Newport Corp.	*	3,015		54,783
OSI Systems, Inc.	*	2,179		93,697
Park Electrochemical Corp.		1,950		54,502
PC Connection, Inc.	*	2,755		22,811
Planar Systems, Inc.	*	8,504		24,321
Plexus Corp.	*	4,416		153,721
Power-One, Inc.	*†	35,502		287,566
Pulse Electronics Corp.		7,988		35,307
Radisys Corp.	*	2,757		20,099
Research Frontiers, Inc.	*†	2,932		13,399
Rofin-Sinar Technologies, Inc.	*	3,102		105,933
Rogers Corp.	*	1,417		65,465
Sanmina-SCI Corp.	*	9,115		94,158
ScanSource, Inc.	*	1,798		67,389
Sigmatron International, Inc.	*	283		1,299
SMART Modular Technologies (WWH), Inc.	*	14,453		132,389
SYNNEX Corp.	*†	3,024		95,861
Tech Data Corp.	*†	7,820		382,320

See accompanying notes to financial statements

214

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Trimble Navigation Ltd.	*	15,373	$	609,386
TTM Technologies, Inc.	*	5,541		88,767
Universal Display Corp.	*	2,789		97,866
Vishay Intertechnology, Inc.	*†	19,798		297,762
Vishay Precision Group, Inc.	*†	7,543		127,326
Wayside Technology Group, Inc.		1,787		24,232
X-Rite, Inc.	*†	2,441		12,132
Zygo Corp.	*	2,489		32,905
				9,619,078
Energy Equipment & Services—2.2%
Atwood Oceanics, Inc.	*	6,387		281,858
Basic Energy Services, Inc.	*†	5,491		172,802
Bolt Technology Corp.	*	3,477		43,115
Bristow Group, Inc.		3,979		203,009
Cal Dive International, Inc.	*	25,404		151,916
CARBO Ceramics, Inc.		2,127		346,595
Complete Production Services, Inc.	*	12,146		405,191
Dawson Geophysical Co.	*	930		31,759
Dresser-Rand Group, Inc.	*	13,863		745,136
Dril-Quip, Inc.	*	3,396		230,351
Exterran Holdings, Inc.	*†	10,606		210,317
Global Industries Ltd.	*	36,362		199,264
Gulfmark Offshore, Inc., Class A	*†	3,081		136,149
Helix Energy Solutions Group, Inc.	*	10,795		178,765
Hercules Offshore, Inc.	*	42,310		233,128
Hornbeck Offshore Services, Inc.	*†	3,588		98,670
ION Geophysical Corp.	*	22,870		216,350
Key Energy Services, Inc.	*	31,716		570,888
Lufkin Industries, Inc.		5,305		456,495
Matrix Service Co.	*	2,410		32,246
McDermott International, Inc.	*	31,974		633,405
Mitcham Industries, Inc.	*	3,707		64,131
Natural Gas Services Group, Inc.	*†	2,837		45,846
Newpark Resources, Inc.	*	17,228		156,258
Oceaneering International, Inc.		12,244		495,882
Oil States International, Inc.	*	5,243		418,968
OYO Geospace Corp.	*	550		55,000
Parker Drilling Co.	*	15,606		91,295
Patterson-UTI Energy, Inc.		29,120		920,483
PHI, Inc.	*	1,283		27,880
Pioneer Drilling Co.	*	16,802		256,062
RPC, Inc.	†	14,106		346,161
SEACOR Holdings, Inc.		2,438		243,702
Sulphco, Inc.	*†	8,130		196
Superior Energy Services, Inc.	*	8,501		315,727
Tetra Technologies, Inc.	*	8,961		114,074
Tidewater, Inc.		5,295		284,924
Unit Corp.	*	5,621		342,488
				9,756,486
Food & Staples Retailing—0.4%
Andersons, Inc. (The)		1,795		75,839
Arden Group, Inc., Class A	†	391		35,980
BJ’s Wholesale Club, Inc.	*	8,066		406,123
Casey’s General Stores, Inc.		6,741		296,604
Nash Finch Co.		1,190		42,614
Pantry, Inc. (The)	*†	2,139		40,192
Rite Aid Corp.	*	203,564		270,740
Ruddick Corp.	†	5,954		259,237

		Shares		Value
Spartan Stores, Inc.		3,490	$	68,160
United Natural Foods, Inc.	*	3,712		158,391
Village Super Market, Inc., Class A		2,777		76,951
Weis Markets, Inc.	†	1,103		44,925
Winn-Dixie Stores, Inc.	*†	8,034		67,887
				1,843,643
Food Products—1.9%
B&G Foods, Inc.		13,813		284,824
Bridgford Foods Corp.	†	1,169		12,543
Bunge Ltd.	†	22,375		1,542,756
Calavo Growers, Inc.	†	2,244		47,259
Cal-Maine Foods, Inc.	†	6,514		208,188
Chiquita Brands International, Inc.	*	6,442		83,875
Corn Products International, Inc.		10,177		562,585
Darling International, Inc.	*	15,053		266,438
Diamond Foods, Inc.	†	4,971		379,486
Dole Food Co., Inc.	*†	12,165		164,471
Farmer Bros. Co.	†	930		9,430
Flowers Foods, Inc.	†	29,958		660,274
Fresh Del Monte Produce, Inc.		5,829		155,459
Green Mountain Coffee Roasters, Inc.	*†	15,888		1,418,163
Griffin Land & Nurseries, Inc.	†	2,039		66,247
Hain Celestial Group, Inc. (The)	*	9,137		304,810
Inventure Foods, Inc.	*	9,182		36,636
J&J Snack Foods Corp.	†	1,866		93,020
John B. Sanfilippo & Son, Inc.	*	1,899		16,066
Lancaster Colony Corp.	†	2,437		148,218
Omega Protein Corp.	*	1,515		20,907
Ralcorp Holdings, Inc.	*	9,102		788,051
Sanderson Farms, Inc.	†	1,537		73,438
Smart Balance, Inc.	*	15,817		81,932
Smithfield Foods, Inc.	*	16,514		361,161
Snyders-Lance, Inc.		3,688		79,772
Tootsie Roll Industries, Inc.		3,161		92,491
TreeHouse Foods, Inc.	*	6,033		329,462
				8,287,962
Gas Utilities—1.0%
AGL Resources, Inc.		9,225		375,550
Atmos Energy Corp.		15,893		528,442
Chesapeake Utilities Corp.	†	2,965		118,689
Delta Natural Gas Co., Inc.		3,757		119,322
Laclede Group, Inc. (The)		1,902		71,953
National Fuel Gas Co.		11,592		843,898
New Jersey Resources Corp.		5,739		256,017
Northwest Natural Gas Co.		3,667		165,492
Piedmont Natural Gas Co., Inc.	†	15,500		469,030
Questar Corp.		28,555		505,709
South Jersey Industries, Inc.		3,110		168,904
Southwest Gas Corp.	†	5,681		219,343
UGI Corp.		16,109		513,716
WGL Holdings, Inc.		6,794		261,501
				4,617,566
Health Care Equipment & Supplies—2.4%
Abaxis, Inc.	*	1,864		50,794
ABIOMED, Inc.	*†	3,940		63,828
Accuray, Inc.	*	3,769		30,187
Alere, Inc.	*	9,884		361,952
Align Technology, Inc.	*	7,897		180,052
Analogic Corp.		1,287		67,683

See accompanying notes to financial statements

215

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Angiodynamics, Inc.	*	14,132	$	201,098
Atrion Corp.	†	308		60,922
Biolase Technology, Inc.	*†	21,427		110,136
Cantel Medical Corp.		4,511		121,391
Cerus Corp.	*†	16,123		48,369
Conceptus, Inc.	*†	2,419		28,230
CONMED Corp.	*†	9,592		273,180
Cooper Cos., Inc. (The)		6,391		506,423
CryoLife, Inc.	*	4,037		22,607
Cutera, Inc.	*	3,098		26,426
Cyberonics, Inc.	*†	2,351		65,711
Cynosure, Inc., Class A	*	772		9,341
DexCom, Inc.	*	11,213		162,476
Endologix, Inc.	*†	11,397		105,992
Gen-Probe, Inc.	*	7,280		503,412
Greatbatch, Inc.	*	2,283		61,230
Haemonetics Corp.	*†	3,839		247,116
Hill-Rom Holdings, Inc.		7,479		344,333
Hologic, Inc.	*	46,510		938,107
ICU Medical, Inc.	*†	1,366		59,694
IDEXX Laboratories, Inc.	*	3,869		300,080
Immucor, Inc.	*	8,633		176,286
Integra LifeSciences Holdings Corp.	*†	2,236		106,903
Invacare Corp.		3,258		108,133
IRIS International, Inc.	*	2,570		25,674
Kensey Nash Corp.	*	1,683		42,462
Kinetic Concepts, Inc.	*†	8,640		497,923
Masimo Corp.	†	5,620		166,802
Medical Action Industries, Inc.	*	7,146		58,240
Meridian Bioscience, Inc.	†	4,370		105,361
Merit Medical Systems, Inc.	*	3,136		56,354
Natus Medical, Inc.	*†	15,518		235,098
Neogen Corp.	*	2,463		111,352
NuVasive, Inc.	*†	4,557		149,834
NxStage Medical, Inc.	*†	7,486		155,859
OraSure Technologies, Inc.	*	4,328		36,918
Orthofix International NV (Netherlands Antilles)	*	2,888		122,653
Palomar Medical Technologies, Inc.	*†	2,762		31,155
Quidel Corp.	*†	14,799		224,205
ResMed, Inc.	*†	21,919		678,393
Rochester Medical Corp.	*	5,305		47,957
RTI Biologics, Inc.	*	7,464		20,228
Sirona Dental Systems, Inc.	*	9,020		478,962
SonoSite, Inc.	*	1,320		46,424
Spectranetics Corp.	*	3,376		20,999
Staar Surgical Co.	*	13,188		69,896
STERIS Corp.		7,971		278,826
SurModics, Inc.	*	1,932		21,445
Synovis Life Technologies, Inc.	*	4,579		79,766
Teleflex, Inc.		5,080		310,185
Theragenics Corp.	*	5,822		10,247
ThermoGenesis Corp.	*†	1,079		2,169
Thoratec Corp.	*	7,537		247,364
Urologix, Inc.	*	25,612		24,331
Vision-Sciences, Inc.	*†	27,178		70,119
Volcano Corp.	*	4,832		156,025
West Pharmaceutical Services, Inc.	†	3,358		146,946
Wright Medical Group, Inc.	*	3,907		58,605

		Shares		Value
Young Innovations, Inc.		677	$	19,308
Zoll Medical Corp.	*	6,431		364,381
				10,514,558
Health Care Providers & Services—2.8%
Alliance HealthCare Services, Inc.	*	10,817		41,105
Almost Family, Inc.	*	2,502		68,555
Amedisys, Inc.	*	2,921		77,786
American Dental Partners, Inc.	*†	1,668		21,617
AMERIGROUP Corp.	*	5,696		401,397
AMN Healthcare Services, Inc.	*†	3,864		32,148
Amsurg Corp.	*	3,079		80,454
Bio-Reference Labs, Inc.	*†	11,461		239,535
BioScrip, Inc.	*	3,476		22,559
Brookdale Senior Living, Inc.	*	23,328		565,704
Capital Senior Living Corp.	*	9,966		92,584
CardioNet, Inc.	*	8,331		44,238
Catalyst Health Solutions, Inc.	*	5,865		327,384
Centene Corp.	*	7,045		250,309
Chemed Corp.		2,102		137,723
Chindex International, Inc.	*†	1,527		20,798
Community Health Systems, Inc.	*	12,136		311,652
Cross Country Healthcare, Inc.	*†	2,631		19,996
Emeritus Corp.	*	5,975		126,969
Ensign Group, Inc. (The)		3,393		103,113
Five Star Quality Care, Inc.	*	6,201		36,028
Gentiva Health Services, Inc.	*	3,767		78,467
Hanger Orthopedic Group, Inc.	*	4,046		99,006
HCA Holdings, Inc.	*	21,943		724,119
Health Management Associates, Inc., Class A	*	38,960		419,989
Health Net, Inc.	*	13,985		448,779
Healthsouth Corp.	*†	18,076		474,495
Healthspring, Inc.	*†	8,037		370,586
Healthways, Inc.	*	3,517		53,388
Henry Schein, Inc.	*	12,162		870,678
HMS Holdings Corp.	*	3,810		292,875
IPC The Hospitalist Co., Inc.	*†	4,870		225,724
Kindred Healthcare, Inc.	*	6,873		147,563
Landauer, Inc.		923		56,847
LHC Group, Inc.	*	8,598		198,270
LifePoint Hospitals, Inc.	*	6,804		265,900
Lincare Holdings, Inc.		16,315		477,540
Magellan Health Services, Inc.	*	4,963		271,675
Mednax, Inc.	*	7,525		543,230
Molina Healthcare, Inc.	*	3,366		91,286
MWI Veterinary Supply, Inc.	*	1,472		118,893
National Healthcare Corp.	†	1,078		53,436
National Research Corp.		1,250		45,662
Omnicare, Inc.	†	16,127		514,290
Owens & Minor, Inc.	†	8,595		296,441
PDI, Inc.	*	864		6,126
PharMerica Corp.	*	4,132		52,724
Providence Service Corp. (The)	*†	3,898		49,310
PSS World Medical, Inc.	*†	12,062		337,857
Psychemedics Corp.		902		8,578
Rural/Metro Corp.	*	15,766		271,806
Skilled Healthcare Group, Inc., Class A	*	6,280		59,409
Sun Healthcare Group, Inc.	*†	7,309		58,618
Sunrise Senior Living, Inc.	*†	17,453		166,327
Triple-S Management Corp., Class B (Puerto Rico)	*†	7,729		167,951

See accompanying notes to financial statements

216

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
U.S. Physical Therapy, Inc.		2,083	$	51,513
Universal American Corp.		8,125		88,969
Universal Health Services, Inc., Class B		10,922		562,811
VCA Antech, Inc.	*	8,380		177,656
WellCare Health Plans, Inc.	*	5,753		295,762
				12,516,210
Health Care Technology—0.4%
Allscripts Healthcare Solutions, Inc.	*	28,246		548,537
athenahealth, Inc.	*†	3,145		129,259
Computer Programs & Systems, Inc.		3,593		228,084
Emdeon, Inc., Class A	*	13,453		176,503
MedAssets, Inc.	*	10,517		140,507
Medidata Solutions, Inc.	*	11,494		274,362
Mediware Information Systems, Inc.	*	1,191		13,161
Merge Healthcare, Inc.	*	9,619		50,019
Omnicell, Inc.	*	7,892		123,036
Quality Systems, Inc.		2,355		205,592
				1,889,060
Hotels, Restaurants & Leisure—2.6%
AFC Enterprises, Inc.	*	5,988		98,503
Ambassadors Group, Inc.		2,796		24,689
Ameristar Casinos, Inc.		3,664		86,873
Bally Technologies, Inc.	*†	6,636		269,952
Benihana, Inc., Class A	*	680		7,133
Biglari Holdings, Inc.	*	109		42,624
Bluegreen Corp.	*	1,800		5,274
Bob Evans Farms, Inc.		2,925		102,287
Boyd Gaming Corp.	*†	9,758		84,895
Brinker International, Inc.		13,492		330,014
Buffalo Wild Wings, Inc.	*	4,069		269,815
California Pizza Kitchen, Inc.	*	2,265		41,835
CEC Entertainment, Inc.		1,994		79,979
Cheesecake Factory, Inc. (The)	*†	8,701		272,950
Choice Hotels International, Inc.	†	4,224		140,913
Churchill Downs, Inc.		1,567		70,640
Cosi, Inc.	*	16,495		15,670
Cracker Barrel Old Country Store, Inc.	†	2,879		141,964
DineEquity, Inc.	*	1,467		76,680
Domino’s Pizza, Inc.	*	12,133		306,237
Dover Downs Gaming & Entertainment, Inc.		1,687		5,398
Dover Motorsports, Inc.	*	1,645		3,043
Gaylord Entertainment Co.	*†	5,614		168,420
Great Wolf Resorts, Inc.	*	3,072		9,339
Hyatt Hotels Corp., Class A	*	7,286		297,415
International Speedway Corp., Class A		3,250		92,333
Interval Leisure Group, Inc.	*†	2,598		35,567
Isle of Capri Casinos, Inc.	*	1,251		11,071
Jack in the Box, Inc.	*	8,142		185,475
Jamba, Inc.	*†	31,424		67,247
Krispy Kreme Doughnuts, Inc.	*	14,546		138,332
Las Vegas Sands Corp.	*	72,751		3,070,820
Life Time Fitness, Inc.	*†	3,802		151,738

		Shares		Value
Luby’s, Inc.	*	14,427	$	79,637
Marcus Corp.		1,805		17,833
McCormick & Schmick’s Seafood Restaurants, Inc.	*	5,172		44,428
MGM Resorts International	*	55,276		730,196
Monarch Casino & Resort, Inc.	*	6,897		72,005
Morgans Hotel Group Co.	*	7,052		50,704
MTR Gaming Group, Inc.	*	4,525		13,711
Multimedia Games Holding Co., Inc.	*	2,902		13,204
O’Charleys, Inc.	*†	3,157		23,078
Orient-Express Hotels Ltd., Class A (Bermuda)	*	9,213		99,040
P.F. Chang’s China Bistro, Inc.	†	5,452		219,388
Panera Bread Co., Class A	*	3,500		439,810
Papa John’s International, Inc.	*†	2,356		78,361
Peet’s Coffee & Tea, Inc.	*†	2,241		129,306
Penn National Gaming, Inc.	*	12,013		484,604
Pinnacle Entertainment, Inc.	*	13,868		206,633
Red Robin Gourmet Burgers, Inc.	*	1,203		43,765
Royal Caribbean Cruises Ltd.	*	23,319		877,727
Ruby Tuesday, Inc.	*†	17,015		183,422
Scientific Games Corp., Class A	*	13,630		140,934
Shuffle Master, Inc.	*	6,463		60,461
Sonic Corp.	*†	6,866		72,986
Speedway Motorsports, Inc.		1,680		23,822
Texas Roadhouse, Inc.		17,672		309,879
Vail Resorts, Inc.	†	3,320		153,450
Wendy’s/Arby’s Group, Inc., Class A		64,355		326,280
WMS Industries, Inc.	*	4,326		132,895
				11,732,684
Household Durables—0.9%
American Greetings Corp., Class A	†	6,434		154,673
Bassett Furniture Industries, Inc.		610		4,807
Beazer Homes USA, Inc.	*†	42,835		145,211
Blyth, Inc.	†	877		44,157
Cavco Industries, Inc.	*†	1,216		54,720
CSS Industries, Inc.	†	1,140		23,860
Ethan Allen Interiors, Inc.	†	2,312		49,222
Furniture Brands International, Inc.	*	9,746		40,348
Helen of Troy Ltd. (Bermuda)	*†	3,172		109,529
Hooker Furniture Corp.		3,953		35,024
Hovnanian Enterprises, Inc., Class A	*†	48,421		116,695
Jarden Corp.		12,259		423,058
KB Home	†	14,381		140,646
Kid Brands, Inc.	*	1,157		5,970
La-Z-Boy, Inc.	*	8,340		82,316
M/I Homes, Inc.	*	1,741		21,345
MDC Holdings, Inc.	†	5,581		137,516
Meritage Homes Corp.	*	3,915		88,322
Mohawk Industries, Inc.	*	6,823		409,312
NVR, Inc.	*	724		525,248
Ryland Group, Inc.	†	12,565		207,699
Sealy Corp.	*†	6,171		15,613
Skyline Corp.		918		16,065
Standard Pacific Corp.	*†	29,234		97,934
Tempur-Pedic International, Inc.	*	6,645		450,664
Toll Brothers, Inc.	*	10,717		222,271

