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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08941

The Vantagepoint Funds

(Exact name of registrant as specified in charter)

777 North Capitol Street, NE, 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 - 12/31/11

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

TABLE OF CONTENTS
Shareholder Expenses	1
Management’s Discussion of Market Conditions	3
Management’s Discussion of Fund Performance	4
Vantagepoint Funds
Report of Independent Registered Public Accounting Firm	90
Statements of Assets and Liabilities	91
Statements of Operations	98
Statements of Changes in Net Assets	105
Financial Highlights	121
Notes of Financial Statements	138
Schedules of Investments	193

Shareholder Expenses

As a shareholder of a Vantagepoint Fund, you incur ongoing expenses, such as advisory fees and other fund expenses. The following example is intended to help you understand your ongoing expenses (in dollars and cents) of investing in a fund and to compare these expenses with the ongoing expenses of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2011 to December 31, 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 section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

ACTUAL								HYPOTHETICAL
Beginning Account Value 7/01/11	Ending Account Value 12/31/11		2011 Annualized Expense Ratio		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 7/01/11		Ending Account Value 12/31/11		2011 Annualized Expense Ratio		Expenses Paid During Period*
$1,000.00	$	999.30		0.62%	$	3.12	Low Duration Bond	$	1,000.00	$	1,022.08		0.62%	$	3.16
$1,000.00	$	1,064.70		0.63%	$	3.28	Inflation Protected Securities	$	1,000.00	$	1,022.03		0.63%	$	3.21
$1,000.00	$	926.40		0.81%	$	3.93	Equity Income	$	1,000.00	$	1,021.12		0.81%	$	4.13
$1,000.00	$	941.50		0.77%	$	3.77	Growth & Income	$	1,000.00	$	1,021.32		0.77%	$	3.92
$1,000.00	$	926.70		0.80%	$	3.89	Growth	$	1,000.00	$	1,021.17		0.80%	$	4.08
$1,000.00	$	918.10		0.99%	$	4.79	Select Value	$	1,000.00	$	1,020.21		0.99%	$	5.04
$1,000.00	$	855.10		0.91%	$	4.26	Aggressive Opportunities	$	1,000.00	$	1,020.62		0.91%	$	4.63
$1,000.00	$	899.30		0.95%	$	4.55	Discovery	$	1,000.00	$	1,020.42		0.95%	$	4.84
$1,000.00	$	855.70		0.95%	$	4.44	International	$	1,000.00	$	1,020.42		0.95%	$	4.84
$1,000.00	$	987.40		0.81%	$	4.06	Diversifying Strategies	$	1,000.00	$	1,021.12		0.81%	$	4.13
$1,000.00	$	1,047.70		0.41%	$	2.12	Core Bond Index Class I	$	1,000.00	$	1,023.14		0.41%	$	2.09
$1,000.00	$	1,048.50		0.21%	$	1.08	Core Bond Index Class II	$	1,000.00	$	1,024.15		0.21%	$	1.07
$1,000.00	$	961.20		0.41%	$	2.03	500 Stock Index Class I	$	1,000.00	$	1,023.14		0.41%	$	2.09
$1,000.00	$	962.30		0.21%	$	1.04	500 Stock Index Class II	$	1,000.00	$	1,024.15		0.21%	$	1.07
$1,000.00	$	952.70		0.41%	$	2.02	Broad Market Index Class I	$	1,000.00	$	1,023.14		0.41%	$	2.09
$1,000.00	$	953.10		0.21%	$	1.03	Broad Market Index Class II	$	1,000.00	$	1,024.15		0.21%	$	1.07
$1,000.00	$	897.40		0.42%	$	2.01	Mid/Small Company Index Class I	$	1,000.00	$	1,023.09		0.42%	$	2.14
$1,000.00	$	898.40		0.22%	$	1.05	Mid/Small Company Index Class II	$	1,000.00	$	1,024.10		0.22%	$	1.12
$1,000.00	$	830.50		0.55%	$	2.54	Overseas Equity Index Class I	$	1,000.00	$	1,022.43		0.55%	$	2.80
$1,000.00	$	831.30		0.35%	$	1.62	Overseas Equity Index Class II	$	1,000.00	$	1,023.44		0.35%	$	1.79
$1,000.00	$	991.60		0.82%	$	4.12	Model Portfolio Savings Oriented**	$	1,000.00	$	1,021.07		0.82%	$	4.18
$1,000.00	$	974.70		0.84%	$	4.18	Model Portfolio Conservative Growth**	$	1,000.00	$	1,020.97		0.84%	$	4.28
$1,000.00	$	952.30		0.88%	$	4.33	Model Portfolio Traditional Growth**	$	1,000.00	$	1,020.77		0.88%	$	4.48
$1,000.00	$	932.80		0.91%	$	4.43	Model Portfolio Long-Term Growth**	$	1,000.00	$	1,020.62		0.91%	$	4.63
$1,000.00	$	904.30		0.99%	$	4.75	Model Portfolio All-Equity Growth**	$	1,000.00	$	1,020.21		0.99%	$	5.04

(continued)

1

ACTUAL								HYPOTHETICAL
Beginning Account Value 7/01/11	Ending Account Value 12/31/11		2011 Annualized Expense Ratio		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 7/01/11		Ending Account Value 12/31/11		2011 Annualized Expense Ratio		Expenses Paid During Period*
$1,000.00	$	992.10		0.83%	$	4.17	Milestone Retirement Income**	$	1,000.00	$	1,021.02		0.83%	$	4.23
$1,000.00	$	973.30		0.88%	$	4.38	Milestone 2010**	$	1,000.00	$	1,020.77		0.88%	$	4.48
$1,000.00	$	963.30		0.85%	$	4.21	Milestone 2015**	$	1,000.00	$	1,020.92		0.85%	$	4.33
$1,000.00	$	951.40		0.85%	$	4.18	Milestone 2020**	$	1,000.00	$	1,020.92		0.85%	$	4.33
$1,000.00	$	942.80		0.85%	$	4.16	Milestone 2025**	$	1,000.00	$	1,020.92		0.85%	$	4.33
$1,000.00	$	933.00		0.87%	$	4.24	Milestone 2030**	$	1,000.00	$	1,020.82		0.87%	$	4.43
$1,000.00	$	922.00		0.90%	$	4.36	Milestone 2035**	$	1,000.00	$	1,020.67		0.90%	$	4.58
$1,000.00	$	917.00		0.90%	$	4.35	Milestone 2040**	$	1,000.00	$	1,020.67		0.90%	$	4.58
$1,000.00	$	914.60		1.08%	$	5.21	Milestone 2045**	$	1,000.00	$	1,019.76		1.08%	$	5.50

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

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

2

MANAGEMENT’S DISCUSSION OF MARKET CONDITIONS FOR THE YEAR ENDED DECEMBER 31, 2011

The following represents Vantagepoint Investment Advisers, LLC’s (“VIA”) views of the major market conditions that prevailed in 2011. This commentary should not be considered a complete discussion of all markets, but a brief discussion so that a fund’s performance can be read in context with the performance of those markets in which it invests. The Management’s Discussion of Fund Performance for each fund should be read together with this commentary.

Equity and fixed income securities markets offered mixed returns for 2011, with fixed income securities generally outperforming equity securities. These securities markets generally performed well in the opening months of 2011, with equity markets peaking in late April and then pulling back. Market volatility generally increased across the equity and fixed income markets in the third quarter due to significant economic concerns in the U.S., the Eurozone and Asia. As the year progressed, several major economies, most notably in Europe, remained in an uncertain state. However, the U.S. economy showed signs of improvement in the fourth quarter as corporate earnings began to strengthen, unemployment started to decline, the housing market began to show signs of stabilization and consumer confidence began to rise. Also in the fourth quarter, the U.S. Federal Reserve and major foreign central banks took coordinated measures to improve liquidity in the Eurozone.

U.S. and foreign fixed income markets generally produced positive returns in 2011. U.S. Government bonds outperformed credit-related sectors as risk-averse investors drove up U.S. Government bond prices. Higher credit quality sectors outperformed those with lower credit quality. Longer maturity bonds outperformed shorter maturity bonds as the Federal Reserve worked to maintain already low short-term interest rates and to lower longer term rates. The ten-year U.S. Treasury bond yield declined from 3.30% at the beginning of the year to 1.88% at the end of the year. Treasury inflation-protected securities (“TIPS”) outperformed shorter duration securities for the year and reflected the general outperformance of U.S. Treasury issued securities.

The U.S. equity market produced varying results during 2011. After rising through late April coincident with indications of an improving U.S. economy, the market then fell back. Notable losses suffered in the third quarter were followed by a positive reversal for the U.S. equity market in the fourth quarter, which helped to mitigate steep losses for the year as a whole. Returns across the ten sectors of the U.S. equity market varied greatly in 2011. Defensive sectors, including Utilities, Consumer Staples, and Healthcare, were notable outperformers, while the economically sensitive Financials and Materials sectors had the worst performance. Large-capitalization stocks, particularly blue chips, generally outperformed small- and mid-capitalization stocks; and, at a broad market level, growth-oriented strategies generally outperformed value-oriented strategies.

The equity markets of countries outside the U.S. generally peaked in April, and then pulled back for most of the following months, resulting in negative returns for the year. The equity markets of developed countries outside the U.S. generally underperformed the U.S. equity market. Emerging market countries underperformed their developed market counterparts, generally reflecting investor risk aversion. The U.S. Dollar declined against the Japanese Yen, but advanced against most other major currencies, notably the European currencies.

3

Vantagepoint Low Duration Bond Fund

The Vantagepoint Low Duration Bond Fund’s objective is to seek total return that is consistent with preservation of capital. The Fund invests, under normal circumstances, at least 80% of its net assets in bonds and other fixed income securities of varying maturities, and the Fund also normally invests at least 65% of its net assets in bonds and other fixed income securities with more than one year to maturity. The Fund seeks to maintain a portfolio effective duration of no greater than three years. The Fund’s investments may include securities issued or guaranteed by the U.S. Government or foreign governments and their agencies and instrumentalities, or supra-national organizations (such as the World Bank); securities issued by U.S. or foreign companies; U.S. and foreign mortgage-backed and asset-backed securities; and municipal securities. Investments in foreign securities are limited to 30% of the Fund’s net assets. Investments in (i) derivative instruments and (ii) securities rated below investment grade or unrated securities that the Fund’s subadvisers determine are of comparable quality, are each limited to 10% of the Fund’s net assets.

Performance

The Vantagepoint Low Duration Bond Fund gained 1.14% in 2011. The Fund’s market benchmark, the BofA Merrill Lynch 1–3 Year US Corporate & Government Index, gained 1.56% while the Fund’s peer group benchmark, the Morningstar Short-Term Bond Funds Average, a group of mutual funds with similar investment objectives, gained 1.66%.

The Fund’s absolute performance in 2011 benefited from positive returns in all fixed income sectors included in the Fund, led by the performance of the asset-backed securities sector. In addition, the Fund benefited from changes throughout the year to the duration of the holdings in response to changes in interest rate expectations.

The Fund underperformed its market benchmark primarily due to its overweight allocation to credit sector bonds, including high yield bonds and emerging market debt, which generally underperformed similar maturity U.S. Treasury securities. Performance relative to the market benchmark benefited from an overweight exposure to asset-backed securities, as well as changes to the duration of the holdings throughout the year as interest rate expectations changed.

The Fund’s underperformance relative to its peer group benchmark primarily resulted from a higher exposure to corporate bonds, which underperformed U.S. Treasuries, and the Fund’s shorter duration. An overweight exposure to asset-backed securities partially offset this underperformance.

The Fund used forward currency contracts to manage foreign currency risk associated with the Fund’s foreign bond exposure. Their use did not materially impact performance or risk. The Fund used interest rate futures during the year which added modestly to performance and did not materially impact risk. The Fund used these futures to seek to manage interest rate risk and to seek to obtain investment exposure based on the Fund subadvisers’ views on interest rates and yield curves.

VIA uses more than one subadviser to manage the Fund’s assets. This multi-management strategy seeks to improve consistency of returns over time by eliminating reliance on the results of a single subadviser. The Fund’s subadvisers are as follows:

Subadviser Data

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

4

Vantagepoint Low Duration Bond Fund

Sector Allocation as of December 31, 2011 (% of Net Assets)

5

Vantagepoint Low Duration Bond Fund vs. BofA Merrill Lynch 1–3 Year US Corporate & Government

Index: Growth of $10,000 Invested December 31, 2001*

Vantagepoint Low Duration Bond Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	1.14	%
Three Years	5.04	%
Five Years	3.73	%
Ten Years	3.52	%
Fund Inception Date	December 4, 2000

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the 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 securities issued in the U.S. domestic bond market with maturities between 1 and 3 years. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the index.

6

Vantagepoint Inflation Protected Securities Fund

The Vantagepoint Inflation Protected Securities Fund’s objective is to offer current income. The principal investment strategy is to invest, under normal circumstances, at least 80% of its net assets in inflation-adjusted U.S. and foreign fixed income securities. The Fund will, under normal circumstances, invest at least 50% of its net assets in U.S. Treasury inflation-protected securities (“TIPS”). The Fund’s investments may include fixed income securities issued or guaranteed by the U.S. government, foreign governments, their agencies or instrumentalities, or supra-national organizations (such as the World Bank); U.S. and foreign corporate fixed income securities; and municipal securities. Investments in derivative instruments and U.S. and foreign fixed income securities whose values are not linked to adjustments in interest rates are each limited to 20% of the Fund’s net assets. The Fund’s portfolio turnover rate typically exceeds 100% because of the small size of the TIPS market and the subadvisers’ active trading in that market to seek attractive return opportunities.

Performance

The Vantagepoint Inflation Protected Securities Fund gained 11.53% in 2011. The Fund’s market benchmark, the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), gained 13.56%, while the Fund’s peer group benchmark, the Morningstar Inflation-Protected Bond Funds Average, a group of mutual funds with similar investment objectives, gained 10.93%.

The Fund’s positive absolute return in 2011 was primarily the result of favorable market conditions, with inflation-protected securities benefiting from the general decline in interest rates and investors’ aversion to credit risk.

The Fund’s underperformance relative to its market benchmark primarily resulted from below benchmark duration positioning when yields fell, as well as from exposure to bonds issued by financial services companies which underperformed TIPS. This was somewhat offset by a bias towards longer-maturity rather than shorter-maturity bonds and exposure to non-inflation adjusted U.S. Treasury securities, which outperformed TIPS.

The Fund outperformed its peer group average primarily due to lower than peer average exposure to credit sectors, which underperformed TIPS. The outperformance was partially offset by shorter duration positioning relative to peers during periods of the year in which yields fell.

The Fund used derivative instruments during the year, which included interest rate and bond futures, options, swaps and swaptions. These derivative instruments had a modest effect on performance. The Fund used these derivatives to seek to manage interest rate risk and to seek to obtain investment exposure based on the Fund subadvisers’ views on interest rates and yield curves. Use of interest rate and bond futures and options detracted from performance, while interest rate swaps and swaptions partially offset the negative performance.

VIA uses more than one subadviser to manage the Fund’s assets. This multi-management strategy seeks to improve consistency of returns over time by eliminating reliance on the results of a single subadviser. The Fund’s subadvisers are as follows:

Subadviser Data

BlackRock Financial Management, Inc.

Founded:	1988
Investment Style:	Broad-based inflation-linked

Pacific Investment Management Company, LLC

Founded:	1971
Investment Style:	Broad-based inflation-linked

7

Vantagepoint Inflation Protected Securities Fund

Sector Allocation as of December 31, 2011 (% of Net Assets)

8

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

Growth of $10,000 Invested December 31, 2001*

Vantagepoint Inflation Protected Securities Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	11.53	%
Three Years	9.05	%
Five Years	7.21	%
Ten Years	5.23	%
Fund Inception Date	July 1, 1992

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

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

9

Vantagepoint Equity Income Fund

The Vantagepoint Equity Income Fund’s objective is to offer long-term capital growth with consistency derived from dividend yield. The principal investment strategy is to invest, under normal circumstances, at least 80% of its net assets in equity securities (common and preferred stock). The Fund seeks to invest primarily in the common stocks of U.S. companies that the Fund’s subadvisers believe will pay dividends at above-market levels. As a result of the Fund’s income focus, certain sectors or industries may be emphasized. The Fund may exhibit greater sensitivity to certain economic factors, such as changing interest rates, than will the general stock market. The Fund may invest across companies of all sizes but generally focuses on larger capitalization companies, which tend to have stable long-term earnings and dividend-paying records. The Fund also may invest in foreign equity securities, U.S. and foreign convertible securities, and U.S. preferred stock.

Performance

The Vantagepoint Equity Income Fund gained 0.04% in 2011. The Fund’s market benchmark, the Russell 1000 Value Index, gained 0.39%, while the Fund’s peer group benchmark, the Morningstar Large Value Funds Average, a group of mutual funds with similar investment objectives, declined 0.75%.

The Fund’s absolute performance reflected the volatility and returns of the U.S. equity market in 2011. The positive absolute performance is primarily attributable to favorable returns from certain stocks held in the Telecommunication Services, Utilities, and Healthcare sectors, which was partially offset by returns from certain stocks held in the Financials, Materials, and Information Technology sectors.

The Fund’s underperformance relative to its market benchmark primarily resulted from underweight allocations to the Utilities and Healthcare sectors, and the performance of certain stocks held in the Consumer Staples, Materials, Consumer Discretionary and Energy sectors. The Fund’s overweight allocation to the Consumer Discretionary sector, and underweight position in the Financials sector, as well as favorable performance from certain stocks held in the Financials sector partially offset the underperformance.

The Fund’s outperformance relative to its peer group benchmark primarily was driven by overweight allocations to the Consumer Discretionary and Telecommunication Services sectors, as well as the performance of certain stocks held in the Financials sector. The outperformance was partially offset by the cumulative effect of underweight allocations to the Consumer Staples and Healthcare sectors, an overweight allocation to the Financials sector, and certain stocks held in the Consumer Staples, Consumer Discretionary and Materials sectors.

VIA uses more than one subadviser to manage the Fund’s assets. This multi-management strategy seeks to improve consistency of returns over time by eliminating reliance on the results of a single subadviser. The Fund’s subadvisers are as follows:

Subadviser Data

Barrow, Hanley, Mewhinney & Strauss, LLC

Founded:	1979
Investment Style:	Contrarian value

T. Rowe Price Associates, Inc.

Founded:	1937
Investment Style:	Relative yield value

Southeastern Asset Management, Inc.

Founded:	1975
Investment Style:	Special situations

10

Vantagepoint Equity Income Fund

Sector Allocation as of December 31, 2011 (% of Total Investments)

11

Vantagepoint Equity Income Fund vs. Russell 1000 Value Index:

Growth of $10,000 Invested December 31, 2001*

Vantagepoint Equity Income Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	0.04	%
Three Years	15.31	%
Five Years	–0.66	%
Ten Years	4.67	%
Fund Inception Date	April 1, 1994

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

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

12

Vantagepoint Growth & Income Fund

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

Performance

The Vantagepoint Growth & Income Fund lost 0.69% in 2011. The Fund’s market benchmark, the S&P 500 Index, gained 2.11%, while the Fund’s peer group benchmark, the Morningstar Large Blend Funds Average, a group of mutual funds with similar investment objectives, lost 1.27%.

The Fund’s absolute performance reflected the volatility and returns of the U.S. equity market in 2011. The Fund’s negative absolute performance primarily resulted from exposure to the Financials and Materials sectors, as well as certain stocks held in the Energy and Consumer Discretionary sectors. The negative absolute performance was partially offset by favorable exposure to certain sectors, primarily the Utilities, Consumer Staples, Healthcare and Information Technology sectors.

The Fund’s underperformance relative to its market benchmark primarily resulted from the weak performance of certain stocks held in the Consumer Discretionary, Energy and Healthcare sectors, as well as overweight allocations to the Financials and Materials sectors. Underweight allocations to the Consumer Staples and Utilities sectors, as well as certain stocks held in the Utilities sector, also contributed to the underperformance. Favorable performance of certain stocks held in the Information Technology, Industrials, and Materials sectors partially offset this underperformance.

The Fund’s outperformance relative to its peer group benchmark primarily resulted from the favorable performance of certain stocks held in the Materials, Consumer Staples, Information Technology, Industrials and Telecommunication Services sectors, as well as an overweight exposure to the Consumer Discretionary, Information Technology and Industrials sectors. Certain stocks held in the Consumer Discretionary, Energy and Healthcare sectors, an overweight exposure to the Financials and Materials sectors and an underweight exposure to the Consumer Staples sector partially offset this outperformance.

VIA uses more than one subadviser to manage the Fund’s assets. This multi-management strategy seeks to improve consistency of returns over time by eliminating reliance on the results of a single subadviser. The Fund’s subadvisers are as follows:

Subadviser Data

Fiduciary Management, Inc.

Founded:	1980
Investment Style:	Large-cap blend

T. Rowe Price Associates, Inc.

Founded:	1937
Investment Style:	Blue chip growth

Wellington Management Company, LLP

Founded:	1928
Investment Style:	Yield focused

13

Vantagepoint Growth & Income Fund

Sector Allocation as of December 31, 2011 (% of Total Investments)

14

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

Growth of $10,000 Invested December 31, 2001*

Vantagepoint Growth & Income Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	–0.69	%
Three Years	15.06	%
Five Years	–0.03	%
Ten Years	2.76	%
Fund Inception Date	October 2, 1998

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

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

15

Vantagepoint Growth Fund

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

Performance

The Vantagepoint Growth Fund lost 4.27% in 2011. The Fund’s market benchmark, the Russell 1000 Growth Index, gained 2.64% for the year. The Fund’s peer group benchmark, the Morningstar Large Growth Funds Average, a group of mutual funds with similar investment objectives, lost 2.46%.

The Fund’s absolute performance was negatively impacted by the volatility and returns of the U.S. equity market in 2011. The Fund’s negative absolute return is primarily attributable to certain stocks in the Financials, Materials and Energy sectors. The negative performance was partially offset by positive returns in the Consumer Staples, Consumer Discretionary, and Healthcare sectors.

The Fund’s underperformance relative to its market benchmark primarily reflected the weak performance of certain stocks held in the Energy and Financials sectors. Certain stocks held in the Materials and Information Technology sectors also detracted from relative performance. Positive results from certain stocks held in the Industrials sector partially offset the underperformance.

The Fund’s underperformance relative to its peer group benchmark primarily resulted from the performance of certain stocks held in the Energy, Healthcare, and Information Technology sectors. An overweight to the Consumer Staples sector and returns from certain stocks held in the Consumer Staples sector, and to a lesser extent, certain stocks held in the Consumer Discretionary and Industrials sectors partially offset this underperformance.

VIA uses more than one subadviser to manage the Fund’s assets. This multi-management strategy seeks to improve consistency of returns over time by eliminating reliance on the results of a single subadviser. The Fund’s subadvisers are as follows:

Subadviser Data

Columbus Circle Investors

Founded:	1975
Investment Style:	Large-cap growth

D.G. Capital Management Trust*

Founded:	1996
Investment Style:	Opportunistic growth

Legg Mason Capital Management, LLC.*

Founded:	1982
Investment Style:	Opportunistic growth

Tukman Grossman Capital Management, Inc.*

Founded:	1980
Investment Style:	Contrarian growth

16

Westfield Capital Management Company, L.P.

Founded:	1989
Investment Style:	Large-cap growth

* At a meeting held on December 13, 2011, VIA recommended and The Vantagepoint Funds’ Board of Directors approved the termination of Legg Mason Capital Management, LLC, D.G. Capital Management Trust, and Tukman Grossman Capital Management, Inc. and the appointment of Victory Capital Management Inc. and Atlanta Capital Management Company, LLC as subadvisers to the Growth Fund. These changes were effective on January 23, 2012.

Vantagepoint Growth Fund

Sector Allocation as of December 31, 2011 (% of Total Investments)

17

Vantagepoint Growth Fund vs. Russell 1000 Growth Index:

Growth of $10,000 Invested December 31, 2001*

Vantagepoint Growth Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	–4.27	%
Three Years	12.91	%
Five Years	–2.03	%
Ten Years	0.49	%
Fund Inception Date	April 1, 1983

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

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

18

Vantagepoint Select Value Fund

The Vantagepoint Select Value Fund’s objective is to offer long-term growth from dividend income and capital appreciation. The principal investment strategy is to invest, under normal circumstances, primarily in common stocks of mid-capitalization U.S. companies that the Fund’s subadvisers believe present attractive investment opportunities at favorable prices in relation to the intrinsic worth of the issuer and may also offer the possibility for growth through reinvestment of dividends. The Fund generally seeks to invest in common stocks of companies with market capitalizations that fall within the range of companies in the Russel Midcap Value Index. The Fund also may invest in real estate investment trusts (up to 10% of the Fund’s net assets), and in foreign equity securities (common and preferred stock), U.S. preferred stocks, U.S. convertible securities, and small-capitalization equity securities.

Performance

The Vantagepoint Select Value Fund lost 0.16% in 2011. The Fund’s market benchmark, the Russell Midcap Value Index, lost 1.38%, while the Fund’s peer group benchmark, the Morningstar Mid-Cap Value Funds Average, a group of mutual funds with similar investment objectives, lost 3.96%.

The Fund’s negative absolute performance generally reflected the volatility and returns of the U.S. equity market in 2011, and the primarily negative returns for mid-capitalization stocks in the U.S. equity market. The performance of certain stocks held by the Fund in the Telecommunication Services, Materials, and Information Technology sectors contributed to the Fund’s negative performance while returns from certain stocks held in the Consumer Discretionary and Utilities sectors partially offset this negative performance.

The Fund’s outperformance relative to its market benchmark primarily resulted from the favorable performance of certain stocks held in the Consumer Discretionary, Industrials and Financials sectors, and underweight allocations in the Financials and Telecommunication Services sectors. The outperformance was partially offset by returns from certain stocks held in the Materials, Healthcare and Energy sectors, as well as the Fund’s underweight allocation in the Utilities sector and its overweight position in the Information Technology sector.

The Fund’s outperformance relative to its peer group benchmark primarily resulted from the favorable performance of certain stocks held in the Financials, Consumer Discretionary and Industrials sectors. The outperformance was partially offset by returns from certain stocks held in the Materials, Information Technology, and Healthcare sectors, and the Fund’s underweight allocation to the Healthcare and Consumer Staples sectors.

VIA uses more than one subadviser to manage the Fund’s assets. This multi-management strategy seeks to improve consistency of returns over time by eliminating reliance on the results of a single subadviser. The Fund’s subadvisers are as follows:

Subadviser Data

Artisan Partners Limited Partnership

Founded:	1995
Investment Style:	Contrarian value

Systematic Financial Management, L.P.

Founded:	1982
Investment Style:	Relative value

WEDGE Capital Management, LLP

Founded:	1984
Investment Style:	Concentrated traditional value

19

Vantagepoint Select Value Fund

Sector Allocation as of December 31, 2011 (% of Total Investments)

.

20

Vantagepoint Select Value Fund vs. Russell Midcap Value Index:

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

Vantagepoint Select Value Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	–0.16	%
Three Years	18.07	%
Since Inception	0.55	%
Fund Inception Date	October 30, 2007

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

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

21

Vantagepoint Aggressive Opportunities Fund

The Vantagepoint Aggressive Opportunities Fund’s objective is to offer high long-term capital appreciation. The principal investment strategy is to invest, under normal circumstances, primarily in common stocks of small- to mid-capitalization U.S. and foreign companies that the Fund’s subadvisers believe offer the opportunity for high capital appreciation. The range of the mid-capitalization stocks in which the Fund normally invests is expected to be that of the Russell Midcap Index. The Fund also may invest in foreign equity securities (common and preferred stock, including those of issuers located in emerging market countries), U.S. preferred stock, and U.S. and foreign convertible securities. Investments in derivatives are limited to 10% of the Fund’s net assets but normally will not exceed 5% of the Fund’s net assets.

Performance

The Vantagepoint Aggressive Opportunities Fund lost 10.42% in 2011. The Fund’s market benchmark, the Russell Midcap Growth Index, lost 1.65%, while its peer group benchmark, the Morningstar Mid-Cap Growth Funds Average, a group of mutual funds with similar investment objectives, lost 3.96%.

The Fund’s absolute performance generally reflected the volatility of the U.S. equity market in 2011, and the primarily negative returns for mid- and small- capitalization stocks in the U.S. equity market. The Fund’s negative return was primarily attributable to the returns on certain stocks held in the Financials, Information Technology and Energy sectors. Favorable returns from stocks held in the Telecommunication Services and Consumer Staples sectors, as well as exposure to certain larger capitalization stocks, partially offset this underperformance.

The Fund’s underperformance relative to its market benchmark primarily reflected the performance of certain stocks held in the Financials, Consumer Discretionary and Healthcare sectors. The underperformance was partially offset by an overweight exposure to, and favorable performance from, certain stocks held in the Telecommunication Services sector and an underweight exposure to, and favorable performance from, certain stocks held in the Information Technology sector.

The Fund’s underperformance relative to its peer group benchmark primarily reflected the weak performance of certain stocks held in the Healthcare, Consumer Discretionary and Industrials sectors, as well as exposure to certain small-capitalization stocks. This underperformance was partly offset by favorable performance from certain stocks held in the Telecommunication Services sector.

VIA uses more than one subadviser to manage the Fund’s assets. This multi-management strategy seeks to improve consistency of returns over time by eliminating reliance on the results of a single subadviser. The Fund’s subadvisers are as follows:

Subadviser Data

Legg Mason Capital Management, LLC

Founded:	1982
Investment Style:	Opportunistic growth

Southeastern Asset Management, Inc.

Founded:	1975
Investment Style:	Special situations

TimesSquare Capital Management, LLC

Founded:	2004
Investment Style:	Growth opportunities

Wellington Management Company, LLP

Founded:	1928
Investment Style:	Select mid cap growth

22

Vantagepoint Aggressive Opportunities Fund

Sector Allocation as of December 31, 2011 (% of Total Investments)

23

Vantagepoint Aggressive Opportunities Fund vs. Russell Midcap Growth Index:

Growth of $10,000 Invested December 31, 2001*

Vantagepoint Aggressive Opportunities Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	–10.42	%
Three Years	17.22	%
Five Years	–0.04	%
Ten Years	2.83	%
Fund Inception Date	October 1, 1994

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the 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. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the index.

24

Vantagepoint Discovery Fund

The Vantagepoint Discovery Fund’s objective is to offer long-term capital growth. The principal investment strategy is to invest, under normal circumstances, primarily in a combination of common stocks of U.S. small-capitalization companies, Russell 2000 Index futures contracts, and U.S. and foreign fixed income securities held, in part, as collateral in connection with the Fund’s use of futures contracts and which, at all times, have a portfolio effective duration no greater than three years. The Fund’s subadvisers select stocks that they believe have above-average potential for growth and that generally have market capitalizations that fall within the range of companies in the Russell 2000 Index. The Fund also may invest in foreign equity securities (common and preferred stock, including those of issuers located in emerging market countries), U.S. preferred stock, and U.S. and foreign convertible securities. The Fund’s fixed income securities are generally investment grade securities. The Fund’s investments in derivative instruments are limited to 15% of the Fund’s net assets.

Performance

The Vantagepoint Discovery Fund lost 6.15% in 2011. The Fund’s market benchmark, the Russell 2000 Index, lost 4.18%, while its peer group benchmark, the Morningstar Small Blend Funds Average, a group of mutual funds with similar investment objectives, lost 4.07%.

The Fund’s absolute performance primarily reflected the generally negative returns for small-capitalization stocks in the U.S. equity market in 2011. The Fund’s negative absolute return primarily resulted from the performance of certain stocks held in the Energy, Financials, Information Technology, and Consumer Staples sectors. Favorable returns from certain stocks held in the Utilities, Healthcare, and Materials sectors partially offset the negative results.

The Fund’s underperformance relative to its market benchmark primarily resulted from returns from certain stocks held in the Financials, Energy, and Consumer Staples sectors. Favorable returns from certain stocks held in the Industrials and Materials sectors partially offset this underperformance.

The Fund’s underperformance relative to its peer group benchmark primarily reflected returns from certain stocks held in the Energy, Consumer Discretionary and Technology sectors. Favorable performance from certain stocks held in the Materials sector partially offset the underperformance.

The Fund used derivative instruments during the year. Consistent with the Fund’s principal investment strategy, the Fund invested in Russell 2000 Index futures to seek to gain market exposure to U.S. small-capitalization stocks. The use of Russell 2000 Index futures did not have a material impact on Fund risk. The Fund also used fixed income futures to manage interest rate exposure in the fixed income portion of the Fund, and used forward currency contracts to manage currency risk from the Fund’s foreign bond exposure. The use of fixed income futures and forward currency contracts did not have a material impact on Fund performance or risk.

VIA uses more than one subadviser to manage the Fund’s assets. This multi-management strategy seeks to improve consistency of returns over time by eliminating reliance on the results of a single subadviser. The Fund’s subadvisers are as follows:

Subadviser Data

Payden & Rygel

Founded:	1983
Investment Style:	Enhanced index

Wellington Management Company, LLP

Founded:	1928
Investment Style:	Diversified small-blend

25

Vantagepoint Discovery Fund Asset Class Exposure

as of December 31, 2011* (% of Net Assets)

* For the Vantagepoint 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%.

26

Vantagepoint Discovery Fund

Fixed Income Sector Allocation as of December 31, 2011 (% of Net Assets excluding Equities)

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

Vantagepoint Discovery Fund

Equity Sector Allocation as of December 31, 2011 (% of Total Investments excluding Bonds and Cash)

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

27

Vantagepoint Discovery Fund vs. Russell 2000 Index:

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

Vantagepoint Discovery Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	��6.15	%
Three Years	18.13	%
Since Inception	–1.27	%
Fund Inception Date	October 30, 2007

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the 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 2,000 of the smallest securities based on a combination of their market cap and current index membership. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the index.

28

Vantagepoint International Fund

The Vantagepoint International Fund’s objective is to offer long-term capital growth and diversification by country. The principal investment strategy is to invest primarily in the common stocks of companies headquartered outside of the United States. The Fund will invest, under normal circumstances, at least 80% of its net assets in foreign equity securities (common and preferred stock), including those of issuers located in emerging market countries. Strategies used by the Fund’s subadvisers include: 1) investing in equity securities believed to have above average potential for growth across multiple capitalization sizes; and 2) investing in equity securities believed to be priced below fair market value at the time of purchase. The Fund also may invest in U.S. or foreign fixed income securities, U.S. equity securities, and U.S. or foreign convertible securities. Investments in derivatives are limited to 10% of the Fund’s net assets but normally will not exceed 5% of the Fund’s net assets.

Performance

The Vantagepoint International Fund lost 8.57% in 2011. The Fund’s market benchmark, the MSCI Europe Australasia and Far East (EAFE) Index (Net), lost 12.14%, while its peer group benchmark, the Morningstar Foreign Large Blend Funds Average, a group of mutual funds with similar investment objectives, lost 13.97%.

The Fund’s absolute return reflected generally negative returns to U.S. investors from foreign stocks. The Fund experienced losses in most geographic regions, particularly in continental Europe and developed Asian countries excluding Japan. The Fund’s negative absolute return was primarily attributable to the performance of certain stocks held in the Financials, Materials, Utilities and Industrials sectors. Favorable returns from certain stocks held in the Healthcare, Consumer Staples and Telecommunication Services sectors, as well as positive currency returns partially offset this underperformance.

The Fund’s outperformance relative to its market benchmark primarily reflected favorable returns from certain stock holdings in companies from all major geographic regions. Underweight exposures to Europe and Japan, as well as returns from certain stocks held in those regions, enhanced relative performance. Performance also benefited from an overweight allocation to the Telecommunication Services sector and underweight allocations to the Materials and Financials sectors as well as performance from certain stocks held in those sectors. An underweight exposure to the United Kingdom detracted from relative performance.

The Fund’s outperformance relative to its peer group benchmark primarily reflected the performance of certain stocks of companies in developed countries within the Asia and Eurozone regions. Performance benefited from an overweight allocation to, and certain stocks held in, the Telecommunication Services and certain stocks held in the Consumer Discretionary sector. An underweight exposure to companies in the United Kingdom and United States detracted from relative performance, as did an overweight exposure to and unfavorable performance by certain stocks held in the Utilities sector.

The Fund used forward foreign currency contracts during the year to manage foreign currency risk, which also enhanced the Fund’s return as the U.S. dollar strengthened against the hedged currencies.

VIA uses more than one subadviser to manage the Fund’s assets. This multi-management strategy seeks to improve consistency of returns over time by eliminating reliance on the results of a single subadviser. The Fund’s subadvisers are as follows:

Subadviser Data

Artisan Partners Limited Partnership

Founded:	1995
Investment Style:	International growth opportunities

GlobeFlex Capital, LP

Founded:	1994
Investment Style:	Diversified all-cap

29

Mondrian Investment Partners Limited

Founded:	1990
Investment Style:	Value-oriented international

Walter Scott & Partners Limited

Founded:	1983
Investment Style:	Concentrated growth

Vantagepoint International Fund

Country Allocation as of December 31, 2011 (% of Net Assets)

30

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

Growth of $10,000 Invested December 31, 2001*

Vantagepoint International Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	–8.57	%
Three Years	8.54	%
Five Years	–3.57	%
Ten Years	4.13	%
Fund Inception Date	October 1, 1994

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the MSCI 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. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the index.

31

Vantagepoint Diversifying Strategies Fund

The Vantagepoint Diversifying Strategies Fund’s objective is to offer long-term capital growth. The Fund employs multiple investment strategies to seek long-term growth of capital, with lower volatility over time than that of stocks in general and a risk/return profile different from that of traditional asset classes, such as stocks and fixed income securities (i.e., a “low correlation” to such asset classes). In combination, the Fund’s investment strategies seek to provide investment exposure to U.S. and foreign stocks and fixed income securities (including convertible securities) and foreign currencies through direct investments or through the use of derivative instruments. The Fund employed three strategies in 2011 — a global tactical asset allocation strategy, a low duration-plus fixed income strategy, and a convertible securities strategy. The Fund’s assets allocated to the global tactical asset allocation strategy are invested in derivative instruments that provide investment exposure to the global equity, investment grade fixed income and currency markets. The Fund’s assets allocated to the convertible securities strategy are invested in U.S. and foreign convertible securities, and also may be invested in a combination of either convertible or non-convertible bonds, and common stocks or equity options, to seek to replicate the investment exposure of convertible securities or to seek to manage risk. In addition, the Fund may invest in non-convertible bonds, common stocks as well as restricted securities. The Fund’s assets allocated to the low duration-plus fixed income strategy are invested in core short and intermediate maturity U.S. and foreign fixed income securities that combined generally have a portfolio effective duration of no greater than three years.

Performance

The Vantagepoint Diversifying Strategies Fund gained 0.10% during 2011. The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Bond Index, gained 5.97%. The Fund’s custom benchmark, which is an equal-weighted blend of the S&P 500 Index and the Barclays Capital U.S. Intermediate Aggregate Bond Index, gained 4.33%.

The Fund’s positive absolute performance in 2011 primarily reflected favorable performance from the low duration bond and global tactical asset allocation strategies.

The Fund’s underperformance relative to its market benchmark resulted from all strategies. The convertible securities strategy was the largest detractor due to equity-like returns in a year when bonds generally outperformed stocks. The low duration-plus fixed income strategy also trailed the market, primarily due to its lower yield as compared to the market benchmark.

The Fund used derivatives extensively in 2011, primarily in executing its global tactical asset allocation strategy. This strategy tactically allocated assets, on a long and short basis, across global equity markets, fixed income markets and currencies based on the Fund subadvisers’ perceived prospects for returns. The Fund used exchange-traded interest rate futures and over-the-counter total return swaps and options to take long and short positions in sovereign bonds. It also used exchange-traded equity futures, and to a lesser extent, over-the-counter options to gain long and short exposure to global equity markets. Additionally, the Fund utilized forward currency contracts to gain or alter exposure to currencies of developed countries and to a lesser extent, emerging market countries. In combination, the Fund used derivatives positions to seek to provide flexibility and efficiency in implementing the Fund’s strategy and the Fund’s use of derivatives generally produced positive returns. The risks resulting from the utilization of derivatives were generally consistent with risks of the underlying markets, and the combination of offsetting long and short positions within each asset class generally resulted in a small amount of net exposure.

VIA uses more than one subadviser to manage the Fund’s assets. This multi management strategy seeks to improve consistency of returns over time by eliminating reliance on the results of a single subadviser. The Fund’s subadvisers are as follows:

Subadviser Data

Calamos Advisors, LLC
Founded:	1977
Investment Style:	Global convertible securities

32

Mellon Capital Management Corporation

Founded:	1983
Investment Style:	Global tactical asset allocation

Payden & Rygel

Founded:	1983
Investment Style:	Low duration-plus fixed income

Payden & Rygel

Founded:	1983
Investment Style:	Enhanced cash

Shenkman Capital Management, Inc.

Founded:	1985
Investment Style:	Convertible securities

Vantagepoint Diversifying Strategies Fund Asset Class Exposure

as of December 31, 2011* (% of Net Assets)

* For the Vantagepoint 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.

33

Vantagepoint Diversifying Strategies Fund vs. Barclays Capital U.S. Intermediate Aggregate Bond Index and Custom Benchmark: Growth of $10,000 Invested October 30, 2007**

Vantagepoint Diversifying Strategies Fund

Average Annual Total Returns for the periods ended December 31, 2011**

One Year	0.10	%
Three Years	3.89	%
Since Inception	1.06	%
Fund Inception Date	October 30, 2007

** Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Bond Index, consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. The Fund’s custom benchmark is an equal-blend of the Barclays Capital U.S. Intermediate Aggregate Bond Index and the S&P 500 Index, which consists of 500 companies representing larger capitalization stocks traded in the U.S. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the indexes.

34

Vantagepoint Index Funds

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

1. The Vantagepoint Core Bond Index Fund’s objective is to offer current income by approximating the performance of the Barclays Capital U.S. Aggregate Bond Index.

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

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

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

5. The Vantagepoint Overseas Equity Index Fund’s objective is to offer long-term capital growth and diversification by approximating the performance of the MSCI Europe Australasia Far East (EAFE) Index (Net).

Performance

Performance of the Index Funds will differ from the underlying indexes for several reasons. First, fund fees and expenses reduce Fund performance, while the indexes themselves bear no management fees, transaction costs or other expenses. Second, due to sampling techniques used by the Core Bond, Broad Market, and Mid/Small Company Index Funds, there will be tracking error, which may impact Fund performance positively or negatively. Third, changes to the indexes, such as additions or deletions in the securities contained in an index and rebalancing, can cause tracking error which may impact the Fund’s performance positively or negatively as compared to its benchmark index. Fourth, the timing of cash flows into and out of a Fund will affect its ability to precisely track its underlying index. Fifth, there may be pricing differences if the underlying index and the Fund use different pricing sources. This is more common in the Overseas Equity Index Fund and the Core Bond Index Fund.

The Vantagepoint Core Bond Index Fund gained 7.41% (Class I shares) and 7.57% (Class II shares). The Fund’s market benchmark, the Barclays Capital U.S. Aggregate Bond Index, gained 7.84%.

The Vantagepoint 500 Stock Index Fund gained 1.72% (Class I shares) and 1.97% (Class II shares). The Fund’s market benchmark, the S&P 500 Index, gained 2.11%.

The Vantagepoint Broad Market Index Fund gained 0.85% (Class I shares) and 1.07% (Class II shares). The Fund’s market benchmark, the Wilshire 5000 Total Market Index, gained 0.98%.

The Vantagepoint Mid/Small Company Index Fund lost 3.91% (Class I shares) and 3.70% (Class II shares). The Fund’s market benchmark, the Wilshire 4500 Completion Index, lost 4.10%.

The Vantagepoint Overseas Equity Index Fund lost 12.42% (Class I shares) and 12.28% (Class II shares). The Fund’s market benchmark, the MSCI EAFE Index (Net), lost 12.14%.

The 500 Stock Index Fund, Broad Market Index Fund, Mid\Small Company Index Fund, and Overseas Equity Index Fund used futures to obtain or adjust investment exposure to equity issues when it was believed that using futures would be more efficient or cost effective than trading in the securities directly. The Overseas Equity Fund also used forward currency contracts to manage currency risks.

As of December 31, 2011, each Index Fund was managed by Mellon Capital Management Corporation.