See accompanying notes to financial statements

217

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Tupperware Brands Corp.		8,158	$	550,257
Universal Electronics, Inc.	*†	3,125		78,937
				4,251,419
Household Products—0.4%
Central Garden and Pet Co., Class A	*	2,770		28,115
Church & Dwight Co., Inc.		23,066		935,096
Energizer Holdings, Inc.	*	10,075		729,027
WD-40 Co.	†	2,756		107,594
				1,799,832
Independent Power Producers & Energy Traders—0.4%
Calpine Corp.	*	66,057		1,065,500
Dynegy, Inc.	*	14,760		91,364
GenOn Energy, Inc.	*	76,798		296,440
Ormat Technologies, Inc.	†	9,093		200,137
Tegal Corp.	*	62		130
				1,653,571
Industrial Conglomerates—0.2%
Carlisle Cos., Inc.		9,558		470,540
Raven Industries, Inc.		5,412		301,503
Seaboard Corp.	†	43		103,974
Standex International Corp.		1,584		48,581
Tredegar Corp.		2,467		45,270
				969,868
Insurance—4.0%
Alleghany Corp.	*	565		188,207
Allied World Assurance Co. Holdings AG (Switzerland)		6,514		375,076
Alterra Capital Holdings Ltd. (Bermuda)	†	11,392		254,042
American Financial Group, Inc.		16,388		584,888
American National Insurance Co.		3,374		261,485
American Safety Insurance Holdings Ltd.	*	8,481		162,326
AMERISAFE, Inc.	*	5,765		130,404
Amtrust Financial Services, Inc.	†	10,931		249,008
Arch Capital Group Ltd. (Bermuda)	*	21,456		684,875
Argo Group International Holdings Ltd. (Bermuda)		3,031		90,081
Arthur J. Gallagher & Co.		16,244		463,604
Aspen Insurance Holdings Ltd. (Bermuda)		15,024		386,568
Assured Guaranty Ltd. (Bermuda)		13,965		227,769
Axis Capital Holdings Ltd. (Bermuda)		22,431		694,464
Baldwin & Lyons, Inc., Class B		1,316		30,492
Brown & Brown, Inc.		21,221		544,531
Citizens, Inc.	*	31,776		216,712
CNA Financial Corp.		8,930		259,416
CNO Financial Group, Inc.	*†	33,835		267,635
Crawford & Co., Class B	†	3,543		25,049
Delphi Financial Group, Inc., Class A		5,179		151,279
eHealth, Inc.	*†	9,146		122,191
EMC Insurance Group, Inc.		1,041		19,883
Employers Holdings, Inc.		6,914		115,948
Endurance Specialty Holdings Ltd. (Bermuda)		8,383		346,469

		Shares		Value
Enstar Group Ltd. (Bermuda)	*	626	$	65,411
Erie Indemnity Co., Class A		3,864		273,262
Everest Re Group Ltd. (Bermuda)		6,724		549,687
FBL Financial Group, Inc., Class A	†	2,268		72,916
Fidelity National Financial, Inc., Class A		31,906		502,200
First American Financial Corp.		13,864		216,972
Flagstone Reinsurance Holdings SA (Luxembourg)		8,988		75,769
FPIC Insurance Group, Inc.	*	2,681		111,744
Greenlight Capital Re Ltd., Class A (Cayman Islands)	*	4,754		124,983
Hanover Insurance Group, Inc. (The)		4,015		151,406
Harleysville Group, Inc.	†	1,278		39,835
HCC Insurance Holdings, Inc.		16,962		534,303
Hilltop Holdings, Inc.	*	12,173		107,609
Horace Mann Educators Corp.		7,132		111,330
Independence Holding Co.	†	5,932		61,930
Infinity Property & Casualty Corp.		1,280		69,965
Kansas City Life Insurance Co.	†	1,203		37,473
Markel Corp.	*	1,119		444,030
MBIA, Inc.	*†	16,126		140,135
Meadowbrook Insurance Group, Inc.	†	27,453		272,059
Mercury General Corp.		4,983		196,779
Montpelier Re Holdings Ltd. (Bermuda)		15,462		278,316
National Financial Partners Corp.	*†	9,598		110,761
Navigators Group, Inc. (The)	*	1,745		82,015
Old Republic International Corp.		38,160		448,380
OneBeacon Insurance Group Ltd., Class A	†	6,290		84,223
PartnerRe Ltd. (Bermuda)		8,968		617,447
Phoenix Cos., Inc. (The)	*†	29,424		72,383
Platinum Underwriters Holdings Ltd. (Bermuda)		9,144		303,947
Presidential Life Corp.	†	2,568		26,810
ProAssurance Corp.	*	2,725		190,750
Protective Life Corp.		9,843		227,669
Reinsurance Group of America, Inc.		11,204		681,875
RenaissanceRe Holdings Ltd. (Bermuda)		7,886		551,626
RLI Corp.	†	1,980		122,602
Safety Insurance Group, Inc.		1,536		64,573
SeaBright Holdings, Inc.		3,141		31,096
Selective Insurance Group, Inc.	†	7,536		122,611
StanCorp Financial Group, Inc.		8,779		370,386
State Auto Financial Corp.		2,585		45,057
Stewart Information Services Corp.		1,684		16,890
Symetra Financial Corp.		15,274		205,130
Tower Group, Inc.		3,847		91,636
Transatlantic Holdings, Inc.		7,734		379,043
United Fire & Casualty Co.	†	2,592		45,023
Unitrin, Inc.		10,658		316,223
Validus Holdings Ltd. (Bermuda)		11,164		345,526
W.R. Berkley Corp.		23,678		768,114
White Mountains Insurance Group Ltd.		706		296,633
				17,908,945

See accompanying notes to financial statements

218

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Internet & Catalog Retail—0.5%
1-800-Flowers.com, Inc., Class A	*	2,113	$	6,550
Blue Nile, Inc.	*†	2,444		107,487
dELiA*s, Inc.	*	2,555		4,011
Geeknet, Inc.	*†	661		17,662
Hollywood Media Corp.	*	10,671		16,007
HSN, Inc.	*†	4,954		163,086
Liberty Media Corp.—Interactive, Series A	*	81,613		1,368,650
Nutrisystem, Inc.	†	5,029		70,708
Overstock.com, Inc.	*	3,326		50,622
Shutterfly, Inc.	*	8,472		486,462
Valuevision Media, Inc., Class A	*	6,193		47,376
				2,338,621
Internet Software & Services—1.3%
AOL, Inc.	*†	17,023		338,077
Autobytel, Inc.	*	4,755		5,373
comScore, Inc.	*	2,914		75,473
Constant Contact, Inc.	*†	8,587		217,938
Crexendo, Inc.		1,043		5,163
DealerTrack Holdings, Inc.	*	4,113		94,393
Digital River, Inc.	*†	4,580		147,293
Earthlink, Inc.		31,350		241,238
Equinix, Inc.	*	4,952		500,251
IAC/InterActiveCorp	*	18,714		714,313
Infospace, Inc.	*	11,869		108,245
Internap Network Services Corp.	*	12,216		89,788
Ipass, Inc.	*†	6,163		9,368
j2 Global Communications, Inc.	*†	4,168		117,663
Keynote Systems, Inc.		3,262		70,557
Limelight Networks, Inc.	*†	3,711		16,922
LinkedIn Corp., Class A	*	1,220		109,910
LivePerson, Inc.	*†	3,334		47,143
LogMeIn, Inc.	*†	6,170		237,977
Looksmart Ltd.	*	4,010		6,055
LoopNet, Inc.	*	13,367		245,685
Marchex, Inc., Class B		2,710		24,065
ModusLink Global Solutions, Inc.		3,461		15,505
Move, Inc.	*	33,703		73,810
NIC, Inc.	†	10,696		143,968
OpenTable, Inc.	*	4,703		390,913
Openwave Systems, Inc.	*	21,687		49,663
Perficient, Inc.	*	2,090		21,443
Rackspace Hosting, Inc.	*	12,978		554,680
RealNetworks, Inc.	*†	10,782		36,659
Saba Software, Inc.	*†	3,576		32,291
SAVVIS, Inc.	*	6,492		256,629
Stamps.com, Inc.	†	2,642		35,244
support.com, Inc.	*	4,962		23,818
United Online, Inc.		10,506		63,351
ValueClick, Inc.	*	13,525		224,515
Vertro, Inc.	*	1,316		2,961
Vocus, Inc.	*	2,731		83,596
Web.com Group, Inc.	*	1,785		21,991
WebMD Health Corp.	*	5,789		263,863
WebMediaBrands, Inc.	*†	4,020		5,387
XO Group, Inc.	*	3,458		34,407
Zix Corp.	*	18,330		70,387
				5,827,971

		Shares		Value
IT Services—1.9%
Acxiom Corp.	*	7,115	$	93,278
Alliance Data Systems Corp.	*	7,629		717,660
Broadridge Financial Solutions, Inc.		24,150		581,290
CACI International, Inc., Class A	*	3,963		249,986
Cass Information Systems, Inc.	†	1,213		45,803
Ciber, Inc.	*	14,012		77,767
Convergys Corp.	*	20,768		283,276
CoreLogic, Inc.	*	15,057		251,602
CSG Systems International, Inc.	*	3,644		67,341
DST Systems, Inc.		8,162		430,954
Edgewater Technology, Inc.	*	2,568		6,934
Euronet Worldwide, Inc.	*†	6,728		103,678
Forrester Research, Inc.		1,573		51,846
Gartner, Inc.	*	16,757		675,140
Genpact Ltd. (Bermuda)	*	30,312		522,579
Global Cash Access Holdings, Inc.	*	27,153		86,347
Global Payments, Inc.		12,308		627,708
Hackett Group, Inc. (The)	*	7,902		40,221
Heartland Payment Systems, Inc.		4,979		102,567
iGATE Corp.	†	2,997		48,911
Integral Systems, Inc.	*	2,356		28,673
Jack Henry & Associates, Inc.	†	10,516		315,585
Lender Processing Services, Inc.		11,943		249,728
Lionbridge Technologies, Inc.	*	18,369		58,413
Management Network Group, Inc.	*	320		838
Mantech International Corp., Class A		3,037		134,904
Mastech Holdings, Inc.	*	357		1,214
MAXIMUS, Inc.		1,558		128,893
MoneyGram International, Inc.	*	29,126		96,698
NCI, Inc., Class A	*†	1,956		44,440
NeuStar, Inc., Class A	*	15,347		402,091
Online Resources Corp.	*	2,780		9,063
Pfsweb, Inc.	*†	1,209		5,549
Sapient Corp.	*	25,306		380,349
SRA International, Inc., Class A	*	8,338		257,811
StarTek, Inc.	*	1,875		6,469
Syntel, Inc.		2,510		148,391
TeleTech Holdings, Inc.	*	4,611		97,200
TNS, Inc.	*	6,651		110,407
Unisys Corp.	*	7,450		191,465
VeriFone Systems, Inc.	*	13,411		594,778
Wright Express Corp.	*	3,489		181,672
				8,509,519
Leisure Equipment & Products—0.2%
Arctic Cat, Inc.	*	1,738		23,341
Brunswick Corp.		10,281		209,732
Callaway Golf Co.		14,390		89,506
Eastman Kodak Co.	*†	13,983		50,059
Jakks Pacific, Inc.	*†	2,425		44,644
Leapfrog Enterprises, Inc.	*	14,746		62,228
Nautilus, Inc.	*	2,480		4,960
Polaris Industries, Inc.		3,558		395,543
Smith & Wesson Holding Corp.	*†	46,824		140,472
Steinway Musical Instruments, Inc.	*	1,536		39,460
Sturm Ruger & Co., Inc.		2,146		47,105
				1,107,050
Life Sciences Tools & Services—1.2%
Affymetrix, Inc.	*	13,032		103,344
Albany Molecular Research, Inc.	*	2,944		14,161
Bio-Rad Laboratories, Inc., Class A	*	2,830		337,789

See accompanying notes to financial statements

219

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Bruker Corp.	*	18,553	$	377,739
Caliper Life Sciences, Inc.	*	3,187		25,847
Cambrex Corp.	*	2,958		13,666
Charles River Laboratories International, Inc.	*	11,766		478,288
Covance, Inc.	*†	6,895		409,356
Enzo Biochem, Inc.	*†	6,306		26,800
eResearchTechnology, Inc.	*	6,233		39,704
Furiex Pharmaceuticals, Inc.	*	1,473		26,205
Illumina, Inc.	*	20,415		1,534,187
Kendle International, Inc.	*	15,408		232,353
Luminex Corp.	*	4,012		83,851
Mettler-Toledo International, Inc.	*	3,252		548,515
Parexel International Corp.	*	8,690		204,736
Pharmaceutical Product Development, Inc.		20,841		559,372
Sequenom, Inc.	*†	20,941		158,104
Techne Corp.		4,152		346,152
				5,520,169
Machinery—4.3%
3D Systems Corp.	*†	4,518		89,050
Actuant Corp., Class A		11,808		316,809
AGCO Corp.	*	11,474		566,357
Albany International Corp., Class A		2,060		54,363
Ampco-Pittsburgh Corp.	†	986		23,122
Astec Industries, Inc.	*†	1,849		68,376
Badger Meter, Inc.	†	4,287		158,576
Barnes Group, Inc.		11,835		293,626
Blount International, Inc.	*	5,160		90,145
Briggs & Stratton Corp.	†	8,143		161,720
Bucyrus International, Inc.		14,084		1,290,939
Cascade Corp.		779		37,057
Chart Industries, Inc.	*	2,690		145,206
CIRCOR International, Inc.		1,935		82,876
CLARCOR, Inc.		9,897		467,930
Colfax Corp.	*†	7,548		187,190
Columbus McKinnon Corp.	*	4,765		85,579
Commercial Vehicle Group, Inc.	*	6,660		94,505
Crane Co.		12,482		616,736
Donaldson Co., Inc.		13,228		802,675
Dynamic Materials Corp.	†	9,575		214,672
EnPro Industries, Inc.	*†	4,972		239,004
ESCO Technologies, Inc.		1,735		63,848
Federal Signal Corp.	†	13,964		91,604
Flow International Corp.	*†	9,896		35,230
Force Protection, Inc.	*†	26,560		131,870
FreightCar America, Inc.	*	2,798		70,901
Gardner Denver, Inc.		9,936		835,121
Gorman-Rupp Co. (The)		2,363		77,821
Graco, Inc.		11,936		604,678
Graham Corp.		882		17,993
Greenbrier Cos., Inc.	*	1,812		35,805
Harsco Corp.		12,780		416,628
Hurco Cos., Inc.	*	1,248		40,198
IDEX Corp.		15,144		694,352
John Bean Technologies Corp.		3,917		75,677
Kadant, Inc.	*	1,553		48,935
Kaydon Corp.		5,552		207,201
Kennametal, Inc.		13,046		550,672
L.B. Foster Co., Class A		951		31,297
Lincoln Electric Holdings, Inc.		8,084		289,811

		Shares		Value
Lindsay Corp.		969	$	66,667
Lydall, Inc.	*	2,150		25,714
Manitowoc Co., Inc. (The)		19,361		326,039
Meritor, Inc.	*†	20,436		327,794
Middleby Corp.	*	2,361		222,028
Mueller Industries, Inc.		5,365		203,387
Mueller Water Products, Inc., Class A	†	30,046		119,583
NACCO Industries, Inc., Class A		310		30,014
Navistar International Corp.	*	7,357		415,376
NN, Inc.	*	6,804		101,788
Nordson Corp.		6,766		371,115
Oshkosh Corp.	*	13,390		387,507
Pentair, Inc.		16,029		646,930
RBC Bearings, Inc.	*†	6,724		253,898
Robbins & Myers, Inc.		7,886		416,775
Sauer-Danfoss, Inc.	*	5,746		289,541
SPX Corp.		5,152		425,864
Tecumseh Products Co., Class A	*	1,703		17,371
Tennant Co.	†	1,394		55,662
Terex Corp.	*	19,117		543,879
Timken Co.		15,464		779,386
Titan International, Inc.	†	9,793		237,578
Toro Co. (The)		4,977		301,109
Trinity Industries, Inc.	†	7,537		262,891
Valmont Industries, Inc.		3,340		321,943
Wabash National Corp.	*†	3,620		33,919
WABCO Holdings, Inc.	*	11,639		803,789
Wabtec Corp.		8,755		575,379
Watts Water Technologies, Inc., Class A	†	4,404		155,946
				19,125,027
Marine—0.2%
Alexander & Baldwin, Inc.		4,742		228,375
Eagle Bulk Shipping, Inc.	*†	41,794		103,649
Excel Maritime Carriers Ltd. (Greece)	*†	20,382		63,184
Genco Shipping & Trading Ltd.	*†	22,101		166,199
International Shipholding Corp.		724		15,407
Kirby Corp.	*	7,872		446,106
				1,022,920
Media—2.4%
A.H. Belo Corp., Class A		3,861		28,726
Arbitron, Inc.	†	3,649		150,813
Belo Corp., Class A	*	21,860		164,606
Carmike Cinemas, Inc.	*	6,117		42,268
Cinemark Holdings, Inc.		13,980		289,526
Clear Channel Outdoor Holdings, Inc., Class A	*	15,029		190,868
Crown Media Holdings, Inc., Class A	*†	4,399		8,402
Cumulus Media, Inc., Class A	*	3,854		13,489
DISH Network Corp., Class A	*	34,567		1,060,170
DreamWorks Animation SKG, Inc., Class A	*†	11,561		232,376
E.W. Scripps Co., (The), Class A	*	8,186		79,159
Emmis Communications Corp., Class A	*	4,461		4,907
Entercom Communications Corp., Class A	*	1,873		16,258
Entravision Communications Corp., Class A	*	4,930		9,120