Subadviser Data

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

35

Vantagepoint Core Bond Index Fund

Sector Allocation as of December 31, 2011 (% of Net Assets)

36

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

Growth of $10,000 Invested December 31, 2001*

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

Growth of $10,000 Invested December 31, 2001*

37

Vantagepoint Core Bond Index Fund

Average Annual Total Returns for the periods ended December 31, 2011*

	Class I Shares			Class II Shares
One Year		7.41	%		7.57	%
Three Years		6.36	%		6.57	%
Five Years		6.05	%		6.25	%
Ten Years		5.32	%		5.53	%
Fund Inception Date		June 2, 1997			April 5, 1999

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

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

38

Vantagepoint 500 Stock Index Fund

Sector Allocation as of December 31, 2011 (% of Total Investments)

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

Growth of $10,000 Invested December 31, 2001*

39

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

Growth of $10,000 Invested December 31, 2001*

Vantagepoint 500 Stock Index Fund

Average Annual Total Returns for the periods ended December 31, 2011*

	Class I Shares			Class II Shares
One Year		1.72	%		1.97	%
Three Years		13.70	%		13.93	%
Five Years		–0.65	%		–0.44	%
Ten Years		2.49	%		2.70	%
Fund Inception Date		June 2, 1997			April 5, 1999

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

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

40

Vantagepoint Broad Market Index Fund

Sector Allocation as of December 31, 2011 (% of Total Investments)

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

Growth of $10,000 Invested December 31, 2001*

41

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

Growth of $10,000 Invested December 31, 2001*

Vantagepoint Broad Market Index Fund

Average Annual Total Returns for the periods ended December 31, 2011*

	Class I Shares			Class II Shares
One Year		0.85	%		1.07	%
Three Years		14.62	%		14.87	%
Five Years		–0.07	%		0.13	%
Ten Years		3.44	%		3.65	%
Fund Inception Date		October 1, 1994			April 5, 1999

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the 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. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

42

Vantagepoint Mid/Small Company Index Fund

Sector Allocation as of December 31, 2011 (% of Total Investments)

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

Growth of $10,000 Invested December 31, 2001*

43

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

Growth of $10,000 Invested December 31, 2001*

Vantagepoint Mid/Small Company Index Fund

Average Annual Total Returns for the periods ended December 31, 2011*

	Class I Shares			Class II Shares
One Year		–3.91	%		–3.70	%
Three Years		18.74	%		18.97	%
Five Years		1.54	%		1.75	%
Ten Years		6.41	%		6.61	%
Fund Inception Date		June 2, 1997			April 5, 1999

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the 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. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

44

Vantagepoint Overseas Equity Index Fund

Country Allocation as of December 31, 2011 (% of Net Assets)

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

Growth of $10,000 Invested December 31, 2001*

45

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

Growth of $10,000 Invested December 31, 2001*

Vantagepoint Overseas Equity Index Fund

Average Annual Total Returns for the periods ended December 31, 2011*

	Class I Shares			Class II Shares
One Year		–12.42	%		–12.28	%
Three Years		6.55	%		6.74	%
Five Years		–5.04	%		–4.86	%
Ten Years		4.12	%		4.33	%
Fund Inception Date		June 2, 1997			April 5, 1999

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the MSCI Europe Australasia Far East (EAFE) Index (Net), is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada and approximates the minimum possible dividend reinvestment after deduction of withholding tax according to MSCI Barra’s methodology. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

46

Vantagepoint Model Portfolio Savings Oriented Fund

The Vantagepoint Model Portfolio Savings Oriented Fund’s objective is to offer capital preservation, reasonable current income, and some capital growth while seeking to limit risk. The principal investment strategy is to invest in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 55% fixed income investments, 25% equity investments, and 20% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund) by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:

FIXED INCOME
Low Duration Bond Fund	26%–36%
Core Bond Index Fund (Class I)	4%–14%
Inflation Protected Securities Fund	10%–20%
EQUITY
Equity Income Fund	5%–15%
Growth & Income Fund	5%–15%
International Fund	0%–10%
MULTI-STRATEGY
Diversifying Strategies Fund	18%–22%

Performance

The Vantagepoint Model Portfolio Savings Oriented Fund gained 2.38% in 2011. The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Bond Index, gained 5.97%, while the Fund’s peer group benchmark, the Morningstar Conservative Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 1.70%. The Fund’s custom benchmark gained 5.22%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

The Model Portfolio Savings Oriented Fund produced a positive absolute return in 2011 primarily due to the performance of the underlying fixed income funds, led by the Inflation Protected Securities Fund. The exposure to equities generally detracted from the Fund’s absolute performance, with the exposure to funds invested in foreign equities providing the least favorable performance. The Fund’s three underlying fixed income funds all produced positive returns, as the Low Duration Bond Fund gained 1.14%, the Core Bond Index Fund (Class I) rose 7.41% and the Inflation Protected Securities Fund increased 11.53%. The Fund’s three underlying equity funds produced mixed returns, as the Equity Income Fund returned 0.04%, the Growth & Income Fund lost 0.69% and the International Fund lost 8.57%. The Diversifying Strategies Fund gained 0.10%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its fixed income market benchmark primarily resulted from its allocation to equity funds, which underperformed the fixed income funds. The allocation to the Core Bond Index Fund (Class I) and the Inflation Protected Securities Fund partially offset this underperformance as these funds outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group benchmark primarily reflected its lower than peer average allocation to equity funds, which underperformed funds invested in fixed income securities. The Fund’s relative performance also benefited from an underweight allocation to funds invested in smaller-capitalization stocks, which trailed funds invested in large-capitalization stocks, and an overweight allocation to funds invested in inflation protected securities, which were among the stronger performers in the financial markets for the year. Additionally, the underlying fixed income funds’ allocation to higher-quality securities aided relative performance. The shorter duration focus of the underlying fixed income investments detracted from relative performance during periods of the year in which yields fell.

The Fund’s underperformance relative to its custom benchmark primarily resulted from its allocation to equity funds, the Low Duration Bond Fund and the Diversifying Strategies Fund, which trailed the performance of their respective broad market indices in the custom benchmark. The allocation to the Inflation Protected Securities Fund and Core Bond Index Fund partially offset this underperformance as they outperformed the fixed income index in the custom benchmark.

47

Vantagepoint Model Portfolio Savings Oriented Fund

Underlying Fund Allocation as of December 31, 2011 (% of Net Assets)

48

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

Bond Index and Custom Benchmark: Growth of $10,000 Invested December 31, 2001*

Vantagepoint Model Portfolio Savings Oriented Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	2.38	%
Three Years	7.98	%
Five Years	3.38	%
Ten Years	4.08	%
Fund Inception Date	February 9, 1995

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Bond Index, consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s portfolio may differ significantly from the securities held in the indexes.

49

Vantagepoint Model Portfolio Conservative Growth Fund

The Vantagepoint Model Portfolio Conservative Growth Fund’s objective is to offer reasonable current income and capital preservation, with modest potential for capital growth. The principal investment strategy is to invest in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 41% fixed income investments, 40% equity investments, and 19% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund) by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:

FIXED INCOME
Low Duration Bond Fund	14%–24%
Core Bond Index Fund (Class I)	7%–17%
Inflation Protected Securities Fund	5%–15%
EQUITY
Equity Income Fund	6%–16%
Growth & Income Fund	4%–14%
Growth Fund	1%–11%
Select Value Fund	0%–8%
Aggressive Opportunities Fund	0%–8%
International Fund	3%–13%
MULTI-STRATEGY
Diversifying Strategies Fund	17%–21%

Performance

The Vantagepoint Model Portfolio Conservative Growth Fund gained 1.15% in 2011. The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Bond Index, gained 5.97%, while the Fund’s peer group benchmark, the Morningstar Conservative Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 1.70%. The Fund’s custom benchmark gained 4.70%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

The Model Portfolio Conservative Growth Fund produced a positive absolute return in 2011 primarily due to the performance of the underlying fixed income funds, led by the Inflation Protected Securities Fund. The exposure to equities generally detracted from the Fund’s absolute performance, with the funds invested in smaller-capitalization and international securities generally providing the least favorable performance. The Fund’s three underlying fixed income funds all produced positive returns, as the Low Duration Bond Fund gained 1.14%, the Core Bond Index Fund (Class I) rose 7.41% and the Inflation Protected Securities Fund increased 11.53%. The Fund’s six underlying equity funds produced mixed results, with returns ranging between 0.04% for the Equity Income Fund and negative 10.42% for the Aggressive Opportunities Fund. The Diversifying Strategies Fund gained 0.10%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its fixed income market benchmark primarily resulted from its allocation to equity funds, which underperformed the fixed income funds. The allocation to the Core Bond Index Fund (Class I) and the Inflation Protected Securities Fund partially offset this underperformance as these funds outperformed the Fund’s market benchmark.

The Fund’s underperformance relative to its peer group benchmark primarily resulted from an overweight allocation to equities, with the exposure to funds invested in foreign equities generally providing the least favorable performance. Additionally, the shorter duration focus of fixed income investments detracted from relative performance during periods of the year in which yields fell. The Fund’s underweight allocation to funds invested in smaller-capitalization securities, which generally trailed funds invested in large-capitalization securities, and an overweight allocation to funds invested in inflation protected securities, which were among the stronger performers in financial markets for the year, partially offset the underperformance. Additionally, the underlying fixed income funds’ allocation to higher-quality securities added to relative performance.

The Fund’s underperformance relative to its custom benchmark primarily resulted from its allocation to equity funds, the Low Duration Bond Fund and the Diversifying Strategies Fund, which trailed the performance of their respective broad market indices in the custom benchmark. The allocation to the Inflation Protected Securities Fund and Core Bond Index Fund partially offset this underperformance as they outperformed the fixed income index in the custom benchmark.

50

Vantagepoint Model Portfolio Conservative Growth Fund

Underlying Fund Allocation as of December 31, 2011 (% of Net Assets)

51

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

Bond Index and Custom Benchmark: Growth of $10,000 Invested December 31, 2001*

Vantagepoint Model Portfolio Conservative Growth Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	1.15	%
Three Years	9.18	%
Five Years	2.72	%
Ten Years	3.97	%
Fund Inception Date	April 1, 1996

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Bond Index, consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s portfolio may differ significantly from the securities held in the indexes.

52

Vantagepoint Model Portfolio Traditional Growth Fund

The Vantagepoint Model Portfolio Traditional Growth Fund’s objective is to offer moderate capital growth and reasonable current income. The principal investment strategy of the Fund is to invest in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 25% fixed income investments, 60% equity investments, and 15% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund) by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:

FIXED INCOME
Low Duration Bond Fund	3%–13%
Core Bond Index Fund (Class I)	8%–18%
Inflation Protected Securities Fund	0%–9%
EQUITY
Equity Income Fund	7%–17%
Growth & Income Fund	7%–17%
Growth Fund	5%–15%
Select Value Fund	1%–11%
Aggressive Opportunities Fund	1%–11%
Discovery Fund	0%–8%
International Fund	7%–17%
MULTI-STRATEGY
Diversifying Strategies Fund	13%–17%

Performance

The Vantagepoint Model Portfolio Traditional Growth Fund lost 0.56% in 2011. The Fund’s market benchmark, the S&P 500 Index, gained 2.11%, while the Fund’s peer group benchmark, the Morningstar Moderate Allocation Funds Average, a group of mutual funds with similar investment objectives, lost 0.11%. The Fund’s custom benchmark gained 3.93%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

The Model Portfolio Traditional Growth Fund produced a negative absolute return in 2011 primarily due to the underlying equity funds, which mostly generated negative returns for the year. Generally, the funds invested in smaller-capitalization and international securities were the primary detractors. The Fund’s seven underlying equity funds produced mixed returns ranging from 0.04% for the Equity Income Fund and negative 10.42% for the Aggressive Opportunities Fund. The Fund’s three underlying fixed income funds all produced positive returns, as the Low Duration Bond Fund gained 1.14%, the Core Bond Index Fund (Class I) rose 7.41% and the Inflation Protected Securities Fund increased 11.53%. Also, the Diversifying Strategies Fund gained 0.10%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark primarily reflected performance of the underlying equity funds, which trailed the benchmark, with the funds invested in smaller-capitalization securities and the International Fund generally underperforming U.S. large-capitalization funds. The underlying fixed income funds, which generally outperformed the Fund’s market benchmark, partially offset this under performance.

The Fund’s underperformance relative to its peer group benchmark primarily reflected an overweight allocation to funds invested in smaller-capitalization equities, which underperformed funds invested in larger-capitalization equities, as well as an overweight allocation to funds invested in foreign equities which underperformed funds invested in U.S. equities. Additionally, the short duration focus of fixed income investments detracted from relative performance during periods of the year in which yields fell. The underlying fixed income funds’ allocation to higher-quality securities aided relative performance.

The Fund’s underperformance relative to its custom benchmark primarily resulted from its allocation to equity funds, the Low Duration Bond Fund and the Diversifying Strategies Fund, which trailed the performance of their respective broad market indices in the custom benchmark. The allocation to the Inflation Protected Securities Fund and Core Bond Index Fund partially offset this underperformance as they outperformed the fixed income index in the custom benchmark.

53

Vantagepoint Model Portfolio Traditional Growth Fund

Underlying Fund Allocation as of December 31, 2011 (% of Net Assets)

54

Vantagepoint Model Portfolio Traditional Growth Fund vs. S&P 500 Index and Custom Benchmark:

Growth of $10,000 Invested December 31, 2001*

Vantagepoint Model Portfolio Traditional Growth Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	–0.56	%
Three Years	10.93	%
Five Years	1.74	%
Ten Years	3.77	%
Fund Inception Date	April 1, 1996

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The Barclays Capital U.S. Intermediate Aggregate Bond Index consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s portfolio may differ significantly from the securities held in the indexes.

55

Vantagepoint Model Portfolio Long-Term Growth Fund

The Vantagepoint Model Portfolio Long-Term Growth Fund’s objective is to offer high long-term capital growth and modest current income. The principal investment strategy of the Fund is to invest in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 13% fixed income investments, 75% equity investments, and 12% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi strategy” Fund) in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:

FIXED INCOME
Core Bond Index Fund (Class I)	8	%–18%
EQUITY
Equity Income Fund	8	%–18%
Growth & Income Fund	8	%–18%
Growth Fund	7	%–17%
Select Value Fund	4	%–14%
Aggressive Opportunities Fund	4	%–14%
Discovery Fund	0	%–10%
International Fund	11	%–21%
MULTI-STRATEGY
Diversifying Strategies Fund	10	%–14%

Performance

The Vantagepoint Model Portfolio Long-Term Growth Fund lost 1.98% in 2011. The Fund’s market benchmark, the S&P 500 Index, gained 2.11%, while the Fund’s peer group benchmark, the Morningstar Aggressive Allocation Funds Average, a group of mutual funds with similar investment objectives, lost 3.80%. The Fund’s custom benchmark gained 3.29%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

The Model Portfolio Long-Term Growth Fund produced a negative absolute return in 2011 primarily due to the underlying equity funds, which mostly generated negative returns for the year. Generally, the funds invested in smaller-capitalization and foreign equities were primary detractors. Exposure to the Core Bond Index Fund (Class I) partially offset the negative return as fixed income securities generally outperformed equities. The Fund’s seven underlying equity funds produced returns ranging from 0.04% for the Equity Income Fund to negative 10.42% for the Aggressive Opportunities Fund. The Fund’s single fixed income fund, the Core Bond Index Fund (Class I), rose 7.41%. Also, the Diversifying Strategies Fund gained 0.10%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark primarily reflected the performance of the underlying equity funds, which trailed this benchmark. Generally, funds invested in smaller-capitalization and foreign funds were primary detractors. The underlying Core Bond Index Fund (Class I) outperformed the Fund’s market benchmark and partially offset this underperformance.

The Fund’s outperformance relative to its peer group benchmark primarily resulted from an underweight allocation to funds invested in foreign equities, which trailed funds invested in U.S. equities. An overweight allocation to funds invested in smaller-capitalization stocks, which trailed funds invested in large-capitalization stocks, was a primary detractor and partially offset the outperformance.

The Fund’s underperformance relative to its custom benchmark primarily resulted from its allocation to equity funds and to the Diversifying Strategies Fund, which trailed the performance of their respective broad market indices in the custom benchmark. The allocation to the Core Bond Index Fund partially offset this underperformance as it outperformed the fixed income index in the custom benchmark.

56

Vantagepoint Model Portfolio Long-Term Growth Fund

Underlying Fund Allocation as of December 31, 2011 (% of Net Assets)

57

Vantagepoint Model Portfolio Long-Term Growth Fund vs. S&P 500 Index and Custom Benchmark:

Growth of $10,000 Invested December 31, 2001*

Vantagepoint Model Portfolio Long-Term Growth Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	–1.98	%
Three Years	12.09	%
Five Years	0.93	%
Ten Years	3.71	%
Fund Inception Date	April 1, 1996

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The Barclays Capital U.S. Intermediate Aggregate Bond Index consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s portfolio may differ significantly from the securities held in the indexes.

58

Vantagepoint Model Portfolio All-Equity Growth Fund

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

EQUITY
Equity Income Fund	13	%–23%
Growth & Income Fund	12	%–22%
Growth Fund	12	%–22%
Select Value Fund	5	%–15%
Aggressive Opportunities Fund	5	%–15%
Discovery Fund	4	%–14%
International Fund	15	%–25%

Performance

The Vantagepoint Model Portfolio All-Equity Growth Fund lost 4.23% in 2011. The Fund’s market benchmark, the S&P 500 Index, gained 2.11%, while the Fund’s peer group benchmark, the Morningstar Large Blend Funds Average, a group of mutual funds with similar investment objectives, lost 1.27%. The Fund’s custom benchmark lost 0.86%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

The Model Portfolio All-Equity Growth Fund produced a negative absolute return in 2011 due to the mostly negative performance in the Fund’s underlying equity funds. Generally, funds invested in foreign and smaller-capitalization equities were primary detractors from performance. The Fund’s seven underlying equity funds produced returns ranging from 0.04% for the Equity Income Fund to negative 10.42% for the Aggressive Opportunities Fund. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark primarily reflected the performance of the underlying equity funds, which trailed the Fund’s market benchmark.

The Fund’s underperformance relative to its peer group benchmark primarily reflected an overweight allocation to funds invested in smaller-capitalization equities, which generally underperformed funds invested in large-capitalization equities, as well as an overweight allocation to funds invested in foreign equities, which underperformed funds invested in U.S. equities. Additionally, the Fund’s overweight allocation to funds invested in emerging market equities detracted from relative performance as funds invested in developed markets generally produced higher returns.

The Fund’s underperformance relative to its custom benchmark resulted from the Fund’s allocation to U.S. equity funds, which trailed the performance of the U.S. equity portion of the custom benchmark. The allocation to the International Fund partially offset this underperformance as it outperformed the international equity index in the custom benchmark.

59

Vantagepoint Model Portfolio All-Equity Growth Fund

Underlying Fund Allocation as of December 31, 2011 (% of Net Assets)

60

Vantagepoint Model Portfolio All-Equity Growth Fund vs. S&P 500 Index and Custom Benchmark:

Growth of $10,000 Invested December 31, 2001*

Vantagepoint Model Portfolio All-Equity Growth Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	–4.23	%
Three Years	14.13	%
Five Years	–0.74	%
Ten Years	2.94	%
Fund Inception Date	October 1, 2000

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

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

61

Vantagepoint Milestone Retirement Income Fund

The Vantagepoint Milestone Retirement Income Fund’s objective is to seek to offer current income and opportunities for capital growth that have limited risk.

The principal investment strategy is to invest in a combination of underlying Vantagepoint Funds to seek to obtain exposure to approximately 55% fixed income investments, approximately 25% equity investments, and 20% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund) by investing in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:

FIXED INCOME
Low Duration Bond Fund	26	%–36%
Core Bond Index Fund (Class I)	4	%–14%
Inflation Protected Securities Fund	10	%–20%
EQUITY
Equity Income Fund	5	%–15%
Growth & Income Fund	5	%–15%
International Fund	0	%–10%
MULTI-STRATEGY
Diversifying Strategies Fund	15	%–25%

Performance

The Vantagepoint Milestone Retirement Income Fund gained 2.37% in 2011. The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Bond Index, gained 5.97%, while the Fund’s peer group benchmark, the Morningstar Retirement Income Funds Average, a group of mutual funds with similar investment objectives, gained 1.60%. The Fund’s custom benchmark gained 5.22%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

The Milestone Retirement Income Fund produced a positive absolute return as the three underlying fixed income funds and the multi-strategy fund provided positive returns, while the three underlying equity funds provided mixed returns. The Inflation Protected Securities Fund increased 11.53%, the Core Bond Index Fund (Class I) rose 7.41% and the Low Duration Bond Fund gained 1.14%. The Equity Income Fund returned 0.04%, Growth & Income Fund lost 0.69% and the International Fund lost 8.57%. The Diversifying Strategies Fund gained 0.10%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark primarily resulted from its allocation to equity funds, which generally underperformed funds invested in fixed income securities as represented by the Fund’s market benchmark. The allocations to the Inflation Protected Securities Fund and Core Bond Index Fund (Class I) partially offset the underperformance as both outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group benchmark primarily reflected its underweight allocation to U.S. and foreign equities. The Fund also benefited from an underweight allocation to funds invested in smaller-capitalization equities, whose performance generally trailed large-capitalization equities. Additionally, the Fund’s exposure to funds investing in higher-quality fixed income securities aided relative performance. The Fund’s overweight exposure to funds invested in value style equities and the shorter duration of the underlying funds’ fixed income securities detracted from relative performance.

The Fund’s underperformance relative to its custom benchmark primarily resulted from its allocation to equity funds, the Low Duration Bond Fund and the Diversifying Strategies Fund, which trailed the performance of their respective broad market indexes in the custom benchmark. The allocation to the Inflation Protected Securities Fund and Core Bond Index Fund partially offset this underperformance as they outperformed the fixed income index in the custom benchmark.

62

Vantagepoint Milestone Retirement Income Fund

Underlying Fund Allocation as of December 31, 2011 (% of Net Assets)

63

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

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

Vantagepoint Milestone Retirement Income Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	2.37	%
Three Years	8.45	%
Five Years	3.13	%
Since Inception	3.78	%
Fund Inception Date	January 3, 2005

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Bond Index, consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes.

64

Vantagepoint Milestone 2010 Fund

The Vantagepoint Milestone 2010 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2010.

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

FIXED INCOME
Low Duration Bond Fund	10	%–20%
Core Bond Index Fund (Class I)	1	%–11%
Inflation Protected Securities Fund	10	%–20%
EQUITY
Equity Income Fund	13	%–23%
Growth & Income Fund	6	%–16%
Growth Fund	2	%–12%
International Fund	4	%–14%
MULTI-STRATEGY
Diversifying Strategies Fund	13	%–23%

In 2011, the Fund followed a strategy that as time elapses, the Fund’s allocation to equity investments will periodically decrease and the Fund’s allocation to fixed income and multi-strategy investments will correspondingly increase so that by June 30 of the year 2020 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.

Performance

The Vantagepoint Milestone 2010 Fund gained 1.41% in 2011. The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Bond Index, gained 5.97%, while the Fund’s peer group benchmark, the Morningstar Target Date 2000-2010 Funds Average, a group of mutual funds with similar investment objectives, gained 0.91%. The Fund’s custom benchmark gained 4.52%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

The Milestone 2010 Fund produced a positive absolute return as the three underlying fixed income funds and the multi-strategy fund provided positive returns, while the four underlying equity funds provided mixed returns. The Inflation Protected Securities Fund increased 11.53%, the Core Bond Index Fund (Class I) rose 7.41% and the Low Duration Bond Fund gained 1.14%. The Fund’s underlying equity funds produced returns ranging from 0.04% for the Equity Income Fund to negative 8.57% for the International Fund. The Diversifying Strategies Fund gained 0.10%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark primarily resulted from its allocation to equity funds, which generally underperformed funds invested in fixed income securities as represented by the Fund’s market benchmark. The allocations to the Inflation Protected Securities Fund and Core Bond Index Fund (Class I) partially offset the underperformance as both outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group benchmark primarily reflected its underweight allocation to funds invested in smaller-capitalization equities, whose performance generally trailed funds invested in large-capitalization equities, as well as an underweight allocation to funds invested in foreign equities, which generally underperformed funds invested in U.S. equities. Additionally, the Fund’s exposure to funds invested in higher-quality fixed income securities aided relative performance. The Fund’s overweight exposure to funds invested in value style equities and the shorter duration of the underlying funds’ fixed income securities detracted from the Fund’s relative performance.

The Fund’s underperformance relative to its custom benchmark primarily resulted from its allocation to equity funds, the Low Duration Bond Fund and the Diversifying Strategies Fund, which trailed the performance of their respective broad market indexes in the custom benchmark. The allocation to the Inflation Protected Securities Fund and Core Bond Index Fund partially offset this underperformance as they outperformed the fixed income index in the custom benchmark.

65

Vantagepoint Milestone 2010 Fund

Underlying Fund Allocation as of December 31, 2011 (% of Net Assets)

66

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

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

Vantagepoint Milestone 2010 Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	1.41	%
Three Years	9.01	%
Five Years	2.65	%
Since Inception	3.81	%
Fund Inception Date	January 3, 2005

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the Barclays Capital U.S. Intermediate Aggregate Bond Index, consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s portfolio may differ significantly from the securities held in the indexes.

67

Vantagepoint Milestone 2015 Fund

The Vantagepoint Milestone 2015 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), around the year 2015.

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

FIXED INCOME
Low Duration Bond Fund	6	%–16%
Core Bond Index Fund (Class I)	5	%–15%
Inflation Protected Securities Fund	4	%–14%
EQUITY
Equity Income Fund	14	%–24%
Growth & Income Fund	6	%–16%
Growth Fund	3	%–13%
Mid/Small Company Index Fund (Class I)	0	%–10%
International Fund	6	%–16%
MULTI-STRATEGY
Diversifying Strategies Fund	12	%–22%

In 2011, the Fund followed a strategy that as time elapses, the Fund’s allocation to equity Funds would periodically decrease and the Fund’s allocation to fixed income and multi-strategy Funds would correspondingly increase so that by June 30 of the year 2025 (ten years after the year indicated in the Fund name), the Fund’s asset allocation would be approximately 25% equity Funds, 55% fixed income Funds, and 20% in a multi-strategy Fund.

Performance

The Vantagepoint Milestone 2015 Fund gained 0.70% in 2011. The Fund’s market benchmark, the S&P 500 Index, gained 2.11%, while the Fund’s peer group benchmark, the Morningstar Target Date 2011–2015 Funds Average, a group of mutual funds with similar investment objectives, lost 0.27%. The Fund’s custom benchmark gained 4.21%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

The Milestone 2015 Fund produced a positive absolute return as the three underlying fixed income funds and the multi-strategy fund provided positive returns, while the five underlying equity funds provided mixed returns. The Inflation Protected Securities Fund increased 11.53%, the Core Bond Index Fund (Class I) rose 7.41% and the Low Duration Bond Fund gained 1.14%. The five underlying equity funds produced returns ranging from 0.04% for the Equity Income Fund to negative 8.57% for the International Fund. The Diversifying Strategies Fund gained 0.10%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark primarily reflected the mostly negative performance of the underlying equity funds. Generally, the funds invested in smaller-capitalization and foreign equity securities were primary detractors. The allocation to the fixed income funds partially offset the underperformance as the Inflation Protected Securities Fund and the Core Bond Index Fund (Class I) outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group benchmark primarily reflected its underweight allocation to funds invested in smaller-capitalization equities, whose performance generally trailed funds invested in large-capitalization equities, as well as an underweight allocation to funds invested in foreign equities, which generally underperformed funds invested in U.S. equities. Additionally, the Fund’s exposure to funds invested in higher-quality fixed income securities aided relative performance. The Fund’s overweight to funds invested in value style equities and the shorter duration of the underlying funds’ fixed income securities detracted from the Fund’s relative performance.

The Fund’s underperformance relative to its custom benchmark primarily resulted from its allocation to equity funds, the Low Duration Bond Fund and the Diversifying Strategies Fund, which trailed the performance of their respective broad market indexes in the custom benchmark. The allocation to the Inflation Protected Securities Fund and Core Bond Index Fund partially offset this underperformance as they outperformed the fixed income index in the custom benchmark.

68

Vantagepoint Milestone 2015 Fund

Underlying Fund Allocation as of December 31, 2011 (% of Net Assets)

69

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

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

Vantagepoint Milestone 2015 Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	0.70	%
Three Years	10.58	%
Five Years	2.01	%
Since Inception	3.79	%
Fund Inception Date	January 3, 2005

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The Barclays Capital U.S. Intermediate Aggregate Bond Index consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s portfolio may differ significantly from the securities held in the indexes.

70

Vantagepoint Milestone 2020 Fund

The Vantagepoint Milestone 2020 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2020.

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

FIXED INCOME
Low Duration Bond Fund	2%–12%
Core Bond Index Fund (Class I)	9%–19%
Inflation Protected Securities Fund	0%–7%
EQUITY
Equity Income Fund	16%–26%
Growth & Income Fund	7%–17%
Growth Fund	3%–13%
Mid/Small Company Index Fund (Class I)	4%–14%
International Fund	7%–17%
MULTI-STRATEGY
Diversifying Strategies Fund	10%–20%

In 2011, the Fund followed a strategy that as time elapses, the Fund’s allocation to equity investments will periodically decrease and the Fund’s allocation to fixed income and multi-strategy investments will correspondingly increase so that by June 30 of the year 2030 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.

Performance

The Vantagepoint Milestone 2020 Fund lost 0.26% in 2011. The Fund’s market benchmark, the S&P 500 Index, gained 2.11%, while the Fund’s peer group benchmark, the Morningstar Target Date 2016-2020 Funds Average, a group of mutual funds with similar investment objectives, lost 0.22%. The Fund’s custom benchmark gained 3.87%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

The Milestone 2020 Fund produced a negative absolute return, as four of the five underlying equity funds declined, while the three fixed income funds and the multi-strategy fund provided positive returns. The five underlying equity funds produced returns ranging from 0.04% for the Equity Income Fund to negative 8.57% for the International Fund. The Inflation Protected Securities Fund increased 11.53%, the Core Bond Index Fund (Class I) rose 7.41% and the Low Duration Bond Fund gained 1.14%. The Diversifying Strategies Fund gained 0.10%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark primarily reflected the mostly negative performance of the underlying equity funds. Generally, the funds invested in smaller-capitalization and foreign equity securities were primary detractors. The allocation to the Inflation Protected Securities Fund and the Core Bond Index Fund (Class I) partially offset the underperformance as these funds outperformed the Fund’s market benchmark.

The Fund’s slight underperformance relative to its peer group benchmark primarily reflected its overweight allocation to equities. The Fund’s overweight to funds invested in value style equities and the shorter duration of the underlying funds’ investments in fixed income securities also detracted from relative performance. The Fund’s underweight allocation to funds invested in foreign equities, which generally underperformed funds invested in U.S. equities, partially offset the underperformance. The Fund’s underweight allocation to funds invested in smaller-capitalization equities, whose performance generally trailed the funds invested in large-capitalization equities, as well as the Fund’s allocation to funds invested in higher-quality fixed income securities also aided relative performance.

The Fund’s underperformance relative to its custom benchmark primarily resulted from its allocation to equity funds, the Low Duration Bond Fund and the Diversifying Strategies Fund, which trailed the performance of their respective broad market indexes in the custom benchmark. The allocation to the Inflation Protected Securities Fund and Core Bond Index Fund partially offset this underperformance as they outperformed the fixed income index in the custom benchmark.

71

Vantagepoint Milestone 2020 Fund

Underlying Fund Allocation as of December 31, 2011 (% of Net Assets)

72

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

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

Vantagepoint Milestone 2020 Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	–0.26	%
Three Years	11.06	%
Five Years	1.43	%
Since Inception	3.58	%
Fund Inception Date	January 3, 2005

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The Barclays Capital U.S. Intermediate Aggregate Bond Index consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s portfolio may differ significantly from the securities held in the indexes.

73

Vantagepoint Milestone 2025 Fund

The Vantagepoint Milestone 2025 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2025.

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

FIXED INCOME
Low Duration Bond Fund	0%–8%
Core Bond Index Fund (Class I)	8%–18%
EQUITY
Equity Income Fund	18%–28%
Growth & Income Fund	8%–18%
Growth Fund	4%–14%
Mid/Small Company Index Fund (Class I)	6%–16%
International Fund	9%–19%
MULTI-STRATEGY
Diversifying Strategies Fund	8%–18%

In 2011, the Fund followed a strategy that as time elapses, the Fund’s allocation to equity investments will periodically decrease and the Fund’s allocation to fixed income and multi-strategy investments will correspondingly increase so that by June 30 of the year 2035 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.

Performance

The Vantagepoint Milestone 2025 Fund lost 0.85% in 2011. The Fund’s market benchmark, the S&P 500 Index, gained 2.11%, while the Fund’s peer group benchmark, the Morningstar Target Date 2021–2025 Funds Average, a group of mutual funds with similar investment objectives, lost 2.06%. The Fund’s custom benchmark gained 3.51%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

The Milestone 2025 Fund produced a negative absolute return as four of the five underlying equity funds declined, while the two underlying fixed income funds and the multi-strategy fund provided positive returns. The Core Bond Index Fund (Class I) rose 7.41% and the Low Duration Bond Fund gained 1.14%. The five underlying equity funds produced returns ranging from 0.04% for the Equity Income Fund to negative 8.57% for the International Fund. The Diversifying Strategies Fund gained 0.10%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark primarily reflected the mostly negative performance of the underlying equity funds. Generally, the funds invested in smaller-capitalization and foreign equity securities were primary detractors. The allocation to the Core Bond Index Fund (Class I) partially offset this underperformance as it outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group benchmark primarily reflected its underweight allocation to funds invested in smaller-capitalization equities, whose performance generally trailed funds invested in large-capitalization equities, as well as an underweight allocation to funds invested in foreign equities, which generally underperformed funds invested in U.S. equities. Additionally, the Fund’s allocation to funds invested in higher-quality fixed income securities aided relative performance.

The Fund’s overweight to funds invested in value style equities detracted from its relative performance. The Fund’s underperformance relative to its custom benchmark primarily resulted from its allocation to equity funds, the Low Duration Bond Fund and the Diversifying Strategies Fund, which trailed the performance of their respective broad market indexes in the custom benchmark. The allocation to the Core Bond Index Fund partially offset this underperformance as it outperformed the fixed income index in the custom benchmark.

74

Vantagepoint Milestone 2025 Fund

Underlying Fund Allocation as of December 31, 2011 (% of Net Assets)

75

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

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

Vantagepoint Milestone 2025 Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	–0.85	%
Three Years	11.75	%
Five Years	0.95	%
Since Inception	3.43	%
Fund Inception Date	January 3, 2005

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The Barclays Capital U.S. Intermediate Aggregate Bond Index consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s portfolio may differ significantly from the securities held in the indexes.

76

Vantagepoint Milestone 2030 Fund

The Vantagepoint Milestone 2030 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2030.

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

FIXED INCOME
Low Duration Bond Fund	0%–6%
Core Bond Index Fund (Class I)	4%–14%
EQUITY
Equity Income Fund	19%–29%
Growth & Income Fund	9%–19%
Growth Fund	5%–15%
Mid/Small Company Index Fund (Class I)	9%–19%
International Fund	11%–21%
MULTI-STRATEGY
Diversifying Strategies Fund	6%–16%

In 2011, the Fund followed a strategy that as time elapses, the Fund’s allocation to equity investments will periodically decrease and the Fund’s allocation to fixed income and multi-strategy investments will correspondingly increase so that by June 30 of the year 2040 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.

Performance

The Vantagepoint Milestone 2030 Fund lost 1.46% in 2011. The Fund’s market benchmark, the S&P 500 Index, gained 2.11%, while the Fund’s peer group benchmark, the Morningstar Target Date 2026-2030 Funds Average, a group of mutual funds with similar investment objectives, lost 2.26%. The Fund’s custom benchmark gained 3.14%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

The Milestone 2030 Fund produced a negative absolute return as four of the five underlying equity funds declined, while the two underlying fixed income funds and the multi-strategy fund provided positive returns. The Core Bond Index Fund (Class I) rose 7.41% and the Low Duration Bond Fund gained 1.14%. The five underlying equity funds produced returns ranging from 0.04% for the Equity Income Fund to negative 8.57% for the International Fund. The Diversifying Strategies Fund gained 0.10%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark primarily reflected the mostly negative performance of the underlying equity funds. Generally, the funds invested in smaller-capitalization and foreign equity securities were primary detractors. The allocation to the Core Bond Index Fund (Class I) partially offset this underperformance as it outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group benchmark primarily reflected its underweight allocation to funds invested in foreign equities, which generally underperformed funds invested in U.S. equities. Additionally, the Fund’s allocation to funds invested in higher-quality fixed income securities aided relative performance. The Fund’s overweight allocation to equities, particularly funds invested in smaller-capitalization equities, whose performance generally trailed funds invested in large-capitalization equities, detracted from performance. Additionally, the Fund’s overweight to funds invested in value style equities detracted from its relative performance.

The Fund’s underperformance relative to its custom benchmark primarily resulted from its allocation to equity funds, the Low Duration Bond Fund and the Diversifying Strategies Fund, which trailed the performance of their respective broad market indexes in the custom benchmark. The allocation to the Core Bond Index Fund partially offset this underperformance as it outperformed the fixed income index in the custom benchmark.

77

Vantagepoint Milestone 2030 Fund

Underlying Fund Allocation as of December 31, 2011 (% of Net Assets)

78

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

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

Vantagepoint Milestone 2030 Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	–1.46	%
Three Years	12.38	%
Five Years	0.50	%
Since Inception	3.28	%
Fund Inception Date	January 3, 2005

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The Barclays Capital U.S. Intermediate Aggregate Bond Index consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. A fund’s portfolio may differ significantly from the securities held in the indexes.

79

Vantagepoint Milestone 2035 Fund

The Vantagepoint Milestone 2035 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2035. At year-end the Fund was invested in the following Vantagepoint Funds at target allocations within the percentage ranges indicated:

FIXED INCOME
Low Duration Bond Fund	0%–5%
Core Bond Index Fund (Class I)	1%–11%
EQUITY
Equity Income Fund	21%–31%
Growth & Income Fund	10%–20%
Growth Fund	7%–17%
Mid/Small Company Index Fund (Class I)	13%–23%
International Fund	13%–23%
MULTI-STRATEGY
Diversifying Strategies Fund	1%–11%

In 2011, the Fund followed a strategy that as time elapses, the Fund’s allocation to equity investments will periodically decrease and the Fund’s allocation to fixed income and multi-strategy investments will correspondingly increase so that by June 30 of the year 2045 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately in 25% equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.

Performance

The Vantagepoint Milestone 2035 Fund lost 2.24% in 2011. The Fund’s market benchmark, the S&P 500 Index, gained 2.11%, while the Fund’s peer group benchmark, the Morningstar Target Date 2031-2035 Funds Average, a group of mutual funds with similar investment objectives, lost 3.51%. The Fund’s custom benchmark gained 2.72%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

The Milestone 2035 Fund produced a negative absolute return as four of the five underlying equity funds declined, while the two underlying fixed income funds and the multi-strategy fund provided positive returns. The Core Bond Index Fund (Class I) rose 7.41% and the Low Duration Bond Fund gained 1.14%. The five underlying equity funds produced returns ranging from 0.04% for the Equity Income Fund to negative 8.57% for the International Fund. The Diversifying Strategies Fund gained 0.10%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark primarily reflected the mostly negative performance of the underlying equity funds. Generally, the underlying funds invested in smaller-capitalization and foreign equity securities were primary detractors. The allocation to the Core Bond Index Fund (Class I) partially offset this underperformance as it outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group benchmark primarily reflected its underweight allocation to funds invested in foreign securities, which generally underperformed funds invested in U.S. equities. The Fund’s overweight allocation to equities, particularly funds invested in smaller-capitalization equities, whose performance generally trailed fund’s invested in large-capitalization equities, detracted from performance. Additionally, the Fund’s overweight to funds invested in value style equities detracted from its relative performance.

The Fund’s underperformance relative to its custom benchmark primarily resulted from its allocation to equity funds, the Low Duration Bond Fund and the Diversifying Strategies Fund, which trailed the performance of their respective broad market indexes in the custom benchmark. The allocation to the Core Bond Index Fund partially offset this underperformance as it outperformed the fixed income index in the custom benchmark.

80

Vantagepoint Milestone 2035 Fund

Underlying Fund Allocation as of December 31, 2011 (% of Net Assets)

81

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

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

Vantagepoint Milestone 2035 Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	–2.24	%
Three Years	13.04	%
Five Years	0.16	%
Since Inception	3.15	%
Fund Inception Date	January 3, 2005

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of market indexes that reflect the general performance of the primary asset classes in which the Fund invests, in weighted percentages that correspond to the historical target allocations to those asset classes for the Fund. Those asset class benchmarks are the Barclays Capital U.S. Intermediate Aggregate Bond Index for the fixed income asset class and the S&P 500 Index for the equity asset class. The Barclays Capital U.S. Intermediate Aggregate Bond Index consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. Should the target allocations for the Fund between those asset classes change, the percentage allocations to the corresponding indexes will also change when calculating the custom benchmark. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s portfolio may differ significantly from the securities held in the indexes.

82

Vantagepoint Milestone 2040 Fund

The Vantagepoint Milestone 2040 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2040.

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

FIXED INCOME
Core Bond Index Fund (Class I)	0%–10%
EQUITY
Equity Income Fund	22%–32%
Growth & Income Fund	11%–21%
Growth Fund	7%–17%
Mid/Small Company Index Fund (Class I)	15%–25%
International Fund	14%–24%
MULTI-STRATEGY
Diversifying Strategies Fund	0%–6%

In 2011, the Fund followed a strategy that as time elapses, the Fund’s allocation to equity investments will periodically decrease and the Fund’s allocation to fixed income and multi-strategy investments will increase so that by June 30 of the year 2050 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.

Performance

The Vantagepoint Milestone 2040 Fund lost 2.61% in 2011. The Fund’s market benchmark, the S&P 500 Index, gained 2.11%, while the Fund’s peer group benchmark, the Morningstar Target Date 2036-2040 Funds Average, a group of mutual funds with similar investment objectives, lost 3.49%. The Fund’s custom benchmark lost 0.68%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

The Milestone 2040 Fund produced a negative absolute return as four of the five underlying equity funds declined, while the underlying fixed income fund and the multi-strategy fund provided positive returns. The Core Bond Index Fund (Class I) rose 7.41%. The five underlying equity funds produced returns ranging from 0.04% for the Equity Income Fund to negative 8.57% for the International Fund. The Diversifying Strategies Fund gained 0.10%. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark primarily reflected the mostly negative performance of the underlying equity funds. The underlying funds invested in smaller-capitalization and foreign equity securities were primary detractors. The allocation to the Core Bond Index Fund (Class I) partially offset this underperformance as it outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group benchmark primarily reflected its underweight allocation to funds invested in foreign equities, which generally underperformed funds invested in U.S. equities. The Fund’s overweight allocation to equities, particularly funds invested in smaller-capitalization equities, whose performance generally trailed funds invested in large-capitalization equities, detracted from performance. Additionally, the Fund’s overweight to funds invested in value style equities detracted from its relative performance.

The Fund’s underperformance relative to its custom benchmark primarily resulted from its allocation to U.S. equity funds and to the Diversifying Strategies Fund, which trailed the performance of the U.S. equity portion of the custom benchmark. The allocation to the International Fund partially offset this underperformance as it outperformed the international equity index in the custom benchmark. The Core Bond Index Fund also outperformed the custom benchmark.

83

Vantagepoint Milestone 2040 Fund

Underlying Fund Allocation as of December 31, 2011 (% of Net Assets)

84

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

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

Vantagepoint Milestone 2040 Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	–2.61	%
Three Years	13.51	%
Five Years	0.03	%
Since Inception	3.08	%
Fund Inception Date	January 3, 2005

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

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

85

Vantagepoint Milestone 2045 Fund

The Vantagepoint Milestone 2045 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of underlying Vantagepoint Funds using an asset allocation strategy designed for investors expecting to begin gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), in or around the year 2045.

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

FIXED INCOME
Core Bond Index Fund (Class I)	0	%–10%
EQUITY
Equity Income Fund	22	%–32%
Growth & Income Fund	11	%–21%
Growth Fund	8	%–18%
Mid/Small Company Index Fund (Class I)	15	%–25%
International Fund	14	%–24%

The Fund follows a strategy that as time elapses, the Fund’s allocation to equity investments will periodically decrease, the Fund’s allocation to fixed income investments will increase and an allocation will be added (and increased) to investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (through the “multi-strategy” Fund) so that by June 30 of the year 2055 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 25% in equity Funds, 55% in fixed income Funds, and 20% in the multi-strategy Fund.

Performance

The Vantagepoint Milestone 2045 Fund lost 2.81% in 2011. The Fund’s market benchmark, the S&P 500 Index, gained 2.11%, while the Fund’s peer group benchmark, the Morningstar Target Date 2041-2045 Funds Average, a group of mutual funds with similar investment objectives, lost 4.10%. The Fund’s custom benchmark lost 0.71%. The Fund’s custom benchmark is composed of market indexes that reflect the general performance of the asset classes in which the Fund invests, in weighted percentages, corresponding to the historical target allocation to those asset classes for the Fund.

The Milestone 2045 Fund produced a negative absolute return as four of the five underlying equity funds declined, while the underlying fixed income fund provided positive returns. The Core Bond Index Fund (Class I) rose 7.41%. The five underlying equity funds produced returns ranging from 0.04% for the Equity Income Fund to negative 8.57% for the International Fund. Please refer to each underlying fund’s commentary within this report for more information.

The Fund’s underperformance relative to its market benchmark primarily reflected the mostly negative performance of the underlying equity funds. The underlying funds invested in smaller-capitalization and foreign equity securities were primary detractors. Generally, the allocation to the Core Bond Index Fund (Class I) partially offset the underperformance as it outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group benchmark primarily reflected its underweight allocation to funds invested in foreign equities, which generally underperformed funds invested in U.S. equities. The Fund’s overweight allocation to equities, particularly funds invested in smaller-capitalization equities, whose performance generally trailed funds invested in large-capitalization equities, detracted from performance. Additionally, the Fund’s overweight to funds invested in value style equities detracted from its relative performance.

The Fund’s underperformance relative to its custom benchmark resulted from the Fund’s allocation to U.S. equity funds, which trailed the performance of the U.S. equity portion of the custom benchmark. The allocation to the International Fund partially offset this underperformance as it outperformed the international equity index in the custom benchmark. The Core Bond Index Fund also outperformed the custom benchmark

86

Vantagepoint Milestone 2045 Fund

Underlying Fund Allocation as of December 31, 2011 (% of Net Assets)

87

Vantagepoint Milestone 2045 Fund vs. S&P 500 Index and Custom Benchmark:

Growth of $10,000 Invested January 4, 2010*

Vantagepoint Milestone 2045 Fund

Average Annual Total Returns for the periods ended December 31, 2011*

One Year	–2.81	%
Since Inception	5.55	%
Fund Inception Date	January 4, 2010

* Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance.

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

88

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89

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments and the related statements of operations and changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Low Duration Bond Fund, Inflation Protected Securities Fund, Equity Income Fund, Growth & Income Fund, Growth Fund, Select Value Fund, Aggressive Opportunities Fund, Discovery Fund, International Fund, Diversifying Strategies Fund, Core Bond Index Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, Overseas Equity Index Fund, Model Portfolio Savings Oriented Fund, Model Portfolio Conservative Growth Fund, Model Portfolio Traditional Growth Fund, Model Portfolio Long-Term Growth Fund, Model Portfolio All-Equity Growth Fund, Milestone Retirement Income Fund, Milestone 2010 Fund, Milestone 2015 Fund, Milestone 2020 Fund, Milestone 2025 Fund, Milestone 2030 Fund, Milestone 2035 Fund, Milestone 2040 Fund and Milestone 2045 Fund comprising The Vantagepoint Funds (hereafter referred to as the “Funds”) at December 31, 2011, and the results of each of their operations for the year then ended and changes in each of their net assets for each of the fiscal periods presented, and the financial highlights for each of the fiscal periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2011 by correspondence with the custodian and brokers, and confirmation of the underlying funds by correspondence with the transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Baltimore, Maryland

February 29, 2012

90

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2011

��	Low Duration Bond			Inflation Protected Securities		Equity Income
ASSETS:
Investment in securities, at value†	$	547,148,015		$	592,546,328	$	1,923,050,899
Cash		21,397			—		10,266
Cash denominated in foreign currencies		—			207,620		—
Receivables:
Dividends		3,655			6,744		3,140,334
Interest		3,726,638			3,390,736		—
Security lending income		1,040			923		26,753
Investments sold		—			34,360		30,571
Fund shares sold		562,997			10,609,625		426,609
Variation margin on futures contracts		6,016			—		—
Unrealized appreciation on swap agreements		—			390,113		—
Unrealized appreciation on forward foreign currency exchange contracts		149,544			—		—
Due from broker		—			1,223,080		—
Total Assets		551,619,302			608,409,529		1,926,685,432
LIABILITIES:
Payables:
Investments purchased		—			895,048		—
Distributions		476,888			9,659,966		—
Fund shares redeemed		65,082			6,909		313,802
Variation margin on futures contracts		—			15,354		—
Collateral for securities loaned		26,135,756			12,985,716		106,321,976
Options written, at value (Premium $0, $344,660 and $0, respectively)		—			55,581		—
Unrealized depreciation on forward foreign currency exchange contracts		525			—		—
Accrued Expenses:
Advisory fees		44,459			49,039		152,489
Subadviser fees		182,181			277,567		1,596,429
Fund services fees		155,608			171,639		533,718
Administration fees		5,877			5,877		5,876
Directors’ fees and expenses		5,542			5,035		19,185
Other accrued expenses		84,507			90,305		184,667
Total Liabilities		27,156,425			24,218,036		109,128,142
NET ASSETS	$	524,462,877		$	584,191,493	$	1,817,557,290
NET ASSETS REPRESENTED BY:
Paid-in capital	$	527,935,769		$	536,097,398	$	1,753,656,037
Undistributed net investment income		54,940			—		434,949
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, written options and swap agreements		(2,191,325	)		7,213,503		(27,536,238	)
Net unrealized appreciation (depreciation) on investments, futures contracts, foreign currency transactions, written options, and swap agreements		(1,336,507	)		40,880,592		91,002,542
NET ASSETS	$	524,462,877		$	584,191,493	$	1,817,557,290
CAPITAL SHARES:
Net Assets	$	524,462,877		$	584,191,493	$	1,817,557,290
Shares Outstanding		52,674,986			50,026,155		219,761,207
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	9.96		$	11.68	$	8.27
Cost of investments	$	548,641,112		$	552,062,243	$	1,832,047,078
Cost of cash denominated in foreign currencies	$	—		$	213,339	$	—
†    Includes securities on loan with values of (Note 7):	$	25,619,130		$	12,756,491	$	105,050,315

See Notes to Financial Statements.

91

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2011

	Growth & Income			Growth			Select Value			Aggressive Opportunities
ASSETS:
Investment in securities, at value†	$	1,181,812,365		$	1,784,119,803		$	329,727,881		$	1,037,780,468
Cash		—			19,570			—			18,380
Cash denominated in foreign currencies		10,976			—			—			15
Receivables:
Dividends		1,732,176			1,807,058			674,021			901,383
Security lending income		12,560			88,103			2,473			17,576
Investments sold		37,560			2,204,004			698,181			1,628,220
Fund shares sold		240,484			911,132			86,566			134,883
Recoverable foreign taxes		5,845			—			1,327			14,069
Total Assets		1,183,851,966			1,789,149,670			331,190,449			1,040,494,994
LIABILITIES:
Payables:
Investments purchased		—			3,597,755			994,168			4,630,737
Fund shares redeemed		494,443			366,164			41,989			24,544
Collateral for securities loaned		19,398,507			31,704,220			9,537,261			77,024,271
Accrued Expenses:
Advisory fees		97,970			148,515			26,971			80,440
Subadviser fees		870,903			1,465,940			389,496			1,045,923
Fund services fees		342,901			519,812			94,402			281,543
Administration fees		5,877			5,868			5,877			5,877
Directors’ fees and expenses		12,439			19,691			3,443			11,450
Other accrued expenses		146,878			246,259			77,653			119,450
Total Liabilities		21,369,918			38,074,224			11,171,260			83,224,235
NET ASSETS	$	1,162,482,048		$	1,751,075,446		$	320,019,189		$	957,270,759
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,081,414,590		$	2,117,600,571		$	309,802,793		$	963,593,986
Undistributed net investment income		3,483,488			488,273			396,382			3,845,757
Accumulated net realized loss on investments and foreign currency transactions		(38,823,476	)		(526,162,680	)		(16,250,758	)		(34,407,190	)
Net unrealized appreciation on investments and foreign currency transactions		116,407,446			159,149,282			26,070,772			24,238,206
NET ASSETS	$	1,162,482,048		$	1,751,075,446		$	320,019,189		$	957,270,759
CAPITAL SHARES:
Net Assets	$	1,162,482,048		$	1,751,075,446		$	320,019,189		$	957,270,759
Shares Outstanding		122,449,138			209,434,183			32,882,003			103,406,547
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	9.49		$	8.36		$	9.73		$	9.26
Cost of investments	$	1,065,405,339		$	1,624,970,521		$	303,657,109		$	1,013,541,092
Cost of cash denominated in foreign currencies	$	11,448		$	—		$	—		$	16
†    Includes securities on loan with values of (Note 7):	$	18,975,438		$	30,726,352		$	9,307,327		$	73,139,684

See Notes to Financial Statements.

92

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2011

	Discovery			International			Diversifying Strategies(1)
ASSETS:
Investment in securities, at value†	$	213,727,104		$	1,177,830,940		$	842,487,957
Cash		—			31,533			44,934
Cash denominated in foreign currencies		37			5,080,073			103,194
Receivables:
Dividends		160,090			2,097,679			9,032
Interest		458,865			—			4,195,709
Security lending income		34,618			39,331			—
Investments sold		505			165,313			238,048
Fund shares sold		74,179			1,724,666			423,134
Variation margin on futures contracts		—			—			50,223
Variation margin on purchased options on Euro-Bund futures contracts		—			—			52,495
Recoverable foreign taxes		—			780,238			29,932
Due from broker—options contracts collateral		—			—			307,863
Unrealized appreciation on forward foreign currency exchange contracts		33,429			834,869			4,900,403
Total Assets		214,488,827			1,188,584,642			852,842,924
LIABILITIES:
Payables:
Investments purchased		1,788,196			3,689,473			217,881
Distributions		60,013			—			—
Fund shares redeemed		120,431			37,370			14,871
Variation margin on futures contracts		363,878			—			—
Foreign taxes		—			63,308			—
Collateral for securities loaned		17,935,954			42,926,698			—
Written options, at value (Premium $0, $0 and $554,178, respectively)		—			—			819,341
Unrealized depreciation on forward foreign currency exchange contracts		—			—			836,610
Accrued Expenses:
Advisory fees		16,392			95,751			71,694
Subadviser fees		209,762			1,214,611			716,795
Fund services fees		57,374			335,135			250,931
Administration fees		5,876			5,877			5,877
Directors’ fees and expenses		2,143			12,380			8,965
Other accrued expenses		57,126			240,380			123,193
Total Liabilities		20,617,145			48,620,983			3,066,158
NET ASSETS	$	193,871,682		$	1,139,963,659		$	849,776,766
NET ASSETS REPRESENTED BY:
Paid-in capital	$	198,123,921		$	1,322,655,342		$	845,925,242
Undistributed net investment income (loss)		(1,388	)		13,859,239			(5,792,855	)
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, purchased options on Euro-Bund futures, written options and swap agreements		(8,851,652	)		(173,692,272	)		882,011
Net unrealized appreciation (depreciation) on investments, futures contracts, foreign currency transactions, purchased options on Euro-Bund futures, written options, and swap agreements		4,600,801			(22,858,650	)		8,762,368
NET ASSETS	$	193,871,682		$	1,139,963,659		$	849,776,766
CAPITAL SHARES:
Net Assets	$	193,871,682		$	1,139,963,659		$	849,776,766
Shares Outstanding		22,180,697			136,997,403			84,883,903
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	8.74		$	8.32		$	10.01
Cost of investments	$	211,971,993		$	1,201,477,074		$	839,721,762
Cost of cash denominated in foreign currencies	$	36		$	5,097,087		$	104,162
†Includes securities on loan with values of (Note 7):	$	16,788,326		$	41,512,238		$	—

(1) Formerly Diversified Assets Fund.

See Notes to Financial Statements.

93

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2011

	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index		Overseas Equity Index
ASSETS:
Investment in securities, at value†	$	1,222,061,046		$	388,609,880		$	516,821,220		$	442,310,407	$	181,054,824
Cash		258,939			1,141			2,881			7,667		785
Cash denominated in foreign currencies		—			—			—			—		2,826,140
Receivables:
Dividends		6,250			564,691			724,758			585,633		280,265
Interest		7,919,985			—			—			—		—
Security lending income		4,079			2,288			11,685			63,915		7,783
Investments sold		17,608,235			61,750			235			634		—
Fund shares sold		5,811,873			462,742			475,383			310,822		163,581
Recoverable foreign taxes		—			—			142			549		222,894
Variation margin on futures contracts		—			—			—			—		38,655
Unrealized appreciation on forward foreign currency exchange contracts		—			—			—			—		10,818
Total Assets		1,253,670,407			389,702,492			518,036,304			443,279,627		184,605,745
LIABILITIES:
Payables:
Investments purchased		47,738,240			—			—			197,998		—
Distributions		3,561,747			—			—			—		—
Fund shares redeemed		4,192			—			205,553			730,227		28,423
Variation margin on futures contracts		—			28,560			53,554			15,475		—
Collateral for securities loaned		67,598,878			8,219,745			13,848,786			33,680,955		6,602,718
Unrealized depreciation on forward foreign currency exchange contracts		—			—			—			—		17,520
Accrued Expenses:
Advisory fees		47,672			15,987			21,111			17,143		7,492
Subadviser fees		58,579			18,815			31,690			31,325		31,851
Fund services fees		232,575			47,792			61,432			75,857		22,534
Administration fees		5,877			5,876			5,877			5,876		5,877
Directors’ fees and expenses		11,233			3,969			5,394			4,260		2,099
Other accrued expenses		171,336			92,293			97,452			79,085		103,252
Total Liabilities		119,430,329			8,433,037			14,330,849			34,838,201		6,821,766
NET ASSETS	$	1,134,240,078		$	381,269,455		$	503,705,455		$	408,441,426	$	177,783,979
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,089,978,586		$	280,376,193		$	367,796,505		$	372,557,315	$	217,251,139
Undistributed net investment income (loss)		9,575			234,960			6,064,305			1,125,658		(465,915	)
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(22,101,196	)		(12,859,309	)		(1,480,878	)		954,793		(5,680,601	)
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency transactions		66,353,113			113,517,611			131,325,523			33,803,660		(33,320,644	)
NET ASSETS	$	1,134,240,078		$	381,269,455		$	503,705,455		$	408,441,426	$	177,783,979
CAPITAL SHARES:
Net Assets—Class I	$	813,430,671		$	94,196,994		$	114,674,213		$	247,731,818	$	44,910,706
Shares Outstanding—Class I		77,713,886			9,456,750			10,569,557			17,665,707		4,888,145
Net Asset Value—Class I, offering and redemption price per share (net assets divided by shares outstanding)	$	10.47		$	9.96		$	10.85		$	14.02	$	9.19
Net Assets—Class II	$	320,809,407		$	287,072,461		$	389,031,242		$	160,709,608	$	132,873,273
Shares Outstanding—Class II		30,474,234			30,573,119			38,180,520			12,116,778		15,446,879
Net Asset Value—Class II, offering and redemption price per share (net assets divided by shares outstanding)	$	10.53		$	9.39		$	10.19		$	13.26	$	8.60
Cost of investments	$	1,155,707,933		$	275,119,110		$	385,546,941		$	408,552,465	$	214,402,455
Cost of cash denominated in foreign currencies	$	—		$	—		$	—		$	—	$	2,833,026
†    Includes securities on loan with values of (Note 7):	$	65,318,202		$	7,883,342		$	13,383,315		$	32,423,689	$	6,316,643

See Notes to Financial Statements.

94

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2011

	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)	$	288,528,239		$	556,247,434		$	1,366,272,141		$	1,712,421,212		$	649,916,761
Receivables:
Dividends		874,948			1,217,226			1,557,352			711,149			18,332
Investments sold		47,158			45,006			101,644			124,224			51,831
Fund shares sold		5,844,013			10,192,639			33,353,083			55,091,310			10,172,415
Total Assets		295,294,358			567,702,305			1,401,284,220			1,768,347,895			660,159,339
LIABILITIES:
Payables:
Investments purchased		876,995			1,389,181			2,309,487			1,385,684			568,466
Distributions		5,782,341			10,020,684			32,605,404			54,399,874			9,622,281
Fund shares redeemed		84,172			—			—			16,901			—
Accrued Expenses:
Advisory fees		25,220			48,023			108,454			132,553			55,313
Administration fees		4,893			4,893			4,893			4,893			4,893
Directors’ fees and expenses		3,400			5,903			14,953			18,685			7,307
Other accrued expenses		50,330			69,678			133,266			161,191			75,570
Total Liabilities		6,827,351			11,538,362			35,176,457			56,119,781			10,333,830
NET ASSETS	$	288,467,007		$	556,163,943		$	1,366,107,763		$	1,712,228,114		$	649,825,509
NET ASSETS REPRESENTED BY:
Paid-in capital	$	282,209,921		$	550,364,401		$	1,384,580,886		$	1,739,654,665		$	696,981,884
Undistributed net investment income		357,959			953,889			269,550			328,469			1,284,933
Accumulated net realized loss on investments		(8,571,659	)		(8,420,516	)		(19,205,377	)		(6,277,507	)		(7,057,957	)
Net unrealized appreciation (depreciation) on investments		14,470,786			13,266,169			462,704			(21,477,513	)		(41,383,351	)
NET ASSETS	$	288,467,007		$	556,163,943		$	1,366,107,763		$	1,712,228,114		$	649,825,509
CAPITAL SHARES:
Net Assets	$	288,467,007		$	556,163,943		$	1,366,107,763		$	1,712,228,114		$	649,825,509
Shares Outstanding		11,823,082			23,707,374			63,494,929			84,275,500			34,764,368
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	24.40		$	23.46		$	21.52		$	20.32		$	18.69
Cost of investments	$	274,057,453		$	542,981,265		$	1,365,809,437		$	1,733,898,725		$	691,300,112

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

See Notes to Financial Statements.

95

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2011

	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
ASSETS:
Investment in securities of affiliated Mutual Funds, at value(a)	$	220,116,455		$	222,325,346		$	381,911,839		$	386,381,155		$	301,326,348
Receivables:
Dividends		667,904			626,284			722,369			289,260			133,520
Investments sold		37,542			58,816			31,152			31,355			24,433
Fund shares sold		8,246,893			6,128,733			9,818,795			8,251,757			6,627,578
Total Assets		229,068,794			229,139,179			392,484,155			394,953,527			308,111,879
LIABILITIES:
Payables:
Investments purchased		668,692			627,615			927,154			583,203			483,982
Distributions		8,226,455			6,091,196			9,614,010			7,957,814			6,277,116
Fund shares redeemed		39,164			76,803			—			—			—
Accrued Expenses:
Advisory fees		19,233			19,438			33,244			33,472			26,083
Administration fees		4,893			4,893			4,893			4,893			4,893
Directors’ fees and expenses		2,224			2,247			3,801			3,668			2,850
Other accrued expenses		45,585			42,326			45,593			43,490			42,326
Total Liabilities		9,006,246			6,864,518			10,628,695			8,626,540			6,837,250
NET ASSETS	$	220,062,548		$	222,274,661		$	381,855,460		$	386,326,987		$	301,274,629
NET ASSETS REPRESENTED BY:
Paid-in capital	$	221,485,676		$	222,788,022		$	383,780,741		$	387,076,415		$	301,121,870
Undistributed net investment income		—			—			—			6,793			8,340
Accumulated net realized loss on investments		(2,310,727	)		(2,563,258	)		(8,620,057	)		(6,967,836	)		(4,001,720	)
Net unrealized appreciation on investments		887,599			2,049,897			6,694,776			6,211,615			4,146,139
NET ASSETS	$	220,062,548		$	222,274,661		$	381,855,460		$	386,326,987		$	301,274,629
CAPITAL SHARES:
Net Assets	$	220,062,548		$	222,274,661		$	381,855,460		$	386,326,987		$	301,274,629
Shares Outstanding		21,618,502			21,997,421			37,600,428			38,237,540			30,216,917
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	10.18		$	10.10		$	10.16		$	10.10		$	9.97
Cost of investments	$	219,228,856		$	220,275,449		$	375,217,063		$	380,169,540		$	297,180,209

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

See Notes to Financial Statements.

96

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2011

	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040			Milestone 2045
ASSETS:
Investment in securities of affiliated Mutual Funds, at value(a)	$	236,502,085		$	150,518,411		$	146,081,366		$	33,475,142
Receivables:
Dividends		69,940			26,714			22,519			5,237
Investments sold		19,163			12,144			11,825			2,707
Fund shares sold		4,729,211			3,098,702			2,828,986			982,106
Total Assets		241,320,399			153,655,971			148,944,696			34,465,192
LIABILITIES:
Payables:
Investments purchased		429,273			288,704			360,491			71,655
Distributions		4,369,878			2,836,713			2,491,014			915,688
Accrued Expenses:
Advisory fees		20,458			12,969			12,625			2,890
Administration fees		4,893			4,893			4,893			5,002
Directors’ fees and expenses		2,240			1,414			1,400			223
Other accrued expenses		41,177			39,660			41,901			36,081
Total Liabilities		4,867,919			3,184,353			2,912,324			1,031,539
NET ASSETS	$	236,452,480		$	150,471,618		$	146,032,372		$	33,433,653
NET ASSETS REPRESENTED BY:
Paid-in capital	$	233,899,907		$	148,104,096		$	141,141,901		$	32,840,026
Undistributed net investment income		8,932			5,054			2,990			—
Accumulated net realized gain (loss) on investments		(2,828,290	)		(2,218,754	)		(6,909,128	)		502,024
Net unrealized appreciation on investments		5,371,931			4,581,222			11,796,609			91,603
NET ASSETS	$	236,452,480		$	150,471,618		$	146,032,372		$	33,433,653
CAPITAL SHARES:
Net Assets	$	236,452,480		$	150,471,618		$	146,032,372		$	33,433,653
Shares Outstanding		23,651,239			15,264,320			14,817,707			3,121,914
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding)	$	10.00		$	9.86		$	9.86		$	10.71
Cost of investments	$	231,130,154		$	145,937,189		$	134,284,757		$	33,383,539

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

See Notes to Financial Statements.

97

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Year Ended December 31, 2011

	Low Duration Bond			Inflation Protected Securities			Equity Income
INVESTMENT INCOME:
Dividends	$	37,986		$	60,102		$	39,882,165
Interest		13,846,799			18,616,321			—
Security lending income		11,756			32,722			468,956
Foreign taxes withheld on dividends		—			(2,675	)		(187,885	)
Total investment income		13,896,541			18,706,470			40,163,236
EXPENSES:
Advisory (Note 4)		544,108			521,400			1,862,685
Subadviser		750,488			777,814			6,734,963
Fund services		1,904,409			1,824,929			6,519,499
Custodian		43,820			59,259			42,894
Administration		17,951			17,951			17,951
Fund accounting		22,499			22,499			72,606
Legal		29,943			27,538			102,722
Audit		23,244			23,180			23,014
Directors		9,309			8,437			32,289
State license fees and memberships		23,725			37,975			45,582
Other expenses		27,423			41,518			109,763
Total expenses		3,396,919			3,362,500			15,563,968
Less waivers (Note 4)		—			—			(76,072	)
Net Expenses		3,396,919			3,362,500			15,487,896
NET INVESTMENT INCOME		10,499,622			15,343,970			24,675,340
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		2,753,773			18,842,962			82,080,509
Forward contracts and foreign currency transactions		(251,249	)		13,041			(6,181	)
Futures contracts		(579,024	)		(3,963,927	)		—
Options written		—			422,566			—
Swap agreements		—			(407,271	)		—
Net realized gain		1,923,500			14,907,371			82,074,328
Net change in unrealized appreciation (depreciation) on:
Investments		(6,308,739	)		26,527,872			(102,159,957	)
Forward contracts and foreign currency transactions		127,754			(12,535	)		(460	)
Futures contracts		19,017			(271,062	)		—
Options written		—			499,864			—
Swap agreements		—			202,684			—
Net change in unrealized appreciation (depreciation)		(6,161,968	)		26,946,823			(102,160,417	)
NET GAIN (LOSS)		(4,238,468	)		41,854,194			(20,086,089	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,261,154		$	57,198,164		$	4,589,251

See Notes to Financial Statements.

98

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Year Ended December 31, 2011

	Growth & Income			Growth			Select Value			Aggressive Opportunities
INVESTMENT INCOME:
Dividends	$	22,689,817		$	24,078,535		$	6,446,450		$	11,897,521
Security lending income		137,477			257,910			31,845			374,573
Foreign taxes withheld on dividends		(656	)		(70,862	)		(1,611	)		(252,284	)
Total investment income		22,826,638			24,265,583			6,476,684			12,019,810
EXPENSES:
Advisory (Note 4)		1,203,665			1,876,402			332,606			1,068,607
Subadviser		3,665,519			6,625,024			1,643,615			4,658,070
Fund services		4,212,894			6,567,510			1,164,139			3,740,185
Custodian		32,901			17,148			18,185			37,632
Administration		17,951			17,951			17,951			17,951
Fund accounting		47,281			87,283			34,368			46,078
Legal		68,208			103,291			18,995			63,816
Audit		23,141			22,984			23,243			23,244
Directors		20,984			33,345			5,802			19,409
State license fees and memberships		37,122			44,380			18,980			30,912
Other expenses		65,766			88,091			14,491			50,424
Total expenses		9,395,432			15,483,409			3,292,375			9,756,328
Less waivers (Note 4)		(41,831	)		(339,560	)		—			—
Net Expenses		9,353,601			15,143,849			3,292,375			9,756,328
NET INVESTMENT INCOME		13,473,037			9,121,734			3,184,309			2,263,482
NET REALIZED AND UNREALIZED (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		93,695,272			109,646,065			34,844,389			58,474,759
Forward contracts and foreign currency transactions		(50,156	)		—			—			(657	)
Net realized gain		93,645,116			109,646,065			34,844,389			58,474,102
Net change in unrealized appreciation (depreciation) on:
Investments		(112,362,003	)		(194,568,063	)		(36,822,309	)		(168,765,390	)
Forward contracts and foreign currency transactions		(1,375	)		—			—			(362	)
Net change in unrealized depreciation		(112,363,378	)		(194,568,063	)		(36,822,309	)		(168,765,752	)
NET LOSS		(18,718,262	)		(84,921,998	)		(1,977,920	)		(110,291,650	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,245,225	)	$	(75,800,264	)	$	1,206,389		$	(108,028,168	)

See Notes to Financial Statements.

99

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Year Ended December 31, 2011

	Discovery			International			Diversifying Strategies(1)
INVESTMENT INCOME:
Dividends	$	1,647,127		$	40,486,625		$	1,203,879
Interest		2,023,263			7,916			14,988,998
Security lending income		435,069			1,489,124			—
Foreign taxes withheld on dividends		(13,759	)		(3,537,022	)		(18,085	)
Total investment income		4,091,700			38,446,643			16,174,792
EXPENSES:
Advisory (Note 4)		204,046			1,195,439			878,041
Subadviser		888,796			5,671,129			3,607,948
Fund services		714,173			4,184,103			3,073,190
Custodian		38,334			210,825			112,455
Administration		17,951			17,951			17,951
Fund accounting		18,648			58,534			41,174
Legal		11,889			67,802			148,148
Audit		23,244			23,122			23,244
Directors		3,620			20,843			15,059
State license fees and memberships		17,885			37,257			7,519
Other expenses		9,803			83,512			90,521
Total expenses		1,948,389			11,570,517			8,015,250
Less waivers (Note 4)		—			(158,991	)		(594,582	)
Net Expenses		1,948,389			11,411,526			7,420,668
NET INVESTMENT INCOME		2,143,311			27,035,117			8,754,124
NET REALIZED AND UNREALIZED (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		8,872,967			14,450,774			17,499,596
Forward contracts and foreign currency transactions		(104,104	)		(309,539	)		(4,798,215	)
Futures contracts		(3,505,283	)		—			(3,420,220	)
Written options		—			—			247,986
Purchased options on Euro-Bund futures contracts		—			—			(6,297,919	)
Swap agreements		—			—			(101,348	)
Net realized gain		5,263,580			14,141,235			3,129,880
Net change in unrealized appreciation (depreciation) on:
Investments		(19,235,698	)		(138,572,330	)(a)		(19,508,229	)
Forward contracts and foreign currency transactions		33,156			716,501			3,149,463
Futures contracts		440,364			—			(219,469	)
Written options		—			—			(282,401	)
Purchased options on Euro-Bund futures contracts		—			—			2,475,721
Swap agreements		—			—			1,853,545
Net change in unrealized depreciation		(18,762,178	)		(137,855,829	)		(12,531,370	)
NET LOSS		(13,498,598	)		(123,714,594	)		(9,401,490	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,355,287	)	$	(96,679,477	)	$	(647,366	)

(a) Net of decrease in deferred foreign tax of $60,606.

(1) Formerly Diversified Assets Fund.

See Notes to Financial Statements.

100

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Year Ended December 31, 2011

	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index			Overseas Equity Index
INVESTMENT INCOME:
Dividends	$	33,345		$	7,960,535		$	10,070,585		$	5,925,591		$	7,241,216
Interest		37,811,648			443			229			243			1,669
Security lending income		71,417			44,068			156,906			497,144			229,627
Foreign taxes withheld on dividends		(1,377	)		—			(1,187	)		(3,923	)		(596,633	)
Total investment income		37,915,033			8,005,046			10,226,533			6,419,055			6,875,879
EXPENSES:
Advisory (Note 4)		558,165			192,842			258,362			209,324			99,511
Subadviser		236,621			77,859			120,020			128,721			139,410
Fund services Class I		2,478,890			297,449			370,009			748,539			160,533
Fund services Class II		290,014			286,533			393,384			169,129			145,510
Custodian		133,339			22,165			40,192			38,777			44,880
Administration		17,951			17,951			17,951			17,951			17,951
Fund accounting		40,429			22,499			22,498			22,499			22,499
Legal		61,562			21,356			30,271			22,521			10,418
Audit		23,245			23,246			23,246			23,243			23,243
Directors		18,861			6,681			9,122			7,141			3,543
State license fees and memberships		43,889			64,187			42,675			40,904			55,053
Other expenses		48,556			21,760			25,680			34,347			63,063
Total expenses		3,951,522			1,054,528			1,353,410			1,463,096			785,614
NET INVESTMENT INCOME		33,963,511			6,950,518			8,873,123			4,955,959			6,090,265
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		13,157,942			4,828,842			16,504,617			17,603,556			(1,221,463	)
Forward contracts and foreign currency transactions		—			—			—			—			56,349
Futures contracts		—			1,018,891			742,739			(778,542	)		(306,178	)
Net realized gain (loss)		13,157,942			5,847,733			17,247,356			16,825,014			(1,471,292	)
Net change in unrealized appreciation (depreciation) on:
Investments		34,307,648			(4,795,590	)		(19,054,951	)		(36,497,049	)		(29,359,699	)
Forward contracts and foreign currency transactions		—			—			—			—			(7,827	)
Futures contracts		—			(162,717	)		(46,596	)		51,515			45,105
Net change in unrealized appreciation (depreciation)		34,307,648			(4,958,307	)		(19,101,547	)		(36,445,534	)		(29,322,421	)
NET GAIN (LOSS)		47,465,590			889,426			(1,854,191	)		(19,620,520	)		(30,793,713	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	81,429,101		$	7,839,944		$	7,018,932		$	(14,664,561	)	$	(24,703,448	)

See Notes to Financial Statements.

101

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Year Ended December 31, 2011

	Model Portfolio Funds
	Savings Oriented			Conservative Growth			Traditional Growth			Long-Term Growth			All-Equity Growth
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	6,085,881		$	10,307,657		$	23,508,287		$	27,569,033		$	9,503,904
Total investment income		6,085,881			10,307,657			23,508,287			27,569,033			9,503,904
EXPENSES:
Advisory (Note 4)		320,867			567,588			1,301,301			1,590,047			677,215
Custodian		2,190			2,190			2,190			2,190			2,190
Administration		14,958			14,957			14,958			14,958			14,958
Fund accounting		12,465			17,885			46,132			62,118			25,708
Legal		18,888			32,573			83,573			103,090			39,891
Audit		17,498			17,435			17,337			17,498			17,498
Directors		5,723			9,946			25,242			31,506			12,326
State license fees and memberships		22,995			23,360			23,589			27,360			22,265
Other expenses		17,654			29,683			70,631			93,059			40,608
Total expenses		433,238			715,617			1,584,953			1,941,826			852,659
NET INVESTMENT INCOME		5,652,643			9,592,040			21,923,334			25,627,207			8,651,245
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on investments		(2,447,541	)		930,730			28,813,215			29,198,347			(2,373,384	)
Realized gain distributions from affiliated mutual funds		1,970,756			4,722,605			12,558,825			18,442,349			7,041,702
Net change in unrealized appreciation (depreciation) on investments		1,450,544			(8,573,402	)		(70,336,673	)		(108,133,801	)		(41,317,903	)
NET GAIN (LOSS)		973,759			(2,920,067	)		(28,964,633	)		(60,493,105	)		(36,649,585	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	6,626,402		$	6,671,973		$	(7,041,299	)	$	(34,865,898	)	$	(27,998,340	)

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

See Notes to Financial Statements.

102

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Year Ended December 31, 2011

	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	4,314,231		$	4,274,463		$	7,062,337		$	6,930,965		$	5,358,367
Total investment income		4,314,231			4,274,463			7,062,337			6,930,965			5,358,367
EXPENSES:
Advisory (Note 4)		222,500			224,613			381,084			372,578			289,219
Custodian		365			365			365			365			365
Administration		14,958			14,958			14,958			14,958			14,957
Fund accounting		12,465			12,465			12,465			12,465			12,465
Legal		12,170			12,230			20,148			19,026			14,743
Audit		17,517			17,517			17,517			17,517			17,517
Directors		3,738			3,778			6,370			6,128			4,755
State license fees and memberships		23,725			24,820			24,090			22,630			21,170
Other expenses		33,180			28,243			37,813			34,679			29,879
Total expenses		340,618			338,989			514,810			500,346			405,070
NET INVESTMENT INCOME		3,973,613			3,935,474			6,547,527			6,430,619			4,953,297
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on investments		5,778,814			6,018,751			(3,234,976	)		(5,100,777	)		(3,464,558	)
Realized gain distributions from affiliated mutual funds		1,498,687			1,768,873			3,474,810			3,622,008			3,050,416
Net change in unrealized appreciation (depreciation) on investments		(6,109,472	)		(8,706,661	)		(4,786,269	)		(6,768,227	)		(7,766,396	)
NET GAIN (LOSS)		1,168,029			(919,037	)		(4,546,435	)		(8,246,996	)		(8,180,538	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,141,642		$	3,016,437		$	2,001,092		$	(1,816,377	)	$	(3,227,241	)

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

See Notes to Financial Statements.

103

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Year Ended December 31, 2011

	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040			Milestone 2045
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	4,069,395		$	2,551,667		$	2,579,451		$	590,037
Total investment income		4,069,395			2,551,667			2,579,451			590,037
EXPENSES:
Advisory (Note 4)		226,919			143,193			140,322			28,982
Custodian		365			365			365			704
Administration		14,957			14,958			14,957			15,002
Fund accounting		12,465			12,465			12,465			12,479
Legal		11,709			7,325			7,329			2,617
Audit		17,517			17,517			17,517			17,468
Directors		3,746			2,357			2,337			364
State license fees and memberships		19,710			18,980			19,710			19,445
Other expenses		25,777			20,604			19,280			5,463
Total expenses		333,165			237,764			234,282			102,524
Less reimbursements/waivers (Note 4)		—			—			—			(1,479	)
Net Expenses		333,165			237,764			234,282			101,045
NET INVESTMENT INCOME		3,736,230			2,313,903			2,345,169			488,992
NET REALIZED AND UNREALIZED (LOSS) (Note 2):
Net realized gain (loss) on investments		(3,053,478	)		(2,481,276	)		(793,665	)		436,915
Realized gain distributions from affiliated mutual funds		2,659,702			1,866,697			1,857,828			425,290
Net change in unrealized appreciation (depreciation) on investments		(7,385,447	)		(5,353,565	)		(7,456,184	)		(2,482,770	)
NET LOSS		(7,779,223	)		(5,968,144	)		(6,392,021	)		(1,620,565	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,042,993	)	$	(3,654,241	)	$	(4,046,852	)	$	(1,131,573	)

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

See Notes to Financial Statements.

104

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Low Duration Bond						Inflation Protected Securities
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	10,499,622		$	11,368,342		$	15,343,970		$	7,493,347
Net realized gain		1,923,500			7,891,404			14,907,371			13,341,834
Net change in unrealized appreciation (depreciation)		(6,161,968	)		(4,644,205	)		26,946,823			2,863,005
Net increase in net assets resulting from operations		6,261,154			14,615,541			57,198,164			23,698,186
Distributions to shareholders from:
Net investment income		(10,532,013	)		(11,819,982	)		(16,239,280	)		(7,562,392	)
Net realized gain		—			—			(9,659,966	)		(7,414,344	)
Total distributions		(10,532,013	)		(11,819,982	)		(25,899,246	)		(14,976,736	)
Capital share transactions:
Proceeds from sale of shares		89,913,269			153,859,333			143,708,312			176,197,701
Reinvestment of distributions		10,532,013			11,819,982			25,899,246			14,976,736
Value of shares redeemed		(109,420,716	)		(148,424,550	)		(108,716,628	)		(46,683,849	)
Net increase (decrease) from capital share transactions		(8,975,434	)		17,254,765			60,890,930			144,490,588
Total increase (decrease) in net assets		(13,246,293	)		20,050,324			92,189,848			153,212,038
NET ASSETS at beginning of year		537,709,170			517,658,846			492,001,645			338,789,607
NET ASSETS at end of year	$	524,462,877		$	537,709,170		$	584,191,493		$	492,001,645
Accumulated net investment income included in net assets at end of year	$	54,940		$	268,741		$	—		$	—
SHARE TRANSACTIONS:
Number of shares sold		8,967,929			15,262,796			12,432,838			16,047,775
Number of shares issued through reinvestment of dividends and distributions		1,050,169			1,174,377			2,259,024			1,363,298
Number of shares redeemed		(10,914,618	)		(14,867,466	)		(9,446,370	)		(4,244,002	)
Net increase (decrease) in shares outstanding		(896,520	)		1,569,707			5,245,492			13,167,071

See Notes to Financial Statements.

105

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Equity Income						Growth & Income
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	24,675,340		$	19,287,303		$	13,473,037		$	9,774,009
Net realized gain		82,074,328			68,128,714			93,645,116			80,869,349
Net change in unrealized appreciation (depreciation)		(102,160,417	)		126,234,519			(112,363,378	)		65,787,259
Net increase (decrease) in net assets resulting from operations		4,589,251			213,650,536			(5,245,225	)		156,430,617
Distributions to shareholders from:
Net investment income		(46,144,465	)		(17,413,710	)		(13,366,132	)		(9,595,362	)
Net realized gain		(30,409,530	)		—			—			—
Total distributions		(76,553,995	)		(17,413,710	)		(13,366,132	)		(9,595,362	)
Capital share transactions:
Proceeds from sale of shares		165,692,872			258,561,722			111,888,165			156,434,244
Reinvestment of distributions		76,552,827			17,413,211			13,365,853			9,595,165
Value of shares redeemed		(220,228,833	)		(120,905,222	)		(172,282,535	)		(108,378,342	)
Net increase (decrease) from capital share transactions		22,016,866			155,069,711			(47,028,517	)		57,651,067
Total increase (decrease) in net assets		(49,947,878	)		351,306,537			(65,639,874	)		204,486,322
NET ASSETS at beginning of year		1,867,505,168			1,516,198,631			1,228,121,922			1,023,635,600
NET ASSETS at end of year	$	1,817,557,290		$	1,867,505,168		$	1,162,482,048		$	1,228,121,922
Accumulated net investment income included in net assets at end of year	$	434,949		$	19,713,747		$	3,483,488		$	3,389,224
SHARE TRANSACTIONS:
Number of shares sold		19,316,926			32,408,118			11,824,262			17,780,947
Number of shares issued through reinvestment of dividends and distributions		9,509,668			2,051,026			1,451,233			1,002,630
Number of shares redeemed		(25,142,453	)		(15,260,016	)		(17,795,739	)		(12,392,060	)
Net increase (decrease) in shares outstanding		3,684,141			19,199,128			(4,520,244	)		6,391,517

See Notes to Financial Statements.

106

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Growth						Select Value
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	9,121,734		$	11,957,271		$	3,184,309		$	3,055,195
Net realized gain		109,646,065			132,859,679			34,844,389			29,416,353
Net change in unrealized appreciation (depreciation)		(194,568,063	)		112,223,450			(36,822,309	)		26,343,846
Net increase (decrease) in net assets resulting from operations		(75,800,264	)		257,040,400			1,206,389			58,815,394
Distributions to shareholders from:
Net investment income		(9,226,338	)		(12,440,966	)		(2,974,231	)		(2,972,119	)
Total distributions		(9,226,338	)		(12,440,966	)		(2,974,231	)		(2,972,119	)
Capital share transactions:
Proceeds from sale of shares		88,778,128			118,629,311			40,187,068			18,344,078
Reinvestment of distributions		9,226,338			12,440,966			2,974,231			2,972,119
Value of shares redeemed		(233,709,687	)		(218,394,942	)		(59,710,708	)		(34,623,221	)
Net decrease from capital share transactions		(135,705,221	)		(87,324,665	)		(16,549,409	)		(13,307,024	)
Total increase (decrease) in net assets		(220,731,823	)		157,274,769			(18,317,251	)		42,536,251
NET ASSETS at beginning of year		1,971,807,269			1,814,532,500			338,336,440			295,800,189
NET ASSETS at end of year	$	1,751,075,446		$	1,971,807,269		$	320,019,189		$	338,336,440
Accumulated net investment income included in net assets at end of year	$	488,273		$	404,263		$	396,382		$	296,258
SHARE TRANSACTIONS:
Number of shares sold		10,466,360			15,096,886			4,179,747			2,148,934
Number of shares issued through reinvestment of dividends and distributions		1,127,914			1,429,996			314,401			304,833
Number of shares redeemed		(26,864,686	)		(27,614,863	)		(5,991,582	)		(3,932,125	)
Net decrease in shares outstanding		(15,270,412	)		(11,087,981	)		(1,497,434	)		(1,478,358	)

See Notes to Financial Statements.

107

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Aggressive Opportunities						Discovery
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	2,263,482		$	505,137		$	2,143,311		$	1,783,425
Net realized gain		58,474,102			150,445,498			5,263,580			41,836,563
Net change in unrealized appreciation (depreciation)		(168,765,752	)		34,516,017			(18,762,178	)		2,640,839
Net increase (decrease) in net assets resulting from operations		(108,028,168	)		185,466,652			(11,355,287	)		46,260,827
Distributions to shareholders from:
Net investment income		(3,492,614	)		—			(2,156,271	)		(1,907,086	)
Net realized gain		(78,909,119	)		—			—			—
Total distributions		(82,401,733	)		—			(2,156,271	)		(1,907,086	)
Capital share transactions:
Proceeds from sale of shares		59,715,009			66,682,250			34,078,276			24,685,115
Reinvestment of distributions		82,401,733			—			2,156,271			1,907,086
Value of shares redeemed		(141,985,872	)		(114,677,378	)		(41,621,265	)		(36,350,248	)
Net increase (decrease) from capital share transactions		130,870			(47,995,128	)		(5,386,718	)		(9,758,047	)
Total increase (decrease) in net assets		(190,299,031	)		137,471,524			(18,898,276	)		34,595,694
NET ASSETS at beginning of year		1,147,569,790			1,010,098,266			212,769,958			178,174,264
NET ASSETS at end of year	$	957,270,759		$	1,147,569,790		$	193,871,682		$	212,769,958
Accumulated net investment income (loss) included in net assets at end of year	$	3,845,757		$	623,831		$	(1,388	)	$	(49,562	)
SHARE TRANSACTIONS:
Number of shares sold		5,873,382			6,533,411			3,935,791			3,105,575
Number of shares issued through reinvestment of dividends and distributions		9,145,586			—			253,195			205,015
Number of shares redeemed		(12,840,586	)		(11,440,999	)		(4,583,506	)		(4,380,347	)
Net increase (decrease) in shares outstanding		2,178,382			(4,907,588	)		(394,520	)		(1,069,757	)

See Notes to Financial Statements.