See accompanying notes to financial statements

220

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Gray Television, Inc.	*	3,878	$	10,238
Harris Interactive, Inc.	*	6,590		5,602
Harte-Hanks, Inc.		4,646		37,726
John Wiley & Sons, Inc., Class A		5,504		286,263
Journal Communications, Inc., Class A	*	3,220		16,647
Lamar Advertising Co., Class A	*†	8,776		240,199
Lee Enterprises, Inc.	*†	6,600		5,874
Liberty Global, Inc., Series A	*	21,486		967,729
Liberty Media Corp.—Capital, Series A	*	10,469		897,717
Liberty Media Corp.—Starz, Series A	*	8,558		643,904
LIN TV Corp., Class A	*	2,390		11,639
Live Nation Entertainment, Inc.	*	23,965		274,879
Madison Square Garden Co. (The), Class A	*	14,922		410,803
Martha Stewart Living Omnimedia, Class A	*†	20,003		86,813
McClatchy Co. (The), Class A	*†	3,506		9,852
Media General, Inc., Class A	*†	1,595		6,093
Meredith Corp.	†	7,014		218,346
Morningstar, Inc.	†	5,535		336,417
National CineMedia, Inc.		13,811		233,544
Navarre Corp.	*	6,720		13,238
New Frontier Media, Inc.	*	6,104		8,424
New York Times Co. (The), Class A	*†	11,654		101,623
PRIMEDIA, Inc.		5,508		38,831
Radio Unica Communications Corp.	*‡d	1,900		—
Regal Entertainment Group, Class A	†	23,267		287,347
Salem Communications Corp., Class A		850		3,051
Scholastic Corp.	†	2,095		55,727
Sinclair Broadcast Group, Inc., Class A		4,220		46,336
Sirius XM Radio, Inc.	*†	676,489		1,481,511
Valassis Communications, Inc.	*†	8,118		245,975
Value Line, Inc.	†	573		7,684
Virgin Media, Inc.	†	42,731		1,278,939
Warner Music Group Corp.	*	4,960		40,771
World Wrestling Entertainment, Inc., Class A	†	2,315		22,062
				10,622,492
Metals & Mining—1.8%
Allied Nevada Gold Corp.	*	14,263		504,482
AMCOL International Corp.		2,631		100,399
Carpenter Technology Corp.		4,339		250,274
Century Aluminum Co.	*	15,081		236,018
Coeur d’Alene Mines Corp.	*	19,535		473,919
Commercial Metals Co.		11,670		167,465
Compass Minerals International, Inc.		3,011		259,157
Globe Specialty Metals, Inc.	†	11,348		254,422
Haynes International, Inc.		1,057		65,460
Hecla Mining Co.	*	44,607		343,028
Horsehead Holding Corp.	*	11,452		152,541

		Shares		Value
Kaiser Aluminum Corp.		2,084	$	113,828
Materion Corp.	*	2,925		108,137
Molycorp, Inc.	*†	7,740		472,604
Olympic Steel, Inc.		3,361		92,528
Reliance Steel & Aluminum Co.		9,657		479,470
Royal Gold, Inc.	†	7,801		456,905
RTI International Metals, Inc.	*†	3,141		120,520
Schnitzer Steel Industries, Inc., Class A		2,485		143,136
Southern Copper Corp.		34,114		1,121,327
Steel Dynamics, Inc.		41,215		669,744
Stillwater Mining Co.	*	10,913		240,195
Universal Stainless & Alloy Products, Inc.	*	2,058		96,232
Walter Energy, Inc.		8,560		991,248
Worthington Industries, Inc.		8,883		205,197
				8,118,236
Multiline Retail—0.6%
99 Cents Only Stores	*	14,553		294,553
Dillard’s, Inc., Class A	†	7,476		389,799
Dollar General Corp.	*	7,093		240,382
Dollar Tree, Inc.	*	18,300		1,219,146
Fred’s, Inc., Class A	†	3,463		49,971
Saks, Inc.	*†	24,378		272,302
Tuesday Morning Corp.	*†	1,816		8,444
				2,474,597
Multi-Utilities—0.9%
Alliant Energy Corp.		17,335		704,841
Avista Corp.		8,192		210,452
Black Hills Corp.		6,724		202,325
CH Energy Group, Inc.	†	1,512		80,529
MDU Resources Group, Inc.		35,399		796,478
NorthWestern Corp.		6,932		229,519
NSTAR		18,432		847,503
OGE Energy Corp.		12,390		623,465
Vectren Corp.		15,202		423,528
				4,118,640
Office Electronics—0.1%
Zebra Technologies Corp., Class A	*	6,386		269,298
Oil, Gas & Consumable Fuels—4.8%
Abraxas Petroleum Corp.	*†	16,368		62,689
Adams Resources & Energy, Inc.		1,462		37,281
Apco Oil and Gas International, Inc.		2,488		216,282
Approach Resources, Inc.	*†	10,395		235,655
Arch Coal, Inc.		33,803		901,188
Atlas Energy, L.P.	*‡	17,131		1,713
ATP Oil & Gas Corp.	*†	8,607		131,773
Berry Petroleum Co., Class A		6,599		350,605
Bill Barrett Corp.	*	5,963		276,385
Blue Dolphin Energy Co.	*	521		1,568
BP Prudhoe Bay Royalty Trust		2,101		234,556
BPZ Resources, Inc.	*†	15,708		51,522
Brigham Exploration Co.	*†	23,808		712,573
Callon Petroleum Co.	*	14,608		102,548
Carrizo Oil & Gas, Inc.	*†	6,765		282,439
Cheniere Energy, Inc.	*†	12,363		113,245
Cimarex Energy Co.		12,073		1,085,604
Clayton Williams Energy, Inc.	*	1,241		74,522
Cloud Peak Energy, Inc.	*	12,175		259,328

See accompanying notes to financial statements

221

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Comstock Resources, Inc.	*†	8,107	$	233,401
Concho Resources, Inc.	*	12,192		1,119,835
Contango Oil & Gas Co.	*†	2,731		159,600
Continental Resources, Inc.	*†	8,046		522,266
CREDO Petroleum Corp.	*	5,377		50,382
Cross Timbers Royalty Trust		833		36,977
Crosstex Energy, Inc.		3,995		47,541
CVR Energy, Inc.	*†	12,428		305,977
Delta Petroleum Corp.	*†	33,866		16,798
DHT Holdings, Inc. (Jersey, Channel Islands)		12,577		48,170
Energen Corp.		9,450		533,925
Energy XXI Bermuda Ltd. (Bermuda)	*	9,055		300,807
Evergreen Energy, Inc.	*†	373		668
EXCO Resources, Inc.		39,666		700,105
Forest Oil Corp.	*	18,939		505,861
Frontier Oil Corp.		11,462		370,337
FX Energy, Inc.	*†	12,608		110,698
General Maritime Corp.	†	59,768		80,687
GMX Resources, Inc.	*†	17,772		79,085
Goodrich Petroleum Corp.	*†	9,150		168,452
Harvest Natural Resources, Inc.	*†	4,175		46,050
Holly Corp.	*	5,010		347,694
Hugoton Royalty Trust		8,143		185,172
James River Coal Co.	*†	6,651		138,474
Kodiak Oil & Gas Corp.	*†	31,555		182,072
Magnum Hunter Resources Corp.	*	11,683		78,977
McMoRan Exploration Co.	*†	16,876		311,868
Northern Oil and Gas, Inc.	*†	3,099		68,643
Oasis Petroleum, Inc.	*	6,600		195,888
Overseas Shipholding Group, Inc.		3,627		97,711
Pacific Ethanol, Inc.	*†	1,420		1,534
Patriot Coal Corp.	*†	19,424		432,378
Penn Virginia Corp.	†	4,723		62,391
Petrohawk Energy Corp.	*	41,489		1,023,534
Petroleum Development Corp.	*†	3,828		114,495
Petroquest Energy, Inc.	*†	13,685		96,069
Plains Exploration & Production Co.	*	19,395		739,337
PostRock Energy Corp.	*	295		1,720
Quicksilver Resources, Inc.	*†	22,131		326,654
Rentech, Inc.	*	24,671		26,151
REX American Resources Corp.	*†	1,034		17,164
Rosetta Resources, Inc.	*	8,106		417,783
SandRidge Energy, Inc.	*	63,115		672,806
Ship Finance International Ltd. (Bermuda)	†	12,947		233,305
SM Energy Co.		7,595		558,081
Southern Union Co.		24,214		972,192
Stone Energy Corp.	*	10,027		304,721
Swift Energy Co.	*	4,183		155,900
Syntroleum Corp.	*†	9,066		13,327
Teekay Corp. (Canada)		4,298		132,722
Tengasco, Inc.	*†	9,394		6,952
Toreador Resources Corp. (France)	*	3,690		13,690
Tri-Valley Corp.	*†	10,477		6,286
Ultra Petroleum Corp.	*†	26,662		1,221,120
Uranium Resources, Inc.	*†	5,500		9,185
USEC, Inc.	*†	30,878		103,133
Vaalco Energy, Inc.	*	25,373		152,745
Verenium Corp.	*	149		267

		Shares		Value
W&T Offshore, Inc.		9,297	$	242,838
Warren Resources, Inc.	*	8,229		31,352
Western Refining, Inc.	*†	17,718		320,164
Westmoreland Coal Co.	*	2,951		52,380
Whiting Petroleum Corp.	*	14,185		807,268
World Fuel Services Corp.		5,432		195,172
				21,640,413
Paper & Forest Products—0.3%
Buckeye Technologies, Inc.		10,307		278,083
Clearwater Paper Corp.	*	1,554		106,107
Deltic Timber Corp.		1,046		56,160
Domtar Corp. (Canada)		5,318		503,721
Louisiana-Pacific Corp.	*†	14,060		114,448
Neenah Paper, Inc.	†	2,110		44,901
P.H. Glatfelter Co.	†	14,812		227,809
Schweitzer-Mauduit International, Inc.		1,838		103,204
Wausau Paper Corp.		13,879		93,544
				1,527,977
Personal Products—0.4%
Elizabeth Arden, Inc.	*	2,728		79,194
Herbalife Ltd. (Cayman Islands)		16,348		942,299
Mannatech, Inc.	*	2,631		2,526
Medifast, Inc.	*†	5,021		119,148
Nu Skin Enterprises, Inc., Class A	†	13,096		491,755
Prestige Brands Holdings, Inc.	*†	21,896		281,144
Reliv International, Inc.		3,018		5,493
USANA Health Sciences, Inc.	*†	2,706		84,643
				2,006,202
Pharmaceuticals—1.1%
Adolor Corp.	*	8,628		17,170
Alexza Pharmaceuticals, Inc.	*†	102,706		186,925
Auxilium Pharmaceuticals, Inc.	*	7,514		147,274
AVANIR Pharmaceuticals, Inc., Class A	*†	49,035		164,758
Cadence Pharmaceuticals, Inc.	*†	9,924		91,301
Columbia Laboratories, Inc.	*	5,940		18,355
Depomed, Inc.	*†	27,228		222,725
Durect Corp.	*	7,330		14,880
Emisphere Technologies, Inc.	*†	3,412		3,071
Endo Pharmaceuticals Holdings, Inc.	*	20,202		811,514
Heska Corp.	*	446		4,308
Hi-Tech Pharmacal Co., Inc.	*	2,404		69,548
Impax Laboratories, Inc.	*	7,329		159,699
KV Pharmaceutical Co., Class A	*†	9,089		24,722
Medicines Co. (The)	*	6,101		100,728
Medicis Pharmaceutical Corp., Class A		8,490		324,063
Nektar Therapeutics	*	9,644		70,112
Obagi Medical Products, Inc.	*†	2,119		19,982
Optimer Pharmaceuticals, Inc.	*†	4,269		50,758
Pain Therapeutics, Inc.	*	10,298		39,853
Par Pharmaceutical Cos., Inc.	*	5,727		188,877
Perrigo Co.		12,078		1,061,294
Pozen, Inc.	*	1,922		8,072
Questcor Pharmaceuticals, Inc.	*	15,581		375,502
Salix Pharmaceuticals Ltd.	*	7,359		293,109
Santarus, Inc.	*†	11,760		39,631
Viropharma, Inc.	*	9,892		183,002

See accompanying notes to financial statements

222

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Vivus, Inc.	*†	31,118	$	253,301
XenoPort, Inc.	*	3,786		26,956
				4,971,490
Professional Services—1.1%
Acacia Research—Acacia Technologies	*	6,281		230,450
Advisory Board Co. (The)	*	1,300		75,244
Barrett Business Services, Inc.		3,976		56,936
CBIZ, Inc.	*†	23,242		171,061
CDI Corp.		2,129		28,294
Corporate Executive Board Co. (The)		6,168		269,233
CoStar Group, Inc.	*†	1,557		92,299
CRA International, Inc.	*	1,427		38,657
Exponent, Inc.	*	1,790		77,883
FTI Consulting, Inc.	*†	10,443		396,207
Heidrick & Struggles International, Inc.	†	2,178		49,310
Hudson Highland Group, Inc.	*†	10,844		58,015
Huron Consulting Group, Inc.	*†	2,888		87,247
ICF International, Inc.	*	8,590		218,014
IHS, Inc., Class A	*	5,397		450,218
Insperity, Inc.	†	2,357		69,791
Kelly Services, Inc., Class A	*	2,431		40,112
Kforce, Inc.	*†	3,398		44,446
Korn/Ferry International	*	7,412		162,990
Manpower, Inc.		8,866		475,661
Navigant Consulting, Inc.	*†	8,394		88,053
Odyssey Marine Exploration, Inc.	*†	8,263		25,863
On Assignment, Inc.	*	3,093		30,404
RCM Technologies, Inc.	*	13,065		69,898
Resources Connection, Inc.		3,825		46,053
School Specialty, Inc.	*	1,184		17,038
SFN Group, Inc.	*	11,621		105,635
Towers Watson & Co., Class A		10,838		712,165
TrueBlue, Inc.	*†	5,703		82,579
Verisk Analytics, Inc., Class A	*	15,585		539,553
				4,809,309
Real Estate Investment Trusts (REITs)—8.3%
Acadia Realty Trust REIT		13,087		266,059
Agree Realty Corp. REIT		2,037		45,486
Alexander’s, Inc. REIT		319		126,643
Alexandria Real Estate Equities, Inc. REIT		7,510		581,424
American Campus Communities, Inc. REIT		14,510		515,395
American Capital Agency Corp. REIT		21,449		624,380
Annaly Capital Management, Inc. REIT	†	123,523		2,228,355
Anworth Mortgage Asset Corp. REIT	†	44,342		333,008
Apollo Commercial Real Estate Finance, Inc. REIT	†	5,200		83,824
Arbor Realty Trust, Inc. REIT	*†	6,648		31,113
Ashford Hospitality Trust, Inc. REIT		19,635		244,456
Associated Estates Realty Corp. REIT		16,034		260,553

		Shares		Value
BioMed Realty Trust, Inc. REIT		13,681	$	263,222
Brandywine Realty Trust REIT		23,412		271,345
BRE Properties, Inc. REIT		8,070		402,532
BRT Realty Trust REIT	*	9,712		61,283
Camden Property Trust REIT		8,614		548,023
Capital Trust, Inc., Class A REIT	*†	4,198		16,246
CapLease, Inc. REIT		35,097		172,326
Capstead Mortgage Corp. REIT		23,888		320,099
CBL & Associates Properties, Inc. REIT		32,319		585,944
Cedar Shopping Centers, Inc. REIT		4,496		23,154
Chimera Investment Corp. REIT		109,899		380,251
Cogdell Spencer, Inc. REIT		34,330		205,637
Colonial Properties Trust REIT		16,137		329,195
CommonWealth REIT REIT	†	7,412		191,526
Corporate Office Properties Trust REIT		12,130		377,364
Cousins Properties, Inc. REIT	†	36,686		313,298
Cypress Sharpridge Investments, Inc. REIT	†	27,199		348,419
DCT Industrial Trust, Inc. REIT		18,769		98,162
Developers Diversified Realty Corp. REIT		22,980		324,018
DiamondRock Hospitality Co. REIT	†	29,807		319,829
Digital Realty Trust, Inc. REIT	†	12,403		766,257
Douglas Emmett, Inc. REIT		16,696		332,083
Duke Realty Corp. REIT		32,206		451,206
DuPont Fabros Technology, Inc. REIT	†	12,750		321,300
EastGroup Properties, Inc. REIT	†	5,749		244,390
Education Realty Trust, Inc. REIT		30,611		262,336
Entertainment Properties Trust REIT		8,089		377,756
Equity Lifestyle Properties, Inc. REIT		5,892		367,897
Equity One, Inc. REIT	†	18,423		343,405
Essex Property Trust, Inc. REIT	†	4,379		592,435
Extra Space Storage, Inc. REIT		22,609		482,250
Federal Realty Investment Trust REIT		9,755		830,931
FelCor Lodging Trust, Inc. REIT	*	17,415		92,822
First Industrial Realty Trust, Inc. REIT	*	10,948		125,355
First Potomac Realty Trust REIT	†	6,039		92,457
Franklin Street Properties Corp. REIT	†	13,149		169,754
General Growth Properties, Inc. REIT	†	78,108		1,303,623
Getty Realty Corp. REIT	†	1,935		48,820
Glimcher Realty Trust REIT		17,380		165,110
Government Properties Income Trust REIT	†	12,220		330,184
Gramercy Capital Corp. REIT	*†	3,048		9,235
Hatteras Financial Corp. REIT		11,601		327,496
Healthcare Realty Trust, Inc. REIT		16,695		344,418
Hersha Hospitality Trust REIT		37,283		207,666
Highwoods Properties, Inc. REIT	†	11,063		366,517
Home Properties, Inc. REIT		5,794		352,739
Hospitality Properties Trust REIT		16,708		405,169