108

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	International						Diversifying Strategies(1)
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	27,035,117		$	20,744,447		$	8,754,124		$	7,806,302
Net realized gain		14,141,235			20,637,444			3,129,880			6,694,400
Net change in unrealized appreciation (depreciation)		(137,855,829	)		47,499,370			(12,531,370	)		20,775,645
Net increase (decrease) in net assets resulting from operations		(96,679,477	)		88,881,261			(647,366	)		35,276,347
Distributions to shareholders from:
Net investment income		(28,267,374	)		(22,937,847	)		(2,003,574	)		(15,514,149	)
Net realized gain		—			—			(11,262,657	)		—
Total distributions		(28,267,374	)		(22,937,847	)		(13,266,231	)		(15,514,149	)
Capital share transactions:
Proceeds from sale of shares		180,804,130			221,751,601			125,684,627			431,006,703
Reinvestment of distributions		28,267,374			22,937,847			13,266,231			15,514,149
Value of shares redeemed		(162,924,179	)		(107,496,325	)		(145,851,609	)		(48,887,751	)
Net increase (decrease) from capital share transactions		46,147,325			137,193,123			(6,900,751	)		397,633,101
Total increase (decrease) in net assets		(78,799,526	)		203,136,537			(20,814,348	)		417,395,299
NET ASSETS at beginning of year		1,218,763,185			1,015,626,648			870,591,114			453,195,815
NET ASSETS at end of year	$	1,139,963,659		$	1,218,763,185		$	849,776,766		$	870,591,114
Accumulated net investment income (loss) included in net assets at end of year	$	13,859,239		$	11,574,953		$	(5,792,855	)	$	(1,755,777	)
SHARE TRANSACTIONS:
Number of shares sold		20,269,574			25,357,736			12,311,251			43,063,258
Number of shares issued through reinvestment of dividends and distributions		3,494,113			2,493,244			1,334,631			1,531,505
Number of shares redeemed		(17,194,310	)		(12,161,106	)		(14,437,106	)		(4,948,332	)
Net increase (decrease) in shares outstanding		6,569,377			15,689,874			(791,224	)		39,646,431

(1) Formerly Diversified Assets Fund.

See Notes to Financial Statements.

109

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Core Bond Index						500 Stock Index
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	33,963,511		$	33,435,459		$	6,950,518		$	6,035,497
Net realized gain		13,157,942			7,955,159			5,847,733			4,234,237
Net change in unrealized appreciation (depreciation)		34,307,648			16,038,999			(4,958,307	)		38,084,448
Net increase in net assets resulting from operations		81,429,101			57,429,617			7,839,944			48,354,182
Distributions to shareholders from:
Net investment income—Class I		(29,321,806	)		(28,430,963	)		(1,457,030	)		(1,428,297	)
Net investment income—Class II		(10,828,719	)		(10,420,610	)		(5,368,593	)		(4,640,755	)
Total distributions		(40,150,525	)		(38,851,573	)		(6,825,623	)		(6,069,052	)
Capital share transactions:
Proceeds from sale of shares—Class I		154,830,581			203,777,877			15,004,449			14,588,594
Proceeds from sale of shares—Class II		55,189,411			50,001,904			42,704,327			37,573,481
Reinvestment of distributions—Class I		29,321,806			28,430,963			1,456,429			1,427,754
Reinvestment of distributions—Class II		10,828,719			10,420,610			5,368,593			4,640,755
Value of shares redeemed—Class I		(226,620,000	)		(278,819,887	)		(25,473,968	)		(10,331,582	)
Value of shares redeemed—Class II		(37,910,366	)		(20,765,381	)		(42,890,111	)		(29,614,247	)
Net increase (decrease) from capital share transactions		(14,359,849	)		(6,953,914	)		(3,830,281	)		18,284,755
Total increase (decrease) in net assets		26,918,727			11,624,130			(2,815,960	)		60,569,885
NET ASSETS at beginning of year		1,107,321,351			1,095,697,221			384,085,415			323,515,530
NET ASSETS at end of year	$	1,134,240,078		$	1,107,321,351		$	381,269,455		$	384,085,415
Accumulated net investment income included in net assets at end of year	$	9,575		$	14,310		$	234,960		$	139,469
SHARE TRANSACTIONS:
Number of shares sold—Class I		15,075,414			19,999,683			1,487,565			1,592,115
Number of shares issued through reinvestment of dividends and distributions—Class I		2,857,923			2,799,424			150,925			145,097
Number of shares redeemed—Class I		(21,873,215	)		(27,859,444	)		(2,498,225	)		(1,159,827	)
Net increase (decrease) in shares outstanding—Class I		(3,939,878	)		(5,060,337	)		(859,735	)		577,385
Number of shares sold—Class II		5,322,939			4,856,998			4,508,609			4,346,334
Number of shares issued through reinvestment of dividends and distributions—Class II		1,048,508			1,020,016			589,955			499,543
Number of shares redeemed—Class II		(3,690,535	)		(2,041,422	)		(4,489,530	)		(3,458,473	)
Net increase in shares outstanding—Class II		2,680,912			3,835,592			609,034			1,387,404

See Notes to Financial Statements.

110

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Broad Market Index						Mid/Small Company Index
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	8,873,123		$	8,214,664		$	4,955,959		$	3,699,440
Net realized gain		17,247,356			10,774,722			16,825,014			10,490,951
Net change in unrealized appreciation (depreciation)		(19,101,547	)		61,434,056			(36,445,534	)		65,038,295
Net increase (decrease) in net assets resulting from operations		7,018,932			80,423,442			(14,664,561	)		79,228,686
Distributions to shareholders from:
Net investment income—Class I		(1,639,619	)		(1,698,268	)		(2,428,025	)		(1,856,518	)
Net investment income—Class II		(6,889,586	)		(6,388,942	)		(2,001,727	)		(1,502,952	)
Net realized gain—Class I		—			—			(10,097,260	)		(4,324,029	)
Net realized gain—Class II		—			—			(6,898,716	)		(2,957,241	)
Total distributions		(8,529,205	)		(8,087,210	)		(21,425,728	)		(10,640,740	)
Capital share transactions:
Proceeds from sale of shares—Class I		11,415,454			8,161,973			61,546,128			78,493,509
Proceeds from sale of shares—Class II		36,872,748			40,387,637			37,937,915			45,105,812
Reinvestment of distributions—Class I		1,639,619			1,698,268			12,524,481			6,179,653
Reinvestment of distributions—Class II		6,889,586			6,388,942			8,900,443			4,460,193
Value of shares redeemed—Class I		(30,043,681	)		(15,130,889	)		(49,925,329	)		(15,906,098	)
Value of shares redeemed—Class II		(59,260,258	)		(54,166,831	)		(31,424,662	)		(13,566,570	)
Net increase (decrease) from capital share transactions		(32,486,532	)		(12,660,900	)		39,558,976			104,766,499
Total increase (decrease) in net assets		(33,996,805	)		59,675,332			3,468,687			173,354,445
NET ASSETS at beginning of year		537,702,260			478,026,928			404,972,739			231,618,294
NET ASSETS at end of year	$	503,705,455		$	537,702,260		$	408,441,426		$	404,972,739
Accumulated net investment income included in net assets at end of year	$	6,064,305		$	5,871,309		$	1,125,658		$	684,655
SHARE TRANSACTIONS:
Number of shares sold—Class I		1,031,697			823,042			4,144,118			5,770,721
Number of shares issued through reinvestment of dividends and distributions—Class I		155,857			157,393			918,217			406,557
Number of shares redeemed—Class I		(2,681,236	)		(1,566,504	)		(3,234,606	)		(1,203,680	)
Net increase (decrease) in shares outstanding—Class I		(1,493,682	)		(586,069	)		1,827,729			4,973,598
Number of shares sold—Class II		3,538,800			4,472,508			2,563,731			3,480,050
Number of shares issued through reinvestment of dividends and distributions—Class II		697,326			629,452			689,957			309,306
Number of shares redeemed—Class II		(5,602,099	)		(5,751,688	)		(2,173,431	)		(1,063,592	)
Net increase (decrease) in shares outstanding—Class II		(1,365,973	)		(649,728	)		1,080,257			2,725,764

See Notes to Financial Statements.

111

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Overseas Equity Index
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	6,090,265		$	4,377,431
Net realized loss		(1,471,292	)		(311,721	)
Net change in unrealized appreciation (depreciation)		(29,322,421	)		10,232,532
Net increase (decrease) in net assets resulting from operations		(24,703,448	)		14,298,242
Distributions to shareholders from:
Net investment income—Class I		(1,300,170	)		(1,217,868	)
Net investment income—Class II		(4,495,031	)		(3,668,751	)
Total distributions		(5,795,201	)		(4,886,619	)
Capital share transactions:
Proceeds from sale of shares—Class I		5,355,854			8,123,045
Proceeds from sale of shares—Class II		20,846,747			23,326,692
Reinvestment of distributions—Class I		1,300,170			1,217,868
Reinvestment of distributions—Class II		4,495,031			3,668,751
Value of shares redeemed—Class I		(11,561,711	)		(7,089,014	)
Value of shares redeemed—Class II		(19,010,679	)		(12,740,308	)
Net increase from capital share transactions		1,425,412			16,507,034
Total increase (decrease) in net assets		(29,073,237	)		25,918,657
NET ASSETS at beginning of year		206,857,216			180,938,559
NET ASSETS at end of year	$	177,783,979		$	206,857,216
Accumulated net investment loss included in net assets at end of year	$	(465,915	)	$	(832,919	)
SHARE TRANSACTIONS:
Number of shares sold—Class I		497,952			794,858
Number of shares issued through reinvestment of dividends and distributions—Class I		145,923			114,307
Number of shares redeemed—Class I		(1,083,214	)		(719,758	)
Net increase (decrease) in shares outstanding—Class I		(439,339	)		189,407
Number of shares sold—Class II		2,110,621			2,446,773
Number of shares issued through reinvestment of dividends and distributions—Class II		538,972			366,711
Number of shares redeemed—Class II		(1,885,576	)		(1,341,339	)
Net increase in shares outstanding—Class II		764,017			1,472,145

See Notes to Financial Statements.

112

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio Funds
	Savings Oriented						Conservative Growth
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,652,643		$	6,337,201		$	9,592,040		$	9,904,540
Net realized gain (loss)		(476,785	)		(2,640,382	)		5,653,335			2,312,457
Net change in unrealized appreciation (depreciation)		1,450,544			17,590,586			(8,573,402	)		33,658,884
Net increase in net assets resulting from operations		6,626,402			21,287,405			6,671,973			45,875,881
Distributions to shareholders from:
Net investment income		(5,656,447	)		(6,476,782	)		(9,593,725	)		(10,064,194	)
Net realized gain		(125,894	)		—			(426,959	)		—
Total distributions		(5,782,341	)		(6,476,782	)		(10,020,684	)		(10,064,194	)
Capital share transactions:
Proceeds from sale of shares		34,730,309			39,888,620			40,299,829			59,902,564
Reinvestment of distributions		5,781,314			6,475,804			10,020,684			10,063,438
Value of shares redeemed		(91,421,580	)		(29,938,691	)		(77,719,720	)		(47,048,924	)
Net increase (decrease) from capital share transactions		(50,909,957	)		16,425,733			(27,399,207	)		22,917,078
Total increase (decrease) in net assets		(50,065,896	)		31,236,356			(30,747,918	)		58,728,765
NET ASSETS at beginning of year		338,532,903			307,296,547			586,911,861			528,183,096
NET ASSETS at end of year	$	288,467,007		$	338,532,903		$	556,163,943		$	586,911,861
Accumulated net investment income included in net assets at end of year	$	357,959		$	628,890		$	953,889		$	1,371,379
SHARE TRANSACTIONS:
Number of shares sold		1,400,880			1,671,899			1,682,331			2,629,989
Number of shares issued through reinvestment of dividends and distributions		236,939			266,165			427,139			425,875
Number of shares redeemed		(3,733,716	)		(1,255,126	)		(3,250,086	)		(2,071,257	)
Net increase (decrease) in shares outstanding		(2,095,897	)		682,938			(1,140,616	)		984,607

See Notes to Financial Statements.

113

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio Funds
	Traditional Growth						Long-Term Growth
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	21,923,334		$	21,820,282		$	25,627,207		$	23,528,585
Net realized gain		41,372,040			13,171,964			47,640,696			12,496,051
Net change in unrealized appreciation (depreciation)		(70,336,673	)		112,016,099			(108,133,801	)		169,636,223
Net increase (decrease) in net assets resulting from operations		(7,041,299	)		147,008,345			(34,865,898	)		205,660,859
Distributions to shareholders from:
Net investment income		(28,313,249	)		(21,975,154	)		(30,098,534	)		(26,389,015	)��
Net realized gain		(4,292,155	)		—			(24,301,340	)		—
Total distributions		(32,605,404	)		(21,975,154	)		(54,399,874	)		(26,389,015	)
Capital share transactions:
Proceeds from sale of shares		73,296,341			81,013,767			86,481,553			100,667,167
Reinvestment of distributions		32,600,948			21,972,001			54,399,874			26,389,015
Value of shares redeemed		(195,900,060	)		(85,311,246	)		(187,817,488	)		(79,000,421	)
Net increase (decrease) from capital share transactions		(90,002,771	)		17,674,522			(46,936,061	)		48,055,761
Total increase (decrease) in net assets		(129,649,474	)		142,707,713			(136,201,833	)		227,327,605
NET ASSETS at beginning of year		1,495,757,237			1,353,049,524			1,848,429,947			1,621,102,342
NET ASSETS at end of year	$	1,366,107,763		$	1,495,757,237		$	1,712,228,114		$	1,848,429,947
Accumulated net investment income included in net assets at end of year	$	269,550		$	6,688,019		$	328,469		$	4,819,192
SHARE TRANSACTIONS:
Number of shares sold		3,284,198			3,873,208			4,030,628			5,065,938
Number of shares issued through reinvestment of dividends and distributions		1,514,914			991,069			2,677,159			1,231,405
Number of shares redeemed		(8,786,410	)		(4,101,587	)		(8,747,060	)		(3,983,899	)
Net increase (decrease) in shares outstanding		(3,987,298	)		762,690			(2,039,273	)		2,313,444

See Notes to Financial Statements.

114

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio
	All-Equity Growth
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	8,651,245		$	5,917,143
Net realized gain (loss)		4,668,318			(3,536,219	)
Net change in unrealized appreciation (depreciation)		(41,317,903	)		89,034,048
Net increase (decrease) in net assets resulting from operations		(27,998,340	)		91,414,972
Distributions to shareholders from:
Net investment income		(8,642,925	)		(5,906,426	)
Net realized gain		(979,356	)		—
Total distributions		(9,622,281	)		(5,906,426	)
Capital share transactions:
Proceeds from sale of shares		55,069,364			67,871,936
Reinvestment of distributions		9,622,281			5,906,426
Value of shares redeemed		(92,335,125	)		(35,730,366	)
Net increase (decrease) from capital share transactions		(27,643,480	)		38,047,996
Total increase (decrease) in net assets		(65,264,101	)		123,556,542
NET ASSETS at beginning of year		715,089,610			591,533,068
NET ASSETS at end of year	$	649,825,509		$	715,089,610
Accumulated net investment income included in net assets at end of year	$	1,284,933		$	1,367,944
SHARE TRANSACTIONS:
Number of shares sold		2,782,327			3,779,376
Number of shares issued through reinvestment of dividends and distributions		514,836			298,003
Number of shares redeemed		(4,635,666	)		(2,004,125	)
Net increase (decrease) in shares outstanding		(1,338,503	)		2,073,254

See Notes to Financial Statements.

115

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone Retirement Income						Milestone 2010
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	3,973,613		$	2,833,920		$	3,935,474		$	2,721,503
Net realized gain (loss)		7,277,501			(390,853	)		7,787,624			(890,949	)
Net change in unrealized appreciation (depreciation)		(6,109,472	)		5,225,970			(8,706,661	)		9,515,183
Net increase in net assets resulting from operations		5,141,642			7,669,037			3,016,437			11,345,737
Distributions to shareholders from:
Net investment income		(3,975,718	)		(3,104,436	)		(4,335,853	)		(2,813,079	)
Net realized gain		(4,250,737	)		(188,938	)		(1,755,343	)		—
Total distributions		(8,226,455	)		(3,293,374	)		(6,091,196	)		(2,813,079	)
Capital share transactions:
Proceeds from sale of shares		40,604,046			157,374,875			38,705,399			135,480,402
Reinvestment of distributions		8,226,455			3,293,374			6,091,196			2,813,079
Value of shares redeemed		(41,644,586	)		(25,765,656	)		(37,217,191	)		(19,845,672	)
Net increase from capital share transactions		7,185,915			134,902,593			7,579,404			118,447,809
Total increase in net assets		4,101,102			139,278,256			4,504,645			126,980,467
NET ASSETS at beginning of year		215,961,446			76,683,190			217,770,016			90,789,549
NET ASSETS at end of year	$	220,062,548		$	215,961,446		$	222,274,661		$	217,770,016
Accumulated net investment income included in net assets at end of year	$	—		$	3,234		$	—		$	410,722
SHARE TRANSACTIONS:
Number of shares sold		3,856,537			15,330,569			3,692,226			13,531,505
Number of shares issued through reinvestment of dividends and distributions		808,100			318,816			603,089			274,715
Number of shares redeemed		(3,957,807	)		(2,551,535	)		(3,569,346	)		(2,030,717	)
Net increase in shares outstanding		706,830			13,097,850			725,969			11,775,503

See Notes to Financial Statements.

116

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2015						Milestone 2020
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	6,547,527		$	4,778,662		$	6,430,619		$	4,574,916
Net realized gain (loss)		239,834			(309,614	)		(1,478,769	)		(16,066	)
Net change in unrealized appreciation (depreciation)		(4,786,269	)		20,894,329			(6,768,227	)		22,997,020
Net increase (decrease) in net assets resulting from operations		2,001,092			25,363,377			(1,816,377	)		27,555,870
Distributions to shareholders from:
Net investment income		(7,384,621	)		(4,947,542	)		(6,433,834	)		(4,666,602	)
Net realized gain		(2,229,389	)		(307,240	)		(1,523,980	)		(327,355	)
Total distributions		(9,614,010	)		(5,254,782	)		(7,957,814	)		(4,993,957	)
Capital share transactions:
Proceeds from sale of shares		66,950,595			171,311,494			79,151,031			141,895,139
Reinvestment of distributions		9,614,010			5,254,782			7,957,814			4,993,957
Value of shares redeemed		(50,239,931	)		(19,520,195	)		(35,040,309	)		(11,566,427	)
Net increase from capital share transactions		26,324,674			157,046,081			52,068,536			135,322,669
Total increase in net assets		18,711,756			177,154,676			42,294,345			157,884,582
NET ASSETS at beginning of year		363,143,704			185,989,028			344,032,642			186,148,060
NET ASSETS at end of year	$	381,855,460		$	363,143,704		$	386,326,987		$	344,032,642
Accumulated net investment income included in net assets at end of year	$	—		$	853,089		$	6,793		$	12,743
SHARE TRANSACTIONS:
Number of shares sold		6,323,761			17,080,020			7,514,993			14,257,125
Number of shares issued through reinvestment of dividends and distributions		946,261			507,708			787,902			482,975
Number of shares redeemed		(4,768,534	)		(2,014,504	)		(3,347,269	)		(1,195,001	)
Net increase in shares outstanding		2,501,488			15,573,224			4,955,626			13,545,099

See Notes to Financial Statements.

117

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2025						Milestone 2030
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	4,953,297		$	3,341,394		$	3,736,230		$	2,403,843
Net realized gain (loss)		(414,142	)		184,088			(393,776	)		69,648
Net change in unrealized appreciation (depreciation)		(7,766,396	)		20,567,704			(7,385,447	)		18,981,329
Net increase (decrease) in net assets resulting from operations		(3,227,241	)		24,093,186			(4,042,993	)		21,454,820
Distributions to shareholders from:
Net investment income		(4,955,325	)		(3,355,439	)		(3,737,605	)		(2,417,766	)
Net realized gain		(1,321,791	)		(409,547	)		(632,273	)		(293,847	)
Total distributions		(6,277,116	)		(3,764,986	)		(4,369,878	)		(2,711,613	)
Capital share transactions:
Proceeds from sale of shares		62,102,070			102,735,105			50,648,092			73,730,416
Reinvestment of distributions		6,277,116			3,764,986			4,369,878			2,711,613
Value of shares redeemed		(24,755,453	)		(6,069,787	)		(21,307,635	)		(5,248,816	)
Net increase from capital share transactions		43,623,733			100,430,304			33,710,335			71,193,213
Total increase in net assets		34,119,376			120,758,504			25,297,464			89,936,420
NET ASSETS at beginning of year		267,155,253			146,396,749			211,155,016			121,218,596
NET ASSETS at end of year	$	301,274,629		$	267,155,253		$	236,452,480		$	211,155,016
Accumulated net investment income included in net assets at end of year	$	8,340		$	12,925		$	8,932		$	13,369
SHARE TRANSACTIONS:
Number of shares sold		5,946,639			10,522,334			4,830,598			7,614,799
Number of shares issued through reinvestment of dividends and distributions		629,600			366,601			436,988			261,991
Number of shares redeemed		(2,382,418	)		(637,062	)		(2,028,739	)		(556,779	)
Net increase in shares outstanding		4,193,821			10,251,873			3,238,847			7,320,011

See Notes to Financial Statements.

118

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2035						Milestone 2040
	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	2,313,903		$	1,339,037		$	2,345,169		$	1,288,163
Net realized gain (loss)		(614,579	)		73,403			1,064,163			(6,410,788	)
Net change in unrealized appreciation (depreciation)		(5,353,565	)		13,530,798			(7,456,184	)		20,391,750
Net increase (decrease) in net assets resulting from operations		(3,654,241	)		14,943,238			(4,046,852	)		15,269,125
Distributions to shareholders from:
Net investment income		(2,314,189	)		(1,350,089	)		(2,345,175	)		(1,299,828	)
Net realized gain		(522,524	)		(234,623	)		(145,839	)		(247,741	)
Total distributions		(2,836,713	)		(1,584,712	)		(2,491,014	)		(1,547,569	)
Capital share transactions:
Proceeds from sale of shares		37,042,100			44,879,846			36,820,049			45,741,486
Reinvestment of distributions		2,836,713			1,584,712			2,491,014			1,547,569
Value of shares redeemed		(16,036,919	)		(3,577,372	)		(19,047,271	)		(20,051,937	)
Net increase from capital share transactions		23,841,894			42,887,186			20,263,792			27,237,118
Total increase in net assets		17,350,940			56,245,712			13,725,926			40,958,674
NET ASSETS at beginning of year		133,120,678			76,874,966			132,306,446			91,347,772
NET ASSETS at end of year	$	150,471,618		$	133,120,678		$	146,032,372		$	132,306,446
Accumulated net investment income included in net assets at end of year	$	5,054		$	8,810		$	2,990		$	6,607
SHARE TRANSACTIONS:
Number of shares sold		3,571,504			4,732,919			3,544,151			4,848,744
Number of shares issued through reinvestment of dividends and distributions		287,699			154,005			252,638			150,249
Number of shares redeemed		(1,543,867	)		(384,845	)		(1,830,534	)		(2,223,674	)
Net increase in shares outstanding		2,315,336			4,502,079			1,966,255			2,775,319

See Notes to Financial Statements.

119

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Fund
	Milestone 2045
	For the Year Ended December 31, 2011			For the Period from January 4, 2010* to December 31, 2010
Increase (decrease) in net assets resulting from operations:
Net investment income	$	488,992		$	203,346
Net realized gain		862,205			121,282
Net change in unrealized appreciation (depreciation)		(2,482,770	)		2,574,373
Net increase (decrease) in net assets resulting from operations		(1,131,573	)		2,899,001
Distributions to shareholders from:
Net investment income		(490,728	)		(206,583	)
Net realized gain		(424,960	)		(51,530	)
Total distributions		(915,688	)		(258,113	)
Capital share transactions:
Proceeds from sale of shares		17,424,814			20,506,639
Reinvestment of distributions		915,688			258,113
Value of shares redeemed		(5,222,933	)		(1,042,295	)
Net increase from capital share transactions		13,117,569			19,722,457
Total increase in net assets		11,070,308			22,363,345
NET ASSETS at beginning of year		22,363,345			—
NET ASSETS at end of year	$	33,433,653		$	22,363,345
Accumulated net investment income included in net assets at end of year	$	—		$	—
SHARE TRANSACTIONS:
Number of shares sold		1,534,720			2,049,774
Number of shares issued through reinvestment of dividends and distributions		85,498			22,761
Number of shares redeemed		(471,317	)		(99,522	)
Net increase in shares outstanding		1,148,901			1,973,013

��

* Commencement of operations

See Notes to Financial Statements.

120

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Low Duration Bond(1)
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.04		$	9.95		$	9.28		$	9.83		$	9.76
Income from investment operations:
Net investment income		0.19			0.25			0.32			0.37			0.41
Net realized and unrealized gain (loss)		(0.08	)		0.10			0.65			(0.51	)		0.09
Total from investment operations		0.11			0.35			0.97			(0.14	)		0.50
Less distributions:
From net investment income		(0.19	)		(0.26	)		(0.30	)		(0.41	)		(0.43	)
Total distributions		(0.19	)		(0.26	)		(0.30	)		(0.41	)		(0.43	)
Net Asset Value, end of year	$	9.96		$	10.04		$	9.95		$	9.28		$	9.83
Total return		1.14	%		3.58	%		10.63	%		(1.52	)%		5.24	%
Ratios to Average Net Assets:
Expenses		0.62	%		0.64	%		0.66	%		0.66	%		0.65	%
Net investment income		1.93	%		2.51	%		3.27	%		3.82	%		4.15	%
Supplemental Data:
Net assets, end of year (in thousands)	$	524,463		$	537,709		$	517,659		$	394,704		$	507,120
Portfolio turnover		66	%		70	%		63	%		91	%		149	%

	Inflation Protected Securities(2)
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.99		$	10.72		$	9.88		$	10.46		$	10.03
Income from investment operations:
Net investment income		0.34			0.19			0.11			0.57			0.50
Net realized and unrealized gain (loss)		0.91			0.44			0.85			(0.59	)		0.43
Total from investment operations		1.25			0.63			0.96			(0.02	)		0.93
Less distributions:
From net investment income		(0.36	)		(0.19	)		(0.12	)		(0.46	)		(0.50	)
From net realized gain		(0.20	)		(0.17	)		—			—			—
Return of capital		—			—			—			(0.10	)		—
Total distributions		(0.56	)		(0.36	)		(0.12	)		(0.56	)		(0.50	)
Net Asset Value, end of year	$	11.68		$	10.99		$	10.72		$	9.88		$	10.46
Total return		11.53	%		5.95	%		9.75	%		(0.40	)%		9.64	%
Ratios to Average Net Assets:
Expenses		0.64	%		0.65	%		0.67	%		0.67	%		0.68	%
Net investment income		2.94	%		1.73	%		1.13	%		4.64	%		4.86	%
Supplemental Data:
Net assets, end of year (in thousands)	$	584,191		$	492,002		$	338,790		$	300,148		$	274,209
Portfolio turnover		109	%		97	%		105	%		149	%		174	%

(1) Formerly Short-Term Bond Fund.

(2) Formerly US Government Securities Fund.

See Notes to Financial Statements.

121

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Equity Income
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	8.64		$	7.70		$	5.79		$	9.78		$	9.90
Income from investment operations:
Net investment income		0.12			0.08			0.09			0.13			0.13
Net realized and unrealized gain (loss)		(0.13	)		0.94			1.95			(3.96	)		0.25
Total from investment operations		(0.01	)		1.02			2.04			(3.83	)		0.38
Less distributions:
From net investment income		(0.22	)		(0.08	)		(0.13	)		—			(0.14	)
From net realized gain		(0.14	)		—			—			(0.16	)		(0.36	)
Total distributions		(0.36	)		(0.08	)		(0.13	)		(0.16	)		(0.50	)
Net Asset Value, end of year	$	8.27		$	8.64		$	7.70		$	5.79		$	9.78
Total return		0.04	%		13.28	%		35.28	%		(39.19	)%		3.76	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.84	%		0.85	%		0.88	%		0.88	%		0.88	%
Expenses net of reimbursements/waivers, if any		0.83	%		0.85	%		0.88	%		0.88	%		0.88	%
Net investment income before reimbursements/waivers		1.32	%		1.19	%		1.49	%		1.74	%		1.22	%
Net investment income net of reimbursements/waivers, if any		1.32	%		1.19	%		1.49	%		1.74	%		1.23	%
Supplemental Data:
Net assets, end of year (in thousands)	$	1,817,557		$	1,867,505		$	1,516,199		$	1,102,032		$	1,734,750
Portfolio turnover		18	%		18	%		22	%		29	%		18	%

	Growth & Income
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	9.67		$	8.49		$	6.43		$	10.56		$	11.49
Income from investment operations:
Net investment income		0.11			0.08			0.10			0.10			0.12
Net realized and unrealized gain (loss)		(0.18	)		1.18			2.06			(4.13	)		0.58
Total from investment operations		(0.07	)		1.26			2.16			(4.03	)		0.70
Less distributions:
From net investment income		(0.11	)		(0.08	)		(0.10	)		(0.07	)		(0.15	)
From net realized gain		—			—			—			(0.03	)		(1.48	)
Total distributions		(0.11	)		(0.08	)		(0.10	)		(0.10	)		(1.63	)
Net Asset Value, end of year	$	9.49		$	9.67		$	8.49		$	6.43		$	10.56
Total return		(0.69	)%		14.81	%		33.61	%		(38.16	)%		5.98	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.78	%		0.79	%		0.82	%		0.81	%		0.81	%
Expenses net of reimbursements/waivers, if any		0.78	%		0.79	%		0.81	%		0.80	%		0.80	%
Net investment income before reimbursements/waivers		1.12	%		0.91	%		1.39	%		1.20	%		0.90	%
Net investment income net of reimbursements/waivers, if any		1.12	%		0.91	%		1.39	%		1.21	%		0.90	%
Supplemental Data:
Net assets, end of year (in thousands)	$	1,162,482		$	1,228,122		$	1,023,636		$	747,032		$	1,101,700
Portfolio turnover		40	%		46	%		111	%		58	%		41	%

See Notes to Financial Statements.

122

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Growth
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	8.78		$	7.70		$	5.91		$	10.45		$	9.56
Income from investment operations:
Net investment income		0.04			0.05			0.04			0.06			0.05
Net realized and unrealized gain (loss)		(0.42	)		1.09			1.79			(4.54	)		0.89
Total from investment operations		(0.38	)		1.14			1.83			(4.48	)		0.94
Less distributions:
From net investment income		(0.04	)		(0.06	)		(0.04	)		(0.06	)		(0.05	)
Total distributions		(0.04	)		(0.06	)		(0.04	)		(0.06	)		(0.05	)
Net Asset Value, end of year	$	8.36		$	8.78		$	7.70		$	5.91		$	10.45
Total return		(4.27	)%		14.76	%		31.02	%		(42.89	)%		9.81	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.83	%		0.86	%		0.86	%		0.88	%		0.87	%
Expenses net of reimbursements/waivers, if any		0.81	%		0.84	%		0.84	%		0.87	%		0.87	%
Net investment income before reimbursements/waivers		0.47	%		0.64	%		0.64	%		0.63	%		0.41	%
Net investment income net of reimbursements/waivers, if any		0.49	%		0.66	%		0.66	%		0.64	%		0.41	%
Supplemental Data:
Net assets, end of year (in thousands)	$	1,751,075		$	1,971,807		$	1,814,533		$	1,427,675		$	2,567,845
Portfolio turnover		70	%		117	%		89	%		175	%		50	%

	Select Value
	For the Year Ended December 31,												For the Period from October  30, 2007* to December 31, 2007
	2011			2010			2009			2008
Net Asset Value, beginning of year	$	9.84		$	8.25		$	6.07		$	9.38		$	10.00
Income from investment operations:
Net investment income		0.10			0.09			0.10			0.12			0.04
Net realized and unrealized gain (loss)		(0.12	)		1.59			2.14			(3.31	)		(0.62	)
Total from investment operations		(0.02	)		1.68			2.24			(3.19	)		(0.58	)
Less distributions:
From net investment income		(0.09	)		(0.09	)		(0.06	)		(0.12	)		(0.04	)
Total distributions		(0.09	)		(0.09	)		(0.06	)		(0.12	)		(0.04	)
Net Asset Value, end of year	$	9.73		$	9.84		$	8.25		$	6.07		$	9.38
Total return		(0.16	)%		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		0.96	%		1.01	%		1.42	%		1.65	%		2.02	%†
Net investment income net of reimbursements/waivers, if any		0.96	%		1.01	%		1.42	%		1.68	%		2.06	%†
Supplemental Data:
Net assets, end of year (in thousands)	$	320,019		$	338,336		$	295,800		$	220,955		$	294,157
Portfolio turnover		60	%		68	%		85	%		211	%		11	%††

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements.

123

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Aggressive Opportunities
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	11.34		$	9.52		$	6.32		$	11.26		$	12.85
Income from investment operations:
Net investment income		0.03			0.01			(0.00	)#		0.03			0.01
Net realized and unrealized gain (loss)		(1.23	)		1.81			3.22			(4.68	)		0.72
Total from investment operations		(1.20	)		1.82			3.22			(4.65	)		0.73
Less distributions:
From net investment income		(0.04	)		—			(0.02	)		(0.01	)		—
From net realized gain		(0.84	)		—			—			(0.28	)		(2.32	)
Total distributions		(0.88	)		—			(0.02	)		(0.29	)		(2.32	)
Net Asset Value, end of year	$	9.26		$	11.34		$	9.52		$	6.32		$	11.26
Total return		(10.42	)%		19.12	%		50.95	%		(41.29	)%		5.53	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.91	%		0.93	%		0.99	%		1.01	%		1.02	%
Expenses net of reimbursements/waivers, if any		0.91	%		0.93	%		0.98	%		0.96	%		1.02	%
Net investment income (loss) before reimbursements/waivers		0.21	%		0.05	%		(0.02	)%		0.25	%		0.07	%
Net investment income (loss) net of reimbursements/waivers, if any		0.21	%		0.05	%		(0.02	)%		0.30	%		0.08	%
Supplemental Data:
Net assets, end of year (in thousands)	$	957,271		$	1,147,570		$	1,010,098		$	668,403		$	1,154,745
Portfolio turnover		53	%		96	%		53	%		57	%		45	%

	Discovery
	For the Year Ended December 31,												For the Period from October  30, 2007* to December 31, 2007
	2011			2010			2009			2008
Net Asset Value, beginning of year	$	9.42		$	7.54		$	5.46		$	9.25		$	10.00
Income from investment operations:
Net investment income		0.10			0.08			0.08			0.20			0.03
Net realized and unrealized gain (loss)		(0.68	)		1.89			2.07			(3.77	)		(0.68	)
Total from investment operations		(0.58	)		1.97			2.15			(3.57	)		(0.65	)
Less distributions:
From net investment income		(0.10	)		(0.09	)		(0.07	)		(0.17	)		(0.03	)
From net realized gain		—			—			—			—			(0.07	)
Return of capital		—			—			—			(0.05	)		—
Total distributions		(0.10	)		(0.09	)		(0.07	)		(0.22	)		(0.10	)
Net Asset Value, end of year	$	8.74		$	9.42		$	7.54		$	5.46		$	9.25
Total return		(6.15	)%		26.08	%		39.32	%		(38.51	)%		(6.46	)%††
Ratios to Average Net Assets:
Expenses		0.95	%		0.98	%		0.99	%		0.99	%		1.07	%†
Net investment income		1.05	%		0.97	%		1.35	%		2.12	%		2.08	%†
Supplemental Data:
Net assets, end of year (in thousands)	$	193,872		$	212,770		$	178,174		$	126,382		$	173,510
Portfolio turnover		86	%		73	%		85	%		111	%		36	%††

  # Rounds to less than $0.01

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements.

124

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	International
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	9.34		$	8.85		$	6.94		$	12.19		$	12.57
Income from investment operations:
Net investment income		0.20			0.15			0.12			0.17			0.18
Net realized and unrealized gain (loss)		(1.01	)		0.52			1.96			(5.29	)		1.37
Total from investment operations		(0.81	)		0.67			2.08			(5.12	)		1.55
Less distributions:
From net investment income		(0.21	)		(0.18	)		(0.17	)		(0.02	)		(0.21	)
From net realized gain		—			—			—			(0.11	)		(1.72	)
Total distributions		(0.21	)		(0.18	)		(0.17	)		(0.13	)		(1.93	)
Net Asset Value, end of year	$	8.32		$	9.34		$	8.85		$	6.94		$	12.19
Total return		(8.57	)%		7.61	%		29.97	%		(42.03	)%		12.46	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.97	%		0.98	%		1.05	%		1.07	%		1.10	%
Expenses net of reimbursements/waivers, if any		0.95	%		0.98	%		1.05	%		1.07	%		1.10	%
Net investment income before reimbursements/waivers		2.25	%		1.95	%		1.70	%		1.95	%		1.15	%
Net investment income net of reimbursements/waivers, if any		2.26	%		1.95	%		1.70	%		1.95	%		1.15	%
Supplemental Data:
Net assets, end of year (in thousands)	$	1,139,964		$	1,218,763		$	1,015,627		$	766,210		$	1,145,029
Portfolio turnover		50	%		53	%		164	%		59	%		60	%

	Diversifying Strategies(1)
	For the Year Ended December 31,												For the Period from October  30, 2007* to December 31, 2007
	2011			2010			2009			2008
Net Asset Value, beginning of year	$	10.16		$	9.85		$	9.28		$	9.95		$	10.00
Income from investment operations:
Net investment income		0.10			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		0.01			0.50			0.62			(0.67	)		(0.01	)
Less distributions:
From net investment income		(0.02	)		(0.19	)		(0.05	)		—			(0.04	)
From net realized gain		(0.14	)		—			—			(0.00	)#		—
Total distributions		(0.16	)		(0.19	)		(0.05	)		(0.00	)#		(0.04	)
Net Asset Value, end of year	$	10.01		$	10.16		$	9.85		$	9.28		$	9.95
Total return		0.10	%		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		0.85	%		0.91	%		0.95	%		0.99	%		1.01	%†
Net investment income before reimbursements/waivers		0.93	%		1.06	%		1.05	%		2.30	%		3.52	%†
Net investment income net of reimbursements/waivers, if any		1.00	%		1.06	%		1.06	%		2.31	%		3.53	%†
Supplemental Data:
Net assets, end of year (in thousands)	$	849,777		$	870,591		$	453,196		$	338,090		$	465,175
Portfolio turnover		73	%		63	%		129	%		89	%		16	%††

(1) Formerly Diversified Assets Fund.

  * Commencement of operations

  † Annualized

†† Not annualized

  # Rounds to less than $0.01

See Notes to Financial Statements.

125

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Financial Highlights

(For a share outstanding throughout each period)

	Core Bond Index Class I
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.10		$	9.89		$	9.81		$	9.87		$	9.75
Income from investment operations:
Net investment income		0.31			0.34			0.40			0.46			0.47
Net realized and unrealized gain (loss)		0.42			0.26			0.13			(0.02	)		0.15
Total from investment operations		0.73			0.60			0.53			0.44			0.62
Less distributions:
From net investment income		(0.36	)		(0.39	)		(0.45	)		(0.50	)		(0.50	)
Total distributions		(0.36	)		(0.39	)		(0.45	)		(0.50	)		(0.50	)
Net Asset Value, end of year	$	10.47		$	10.10		$	9.89		$	9.81		$	9.87
Total return		7.41	%		6.13	%		5.57	%		4.63	%		6.52	%
Ratios to Average Net Assets:
Expenses		0.41	%		0.42	%		0.42	%		0.44	%		0.44	%
Net investment income		3.00	%		3.31	%		3.99	%		4.70	%		4.71	%
Supplemental Data:
Net assets, end of year (in thousands)	$	813,431		$	824,963		$	857,504		$	656,279		$	888,541
Portfolio turnover		57	%		85	%		60	%		49	%		76	%

	Core Bond Index Class II
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.16		$	9.94		$	9.86		$	9.92		$	9.80
Income from investment operations:
Net investment income		0.33			0.36			0.42			0.48			0.49
Net realized and unrealized gain (loss)		0.43			0.27			0.13			(0.02	)		0.15
Total from investment operations		0.76			0.63			0.55			0.46			0.64
Less distributions:
From net investment income		(0.39	)		(0.41	)		(0.47	)		(0.52	)		(0.52	)
Total distributions		(0.39	)		(0.41	)		(0.47	)		(0.52	)		(0.52	)
Net Asset Value, end of year	$	10.53		$	10.16		$	9.94		$	9.86		$	9.92
Total return		7.57	%		6.41	%		5.74	%		4.82	%		6.71	%
Ratios to Average Net Assets:
Expenses		0.21	%		0.22	%		0.22	%		0.24	%		0.24	%
Net investment income		3.15	%		3.51	%		4.21	%		4.90	%		4.91	%
Supplemental Data:
Net assets, end of year (in thousands)	$	320,809		$	282,359		$	238,193		$	220,355		$	201,573
Portfolio turnover		57	%		85	%		60	%		49	%		76	%

See Notes to Financial Statements.

126

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	500 Stock Index Class I
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	9.95		$	8.81		$	7.12		$	11.63		$	11.23
Income from investment operations:
Net investment income		0.17			0.15			0.16			0.18			0.22
Net realized and unrealized gain (loss)		0.00	#		1.13			1.70			(4.52	)		0.35
Total from investment operations		0.17			1.28			1.86			(4.34	)		0.57
Less distributions:
From net investment income		(0.16	)		(0.14	)		(0.17	)		(0.17	)		(0.17	)
Total distributions		(0.16	)		(0.14	)		(0.17	)		(0.17	)		(0.17	)
Net Asset Value, end of year	$	9.96		$	9.95		$	8.81		$	7.12		$	11.63
Total return		1.72	%		14.56	%		26.13	%		(37.31	)%		5.06	%
Ratios to Average Net Assets:
Expenses		0.42	%		0.43	%		0.44	%		0.46	%		0.45	%
Net investment income		1.65	%		1.63	%		2.19	%		1.92	%		1.55	%
Supplemental Data:
Net assets, end of year (in thousands)	$	94,197		$	102,642		$	85,772		$	59,748		$	95,694
Portfolio turnover		3	%		3	%		15	%		7	%		5	%

	500 Stock Index Class II
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	9.39		$	8.32		$	6.73		$	11.01		$	10.65
Income from investment operations:
Net investment income		0.18			0.16			0.19			0.19			0.20
Net realized and unrealized gain (loss)		0.00	#		1.07			1.58			(4.28	)		0.36
Total from investment operations		0.18			1.23			1.77			(4.09	)		0.56
Less distributions:
From net investment income		(0.18	)		(0.16	)		(0.18	)		(0.19	)		(0.20	)
Total distributions		(0.18	)		(0.16	)		(0.18	)		(0.19	)		(0.20	)
Net Asset Value, end of year	$	9.39		$	9.39		$	8.32		$	6.73		$	11.01
Total return		1.97	%		14.78	%		26.35	%		(37.15	)%		5.22	%
Ratios to Average Net Assets:
Expenses		0.22	%		0.23	%		0.24	%		0.26	%		0.25	%
Net investment income		1.86	%		1.84	%		2.40	%		2.13	%		1.75	%
Supplemental Data:
Net assets, end of year (in thousands)	$	287,072		$	281,443		$	237,743		$	200,989		$	316,248
Portfolio turnover		3	%		3	%		15	%		7	%		5	%

# Rounds to less than $0.01

See Notes to Financial Statements.