See accompanying notes to financial statements

223

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Inland Real Estate Corp. REIT		22,433	$	198,083
Invesco Mortgage Capital, Inc. REIT		12,712		268,605
Investors Real Estate Trust REIT	†	8,064		69,834
iStar Financial, Inc. REIT	*	17,809		144,431
Kilroy Realty Corp. REIT		7,577		299,216
Kite Realty Group Trust REIT		13,680		68,126
LaSalle Hotel Properties REIT	†	11,043		290,873
Lexington Realty Trust REIT	†	15,470		141,241
Liberty Property Trust REIT		13,461		438,559
LTC Properties, Inc. REIT		4,639		129,057
Macerich Co. (The) REIT	†	19,971		1,068,449
Mack-Cali Realty Corp. REIT		13,743		452,694
Medical Properties Trust, Inc. REIT	†	21,102		242,673
MFA Financial, Inc. REIT		35,167		282,743
Mid-America Apartment Communities, Inc. REIT	†	6,728		453,938
Mission West Properties, Inc. REIT		7,471		65,595
Monmouth Real Estate Investment Corp., Class A REIT	†	9,567		80,841
MPG Office Trust, Inc. REIT	*†	10,479		29,970
National Health Investors, Inc. REIT		2,715		120,627
National Retail Properties, Inc. REIT	†	12,384		303,532
Nationwide Health Properties, Inc. REIT		17,723		733,909
Newcastle Investment Corp. REIT		13,023		75,273
NorthStar Realty Finance Corp. REIT	†	20,272		81,696
Omega Healthcare Investors, Inc. REIT		19,310		405,703
Parkway Properties, Inc. REIT	†	3,135		53,483
Pennsylvania Real Estate Investment Trust REIT	†	5,599		87,904
PennyMac Mortgage Investment Trust REIT		6,871		113,853
Piedmont Office Realty Trust, Inc., Class A REIT	†	25,104		511,871
PMC Commercial Trust REIT		2,035		16,789
Post Properties, Inc. REIT	†	8,556		348,743
Potlatch Corp. REIT	†	9,789		345,258
PS Business Parks, Inc. REIT	†	2,662		146,676
RAIT Financial Trust REIT	*†	44,837		94,158
Ramco-Gershenson Properties Trust REIT		11,313		140,055
Rayonier, Inc. REIT	†	13,949		911,567
Realty Income Corp. REIT	†	17,152		574,421
Redwood Trust, Inc. REIT	†	22,248		336,390
Regency Centers Corp. REIT	†	10,400		457,288
Resource Capital Corp. REIT	†	26,030		164,510
Sabra Healthcare REIT, Inc. REIT		1,477		24,681
Saul Centers, Inc. REIT		1,310		51,575
Senior Housing Properties Trust REIT		23,596		552,382
SL Green Realty Corp. REIT		11,816		979,192
Sovran Self Storage, Inc. REIT		7,171		294,011
Starwood Property Trust, Inc. REIT		19,327		396,397
Strategic Hotels & Resorts, Inc. REIT	*	29,212		206,821

		Shares		Value
Sun Communities, Inc. REIT	†	3,803	$	141,890
Sunstone Hotel Investors, Inc. REIT	*	15,570		144,334
Tanger Factory Outlet Centers, Inc. REIT		19,842		531,170
Taubman Centers, Inc. REIT	†	7,635		451,992
UDR, Inc. REIT		28,179		691,794
Universal Health Realty Income Trust REIT		2,198		87,876
Urstadt Biddle Properties, Inc., Class A REIT		9,838		178,166
U-Store-It Trust REIT		30,208		317,788
Walter Investment Management Corp. REIT		3,686		81,792
Washington Real Estate Investment Trust REIT		12,758		414,890
Weingarten Realty Investors REIT	†	14,499		364,795
Winthrop Realty Trust REIT		3,054		36,465
				37,302,825
Real Estate Management & Development—0.6%
Altisource Portfolio Solutions SA (Luxembourg)	*	1,020		37,536
Brookfield Office Properties, Inc.		47,765		920,909
Consolidated-Tomoka Land Co.	†	530		15,158
Forest City Enterprises, Inc., Class A	*†	33,533		626,061
Forestar Group, Inc.	*	5,721		93,996
Grubb & Ellis Co.	*†	2,553		817
Howard Hughes Corp. (The)	*	4,367		284,030
Jones Lang LaSalle, Inc.		4,729		445,945
St. Joe Co. (The)	*†	9,635		200,794
Tejon Ranch Co.	*	2,983		101,720
Thomas Properties Group, Inc.	*	2,396		7,691
				2,734,657
Road & Rail—1.2%
Amerco, Inc.	*	547		52,594
Arkansas Best Corp.		2,819		66,895
Avis Budget Group, Inc.	*†	12,388		211,711
Celadon Group, Inc.	*†	8,889		124,090
Con-way, Inc.		6,152		238,759
Dollar Thrifty Automotive Group, Inc.	*	6,021		443,989
Genesee & Wyoming, Inc., Class A	*	6,411		375,941
Heartland Express, Inc.	†	8,746		144,834
Hertz Global Holdings, Inc.	*	28,514		452,802
J.B. Hunt Transport Services, Inc.		18,349		864,054
Kansas City Southern	*	14,098		836,434
Knight Transportation, Inc.		9,350		158,857
Landstar System, Inc.	†	8,325		386,946
Old Dominion Freight Line, Inc.	*	7,629		284,562
PAM Transportation Services, Inc.	*	1,139		11,242
Quality Distribution, Inc.	*†	5,838		76,011
Saia, Inc.	*	1,522		25,798
Swift Transportation Co.	*	14,733		199,632
Werner Enterprises, Inc.	†	10,127		253,681
YRC Worldwide, Inc.	*†	5,228		5,908
				5,214,740

See accompanying notes to financial statements

224

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Semiconductors & Semiconductor Equipment—3.7%
Advanced Analogic Technologies, Inc.	*	39,640	$	240,020
Advanced Energy Industries, Inc.	*	6,950		102,790
Aetrium, Inc.	*	614		1,093
Amkor Technology, Inc.	*†	26,356		162,616
Anadigics, Inc.	*†	15,184		48,741
Applied Micro Circuits Corp.	*	11,626		103,006
Atmel Corp.	*	88,338		1,242,916
ATMI, Inc.	*†	3,386		69,176
Axcelis Technologies, Inc.	*†	20,883		34,248
AXT, Inc.	*†	5,871		49,786
Brooks Automation, Inc.	*	5,831		63,325
Cabot Microelectronics Corp.	*	5,893		273,848
Cavium, Inc.	*	11,274		491,434
Ceva, Inc.	*†	3,801		115,778
Cirrus Logic, Inc.	*	19,148		304,453
Cohu, Inc.		1,889		24,765
Cree, Inc.	*†	14,675		492,933
Cymer, Inc.	*†	2,731		135,212
Cypress Semiconductor Corp.	*	22,838		482,795
Diodes, Inc.	*	3,326		86,809
DSP Group, Inc.	*	4,251		36,984
Energy Conversion Devices, Inc.	*†	23,101		27,259
Entegris, Inc.	*	24,048		243,366
Evergreen Solar, Inc.	*†	1,986		1,132
Exar Corp.	*†	3,475		21,997
Fairchild Semiconductor International, Inc.	*	10,376		173,383
FEI Co.	*	6,398		244,340
Formfactor, Inc.	*	7,449		67,488
FSI International, Inc.	*†	4,280		11,727
GigOptix, Inc.	*	828		1,664
GT Solar International, Inc.	*†	28,398		460,048
Hittite Microwave Corp.	*	6,713		415,602
Integrated Device Technology, Inc.	*	37,599		295,528
Integrated Silicon Solution, Inc.	*	2,930		28,333
International Rectifier Corp.	*	7,620		213,131
Intersil Corp., Class A		27,625		354,981
IXYS Corp.	*	3,270		48,985
Kopin Corp.	*†	5,031		23,696
Kulicke & Soffa Industries, Inc.	*	5,662		63,075
Lam Research Corp.	*	19,028		842,560
Lattice Semiconductor Corp.	*	16,642		108,506
LTX-Credence Corp.	*	8,847		79,092
Marvell Technology Group Ltd. (Bermuda)	*	81,030		1,196,408
Mattson Technology, Inc.	*†	4,081		7,754
Maxim Integrated Products, Inc.		37,869		967,932
Micrel, Inc.		6,231		65,924
Microsemi Corp.	*	13,240		271,420
Mindspeed Technologies, Inc.	*†	9,324		74,592
MIPS Technologies, Inc.	*	15,340		105,999
MKS Instruments, Inc.	†	3,260		86,129
Monolithic Power Systems, Inc.	*	2,918		44,996
MoSys, Inc.	*	3,592		20,654
Netlogic Microsystems, Inc.	*	11,540		466,447
NVE Corp.	*	771		45,065
Omnivision Technologies, Inc.	*†	8,046		280,081
ON Semiconductor Corp.	*	62,204		651,276
PDF Solutions, Inc.	*†	9,022		53,771
Pericom Semiconductor Corp.	*	2,254		20,151

		Shares		Value
Photronics, Inc.	*†	8,274	$	70,081
PLX Technology, Inc.	*	2,950		10,236
PMC—Sierra, Inc.	*	41,443		313,723
Power Integrations, Inc.		4,153		159,600
QuickLogic Corp.	*†	14,701		49,542
Rambus, Inc.	*†	10,342		151,821
Ramtron International Corp.	*	1,920		5,722
RF Micro Devices, Inc.	*	18,530		113,404
Rudolph Technologies, Inc.	*	2,516		26,946
Semtech Corp.	*	9,046		247,318
Sevcon, Inc.	*	720		4,658
Sigma Designs, Inc.	*	8,818		67,369
Silicon Image, Inc.	*	8,359		53,999
Silicon Laboratories, Inc.	*	7,006		289,068
Skyworks Solutions, Inc.	*	28,667		658,768
Spire Corp.	*	1,921		4,706
Standard Microsystems Corp.	*	2,548		68,770
SunPower Corp., Class A	*†	2,843		54,955
Supertex, Inc.	*†	815		18,256
Tessera Technologies, Inc.	*	6,777		116,158
Transwitch Corp.	*	429		1,326
Trident Microsystems, Inc.	*	5,092		3,513
TriQuint Semiconductor, Inc.	*	34,569		352,258
Ultra Clean Holdings, Inc.	*	6,562		59,583
Ultratech, Inc.	*	2,462		74,796
Varian Semiconductor Equipment Associates, Inc.	*	8,648		531,333
Veeco Instruments, Inc.	*†	4,306		208,453
Volterra Semiconductor Corp.	*	3,597		88,702
Zoran Corp.	*	9,231		77,540
				16,529,824
Software—3.9%
Accelrys, Inc.	*	6,341		45,085
ACI Worldwide, Inc.	*	3,078		103,944
Activision Blizzard, Inc.		88,577		1,034,579
Actuate Corp.	*	6,674		39,043
Advent Software, Inc.	*	3,638		102,483
American Software, Inc., Class A		7,072		58,768
ANSYS, Inc.	*	10,832		592,185
Ariba, Inc.	*	11,471		395,405
Authentidate Holding Corp.	*†	41,599		49,919
Blackbaud, Inc.		6,583		182,481
Blackboard, Inc.	*†	6,617		287,112
Bottomline Technologies, Inc.	*†	7,908		195,407
Cadence Design Systems, Inc.	*†	53,527		565,245
Callidus Software, Inc.	*	14,237		83,287
CommVault Systems, Inc.	*†	10,054		446,900
Concur Technologies, Inc.	*†	5,247		262,717
Datawatch Corp.	*	3,500		20,125
Ebix, Inc.	*†	3,924		74,752
EPIQ Systems, Inc.	†	7,191		102,256
Evolving Systems, Inc.		1,123		8,029
Factset Research Systems, Inc.	†	4,857		496,968
Fair Isaac Corp.		9,562		288,772
FalconStor Software, Inc.	*†	4,054		18,162
Fortinet, Inc.	*	9,482		258,764
Informatica Corp.	*	14,393		840,983
Interactive Intelligence, Inc.	*	1,644		57,622
JDA Software Group, Inc.	*	8,151		251,784
Kenexa Corp.	*	4,449		106,687
Lawson Software, Inc.	*	23,268		261,067
Magma Design Automation, Inc.	*	15,377		122,862
Manhattan Associates, Inc.	*	2,125		73,185

See accompanying notes to financial statements

225

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Mentor Graphics Corp.	*	31,384	$	402,029
MICROS Systems, Inc.	*	8,507		422,883
MicroStrategy, Inc., Class A	*	791		128,680
Netscout Systems, Inc.	*†	3,784		79,048
Nuance Communications, Inc.	*	44,764		961,083
Parametric Technology Corp.	*	21,418		491,115
Pegasystems, Inc.		2,142		99,710
Progress Software Corp.	*	6,226		150,233
PROS Holdings, Inc.	*	1,506		26,340
QAD, Inc., Class B	*	136		1,265
QLIK Technologies, Inc.	*	2,757		93,903
Quest Software, Inc.	*	11,892		270,305
Radiant Systems, Inc.	*	3,423		71,541
Renaissance Learning, Inc.		1,354		16,979
Rovi Corp.	*	16,221		930,437
S1 Corp.	*	5,886		44,027
Scientific Learning Corp.	*	3,146		9,784
Smith Micro Software, Inc.	*†	2,612		10,997
SolarWinds, Inc.	*	10,964		286,599
Solera Holdings, Inc.		12,798		757,130
Sonic Foundry, Inc.	*†	1,155		14,611
SuccessFactors, Inc.	*	14,309		420,685
Synchronoss Technologies, Inc.	*†	9,776		310,193
Synopsys, Inc.	*	26,727		687,151
Take-Two Interactive Software, Inc.	*	13,695		209,260
Taleo Corp., Class A	*	8,629		319,532
TeleCommunication Systems, Inc., Class A	*	11,295		54,555
THQ, Inc.	*†	12,835		46,463
TIBCO Software, Inc.	*	30,287		878,929
TiVo, Inc.	*†	25,034		257,600
Tyler Technologies, Inc.	*	10,150		271,817
Ultimate Software Group, Inc.	*	1,966		107,009
VASCO Data Security International, Inc.	*	4,225		52,601
Versant Corp.	*	1,264		15,825
VMware, Inc., Class A	*	10,154		1,017,735
Websense, Inc.	*†	4,024		104,503
				17,449,135
Specialty Retail—2.8%
A.C. Moore Arts & Crafts, Inc.	*	1,967		4,917
Aaron’s, Inc.		16,060		453,856
Advance Auto Parts, Inc.		10,115		591,626
Aeropostale, Inc.	*	12,807		224,122
American Eagle Outfitters, Inc.		18,222		232,330
America’s Car-Mart, Inc.	*	1,569		51,777
ANN, Inc.	*	13,507		352,533
Asbury Automotive Group, Inc.	*	4,777		88,518
Ascena Retail Group, Inc.	*†	8,921		303,760
Barnes & Noble, Inc.	†	3,301		54,731
Bebe Stores, Inc.	†	5,945		36,324
Big 5 Sporting Goods Corp.		2,416		18,990
Brown Shoe Co., Inc.	†	5,385		57,350
Buckle, Inc. (The)	†	2,941		125,581
Build-A-Bear Workshop, Inc.	*†	5,570		36,261
Cabela’s, Inc.	*†	8,621		234,060
Cache, Inc.	*	2,130		10,501
Casual Male Retail Group, Inc.	*	2,471		10,255
Cato Corp. (The), Class A	†	2,994		86,227
Charming Shoppes, Inc.	*	14,608		60,769

		Shares			Value
Chico’s FAS, Inc.	†	19,873		$	302,666
Children’s Place Retail Stores, Inc. (The)	*	4,863			216,355
Christopher & Banks Corp.	†	9,394			54,015
Citi Trends, Inc.	*†	8,340			125,767
Coldwater Creek, Inc.	*†	32,366			45,312
Collective Brands, Inc.	*	8,152			119,753
Cost Plus, Inc.	*†	2,725			27,250
Destination Maternity Corp.	†	1,368			27,333
Dick’s Sporting Goods, Inc.	*	8,989			345,627
DSW, Inc., Class A	*†	5,945			300,876
Finish Line, Inc. (The), Class A		5,513			117,978
Foot Locker, Inc.		18,351			436,020
Genesco, Inc.	*	2,452			127,749
Group 1 Automotive, Inc.	†	2,367			97,473
Guess?, Inc.		9,795			411,978
Haverty Furniture Cos., Inc.	†	2,301			26,484
Hibbett Sports, Inc.	*	2,997			122,008
Hot Topic, Inc.		13,727			102,129
JOS A. Bank Clothiers, Inc.	*†	3,491			174,585
Kirkland’s, Inc.	*	2,193			26,360
Lithia Motors, Inc., Class A		3,558			69,844
Lumber Liquidators Holdings, Inc.	*†	7,078			179,781
MarineMax, Inc.	*†	3,026			26,508
Men’s Wearhouse, Inc. (The)		3,813			128,498
Midas, Inc.	*	5,745			36,308
Monro Muffler Brake, Inc.	†	5,955			222,062
Office Depot, Inc.	*	24,187			102,069
OfficeMax, Inc.	*	6,942			54,495
Pacific Sunwear of California, Inc.	*†	18,790	��		49,042
Penske Automotive Group, Inc.	†	10,147			230,743
Pep Boys-Manny, Moe & Jack (The)		13,868			151,577
PetSmart, Inc.		18,578			842,884
Pier 1 Imports, Inc.	*	25,601			296,204
Rent-A-Center, Inc.		9,964			304,500
Sally Beauty Holdings, Inc.	*	17,940			306,774
Select Comfort Corp.	*	9,317			167,520
Shoe Carnival, Inc.	*†	1,098			33,105
Signet Jewelers Ltd. (Bermuda)	*	13,406			627,535
Sonic Automotive, Inc., Class A	†	8,013			117,390
Stage Stores, Inc.	†	4,517			75,886
Stein Mart, Inc.		3,731			35,967
Systemax, Inc.	*	1,358			20,289
Talbots, Inc.	*†	26,772			89,418
Tractor Supply Co.		8,909			595,834
Trans World Entertainment Corp.	*	1,932			3,941
Ulta Salon Cosmetics & Fragrance, Inc.	*†	9,912			640,117
West Marine, Inc.	*	6,841			70,941
Wet Seal, Inc. (The), Class A	*	52,722			235,667
Williams-Sonoma, Inc.		10,118			369,206
Zale Corp.	*†	7,964			44,598
					12,370,909
Textiles, Apparel & Luxury Goods—1.3%
Carter’s, Inc.	*	8,154			250,817
Charles & Colvard Ltd.	*†	693			1,899
Cherokee, Inc.	†	2,054			35,247
Columbia Sportswear Co.		1,447			91,740
CROCS, Inc.	*	17,673			455,080
Culp, Inc.	*	888			8,338

See accompanying notes to financial statements

226

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Deckers Outdoor Corp.	*†	6,528	$	575,378
Forward Industries, Inc.	*	3,751		9,978
Fossil, Inc.	*	6,772		797,200
Hallwood Group, Inc.	*	100		1,900
Hanesbrands, Inc.	*	15,053		429,763
Iconix Brand Group, Inc.	*	10,540		255,068
Jones Group, Inc. (The)		8,962		97,238
Kenneth Cole Productions, Inc., Class A	*†	4,620		57,704
K-Swiss, Inc., Class A	*†	2,909		30,923
Liz Claiborne, Inc.	*†	12,319		65,907
Movado Group, Inc.		1,527		26,127
Oxford Industries, Inc.	†	3,052		103,035
Phillips-Van Heusen Corp.		8,244		539,735
Quiksilver, Inc.	*	7,789		36,608
Skechers U.S.A., Inc., Class A	*	7,438		107,702
Steven Madden Ltd.	*	5,209		195,389
Timberland Co. (The), Class A	*	6,820		293,055
True Religion Apparel, Inc.	*	2,947		85,699
Under Armour, Inc., Class A	*†	3,915		302,669
Unifi, Inc.	*	3,223		44,477
Warnaco Group, Inc. (The)	*	5,608		293,018
Wolverine World Wide, Inc.		9,830		410,402
				5,602,096
Thrifts & Mortgage Finance—1.1%
Anchor Bancorp Wisconsin, Inc.	*†	5,568		3,954
Astoria Financial Corp.		12,205		156,102
Bank Mutual Corp.		5,557		20,394
BankAtlantic Bancorp, Inc., Class A	*†	33,814		32,123
BankUnited, Inc.		4,652		123,464
Beneficial Mutual Bancorp, Inc.	*	4,733		38,882
Brookline Bancorp, Inc.		8,732		80,946
Capitol Federal Financial, Inc.	†	11,674		137,286
CFS Bancorp, Inc.		2,085		11,196
Dime Community Bancshares, Inc.		3,549		51,602
Doral Financial Corp. (Puerto Rico)	*	45,066		88,329
ESSA Bancorp, Inc.		5,953		73,936
Federal Agricultural Mortgage Corp., Class C	†	4,576		101,221
Federal Home Loan Mortgage Corp.	*†	43,895		15,363
Federal National Mortgage Association	*†	66,437		21,991
First Financial Holdings, Inc.		3,864		34,660
First Financial Northwest, Inc.	*†	3,255		16,503
First Niagara Financial Group, Inc.		50,538		667,102
First Place Financial Corp.	*	4,299		4,944
Flagstar Bancorp, Inc.	*	49,751		59,204
Flushing Financial Corp.		2,981		38,753
Kearny Financial Corp.	†	3,008		27,403
MGIC Investment Corp.	*	12,237		72,810
NASB Financial, Inc.	*†	529		5,517
New York Community Bancorp, Inc.		71,896		1,077,721
Northwest Bancshares, Inc.	†	14,229		179,001
OceanFirst Financial Corp.	†	2,108		27,299
Ocwen Financial Corp.	*†	23,494		299,783
Oritani Financial Corp.		22,515		287,967
Parkvale Financial Corp.		1,077		23,155
PMI Group, Inc. (The)	*†	24,097		25,784
Provident Financial Services, Inc.	†	16,334		233,903

		Shares		Value
Provident New York Bancorp		5,681	$	47,493
Radian Group, Inc.		23,028		97,408
Riverview Bancorp, Inc.	*	2,602		7,910
TFS Financial Corp.	*	13,499		130,670
TierOne Corp.	*	1,971		16
Tree.com, Inc.	*	5,006		25,631
Triad Guaranty, Inc.	*†	5,663		977
Trustco Bank Corp.	†	7,080		34,692
United Financial Bancorp, Inc.		5,398		83,291
ViewPoint Financial Group		6,157		84,967
Washington Federal, Inc.		19,811		325,495
Westfield Financial, Inc.		8,596		69,800
WSFS Financial Corp.		1,929		76,485
				5,023,133
Tobacco—0.1%
Alliance One International, Inc.	*†	16,867		54,480
Universal Corp.		1,971		74,248
Vector Group Ltd.	†	15,558		276,777
				405,505
Trading Companies & Distributors—0.7%
Aceto Corp.	†	3,385		22,713
Air Lease Corp.	*†	12,769		310,159
Aircastle Ltd.		9,114		115,930
Applied Industrial Technologies, Inc.	†	6,198		220,711
Beacon Roofing Supply, Inc.	*†	13,885		316,856
GATX Corp.		9,644		357,985
H&E Equipment Services, Inc.	*	1,490		20,845
Houston Wire & Cable Co.		6,215		96,643
Interline Brands, Inc.	*	4,165		76,511
Kaman Corp.		2,736		97,046
MSC Industrial Direct Co., Class A		4,541		301,114
Rush Enterprises, Inc., Class A	*	3,897		74,160
United Rentals, Inc.	*†	9,672		245,669
Watsco, Inc.		4,723		321,117
WESCO International, Inc.	*	6,732		364,134
Willis Lease Finance Corp.	*	1,234		16,449
				2,958,042
Water Utilities—0.4%
American States Water Co.		3,697		128,138
American Water Works Co., Inc.		23,128		681,120
Aqua America, Inc.		25,679		564,424
California Water Service Group		7,874		147,323
Connecticut Water Service, Inc.		3,803		97,281
Middlesex Water Co.		2,861		53,157
SJW Corp.	†	5,096		123,527
				1,794,970
Wireless Telecommunication Services—1.1%
Clearwire Corp., Class A	*†	23,621		89,287
Crown Castle International Corp.	*	50,581		2,063,199
FiberTower Corp.	*†	657		788
Leap Wireless International, Inc.	*†	16,479		267,454
NII Holdings, Inc.	*	25,268		1,070,858
NTELOS Holdings Corp.		3,103		63,363
SBA Communications Corp., Class A	*	20,095		767,428
Shenandoah Telecommunications Co.	†	2,133		36,304

See accompanying notes to financial statements

227

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Mid/Small Company Index Fund				Shares		Value
COMMON STOCKS—(Continued)
Telephone & Data Systems, Inc.				8,158	$	253,551
United States Cellular Corp.		*		1,375		66,578
USA Mobility, Inc.				3,582		54,661
						4,733,471
TOTAL COMMON STOCKS
(Cost $348,505,628)						437,323,689
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—0.0%
Capital Markets—0.0%
GAMCO Investors, Inc.
0.000%	12/31/2015
(Cost $32)			$	40		27
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.040%	09/22/2011	‡‡
(Cost $534,949)				535,000		534,981
				Shares		Value
RIGHTS—0.0%
Biotechnology—0.0%
Clinical Data, Inc.		*‡d		2,916		—
Ligand Pharmaceuticals, Inc., Expires 12/31/2011		*‡d		4,683		—
Textiles, Apparel & Luxury Goods—0.0%
Mossimo, Inc.		*‡d		2,807		—
TOTAL RIGHTS
(Cost $—)						—
WARRANTS—0.0%
Diversified Financial Services—0.0%
Pegasus Wireless Corp. (Cost $—)		*‡d		200		—

		Shares		Value
MONEY MARKET FUNDS—17.9%
Institutional Money Market Funds—17.9%
Dreyfus Institutional Cash Advantage Fund, 0.15%	††µ	12,000,000	$	12,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	µ	9,157,180		9,157,180
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%	††µ	10,639,808		10,639,808
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class, 0.13%	††µ	12,000,000		12,000,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.00%	††µ	12,000,000		12,000,000
Wells Fargo Advantage Cash Investment Money Market Fund— Select Class, 0.11%	††µ	12,000,000		12,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.10%	††µ	12,000,000		12,000,000
TOTAL MONEY MARKET FUNDS
(Cost $79,796,988)				79,796,988
TOTAL INVESTMENTS—115.9%
(Cost $428,837,597)				517,655,685
Other assets less liabilities—(15.9%)				(70,815,251	)
NET ASSETS—100.0%			$	446,840,434

Notes to the Schedule of Investments:

REIT	Real Estate Investment Trust
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
d	Security has no market value at June 30, 2011.
‡	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 and/or options contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.
µ	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

228

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—98.0%
Australia—8.5%
AGL Energy Ltd.		8,054	$	126,774
Alumina Ltd.		43,731		100,157
Amcor Ltd.		22,424		173,762
AMP Ltd.		51,387		270,240
Asciano Ltd.		54,418		96,210
ASX Ltd.		3,174		103,991
Australia & New Zealand Banking Group Ltd.		47,125		1,117,090
Bendigo and Adelaide Bank Ltd.		6,445		61,460
BHP Billiton Ltd.		58,695		2,773,979
BlueScope Steel Ltd.	†	31,699		41,253
Boral Ltd.		13,708		64,991
Brambles Ltd.		26,625		207,014
Caltex Australia Ltd.	†	2,904		36,847
CFS Retail Property Trust REIT		37,176		72,467
Coca-Cola Amatil Ltd.	†	10,055		123,374
Cochlear Ltd.		961		74,379
Commonwealth Bank of Australia		28,309		1,594,369
Computershare Ltd.		7,579		72,395
Crown Ltd.	†	8,054		77,422
CSL Ltd.		9,922		352,688
Dexus Property Group REIT		86,134		81,603
Echo Entertainment Group Ltd.	*	13,011		57,355
Fairfax Media Ltd.	†	41,888		44,219
Fortescue Metals Group Ltd.		23,363		160,305
Foster’s Group Ltd.		35,169		194,656
Goodman Group REIT		109,500		83,012
GPT Group REIT		31,828		108,191
Harvey Norman Holdings Ltd.	†	10,998		29,449
Iluka Resources Ltd.		6,881		124,472
Incitec Pivot Ltd.		31,076		129,423
Insurance Australia Group Ltd.		38,050		139,110
Leighton Holdings Ltd.		2,521		56,868
Lend Lease Group		9,706		93,734
Lynas Corp. Ltd.	*‡	27,782		59,867
MacArthur Coal Ltd.		3,050		35,981
Macquarie Group Ltd.		6,443		217,358
MAp Group		13,260		47,617
Metcash Ltd.	†	14,473		64,590
Mirvac Group REIT		58,020		78,037
National Australia Bank Ltd.		39,300		1,086,544
Newcrest Mining Ltd.		14,117		572,017
OneSteel Ltd.		24,172		48,271
Orica Ltd.		6,618		191,866
Origin Energy Ltd.	†	19,451		330,720
OZ Minerals Ltd.		5,881		83,686
Paladin Energy Ltd.	*	12,048		32,842
Qantas Airways Ltd.	*	18,484		36,673
QBE Insurance Group Ltd.		19,219		356,705
QR National Ltd.	*	30,950		112,633
Ramsay Health Care Ltd.		2,124		41,495
Rio Tinto Ltd.		8,039		719,561
Santos Ltd.		15,881		231,555
Sonic Healthcare Ltd.		7,094		98,170
SP AusNet		20,280		20,570
Stockland REIT		44,711		163,999
Suncorp Group Ltd.	†	23,911		209,003
Tabcorp Holdings Ltd.		13,011		46,027
Tatts Group Ltd.	†	25,228		65,135
Telstra Corp. Ltd.		77,637		241,248
Toll Holdings Ltd.		11,926		62,215

		Shares		Value
Transurban Group		23,600	$	132,563
Wesfarmers Ltd.		18,560		636,085
Wesfarmers Ltd. (Price Protected Shares)		2,853		98,936
Westfield Group REIT		39,727		370,277
Westfield Retail Trust REIT		51,614		150,452
Westpac Banking Corp.		55,023		1,320,100
Woodside Petroleum Ltd.		11,538		509,022
Woolworths Ltd.		22,447		669,744
WorleyParsons Ltd.		3,580		109,001
				18,093,824
Austria—0.3%
Erste Group Bank AG		3,421		179,169
IMMOFINANZ AG	*	17,662		75,306
OMV AG		2,644		115,507
Raiffeisen Bank International AG	†	930		47,905
Telekom Austria AG		6,206		79,115
Verbund AG		1,308		56,947
Vienna Insurance Group AG Wiener Versicherung Gruppe		618		33,949
Voestalpine AG	†	2,136		117,811
				705,709
Belgium—0.9%
Ageas		40,792		110,490
Anheuser-Busch InBev NV		14,523		842,877
Anheuser-Busch InBev NV STRIP VVPR	*	4,872		28
Bekaert SA		755		57,490
Belgacom SA		2,808		100,057
Colruyt SA		1,280		64,078
Delhaize Group SA	†	1,850		138,816
Dexia SA	*†	10,930		34,034
Groupe Bruxelles Lambert SA		1,525		135,475
Groupe Bruxelles Lambert SA STRIP VVPR	*	127		2
KBC Groep NV		2,865		112,420
Mobistar SA		586		44,452
Solvay SA		1,122		173,232
UCB SA		1,717		77,154
Umicore SA		1,995		108,812
				1,999,417
Bermuda—0.1%
Seadrill Ltd.		5,602		196,960
China—0.0%
Foxconn International Holdings Ltd.	*†	41,000		18,090
Yangzijiang Shipbuilding Holdings Ltd.		34,000		40,564
				58,654
Cyprus—0.0%
Bank of Cyprus plc		14,863		43,823
Denmark—1.0%
A.P. Moller—Maersk A/S, Class A		10		82,836
A.P. Moller—Maersk A/S, Class B		24		207,192
Carlsberg A/S, Class B		1,998		217,548
Coloplast A/S, Class B		394		59,915
Danske Bank A/S	*	11,830		218,948
DSV A/S		3,821		91,722
Novo Nordisk A/S, Class B		7,717		966,781

See accompanying notes to financial statements

229

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Novozymes A/S, Class B		839	$	136,703
Pandora A/S		967		30,512
TDC A/S	*	6,100		55,687
Tryg A/S		491		28,354
Vestas Wind Systems A/S	*	3,587		83,268
William Demant Holding A/S	*	358		32,332
				2,211,798
Finland—1.0%
Elisa Oyj		2,334		50,232
Fortum Oyj		8,280		240,081
Kesko Oyj, Class B	†	1,238		57,576
Kone Oyj, Class B		2,839		178,356
Metso Oyj		2,339		132,968
Neste Oil Oyj		2,068		32,442
Nokia Oyj		69,083		445,634
Nokian Renkaat Oyj		1,862		93,498
Orion Oyj, Class B	†	1,592		41,064
Outokumpu Oyj	†	2,272		30,108
Pohjola Bank plc, Class A		2,462		31,849
Rautaruukki Oyj	†	1,584		35,803
Sampo Oyj, Class A	†	7,657		247,203
Sanoma Oyj	†	1,243		23,064
Stora Enso Oyj (Registered), Class R		11,073		116,282
UPM-Kymmene Oyj		9,762		178,607
Wartsila Oyj		2,858		96,643
				2,031,410
France—9.8%
Accor SA		2,627		117,526
Aeroports de Paris		565		53,129
Air France-KLM	*	2,488		38,212
Air Liquide SA		5,222		748,115
Alcatel-Lucent	*	41,043		236,844
Alstom SA		3,861		237,817
ANF Immobilier REIT		19		897
Arkema SA		910		93,595
Atos Origin SA		801		45,247
AXA SA		31,749		720,708
BNP Paribas SA		17,525		1,351,335
Bouygues SA		4,328		190,320
Bureau Veritas SA		936		79,042
Cap Gemini SA		2,683		157,110
Carrefour SA	*†	10,576		434,775
Casino Guichard Perrachon SA		967		91,140
Christian Dior SA		1,015		159,501
Cie de Saint-Gobain		7,379		478,292
Cie Generale de Geophysique- Veritas	*	2,451		89,827
Cie Generale des Etablissements Michelin, Class B	†	3,178		311,253
Cie Generale d’Optique Essilor International SA		3,730		302,648
CNP Assurances		2,704		58,867
Credit Agricole SA		17,899		268,903
Danone SA		10,760		803,268
Dassault Systemes SA		1,058		89,973
Edenred		3,055		93,150
EDF SA		4,433		173,795
Eiffage SA		649		42,901
Eramet		86		28,454

		Shares		Value
Eurazeo		610	$	44,484
Eutelsat Communications SA		1,875		84,413
Fonciere Des Regions REIT		530		56,142
France Telecom SA		34,197		727,148
GDF Suez		22,805		833,468
Gecina SA REIT		340		47,505
Groupe Eurotunnel SA		8,928		99,904
ICADE REIT		448		55,187
Iliad SA	†	312		41,870
Imerys SA		725		51,000
JCDecaux SA	*	1,204		38,636
Klepierre REIT		1,610		66,475
Lafarge SA	†	3,740		238,311
Lagardere SCA		2,073		87,724
Legrand SA		3,522		148,250
L’Oreal SA		4,431		575,029
LVMH Moet Hennessy Louis Vuitton SA	†	4,516		811,513
Metropole Television SA		1,111		25,718
Natixis		15,994		80,248
Neopost SA		600		51,552
Pernod-Ricard SA	†	3,678		362,747
Peugeot SA		2,753		123,503
PPR		1,415		252,019
Publicis Groupe SA	†	2,192		122,366
Renault SA		3,588		212,877
Safran SA		2,985		127,372
Sanofi		20,246		1,628,602
Schneider Electric SA		4,484		748,702
SCOR SE		3,095		87,849
Societe BIC SA		451		43,568
Societe Generale SA		11,713		693,715
Societe Television Francaise 1		2,108		38,453
Sodexo		1,672		130,974
Suez Environnement Co.		4,703		93,722
Technip SA		1,743		186,835
Thales SA	†	1,765		76,013
Total SA		38,643		2,234,087
Unibail-Rodamco SE (Paris Exchange) REIT		1,697		392,093
Vallourec SA		2,068		252,122
Veolia Environnement SA		6,165		173,691
Vinci SA		8,142		522,533
Vivendi SA		22,828		636,284
Wendel SA		539		66,191
				20,867,539
Germany—8.3%
Adidas AG		3,895		308,802
Allianz SE (Registered)		8,296		1,156,851
Axel Springer AG		720		35,602
BASF SE		16,787		1,645,485
Bayer AG		15,114		1,213,905
Bayerische Motoren Werke AG		6,016		600,752
Beiersdorf AG		1,762		114,480
Brenntag AG		596		69,320
Celesio AG		1,532		30,591
Commerzbank AG	*	65,572		282,430
Continental AG	*	1,411		148,688
Daimler AG (Registered)		16,607		1,252,359
Deutsche Bank AG (Registered)		17,056		1,006,655
Deutsche Boerse AG		3,551		269,626
Deutsche Lufthansa AG (Registered)		4,312		93,920

See accompanying notes to financial statements

230

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Deutsche Post AG (Registered)		15,403	$	296,117
Deutsche Telekom AG (Registered)		51,397		802,006
E.ON AG		33,170		942,837
Fraport AG Frankfurt Airport Services Worldwide		637		51,182
Fresenius Medical Care AG & Co. KGaA		3,484		260,586
Fresenius SE & Co. KGaA		1,989		207,613
GEA Group AG		3,093		110,769
Hannover Rueckversicherung AG (Registered)		1,141		59,339
HeidelbergCement AG		2,572		164,494
Henkel AG & Co. KGaA		2,276		130,623
Hochtief AG		816		68,186
Infineon Technologies AG		19,414		218,143
K+S AG		3,089		237,199
Kabel Deutschland Holding AG	*	1,271		78,294
Lanxess AG		1,585		130,015
Linde AG		3,063		537,392
MAN SE	†	1,968		262,138
Merck KGaA		1,191		129,497
Metro AG		2,425		146,853
Muenchener Rueckversicherungs AG (Registered)		3,483		531,698
RWE AG		7,739		429,956
Salzgitter AG		718		54,745
SAP AG		16,706		1,012,857
Siemens AG (Registered)		15,036		2,066,261
Suedzucker AG		1,160		41,304
ThyssenKrupp AG		6,088		316,319
TUI AG	*	2,403		26,118
United Internet AG (Registered)	†	2,186		45,956
Volkswagen AG		542		99,701
Wacker Chemie AG		270		58,320
				17,745,984
Greece—0.2%
Alpha Bank AE	*	9,721		48,954
Coca Cola Hellenic Bottling Co. SA	*	3,300		88,641
EFG Eurobank Ergasias SA	*	6,000		28,145
Hellenic Telecommunications Organization SA		4,058		37,862
National Bank of Greece SA	*	17,188		123,598
OPAP SA		4,010		62,628
Public Power Corp. SA		2,009		28,805
				418,633
Guernsey, Channel Islands—0.1%
Resolution Ltd.		25,527		120,337
Hong Kong—2.6%
AIA Group Ltd.	*	143,200		498,483
ASM Pacific Technology Ltd.		3,500		48,124
Bank of East Asia Ltd.		27,320		112,476
BOC Hong Kong Holdings Ltd.		68,000		198,082
Cathay Pacific Airways Ltd.		23,000		53,504
Cheung Kong Holdings Ltd.		26,000		381,811
Cheung Kong Infrastructure Holdings Ltd.		7,000		36,419
CLP Holdings Ltd.		36,000		319,359
Esprit Holdings Ltd.		21,108		65,952