127

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Broad Market Index Class I
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.92		$	9.47		$	7.53		$	12.25		$	11.81
Income from investment operations:
Net investment income		0.20			0.16			0.17			0.21			0.26
Net realized and unrealized gain (loss)		(0.11	)		1.43			1.92			(4.75	)		0.35
Total from investment operations		0.09			1.59			2.09			(4.54	)		0.61
Less distributions:
From net investment income		(0.16	)		(0.14	)		(0.15	)		(0.18	)		(0.17	)
Total distributions		(0.16	)		(0.14	)		(0.15	)		(0.18	)		(0.17	)
Net Asset Value, end of year	$	10.85		$	10.92		$	9.47		$	7.53		$	12.25
Total return		0.85	%		16.84	%		27.78	%		(37.06	)%		5.15	%
Ratios to Average Net Assets:
Expenses		0.41	%		0.42	%		0.43	%		0.44	%		0.44	%
Net investment income		1.56	%		1.55	%		2.05	%		1.81	%		1.48	%
Supplemental Data:
Net assets, end of year (in thousands)	$	114,674		$	131,673		$	119,777		$	94,710		$	170,584
Portfolio turnover		1	%		6	%		7	%		4	%		2	%

	Broad Market Index Class II
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.27		$	8.91		$	7.09		$	11.57		$	11.17
Income from investment operations:
Net investment income		0.19			0.16			0.18			0.20			0.20
Net realized and unrealized gain (loss)		(0.09	)		1.36			1.81			(4.48	)		0.40
Total from investment operations		0.10			1.52			1.99			(4.28	)		0.60
Less distributions:
From net investment income		(0.18	)		(0.16	)		(0.17	)		(0.20	)		(0.20	)
Total distributions		(0.18	)		(0.16	)		(0.17	)		(0.20	)		(0.20	)
Net Asset Value, end of year	$	10.19		$	10.27		$	8.91		$	7.09		$	11.57
Total return		1.07	%		17.12	%		28.04	%		(36.97	)%		5.35	%
Ratios to Average Net Assets:
Expenses		0.21	%		0.22	%		0.23	%		0.24	%		0.24	%
Net investment income		1.77	%		1.75	%		2.26	%		2.03	%		1.68	%
Supplemental Data:
Net assets, end of year (in thousands)	$	389,031		$	406,029		$	358,250		$	295,297		$	484,534
Portfolio turnover		1	%		6	%		7	%		4	%		2	%

See Notes to Financial Statements.

128

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Mid/Small Company Index Class I
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	15.39		$	12.35		$	9.17		$	16.23		$	16.52
Income from investment operations:
Net investment income		0.16			0.13			0.13			0.18			0.16
Net realized and unrealized gain (loss)		(0.78	)		3.31			3.19			(6.46	)		0.68
Total from investment operations		(0.62	)		3.44			3.32			(6.28	)		0.84
Less distributions:
From net investment income		(0.15	)		(0.12	)		(0.14	)		(0.18	)		(0.20	)
From net realized gain		(0.60	)		(0.28	)		—			(0.59	)		(0.93	)
Return of capital		—			—			—			(0.01	)		—
Total distributions		(0.75	)		(0.40	)		(0.14	)		(0.78	)		(1.13	)
Net Asset Value, end of year	$	14.02		$	15.39		$	12.35		$	9.17		$	16.23
Total return		(3.91	)%		27.93	%		36.19	%		(38.57	)%		4.98	%
Ratios to Average Net Assets:
Expenses		0.43	%		0.45	%		0.48	%		0.50	%		0.50	%
Net investment income		1.11	%		1.16	%		1.46	%		1.47	%		1.16	%
Supplemental Data:
Net assets, end of year (in thousands)	$	247,732		$	243,794		$	134,165		$	82,628		$	105,496
Portfolio turnover		15	%		14	%		25	%		15	%		18	%

	Mid/Small Company Index Class II
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	14.60		$	11.73		$	8.71		$	15.48		$	15.80
Income from investment operations:
Net investment income		0.19			0.15			0.17			0.23			0.22
Net realized and unrealized gain (loss)		(0.76	)		3.14			3.00			(6.20	)		0.61
Total from investment operations		(0.57	)		3.29			3.17			(5.97	)		0.83
Less distributions:
From net investment income		(0.17	)		(0.14	)		(0.15	)		(0.20	)		(0.22	)
From net realized gain		(0.60	)		(0.28	)		—			(0.59	)		(0.93	)
Return of capital		—			—			—			(0.01	)		—
Total distributions		(0.77	)		(0.42	)		(0.15	)		(0.80	)		(1.15	)
Net Asset Value, end of year	$	13.26		$	14.60		$	11.73		$	8.71		$	15.48
Total return		(3.70	)%		28.15	%		36.47	%		(38.44	)%		5.20	%
Ratios to Average Net Assets:
Expenses		0.23	%		0.25	%		0.28	%		0.30	%		0.30	%
Net investment income		1.30	%		1.35	%		1.66	%		1.63	%		1.36	%
Supplemental Data:
Net assets, end of year (in thousands)	$	160,710		$	161,178		$	97,453		$	71,965		$	121,950
Portfolio turnover		15	%		14	%		25	%		15	%		18	%

See Notes to Financial Statements.

129

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Overseas Equity Index Class I
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.82		$	10.30		$	8.20		$	14.80		$	13.79
Income from investment operations:
Net investment income		0.33			0.23			0.22			0.39			0.35
Net realized and unrealized gain (loss)		(1.68	)		0.52			2.12			(6.61	)		1.05
Total from investment operations		(1.35	)		0.75			2.34			(6.22	)		1.40
Less distributions:
From net investment income		(0.28	)		(0.23	)		(0.24	)		(0.32	)		(0.38	)
From net realized gain		—			—			—			(0.06	)		(0.01	)
Total distributions		(0.28	)		(0.23	)		(0.24	)		(0.38	)		(0.39	)
Net Asset Value, end of year	$	9.19		$	10.82		$	10.30		$	8.20		$	14.80	��
Total return		(12.42	)%		7.37	%		28.63	%		(42.05	)%		10.17	%
Ratios to Average Net Assets:
Expenses		0.54	%		0.56	%		0.59	%		0.63	%		0.63	%
Net investment income		2.93	%		2.27	%		2.61	%		3.07	%		2.36	%
Supplemental Data:
Net assets, end of year (in thousands)	$	44,911		$	57,649		$	52,937		$	36,021		$	70,723
Portfolio turnover		2	%		2	%		5	%		6	%		5	%

	Overseas Equity Index Class II
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.16		$	9.69		$	7.72		$	13.98		$	13.06
Income from investment operations:
Net investment income		0.31			0.23			0.23			0.39			0.35
Net realized and unrealized gain (loss)		(1.57	)		0.50			2.00			(6.25	)		0.99
Total from investment operations		(1.26	)		0.73			2.23			(5.86	)		1.34
Less distributions:
From net investment income		(0.30	)		(0.26	)		(0.26	)		(0.34	)		(0.41	)
From net realized gain		—			—			—			(0.06	)		(0.01	)
Total distributions		(0.30	)		(0.26	)		(0.26	)		(0.40	)		(0.42	)
Net Asset Value, end of year	$	8.60		$	10.16		$	9.69		$	7.72		$	13.98
Total return		(12.28	)%		7.54	%		28.94	%		(41.90	)%		10.30	%
Ratios to Average Net Assets:
Expenses		0.34	%		0.36	%		0.39	%		0.43	%		0.43	%
Net investment income		3.11	%		2.45	%		2.83	%		3.27	%		2.56	%
Supplemental Data:
Net assets, end of year (in thousands)	$	132,873		$	149,208		$	128,002		$	92,719		$	178,661
Portfolio turnover		2	%		2	%		5	%		6	%		5	%

See Notes to Financial Statements.

130

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Savings Oriented
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	24.32		$	23.22		$	20.58		$	24.70		$	24.70
Income from investment operations:
Net investment income		0.51			0.46			0.49			0.73			0.88
Net realized and unrealized gain (loss)		0.07			1.11			2.64			(3.63	)		0.63
Total from investment operations		0.58			1.57			3.13			(2.90	)		1.51
Less distributions:
From net investment income		(0.50	)		(0.47	)		(0.48	)		(0.70	)		(0.96	)
From net realized gain		—			—			(0.01	)		(0.52	)		(0.55	)
Total distributions		(0.50	)		(0.47	)		(0.49	)		(1.22	)		(1.51	)
Net Asset Value, end of year	$	24.40		$	24.32		$	23.22		$	20.58		$	24.70
Total return		2.38	%		6.78	%		15.18	%		(11.67	)%		6.15	%
Ratios to Average Net Assets:
Expenses		0.14	%		0.14	%		0.16	%		0.16	%		0.15	%
Net investment income		1.76	%		1.97	%		2.36	%		2.88	%		3.66	%
Supplemental Data:
Net assets, end of year (in thousands)	$	288,467		$	338,533		$	307,297		$	255,970		$	311,455
Portfolio turnover		15	%		25	%		7	%		18	%		27	%

	Model Portfolio Conservative Growth
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	23.62		$	22.13		$	19.04		$	24.62		$	24.48
Income from investment operations:
Net investment income		0.43			0.40			0.44			0.58			0.68
Net realized and unrealized gain (loss)		(0.16	)		1.50			3.08			(4.92	)		0.92
Total from investment operations		0.27			1.90			3.52			(4.34	)		1.60
Less distributions:
From net investment income		(0.43	)		(0.41	)		(0.43	)		(0.53	)		(0.75	)
From net realized gain		—			—			—			(0.71	)		(0.71	)
Total distributions		(0.43	)		(0.41	)		(0.43	)		(1.24	)		(1.46	)
Net Asset Value, end of year	$	23.46		$	23.62		$	22.13		$	19.04		$	24.62
Total return		1.15	%		8.60	%		18.50	%		(17.56	)%		6.57	%
Ratios to Average Net Assets:
Expenses		0.12	%		0.13	%		0.15	%		0.15	%		0.14	%
Net investment income		1.67	%		1.80	%		2.20	%		2.40	%		2.99	%
Supplemental Data:
Net assets, end of year (in thousands)	$	556,164		$	586,912		$	528,183		$	449,433		$	597,775
Portfolio turnover		14	%		23	%		13	%		19	%		27	%

See Notes to Financial Statements.

131

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Traditional Growth
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	22.17		$	20.28		$	16.65		$	24.04		$	24.26
Income from investment operations:
Net investment income		0.38			0.33			0.33			0.38			0.46
Net realized and unrealized gain (loss)		(0.50	)		1.89			3.62			(6.53	)		1.25
Total from investment operations		(0.12	)		2.22			3.95			(6.15	)		1.71
Less distributions:
From net investment income		(0.48	)		(0.33	)		(0.30	)		(0.30	)		(0.56	)
From net realized gain		(0.05	)		—			(0.02	)		(0.94	)		(1.37	)
Total distributions		(0.53	)		(0.33	)		(0.32	)		(1.24	)		(1.93	)
Net Asset Value, end of year	$	21.52		$	22.17		$	20.28		$	16.65		$	24.04
Total return		(0.56	)%		10.95	%		23.72	%		(25.39	)%		7.03	%
Ratios to Average Net Assets:
Expenses		0.11	%		0.12	%		0.13	%		0.13	%		0.13	%
Net investment income		1.52	%		1.57	%		1.86	%		1.74	%		2.23	%
Supplemental Data:
Net assets, end of year (in thousands)	$	1,366,108		$	1,495,757		$	1,353,050		$	1,072,076		$	1,487,224
Portfolio turnover		13	%		15	%		8	%		20	%		28	%

	Model Portfolio Long-Term Growth
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	21.41		$	19.30		$	15.35		$	24.26		$	24.56
Income from investment operations:
Net investment income		0.35			0.27			0.26			0.24			0.26
Net realized and unrealized gain (loss)		(0.77	)		2.15			3.99			(7.81	)		1.64
Total from investment operations		(0.42	)		2.42			4.25			(7.57	)		1.90
Less distributions:
From net investment income		(0.40	)		(0.31	)		(0.21	)		(0.21	)		(0.43	)
From net realized gain		(0.27	)		—			(0.09	)		(1.13	)		(1.77	)
Total distributions		(0.67	)		(0.31	)		(0.30	)		(1.34	)		(2.20	)
Net Asset Value, end of year	$	20.32		$	21.41		$	19.30		$	15.35		$	24.26
Total return		(1.98	)%		12.54	%		27.67	%		(30.99	)%		7.74	%
Ratios to Average Net Assets:
Expenses		0.11	%		0.12	%		0.13	%		0.13	%		0.12	%
Net investment income		1.42	%		1.40	%		1.63	%		1.16	%		1.57	%
Supplemental Data:
Net assets, end of year (in thousands)	$	1,712,228		$	1,848,430		$	1,621,102		$	1,203,596		$	1,677,987
Portfolio turnover		11	%		10	%		5	%		14	%		27	%

See Notes to Financial Statements.

132

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio All-Equity Growth
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	19.81		$	17.38		$	13.07		$	24.63		$	25.88
Income from investment operations:
Net investment income		0.28			0.16			0.18			0.11			0.04
Net realized and unrealized gain (loss)		(1.12	)		2.43			4.41			(10.01	)		1.98
Total from investment operations		(0.84	)		2.59			4.59			(9.90	)		2.02
Less distributions:
From net investment income		(0.28	)		(0.16	)		(0.15	)		(0.12	)		(0.21	)
From net realized gain		—			—			(0.13	)		(1.54	)		(3.06	)
Total distributions		(0.28	)		(0.16	)		(0.28	)		(1.66	)		(3.27	)
Net Asset Value, end of year	$	18.69		$	19.81		$	17.38		$	13.07		$	24.63
Total return		(4.23	)%		14.93	%		35.07	%		(39.86	)%		7.75	%
Ratios to Average Net Assets:
Expenses		0.12	%		0.13	%		0.14	%		0.15	%		0.14	%
Net investment income		1.24	%		0.95	%		1.30	%		0.57	%		0.82	%
Supplemental Data:
Net assets, end of year (in thousands)	$	649,826		$	715,090		$	591,533		$	385,657		$	597,973
Portfolio turnover		9	%		6	%		3	%		7	%		23	%

	Milestone Retirement Income
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.33		$	9.81		$	8.56		$	10.61		$	10.51
Income from investment operations:
Net investment income		0.20			0.12			0.16			0.29			0.27
Net realized and unrealized gain (loss)		0.05			0.56			1.26			(1.76	)		0.36
Total from investment operations		0.25			0.68			1.42			(1.47	)		0.63
Less distributions:
From net investment income		(0.20	)		(0.15	)		(0.15	)		(0.29	)		(0.29	)
From net realized gain		(0.20	)		(0.01	)		(0.02	)		(0.29	)		(0.24	)
Total distributions		(0.40	)		(0.16	)		(0.17	)		(0.58	)		(0.53	)
Net Asset Value, end of year	$	10.18		$	10.33		$	9.81		$	8.56		$	10.61
Total return		2.37	%		6.93	%		16.53	%		(13.76	)%		6.05	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.15	%		0.18	%		0.25	%		0.27	%		0.30	%
Expenses net of reimbursements/waivers, if any		0.15	%		0.18	%		0.20	%		0.07	%		0.14	%
Net investment income before reimbursements/waivers		1.79	%		2.49	%		2.29	%		2.55	%		3.48	%
Net investment income net of reimbursements/waivers, if any		1.79	%		2.49	%		2.34	%		2.74	%		3.63	%
Supplemental Data:
Net assets, end of year (in thousands)	$	220,063		$	215,961		$	76,683		$	43,323		$	54,573
Portfolio turnover		19	%		25	%		14	%		36	%		63	%

See Notes to Financial Statements.

133

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2010
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.24		$	9.56		$	8.27		$	10.65		$	10.85
Income from investment operations:
Net investment income		0.19			0.10			0.18			0.23			0.27
Net realized and unrealized gain (loss)		(0.04	)		0.71			1.29			(2.09	)		0.42
Total from investment operations		0.15			0.81			1.47			(1.86	)		0.69
Less distributions:
From net investment income		(0.21	)		(0.13	)		(0.14	)		(0.23	)		(0.30	)
From net realized gain		(0.08	)		—			(0.04	)		(0.29	)		(0.59	)
Total distributions		(0.29	)		(0.13	)		(0.18	)		(0.52	)		(0.89	)
Net Asset Value, end of year	$	10.10		$	10.24		$	9.56		$	8.27		$	10.65
Total return		1.41	%		8.51	%		17.71	%		(17.34	)%		6.43	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.15	%		0.18	%		0.22	%		0.23	%		0.24	%
Expenses net of reimbursements/waivers, if any		0.15	%		0.18	%		0.19	%		0.13	%		0.18	%
Net investment income before reimbursements/waivers		1.75	%		2.11	%		2.15	%		2.31	%		2.97	%
Net investment income net of reimbursements/waivers, if any		1.75	%		2.11	%		2.17	%		2.41	%		3.02	%
Supplemental Data:
Net assets, end of year (in thousands)	$	222,275		$	217,770		$	90,790		$	65,043		$	70,403
Portfolio turnover		22	%		33	%		20	%		27	%		58	%

	Milestone 2015
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.35		$	9.53		$	7.96		$	11.13		$	11.29
Income from investment operations:
Net investment income		0.18			0.12			0.16			0.17			0.22
Net realized and unrealized gain (loss)		(0.10	)		0.85			1.58			(2.80	)		0.56
Total from investment operations		0.08			0.97			1.74			(2.63	)		0.78
Less distributions:
From net investment income		(0.21	)		(0.14	)		(0.11	)		(0.18	)		(0.25	)
From net realized gain		(0.06	)		(0.01	)		(0.06	)		(0.36	)		(0.69	)
Total distributions		(0.27	)		(0.15	)		(0.17	)		(0.54	)		(0.94	)
Net Asset Value, end of year	$	10.16		$	10.35		$	9.53		$	7.96		$	11.13
Total return		0.70	%		10.20	%		21.84	%		(23.54	)%		6.88	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.14	%		0.15	%		0.18	%		0.19	%		0.18	%
Expenses net of reimbursements/waivers, if any		0.14	%		0.15	%		0.17	%		0.14	%		0.18	%
Net investment income before reimbursements/waivers		1.72	%		1.96	%		2.06	%		1.81	%		2.57	%
Net investment income net of reimbursements/waivers, if any		1.72	%		1.96	%		2.07	%		1.85	%		2.57	%
Supplemental Data:
Net assets, end of year (in thousands)	$	381,855		$	363,144		$	185,989		$	120,249		$	138,535
Portfolio turnover		20	%		15	%		12	%		21	%		40	%

See Notes to Financial Statements.

134

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2020
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.34		$	9.43		$	7.83		$	11.38		$	11.52
Income from investment operations:
Net investment income		0.18			0.14			0.16			0.13			0.20
Net realized and unrealized gain (loss)		(0.20	)		0.92			1.68			(3.20	)		0.63
Total from investment operations		(0.02	)		1.06			1.84			(3.07	)		0.83
Less distributions:
From net investment income		(0.18	)		(0.14	)		(0.16	)		(0.14	)		(0.23	)
From net realized gain		(0.04	)		(0.01	)		(0.08	)		(0.34	)		(0.74	)
Total distributions		(0.22	)		(0.15	)		(0.24	)		(0.48	)		(0.97	)
Net Asset Value, end of year	$	10.10		$	10.34		$	9.43		$	7.83		$	11.38
Total return		(0.26	)%		11.27	%		23.43	%		(26.86	)%		7.17	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.13	%		0.15	%		0.18	%		0.19	%		0.20	%
Expenses net of reimbursements/waivers, if any		0.13	%		0.15	%		0.17	%		0.15	%		0.19	%
Net investment income before reimbursements/waivers		1.73	%		1.93	%		2.16	%		1.50	%		2.23	%
Net investment income net of reimbursements/waivers, if any		1.73	%		1.93	%		2.17	%		1.54	%		2.24	%
Supplemental Data:
Net assets, end of year (in thousands)	$	386,327		$	344,033		$	186,148		$	112,440		$	112,064
Portfolio turnover		16	%		10	%		7	%		12	%		40	%

	Milestone 2025
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.27		$	9.28		$	7.58		$	11.55		$	11.72
Income from investment operations:
Net investment income		0.17			0.13			0.14			0.10			0.16
Net realized and unrealized gain (loss)		(0.26	)		1.00			1.78			(3.57	)		0.68
Total from investment operations		(0.09	)		1.13			1.92			(3.47	)		0.84
Less distributions:
From net investment income		(0.17	)		(0.12	)		(0.14	)		(0.11	)		(0.20	)
From net realized gain		(0.04	)		(0.02	)		(0.08	)		(0.39	)		(0.81	)
Total distributions		(0.21	)		(0.14	)		(0.22	)		(0.50	)		(1.01	)
Net Asset Value, end of year	$	9.97		$	10.27		$	9.28		$	7.58		$	11.55
Total return		(0.85	)%		12.25	%		25.40	%		(29.90	)%		7.17	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.14	%		0.16	%		0.19	%		0.21	%		0.22	%
Expenses net of reimbursements/waivers, if any		0.14	%		0.16	%		0.18	%		0.15	%		0.18	%
Net investment income before reimbursements/waivers		1.71	%		1.77	%		2.03	%		1.17	%		1.98	%
Net investment income net of reimbursements/waivers, if any		1.71	%		1.77	%		2.04	%		1.22	%		2.02	%
Supplemental Data:
Net assets, end of year (in thousands)	$	301,275		$	267,155		$	146,397		$	81,317		$	83,891
Portfolio turnover		15	%		7	%		5	%		11	%		38	%

See Notes to Financial Statements.

135

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2030
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.34		$	9.26		$	7.45		$	11.75		$	11.88
Income from investment operations:
Net investment income		0.17			0.12			0.13			0.08			0.14
Net realized and unrealized gain (loss)		(0.32	)		1.09			1.90			(3.92	)		0.70
Total from investment operations		(0.15	)		1.21			2.03			(3.84	)		0.84
Less distributions:
From net investment income		(0.17	)		(0.12	)		(0.13	)		(0.09	)		(0.18	)
From net realized gain		(0.02	)		(0.01	)		(0.09	)		(0.37	)		(0.79	)
Total distributions		(0.19	)		(0.13	)		(0.22	)		(0.46	)		(0.97	)
Net Asset Value, end of year	$	10.00		$	10.34		$	9.26		$	7.45		$	11.75
Total return		(1.46	)%		13.11	%		27.33	%		(32.54	)%		7.11	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.15	%		0.16	%		0.20	%		0.23	%		0.26	%
Expenses net of reimbursements/waivers, if any		0.15	%		0.16	%		0.19	%		0.16	%		0.20	%
Net investment income before reimbursements/waivers		1.65	%		1.53	%		1.89	%		1.01	%		1.78	%
Net investment income net of reimbursements/waivers, if any		1.65	%		1.53	%		1.90	%		1.07	%		1.85	%
Supplemental Data:
Net assets, end of year (in thousands)	$	236,452		$	211,155		$	121,219		$	66,183		$	61,465
Portfolio turnover		14	%		7	%		4	%		10	%		43	%

	Milestone 2035
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.28		$	9.10		$	7.21		$	11.83		$	11.98
Income from investment operations:
Net investment income		0.16			0.10			0.13			0.08			0.12
Net realized and unrealized gain (loss)		(0.39	)		1.20			1.98			(4.23	)		0.75
Total from investment operations		(0.23	)		1.30			2.11			(4.15	)		0.87
Less distributions:
From net investment income		(0.16	)		(0.10	)		(0.13	)		(0.08	)		(0.17	)
From net realized gain		(0.03	)		(0.02	)		(0.09	)		(0.39	)		(0.85	)
Total distributions		(0.19	)		(0.12	)		(0.22	)		(0.47	)		(1.02	)
Net Asset Value, end of year	$	9.86		$	10.28		$	9.10		$	7.21		$	11.83
Total return		(2.24	)%		14.33	%		29.22	%		(34.91	)%		7.25	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.17	%		0.19	%		0.25	%		0.31	%		0.40	%
Expenses net of reimbursements/waivers, if any		0.17	%		0.19	%		0.22	%		0.19	%		0.20	%
Net investment income before reimbursements/waivers		1.62	%		1.35	%		1.92	%		0.90	%		1.60	%
Net investment income net of reimbursements/waivers, if any		1.62	%		1.35	%		1.95	%		1.03	%		1.80	%
Supplemental Data:
Net assets, end of year (in thousands)	$	150,472		$	133,121		$	76,875		$	37,375		$	34,831
Portfolio turnover		13	%		7	%		4	%		9	%		40	%

See Notes to Financial Statements.

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Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2040
	For the Year Ended December 31,
	2011			2010			2009			2008			2007
Net Asset Value, beginning of year	$	10.30		$	9.07		$	7.10		$	11.85		$	11.91
Income from investment operations:
Net investment income		0.17			0.10			0.13			0.08			0.11
Net realized and unrealized gain (loss)		(0.44	)		1.25			2.05			(4.38	)		0.75
Total from investment operations		(0.27	)		1.35			2.18			(4.30	)		0.86
Less distributions:
From net investment income		(0.17	)		(0.10	)		(0.13	)		(0.08	)		(0.16	)
From net realized gain		—			(0.02	)		(0.08	)		(0.37	)		(0.76	)
Total distributions		(0.17	)		(0.12	)		(0.21	)		(0.45	)		(0.92	)
Net Asset Value, end of year	$	9.86		$	10.30		$	9.07		$	7.10		$	11.85
Total return		(2.61	)%		14.91	%		30.70	%		(36.13	)%		7.23	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.17	%		0.18	%		0.23	%		0.32	%		0.43	%
Expenses net of reimbursements/waivers, if any		0.17	%		0.18	%		0.21	%		0.19	%		0.19	%
Net investment income before reimbursements/waivers		1.67	%		1.20	%		2.05	%		0.92	%		1.61	%
Net investment income net of reimbursements/waivers, if any		1.67	%		1.20	%		2.06	%		1.05	%		1.85	%
Supplemental Data:
Net assets, end of year (in thousands)	$	146,032		$	132,306		$	91,348		$	38,001		$	32,882
Portfolio turnover		14	%		21	%		4	%		11	%		47	%

	Milestone 2045
	For the Year Ended December 31,			For the Period from January 4, 2010* to December 31,
	2011			2010
Net Asset Value, beginning of year	$	11.33		$	10.00
Income from investment operations:
Net investment income		0.17			0.10
Net realized and unrealized gain (loss)		(0.49	)		1.36
Total from investment operations		(0.32	)		1.46
Less distributions:
From net investment income		(0.17	)		(0.10	)
From net realized gain		(0.13	)		(0.03	)
Total distributions		(0.30	)		(0.13	)
Net Asset Value, end of year	$	10.71		$	11.33
Total return		(2.81	)%		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 before reimbursements/waivers		1.68	%		1.67	%†
Net investment income net of reimbursements/waivers, if any		1.69	%		2.19	%†
Supplemental Data:
Net assets, end of year (in thousands)	$	33,434		$	22,363
Portfolio turnover		14	%		8	%††

  * Commencement of operations

  † Annualized

†† Not annualized

See Notes to Financial Statements.

137

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS

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 December 31, 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.

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 December 31, 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%

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NOTES TO FINANCIAL STATEMENTS — (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 Milestone 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 Milestone 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 Milestone 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 December 31, 2011, were as follows:

	Milestone Funds
Fund	Retirement Income		2010		2015		2020		2025
Fixed Income—%
Low Duration Bond		31.00%		15.13%		10.74%		6.87%		2.94%
Core Bond Index, Class I		9.00%		6.47%		9.94%		14.14%		13.42%
Inflation Protected Securities		15.00%		15.00%		9.00%		1.50%		0.00%
Total Fixed Income—%		55.00%		36.60%		29.68%		22.51%		16.36%
Equity—%
Equity Income		10.00%		18.34%		19.09%		21.16%		22.91%
Growth & Income		10.00%		11.00%		11.04%		11.59%		12.94%
Growth		0.00%		7.10%		7.52%		8.28%		9.29%
Mid/Small Company Index, Class I		0.00%		0.00%		5.39%		8.72%		11.24%
International		5.00%		9.21%		10.78%		12.49%		14.26%
Total Equity—%		25.00%		45.65%		53.82%		62.24%		70.64%

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NOTES TO FINANCIAL STATEMENTS — (Continued)

	Milestone Funds
Fund	Retirement Income		2010		2015		2020		2025
Multi-Strategy—%
Diversifying Strategies		20.00%		17.75%		16.50%		15.25%		13.00%
Total Multi-Strategy—%		20.00%		17.75%		16.50%		15.25%		13.00%
Total—%		100.00%		100.00%		100.00%		100.00%		100.00%
	Milestone Funds
Fund	2030		2035		2040		2045
Fixed Income—%
Low Duration Bond		1.32%		0.22%		0.00%		0.00%
Core Bond Index, Class I		9.15%		5.64%		5.00%		5.00%
Inflation Protected Securities		0.00%		0.00%		0.00%		0.00%
Total Fixed Income—%		10.47%		5.86%		5.00%		5.00%
Equity—%
Equity Income		24.35%		25.76%		27.13%		27.40%
Growth & Income		14.09%		14.88%		15.81%		16.00%
Growth		10.43%		11.75%		12.48%		12.60%
Mid/Small Company Index, Class I		14.21%		18.09%		19.78%		20.00%
International		15.95%		17.66%		18.80%		19.00%
Total Equity—%		79.03%		88.14%		94.00%		95.00%
Multi-Strategy—%
Diversifying Strategies		10.50%		6.00%		1.00%		0.00%
Total Multi-Strategy—%		10.50%		6.00%		1.00%		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 December 31, 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. At a Board meeting held on December 13, 2011, VIA recommended, and the Board approved, the termination of D.G. Capital Management Trust, Legg Mason Capital Management, LLC and Tukman Grossman Capital Management, Inc. as subadvisers to the Growth Fund and the appointment of Atlanta Capital Management Company, LLC and Victory Capital Management Inc. as subadvisers of the Growth Fund to be effective in January 2012.

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 (“GAAP”). Management makes estimates and assumptions in the preparation of financial statements that affect the reported amounts of assets

140

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

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.

New Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board issued Accounting Standard 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 establishes common requirements 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.

In December 2011, the Financial Accounting Standards Board issued amended guidance to enhance disclosures for offsetting assets and liabilities. The guidance is effective for fiscal years and interim periods beginning on or after January 1, 2013; the adoption of such guidance will have no effect on the funds’ net assets or results of operations.

Fair Value Measurements

The Company adopted FASB ASC 820, 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

141

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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 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 is 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.

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 year ended December 31, 2011 maximized the use of observable inputs and minimized the use of unobservable inputs. The funds utilized fair value techniques such as a multi-dimensional relational pricing model and option adjusted spread pricing to estimate prices that would have prevailed in a liquid market given information available at the time of evaluation.

The following is a summary of the inputs used as of December 31, 2011, in valuing each fund’s investment carried at value:

Investment Type	Level 1		Level 2		Level 3		Total
Low Duration Bond Fund
Investments in Securities:
Corporate Obligations	$	—	$	329,599,952	$	—	$	329,599,952
Mortgage-Related Securities		—		42,271,471		—		42,271,471
U.S. Treasury Obligations		—		35,541,505		—		35,541,505
Government Related Obligations		—		39,135,014		—		39,135,014
Asset-Backed Securities		—		59,954,953		—		59,954,953
Money Market Funds		40,645,120		—		—		40,645,120
Total Investments in Securities	$	40,645,120	$	506,502,895	$	—	$	547,148,015

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Investment Type	Level 1			Level 2			Level 3		Total
Derivative Instruments:
Assets:
Futures	$	19,017		$	—		$	—	$	19,017
Forward Currency Contracts		—			149,544			—		149,544
Total Assets	$	19,017		$	149,544		$	—	$	168,561
Liabilities:
Forward Currency Contracts		—			(525	)		—		(525	)
Total Liabilities		—			(525	)		—		(525	)
Total Derivative Instruments	$	19,017		$	149,019		$	—	$	168,036
Inflation Protected Securities Fund
Investments in Securities:
Corporate Obligations	$	—		$	27,360,275		$	—	$	27,360,275
U.S. Treasury Obligations		—			510,271,472			—		510,271,472
Government Related Obligations		—			2,687,489			—		2,687,489
Asset-Backed Securities		—			7,338,241			—		7,338,241
Purchased Options		—			25,384			—		25,384
Certificates of Deposit		—			3,795,018			—		3,795,018
Money Market Funds		41,068,449			—			—		41,068,449
Total Investments in Securities	$	41,068,449		$	551,477,879		$	—	$	592,546,328
Derivative Instruments:
Assets:
Swap Agreements		—			390,113			—		390,113
Futures		103,303			—			—		103,303
Total Assets	$	103,303		$	390,113		$	—	$	493,416
Liabilities:
Written Options		(15,031	)		(40,550	)		—		(55,581	)
Futures		(380,269	)		—			—		(380,269	)
Total Liabilities		(395,300	)		(40,550	)		—		(435,850	)
Total Derivative Instruments	$	(291,997	)	$	349,563		$	—	$	57,566
Equity Income Fund
Investments in Securities:
Common Stocks	$	1,733,794,702		$	6,610,748		$	—	$	1,740,405,450
Convertible Preferred Stocks		3,123,600			—			—		3,123,600
Money Market Funds		179,521,849			—			—		179,521,849
Total Investments in Securities	$	1,916,440,151		$	6,610,748		$	—	$	1,923,050,899
Growth & Income Fund
Investments in Securities:
Common Stocks	$	1,129,242,901		$	2,464,877		$	—	$	1,131,707,778
Money Market Funds		50,104,587			—			—		50,104,587
Total Investments in Securities	$	1,179,347,488		$	2,464,877		$	—	$	1,181,812,365

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THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

Investment Type	Level 1		Level 2		Level 3		Total
Growth Fund
Investments in Securities:
Common Stocks	$	1,667,556,052	$	—	$	—	$	1,667,556,052
Money Market Funds		116,563,751		—		—		116,563,751
Total Investments in Securities	$	1,784,119,803	$	—	$	—	$	1,784,119,803
Select Value Fund
Investments in Securities:
Common Stocks	$	308,359,854	$	—	$	—	$	308,359,854
Money Market Funds		21,368,027		—		—		21,368,027
Total Investments in Securities	$	329,727,881	$	—	$	—	$	329,727,881
Aggressive Opportunities Fund
Investments in Securities:
Common Stocks	$	920,691,161	$	12,875,344	$	—	$	933,566,505
Money Market Funds		104,213,963		—		—		104,213,963
Total Investments in Securities	$	1,024,905,124	$	12,875,344	$	—	$	1,037,780,468
Discovery Fund
Investments in Securities:
Common Stocks	$	88,566,485	$	3,080,243	$	183,980	$	91,830,708
Convertible Preferred Stocks		—		1,124,574		—		1,124,574
Corporate Obligations		—		46,334,930		—		46,334,930
Mortgage-Related Securities		—		11,863,880		—		11,863,880
Convertible Debt Obligations		—		337,895		—		337,895
U.S. Treasury Obligations		—		19,203,943		—		19,203,943
Government Related Obligations		—		15,411,046		—		15,411,046
Asset-Backed Securities		—		2,730,985		—		2,730,985
Warrants		107,745		20,561		—		128,306
Money Market Funds		24,760,837		—		—		24,760,837
Total Investments in Securities	$	113,435,067	$	100,108,057	$	183,980	$	213,727,104
Derivative Instruments:
Assets:
Futures		2,811,932		—		—		2,811,932
Forward Currency Contracts		—		33,429		—		33,429
Total Assets	$	2,811,932	$	33,429	$	—	$	2,845,361
Total Derivative Instruments	$	2,811,932	$	33,429	$	—	$	2,845,361
International Fund
Investments in Securities:
Common Stocks	$	113,400,682	$	988,296,155	$	—	$	1,101,696,837
Money Market Funds		76,134,103		—		—		76,134,103
Total Investments in Securities	$	189,534,785	$	988,296,155	$	—	$	1,177,830,940
Derivative Instruments:
Assets:
Forward Currency Contracts		—		834,869		—		834,869
Total Assets	$	—	$	834,869	$	—	$	834,869
Total Derivative Instruments	$	—	$	834,869	$	—	$	834,869

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Investment Type	Level 1			Level 2			Level 3		Total
Diversifying Strategies Fund
Investments in Securities:
Common Stocks	$	7,361,294		$	13,729,362		$	—	$	21,090,656
Convertible Preferred Stocks		8,775,202			236,234			—		9,011,436
Corporate Obligations		—			293,597,329			—		293,597,329
Mortgage-Related Securities		—			53,982,249			—		53,982,249
Convertible Debt Obligations		—			204,650,574			—		204,650,574
U.S. Treasury Obligations		—			75,972,424			—		75,972,424
Government Related Obligations		—			82,316,584			—		82,316,584
Asset-Backed Securities		—			36,742,629			—		36,742,629
Purchased Options		8,385,375			390,993			—		8,776,368
Certificates of Deposit		—			14,266,989			—		14,266,989
Money Market Funds		42,080,719			—			—		42,080,719
Total Investments in Securities	$	66,602,590		$	775,885,367		$	—	$	842,487,957
Derivative Instruments:
Assets:
Purchased options on Euro-Bund futures		2,475,721			—			—		2,475,721
Futures		1,962,211			—			—		1,962,211
Forward Currency Contracts		—			4,900,403			—		4,900,403
Total Assets	$	4,437,932		$	4,900,403		$	—	$	9,338,335
Liabilities:
Written Options		—			(819,341	)		—		(819,341	)
Futures		(2,203,621	)		—			—		(2,203,621	)
Forward Currency Contracts		—			(836,610	)		—		(836,610	)
Total Liabilities		(2,203,621	)		(1,655,951	)		—		(3,859,572	)
Total Derivative Instruments	$	2,234,311		$	3,244,452		$	—	$	5,478,763
Core Bond Index Fund
Investments in Securities:
Corporate Obligations	$	—		$	224,671,992		$	—	$	224,671,992
Mortgage-Related Securities		—			382,777,345			—		382,777,345
U.S. Treasury Obligations		—			394,317,255			—		394,317,255
Government Related Obligations		—			118,212,087			—		118,212,087
Asset-Backed Securities		—			2,965,580			—		2,965,580
Certificates of Deposit		—			507,112			—		507,112
Money Market Funds		98,609,675			—			—		98,609,675
Total Investments in Securities	$	98,609,675		$	1,123,451,371		$	—	$	1,222,061,046
500 Stock Index Fund
Investments in Securities:
Common Stocks	$	373,473,082		$	1		$	—	$	373,473,083
Convertible Preferred Stocks		—			1			—		1
U.S. Treasury Obligations		—			524,981			—		524,981
Money Market Funds		14,611,815			—			—		14,611,815
Total Investments in Securities	$	388,084,897		$	524,983		$	—	$	388,609,880
Derivative Instruments:
Assets:
Futures		26,841			—			—		26,841
Total Assets	$	26,841		$	—		$	—	$	26,841
Total Derivative Instruments	$	26,841		$	—		$	—	$	26,841

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Investment Type	Level 1			Level 2			Level 3		Total
Broad Market Index Fund
Investments in Securities:
Common Stocks	$	489,582,929		$	2		$	—	$	489,582,931
Convertible Preferred Stocks		—			2			—		2
U.S. Treasury Obligations		—			979,956			—		979,956
Rights		—			—			—		—
Warrants		—			—			—		—
Money Market Funds		26,258,331			—			—		26,258,331
Total Investments in Securities	$	515,841,260		$	979,960		$	—	$	516,821,220
Derivative Instruments:
Assets:
Futures		51,582			—			—		51,582
Total Assets	$	51,582		$	—		$	—	$	51,582
Liabilities:
Futures		(338	)		—			—		(338	)
Total Liabilities		(338	)		—			—		(338	)
Total Derivative Instruments	$	51,244		$	—		$	—	$	51,244
Mid/Small Company Index Fund
Investments in Securities:
Common Stocks	$	405,066,552		$	—		$	—	$	405,066,552
U.S. Treasury Obligations		—			359,974			—		359,974
Rights		—			—			—		—
Warrants		—			—			—		—
Money Market Funds		36, 883,881			—			—		36,883,881
Total Investments in Securities	$	441,950,433		$	359,974		$	—	$	442,310,407
Derivative Instruments:
Assets:
Futures		45,718			—			—		45,718
Total Assets	$	45,718		$	—		$	—	$	45,718
Total Derivative Instruments	$	45,718		$	—		$	—	$	45,718
Overseas Equity Index Fund
Investments in Securities:
Common Stocks	$	—		$	171,554,799		$	—	$	171,554,799
Preferred Stocks		—			834,917			—		834,917
U.S. Treasury Obligations		—			359,987			—		359,987
Rights		—			3,033			—		3,033
Money Market Funds		8,302,088			—			—		8,302,088
Total Investments in Securities	$	8,302,088		$	172,752,736		$	—	$	181,054,824
Derivative Instruments:
Assets:
Futures		65,141			—			—		65,141
Forward Currency Contracts		—			10,818			—		10,818
Total Assets	$	65,141		$	10,818		$	—	$	75,959
Liabilities:
Futures		(31,062	)		—			—		(31,062	)
Forward Currency Contracts		—			(17,520	)		—		(17,520	)
Total Liabilities		(31,062	)		(17,520	)		—		(48,582	)
Total Derivative Instruments	$	34,079		$	(6,702	)	$	—	$	27,377

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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 December 31, 2011, with the exception of the Discovery Fund, the funds did not hold any significant investments in Level 3. Additionally, there were no significant transfers in and out of Levels 1 and 2.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

Discovery Fund	Commons Stocks
Balance as of December 31, 2010	$	—
Accrued discounts/(premiums)		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Purchases		—
Sales		—
Transfers in to Level 3		183,980
Transfers out of Level 3		—
Balance as of December 31, 2011	$	183,980

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.

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

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

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

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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.

Purchased options on Euro-Bund futures trade on foreign exchanges and are marked to market daily with variation margin payments received or made by the funds daily based on fluctuation in value. There is no premium paid at the time of purchase. These 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	MSE	— Montreal Exchange
CME	— Chicago Mercantile Exchange	NYF	— New York Futures Exchange
EOE	— Dutch Options Exchange	SFE	— Sydney Futures Exchange
EUX	— Eurex Deutschland Exchange	SGX	— Singapore Exchange
HKG	— Hong Kong Futures Exchange	TSE	— Tokyo Stock Exchange
LIF	— Liffe 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, 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

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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 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 GAAP. 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. The following reclassifications were made in the financial statements to present the components of fund net assets and distributions on a tax basis for the year ended December 31, 2011. These reclassifications have no effect on net assets or net asset values per share, and they do not affect the net investment income per share calculations presented in the Financial Highlights.

Fund	Paid-in Capital Increase/(Decrease)			Undistributed Net Investment Income Increase/(Decrease)			Accumulated Net Realized Gain/(Loss) Increase/(Decrease)
Low Duration Bond	$	—		$	(181,410	)	$	181,410
Inflation Protected Securities		—			895,310			(895,310	)
Equity Income		—			2,190,327			(2,190,327	)
Growth & Income		—			(12,641	)		12,641
Growth		(23,280,910	)		188,614			23,092,296
Select Value		(372,340	)		(109,954	)		482,294
Aggressive Opportunities		517,178			4,451,058			(4,968,236	)
Discovery		—			61,134			(61,134	)
International		—			3,516,543			(3,516,543	)
Diversifying Strategies		(177,475	)		(10,787,628	)		10,965,103
Core Bond Index		—			6,182,279			(6,182,279	)
500 Stock Index		3,282,586			(29,404	)		(3,253,182	)
Broad Market Index		3,759,898			(150,922	)		(3,608,976	)
Mid/Small Company Index		2,421,503			(85,204	)		(2,336,299	)
Overseas Equity Index		(2,078	)		71,940			(69,862	)
Model Portfolio Savings Oriented		—			(267,127	)		267,127
Model Portfolio Conservative Growth		—			(415,805	)		415,805
Model Portfolio Traditional Growth		—			(28,554	)		28,554

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Fund	Paid-in Capital Increase/(Decrease)			Undistributed Net Investment Income Increase/(Decrease)			Accumulated Net Realized Gain/(Loss) Increase/(Decrease)
Model Portfolio Long-Term Growth	$	—		$	(19,396	)	$	19,396
Model Portfolio All-Equity Growth		—			(91,331	)		91,331
Milestone Retirement Income		—			(1,129	)		1,129
Milestone 2010		—			(10,343	)		10,343
Milestone 2015		—			(15,995	)		15,995
Milestone 2020		—			(2,735	)		2,735
Milestone 2025		—			(2,557	)		2,557
Milestone 2030		—			(3,062	)		3,062
Milestone 2035		—			(3,470	)		3,470
Milestone 2040		(53,941	)		(3,611	)		57,552
Milestone 2045		—			1,736			(1,736	)

Federal Income Taxes

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

The 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 December 31, 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 are 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 are required to be utilized prior to the losses incurred in pre-enactment taxable years, which expires according to their original schedule. As a result of this ordering rule, pre-enactment capital loss carry forwards may be more likely to expire unused.

Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered entirely short-term as required under prior law.