		Shares		Value
Galaxy Entertainment Group Ltd.	*†	20,000	$	43,022
Hang Lung Group Ltd.	†	16,000		101,595
Hang Lung Properties Ltd.		46,000		189,136
Hang Seng Bank Ltd.	†	14,300		228,748
Henderson Land Development Co. Ltd.		19,000		122,864
Hong Kong & China Gas Co. Ltd.	†	85,426		194,336
Hong Kong Exchanges and Clearing Ltd.	†	18,600		391,658
Hopewell Holdings Ltd.	†	11,000		34,895
Hutchison Whampoa Ltd.		39,000		422,563
Hysan Development Co. Ltd.		12,000		59,530
Kerry Properties Ltd.		12,500		60,418
Li & Fung Ltd.		103,200		206,265
Lifestyle International Holdings Ltd.		11,000		32,181
Link (The) REIT	†	42,000		143,471
MTR Corp.		26,500		94,253
New World Development Ltd.		48,600		73,786
Noble Group Ltd.		67,309		108,392
NWS Holdings Ltd.		26,500		35,525
Orient Overseas International Ltd.		3,700		23,922
PCCW Ltd.		84,000		36,247
Power Assets Holdings Ltd.	†	25,500		193,108
Shangri-La Asia Ltd.		24,000		58,920
Sino Land Co. Ltd.		50,000		80,416
SJM Holdings Ltd.		25,000		59,472
Sun Hung Kai Properties Ltd.		26,000		380,057
Swire Pacific Ltd., Class A		13,500		198,760
Wharf Holdings Ltd.		27,637		192,727
Wheelock & Co. Ltd.		17,000		68,380
Wing Hang Bank Ltd.		3,000		32,919
Yue Yuen Industrial Holdings Ltd.		14,000		44,534
				5,626,310
Ireland—0.7%
Anglo Irish Bank Corp. Ltd.	*‡d	11,206		—
CRH plc (Dublin Exchange)		13,178		292,050
Elan Corp. plc	*	9,085		104,278
Experian plc		18,705		238,263
James Hardie Industries SE CDI	*	7,989		50,615
Kerry Group plc, Class A		2,615		107,734
Shire plc		10,469		327,331
WPP plc		23,355		292,588
				1,412,859
Israel—0.7%
Bank Hapoalim BM	*	19,111		95,527
Bank Leumi Le-Israel BM		21,883		103,472
Bezeq Israeli Telecommunication Corp. Ltd.		33,542		84,919
Cellcom Israel Ltd.		826		23,047
Delek Group Ltd.		66		14,834
Elbit Systems Ltd.		388		18,446
Israel Chemicals Ltd.		8,215		131,096
Israel Corp. Ltd. (The)		39		42,639
Israel Discount Bank Ltd., Class A	*	16,376		32,286
Makhteshim-Agan Industries Ltd.	*	3,995		22,322
Mizrahi Tefahot Bank Ltd.		2,045		21,765

See accompanying notes to financial statements

231

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
NICE Systems Ltd.	*	1,032	$	37,312
Partner Communications Co. Ltd.		1,419		21,398
Teva Pharmaceutical Industries Ltd.		17,247		831,810
				1,480,873
Italy—2.6%
A2A SpA	†	17,876		27,843
Assicurazioni Generali SpA		21,168		446,273
Atlantia SpA		5,652		120,356
Autogrill SpA	†	2,307		30,296
Banca Carige SpA	†	12,736		28,841
Banca Monte dei Paschi di Siena SpA	†	39,870		30,179
Banco Popolare SC		28,197		64,938
Enel Green Power SpA		31,577		87,091
Enel SpA	†	121,525		794,066
ENI SpA		44,295		1,049,746
Exor SpA		1,270		39,721
Fiat Industrial SpA	*	13,899		179,514
Fiat SpA		13,899		152,723
Finmeccanica SpA		7,024		84,988
Intesa Sanpaolo SpA		184,364		490,921
Intesa Sanpaolo SpA RSP		17,138		36,943
Luxottica Group SpA		1,959		62,898
Mediaset SpA		13,265		62,359
Mediobanca SpA		9,302		94,202
Parmalat SpA	*	23,046		86,729
Pirelli & C. SpA		4,877		52,739
Prysmian SpA		3,602		72,509
Saipem SpA		4,845		250,198
Snam Rete Gas SpA		29,013		171,728
Telecom Italia SpA		174,969		243,380
Telecom Italia SpA RSP		110,811		128,915
Terna Rete Elettrica Nazionale SpA	†	23,458		109,069
UniCredit SpA		246,005		520,723
Unione di Banche Italiane ScpA	†	11,187		62,971
				5,582,859
Japan—19.8%
ABC-Mart, Inc.		600		24,333
Advantest Corp.	†	2,800		51,546
Aeon Co. Ltd.		11,100		133,979
Aeon Credit Service Co. Ltd.		1,400		19,176
Aeon Mall Co. Ltd.		1,400		33,915
Air Water, Inc.		3,000		36,140
Aisin Seiki Co. Ltd.		3,400		131,565
Ajinomoto Co., Inc.		12,000		142,462
Alfresa Holdings Corp.		700		27,204
All Nippon Airways Co. Ltd.	†	15,000		48,930
Amada Co. Ltd.		7,000		53,824
Aozora Bank Ltd.		11,000		25,498
Asahi Breweries Ltd.		7,100		143,019
Asahi Glass Co. Ltd.		18,000		210,641
Asahi Kasei Corp.		23,000		154,998
Asics Corp.		3,000		44,779
Astellas Pharma, Inc.		8,075		313,319
Bank of Kyoto Ltd. (The)		6,000		55,244
Bank of Yokohama Ltd. (The)		23,000		114,978
Benesse Holdings, Inc.		1,300		55,850
Bridgestone Corp.		11,900		274,182
Brother Industries Ltd.		4,600		68,042
Canon, Inc.		20,900		994,136

		Shares		Value
Casio Computer Co. Ltd.		4,500	$	31,758
Central Japan Railway Co.		27		212,255
Chiba Bank Ltd. (The)	†	14,000		87,616
Chiyoda Corp.		3,000		34,581
Chubu Electric Power Co., Inc.		11,900		232,392
Chugai Pharmaceutical Co. Ltd.		3,800		62,311
Chugoku Bank Ltd. (The)		3,000		37,115
Chugoku Electric Power Co., Inc. (The)	†	5,500		95,231
Citizen Holdings Co. Ltd.		4,700		28,135
Coca-Cola West Holdings Co. Ltd.		1,200		22,993
Cosmo Oil Co. Ltd.		12,000		34,163
Credit Saison Co. Ltd.		3,100		52,184
Dai Nippon Printing Co. Ltd.		10,000		112,704
Daicel Chemical Industries Ltd.		5,000		33,032
Daido Steel Co. Ltd.		6,000		40,136
Daihatsu Motor Co. Ltd.		4,000		68,075
Dai-ichi Life Insurance Co. Ltd. (The)		162		227,179
Daiichi Sankyo Co. Ltd.		12,202		238,440
Daikin Industries Ltd.		4,400		155,964
Dainippon Sumitomo Pharma Co. Ltd.		3,000		28,509
Daito Trust Construction Co. Ltd.		1,400		118,860
Daiwa House Industry Co. Ltd.		9,000		113,568
Daiwa Securities Group, Inc.		31,000		136,583
Dena Co. Ltd.		1,500		64,510
Denki Kagaku Kogyo K.K.		8,000		38,569
Denso Corp.		9,000		334,732
Dentsu, Inc.		3,100		91,761
East Japan Railway Co.		6,200		355,079
Eisai Co. Ltd.	†	4,700		183,374
Electric Power Development Co. Ltd.		2,140		57,844
Elpida Memory, Inc.	*	3,300		38,870
FamilyMart Co. Ltd.		1,200		44,061
FANUC Corp.		3,500		585,281
Fast Retailing Co. Ltd.		1,000		161,728
Fuji Electric Co. Ltd.	†	10,000		31,240
Fuji Heavy Industries Ltd.		11,000		85,481
FUJIFILM Holdings Corp.		8,600		268,225
Fujitsu Ltd.		35,000		200,056
Fukuoka Financial Group, Inc.		14,000		58,514
Furukawa Electric Co. Ltd.		12,000		50,101
Gree, Inc.	*†	1,500		32,791
GS Yuasa Corp.		6,000		40,044
Gunma Bank Ltd. (The)		8,000		42,283
Hachijuni Bank Ltd. (The)		8,000		44,951
Hakuhodo DY Holdings, Inc.		480		25,634
Hamamatsu Photonics KK		1,100		47,561
Hino Motors Ltd.		5,000		29,198
Hirose Electric Co. Ltd.		530		54,330
Hiroshima Bank Ltd. (The)		10,000		43,640
Hisamitsu Pharmaceutical Co., Inc.		1,200		51,121
Hitachi Chemical Co. Ltd.		1,700		33,727
Hitachi Construction Machinery Co. Ltd.		1,800		40,352
Hitachi High-Technologies Corp.		1,100		24,102
Hitachi Ltd.		82,000		486,670
Hitachi Metals Ltd.	†	3,000		42,392
Hokkaido Electric Power Co., Inc.		3,400		56,555
Hokuhoku Financial Group, Inc.		23,000		45,560
Hokuriku Electric Power Co.		3,200		61,066
Honda Motor Co. Ltd.		30,000		1,155,808

See accompanying notes to financial statements

232

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
HOYA Corp.		7,900	$	174,894
Ibiden Co. Ltd.		2,200		68,877
Idemitsu Kosan Co. Ltd.		400		42,689
IHI Corp.		26,000		67,183
INPEX Corp.		40		295,727
Isetan Mitsukoshi Holdings Ltd.		7,040		68,969
Isuzu Motors Ltd.		21,000		99,413
ITOCHU Corp.		27,000		280,823
Itochu Techno-Solutions Corp.		600		21,299
Iyo Bank Ltd. (The)		4,000		36,824
J. Front Retailing Co. Ltd.	†	8,600		37,992
Japan Petroleum Exploration Co.		500		23,474
Japan Prime Realty Investment Corp. REIT		12		31,779
Japan Real Estate Investment Corp. REIT		9		88,550
Japan Retail Fund Investment Corp. REIT		31		47,772
Japan Steel Works Ltd. (The)		6,000		41,129
Japan Tobacco, Inc.		82		316,526
JFE Holdings, Inc.		8,600		236,514
JGC Corp.		4,000		109,588
Joyo Bank Ltd. (The)		11,000		46,213
JS Group Corp.		4,500		116,068
JSR Corp.		3,000		58,149
JTEKT Corp.		3,700		54,519
Jupiter Telecommunications Co. Ltd.		33		36,920
JX Holdings, Inc.		41,810		281,216
Kajima Corp.		14,000		40,165
Kamigumi Co. Ltd.		5,000		46,729
Kaneka Corp.		6,000		39,424
Kansai Electric Power Co., Inc. (The)		13,900		276,800
Kansai Paint Co. Ltd.		4,000		36,445
Kao Corp.		10,100		265,571
Kawasaki Heavy Industries Ltd.		25,000		99,607
Kawasaki Kisen Kaisha Ltd.		12,000		41,954
KDDI Corp.		54		388,527
Keikyu Corp.	†	8,000		57,688
Keio Corp.		11,000		60,672
Keisei Electric Railway Co. Ltd.		6,000		35,509
Keyence Corp.		793		225,157
Kikkoman Corp.		3,000		31,617
Kinden Corp.		2,000		17,112
Kintetsu Corp.	†	28,000		89,920
Kirin Holdings Co. Ltd.		15,000		209,114
Kobe Steel Ltd.		46,000		104,607
Koito Manufacturing Co. Ltd.		2,000		34,951
Komatsu Ltd.		17,200		537,038
Konami Corp.		1,600		37,898
Konica Minolta Holdings, Inc.		9,000		75,172
Kubota Corp.		21,000		186,303
Kuraray Co. Ltd.	†	6,100		89,365
Kurita Water Industries Ltd.		2,100		62,649
Kyocera Corp.		2,800		285,090
Kyowa Hakko Kirin Co. Ltd.		5,000		47,695
Kyushu Electric Power Co., Inc.		6,900		124,239
Lawson, Inc.		1,100		57,707
Mabuchi Motor Co. Ltd.		400		20,187
Makita Corp.		2,100		97,858
Marubeni Corp.		31,000		206,020
Marui Group Co. Ltd.		4,000		30,379
Maruichi Steel Tube Ltd.		1,000		24,791

		Shares		Value
Mazda Motor Corp.	*	28,000	$	73,786
McDonald’s Holdings Co. Japan Ltd.	†	1,000		25,426
Medipal Holdings Corp.		2,800		24,817
MEIJI Holdings Co. Ltd.		1,302		54,895
Minebea Co. Ltd.		6,000		32,012
Miraca Holdings, Inc.		900		36,465
Mitsubishi Chemical Holdings Corp.		24,000		170,067
Mitsubishi Corp.		25,000		624,446
Mitsubishi Electric Corp.		35,000		406,564
Mitsubishi Estate Co. Ltd.		22,000		386,099
Mitsubishi Gas Chemical Co., Inc.		7,000		51,286
Mitsubishi Heavy Industries Ltd.		54,000		253,920
Mitsubishi Logistics Corp.		2,000		22,499
Mitsubishi Materials Corp.		21,000		66,166
Mitsubishi Motors Corp.	*	72,000		87,841
Mitsubishi Tanabe Pharma Corp.		4,000		66,946
Mitsubishi UFJ Financial Group, Inc.		234,440		1,142,505
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,180		45,667
Mitsui & Co. Ltd.		32,100		555,013
Mitsui Chemicals, Inc.		15,000		54,658
Mitsui Engineering & Shipbuilding Co. Ltd.		12,000		26,203
Mitsui Fudosan Co. Ltd.		16,000		275,566
Mitsui OSK Lines Ltd.		21,000		112,996
Mizuho Financial Group, Inc.		377,300		620,141
Mizuho Securities Co. Ltd.	*	9,000		21,691
Mizuho Trust & Banking Co. Ltd.		24,000		21,264
MS&AD Insurance Group Holdings		10,074		235,801
Murata Manufacturing Co. Ltd.		3,800		254,062
Nabtesco Corp.		1,500		36,338
Namco Bandai Holdings, Inc.		3,350		40,325
NEC Corp.	*	47,000		107,328
NGK Insulators Ltd.		5,000		93,148
NGK Spark Plug Co. Ltd.		3,000		41,452
NHK Spring Co. Ltd.		3,000		30,678
Nidec Corp.		2,000		186,721
Nikon Corp.		5,700		134,796
Nintendo Co. Ltd.		1,800		338,019
Nippon Building Fund, Inc. REIT	†	10		97,721
Nippon Electric Glass Co. Ltd.		6,500		83,402
Nippon Express Co. Ltd.		16,000		64,834
Nippon Meat Packers, Inc.		3,000		43,035
Nippon Paper Group, Inc.		1,900		42,159
Nippon Sheet Glass Co. Ltd.		16,000		49,748
Nippon Steel Corp.		93,000		301,706
Nippon Telegraph & Telephone Corp.		8,800		424,440
Nippon Yusen K.K.	†	29,000		107,745
Nishi-Nippon City Bank Ltd. (The)		11,000		32,492
Nissan Motor Co. Ltd.	†	45,100		473,965
Nisshin Seifun Group, Inc.		3,200		39,996
Nisshin Steel Co. Ltd.		15,000		28,687
Nissin Foods Holdings Co. Ltd.		1,100		40,071
Nitori Holdings Co. Ltd.		700		66,437
Nitto Denko Corp.		3,100		157,514
NKSJ Holdings, Inc.		25,900		170,945

See accompanying notes to financial statements

233

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
NOK Corp.		2,000	$	34,275
Nomura Holdings, Inc.		64,100		316,314
Nomura Real Estate Holdings, Inc.		1,700		28,344
Nomura Real Estate Office Fund, Inc. REIT		5		33,103
Nomura Research Institute Ltd.		1,650		36,142
NSK Ltd.		8,000		79,866
NTN Corp.		9,000		51,270
NTT Data Corp.		23		76,438
NTT DoCoMo, Inc.		279		498,278
NTT Urban Development Corp.		24		20,588
Obayashi Corp.		11,000		48,045
Odakyu Electric Railway Co. Ltd.		11,000		87,341
OJI Paper Co. Ltd.	†	15,000		71,941
Olympus Corp.		4,000		134,968
Omron Corp.		3,800		105,672
Ono Pharmaceutical Co. Ltd.		1,500		80,248
Oracle Corp. Japan		600		26,148
Oriental Land Co. Ltd.	†	900		76,345
ORIX Corp.		1,960		190,653
Osaka Gas Co. Ltd.		35,000		132,759
Otsuka Corp.		300		18,678
Otsuka Holdings Co. Ltd.		4,600		121,719
Panasonic Corp.		40,500		495,285
Rakuten, Inc.	†	133		137,658
Resona Holdings, Inc.		33,700		158,553
Ricoh Co. Ltd.		12,000		133,121
Rinnai Corp.		600		43,329
Rohm Co. Ltd.		1,800		103,269
Sankyo Co. Ltd.		900		46,501
Santen Pharmaceutical Co. Ltd.		1,400		56,756
SBI Holdings, Inc.		383		35,592
Secom Co. Ltd.		3,900		186,992
Sega Sammy Holdings, Inc.		3,548		68,585
Seiko Epson Corp.		2,400		41,601
Sekisui Chemical Co. Ltd.		8,000		68,353
Sekisui House Ltd.		11,000		102,422
Seven & I Holdings Co. Ltd.		13,940		374,902
Seven Bank Ltd.		9		17,984
Sharp Corp.		18,000		164,269
Shikoku Electric Power Co., Inc.		3,200		72,669
Shimadzu Corp.		4,000		36,637
Shimamura Co. Ltd.		400		38,131
Shimano, Inc.		1,200		66,017
Shimizu Corp.	†	10,000		41,676
Shin-Etsu Chemical Co. Ltd.		7,600		407,373
Shinsei Bank Ltd.		16,000		16,004
Shionogi & Co. Ltd.		5,500		90,065
Shiseido Co. Ltd.		6,400		119,463
Shizuoka Bank Ltd. (The)	†	11,000		101,144
Showa Denko K.K.		26,000		53,857
Showa Shell Sekiyu K.K.		2,900		26,933
SMC Corp.		1,000		180,270
Softbank Corp.		15,700		594,595
Sojitz Corp.		21,200		39,712
Sony Corp.		18,500		488,127
Sony Financial Holdings, Inc.		3,400		61,471
Square Enix Holdings Co. Ltd.		1,000		17,998
Stanley Electric Co. Ltd.		2,500		43,887
Sumco Corp.	*†	1,900		32,168
Sumitomo Chemical Co. Ltd.		29,000		144,800
Sumitomo Corp.		20,900		284,329

		Shares		Value
Sumitomo Electric Industries Ltd.		13,400	$	195,448
Sumitomo Heavy Industries Ltd.		10,000		69,799
Sumitomo Metal Industries Ltd.		61,000		137,034
Sumitomo Metal Mining Co. Ltd.		10,000		164,292
Sumitomo Mitsui Financial Group, Inc.		24,700		761,617
Sumitomo Mitsui Trust Holdings, Inc.		57,740		200,978
Sumitomo Realty & Development Co. Ltd.		6,500		145,273
Sumitomo Rubber Industries Ltd.	†	3,000		36,303
Suruga Bank Ltd.		4,000		34,874
Suzuken Co. Ltd.		1,260		29,067
Suzuki Motor Corp.		6,300		142,012
Sysmex Corp.		1,200		45,134
T&D Holdings, Inc.		4,850		115,440
Taisei Corp.		20,000		45,898
Taisho Pharmaceutical Co. Ltd.		2,300		51,817
Taiyo Nippon Sanso Corp.		5,000		39,820
Takashimaya Co. Ltd.		5,000		34,495
Takeda Pharmaceutical Co. Ltd.		14,320		661,826
TDK Corp.		2,300		126,871
Teijin Ltd.		16,000		70,525
Terumo Corp.		3,000		162,404
THK Co. Ltd.		2,100		53,669
Tobu Railway Co. Ltd.	†	15,000		63,139
Toho Co. Ltd.		1,800		29,888
Toho Gas Co. Ltd.	†	7,000		37,881
Tohoku Electric Power Co., Inc.		7,600		109,672
Tokio Marine Holdings, Inc.		13,100		366,727
Tokyo Electric Power Co., Inc. (The)		26,300		106,466
Tokyo Electron Ltd.		3,200		174,985
Tokyo Gas Co. Ltd.		47,000		212,128
Tokyu Corp.		21,000		87,307
Tokyu Land Corp.		9,000		38,237
TonenGeneral Sekiyu K.K.	†	5,000		61,502
Toppan Printing Co. Ltd.		10,000		77,586
Toray Industries, Inc.		26,000		191,989
Toshiba Corp.		73,000		384,881
Tosoh Corp.		9,000		36,141
TOTO Ltd.		5,000		38,915
Toyo Seikan Kaisha Ltd.		2,500		42,092
Toyo Suisan Kaisha Ltd.	†	2,000		47,315
Toyoda Gosei Co. Ltd.		1,200		27,251
Toyota Boshoku Corp.		1,400		23,261
Toyota Industries Corp.		3,300		108,951
Toyota Motor Corp.		50,400		2,075,431
Toyota Tsusho Corp.		4,200		72,084
Trend Micro, Inc.		1,800		55,921
Tsumura & Co.		1,000		31,969
Ube Industries Ltd.		19,000		57,202
Unicharm Corp.		2,100		91,749
Ushio, Inc.		1,900		37,567
USS Co. Ltd.		350		27,151
West Japan Railway Co.		3,000		117,117
Yahoo! Japan Corp.		271		93,263
Yakult Honsha Co. Ltd.		1,900		54,962
Yamada Denki Co. Ltd.		1,510		123,034
Yamaguchi Financial Group, Inc.		4,000		37,317
Yamaha Corp.		2,700		30,792
Yamaha Motor Co. Ltd.	*†	4,500		82,654

See accompanying notes to financial statements

234

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Yamato Holdings Co. Ltd.		7,000	$	110,115
Yamato Kogyo Co. Ltd.		700		21,799
Yamazaki Baking Co. Ltd.		2,000		26,778
Yaskawa Electric Corp.		4,000		44,907
Yokogawa Electric Corp.	*	4,300		36,700
				42,299,381
Luxembourg—0.5%
ArcelorMittal		15,855		551,379
Millicom International Cellular SA SDR		1,436		150,449
SES SA, Class A FDR		5,651		158,746
Tenaris SA	†	8,640		197,502
				1,058,076
Macau—0.1%
Sands China Ltd.	*	42,494		115,182
Wynn Macau Ltd.		27,256		89,257
				204,439
Malta—0.0%
BGP Holdings plc	*‡d	142,647		—
Mauritius—0.0%
Essar Energy plc	*	5,270		34,569
Mexico—0.0%
Fresnillo plc		3,383		76,207
Netherlands—4.6%
Aegon NV	*	31,176		212,434
Akzo Nobel NV		4,164		263,085
ASML Holding NV		7,753		285,968
Corio NV REIT		1,147		75,962
Delta Lloyd NV		1,244		29,549
European Aeronautic Defence and Space Co. NV		7,463		249,769
Fugro NV CVA		1,311		94,428
Heineken Holding NV		2,198		112,523
Heineken NV		4,624		278,304
ING Groep NV CVA	*	70,662		870,804
Koninklijke Ahold NV		21,671		291,373
Koninklijke Boskalis Westminster NV		1,198		56,686
Koninklijke DSM NV		2,899		188,135
Koninklijke KPN NV		29,104		423,317
Koninklijke Philips Electronics NV		18,217		468,178
Koninklijke Vopak NV	†	1,384		67,780
PostNL NV		6,778		57,436
Qiagen NV	*	4,093		78,491
Randstad Holding NV	†	2,045		94,556
Reed Elsevier NV		12,525		168,258
Royal Dutch Shell plc, Class A		65,182		2,319,407
Royal Dutch Shell plc, Class B		49,267		1,758,139
SBM Offshore NV		3,035		80,247
TNT Express NV	*	6,778		70,298
Unilever NV CVA		30,014		985,079
Wolters Kluwer NV		5,403		119,788
				9,699,994

		Shares		Value
New Zealand—0.1%
Auckland International Airport Ltd.		15,775	$	29,128
Contact Energy Ltd.	*	5,175		22,995
Fletcher Building Ltd.		12,180		87,156
Sky City Entertainment Group Ltd.		12,302		36,974
Telecom Corp of New Zealand Ltd.		37,806		77,053
				253,306
Norway—0.7%
Aker Solutions ASA		2,745		54,844
DnB NOR ASA		17,840		248,538
Gjensidige Forsikring ASA		3,287		40,531
Norsk Hydro ASA		16,520		126,461
Orkla ASA		14,553		138,553
Renewable Energy Corp. ASA	*	10,183		17,457
Statoil ASA		20,231		512,168
Telenor ASA		13,756		225,121
Yara International ASA		3,544		199,121
				1,562,794
Portugal—0.3%
Banco Comercial Portugues SA (Registered)	*†	53,876		32,046
Banco Espirito Santo SA (Registered)	†	9,862		36,766
Cimpor Cimentos de Portugal SGPS SA		4,428		33,806
EDP—Energias de Portugal SA		36,083		128,053
Galp Energia SGPS SA, Class B	†	3,992		95,208
Jeronimo Martins SGPS SA		4,265		81,912
Portugal Telecom SGPS SA (Registered)		12,095		118,903
				526,694
Singapore—1.6%
Ascendas Real Estate Investment Trust REIT		28,786		47,878
CapitaLand Ltd.		46,500		110,467
CapitaMall Trust REIT		41,000		62,495
CapitaMalls Asia Ltd.		23,000		27,614
City Developments Ltd.		10,000		84,909
ComfortDelGro Corp. Ltd.		37,000		44,042
Cosco Corp. Singapore Ltd.		18,000		28,699
DBS Group Holdings Ltd.		31,500		376,812
Fraser and Neave Ltd.		18,000		85,047
Genting Singapore plc	*	114,000		179,736
Global Logistic Properties Ltd.	*	33,000		55,439
Golden Agri-Resources Ltd.		119,320		66,288
Hutchison Port Holdings Trust	*	96,000		81,120
Jardine Cycle & Carriage Ltd.		2,000		70,179
Keppel Corp. Ltd.		26,400		238,858
Keppel Land Ltd.		12,000		35,459
Neptune Orient Lines Ltd.		17,000		21,262
Olam International Ltd.		24,672		54,846
Oversea-Chinese Banking Corp. Ltd.		45,600		348,309
SembCorp Industries Ltd.		18,340		74,685
SembCorp Marine Ltd.		14,000		60,586
Singapore Airlines Ltd.		9,400		108,798
Singapore Exchange Ltd.		15,000		92,173
Singapore Press Holdings Ltd.		27,500		87,396

See accompanying notes to financial statements

235

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Singapore Technologies Engineering Ltd.		31,000	$	76,121
Singapore Telecommunications Ltd.		144,159		371,575
StarHub Ltd.		8,730		19,853
United Overseas Bank Ltd.		23,000		369,268
UOL Group Ltd.		8,000		32,486
Wilmar International Ltd.		36,000		159,264
				3,471,664
Spain—3.5%
Abertis Infraestructuras SA		6,618		147,711
Acciona SA		445		47,246
Acerinox SA	†	1,819		33,169
ACS Actividades de Construccion y Servicios SA		2,634		124,320
Amadeus IT Holding SA, Class A	*	3,873		80,503
Banco Bilbao Vizcaya Argentaria SA		78,133		917,187
Banco de Sabadell SA		19,878		81,999
Banco Popular Espanol SA	†	15,798		88,888
Banco Santander SA		153,986		1,773,941
Bankinter SA	†	4,042		27,420
Criteria Caixacorp SA		15,719		109,457
EDP Renovaveis SA	*	3,747		24,717
Enagas SA	†	3,155		76,396
Ferrovial SA	†	6,816		86,124
Fomento de Construcciones y Contratas SA	†	1,109		33,832
Gas Natural SDG SA		5,822		121,943
Grifols SA		2,792		56,009
Iberdrola Renovables SA		15,852		70,026
Iberdrola SA	*	69,389		617,340
Inditex SA		4,047		368,738
Indra Sistemas SA	†	1,576		32,510
Mapfre SA	†	13,081		48,534
Mediaset Espana Comunicacion SA		3,468		30,154
Red Electrica Corp. SA	†	1,889		113,954
Repsol YPF SA	†	14,401		499,506
Telefonica SA		75,067		1,833,417
Zardoya Otis SA		2,695		39,597
				7,484,638
Sweden—3.1%
Alfa Laval AB		5,944		128,190
Assa Abloy AB, Class B		5,854		157,345
Atlas Copco AB, Class A		12,472		328,467
Atlas Copco AB, Class B		7,327		172,851
Boliden AB		5,215		96,314
Electrolux AB, Series B		4,438		106,140
Getinge AB, Class B		3,677		98,880
Hennes & Mauritz AB, Class B	†	18,866		651,298
Hexagon AB, Class B		4,884		120,255
Holmen AB, Class B		1,079		33,646
Husqvarna AB, Class B		7,817		51,794
Industrivarden AB, Class C		1,904		31,506
Investor AB, Class B		8,353		191,560
Kinnevik Investment AB, Class B		4,060		90,181
Modern Times Group AB, Class B		977		64,617
Nordea Bank AB		48,123		516,841
Ratos AB, Class B		3,896		74,887
Sandvik AB		18,697		327,559

		Shares		Value
Scania AB, Class B		5,968	$	138,535
Securitas AB, Class B		5,360		56,750
Skandinaviska Enskilda Banken AB, Class A		25,092		205,164
Skanska AB, Class B		7,363		131,989
SKF AB, Class B		7,152		207,084
SSAB AB, Class A		3,099		46,299
Svenska Cellulosa AB, Class B		10,399		146,621
Svenska Handelsbanken AB, Class A		9,095		280,422
Swedbank AB, Class A		14,641		246,202
Swedish Match AB		4,238		142,296
Tele2 AB, Class B		5,766		113,810
Telefonaktiebolaget LM Ericsson, Class B		55,600		800,390
TeliaSonera AB		39,665		290,963
Volvo AB, Class B		25,507		446,533
				6,495,389
Switzerland—8.7%
ABB Ltd. (Registered)	*	40,070		1,041,111
Actelion Ltd. (Registered)	*	1,903		93,901
Adecco SA (Registered)	*	2,316		148,653
Aryzta AG		1,539		82,657
Baloise Holding AG (Registered)		934		96,376
Compagnie Financiere Richemont SA (A Bearer Shares)		9,473		620,794
Credit Suisse Group AG (Registered)	*	20,765		809,258
GAM Holding AG	*	3,736		61,470
Geberit AG (Registered)	*	710		168,440
Givaudan SA (Registered)	*	147		155,506
Glencore International plc	*	13,654		107,598
Holcim Ltd. (Registered)	*	4,553		344,321
Julius Baer Group Ltd.	*	3,656		151,022
Kuehne + Nagel International AG (Registered)		1,003		152,381
Lindt & Spruengli AG (Participation Certificates)		17		53,072
Lindt & Spruengli AG (Registered)		2		72,985
Lonza Group AG (Registered)	*	854		66,905
Nestle SA (Registered)		63,317		3,940,125
Novartis AG (Registered)		42,288		2,591,710
Pargesa Holding SA (Bearer)		467		43,282	��
Roche Holding AG (Genusschein)		12,840		2,149,683
Schindler Holding AG (Participation Certificates)		842		102,408
Schindler Holding AG (Registered)		416		50,555
SGS SA (Registered)		102		193,753
Sika AG		39		94,143
Sonova Holding AG (Registered)	*	846		79,043
STMicroelectronics NV		11,906		118,509
Straumann Holding AG (Registered)		152		36,656
Sulzer AG (Registered)		394		64,242
Swatch Group AG (The) (Bearer)		565		285,160
Swatch Group AG (The) (Registered)		843		75,794
Swiss Life Holding AG (Registered)	*	529		86,757
Swiss Re Ltd.	*	6,402		359,487
Swisscom AG (Registered)		416		190,710
Syngenta AG (Registered)	*	1,715		579,585
Transocean Ltd.		5,812		379,432
UBS AG (Registered)	*	66,517		1,213,907
Wolseley plc		5,343		174,403
Xstrata plc		37,914		835,070

See accompanying notes to financial statements

236

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Zurich Financial Services AG (Registered)	*	2,688	$	680,171
				18,551,035
United Kingdom—18.1%
3i Group plc		18,002		81,293
Admiral Group plc		3,873		103,284
Aggreko plc		4,795		148,561
AMEC plc		6,200		108,336
Anglo American plc		24,285		1,204,389
Antofagasta plc		7,392		165,419
ARM Holdings plc		24,195		227,520
Associated British Foods plc		6,436		111,973
AstraZeneca plc (London Exchange)		25,463		1,272,673
Autonomy Corp. plc	*	3,861		105,761
Aviva plc		52,084		366,622
Babcock International Group plc		6,821		78,000
BAE Systems plc		62,132		317,846
Balfour Beatty plc		12,983		64,369
Barclays plc		210,894		865,161
BG Group plc		62,246		1,413,352
BHP Billiton plc		39,906		1,568,057
BP plc		343,518		2,529,320
British American Tobacco plc		36,493		1,600,276
British Land Co. plc REIT		16,013		156,560
British Sky Broadcasting Group plc		20,764		281,894
BT Group plc		140,863		456,734
Bunzl plc		6,330		79,268
Burberry Group plc		8,125		188,944
Cairn Energy plc	*	25,400		169,391
Capita Group plc (The)		10,792		123,950
Capital Shopping Centres Group plc REIT		9,366		60,089
Carnival plc		3,197		123,877
Centrica plc		95,276		494,718
Cobham plc		19,426		65,930
Compass Group plc		34,973		337,215
Diageo plc		45,774		936,487
Eurasian Natural Resources Corp. plc		4,297		53,917
G4S plc		26,041		117,061
GlaxoSmithKline plc		94,801		2,031,988
Hammerson plc REIT		13,557		104,813
Home Retail Group plc		15,769		41,453
HSBC Holdings plc (London Exchange)		323,489		3,207,306
ICAP plc		10,418		79,014
Imperial Tobacco Group plc		18,805		626,065
Inmarsat plc		7,983		71,328
Intercontinental Hotels Group plc		5,494		112,467
International Consolidated Airlines Group SA	*	10,150		41,175
International Consolidated Airlines Group SA	*	4,357		17,785
International Power plc		28,027		144,752
Intertek Group plc		3,046		96,534
Invensys plc		15,349		79,394
Investec plc		8,651		70,220
ITV plc	*	71,294		81,862
J. Sainsbury plc		21,858		115,787

		Shares		Value
Johnson Matthey plc		3,984	$	125,811
Kazakhmys plc		3,673		81,419
Kingfisher plc		43,308		186,033
Land Securities Group plc REIT		14,369		196,569
Legal & General Group plc		109,976		208,340
Lloyds Banking Group plc	*	753,005		591,736
London Stock Exchange Group plc		2,311		39,372
Lonmin plc		3,101		72,366
Man Group plc		31,778		120,876
Marks & Spencer Group plc		28,835		167,155
National Grid plc		64,564		635,581
Next plc		3,435		128,337
Old Mutual plc		99,250		212,457
Pearson plc		15,141		286,426
Petrofac Ltd.		4,520		109,913
Prudential plc		46,972		542,377
Randgold Resources Ltd.		1,649		138,893
Reckitt Benckiser Group plc		11,380		628,541
Reed Elsevier plc		22,119		201,379
Rexam plc		15,419		94,795
Rio Tinto plc		26,442		1,909,264
Rolls-Royce Holdings plc	*	33,691		348,900
Rolls-Royce Holdings plc, Class C	*‡	3,234,336		5,191
Royal Bank of Scotland Group plc	*	311,005		192,376
RSA Insurance Group plc		63,018		136,307
SABMiller plc		17,546		640,438
Sage Group plc (The)		23,751		110,113
Schroders plc		1,968		48,862
Scottish & Southern Energy plc		16,772		375,116
Segro plc REIT		12,863		64,493
Serco Group plc		9,142		81,094
Severn Trent plc		4,129		97,550
Smith & Nephew plc		15,739		168,670
Smiths Group plc		7,181		138,516
Standard Chartered plc (London Exchange)		42,931		1,127,697
Standard Life plc		40,542		137,028
Subsea 7 SA	*	5,160		131,978
Tesco plc		147,837		955,172
TUI Travel plc		9,107		32,778
Tullow Oil plc		16,087		320,358
Unilever plc		23,676		763,931
United Utilities Group plc		12,299		118,293
Vedanta Resources plc		2,170		72,946
Vodafone Group plc		946,895		2,510,827
Weir Group plc (The)		4,025		137,401
Whitbread plc		3,280		85,042
Wm Morrison Supermarkets plc		40,967		195,944
				38,574,851
United States—0.1%
Sims Metal Management Ltd.		2,945		55,995
Synthes, Inc.	^	1,182		208,163
				264,158
TOTAL COMMON STOCKS
(Cost $206,531,602)				209,154,184