At December 31, 2011, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Gains			Total Distributable Earnings
Low Duration Bond	$	203,959	$	—		$	203,959
Inflation Protected Securities		1,556,083		6,002,630			7,558,713
Equity Income		—		3,919,923	��		3,919,923
Growth & Income		3,258,284		—			3,258,284
Growth		488,273		—			488,273
Select Value		10,617		—			10,617
Aggressive Opportunities		5,210,766		—			5,210,766
Discovery		224,327		—			224,327

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Fund	Undistributed Ordinary Income		Undistributed Long-Term Gains		Total Distributable Earnings
International	$	14,972,826	$	—	$	14,972,826
Diversifying Strategies		—		—		—
Core Bond Index		9,575		—		9,575
500 Stock Index		29,426		—		29,426
Broad Market Index		5,388,128		—		5,388,128
Mid/Small Company Index		202,634		2,185,455		2,388,089
Overseas Equity Index		62,617		—		62,617
Model Portfolio Savings Oriented		343,827		387,843		731,670
Model Portfolio Conservative Growth		907,123		3,383,218		4,290,341
Model Portfolio Traditional Growth		—		12,384,344		12,384,344
Model Portfolio Long-Term Growth		—		17,718,513		17,718,513
Model Portfolio All-Equity Growth		1,071,551		3,884,797		4,956,348
Milestone Retirement Income		—		1,593,295		1,593,295
Milestone 2010		—		2,125,735		2,125,735
Milestone 2015		—		3,262,456		3,262,456
Milestone 2020		—		3,467,749		3,467,749
Milestone 2025		—		2,898,533		2,898,533
Milestone 2030		—		2,502,317		2,502,317
Milestone 2035		—		1,749,283		1,749,283
Milestone 2040		—		—		—
Milestone 2045		—		507,403		507,403

The tax character of distributions during 2011 was as follows:

Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Gains		Total Distributions
Low Duration Bond	$	10,532,013	$	—	$	10,532,013
Inflation Protected Securities		17,944,572		7,954,674		25,899,246
Equity Income		43,691,700		32,862,295		76,553,995
Growth & Income		13,366,132		—		13,366,132
Growth		9,226,338		—		9,226,338
Select Value		2,974,231		—		2,974,231
Aggressive Opportunities		18,772,215		63,629,518		82,401,733
Discovery		2,156,271		—		2,156,271
International		28,267,374		—		28,267,374
Diversifying Strategies		1,880,043		11,386,188		13,266,231
Core Bond Index		40,150,525		—		40,150,525
500 Stock Index		6,825,623		—		6,825,623
Broad Market Index		8,529,205		—		8,529,205
Mid/Small Company Index		6,542,637		14,883,091		21,425,728
Overseas Equity Index		5,795,201		—		5,795,201
Model Portfolio Savings Oriented		5,782,341		—		5,782,341
Model Portfolio Conservative Growth		10,020,684		—		10,020,684
Model Portfolio Traditional Growth		29,272,914		3,332,490		32,605,404
Model Portfolio Long-Term Growth		32,241,740		22,158,134		54,399,874
Model Portfolio All-Equity Growth		9,622,281		—		9,622,281
Milestone Retirement Income		4,033,272		4,193,183		8,226,455
Milestone 2010		4,370,084		1,721,112		6,091,196
Milestone 2015		7,477,460		2,136,550		9,614,010
Milestone 2020		6,588,924		1,368,890		7,957,814
Milestone 2025		5,025,002		1,252,114		6,277,116

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Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Gains		Total Distributions
Milestone 2030	$	3,824,527	$	545,351	$	4,369,878
Milestone 2035		2,407,747		428,966		2,836,713
Milestone 2040		2,491,014		—		2,491,014
Milestone 2045		613,903		301,785		915,688

The tax character of distributions during 2010 was as follows:

Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Gains		Total Distributions
Low Duration Bond	$	11,819,982	$	—	$	11,819,982
Inflation Protected Securities		10,073,687		4,903,049		14,976,736
Equity Income		17,413,710		—		17,413,710
Growth & Income		9,595,362		—		9,595,362
Growth		12,440,966		—		12,440,966
Select Value		2,972,119		—		2,972,119
Discovery		1,907,086		—		1,907,086
International		22,937,847		—		22,937,847
Diversifying Strategies		15,514,149		—		15,514,149
Core Bond Index		38,851,573		—		38,851,573
500 Stock Index		6,069,052		—		6,069,052
Broad Market Index		8,087,210		—		8,087,210
Mid/Small Company Index		7,194,179		3,446,561		10,640,740
Overseas Equity Index		4,886,619		—		4,886,619
Model Portfolio Savings Oriented		6,476,782		—		6,476,782
Model Portfolio Conservative Growth		10,064,194		—		10,064,194
Model Portfolio Traditional Growth		21,975,154		—		21,975,154
Model Portfolio Long-Term Growth		26,389,015		—		26,389,015
Model Portfolio All-Equity Growth		5,906,426		—		5,906,426
Milestone Retirement Income		3,101,763		191,611		3,293,374
Milestone 2010		2,813,079		—		2,813,079
Milestone 2015		5,254,782		—		5,254,782
Milestone 2020		4,951,090		42,867		4,993,957
Milestone 2025		3,659,576		105,410		3,764,986
Milestone 2030		2,698,541		13,072		2,711,613
Milestone 2035		1,584,712		—		1,584,712
Milestone 2040		1,547,569		—		1,547,569
Milestone 2045		258,113		—		258,113

At December 31, 2011, the following funds had net capital loss carryovers:

Post-enactment losses incurred that will be carried forward under the provisions of the Act are as follows:

	Loss Carryforward Character
Fund	Short Term		Long Term
Overseas Equity Index	$	224,805	$	618,340

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NOTES TO FINANCIAL STATEMENTS — (Continued)

At December 31, 2011, the following Funds had pre-enactment capital loss carryforwards for federal income tax purposes available to offset future capital gains through the indicated expiration dates:

	Expiring December 31
Fund	2014		2015		2016
Low Duration Bond	$	—	$	—	$	—
Growth & Income		—		—		—
Growth		—		—		174,724,570
Select Value		—		—		—
Discovery		—		—		—
International		—		—		—
Core Bond Index		3,320,661		4,299,528		2,798,291
500 Stock Index		—		—		7,028,727
Broad Market Index		—		—		265,032
Overseas Equity Index		—		—		—
Milestone 2040		—		—		—
	Expiring December 31
Fund	2017		2018
Low Duration Bond	$	2,168,088	$	—
Growth & Income		27,596,672		—
Growth		326,415,305		—
Select Value		11,578,240		—
Discovery		3,715,529		—
International		144,731,133		—
Core Bond Index		4,404,280		—
500 Stock Index		1,199,321		—
Broad Market Index		—		—
Overseas Equity Index		2,991,434		444,126
Milestone 2040		397,316		—

At December 31, 2011, the following funds elected to defer post-October net capital losses and specified losses of:

Fund	Capital Losses		Specified Losses
Low Duration Bond	$	5,718	$	—
Equity Income		—		242
Growth & Income		—		522
Aggressive Opportunities		16,381,283		—
International		21,222,069		—
500 Stock Index		378,656		—
Broad Market Index		106,236		—
Overseas Equity Index		920,763		155,502

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 monthly notional balance, settlement value, or market value (as applicable) of the derivative instruments held by each fund during the reporting period.

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	Low Duration Bond Fund		Inflation Protected Securities Fund		Discovery Fund		Diversifying Strategies Fund
Futures Contracts:
Average Notional Balance Long	$	1,708,396	$	10,925,113	$	102,663,050	$	134,112,566
Average Notional Balance Short		4,544,529		31,716,036		—		217,807,292
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	272,237	$	—	$	67,263	$	407,049,076
Average Settlement Value Sold		5,763,562		—		1,055,083		392,510,888
Exchange-Traded Options:
Average Market Value Purchased	$	—	$	25,547	$	—	$	7,964,476
Average Market Value Written		—		40,761		—		—
Average Market Value Purchased Options on Euro-Bund futures		—		—		—		4,153,859
Over the Counter Options:
Average Market Value Purchased	$	—	$	—	$	—	$	123,712
Average Market Value Written		—		—		—		197,554
Swaptions:
Average Notional Balance Purchased	$	—	$	7,615,692	$	—	$	—
Average Notional Balance Written		—		55,176,923		—		—
	Low Duration Bond Fund		Inflation Protected Securities Fund		Discovery Fund		Diversifying Strategies Fund
Total Return Swaps:
Average Notional Balance Long	$	—	$	—	$	—	$	38,723,077
Average Notional Balance Short		—		—		—		8,046,154
Interest Rate Swaps:
Average Notional Balance—Pays Fixed Rate	$	—	$	123,077	$	—	$	—
Average Notional Balance—Receives Fixed Rate		—		12,823,077		—		—
	500 Stock Index Fund		Broad Market Index Fund		Mid/Small Company Index Fund		Overseas Equity Index Fund
Futures Contracts:
Average Notional Balance Long	$	8,609,414	$	6,870,523	$	6,141,312	$	3,660,542
Average Notional Balance Short		—		—		—		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	—	$	—	$	—	$	5,172,574
Average Settlement Value Sold		—		—		—		2,723,981
	International Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	11,037
Average Settlement Value Sold		17,044,314

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.

154

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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.

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 futures contract, the fund agrees to deposit an amount equal to a certain percentage of the contract notional 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 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

155

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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).

During the year ended December 31, 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 December 31, 2011, the following funds had open futures contracts outstanding:

Low Duration Bond Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	35	CBT	U.S. 5 Year Treasury Note	March 2012	$	4,314,023	$	19,017

Inflation Protected Securities Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	81	CBT	U.S. 10 Year Treasury Note	March 2012	$	10,621,125	$	44,689
	168	CBT	U.S. 5 Year Treasury Note	March 2012		20,707,312		58,614
							$	103,303
	Sold
	14	CBT	U.S. 2 Year Treasury Note	March 2012	$	3,087,656	$	(2,652	)
	44	CBT	U.S. 20 Year Treasury Bond	March 2012		6,371,750		(94,018	)
	112	CBT	U.S. 30 Year Treasury Bond	March 2012		17,941,000		(283,599	)
							$	(380,269	)
							$	(276,966	)

Discovery Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	1,307	NYF	E-MINI Russell 2000 Index	March 2012	$	96,561,160	$	2,811,932

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Diversifying Strategies Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	203	EOE	Amsterdam Index	January 2012	$	16,460,207	$	765,012
	134	EUX	DAX Index	March 2012		25,580,851		720,908
	99	LIF	FTSE 100 Index	March 2012		8,511,434		177,531
	113	SFE	SPI 200 Index	March 2012		11,612,538		(409,363	)
							$	1,254,088
	Sold
	100	SGX	10 Year Mini-JGB	March 2012	$	18,515,006	$	(114,417	)
	83	SFE	Australian Government 10 Year Bond	March 2012		10,093,277		(86,108	)
	169	MSE	Canadian Government 10 Year Bond	March 2012		22,202,660		(79,494	)
	58	CME	E-MINI S&P 500 Index	March 2012		3,632,540		15,976
	100	HKG	Hang Seng Index	January 2012		11,881,647		(19,816	)
	51	MSE	S&P/TSX 60 Index	March 2012		6,797,330		17,137
	212	TSE	TOPIX Index	March 2012		20,051,449		265,647
	324	LIF	UK Gilt Long Bond	March 2012		58,845,964		(1,494,423	)
							$	(1,495,498	)
							$	(241,410	)

500 Stock Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	119	CME	E-MINI S&P 500 Index	March 2012	$	7,452,970	$	26,841

Broad Market Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	31	NYF	E-MINI Russell 2000 Index	March 2012	$	2,290,280	$	(338	)
	187	CME	E-MINI S&P 500 Index	March 2012		11,711,810		51,582
							$	51,244

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Mid/Small Company Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	26	NYF	E-MINI Russell 2000 Index	March 2012	$	1,920,880	$	25,989
	22	CME	E-MINI S&P MidCap 400 Index	March 2012		1,930,060		19,729
							$	45,718

Overseas Equity Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	61	EUX	DJ Euro STOXX 50 Index	March 2012	$	1,822,149	$	37,384
	17	LIF	FTSE 100 Index	March 2012		1,461,559		27,757
	5	SFE	SPI 200 Index	March 2012		513,829		(17,367	)
	13	TSE	TOPIX Index	March 2012		1,229,570		(13,695	)
							$	34,079

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 cause the fund to 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, the risk 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 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		*

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NOTES TO FINANCIAL STATEMENTS — (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 year ended December 31, 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 December 31, 2011, the following funds had open forward currency 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 December 31, 2011		Net Unrealized Appreciation/ (Depreciation)
Purchase	Citibank NA	USD		EUR		01/10/2012	$	63,946	$	63,421	$	(525	)
Sale	Citibank NA	EUR		USD		01/10/2012	$	3,573,080	$	3,435,065	$	138,015
Sale	HSBC Bank plc	GBP		USD		01/10/2012		1,326,851		1,315,322		11,529
											$	149,544
											$	149,019
Discovery Fund
Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2011		Net Unrealized Appreciation
Sale	HSBC Bank plc	BRL		USD		02/27/2012	$	860,916	$	831,965	$	28,951
Sale	HSBC Bank plc	GBP		USD		01/10/2012		515,388		510,910		4,478
											$	33,429
International Fund
Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2011		Net Unrealized Appreciation
Sale	JPMorgan Chase Bank NA	AUD		USD		01/31/2012	$	14,477,937	$	14,121,429	$	356,508
Sale	JPMorgan Chase Bank NA	CHF		USD		01/31/2012		9,762,667		9,284,306		478,361
											$	834,869

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THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

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 December 31, 2011		Net Unrealized Appreciation/ (Depreciation)
Purchase	Deutsche Bank AG	USD		AUD		03/21/2012	$	20,008,284	$	20,321,622	$	313,338
Purchase	Goldman Sachs International	USD		AUD		03/21/2012		16,242,226		16,323,370		81,144
Purchase	Deutsche Bank AG	USD		CAD		03/21/2012		7,772,114		7,807,505		35,391
Purchase	Goldman Sachs International	USD		CAD		03/21/2012		21,814,157		21,992,131		177,974
Purchase	Deutsche Bank AG	USD		CHF		03/21/2012		10,476,563		10,506,195		29,632
Purchase	Deutsche Bank AG	USD		GBP		03/21/2012		52,817,066		52,946,869		129,803
Purchase	Deutsche Bank AG	USD		JPY		03/21/2012		25,638,588		25,925,174		286,586
Purchase	Goldman Sachs International	USD		JPY		03/21/2012		19,555,561		19,693,301		137,740
Purchase	Deutsche Bank AG	USD		NOK		03/21/2012		13,259,076		13,075,531		(183,545	)
Purchase	Deutsche Bank AG	USD		NZD		03/21/2012		3,150,078		3,253,387		103,309
Purchase	Morgan Stanley Co., Inc.	USD		NZD		03/21/2012		2,216,412		2,266,802		50,390
Purchase	Goldman Sachs International	USD		SEK		03/21/2012		29,619,953		29,677,614		57,661
											$	1,219,423
Sale	JPMorgan Chase Bank NA	BRL		USD		02/27/2012	$	2,155,324	$	2,079,648	$	75,676
Sale	Deutsche Bank AG	CAD		USD		03/21/2012		13,790,849		13,987,205		(196,356	)
Sale	Deutsche Bank AG	CHF		USD		03/21/2012		10,163,175		10,294,880		(131,705	)
Sale	Morgan Stanley Co., Inc.	CHF		USD		03/21/2012		188,927		188,317		610
Sale	Deutsche Bank AG	EUR		USD		03/21/2012		87,615,906		84,852,211		2,763,695
Sale	Deutsche Bank AG	GBP		USD		03/21/2012		4,498,405		4,484,043		14,362
Sale	Goldman Sachs International	GBP		USD		03/21/2012		7,348,073		7,316,069		32,004
Sale	Morgan Stanley Co., Inc.	GBP		USD		03/21/2012		16,991,549		16,920,560		70,989
Sale	Deutsche Bank AG	JPY		USD		03/21/2012		2,747,119		2,779,941		(32,822	)
Sale	JPMorgan Chase Bank NA	MXN		USD		01/18/2012		2,829,764		2,748,222		81,542
Sale	JPMorgan Chase Bank NA	NOK		USD		01/10/2012		1,577,890		1,518,453		59,437
Sale	Goldman Sachs International	NOK		USD		03/21/2012		9,322,222		8,970,922		351,300
Sale	Deutsche Bank AG	NOK		USD		03/21/2012		4,878,316		4,830,496		47,820
Sale	Deutsche Bank AG	NZD		USD		03/21/2012		7,552,971		7,741,578		(188,607	)
Sale	Deutsche Bank AG	SEK		USD		03/21/2012		14,945,969		15,049,544		(103,575	)
											$	2,844,370
											$	4,063,793

160

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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 December 31, 2011		Net Unrealized Appreciation/ (Depreciation)
Purchase	Bank of America NA	USD		AUD		03/21/2012	$	122,806	$	124,446	$	1,640
Purchase	Credit Suisse International	USD		AUD		03/21/2012		100,986		102,413		1,427
Purchase	Barclays Bank plc	USD		EUR		03/21/2012		495,942		485,848		(10,094	)
Purchase	Citibank NA	USD		EUR		03/21/2012		207,676		205,929		(1,747	)
Purchase	Credit Suisse International	USD		EUR		03/21/2012		288,889		286,746		(2,143	)
Purchase	Citibank NA	USD		GBP		03/21/2012		473,788		473,612		(176	)
Purchase	Credit Suisse International	USD		GBP		03/21/2012		250,097		248,603		(1,494	)
Purchase	Citibank NA	USD		JPY		03/21/2012		188,160		190,345		2,185
Purchase	Credit Suisse International	USD		JPY		03/21/2012		278,652		281,028		2,376
Purchase	JPMorgan Chase Bank NA	USD		JPY		03/21/2012		346,810		350,000		3,190
											$	(4,836	)
Sale	Credit Suisse International	EUR		USD		03/21/2012	$	116,457	$	116,823	$	(366	)
Sale	Credit Suisse International	GBP		USD		03/21/2012		84,486		85,040		(554	)
Sale	Credit Suisse International	JPY		USD		03/21/2012		92,730		93,676		(946	)
											$	(1,866	)
											$	(6,702	)

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, including options on Euro-Bund futures contracts, to obtain or adjust investment exposure to certain assets, asset classes, or foreign currencies.

161

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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.

Purchased options on Euro-Bund futures are recorded, accounted for and reported in the financial statements very much like futures contracts. There is no premium paid at the time of purchase and they are marked to market daily with variation margin payments received or made by the funds daily based on fluctuation in value and recorded as unrealized gain or loss. At the expiration of the option, the accumulated variation margin received or paid is recorded as realized gain or loss. If the option is exercised, the transaction is recorded as a normal purchase or sale of a futures contract.

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 (selling) a call option on a futures contract, including a Euro-Bund futures contract, is that the fund may incur a loss if the market value of the underlying futures contract increases and the option is exercised. A risk in writing a put option is that the fund may incur a loss if the market price of the security, or futures contract including a Euro-Bund futures contract, decreases and the option is exercised. A risk in buying an option, including an option on a Euro-Bund futures contract, 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.

During the year ended December 31, 2011, the following funds purchased and/or sold put and/or call options: Inflation Protected Securities Fund and Diversifying Strategies Fund.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Written option activity for the year ended December 31, 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		125			67,472			576			169,132			701			236,604
Closed		(40	)		(20,457	)		(329	)		(114,345	)		(369	)		(134,802	)
Expired		(48	)		(26,005	)		(247	)		(54,787	)		(295	)		(80,792	)
Ending balance as of 12/31/2011		37		$	21,010			—		$	—			37		$	21,010

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		6,110			1,048,964			—		—		6,110			1,048,964
Closed		(3,880	)		(583,043	)		—		—		(3,880	)		(583,043	)
Expired		—			—			—		—		—			—
Ending balance as of 12/31/2011		2,700		$	554,178			—	$	—		2,700		$	554,178

As of December 31, 2011, the following funds had open written option contracts or open purchased option contracts on Euro-Bund futures:

Inflation Protected Securities Fund

Option Type	Description	# Contracts		Strike Price		Expiration Date		Unrealized Gain/(Loss)
Written Call	U.S. 10 Year Treasury Note		37		132.00		1/27/2012	$	5,979

Diversifying Strategies Fund

Option Type	Description	# Contracts		Strike Price		Expiration Date		Unrealized Gain/(Loss)
Written Call	Swiss Market Index		500		5,808.91		3/16/2012	$	(8,864	)
Written Call	Swiss Market Index		410		5,692.36		3/16/2012	$	(8,561	)
Written Call	Swiss Market Index		1,790		5,686.50		3/16/2012	$	(247,738	)
								$	(265,163	)
Option Type	Description	# Contracts		Strike Price		Expiration Date		Unrealized Gain/(Loss)
Purchased Call	Euro-Bund		339		EUR 114.00		2/24/2012	$	2,482,798
Purchased Put	Euro-Bund		1		EUR 155.00		2/24/2012		(7,077	)
								$	2,475,721

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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 typical “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 a “basket” of securities or commodities as represented by a 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.

Swap contract provisions and underlying assets are varied and customized to the specifications of the swap parties. 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 indexes during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. 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.

Swap value changes, 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.

164

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NOTES TO FINANCIAL STATEMENTS — (Continued)

During the year ended December 31, 2011, the Inflation Protected Securities Fund participated in interest rate swaps and the Diversifying Strategies Fund participated in total return swaps.

As of December 31, 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)
Citibank NA	4.00%	3-month LIBOR		12/21/2041		USD   1,400,000	$	(94,762	)
Deutsche Bank AG	4.00%	3-month LIBOR		12/21/2041		USD      200,000		(18,028	)
Morgan Stanley Capital Services	3-month LIBOR	3.25%		12/21/2021		USD 18,500,000		502,903
							$	390,113

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 that expire are treated as realized gains. Premiums received from writing swaptions that 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.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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 that is included on the fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current 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. When a fund enters into a closing sale transaction, the fund will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the swaption. When a fund exercises a put swaption, it will realize a gain or loss from the underlying swap and the proceeds will be decreased by the premium originally paid. When a fund exercises a call swaption, the cost of the swap that the fund purchases upon exercise will be increased by the premium originally paid. 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 year ended December 31, 2011, the Inflation Protected Securities Fund participated in interest rate swaptions.

Written swaption activity for the year ended December 31, 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		28,000,000			127,656			67,000,000			349,557			95,000,000			477,213
Closed		(4,800,000	)		(9,120	)		(35,900,000	)		(143,272	)		(40,700,000	)		(152,392	)
Expired		(26,800,000	)		(125,907	)		(23,200,000	)		(149,673	)		(50,000,000	)		(275,580	)
Ending balance as of 12/31/2011	$	—		$	—		$	42,100,000		$	323,650		$	42,100,000		$	323,650

As of December 31, 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
OTC	Royal Bank of Scotland plc		Put—Interest Rate Swaption	$	15,800,000		2.25%		9/24/2012	$	120,415
OTC	Royal Bank of Scotland plc		Put—Interest Rate Swaption		7,300,000		2.25%		9/24/2012		30,300
OTC	Citibank NA		Put—Interest Rate Swaption		6,900,000		3.00%		6/18/2012		62,122
OTC	Deutsche Bank AG		Put—Interest Rate Swaption		4,200,000		1.75%		7/11/2013		14,883
OTC	Goldman Sachs		Put—Interest Rate Swaption		3,400,000		1.00%		11/19/2012		14,779
OTC	Deutsche Bank AG		Put—Interest Rate Swaption		3,000,000		3.00%		6/18/2012		30,175
OTC	Citibank NA		Put—Interest Rate Swaption		800,000		2.25%		9/24/2012		5,126
OTC	Barclays Bank plc		Put—Interest Rate Swaption		400,000		3.00%		6/18/2012		3,501
OTC	Morgan Stanley Capital Services		Put—Interest Rate Swaption		300,000		2.25%		9/24/2012		1,799
										$	283,100

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 December 31, 2011.

166

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NOTES TO FINANCIAL STATEMENTS — (Continued)

	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	$	19,017	*	Payable for variation margin on futures contracts	$	—
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		149,544		Unrealized depreciation on forward foreign currency exchange contracts		525
Total		$	168,561			$	525
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	$	518,800	*	Payable for variation margin on futures contracts and written options at value	$	435,850	*
Total		$	518,800			$	435,850
Discovery Fund
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	33,429		Unrealized depreciation on forward foreign currency exchange contracts	$	—
Stock market	Receivable for variation margin on futures contracts		2,811,932	*	Payable for variation margin on futures contracts		—
Total		$	2,845,361			$	—
International Fund
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	834,869		Unrealized depreciation on forward foreign currency exchange contracts	$	—
Total		$	834,869			$	—
Diversifying Strategies Fund
Interest rate	Investment in Securities, at value — purchased options and receivable for variation margin for options on Euro-Bund futures contracts	$	10,861,096^		Payable for variation margin on futures contracts	$	1,774,442	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		4,900,403		Unrealized depreciation on forward foreign currency exchange contracts		836,610
Stock market	Investments in Securities, at value — purchased options and receivable for variation margin on futures contracts		2,353,204	*	Payable for variation margin on futures contracts and written options at value		1,248,520	*
Total		$	18,114,703			$	3,859,572

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NOTES TO FINANCIAL STATEMENTS — (Continued)

	Asset Derivatives				Liability Derivatives
Risk Exposure	Statement of Assets and Liabilities Location	Value			Statement of Assets and Liabilities Location	Value
500 Stock Index Fund
Stock market	Receivable for variation margin on futures contracts	$	26,841	*	Payable for variation margin on futures contracts	$	—
Total		$	26,841			$	—
Broad Market Index Fund
Stock market	Receivable for variation margin on futures contracts	$	51,582	*	Payable for variation margin on futures contracts	$	338	*
Total		$	51,582			$	338
Mid/Small Company Index Fund
Stock market	Receivable for variation margin on futures contracts	$	45,718	*	Payable for variation margin on futures contracts	$	—
Total		$	45,718			$	—
Overseas Equity Index Fund
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	10,818		Unrealized depreciation on forward foreign currency exchange contracts	$	17,520
Stock market	Receivable for variation margin on futures contracts		65,141	*	Payable for variation margin on futures contracts		31,062	*
Total		$	75,959			$	48,582

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

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

168

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NOTES TO FINANCIAL STATEMENTS — (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 year ended December 31, 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	$	—		$	(579,024	)	$	—		$	—		$	(579,024	)
Foreign currency		—			—			113,895			—			113,895
Total	$	—		$	(579,024	)	$	113,895		$	—		$	(465,129	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	19,017		$	—		$	—		$	19,017
Foreign currency		—			—			141,530			—			141,530
Total	$	—		$	19,017		$	141,530		$	—		$	160,547
Inflation Protected Securities Fund2
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	381,791	**	$	(3,963,927	)	$	—		$	(407,271	)	$	(3,989,407	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	449,605	**	$	(271,062	)	$	—		$	202,684		$	381,227
Discovery Fund3
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Foreign currency	$	—		$	—		$	(44,802	)	$	—		$	(44,802	)
Stock market		—			(3,505,283	)		—			—			(3,505,283	)
Total	$	—		$	(3,505,283	)	$	(44,802	)	$	—		$	(3,550,085	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Foreign currency	$	—		$	—		$	32,769		$	—		$	32,769
Stock market		—			440,364			—			—			440,364
Total	$	—		$	440,364		$	32,769		$	—		$	473,133

169

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

International Fund4
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Foreign currency	$	—		$	—		$	(577,438	)	$	—		$	(577,438	)
Change In Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Foreign currency	$	—		$	—		$	834,869		$	—		$	834,869
Diversifying Strategies Fund5
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	(369,963	)**	$	(4,218,758	)	$	—		$	(101,348	)	$	(4,690,069	)
Foreign currency		—			—			(4,448,455	)		—			(4,448,455	)
Stock market		333,800			798,538			—			—			1,132,338
Total	$	(36,163	)**	$	(3,420,220	)	$	(4,448,455	)	$	(101,348	)	$	(8,006,186	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	4,070,113	**	$	(1,005,623	)	$	—		$	1,853,545		$	4,918,035
Foreign currency		—			—			3,171,073			—			3,171,073
Stock market		(476,622	)**		786,154			—			—			309,532
Total	$	3,593,491	**	$	(219,469	)	$	3,171,073		$	1,853,545		$	8,398,640
500 Stock Index Fund6
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Stock market	$	—		$	1,018,891		$	—		$	—		$	1,018,891
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Stock market	$	—		$	(162,717	)	$	—		$	—		$	(162,717	)
Broad Market Index Fund7
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Stock market	$	—		$	742,739		$	—		$	—		$	742,739
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Stock market	$	—		$	(46,596	)	$	—		$	—		$	(46,596	)

170

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

Mid/Small Company Index Fund8
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	(778,542	)	$	—		$	—	$	(778,542	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	51,515		$	—		$	—	$	51,515
Overseas Equity Index Fund9
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—	$	—		$	134,514		$	—	$	134,514
Stock market		—		(306,178	)		—			—		(306,178	)
Total	$	—	$	(306,178	)	$	134,514		$	—	$	(171,664	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—	$	—		$	(93,427	)	$	—	$	(93,427	)
Stock market		—		45,105			—			—		45,105
Total	$	—	$	45,105		$	(93,427	)	$	—	$	(48,322	)

** 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. The realized gain (loss) and unrealized appreciation (depreciation) for purchased options on Euro-Bund futures is reported in the Statements of Operations within realized gains (losses) on purchased options on Euro-Bund futures contracts and net change in unrealized appreciation (depreciation) on purchased options on Euro-Bund futures contracts.

(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.

(3) The Discovery Fund used Russell 2000 Index futures to obtain or adjust investment exposure to U.S. common stocks consistent with its principal investment strategies. 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 principal investment strategies. The fund also used futures and options on Euro-Bund 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.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

(6) The 500 Stock 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.

(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 Retirement Corporation (“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 $17,534,419 in the aggregate for the year ended December 31, 2011.

Vantagepoint Transfer Agents, LLC (“VTA”), a wholly owned subsidiary of ICMA-RC, provides certain 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 Company, 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 $39,544,120 in the aggregate for the year ended December 31, 2011.

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 was calculated and Mellon Capital Management Corporation for the Diversifying Strategies Fund is calculated, based on the average net asset value of the fund’s assets allocated and assigned to each of them by VIA. The fee structure for many of the Subadvisers provides for a range of fees so that as average net assets 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 year ended December 31, 2011 are presented in the “Additional Information” section of these Notes. The Subadviser’s fees during the year ended December 31, 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 were 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		0.19	%
Inflation Protected Securities	Pacific Investment Management Company, LLC		0.20	%
	BlackRock Financial Management, Inc.		0.10	%

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)
Equity Income	Barrow, Hanley, Mewhinney & Strauss, LLC 1		0.22	%
	T. Rowe Price Associates, Inc. 1		0.33	%
	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 2,3		0.35	%
	Legg Mason Capital Management, LLC 3		0.32	%
	Tukman Grossman Capital Management, Inc. 3		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, LLC		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	%
Diversifying Strategies	Analytic Investors, LLC 4		0.45	%
	Calamos Advisors LLC		0.54	%
	Mellon Capital Management Corporation 5		0.46	%
	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) Effective March 1, 2011, D.G. Capital Management Trust amended its fee schedule to a flat 0.35%.

(3) On December 13, 2011, the Board approved the termination of D.G. Capital Management Trust, Legg Mason Capital Management, LLC and Tukman Grossman Capital Management, Inc. effective January 2012.

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

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

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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 year ended December 31, 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 year ended December 31, 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 Company: 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 year ended December 31, 2011, the fee waiver for the Growth & Income Fund totaled $41,831 and the fee waiver for the Equity Income Fund totaled $76,072. 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 $284,214 for the year ended December 31, 2011. Effective October 1, 2010 through February 28, 2011 D.G. Capital Management Trust (“D.G. Capital”) voluntarily agreed to waive its subadvisory fee for assets managed in the Growth Fund so that its fee would not exceed a flat rate of 0.35%. The waiver totaled $55,346 for the year ended December 31, 2011. Effective May 1, 2011, Mellon Capital Management Corporation (“Mellon Capital 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 $594,582 for the year ended December 31, 2011. Mondrian Investment Partners Limited (“Mondrian”) voluntarily waived its subadviser fee for the month of July 2011 and the total fee waiver was $158,991 for the International Fund.

5. Investment Portfolio Transactions

Purchases and sales of investments, exclusive of short-term securities, for each fund for the year ended December 31, 2011 were as follows:

	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Low Duration Bond	$	90,120,608	$	95,620,936	$	273,537,663	$	244,571,381
Inflation Protected Securities		486,698,457		486,156,899		79,571,227		47,801,318
Equity Income		—		—		332,877,252		370,068,695
Growth & Income		—		—		475,582,605		506,768,415
Growth		—		—		1,286,749,102		1,437,573,429
Select Value		—		—		196,084,424		214,495,585
Aggressive Opportunities		—		—		568,877,584		636,981,637
Discovery		60,180,715		50,643,592		116,379,782		117,936,613
International		—		—		653,174,699		596,462,529
Diversifying Strategies		108,729,041		101,039,869		499,038,591		441,113,311
Core Bond Index		264,054,989		262,495,503		366,197,642		382,806,695
500 Stock Index		—		—		13,103,121		12,514,921

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NOTES TO FINANCIAL STATEMENTS — (Continued)

	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Broad Market Index	$	—	$	—	$	4,692,685	$	44,942,612
Mid/Small Company Index		—		—		93,571,631		65,658,788
Overseas Equity Index		—		—		4,652,760		4,514,469
Model Portfolio Savings Oriented		—		—		46,744,940		95,812,861
Model Portfolio Conservative Growth		—		—		79,622,883		102,724,574
Model Portfolio Traditional Growth		—		—		185,825,416		273,938,101
Model Portfolio Long-Term Growth		—		—		202,793,016		260,031,625
Model Portfolio All-Equity Growth		—		—		63,883,981		85,443,498
Milestone Retirement Income		—		—		47,157,193		42,715,105
Milestone 2010		—		—		56,562,126		49,363,973
Milestone 2015		—		—		103,391,063		76,652,631
Milestone 2020		—		—		115,319,832		61,151,827
Milestone 2025		—		—		87,852,128		42,495,880
Milestone 2030		—		—		67,381,552		31,638,908
Milestone 2035		—		—		43,843,429		18,650,815
Milestone 2040		—		—		41,259,974		19,276,000
Milestone 2045		—		—		17,217,125		4,097,166

6. Tax Basis Unrealized Appreciation (Depreciation)

As of December 31, 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	$	548,639,614	$	6,033,732	$	7,525,331		$(1,491,599	)
Inflation Protected Securities		552,678,440		41,437,743		1,569,855		39,867,888
Equity Income		1,863,085,647		256,853,534		196,888,282		59,965,252
Growth & Income		1,076,406,413		171,659,757		66,253,805		105,405,952
Growth		1,649,993,326		208,253,796		74,127,319		134,126,477
Select Value		307,943,861		34,177,305		12,393,285		21,784,020
Aggressive Opportunities		1,032,932,008		118,408,440		113,559,980		4,848,460
Discovery		214,487,965		14,628,213		15,389,074		(760,861	)
International		1,209,490,564		89,564,228		121,223,852		(31,659,624	)
Diversifying Strategies		841,531,946		12,292,982		11,336,971		956,011
Core Bond Index		1,162,986,370		63,236,835		4,162,159		59,074,676
500 Stock Index		279,139,340		162,969,176		53,498,636		109,470,540
Broad Market Index		385,929,130		219,020,614		88,128,524		130,892,090
Mid/Small Company Index		408,814,383		87,126,215		53,630,191		33,496,024
Overseas Equity Index		215,233,671		21,440,791		55,619,638		(34,178,847	)
Model Portfolio Savings Oriented		283,002,823		5,525,416		—		5,525,416
Model Portfolio Conservative Growth		554,738,232		9,148,000		7,638,798		1,509,202
Model Portfolio Traditional Growth		1,397,129,610		25,570,430		56,427,899		(30,857,469	)
Model Portfolio Long-Term Growth		1,757,566,273		32,047,640		77,192,701		(45,145,061	)
Model Portfolio All-Equity Growth		702,029,485		6,266,618		58,379,342		(52,112,724	)
Milestone Retirement Income		223,132,881		556,715		3,573,141		(3,016,426	)
Milestone 2010		224,964,444		1,274,368		3,913,466		(2,639,098	)
Milestone 2015		387,099,577		—		5,187,738		(5,187,738	)
Milestone 2020		390,598,332		1,495,311		5,712,488		(4,217,177	)
Milestone 2025		304,072,123		2,398,937		5,144,712		(2,745,775	)
Milestone 2030		236,451,826		3,786,753		3,736,494		50,259

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Fund	Federal Income Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Tax Basis Net Unrealized Appreciation/ (Depreciation)
Milestone 2035	$	149,900,173	$	3,152,082	$	2,533,844	$	618,238
Milestone 2040		140,793,580		5,796,825		509,039		5,287,786
Milestone 2045		33,388,918		430,395		344,171		86,224

7. Portfolio Securities Loaned

Certain funds lend securities to approved borrowers to seek to earn additional income. As of December 31, 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. The fund may terminate a loan at any time and generally expects to receive the securities loaned within the normal settlement period for the security involved. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in collateral in the event of default or insolvency of the borrower. The fund may not retain voting rights on securities while they are on loan. Voting rights on the loaned securities may pass to the borrower. The funds, however, are entitled to terminate or recall the loans to vote proxies or otherwise obtain rights to vote or consent with respect to a material event.

The funds will be indemnified by its custodian for securities lending programs conducted through the custodian if, at the time of a default by a borrower, some or all of the loaned securities have not been returned by the borrower. The custodian, as soon as practicable after the time of default, shall deposit in the funds’ accounts securities of the same number, issue, type, class and series of the unreturned loaned securities. If the custodian is unable to purchase replacement securities, it will credit to the funds’ accounts an amount equal to the market value of the unreturned loaned securities. For purposes of calculating the amount of credit to a fund’s account, the market value of U.S. securities will be determined as of the date on which the custodian posts the credit to the fund and the market value of the U.S. securities may be more or less than it was on the date the securities were due to be returned to the fund. For non-U.S. securities, the market value of the securities to be credited to a fund is determined as of the date the securities were due to be returned to the fund.

The market value of the securities on loan and the value of the related collateral as of December 31, 2011, were as follows:

Fund	Securities on Loan		Collateral		Collateralization
Low Duration Bond	$	25,619,130	$	26,135,756		102	%
Inflation Protected Securities		12,756,491		12,985,716		102	%
Equity Income		105,050,315		106,321,976		101	%
Growth & Income		18,975,438		19,398,507		102	%
Growth		30,726,352		31,704,220		103	%
Select Value		9,307,327		9,537,261		102	%
Aggressive Opportunities		73,139,684		77,024,271		105	%
Discovery		16,788,326		17,935,954		107	%
International		41,512,238		42,926,698		103	%
Core Bond Index		65,318,202		67,598,878		103	%
500 Stock Index		7,883,342		8,219,745		104	%
Broad Market Index		13,383,315		13,848,786		103	%
Mid/Small Company Index		32,423,689		33,680,955		104	%
Overseas Equity Index		6,316,643		6,602,718		105	%

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NOTES TO FINANCIAL STATEMENTS — (Continued)

8. Transactions with Affiliated Funds

As of December 31, 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		17.01	%		20.00	%		20.62	%		—			—
Inflation Protected Securities		7.37	%		9.47	%		9.29	%		—			—
Equity Income		1.60	%		3.43	%		9.19	%		12.47	%		6.51	%
Growth & Income		2.50	%		4.35	%		14.26	%		19.35	%		9.55	%
Growth		—			1.90	%		7.77	%		11.17	%		6.27	%
Select Value		—			5.28	%		23.84	%		46.06	%		19.40	%
Aggressive Opportunities		—			1.76	%		7.84	%		15.20	%		6.44	%
Discovery		—			—			21.60	%		40.57	%		30.56	%
International		1.26	%		3.87	%		14.14	%		23.57	%		11.23	%
Core Bond Index Class I		3.20	%		8.20	%		21.77	%		27.23	%		—
Diversifying Strategies		6.79	%		12.39	%		23.97	%		23.97	%		—

Underlying Fund	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
Low Duration Bond		12.99	%		6.40	%		7.79	%		5.05	%		1.69	%
Inflation Protected Securities		5.63	%		5.69	%		5.88	%		0.99	%		—
Equity Income		1.22	%		2.26	%		4.05	%		4.53	%		3.82	%
Growth & Income		1.90	%		2.11	%		3.64	%		3.85	%		3.35	%
Growth		—			0.90	%		1.63	%		1.81	%		1.59	%
International		0.97	%		1.78	%		3.57	%		4.20	%		3.76	%
Core Bond Index Class I		2.44	%		1.77	%		4.67	%		6.72	%		4.98	%
Mid/Small Company Index Class I		—			—			8.36	%		13.67	%		13.69	%
Diversifying Strategies		5.18	%		4.64	%		7.39	%		6.91	%		4.60	%
Underlying Fund	Milestone 2030			Milestone 2035			Milestone 2040			Milestone 2045
Low Duration Bond		0.59	%		0.06	%		—			—
Equity Income		3.18	%		2.13	%		2.19	%		0.50	%
Growth & Income		2.87	%		1.93	%		1.99	%		0.46	%
Growth		1.40	%		1.01	%		1.04	%		0.24	%
International		3.30	%		2.33	%		2.41	%		0.56	%
Core Bond Index Class I		2.66	%		1.05	%		0.90	%		0.21	%
Mid/Small Company Index Class I		13.58	%		10.99	%		11.66	%		2.70	%
Diversifying Strategies		2.92	%		1.06	%		0.17	%		—

9. Control Persons and Principal Holders of Securities

A majority of the voting shares of each Fund are held either directly, or indirectly through the Model Portfolio Funds and the Milestone Funds, by VantageTrust, a group trust sponsored and maintained by VantageTrust Company (“Trust Company”), 777 N. Capitol N.E. Street, Washington, DC 20002. 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 underlying Funds held by the Model Portfolio Funds and the Milestone Funds under the proxy voting policy adopted by VIA and is therefore considered a “control” person of the Funds for purposes of the 1940 Act. Both the Trust Company and VIA are

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NOTES TO FINANCIAL STATEMENTS — (Continued)

wholly owned subsidiaries of ICMA-RC. As a control person of each Fund, the Trust Company may possess the ability to control the outcome of matters submitted to the vote of shareholders. The following represents the percentage of shares outstanding in each of the Funds held, directly or indirectly, by VantageTrust as of a December 31, 2011:

Fund	% Owned by VantageTrust
Low Duration Bond		78.04	%
Inflation Protected Securities		85.79	%
Equity Income		90.71	%
Growth & Income		90.12	%
Growth		95.31	%
Select Value		93.41	%
Aggressive Opportunities		95.79	%
Discovery		62.95	%
International		91.24	%
Diversifying Strategies		88.44	%
Core Bond Index Class I		88.27	%
Core Bond Index Class II		89.64	%
500 Stock Index Class I		82.96	%
500 Stock Index Class II		99.86	%
Broad Market Index Class I		83.13	%
Broad Market Index Class II		98.23	%
Mid/Small Company Index Class I		81.41	%
Mid/Small Company Index Class II		98.85	%
Overseas Equity Index Class I		83.35	%
Overseas Equity Index Class II		98.99	%
Model Portfolio Savings Oriented		81.20	%
Model Portfolio Conservative Growth		88.15	%
Model Portfolio Traditional Growth		94.04	%
Model Portfolio Long-Term Growth		95.78	%
Model Portfolio All-Equity Growth		90.76	%
Milestone Retirement Income		76.14	%
Milestone 2010		74.44	%
Milestone 2015		80.78	%
Milestone 2020		83.60	%
Milestone 2025		84.51	%
Milestone 2030		84.35	%
Milestone 2035		81.57	%
Milestone 2040		83.44	%
Milestone 2045		67.91	%

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NOTES TO FINANCIAL STATEMENTS — (Continued)

10. Rebates of Brokerage Commissions

VIA has entered into agreements with brokers whereby the brokers will rebate a portion of the funds’ brokerage commissions on behalf of certain funds. Such amounts, under such agreements, are included in net realized gain (loss) on the sale of investments presented in the Statements of Operations. For the year ended December 31, 2011, the funds recaptured the following amounts of brokerage commissions:

Fund	Recaptured Brokerage Commissions
Equity Income	$	41,875
Growth & Income		49,339
Growth		312,818
Select Value		82,634
Aggressive Opportunities		232,152
Discovery		12,976
International		204,591

11. Subsequent Events

Management has evaluated events or transactions that may have occurred since December 31, 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. There were no subsequent events that required disclosure.

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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Additional Information (Unaudited)

A. Tax Disclosures

For corporate shareholders, a portion of the ordinary dividends paid during the fund’s year ended December 31, 2011, qualified for the dividends received deduction as follows:

Fund	Corporate Dividend Received Deduction
Equity Income		74.51	%
Growth & Income		100.00	%
Growth Fund		100.00	%
Select Value		100.00	%
Aggressive Opportunities		32.96	%
Discovery		29.82	%
International		0.19	%
Diversifying Strategies		28.89	%
500 Stock Index		100.00	%
Broad Market Index		100.00	%
Mid/Small Company Index		43.92	%
Overseas Equity Index		0.04	%
Model Portfolio Savings Oriented		15.56	%
Model Portfolio Conservative		22.00	%
Model Portfolio Traditional Growth		24.18	%
Model Portfolio Long-Term Growth		32.24	%
Model Portfolio All-Equity Growth		53.57	%
Milestone Retirement Income		16.79	%
Milestone 2010		25.99	%
Milestone 2015		28.50	%
Milestone 2020		36.61	%
Milestone 2025		41.35	%
Milestone 2030		46.52	%
Milestone 2035		50.77	%
Milestone 2040		50.65	%
Milestone 2045		47.37	%

Pursuant to Section 852 of the Internal Revenue Code, the Company designated the following capital gain dividends for the year ended December 31, 2011:

Fund	Long Term Capital Gain Dividend
Inflation Protected Securities	$	7,954,674
Equity Income		32,862,295
Aggressive Opportunities		63,629,518
Diversifying Strategies		11,386,188
Mid/Small Company Index		14,883,091
Model Traditional Growth		3,332,490
Model Long-Term Growth Fund		22,158,134
Milestone Retirement Income		4,193,183
Milestone 2010		1,721,112
Milestone 2015		2,136,550
Milestone 2020		1,368,890
Milestone 2025		1,252,114
Milestone 2030		545,351
Milestone 2035		428,966
Milestone 2045		301,785

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Additional Information (Unaudited) — (Continued)

B. Foreign Taxes Paid

For the year ended December 31, 2011, dividends from foreign countries and taxes paid to foreign countries that qualify for foreign tax credit are as follows:

Fund	Net Foreign Source Income		Foreign Tax Credit
International	$	36,844,404	$	3,543,445
Overseas Equity Index		6,641,650		217,512
Model Portfolio Savings Oriented		465,634		44,781
Model Portfolio Conservative Growth		1,421,375		136,698
Model Portfolio Traditional Growth		5,219,580		501,983
Model Portfolio Long-Term Growth		8,686,236		835,383
Model Portfolio All-Equity Growth		4,144,702		398,609
Milestone Retirement Income		352,319		33,884
Milestone 2010		660,245		63,498
Milestone 2015		1,309,833		125,971
Milestone 2020		1,538,279		147,941
Milestone 2025		1,372,047		131,954
Milestone 2030		1,206,323		116,016
Milestone 2035		846,591		81,419
Milestone 2040		876,030		84,251
Milestone 2045		203,937		19,613

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

C. Sources of Income

The following table summarizes the percentage of income received by the Company in 2011 from various obligors:

Fund	U.S. Treasury Obligations			GNMA			FNMA			FHL Bank			FHLMC			Other U.S. Government Agency
Low Duration Bond		2.23	%		0.26	%		2.07	%		0.00	%		0.42	%		0.30	%
Inflation Protected Securities		79.97	%		0.00	%		0.03	%		0.00	%		0.00	%		1.31	%
Discovery		2.07	%		0.29	%		1.62	%		1.77	%		0.57	%		0.29	%
Diversifying Strategies		11.08	%		0.33	%		12.20	%		1.45	%		7.63	%		1.69	%
Core Bond Index		23.50	%		7.53	%		19.09	%		1.19	%		13.01	%		0.34	%
500 Stock Index		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Broad Market Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Mid/Small Company Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Overseas Equity Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

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Additional Information (Unaudited) — (Continued)

D. Qualified Dividend Income

The following are estimates of qualified dividend income received by the Company through December 31, 2011 that qualify for a reduced tax rate pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003 as extended by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010:

Fund	Qualified Dividend Income
Equity Income		83.43	%
Growth & Income		100.00	%
Growth		100.00	%
Select Value		100.00	%
Aggressive Opportunities		41.76	%
Discovery		36.09	%
International		75.31	%
Diversifying Strategies		51.66	%
500 Stock Index		100.00	%
Broad Market Index		100.00	%
Mid/Small Company Index		46.46	%
Overseas Equity Index		68.04	%
Model Portfolio Savings Oriented		21.79	%
Model Portfolio Conservative		32.32	%
Model Portfolio Traditional Growth		36.57	%
Model Portfolio Long-Term Growth		50.54	%
Model Portfolio All-Equity Growth		82.56	%
Milestone Retirement Income		23.55	%
Milestone 2010		37.19	%
Milestone 2015		41.23	%
Milestone 2020		53.38	%
Milestone 2025		60.68	%
Milestone 2030		68.59	%
Milestone 2035		75.09	%
Milestone 2040		74.81	%
Milestone 2045		70.13	%

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Additional Information (Unaudited) — (Continued)

E. Directors Table

Independent Directors

Name, Address,* and Age	Positions Held with the Company	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Other Directorships Held By Director
N. Anthony Calhoun (64)	Director, Audit Committee Member and Chair, Investment Committee and Nominating Committee Member	Term expires October 2013 Director since November 1998	Independent Consultant (financial) (April 2009–present); Executive Deputy State Treasurer—Commonwealth of Pennsylvania (August 2007–March 2009); Secretary to Senate Finance Committee/Minority—State of New York Legislature (January 2007–August 2007); Retired (October 2005–January 2007); and Deputy Chief Financial Officer and Treasurer—District of Columbia (2001–2005)	N/A
Donna K. Gilding (72)	Director, Investment Committee Member and Chair, and Nominating Committee Member	Term expires October 2013 Director since November 1998	Chief Investment Officer—Lowenhaupt Global Advisors, LLC (Sept. 2006–present); Chief Investment Officer—Lowenhaupt & Chasnoff (2005–Sept. 2006) (wealth management law firm); and Chief Investment Officer—Progress Investment Management Company (2000–2005)	N/A
Arthur R. Lynch (57)	Director, Audit Committee Member, Investment Committee Member, and Nominating Committee Member	Term expires October 2013 Director since November 1998	President and Chief Executive Officer - SRJ Government Consultants, LLC (October 2009–present); Deputy City Manager—City of Glendale, Arizona (2005–October 2009); Chief Financial Officer—City of Glendale, Arizona (1985–2005)	N/A
Timothy M. O’Brien (62)	Director, Audit Committee Member, Investment Committee Member, and Nominating Committee Member	Term expires October 2014 Director since September 2005	Independent Consultant (pension consulting) (2003–present); Board Member and Chair of Audit Committee—Colorado Public Employees Retirement Association (July 2011–present) President and Chief Executive Officer—American Humane Association (1999–2003)	N/A
Robin L. Wiessmann (58)	Chair of the Board, Director, Investment Committee Member, and Nominating Committee Member	Term expires October 2013 Director since November 1998	State Treasurer—Commonwealth of Pennsylvania (April 2007–January 2009); Director—Merrill, Lynch, Pierce, Fenner & Smith Incorporated, (2006– April 2007); and Consultant—Brown Wiessmann Group (financial services consulting) (2002–2006)	Director—Met-Pro Corporation (December 2009–present)
George M. Chamberlain, Jr. (64)	Director, Investment Committee and Nominating Committee Member	Term expires October 2014 Director since January 2012	Vice President, Legal Affairs—SCM Advantage LLC (supply chain consulting) (October 2009–present); Principal—GMC Consulting (corporate consulting) (May 1999–present); Vice President and General Counsel—Citco Mutual Fund Services, Inc. (November 2004–April 2007); Board member—Alzheimer’s Association Delaware Valley Chapter (January 2008–present); Board member—Trapp Family Housing Cooperative (non-profit) (April 2008–present); Board member and Vice Chair—Walnut Street Theater (January 2000–June 2010)	N/A

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Additional Information (Unaudited) — (Continued)

Interested Director and Officers

Name, Address,* and Age	Positions Held with the Company	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Other Directorships Held By Director
David R. Mora (66)**	Director	Term expires October 2012 Director since November 2011	Board member (January 2005–present) and Chair of the Board of Directors (January 2010–present)—ICMA Retirement Corporation; West Coast Regional Director—International City County Management Association (February 2009–April 2011); City Manager—City of Salinas, CA (September 1990–September 2008); Board member—Public Entity Risk Institute (non-profit) (January 2000–December 2008)	N/A
Joan W. McCallen (59)**	President and Principal Executive Officer	Since September 2003	Chief Executive Officer—ICMA Retirement Corporation (Aug. 2003–present); President and Manager—Vantagepoint Investment Advisers, LLC; ICMA-RC Services, LLC (broker-dealer); President and Manager—Vantagepoint Transfer Agents, LLC (2003–present); and Director and President, VantageTrust Company, LLC (2003–present)	N/A
Bruce James Rohrbacher (59)**	Vice President and Chief Compliance Officer	Since September 2004	Senior Vice President and Chief Compliance Officer—ICMA Retirement Corporation (2004–present); Senior Vice President and Chief Compliance Officer, Vantagepoint Investment Advisers, LLC (2004–present); Chief Compliance Officer, ICMA-RC Services, LLC (broker-dealer) (2004–present); and Chief Compliance Officer VantageTrust Company, LLC (2004–present)	N/A
Elizabeth S. Glista (47)**	Treasurer and Principal Financial Officer	Since March 2009	Senior Vice President and Chief Financial Officer—ICMA Retirement Corporation (April 2009–present); Treasurer—Vantagepoint Investment Advisers, LLC, and Vantagepoint Transfer Agents, LLC (April 2009–present); Treasurer—ICMA-RC Services, LLC (broker-dealer) (April 2009–present); Treasurer—VantageTrust Company, LLC (April 2009–present); Managing Vice President, Financial Operations, Analysis & Treasury—ICMA Retirement Corporation (January 2009–April 2009); Vice President Financial Planning & Analysis and Treasury—ICMA-RC (January 2000–September 2007) and (March 2008–January 2009); Acting Vice President, Internal Audit—ICMA-RC (September 2007–March 2008)	N/A

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Name, Address,* and Age	Positions Held with the Company	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Other Directorships Held By Director
Angela C. Montez (44)**	Secretary	Since December 2006	Managing Vice President, Deputy General Counsel and Assistant Secretary—ICMA Retirement Corporation (2006–present) Corporate Counsel—ICMA Retirement Corporation (2000–2006); Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLC and ICMA-RC Services, LLC (broker-dealer) (2006–2007); and Assistant Secretary—VantageTrust Company, LLC (February 2008–present)	N/A
Kathryn B. McGrath (67)**	Assistant Secretary	Since March 2008	Senior Vice President and General Counsel—ICMA Retirement Corporation (October 2007–present); Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLC and ICMA-RC Services, LLC (broker-dealer) (December 2007–present); Secretary—VantageTrust Company, LLC (February 2008–present); and Partner—Mayer Brown LLP (law firm) (2005–October 2007)	N/A

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

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

Aggregate compensation that was paid to the directors during the fiscal year ended December 31, 2011 totaled $111,195. Executive officers do not receive any compensation from the Company. However, the Company pays a portion of the compensation of the Chief Compliance Officer of the Company. The amount paid by the Company during the year ended December 31, 2011 totaled $249,110.

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

F. Subadviser Fees

Presented below are the fees paid by each fund to subadvisers during the year ended December 31, 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 September 30, 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%	$	257,253
	STW Fixed Income Management LLC		0.19%		491,982
Inflation Protected Securities	Pacific Investment Management Company, LLC		0.20%		492,808
	BlackRock Financial Management, Inc.		0.10%		190,117

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Additional Information (Unaudited) — (Continued)

Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)		Dollars Paid
Equity Income	Barrow, Hanley, Mewhinney & Strauss, LLC 1		0.22%	$	1,374,904
	T. Rowe Price Associates, Inc. 1		0.33%		2,091,992
	Southeastern Asset Management, Inc.		0.52%		3,231,145
Growth & Income	Fiduciary Management, Inc.		0.29%		1,199,831
	T. Rowe Price Associates, Inc.		0.38%		1,120,140
	Wellington Management Company, LLP		0.27%		1,332.280
Growth	Columbus Circle Investors		0.33%		1,721,324
	D.G. Capital Management Trust 2,3		0.35%		780,250
	Legg Mason Capital Management, LLC 3		0.32%		929,842
	Tukman Grossman Capital Management, Inc. 3		0.40%		1,153,699
	Westfield Capital Management Company, L.P.		0.33%		1,847,948
Select Value	Artisan Partners Limited Partnership		0.55%		607,136
	WEDGE Capital Management LLP		0.53%		591,268
	Systematic Financial Management, L.P.		0.42%		467,513
Aggressive Opportunities	Legg Mason Capital Management, LLC		0.32%		1,054,313
	Southeastern Asset Management, Inc.		0.56%		1,225,264
	TimesSquare Capital Management, LLC		0.50%		1,649,080
	Wellington Management Company, LLP		0.41%		890,948
Discovery	Payden & Rygel		0.15%		154,512
	Wellington Management Company, LLP		0.73%		745,155
International	Artisan Partners Limited Partnership		0.65%		1,353,026
	GlobeFlex Capital, LP		0.40%		1,439,971
	Mondrian Investment Partners Limited		0.43%		1,812,385
	Walter Scott & Partners Limited		0.55%		1,147,143
Diversifying Strategies	Analytic Investors, LLC 4		0.45%		545,605
	Calamos Advisors LLC		0.54%		631,457
	Mellon Capital Management Corporation 5		0.46%		991,247
	Payden & Rygel (Enhanced Cash Strategy)		0.10%		256,724
	Payden & Rygel (Low Duration Strategy)		0.10%		290,146
	Shenkman Capital Management, Inc.		0.39%		441,381
Core Bond Index	Mellon Capital Management Corporation		0.02%		235,504
500 Stock Index	Mellon Capital Management Corporation		0.02%		77,564
Broad Market Index	Mellon Capital Management Corporation		0.02%		119,039
Mid/Small Company Index	Mellon Capital Management Corporation		0.03%		126,496
Overseas Equity Index	Mellon Capital Management Corporation		0.07%		142,635

(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) Effective March 1, 2011, D.G. Capital Management Trust amended its fee schedule to a flat 0.35%.

(3) On December 13, 2011, the Board approved the termination of D.G. Capital Management Trust, Legg Mason Capital Management, LLC and Tukman Grossman Capital Management, Inc.

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

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

G. 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 July 1, 2011 through December 31, 2011, of the approval of certain Investment Subadvisory Agreements (“Subadvisory Agreement” or “Subadvisory Agreements”) for the International and Growth Funds.

Directors’ Consideration of Subadvisory Agreements

Vantagepoint International Fund

At a meeting held on July 1, 2011 (“July Meeting”), the Board of the Company, including a majority of the Directors who are not “interested persons” (“Independent Directors”) as defined in the 1940 Act, approved a new subadvisory agreement (“Mondrian Subadvisory Agreement”) with Mondrian Investment Partners Limited (“Mondrian”), one of the subadvisers of the International Fund. On July 12, 2011, a group of private equity funds controlled by Hellman & Friedman LLC sold a minority interest in Mondrian to the management of Mondrian (“Buyout”). Upon completion of the Buyout, Mondrian became 100% owned by its employees. The Buyout resulted in a “change of control” of Mondrian under applicable provisions of the 1940 Act. The 1940 Act provides that a “change of control” of a fund’s adviser or subadviser results in an “assignment,” and a consequent automatic termination, of the investment advisory agreement between the fund and the adviser or subadviser, as the case may be. Accordingly, as a result of the Buyout, the prior investment subadvisory agreement dated October 12, 2009, among VIA, the Company and Mondrian (“Prior Subadvisory Agreement”) terminated on July 12, 2011. At the July Meeting, in anticipation of the Buyout and consequent immediate termination of the Prior Subadvisory Agreement, the Board, including a majority of the Independent Directors, approved the Mondrian Subadvisory Agreement, with terms substantially similar to the terms of the Prior Subadvisory Agreement. Before approving the Mondrian Subadvisory Agreement, the Board considered the recommendations of, and supporting analyses and data presented by, VIA.

With respect to the Board’s consideration of the Mondrian Subadvisory Agreement, the Directors received written information in advance of the July Meeting from VIA, which included: (1) the conclusions reached by VIA as a result of the due diligence it conducted relating to the Buyout; (2) the nature, extent and quality of services that Mondrian currently provides, and would continue to provide, to the International Fund; (3) Mondrian’s experience, investment management business, personnel and operations; (4) Mondrian’s brokerage and trading policies and practices; (5) the level of the subadvisory fee to be charged to the International Fund by Mondrian and a comparison of that fee to the: (a) fees charged by Mondrian for managing other foreign large-cap value equity accounts; and (b) fees charged by a group of U.S. investment managers utilizing a non-U.S. diversified value mandate; (6) Mondrian’s compliance program; (7) Mondrian’s investment performance as a subadviser to the International Fund as compared to relevant benchmarks; and (8) Mondrian’s financial condition, including its anticipated financial condition after the Buyout.

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

In determining whether to approve the Mondrian Subadvisory Agreement, the Directors considered the information received in advance of the July Meeting, the presentations made by, and discussions held with, the personnel of VIA and Mondrian, as well as a variety of factors. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decision to approve the Mondrian Subadvisory Agreement.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of services to be provided by Mondrian to the International Fund following the Buyout, the Directors considered Mondrian’s investment management process in managing the International Fund’s assets allocated to it, including the experience and capability of Mondrian’s management and other personnel responsible for the portfolio management of the International Fund. The Directors also considered VIA’s assessment that it does not anticipate the Buyout to result in

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significant changes in Mondrian’s investment philosophy, process or team. In addition, the Directors considered Mondrian’s representations that it does not plan to make any changes in its key personnel, day-to-day operations or compliance policies and procedures as a result of the Buyout and that Mondrian intends to continue managing the International Fund in the same manner as it currently does. The Directors considered Mondrian’s representations that it does not expect the nature, quality or scope of services to be provided to the International Fund to be impacted as a result of the Buyout and that there would be no changes to the fee charged by Mondrian to the International Fund as a result of the Buyout. The Directors also considered that VIA did not have concerns at the time with respect to Mondrian’s ability to service the debt associated with the Buyout. Based on the information considered, the Directors concluded that the International Fund was likely to continue to benefit from the nature, extent and quality of Mondrian’s services and that Mondrian has the ability to continue to provide these services after the Buyout.

Investment Performance. The Directors considered the data provided regarding Mondrian’s investment performance with respect to managing the assets of the International Fund versus relevant benchmarks and VIA’s favorable assessment of such performance. The Directors concluded that the investment performance record of Mondrian supported approval of the Mondrian Subadvisory Agreement.

Subadvisory Fee, Expense Ratio Impact and Economies of Scale. In evaluating the subadvisory fee, the Directors considered that the subadvisory fee payable under the Mondrian Subadvisory Agreement is the same as the subadvisory fee payable under the Prior Subadvisory Agreement. The Directors also considered comparisons of the subadvisory fee charged by Mondrian to the International Fund with the fees charged by Mondrian for managing other accounts according to an investment mandate similar to the mandate the subadviser employs on behalf of the International Fund. The Directors also considered VIA’s assessment that the International Fund’s fee schedule at the current level of assets allocated to Mondrian is the lowest fee schedule offered by Mondrian for managing focused All Countries World Index (ACWI) ex-U.S. equity accounts of similar size. Additionally, the nature of the subadvisory services Mondrian is to provide to the International Fund appeared to be comparable to those Mondrian currently provides to its other subadvisory clients. The Directors reviewed information provided by VIA (which was based on an independent third-party source) on the fees charged by a group of U.S. investment managers utilizing a non-U.S. diversified value mandate. According to the information provided, the effective fee rate to be paid by the International Fund to Mondrian at current asset levels is below the median fee charged by such managers. The foregoing comparisons assisted the Directors in considering the Mondrian Subadvisory Agreement by providing them with a basis for evaluating Mondrian’s fee on a relative basis. Based on this information, the Directors concluded that Mondrian’s subadvisory fee appeared to be within a reasonable range for the services provided.

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

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

The Directors also considered the potential “fall-out” or ancillary benefits that may accrue to Mondrian due to its relationship with the International Fund. The Directors considered that Mondrian may direct the International Fund’s brokerage transactions to certain brokers to obtain research and other services. However, the Directors noted that all subadvisers are required to select brokers who meet the International Fund’s requirements for seeking best execution, and that VIA monitors and evaluates the subadvisers’ trade execution with respect to Fund brokerage transactions on a regular basis and provides reports to the Board in this regard. The Directors concluded that the potential benefits accruing to Mondrian by virtue of its relationship to the International Fund appeared to be reasonable.

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

Vantagepoint Growth Fund

At a meeting held on December 13, 2011 (“December Meeting”), the Board, including a majority of the Independent Directors, approved initial Investment Subadvisory Agreements (each a “New Subadvisory Agreement”) among the Company, VIA and each of Victory Capital Management, Inc. (“Victory”) and Atlanta Capital Management Company, LLC (“Atlanta Capital”), relating to the Growth Fund. Also at the December Meeting, VIA recommended and the Board approved: the termination of Legg Mason Capital Management, LLC (“Legg Mason”), D.G. Capital Management Trust (“D.G. Capital”) and Tukman Grossman Capital Management, Inc. (“Tukman Grossman”) as subadvisers to the Growth Fund, among other matters. Before approving the appointment of Victory and Atlanta Capital as subadvisers to the Growth Fund, the Board of the Company considered the recommendations of, and supporting analyses and data presented by, VIA.

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

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

In determining whether to approve each New Subadvisory Agreement, the Directors considered the information received in advance of the December Meeting, the presentations made by, and discussions held with, representatives of Victory and Atlanta Capital, VIA’s personnel and the Company’s Chief Compliance Officer prior to the December Meeting and at the December Meeting, as applicable, as well as a variety of factors. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decision to approve the New Subadvisory Agreements.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the services expected to be provided by Victory and Atlanta Capital under their respective New Subadvisory Agreements, the Directors considered the specific investment process to be employed by each of Victory and Atlanta Capital in managing the assets of the Growth Fund to be allocated to them; the qualifications of Victory’s and Atlanta Capital’s respective investment management personnel with regard to implementing a large-cap growth mandate; each of Victory’s and Atlanta Capital’s performance record as compared to a relevant benchmark and peer group; each of Victory’s and Atlanta Capital’s infrastructure and whether it appeared to adequately support a large-cap growth strategy; and VIA’s review process and favorable assessment as to the nature, quality and extent of the subadvisory services expected to be provided by each of Victory and Atlanta Capital to the Growth Fund. The Directors acknowledged that Victory and Atlanta Capital have experienced portfolio management personnel; and appeared to have adequate infrastructure and support staff to seek to achieve favorable results implementing large-cap growth mandates for the Growth Fund. The Directors concluded that the nature, extent and quality of the subadvisory services expected to be provided by each of

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Victory and Atlanta Capital were appropriate for the Growth Fund in light of its investment strategy and, thus, supported a decision to approve each New Subadvisory Agreement.

Investment Performance. The Directors evaluated Victory’s and Atlanta Capital’s historical investment performance records in managing their clients’ assets utilizing large-cap growth mandates and considered each performance record versus a relevant benchmark and peer group (based on information provided by an independent third-party source). The Directors concluded that each of Victory’s and Atlanta Capital’s overall historical investment performance record supported approval of each New Subadvisory Agreement.

Subadvisory Fees, Expense Ratio Impact and Economies of Scale. In evaluating each proposed subadvisory fee, the Directors reviewed Victory’s and Atlanta Capital’s subadvisory fee schedules. The Directors considered comparisons of the subadvisory fee to be charged by each of Victory and Atlanta Capital to the Growth Fund with its respective fee schedule for managing other accounts with an investment mandate similar to the mandate the subadviser is to employ on behalf of the Growth Fund. The Directors considered that, based on the information provided by VIA, the proposed fee schedule for each of Victory and Atlanta Capital is lower than each subadviser’s respective standard fee schedule for managing accounts with a similar mandate. The Directors also considered that, according to the information provided by VIA, the proposed effective fee rate to be paid to each of Victory and Atlanta Capital by the Growth Fund, based on the initial amount of assets to be allocated to each subadviser, reflected the lowest effective fee charged by the subadviser to other accounts of similar size (based on current assets) for which the subadviser provides advisory services utilizing a similar mandate. Additionally, the nature of the subadvisory services each of Victory and Atlanta Capital is to provide to the Growth Fund appeared to be comparable to those each subadviser currently provides to its other subadvisory clients.

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

The Directors also considered information from VIA showing that there would be no increase in the overall subadvisory fees and, therefore, no increase in the total expense ratio of the Growth Fund as a result of the changes in subadvisory arrangements. Referring to data provided by VIA and compiled by Morningstar, the Directors also noted that the expected total investment advisory fee for the Growth Fund, taking into account the proposed subadviser changes and the proposed allocation of the Fund’s assets to each of the Fund’s subadvisers, was lower than the average and median investment advisory fee of a group of mutual funds in Morningstar’s large-cap growth funds category. The Directors also considered information provided by VIA and compiled by Morningstar on the total expense ratios of a group of mutual funds in Morningstar’s large-cap growth funds category, which showed that, if Victory and Atlanta Capital served as a subadvisers to the Growth Fund at the proposed subadvisory fee rates and initial asset allocation levels, along with the Growth Fund’s two other existing subadvisers at their current subadvisory fee rates and based on the current asset allocation level with respect to Westfield Capital Management, L.P. (“Westfield”), and the proposed asset allocation level with respect to Columbus Circle Investors (“CCI”), the Fund’s expected total expense ratio would be below the average and median expense ratios of such funds.

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

The Directors also reviewed the information provided by Victory and Atlanta Capital regarding the estimated profits to be realized from their respective relationships with the Growth Fund. In reviewing the extent to which economies of scale may be realized by Victory as the assets of the Growth Fund to be managed by it grow, and whether the proposed fee levels reflect these economies, the Directors considered that Victory’s proposed fee schedule included breakpoints, which indicates that the proposed subadvisory fee rate is intended to capture certain anticipated

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THE VANTAGEPOINT FUNDS

Additional Information (Unaudited) — (Continued)

economies of scale for the benefit of the Growth Fund’s shareholders in connection with the services to be provided. With respect to Atlanta Capital, the Directors considered that, although the proposed subadvisory fee schedule does not include breakpoints, the fee schedule is lower than Atlanta Capital’s standard fee schedule for a large-cap growth mandate and is the lowest fee schedule available for accounts of similar size for which Atlanta Capital provides advisory services utilizing a similar mandate. The Directors concluded that each proposed fee schedule with respect to Victory and Atlanta Capital was appropriate at this time.

Other Considerations. The Directors considered VIA’s judgment that the addition of Victory and Atlanta Capital as subadvisers to the Growth Fund would add value by complementing the investment approach of two of the current subadvisers to the Growth Fund, Westfield and CCI. In this regard, the Directors considered VIA’s belief that the addition of Victory and Atlanta Capital as subadvisers, along with VIA’s recommendation to terminate Legg Mason, D.G. Capital and Tukman Grossman and the proposed allocation of the Growth Fund’s assets to each subadviser. should serve to enhance the Growth Fund’s risk/return attributes.

The Directors considered the selection and due diligence process employed by VIA in deciding to recommend Victory and Atlanta Capital as subadvisers to the Growth Fund and also considered VIA’s conclusion that the fee to be paid to each of Victory and Atlanta Capital for their respective services to the Fund is reasonable and appropriate in light of the nature and quality of services to be provided by each subadviser and the reasons supporting that conclusion. The Directors also considered information from VIA concerning its strategy to efficiently implement the subadviser transitions. The Directors concluded that VIA’s recommendations and conclusions supported approval of each New Subadvisory Agreement.

The Directors also considered the potential “fall-out” or ancillary benefits that may accrue to Victory and Atlanta Capital due to each subadviser’s relationship with the Growth Fund. The Directors considered that Victory and Atlanta Capital may direct the Growth Fund’s brokerage transactions to certain brokers to obtain research and other services. However, the Directors noted that all subadvisers are required to select brokers who meet the Growth Fund’s requirements for seeking best execution, and that VIA monitors and evaluates the subadvisers’ trade execution with respect to Growth Fund brokerage transactions on a regular basis and provides reports to the Board in this regard. The Directors concluded that the potential benefits that may accrue to Victory and Atlanta Capital by virtue of their relationships with the Growth Fund appeared to be reasonable.

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

H. Householding

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

I. Other Available Information

A description of the Company’s proxy voting policies and procedures and the proxy voting record for the 12-month period ended June 30, 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.

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.

191

THE VANTAGEPOINT FUNDS

Additional Information (Unaudited) — (Continued)

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 ^©2012 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.

192

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—62.8%
Aerospace & Defense—0.5%
Boeing Co. (The)
1.875%		11/20/2012		$	1,280,000	$	1,293,631
Lockheed Martin Corp.
2.125%		09/15/2016			760,000		762,088
Raytheon Co.
1.400%		12/15/2014			430,000		432,394
							2,488,113
Auto Components—0.6%
Johnson Controls, Inc.
1.750%		03/01/2014			3,000,000		3,027,534
Beverages—1.3%
Anheuser-Busch InBev Worldwide, Inc.
2.500%		03/26/2013			3,335,000		3,397,678
1.500%		07/14/2014			2,750,000		2,771,370
Coca-Cola Co. (The)
1.800%		09/01/2016			730,000		743,350
							6,912,398
Biotechnology—0.6%
Amgen, Inc.
2.300%		06/15/2016			700,000		705,525
1.875%		11/15/2014			860,000		871,737
Gilead Sciences, Inc.
2.400%		12/01/2014			370,000		376,927
Life Technologies Corp.
3.500%		01/15/2016			1,300,000		1,306,649
							3,260,838
Capital Markets—2.8%
Bear Stearns Cos. LLC (The)
5.700%		11/15/2014			7,340,000		7,987,777
Goldman Sachs Group, Inc. (The)
1.435%		02/07/2014	#		1,430,000		1,337,438
Merrill Lynch & Co., Inc., Series C MTN
6.050%		08/15/2012			550,000		558,026
Morgan Stanley
1.408%		04/29/2013	#		1,530,000		1,442,401
TD Ameritrade Holding Corp.
4.150%		12/01/2014			1,140,000		1,205,681
WCI Finance LLC/WEA Finance LLC
5.400%		10/01/2012	^		1,000,000		1,024,761
WT Finance Aust Pty Ltd./Westfield Capital/WEA Finance LLC (Australia)
5.125%		11/15/2014	^		1,170,000		1,226,640
							14,782,724
Chemicals—1.8%
Airgas, Inc.
2.850%		10/01/2013			460,000		468,827
Dow Chemical Co. (The)
7.600%		05/15/2014			4,385,000		4,961,364
4.850%		08/15/2012			2,300,000		2,353,434
2.500%		02/15/2016			690,000		694,351
Ecolab, Inc.
2.375%		12/08/2014			290,000		295,841
Praxair, Inc.
1.750%		11/15/2012			570,000		574,985
							9,348,802

Coupon Rate	Maturity Date			Face		Value
Commercial Banks—11.2%
Banco Bradesco SA (Brazil)
2.561%	05/16/2014	#^	$	300,000	$	294,661
Banco de Credito del Peru (Peru)
4.750%	03/16/2016	^		1,110,000		1,118,325
Banco do Brasil SA (Brazil)
4.500%	01/22/2015	^		1,180,000		1,226,020
Bank of Nova Scotia (Canada)
2.250%	01/22/2013			950,000		963,232
Barclays Bank plc (United Kingdom)
3.900%	04/07/2015			2,590,000		2,603,038
2.700%	03/05/2012	^		500,000		501,973
1.438%	01/13/2014	#		970,000		940,742
BB&T Corp.
1.125%	04/28/2014	#		350,000		345,886
BB&T Corp. MTN
3.850%	07/27/2012			518,000		526,525
BB&T Corp., Series A MTN
3.375%	09/25/2013			700,000		724,371
Capital One Financial Corp.
7.375%	05/23/2014			3,630,000		3,990,524
2.125%	07/15/2014			860,000		849,494
CIT Group, Inc.
5.250%	04/01/2014	^		735,000		735,919
Commonwealth Bank of Australia (Australia)
2.125%	03/17/2014	^		1,360,000		1,356,724
Credit Suisse (Switzerland)
1.361%	01/14/2014	#		2,020,000		1,956,198
Danske Bank A/S (Denmark)
1.451%	04/14/2014	#^†		1,450,000		1,398,508
HSBC Bank plc (United Kingdom)
1.625%	07/07/2014	^†		970,000		959,333
ING Bank NV (Netherlands)
2.625%	02/09/2012	^		1,400,000		1,402,673
1.596%	03/15/2013	#^		1,400,000		1,367,881
KeyCorp MTN
3.750%	08/13/2015			560,000		581,190
M&T Bank Corp.
5.375%	05/24/2012			4,000,000		4,056,364
Royal Bank of Scotland plc (The) (United Kingdom)
3.950%	09/21/2015			5,990,000		5,621,603
3.250%	01/11/2014			1,320,000		1,265,476
Royal Bank of Scotland plc (The), Series 2 (United Kingdom)
3.400%	08/23/2013			1,250,000		1,216,552
Santander US Debt SA Unipersonal (Spain)
3.781%	10/07/2015	^		5,200,000		4,716,551
Sparebank 1 Boligkreditt AS (Norway)
1.250%	10/25/2013	^		570,000		566,196
Standard Chartered plc (United Kingdom)
3.200%	05/12/2016	^†		3,800,000		3,722,149
SunTrust Bank
1.195%	06/22/2012	#		GBP 850,000		1,306,636
Toronto-Dominion Bank (The) (Canada)
2.500%	07/14/2016			5,050,000		5,155,904
Union Bank NA, Bank Note
2.125%	12/16/2013			1,380,000		1,396,349
US Bancorp
4.200%	05/15/2014			1,300,000		1,392,599
US Bancorp MTN
1.375%	09/13/2013			1,000,000		1,006,506
Wachovia Bank NA, Bank Note
4.800%	11/01/2014			660,000		693,991

See accompanying notes to financial statements.

193

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Westpac Banking Corp. (Australia)
2.250%		11/19/2012		$	1,600,000	$	1,616,254
1.133%		04/08/2013	#^		1,000,000		1,001,595
							58,577,942
Communications Equipment—0.2%
Cisco Systems, Inc.
1.625%		03/14/2014			1,265,000		1,289,403
Computers & Peripherals—1.8%
Hewlett-Packard Co.
4.750%		06/02/2014			540,000		570,596
4.250%		02/24/2012			730,000		733,266
3.000%		09/15/2016			3,536,000		3,564,822
2.350%		03/15/2015			1,100,000		1,095,512
1.550%		05/30/2014			3,660,000		3,601,407
							9,565,603
Consumer Finance—4.4%
Ally Financial, Inc.
4.500%		02/11/2014			900,000		870,750
American Express Credit Corp. MTN
2.750%		09/15/2015			2,500,000		2,515,457
American Express Credit Corp., Series D MTN
5.125%		08/25/2014			3,177,000		3,415,234
American Honda Finance Corp.
2.375%		03/18/2013	^		470,000		476,722
Banque PSA Finance MTN (France)
3.500%		01/17/2014	EUR		850,000		1,067,749
Caterpillar Financial Services Corp.
2.050%		08/01/2016			2,766,000		2,842,541
1.125%		12/15/2014			200,000		200,393
Caterpillar Financial Services Corp. MTN
5.750%		02/15/2012			900,000		905,619
Ford Motor Credit Co. LLC
3.875%		01/15/2015			1,280,000		1,276,127
HSBC Finance Corp.
0.957%		06/01/2016	#		4,347,000		3,640,160
John Deere Capital Corp. MTN
2.950%		03/09/2015			1,210,000		1,275,756
1.600%		03/03/2014			1,160,000		1,179,689
PACCAR Financial Corp.
1.550%		09/29/2014			620,000		627,715
PACCAR Financial Corp. MTN
0.745%		04/05/2013	#		840,000		839,474
RCI Banque SA (France)
2.261%		04/11/2014	#^		1,900,000		1,811,924
							22,945,310
Diversified Financial Services—7.1%
Bank of America Corp.
4.875%		01/15/2013	†		3,850,000		3,866,555
Bank of America Corp. MTN
4.900%		05/01/2013			550,000		550,620
Bank of America Corp., Series L MTN
7.375%		05/15/2014	†		2,680,000		2,780,280
Caisse Centrale Desjardins du Quebec (Canada)
1.700%		09/16/2013	^		350,000		350,722
Citigroup, Inc.
6.375%		08/12/2014			2,000,000		2,100,300
6.010%		01/15/2015			2,660,000		2,780,833

Coupon Rate	Maturity Date			Face		Value
6.000%	12/13/2013		$	2,800,000	$	2,898,650
5.300%	10/17/2012			425,000		431,988
Equifax, Inc.
4.450%	12/01/2014			240,000		253,134
ERAC USA Finance LLC
2.250%	01/10/2014	^		550,000		547,987
General Electric Capital Corp.
5.900%	05/13/2014			680,000		745,117
General Electric Capital Corp. MTN
1.875%	09/16/2013			300,000		303,822
1.253%	01/15/2013	#		1,000,000		1,006,788
General Electric Capital Corp., Series A MTN
3.750%	11/14/2014			1,130,000		1,191,907
0.806%	09/15/2014	#		2,075,000		1,991,915
General Electric Capital Corp., Series G MTN
1.311%	05/09/2016	#		5,675,000		5,358,471
JPMorgan Chase & Co.
5.375%	10/01/2012			400,000		413,624
4.750%	05/01/2013			500,000		522,877
Lloyds TSB Bank plc (United Kingdom)
4.875%	01/21/2016			7,280,000		7,101,393
NASDAQ OMX Group, Inc. (The)
4.000%	01/15/2015			1,040,000		1,066,424
Susser Holdings LLC/Susser Finance Corp.
8.500%	05/15/2016			950,000		1,029,563
						37,292,970
Diversified Telecommunication Services—5.3%
AT&T, Inc.
6.700%	11/15/2013			3,700,000		4,080,726
4.850%	02/15/2014			600,000		647,050
2.400%	08/15/2016			620,000		633,268
Cellco Partnership/Verizon Wireless Capital LLC
5.550%	02/01/2014			400,000		434,799
Deutsche Telekom International Finance BV (Netherlands)
3.125%	04/11/2016	^		7,945,000		8,011,937
Frontier Communications Corp.
6.250%	01/15/2013	†		700,000		717,500
Telecom Italia Capital SA (Luxembourg)
5.250%	11/15/2013			280,000		269,080
5.250%	10/01/2015			1,986,000		1,823,323
Telefonica Emisiones SAU (Spain)
4.949%	01/15/2015			4,000,000		3,981,724
2.582%	04/26/2013			1,090,000		1,063,957
Verizon Communications, Inc.
4.350%	02/15/2013			750,000		779,581
1.250%	11/03/2014			1,680,000		1,689,482
1.184%	03/28/2014	#		3,595,000		3,592,724
						27,725,151
Electric Utilities—2.2%
Consumers Energy Co., Series D
5.375%	04/15/2013			850,000		894,655
Duke Energy Carolinas LLC
6.250%	01/15/2012			1,165,000		1,167,402
Enel Finance International NV (Luxembourg)
3.875%	10/07/2014	^		6,034,000		5,877,840
Exelon Generation Co. LLC
5.350%	01/15/2014			1,500,000		1,602,994
Georgia Power Co.
1.300%	09/15/2013			1,100,000		1,110,628
Midamerican Energy Holdings Co.
3.150%	07/15/2012			1,000,000		1,011,848
						11,665,367

See accompanying notes to financial statements.

194

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Electronic Equipment, Instruments & Components—0.2%
Agilent Technologies, Inc.
2.500%		07/15/2013		$	470,000	$	474,616
Thermo Fisher Scientific, Inc.
2.150%		12/28/2012			640,000		647,840
							1,122,456
Energy Equipment & Services—0.2%
Complete Production Services, Inc.
8.000%		12/15/2016			900,000		940,500
Food & Staples Retailing—1.2%
Safeway, Inc.
5.800%		08/15/2012			1,000,000		1,027,006
3.400%		12/01/2016			650,000		667,370
TESCO plc (United Kingdom)
2.000%		12/05/2014	^		4,200,000		4,246,868
Woolworths Ltd. (Australia)
2.550%		09/22/2015	^		220,000		224,956
							6,166,200
Food Products—1.1%
Corn Products International, Inc.
3.200%		11/01/2015			310,000		320,580
General Mills, Inc.
6.000%		02/15/2012			1,500,000		1,508,621
Kellogg Co.
5.125%		12/03/2012			1,000,000		1,039,521
Kraft Foods, Inc.
5.250%		10/01/2013			340,000		362,827
2.625%		05/08/2013			340,000		347,468
Wm. Wrigley Jr. Co.
3.700%		06/30/2014	^		2,190,000		2,259,079
							5,838,096
Health Care Equipment & Supplies—0.7%
Covidien International Finance SA (Luxembourg)
1.875%		06/15/2013			880,000		888,672
DENTSPLY International, Inc.
1.957%		08/15/2013	#		800,000		805,799
Stryker Corp.
3.000%		01/15/2015			680,000		717,089
2.000%		09/30/2016			1,120,000		1,147,426
							3,558,986
Health Care Providers & Services—2.0%
Aristotle Holding, Inc.
2.750%		11/21/2014	^		1,300,000		1,316,669
Quest Diagnostics, Inc.
1.424%		03/24/2014	#		410,000		412,358
UnitedHealth Group, Inc.
4.875%		02/15/2013			3,000,000		3,124,803
WellPoint, Inc.
6.800%		08/01/2012			1,790,000		1,851,202
5.000%		12/15/2014			2,000,000		2,186,686
2.375%		02/15/2017			1,445,000		1,442,355
							10,334,073

Coupon Rate	Maturity Date			Face		Value
Independent Power Producers & Energy Traders—0.1%
AES Corp. (The)
7.750%	03/01/2014		$	565,000	$	613,025
Industrial Conglomerates—0.3%
3M Co.
1.375%	09/29/2016			920,000		928,958
Danaher Corp.
1.300%	06/23/2014			400,000		405,994
						1,334,952
Insurance—2.9%
Aflac, Inc.
3.450%	08/15/2015	†		2,937,000		3,033,504
Allstate Corp. (The)
6.200%	05/16/2014			800,000		892,706
Berkshire Hathaway Finance Corp.
4.000%	04/15/2012			700,000		707,069
Berkshire Hathaway, Inc.
3.750%	08/15/2021			3,100,000		3,227,543
Hartford Financial Services Group, Inc.
4.000%	03/30/2015			510,000		512,856
MetLife, Inc.
2.375%	02/06/2014			450,000		456,511
Metropolitan Life Global Funding I
5.125%	04/10/2013	^		2,000,000		2,089,912
1.141%	01/10/2014	#^		2,100,000		2,099,051
Prudential Financial, Inc., Series D MTN
5.150%	01/15/2013			1,000,000		1,035,557
3.625%	09/17/2012			1,100,000		1,117,247
						15,171,956
Internet & Catalog Retail—0.1%
eBay, Inc.
0.875%	10/15/2013			500,000		501,757
IT Services—0.6%
International Business Machines Corp.
2.100%	05/06/2013			2,170,000		2,215,505
1.000%	08/05/2013			1,100,000		1,109,096
						3,324,601
Life Sciences Tools & Services—0.2%
Howard Hughes Medical Institute
3.450%	09/01/2014			1,100,000		1,173,899
Machinery—0.4%
Tyco International Finance SA (Luxembourg)
6.000%	11/15/2013			2,100,000		2,276,014
Media—2.2%
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.750%	10/01/2014			1,060,000		1,145,716
NBCUniversal Media LLC
3.650%	04/30/2015			850,000		897,852
Time Warner Cable, Inc.
8.250%	02/14/2014			2,200,000		2,480,964
6.200%	07/01/2013			5,500,000		5,903,986
Time Warner, Inc.
3.150%	07/15/2015			440,000		458,035
Viacom, Inc.
4.375%	09/15/2014			700,000		750,354
						11,636,907

See accompanying notes to financial statements.