See accompanying notes to financial statements

237

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Overseas Equity Index Fund				Shares		Value
PREFERRED STOCKS—0.5%
Germany—0.5%
Bayerische Motoren Werke AG     %				922	$	58,633
Henkel AG & Co. KGaA				3,261		226,764
Porsche Automobil Holding SE				2,900		230,036
ProSiebenSat.1 Media AG		*†		1,238		35,245
RWE AG				720		36,801
Volkswagen AG				2,691		556,487
TOTAL PREFERRED STOCKS
(Cost $761,496)						1,143,966
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.040%	09/22/2011
(Cost $224,977)		‡‡	$	225,000		224,992
				Shares		Value
RIGHTS—0.0%
Italy—0.0%
Banca Monte dei Paschi di Siena SpA		*		39,870		3,064
Spain—0.0%
Banco Popular Espanol SA,		*		15,798		1,146
Criteria Caixacorp SA		*		15,719		1,185
Mapfre SA		*‡		335		1,243
Zardoya Otis SA		*‡		134		1,969
						5,543
TOTAL RIGHTS
(Cost $23,096)						8,607
MONEY MARKET FUNDS—4.0%
Institutional Money Market Funds—4.0%
Dreyfus Institutional Cash Advantage Fund, 0.15%		††µ		1,250,000		1,250,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%		µ		645,340		645,340
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.17%		††µ		1,568,960		1,568,960
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.13%		††µ		1,250,000		1,250,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.00%		††µ		1,250,000		1,250,000

		Shares		Value
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††µ	1,250,000	$	1,250,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.10%	††µ	1,250,000		1,250,000
TOTAL MONEY MARKET FUNDS
(Cost $8,464,300)				8,464,300
TOTAL INVESTMENTS—102.6%
(Cost $216,005,471)				218,996,049
Other assets less liabilities—(2.6%)				(5,596,895	)
NET ASSETS—100.0%			$	213,399,154

Notes to the Schedule of Investments:

CDI	Chess Depository Interest
CVA	Dutch Certificate of Shares
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)
†	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.
d	Security has no market value at June 30, 2011.
^	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 $208,163, which represents 0.1% of Net Assets.
‡‡	Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.
µ	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

238

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2011 (Unaudited)

Vantagepoint Overseas Equity Index Fund
Percentage of Portfolio by Industry:
COMMON STOCKS
Commercial Banks	12.3%
Pharmaceuticals	7.2%
Oil, Gas & Consumable Fuels	7.0%
Metals & Mining	6.4%
Insurance	4.5%
Chemicals	3.7%
Food Products	3.6%
Diversified Telecommunication Services	3.4%
Automobiles	3.2%
Machinery	3.0%
Electric Utilities	2.5%
Food & Staples Retailing	2.2%
Capital Markets	2.1%
Wireless Telecommunication Services	2.0%
Beverages	2.0%
Industrial Conglomerates	1.8%
Real Estate Management & Development	1.7%
Electrical Equipment	1.6%
Media	1.5%
Real Estate Investment Trusts (REITs)	1.4%
Multi-Utilities	1.3%
Tobacco	1.3%
Trading Companies & Distributors	1.2%
Diversified Financial Services	1.2%
Textiles, Apparel & Luxury Goods	1.2%
Electronic Equipment, Instruments & Components	1.1%
Energy Equipment & Services	0.9%
Hotels, Restaurants & Leisure	0.9%
Software	0.9%
Auto Components	0.8%
Road & Rail	0.8%
Construction & Engineering	0.8%
Specialty Retail	0.8%
Health Care Equipment & Supplies	0.7%
Communications Equipment	0.7%
Household Durables	0.7%
Office Electronics	0.6%
Aerospace & Defense	0.6%
Semiconductors & Semiconductor Equipment	0.6%
Building Products	0.6%
Construction Materials	0.6%
Commercial Services & Supplies	0.6%
Personal Products	0.5%
Professional Services	0.5%
Gas Utilities	0.4%
Marine	0.4%
Transportation Infrastructure	0.4%
Health Care Providers & Services	0.4%
Multiline Retail	0.4%
Household Products	0.4%
IT Services	0.3%
Computers & Peripherals	0.3%
Air Freight & Logistics	0.3%
Paper & Forest Products	0.3%
Biotechnology	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%
Life Sciences Tools & Services	0.1%
Internet Software & Services	0.1%
Water Utilities	0.1%
Diversified Consumer Services	0.0%
Consumer Finance	0.0%
	98.0%
PREFERRED STOCKS
Automobiles	0.4%
Household Products	0.1%
Media	0.0%
Multi-Utilities	0.0%
	0.5%
RIGHTS
Commercial Banks	0.0%
Insurance	0.0%
Textiles, Apparel & Luxury Goods	0.0%
	0.0%
TOTAL COMMON STOCKS/PREFERRED STOCKS/RIGHTS	98.5%
U.S. TREASURY OBLIGATIONS
U.S. Treasury Bills	0.1%
MONEY MARKET FUNDS
Institutional Money Market Funds	4.0%
TOTAL INVESTMENTS	102.6%
Other assets less liabilities	(2.6)%
TOTAL NET ASSETS	100.0%

See accompanying notes to financial statements

239

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Model Portfolio Savings Oriented Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	2,988,451	$	30,392,542
Vantagepoint Diversifying Strategies Fund	6,625,935		68,247,133
Vantagepoint Equity Income Fund	3,725,323		34,757,267
Vantagepoint Growth & Income Fund	3,410,047		34,782,481
Vantagepoint Inflation Protected Securities Fund	4,541,024		51,086,518
Vantagepoint International Fund	1,747,604		17,441,088
Vantagepoint Low Duration Bond Fund	10,441,429		105,040,772
			341,747,801
TOTAL INVESTMENTS—100.0%
(Cost $319,537,958)			341,747,801
Other assets less liabilities—(0.0%)			(65,104	)
NET ASSETS—100.0%		$	341,682,697

See accompanying notes to financial statements

240

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Model Portfolio Conservative Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	*	1,495,749	$	17,769,496
Vantagepoint Core Bond Index Fund Class I		6,941,856		70,598,675
Vantagepoint Diversifying Strategies Fund		10,914,595		112,420,333
Vantagepoint Equity Income Fund		7,052,918		65,803,729
Vantagepoint Growth & Income Fund		5,264,136		53,694,192
Vantagepoint Growth Fund		3,965,541		35,967,459
Vantagepoint Inflation Protected Securities Fund		5,273,198		59,323,478
Vantagepoint International Fund		4,818,344		48,087,077
Vantagepoint Low Duration Bond Fund		11,125,951		111,927,064
Vantagepoint Select Value Fund		1,676,976		17,943,645
				593,535,148
TOTAL INVESTMENTS—100.0%
(Cost $553,902,424)				593,535,148
Other assets less liabilities—(0.0%)				(92,722	)
NET ASSETS—100.0%			$	593,442,426

Notes to the Schedule of Investments:

* Non-income producing.

See accompanying notes to financial statements

241

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Model Portfolio Traditional Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	*	6,894,308	$	81,904,376
Vantagepoint Core Bond Index Fund Class I		18,977,777		193,003,994
Vantagepoint Discovery Fund		4,607,136		45,288,143
Vantagepoint Diversifying Strategies Fund		21,703,051		223,541,424
Vantagepoint Equity Income Fund		19,355,373		180,585,634
Vantagepoint Growth & Income Fund		17,641,452		179,942,809
Vantagepoint Growth Fund		16,621,726		150,759,058
Vantagepoint Inflation Protected Securities Fund		5,317,668		59,823,764
Vantagepoint International Fund		18,162,205		181,258,811
Vantagepoint Low Duration Bond Fund		11,799,501		118,702,976
Vantagepoint Select Value Fund		7,732,281		82,735,409
				1,497,546,398
TOTAL INVESTMENTS—100.0%
(Cost $1,382,983,609)				1,497,546,398
Other assets less liabilities—(0.0%)				(189,408	)
NET ASSETS—100.0%			$	1,497,356,990

Notes to the Schedule of Investments:

* Non-income producing.

See accompanying notes to financial statements

242

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Model Portfolio Long-Term Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	*	13,460,613	$	159,912,086
Vantagepoint Core Bond Index Fund Class I		23,677,402		240,799,175
Vantagepoint Discovery Fund		8,715,177		85,670,193
Vantagepoint Diversifying Strategies Fund		21,713,331		223,647,309
Vantagepoint Equity Income Fund		26,404,600		246,354,922
Vantagepoint Growth & Income Fund		24,122,909		246,053,675
Vantagepoint Growth Fund		24,061,804		218,240,567
Vantagepoint International Fund		30,540,491		304,794,099
Vantagepoint Select Value Fund		15,096,402		161,531,506
				1,887,003,532
TOTAL INVESTMENTS—100.0%
(Cost $1,729,188,122)				1,887,003,532
Other assets less liabilities—(0.0%)				(218,373	)
NET ASSETS—100.0%			$	1,886,785,159

Notes to the Schedule of Investments:

* Non-income producing.

See accompanying notes to financial statements

243

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Model Portfolio All- Equity Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	*	5,915,663	$	70,278,079
Vantagepoint Discovery Fund		6,755,268		66,404,284
Vantagepoint Equity Income Fund		14,139,609		131,922,556
Vantagepoint Growth & Income Fund		12,282,864		125,285,212
Vantagepoint Growth Fund		13,885,472		125,941,232
Vantagepoint International Fund		14,832,491		148,028,264
Vantagepoint Select Value Fund		6,531,588		69,887,996
				737,747,623
TOTAL INVESTMENTS—100.0%
(Cost $696,630,444)				737,747,623
Other assets less liabilities—(0.0%)				(94,504	)
NET ASSETS—100.0%			$	737,653,119

Notes to the Schedule of Investments:

* Non-income producing.

See accompanying notes to financial statements

244

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Milestone Retirement Income Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	1,967,104	$	20,005,453
Vantagepoint Diversifying Strategies Fund	4,355,208		44,858,643
Vantagepoint Equity Income Fund	2,444,990		22,811,759
Vantagepoint Growth & Income Fund	2,243,900		22,887,779
Vantagepoint Inflation Protected Securities Fund	2,987,805		33,612,801
Vantagepoint International Fund	1,151,096		11,487,941
Vantagepoint Low Duration Bond Fund	6,865,307		69,064,985
			224,729,361
TOTAL INVESTMENTS—100.0%
(Cost $215,177,808)			224,729,361
Other assets less liabilities—(0.0%)			(50,872	)
NET ASSETS—100.0%		$	224,678,489

See accompanying notes to financial statements

245

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Milestone 2010 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	1,431,422	$	14,557,557
Vantagepoint Diversifying Strategies Fund	3,896,198		40,130,842
Vantagepoint Equity Income Fund	4,630,875		43,206,064
Vantagepoint Growth & Income Fund	2,495,519		25,454,299
Vantagepoint Growth Fund	1,868,022		16,942,957
Vantagepoint Inflation Protected Securities Fund	3,031,042		34,099,227
Vantagepoint International Fund	2,147,100		21,428,063
Vantagepoint Low Duration Bond Fund	3,294,352		33,141,179
			228,960,188
TOTAL INVESTMENTS—100.0%
(Cost $212,171,167)			228,960,188
Other assets less liabilities—(0.0%)			(51,679	)
NET ASSETS—100.0%		$	228,908,509

See accompanying notes to financial statements

246

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Milestone 2015 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	3,891,571	$	39,577,277
Vantagepoint Diversifying Strategies Fund	6,141,412		63,256,545
Vantagepoint Equity Income Fund	8,075,616		75,345,500
Vantagepoint Growth & Income Fund	4,296,788		43,827,239
Vantagepoint Growth Fund	3,319,868		30,111,205
Vantagepoint Inflation Protected Securities Fund	2,825,308		31,784,715
Vantagepoint International Fund	4,340,377		43,316,966
Vantagepoint Low Duration Bond Fund	3,928,274		39,518,439
Vantagepoint Mid/Small Company Index Fund Class I	1,468,603		24,202,581
			390,940,467
TOTAL INVESTMENTS—100.0%
(Cost $362,071,464)			390,940,467
Other assets less liabilities—(0.0%)			(60,711	)
NET ASSETS—100.0%		$	390,879,756

See accompanying notes to financial statements

247

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Milestone 2020 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	5,385,433	$	54,769,855
Vantagepoint Diversifying Strategies Fund	5,571,178		57,383,134
Vantagepoint Equity Income Fund	8,883,313		82,881,314
Vantagepoint Growth & Income Fund	4,434,582		45,232,732
Vantagepoint Growth Fund	3,611,882		32,759,767
Vantagepoint Inflation Protected Securities Fund	252,788		2,843,864
Vantagepoint International Fund	4,931,696		49,218,326
Vantagepoint Low Duration Bond Fund	2,436,112		24,507,284
Vantagepoint Mid/Small Company Index Fund Class I	2,125,013		35,020,216
			384,616,492
TOTAL INVESTMENTS—100.0%
(Cost $354,318,912)			384,616,492
Other assets less liabilities—(0.0%)			(59,223	)
NET ASSETS—100.0%		$	384,557,269

See accompanying notes to financial statements

248

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Milestone 2025 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	3,802,852	$	38,675,003
Vantagepoint Diversifying Strategies Fund	3,650,518		37,600,336
Vantagepoint Equity Income Fund	7,446,881		69,479,395
Vantagepoint Growth & Income Fund	3,877,919		39,554,770
Vantagepoint Growth Fund	3,150,345		28,573,628
Vantagepoint International Fund	4,359,950		43,512,301
Vantagepoint Low Duration Bond Fund	743,852		7,483,146
Vantagepoint Mid/Small Company Index Fund Class I	2,117,333		34,893,649
			299,772,228
TOTAL INVESTMENTS—100.0%
(Cost $273,346,944)			299,772,228
Other assets less liabilities—(0.0%)			(52,981	)
NET ASSETS—100.0%		$	299,719,247

See accompanying notes to financial statements

249

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Milestone 2030 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	1,934,331	$	19,672,145
Vantagepoint Diversifying Strategies Fund	2,277,451		23,457,743
Vantagepoint Equity Income Fund	6,159,840		57,471,312
Vantagepoint Growth & Income Fund	3,271,982		33,374,217
Vantagepoint Growth Fund	2,752,880		24,968,621
Vantagepoint International Fund	3,788,445		37,808,684
Vantagepoint Low Duration Bond Fund	273,914		2,755,573
Vantagepoint Mid/Small Company Index Fund Class I	2,084,981		34,360,483
			233,868,778
TOTAL INVESTMENTS—100.0%
(Cost $207,939,292)			233,868,778
Other assets less liabilities—(0.0%)			(48,252	)
NET ASSETS—100.0%		$	233,820,526

See accompanying notes to financial statements

250

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Milestone 2035 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	753,118	$	7,659,207
Vantagepoint Diversifying Strategies Fund	775,472		7,987,360
Vantagepoint Equity Income Fund	4,127,132		38,506,137
Vantagepoint Growth & Income Fund	2,186,577		22,303,084
Vantagepoint Growth Fund	1,967,926		17,849,089
Vantagepoint International Fund	2,668,914		26,635,766
Vantagepoint Low Duration Bond Fund	15,804		158,993
Vantagepoint Mid/Small Company Index Fund Class I	1,682,828		27,733,009
			148,832,645
TOTAL INVESTMENTS—100.0%
(Cost $129,496,662)			148,832,645
Other assets less liabilities—(0.0%)			(43,335	)
NET ASSETS—100.0%		$	148,789,310

See accompanying notes to financial statements

251

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Milestone 2040 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	710,961	$	7,230,469
Vantagepoint Diversifying Strategies Fund	70,436		725,489
Vantagepoint Equity Income Fund	4,286,540		39,993,421
Vantagepoint Growth & Income Fund	2,288,510		23,342,800
Vantagepoint Growth Fund	2,042,307		18,523,725
Vantagepoint International Fund	2,789,765		27,841,851
Vantagepoint Mid/Small Company Index Fund Class I	1,780,523		29,343,012
			147,000,767
TOTAL INVESTMENTS—100.0%
(Cost $118,861,719)			147,000,767
Other assets less liabilities—(0.0%)			(43,848	)
NET ASSETS—100.0%		$	146,956,919

See accompanying notes to financial statements

252

SCHEDULE OF INVESTMENTS

June 30, 2011 (Unaudited)

Vantagepoint Milestone 2045 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.1%
Vantagepoint Core Bond Index Fund Class I	147,624	$	1,501,334
Vantagepoint Equity Income Fund	890,554		8,308,868
Vantagepoint Growth & Income Fund	476,454		4,859,827
Vantagepoint Growth Fund	423,217		3,838,576
Vantagepoint International Fund	582,150		5,809,856
Vantagepoint Mid/Small Company Index Fund Class I	368,733		6,076,714
			30,395,175
TOTAL INVESTMENTS—100.1%
(Cost $26,391,142)			30,395,175
Other assets less liabilities—(0.1%)			(36,049	)
NET ASSETS—100.0%		$	30,359,126

See accompanying notes to financial statements

253

Item 2 (Code of Ethics):

Sub-item 2a. Not applicable.

Sub-item 2c. Effective March 14, 2011, the registrant adopted an amendment to the code of ethics including a policy addressing the new requirement pursuant to SEC Rule 206(4)-5, “Political Contributions by Certain Investment Advisers.” Other non-material clarifying language was also added to the existing requirements under the code of ethics. The code of ethics along with these amendments applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

Sub-item 2d. Not applicable.

Sub-item 2e. Not applicable.

Sub-item 2f. Not applicable.

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

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

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

Item 6 (Investments):

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

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

Item 9 (Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers): Not applicable.

Item 10 (Submission of Matters to a Vote of Security Holders): None.

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 exhibits is attached.

Sub-item 12a(2). The certification exhibits are attached.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Vantagepoint Funds
By:	/s/ Joan McCallen
	Joan McCallen, Principal Executive Officer
Date: September 1, 2011

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

By:	/s/ Joan McCallen
	Joan McCallen, Principal Executive Officer
Date: September 1, 2011

By:	/s/ Elizabeth Glista
	Elizabeth Glista, Principal Financial Officer
Date: September 1, 2011