195

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Metals & Mining—2.9%
Alcoa, Inc.
6.000%		07/15/2013	†	$	5,000,000	$	5,321,395
ArcelorMittal (Luxembourg)
5.375%		06/01/2013			1,910,000		1,955,926
Barrick Gold Corp. (Canada)
1.750%		05/30/2014			510,000		515,331
Barrick Gold Financeco LLC (Canada)
6.125%		09/15/2013			795,000		859,502
Rio Tinto Finance USA Ltd. (Australia)
8.950%		05/01/2014			2,875,000		3,364,161
Steel Dynamics, Inc.
7.375%		11/01/2012			880,000		918,500
Vedanta Resources plc (United Kingdom)
6.750%		06/07/2016	^		450,000		387,000
Xstrata Canada Financial Corp. (Canada)
2.850%		11/10/2014	^		1,765,000		1,775,223
							15,097,038
Multiline Retail—0.4%
Target Corp.
1.125%		07/18/2014			500,000		503,988
0.575%		07/18/2014	#		1,800,000		1,801,125
							2,305,113
Multi-Utilities—0.7%
DTE Energy Co.
1.227%		06/03/2013	#		950,000		949,427
Sempra Energy
1.306%		03/15/2014	#		2,661,000		2,651,969
							3,601,396
Oil, Gas & Consumable Fuels—1.2%
ConocoPhillips
4.750%		02/01/2014			600,000		648,335
4.600%		01/15/2015			455,000		503,587
Petrohawk Energy Corp.
7.875%		06/01/2015			1,000,000		1,070,000
Rockies Express Pipeline LLC
3.900%		04/15/2015	^		680,000		672,483
Shell International Finance BV (Netherlands)
1.875%		03/25/2013			620,000		631,730
Tesoro Corp.
6.625%		11/01/2015			355,000		362,987
TransCanada PipeLines Ltd. (Canada)
3.400%		06/01/2015			550,000		583,026
Valero Energy Corp.
6.875%		04/15/2012			550,000		558,980
XTO Energy, Inc.
7.500%		04/15/2012			990,000		1,009,893
							6,041,021
Personal Products—0.2%
Revlon Consumer Products Corp.
9.750%		11/15/2015			950,000		1,015,313
Pharmaceuticals—1.4%
Novartis Capital Corp.
4.125%		02/10/2014			1,170,000		1,252,444

Coupon Rate	Maturity Date			Face		Value
Pfizer, Inc.
3.625%	06/03/2013	EUR		200,000	$	266,991
Sanofi (France)
1.625%	03/28/2014		$	800,000		814,452
0.774%	03/28/2013	#		1,580,000		1,582,087
Teva Pharmaceutical Finance III BV (Netherlands Antilles)
1.700%	03/21/2014			500,000		502,852
Teva Pharmaceutical Finance III LLC
1.500%	06/15/2012			1,230,000		1,234,805
Teva Pharmaceutical Finance IV LLC
1.700%	11/10/2014			1,040,000		1,048,768
Valeant Pharmaceuticals International
6.500%	07/15/2016	^		720,000		722,700
						7,425,099
Real Estate Investment Trusts (REITs)—0.8%
China Resources Land Ltd. (Hong Kong)
4.625%	05/19/2016	^		525,000		516,460
HCP, Inc.
2.700%	02/01/2014			1,410,000		1,408,656
Health Care REIT, Inc.
6.000%	11/15/2013			810,000		850,293
Simon Property Group LP
4.200%	02/01/2015			210,000		222,850
Vornado Realty LP
4.250%	04/01/2015			1,080,000		1,118,555
						4,116,814
Road & Rail—0.2%
JB Hunt Transport Services, Inc.
3.375%	09/15/2015			850,000		862,153
Semiconductors & Semiconductor Equipment—0.3%
Intel Corp.
1.950%	10/01/2016			730,000		751,302
Texas Instruments, Inc.
0.875%	05/15/2013			1,030,000		1,033,056
						1,784,358
Software—0.4%
Microsoft Corp.
2.950%	06/01/2014			1,400,000		1,488,052
Oracle Corp.
3.750%	07/08/2014			700,000		753,287
						2,241,339
Textiles, Apparel & Luxury Goods—0.2%
Levi Strauss & Co.
8.875%	04/01/2016	†		850,000		888,250
Tobacco—1.3%
Altria Group, Inc.
8.500%	11/10/2013			5,319,000		6,007,491
Lorillard Tobacco Co.
3.500%	08/04/2016			1,060,000		1,073,301
						7,080,792
Trading Companies & Distributors—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%	08/20/2019			695,000		695,000
Water Utilities—0.4%
Thames Water Utilities Cayman Finance Ltd. MTN (Cayman Islands)
6.125%	02/04/2013	EUR		1,400,000		1,896,836

See accompanying notes to financial statements.

196

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Wireless Telecommunication Services—0.3%
America Movil SAB de CV (Mexico)
3.625%		03/30/2015		$	300,000	$	315,861
Vodafone Group plc (United Kingdom)
4.150%		06/10/2014			1,280,000		1,357,992
							1,673,853
TOTAL CORPORATE OBLIGATIONS
(Cost $329,431,019)							329,599,952
MORTGAGE-RELATED SECURITIES—8.1%
Commercial Mortgage-Backed Securities—0.5%
Extended Stay America Trust, Series 2010-ESHA, Class A
2.951%		11/05/2027	^		1,166,169		1,172,002
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A2
2.900%		10/29/2020			1,100,000		1,163,026
							2,335,028
U.S. Government Agency Mortgage-Backed Securities—6.2%
Federal Deposit Insurance Corporation Structured Sale Guaranteed Notes, Series 2010-S1, Class 2A
3.250%		04/25/2038	^		1,475,700		1,514,914
Federal National Mortgage Association
5.000%		07/01/2035			4,761,001		5,149,489
4.000%		11/01/2040-
		09/01/2041			4,035,770		4,245,415
3.500%		05/01/2020- 12/01/2020			2,295,933		2,404,926
3.138%		07/01/2041	#		4,402,254		4,591,158
3.092%		06/01/2041	#		2,919,951		3,045,335
2.240%		10/01/2034	#		1,633,937		1,712,408
2.191%		09/01/2034	#		139,653		145,151
2.165%		09/01/2034	#		198,304		206,126
2.060%		10/01/2034	#		246,664		256,959
0.595%		07/01/2016	#		2,800,000		2,827,296
Government National Mortgage Association, Series 2005-58, Class NJ
4.500%		08/20/2035			413,655		417,335
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%		10/07/2020			431,457		434,153
National Credit Union Administration Guaranteed Notes, Series 2010-R2, Class 1A
0.644%		11/06/2017	#		1,753,436		1,753,436
National Credit Union Administration Guaranteed Notes, Series 2010-R3, Class 1A
0.834%		12/08/2020	#		3,648,727		3,662,409
							32,366,510
U.S. Non-Agency Mortgage-Backed Securities—1.4%
Banc of America Mortgage Securities, Inc., Series 2004-L, Class 1A1
2.888%		01/25/2035	#		731,109		552,311
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1
2.685%		09/25/2035	#		2,242,164		1,961,787
Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A
2.750%		12/19/2035	#		2,678,703		1,662,355

Coupon Rate	Maturity Date			Face		Value
MLCC Mortgage Investors, Inc., Series 2004-1, Class 2A2
2.079%	12/25/2034	#	$	1,516,429	$	1,435,158
Provident Funding Mortgage Loan Trust, Series 2004-1, Class 1A1
2.619%	04/25/2034	#		231,018		216,695
Structured Asset Mortgage Investments, Inc., Series 2004-AR5, Class 2A1
2.169%	10/19/2034	#		717,314		388,584
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.744%	03/25/2044	#		540,334		458,476
Wells Fargo Mortgage Backed Securities Trust, Series 2004-S, Class B1
2.701%	09/25/2034	#		1,502,245		894,567
						7,569,933
TOTAL MORTGAGE-RELATED SECURITIES
(Cost $44,512,793)						42,271,471
U.S. TREASURY OBLIGATIONS—6.8%
U.S. Treasury Notes—6.8%
U.S. Treasury Note
3.000%	09/30/2016			2,700,000		2,976,961
2.375%	08/31/2014			330,000		347,686
1.250%	02/15/2014	‡‡		288,000		293,962
1.000%	07/15/2013-
	08/31/2016			5,850,000		5,919,980
0.875%	11/30/2016			9,500,000		9,530,429
0.750%	09/15/2013			1,820,000		1,835,854
0.375%	06/30/2013			9,280,000		9,303,562
0.250%	10/31/2013	†		2,055,000		2,055,643
0.249%	11/30/2013	†		1,635,000		1,635,448
0.125%	09/30/2013			1,645,000		1,641,980
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $35,335,128)						35,541,505
GOVERNMENT RELATED OBLIGATIONS—7.5%
U.S. Government Agencies—3.2%
Federal Farm Credit Bank
1.375%	06/25/2013			1,830,000		1,860,543
Federal Home Loan Mortgage Corp.
0.625%	12/29/2014	†		7,800,000		7,800,047
0.550%	09/09/2013			5,000,000		4,995,970
National Credit Union Administration Guaranteed Notes, Series A2
1.400%	06/12/2015			1,770,000		1,792,992
						16,449,552
U.S. Government Agencies-U.S. Government Guaranteed Bank Debt—0.2%
Western Corporate Federal Credit Union
1.750%	11/02/2012			980,000		992,479
Non-U.S. Government Agencies—0.6%
IPIC Ltd. MTN (Cayman Islands)
3.125%	11/15/2015	^		500,000		501,250
Korea National Oil Corp. (Korea, Republic of)
2.875%	11/09/2015	^		1,160,000		1,163,134
Kreditanstalt fuer Wiederaufbau (Germany)
1.375%	01/13/2014			1,500,000		1,514,471
						3,178,855

See accompanying notes to financial statements.

197

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Sovereign Debt—1.7%
Irish Life & Permanent plc (Ireland)
3.600%		01/14/2013	^	$	4,617,000	$	4,084,087
Korea Finance Corp. (Korea, Republic of)
3.250%		09/20/2016			1,660,000		1,640,585
Panama Government International Bond (Panama)
9.375%		07/23/2012			500,000		522,000
7.250%		03/15/2015			785,000		908,637
Qatar Government International Bond (Qatar)
3.125%		01/20/2017	^		780,000		788,736
Republic of South Africa (South Africa)
7.375%		04/25/2012			1,000,000		1,018,800
							8,962,845
U.S. Municipal Bonds—1.3%
California General Obligation Bonds (California)
5.450%		04/01/2015			3,635,000		3,977,163
5.250%		04/01/2014			1,200,000		1,284,396
Kentucky Asset Liability Commission Revenue Bonds (Kentucky)
3.165%		04/01/2018			1,100,000		1,131,966
University of California Revenue Bonds (California)
1.988%		05/15/2050	#		460,000		468,027
							6,861,552
Non-U.S. Regional Authority Bonds—0.5%
Province of British Columbia (Canada)
2.650%		09/22/2021			700,000		715,196
Province of Manitoba (Canada)
1.375%		04/28/2014			1,500,000		1,525,413
Province of Ontario (Canada)
1.600%		09/21/2016			450,000		449,122
							2,689,731
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $38,966,401)							39,135,014
ASSET-BACKED SECURITIES—11.4%
Automobile—2.7%
Capital Auto Receivables Asset Trust Series 2008-1, Class A4B
1.628%		07/15/2014	#		1,974,866		1,980,871
Capital Auto Receivables Asset Trust Series 2007-4A, Class A4
5.300%		05/15/2014			202,712		204,462
Daimler Chrysler Auto Trust Series 2008-B, Class A4A
5.320%		11/10/2014			692,931		697,510
Daimler Chrysler Auto Trust Series 2007-A, Class A4
5.280%		03/08/2013			330,661		330,986
Ford Credit Auto Owner Trust Series 2009-A, Class A4
6.070%		05/15/2014			1,600,000		1,654,415
Harley-Davidson Motorcycle Trust Series 2008-1, Class A4
4.900%		12/15/2013			955,052		966,730

Coupon Rate	Maturity Date			Face			Value
Harley-Davidson Motorcycle Trust Series 2007-2, Class A4
5.120%	08/15/2013		$	372,242		$	374,479
Harley-Davidson Motorcycle Trust Series 2009-3, Class A4
2.540%	04/15/2017			2,000,000			2,017,338
Honda Auto Receivables Owner Trust Series 2011-1, Class A3
1.130%	10/15/2014			2,000,000			2,008,574
Honda Auto Receivables Owner Trust Series 2009-2, Class A4
4.430%	07/15/2015			1,175,000			1,197,482
Honda Auto Receivables Owner Trust Series 2009-2, Class A3
2.790%	01/15/2013			633,291			634,489
Hyundai Capital Auto Funding Ltd. (Cayman Islands) Series 2010-8A, Class A
1.285%	09/20/2016	#^		2,200,000			2,212,078
							14,279,414
Credit Card—8.1%
American Express Credit Account Master Trust Series 2008-5, Class A
1.078%	03/15/2016	#		4,550,000			4,602,865
American Express Credit Account Master Trust Series 2005-4, Class A
0.348%	01/15/2015	#		1,268,000			1,268,113
Capital One Multi-Asset Execution Trust Series 2006-A5, Class A5
0.338%	01/15/2016	#		6,750,000			6,739,085
Capital One Multi-Asset Execution Trust Series 2005-A10, Class A
0.358%	09/15/2015	#		2,095,000			2,092,435
Chase Issuance Trust Series 2007-A17, Class A
5.120%	10/15/2014	†		5,050,000	��		5,228,254
Citibank Credit Card Issuance Trust Series 2009-A5, Class A5
2.250%	12/23/2014			4,230,000			4,293,542
Citibank Credit Card Issuance Trust Series 2009-A2, Class A2
1.828%	05/15/2014	#		2,211,000			2,223,524
Discover Card Master Trust Series 2009-A2, Class A
1.578%	02/17/2015	#		2,200,000			2,216,961
Discover Card Master Trust Series 2009-A1, Class A1
1.578%	12/15/2014	#		5,383,000			5,415,080
GE Capital Credit Card Master Note Trust Series 2010-3, Class A
2.210%	06/15/2016			6,300,000			6,426,909
GE Capital Credit Card Master Note Trust Series 2007-4, Class A
0.328%	06/15/2015	#		1,886,000			1,884,841
Penarth Master Issuer plc (United Kingdom) Series 2011-1A, Class A1
0.935%	05/18/2015	#^		300,000			300,124
							42,691,733
Other—0.6%
CNH Equipment Trust Series 2011-A, Class A2
0.620%	06/16/2014			1,425,000			1,423,930

See accompanying notes to financial statements.

198

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
MMAF Equipment Finance LLC Series 2011-AA, Class A3
1.270%		09/15/2015	^	$	1,560,000	$	1,559,876
							2,983,806
TOTAL ASSET-BACKED SECURITIES
(Cost $59,750,651)							59,954,953
					Shares		Value
MONEY MARKET FUNDS—7.7%
Institutional Money Market Funds—7.7%
Dreyfus Institutional Cash Advantage Fund, 0.06%			††¥		4,300,000	$	4,300,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%			¥		14,509,364		14,509,364
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%			††¥		4,435,756		4,435,756
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17%			††¥		4,300,000		4,300,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.16%			††¥		4,500,000		4,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%			††¥		4,300,000		4,300,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%			††¥		4,300,000		4,300,000
TOTAL MONEY MARKET FUNDS
(Cost $40,645,120)							40,645,120
TOTAL INVESTMENTS—104.3%
(Cost $548,641,112)							547,148,015
Other assets less liabilities—(4.3%)							(22,685,138	)
NET ASSETS—100.0%						$	524,462,877

Notes to the Schedule of Investments:

EUR	European Monetary Unit
GBP	British Pound Sterling
MTN	Medium Term Note
REIT	Real Estate Investment Trust
#	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. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of 144A securities was $69,303,643, which represented 13.2% of Net Assets. The illiquid 144A securities represented 6.7% of Net Assets, and 51.0% of total 144A securities held.
†	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.
¥	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements.

199

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Inflation Protected Securities Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—4.7%
Capital Markets—0.7%
Bear Stearns Cos. LLC (The), Series CPI MTN
5.670%		03/10/2014	#	$	380,000	$	385,358
Morgan Stanley MTN
2.953%		05/14/2013	#		4,000,000		3,842,408
							4,227,766
Commercial Banks—1.6%
Barclays Bank plc MTN (United Kingdom)
0.740%		09/11/2017	#		1,500,000		1,316,355
Barclays Bank plc, Series E MTN (United Kingdom)
0.746%		03/23/2017	#		3,600,000		3,294,198
BNP Paribas/BNP Paribas LLC MTN (France)
5.340%		03/23/2012	#		2,000,000		2,015,060
JPMorgan Chase Bank NA
0.872%		06/13/2016	#		2,100,000		1,881,464
Royal Bank of Scotland plc (The) (United Kingdom)
4.875%		03/16/2015	†		600,000		574,126
							9,081,203
Consumer Finance—1.3%
HSBC Finance Corp.
0.653%		01/15/2014	#†		4,900,000		4,516,100
SLM Corp. MTN
6.250%		01/25/2016			2,400,000		2,336,002
5.050%		11/14/2014			500,000		493,473
SLM Corp., Series CPI MTN
6.118%		03/15/2013	#		120,000		118,552
							7,464,127
Diversified Financial Services—0.8%
Bank of America Corp., Series K MTN
0.876%		09/15/2014	#		2,000,000		1,719,586
Citigroup, Inc.
2.453%		08/13/2013	#		700,000		687,391
Lloyds TSB Bank plc (United Kingdom)
2.766%		01/24/2014	#		2,500,000		2,366,312
							4,773,289
Energy Equipment & Services—0.1%
Transocean, Inc. (Cayman Islands)
4.950%		11/15/2015			500,000		511,020
Thrifts & Mortgage Finance—0.2%
Countrywide Financial Corp. MTN
5.800%		06/07/2012	†		1,300,000		1,302,870
TOTAL CORPORATE OBLIGATIONS
(Cost $28,691,956)							27,360,275
U.S. TREASURY OBLIGATIONS—87.3%
U.S. Treasury Bills—1.6%
U.S. Treasury Bill
0.106%		12/13/2012	†		3,200,000		3,196,784
0.058%		06/28/2012			3,600,000		3,598,981
0.040%		06/07/2012	†		2,500,000		2,499,540
							9,295,305

Coupon Rate	Maturity Date			Face		Value
U.S. Treasury Bonds—0.3%
U.S. Treasury Bond
3.750%	08/15/2041	†	$	1,572,500	$	1,849,653
U.S. Treasury Inflation Protected Securities Bonds—38.0%
U.S. Treasury Bond
3.875%	04/15/2029			14,315,000		30,777,292
3.625%	04/15/2028			13,300,000		27,707,106
3.375%	04/15/2032			449,100		883,975
2.500%	01/15/2029			11,600,000		16,347,627
2.375%	01/15/2025-
	01/15/2027			34,852,400		52,629,067
2.125%	02/15/2041			21,940,300		30,697,051
2.125%	02/15/2040	‡‡		12,009,800		16,914,706
2.000%	01/15/2026			17,705,000		24,852,628
1.750%	01/15/2028			16,470,000		21,428,874
						222,238,326
U.S. Treasury Inflation Protected Securities Notes—45.8%
U.S. Treasury Note
3.000%	07/15/2012			4,850,000		6,242,588
2.625%	07/15/2017			21,335,000		27,760,019
2.500%	07/15/2016			9,719,800		12,610,399
2.375%	01/15/2017			11,315,300		14,754,927
2.125%	01/15/2019			3,107,600		3,898,898
2.000%	04/15/2012-
	01/15/2016			24,071,100		29,737,912
1.875%	07/15/2013-
	07/15/2019			36,221,900		46,396,467
1.625%	01/15/2015-
	01/15/2018			3,690,000		4,584,230
1.375%	07/15/2018-
	01/15/2020			10,009,800		11,940,303
1.250%	04/15/2014-
	07/15/2020			15,120,000		17,346,687
1.125%	01/15/2021			2,970,000		3,431,256
0.625%	04/15/2013-
	07/15/2021			37,834,500		40,784,601
0.500%	04/15/2015			16,356,700		17,891,883
0.125%	04/15/2016			28,078,500		30,044,466
						267,424,636
U.S. Treasury Notes—1.6%
U.S. Treasury Note
3.625%	02/15/2021	‡‡		8,150,000		9,463,552
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $468,396,645)						510,271,472
GOVERNMENT RELATED OBLIGATIONS—0.5%
Non-U.S. Government Agencies—0.4%
Export-Import Bank of Korea (Korea, Republic of)
4.000%	01/29/2021	†		1,200,000		1,164,031
Petrobras International Finance Co. (Cayman Islands)
3.875%	01/27/2016			1,200,000		1,242,254
						2,406,285
Supranational—0.1%
International Bank for Reconstruction & Development, Series CPI
5.416%	12/10/2013	#		275,000		281,204
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $2,660,855)						2,687,489

See accompanying notes to financial statements.

200

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Inflation Protected Securities Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—1.3%
Home Equity—0.3%
Argent Securities, Inc. Series 2005-W2, Class A2B1
0.494%		10/25/2035	#	$	242,819	$	220,013
First Franklin Mortgage Loan Asset Backed Certificates Series 2005-FF11, Class A2D
0.634%		11/25/2035	#		1,568,651		1,300,324
Saxon Asset Securities Trust Series 2003-1, Class AF7
4.034%		06/25/2033			135,474		123,863
							1,644,200
Manufactured Housing—0.2%
Conseco Finance Securitizations Corp. Series 2002-1, Class A
6.681%		12/01/2033	#		1,024,022		1,082,506
Other—0.1%
Park Place Securities, Inc. Series 2004-WWF1, Class M2
0.974%		12/25/2034	#		301,827		287,148
Student Loan—0.7%
Illinois Student Assistance Commission Series 2010-1, Class A1
0.898%		04/25/2017	#		2,023,558		2,012,024
North Carolina State Education Assistance Authority Series 2011-2, Class A1
0.868%		10/26/2020	#		548,024		544,391
South Carolina Student Loan Corp. Series 2010-1, Class A1
0.872%		01/25/2021	#		1,786,318		1,767,972
							4,324,387
TOTAL ASSET-BACKED SECURITIES
(Cost $7,382,594)							7,338,241
PURCHASED OPTIONS—0.0%
				Notional		Value
Put—U.S. 1 Year Swaption, Expires 11/19/2012, Strike 2.00%					3,400,000		1,473
Put—U.S. 30 Year Swaption, Expires 09/24/2012, Strike 3.75%					1,600,000		23,911
TOTAL PURCHASED OPTIONS
(Cost $61,744)							25,384
Coupon Rate	Maturity Date			Face		Value
CERTIFICATES OF DEPOSIT—0.6%
Commercial Banks—0.6%
Abbey National Treasury Services plc (United Kingdom)
1.916%		06/10/2013
(Cost $3,800,000)					3,800,000		3,795,018

Coupon Rate	Maturity Date			Shares		Value
MONEY MARKET FUNDS—7.0%
Institutional Money Market Funds—7.0%
Dreyfus Institutional Cash Advantage Fund, 0.06%		††¥	$	2,100,000	$	2,100,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%		¥		28,082,733		28,082,733
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%		††¥		2,485,716		2,485,716
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17%		††¥		2,100,000		2,100,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.16%		††¥		2,100,000		2,100,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%		††¥		2,100,000		2,100,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%		††¥		2,100,000		2,100,000
TOTAL MONEY MARKET FUNDS
(Cost $41,068,449)						41,068,449
TOTAL INVESTMENTS—101.4%
(Cost $552,062,243)						592,546,328
Other assets less liabilities—(1.4%)						(8,354,835	)
NET ASSETS—100.0%					$	584,191,493

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

See accompanying notes to financial statements.

201

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—95.7%
Aerospace & Defense—2.4%
Boeing Co. (The)		76,000	$	5,574,600
Exelis, Inc.		73,800		667,890
Honeywell International, Inc.		393,200		21,370,420
L-3 Communications Holdings, Inc.		60,200		4,014,136
Lockheed Martin Corp.		40,800		3,300,720
Raytheon Co.		187,900		9,090,602
				44,018,368
Air Freight & Logistics—2.1%
FedEx Corp.		393,600		32,869,536
United Parcel Service, Inc., Class B		86,100		6,301,659
				39,171,195
Automobiles—0.2%
General Motors Co.	*	68,800		1,394,576
Harley-Davidson, Inc.		75,400		2,930,798
				4,325,374
Beverages—0.7%
Beam, Inc.		101,900		5,220,337
Molson Coors Brewing Co., Class B		55,300		2,407,762
PepsiCo, Inc.		85,000		5,639,750
				13,267,849
Biotechnology—0.3%
Amgen, Inc.		81,100		5,207,431
Building Products—0.3%
Fortune Brands Home & Security, Inc.	*	99,500		1,694,485
Masco Corp.		212,500		2,227,000
USG Corp.	*†	85,900		872,744
				4,794,229
Capital Markets—3.1%
Bank of New York Mellon Corp. (The)		1,581,500		31,487,665
Legg Mason, Inc.		161,100		3,874,455
Morgan Stanley		105,500		1,596,215
Northern Trust Corp.		130,200		5,163,732
Och-Ziff Capital Management Group LLC, Class A		38,300		322,103
State Street Corp.		333,500		13,443,385
				55,887,555
Chemicals—0.7%
E.I. Du Pont de Nemours & Co.		65,446		2,996,118
International Flavors & Fragrances, Inc.		57,000		2,987,940
Monsanto Co.		90,000		6,306,300
				12,290,358
Commercial Banks—3.2%
PNC Financial Services Group, Inc.		345,600		19,930,752
Regions Financial Corp.		319,100		1,372,130

		Shares		Value
SunTrust Banks, Inc.		206,200	$	3,649,740
U.S. Bancorp		347,400		9,397,170
Wells Fargo & Co.		846,700		23,335,052
				57,684,844
Commercial Services & Supplies—0.1%
Avery Dennison Corp.		77,600		2,225,568
Communications Equipment—0.6%
Cisco Systems, Inc.		284,600		5,145,568
Harris Corp.		150,100		5,409,604
				10,555,172
Computers & Peripherals—3.5%
Dell, Inc.	*	3,512,500		51,387,875
Hewlett-Packard Co.		490,300		12,630,128
				64,018,003
Construction Materials—3.2%
Cemex SAB de CV ADR (Mexico)	*†	2,314,539		12,475,365
Martin Marietta Materials, Inc.	†	221,000		16,665,610
Vulcan Materials Co.	†	719,800		28,324,130
				57,465,105
Consumer Finance—3.0%
American Express Co.		582,400		27,471,808
Capital One Financial Corp.		336,000		14,209,440
SLM Corp.		926,700		12,417,780
				54,099,028
Distributors—0.2%
Genuine Parts Co.		57,052		3,491,582
Diversified Consumer Services—0.1%
H&R Block, Inc.		77,300		1,262,309
Diversified Financial Services—2.6%
Bank of America Corp.		1,744,106		9,697,229
Citigroup, Inc.		388,199		10,213,516
JPMorgan Chase & Co.		725,300		24,116,225
NYSE Euronext		110,200		2,876,220
				46,903,190
Diversified Telecommunication Services—5.8%
AT&T, Inc.		782,542		23,664,070
CenturyLink, Inc.		103,490		3,849,828
Level 3 Communications, Inc.	*	1,097,599		18,648,207
Telefonica SA (Spain)		142,134		2,448,707
tw telecom inc.	*	1,783,991		34,573,745
Verizon Communications, Inc.		554,841		22,260,221
				105,444,778
Electric Utilities—2.3%
Duke Energy Corp.		176,800		3,889,600
Entergy Corp.		240,600		17,575,830
Exelon Corp.		164,800		7,147,376
FirstEnergy Corp.		64,100		2,839,630
Pinnacle West Capital Corp.		69,400		3,343,692
PPL Corp.		89,100		2,621,322

See accompanying notes to financial statements.

202

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Progress Energy, Inc.		91,800	$	5,142,636
				42,560,086
Electrical Equipment—1.1%
Cooper Industries plc	†	103,000		5,577,450
Emerson Electric Co.		312,400		14,554,716
				20,132,166
Electronic Equipment, Instruments & Components—0.4%
Corning, Inc.		558,600		7,250,628
Energy Equipment & Services—0.5%
Diamond Offshore Drilling, Inc.	†	80,000		4,420,800
Schlumberger Ltd.		79,600		5,437,476
				9,858,276
Food & Staples Retailing—0.9%
Walgreen Co.		470,900		15,567,954
Food Products—0.9%
Archer-Daniels-Midland Co.		164,700		4,710,420
Campbell Soup Co.		111,800		3,716,232
ConAgra Foods, Inc.		153,900		4,062,960
Hershey Co. (The)		10,600		654,868
McCormick & Co., Inc.		52,600		2,652,092
				15,796,572
Health Care Equipment & Supplies—1.5%
Baxter International, Inc.		214,900		10,633,252
Medtronic, Inc.		417,900		15,984,675
				26,617,927
Health Care Providers & Services—2.1%
Quest Diagnostics, Inc.		63,700		3,698,422
UnitedHealth Group, Inc.		342,000		17,332,560
WellPoint, Inc.	†	254,600		16,867,250
				37,898,232
Hotels, Restaurants & Leisure—2.5%
Carnival Corp.		322,100		10,513,344
Intercontinental Hotels Group plc ADR (United Kingdom)	†	673,000		12,107,270
Marriott International, Inc., Class A		82,988		2,420,760
Yum! Brands, Inc.		350,000		20,653,500
				45,694,874
Household Durables—0.3%
Whirlpool Corp.		98,500		4,673,825
Household Products—0.7%
Clorox Co. (The)		91,100		6,063,616
Kimberly-Clark Corp.		100,659		7,404,476
				13,468,092
Industrial Conglomerates—3.7%
3M Co.		104,000		8,499,920
General Electric Co.		1,418,400		25,403,544

		Shares		Value
Koninklijke Philips Electronics NV NYRS (Netherlands)		1,599,000	$	33,499,050
				67,402,514
Insurance—8.9%
Allstate Corp. (The)		431,100		11,816,451
Aon Corp.		721,141		33,749,398
Chubb Corp. (The)		42,800		2,962,616
Fairfax Financial Holdings Ltd. (Canada)	†	93,600		40,360,320
Lincoln National Corp.		143,990		2,796,286
Loews Corp.		772,200		29,073,330
Marsh & McLennan Cos., Inc.		222,200		7,025,964
Sun Life Financial, Inc. (Canada)		110,500		2,046,460
Travelers Cos., Inc. (The)		554,000		32,780,180
				162,611,005
Internet & Catalog Retail—1.3%
Liberty Interactive Corp., Series A	*	1,462,500		23,714,437
Internet Software & Services—0.1%
Yahoo! Inc.	*	78,000		1,258,140
IT Services—1.2%
Computer Sciences Corp.		171,600		4,066,920
International Business Machines Corp.		98,600		18,130,568
				22,197,488
Leisure Equipment & Products—0.3%
Mattel, Inc.		200,200		5,557,552
Life Sciences Tools & Services—0.3%
Thermo Fisher Scientific, Inc.	*	120,900		5,436,873
Machinery—2.4%
Illinois Tool Works, Inc.		471,700		22,033,107
Ingersoll-Rand plc (Ireland)		91,000		2,772,770
ITT Corp.		36,900		713,277
Stanley Black & Decker, Inc.		251,200		16,981,120
Xylem, Inc.		73,800		1,895,922
				44,396,196
Media—5.2%
Cablevision Systems Corp., Class A		162,400		2,309,328
Comcast Corp., Class A		153,500		3,639,485
DIRECTV, Class A	*	674,000		28,820,240
Madison Square Garden Co. (The), Class A	*	60,400		1,729,856
McGraw-Hill Cos., Inc. (The)		128,600		5,783,142
New York Times Co. (The), Class A	*†	183,800		1,420,774
Time Warner, Inc.		242,733		8,772,371
Walt Disney Co. (The)		1,082,200		40,582,500
WPP plc (Ireland)		162,700		1,706,276
				94,763,972

See accompanying notes to financial statements.

203

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Metals & Mining—0.3%
Nucor Corp.		159,500	$	6,311,415
Multiline Retail—0.7%
Kohl’s Corp.		68,300		3,370,605
Macy’s, Inc.		105,700		3,401,426
Target Corp.		111,000		5,685,420
				12,457,451
Multi-Utilities—1.3%
Dominion Resources, Inc.		208,600		11,072,488
NiSource, Inc.	†	284,100		6,764,421
TECO Energy, Inc.		68,800		1,316,832
Xcel Energy, Inc.		163,400		4,516,376
				23,670,117
Oil, Gas & Consumable Fuels—10.9%
Anadarko Petroleum Corp.		91,500		6,984,195
BP plc ADR (United Kingdom)		375,398		16,044,511
Chesapeake Energy Corp.		1,961,000		43,710,690
Chevron Corp.		233,058		24,797,371
ConocoPhillips		325,400		23,711,898
Exxon Mobil Corp.		172,060		14,583,806
Marathon Oil Corp.		568,800		16,648,776
Murphy Oil Corp.		134,000		7,469,160
Occidental Petroleum Corp.		220,400		20,651,480
Royal Dutch Shell plc ADR (Netherlands)		165,081		12,065,770
Spectra Energy Corp.	†	347,212		10,676,769
				197,344,426
Paper & Forest Products—0.6%
International Paper Co.		246,600		7,299,360
MeadWestvaco Corp.		116,000		3,474,200
				10,773,560
Personal Products—0.2%
Avon Products, Inc.		244,100		4,264,427
Pharmaceuticals—5.4%
Abbott Laboratories		300,000		16,869,000
Bristol-Myers Squibb Co.		414,000		14,589,360
Johnson & Johnson		396,200		25,982,796
Merck & Co., Inc.		188,000		7,087,600
Pfizer, Inc.		1,129,787		24,448,591
Teva Pharmaceutical Industries Ltd. ADR (Israel)		209,300		8,447,348
				97,424,695
Real Estate Investment Trusts (REITs)—0.1%
Weyerhaeuser Co. REIT		137,437		2,565,949
Road & Rail—0.1%
Canadian Pacific Railway Ltd. (Canada)	†	21,700		1,468,439
Semiconductors & Semiconductor Equipment—2.1%
Analog Devices, Inc.		120,500		4,311,490
Applied Materials, Inc.		784,700		8,404,137
First Solar, Inc.	*†	14,200		479,392

		Shares		Value
Intel Corp.		499,600	$	12,115,300
Texas Instruments, Inc.		450,100		13,102,411
				38,412,730
Software—1.4%
Microsoft Corp.		977,900		25,386,284
Specialty Retail—1.4%
Home Depot, Inc. (The)		522,700		21,974,308
Staples, Inc.		276,700		3,843,363
Tiffany & Co.		7,300		483,698
				26,301,369
Tobacco—1.7%
Altria Group, Inc.		243,300		7,213,845
Imperial Tobacco Group plc ADR (United Kingdom)		106,900		8,053,846
Philip Morris International, Inc.		197,300		15,484,104
				30,751,795
Wireless Telecommunication Services—0.8%
Vodafone Group plc (United Kingdom)		880,800		2,455,765
Vodafone Group plc ADR (United Kingdom)	†	422,700		11,848,281
				14,304,046
TOTAL COMMON STOCKS
(Cost $1,647,970,217)				1,740,405,450
CONVERTIBLE PREFERRED STOCKS—0.2%
Automobiles—0.2%
General Motors Co., Series B 4.750%
(Cost $4,555,012)		91,200		3,123,600
MONEY MARKET FUNDS—9.9%
Institutional Money Market Funds—9.9%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥	17,500,000		17,500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	¥	73,199,873		73,199,873
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	††¥	18,821,976		18,821,976
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17%	††¥	17,500,000		17,500,000

See accompanying notes to financial statements.

204

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Equity Income Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Short-Term Investments Trust Liquid Assets Portfolio, 0.16%	††¥	17,500,000	$	17,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††¥	17,500,000		17,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	17,500,000		17,500,000
TOTAL MONEY MARKET FUNDS
(Cost $179,521,849)				179,521,849
TOTAL INVESTMENTS—105.8%
(Cost $1,832,047,078)				1,923,050,899
Other assets less liabilities—(5.8%)				(105,493,609	)
NET ASSETS—100.0%			$	1,817,557,290

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

See accompanying notes to financial statements.

205

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—97.4%
Aerospace & Defense—1.0%
Boeing Co. (The)		32,200	$	2,361,870
Honeywell International, Inc.		33,800		1,837,030
Precision Castparts Corp.		28,800		4,745,952
United Technologies Corp.		37,600		2,748,184
				11,693,036
Air Freight & Logistics—2.0%
C.H. Robinson Worldwide, Inc.		400		27,912
Expeditors International of Washington, Inc.		28,900		1,183,744
FedEx Corp.		53,300		4,451,083
United Parcel Service, Inc., Class B		238,775		17,475,942
				23,138,681
Auto Components—0.7%
Goodyear Tire & Rubber Co. (The)	*	414,100		5,867,797
Johnson Controls, Inc.		54,100		1,691,166
				7,558,963
Automobiles—0.3%
General Motors Co.	*	186,700		3,784,409
Beverages—1.8%
Anheuser-Busch InBev NV ADR (Belgium)		121,460		7,407,845
Coca-Cola Co. (The)		400		27,988
Diageo plc ADR (United Kingdom)		151,175		13,215,719
Hansen Natural Corp.	*	6,000		552,840
				21,204,392
Biotechnology—1.5%
Alexion Pharmaceuticals, Inc.	*	15,700		1,122,550
Amgen, Inc.		147,100		9,445,291
Biogen Idec, Inc.	*	25,800		2,839,290
Celgene Corp.	*	57,200		3,866,720
Gilead Sciences, Inc.	*	3,200		130,976
				17,404,827
Capital Markets—4.2%
Ameriprise Financial, Inc.		25,700		1,275,748
Bank of New York Mellon Corp. (The)		756,000		15,051,960
BlackRock, Inc.		41,000		7,307,840
Charles Schwab Corp. (The)		2,700		30,402
Credit Suisse Group AG ADR (Switzerland)	†	207,000		4,860,360
Franklin Resources, Inc.		48,500		4,658,910
Goldman Sachs Group, Inc. (The)		57,700		5,217,811
Invesco Ltd.		435,500		8,749,195
Northern Trust Corp.		17,100		678,186
State Street Corp.		29,300		1,181,083
TD Ameritrade Holding Corp.		14,300		223,795
				49,235,290
Chemicals—2.9%
Air Products & Chemicals, Inc.		13,700		1,167,103
CF Industries Holdings, Inc.		13,500		1,957,230

		Shares		Value
Dow Chemical Co. (The)		256,700	$	7,382,692
Ecolab, Inc.	†	5,900		341,079
Monsanto Co.		149,600		10,482,472
Mosaic Co. (The)		115,000		5,799,450
Potash Corp. of Saskatchewan, Inc. (Canada)		2,800		115,584
Praxair, Inc.		63,400		6,777,460
Sherwin-Williams Co. (The)		2,000		178,540
				34,201,610
Commercial Banks—4.6%
BB&T Corp.		358,100		9,013,377
Comerica, Inc.		490,150		12,645,870
PNC Financial Services Group, Inc.		203,900		11,758,913
U.S. Bancorp		65,200		1,763,660
Wells Fargo & Co.		642,500		17,707,300
				52,889,120
Commercial Services & Supplies—1.0%
Cintas Corp.		321,500		11,191,415
Communications Equipment—1.4%
Cisco Systems, Inc.		455,400		8,233,632
Juniper Networks, Inc.	*	82,800		1,689,948
QUALCOMM, Inc.		121,600		6,651,520
				16,575,100
Computers & Peripherals—3.2%
Apple, Inc.	*	74,400		30,132,000
EMC Corp.	*	121,200		2,610,648
Hewlett-Packard Co.		181,900		4,685,744
				37,428,392
Consumer Finance—1.3%
American Express Co.		323,000		15,235,910
Containers & Packaging—0.4%
Rexam plc ADR (United Kingdom)	†	181,600		4,948,600
Diversified Consumer Services—0.0%
Weight Watchers International, Inc.	†	3,700		203,537
Diversified Financial Services—2.3%
Bank of America Corp.		1,290,800		7,176,848
CME Group, Inc.		600		146,202
IntercontinentalExchange, Inc.	*	18,400		2,218,120
JPMorgan Chase & Co.		513,908		17,087,441
				26,628,611
Diversified Telecommunication Services—0.9%
AT&T, Inc.		363,606		10,995,445
Electric Utilities—1.2%
Edison International		144,700		5,990,580
Entergy Corp.		79,000		5,770,950
PPL Corp.		77,600		2,282,992
				14,044,522
Electrical Equipment—0.1%
Emerson Electric Co.		13,100		610,329
Roper Industries, Inc.		10,600		920,822
				1,531,151

See accompanying notes to financial statements.

206

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Electronic Equipment, Instruments & Components—1.2%
TE Connectivity Ltd. (Switzerland)		438,375	$	13,506,334
Energy Equipment & Services—2.8%
Baker Hughes, Inc.		146,500		7,125,760
Cameron International Corp.	*	43,000		2,115,170
FMC Technologies, Inc.	*†	31,300		1,634,799
Halliburton Co.		5,000		172,550
Noble Corp. (Switzerland)	*	230,800		6,974,776
Schlumberger Ltd.		212,975		14,548,322
				32,571,377
Food & Staples Retailing—3.5%
Costco Wholesale Corp.		100		8,332
Sysco Corp.		664,175		19,480,253
Wal-Mart Stores, Inc.		322,075		19,247,202
Whole Foods Market, Inc.		23,400		1,628,172
				40,363,959
Food Products—2.3%
Archer-Daniels-Midland Co.		183,100		5,236,660
General Mills, Inc.		144,900		5,855,409
Nestle SA ADR (Switzerland)	†	270,850		15,630,754
				26,722,823
Health Care Equipment & Supplies—2.2%
Baxter International, Inc.		131,500		6,506,620
Covidien plc (Ireland)		397,200		17,877,972
Edwards Lifesciences Corp.	*	1,400		98,980
Intuitive Surgical, Inc.	*	100		46,301
Stryker Corp.	†	29,700		1,476,387
				26,006,260
Health Care Providers & Services—2.7%
AmerisourceBergen Corp.		373,550		13,892,325
Cardinal Health, Inc.		52,400		2,127,964
Express Scripts, Inc.	*	69,400		3,101,486
McKesson Corp.		67,500		5,258,925
UnitedHealth Group, Inc.		132,900		6,735,372
				31,116,072
Health Care Technology—0.0%
Cerner Corp.	*	100		6,125
Hotels, Restaurants & Leisure—2.0%
Carnival Corp.		72,000		2,350,080
Chipotle Mexican Grill, Inc.	*	5,300		1,790,022
Las Vegas Sands Corp.	*	74,200		3,170,566
Marriott International, Inc., Class A		84,471		2,464,019
McDonald’s Corp.		30,200		3,029,966
Starbucks Corp.		133,600		6,146,936
Starwood Hotels & Resorts Worldwide, Inc.		50,100		2,403,297
Wynn Resorts Ltd.		5,900		651,891
Yum! Brands, Inc.		29,800		1,758,498
				23,765,275
Household Durables—0.5%
Newell Rubbermaid, Inc.		353,900		5,715,485

		Shares		Value
Household Products—1.3%
Kimberly-Clark Corp.		209,000	$	15,374,040
Procter & Gamble Co. (The)		1,175		78,384
				15,452,424
Industrial Conglomerates—5.2%
3M Co.		259,925		21,243,670
Danaher Corp.		199,200		9,370,368
General Electric Co.		865,900		15,508,269
Koninklijke Philips Electronics NV NYRS (Netherlands)		297,800		6,238,910
Tyco International Ltd. (Switzerland)		185,400		8,660,034
				61,021,251
Insurance—4.3%
ACE Ltd. (Switzerland)		87,500		6,135,500
Berkshire Hathaway, Inc., Class B	*	207,800		15,855,140
Marsh & McLennan Cos., Inc.		230,100		7,275,762
Principal Financial Group, Inc.		194,200		4,777,320
Prudential Financial, Inc.		26,300		1,318,156
Unum Group		172,600		3,636,682
Willis Group Holdings plc (United Kingdom)		273,550		10,613,740
				49,612,300
Internet & Catalog Retail—1.6%
Amazon.com, Inc.	*	61,900		10,714,890
Groupon, Inc., Class A	*†	23,600		486,868
Liberty Interactive Corp., Series A	*	68,400		1,109,106
priceline.com, Inc.	*	13,600		6,360,856
				18,671,720
Internet Software & Services—3.1%
Baidu, Inc. ADR (China)	*	55,500		6,464,085
eBay, Inc.	*	97,500		2,957,175
Google, Inc., Class A	*	36,700		23,704,530
LinkedIn Corp., Class A	*	4,900		308,749
Tencent Holdings Ltd. (China)		123,100		2,464,877
				35,899,416
IT Services—3.6%
Accenture plc, Class A (Ireland)		309,300		16,464,039
Automatic Data Processing, Inc.		230,350		12,441,203
Fiserv, Inc.	*	3,400		199,716
International Business Machines Corp.		2,500		459,700
Mastercard, Inc., Class A		21,200		7,903,784
Visa, Inc., Class A		39,700		4,030,741
Western Union Co. (The)		100		1,826
				41,501,009
Leisure Equipment & Products—0.0%
Mattel, Inc.		100		2,776
Life Sciences Tools & Services—0.1%
Thermo Fisher Scientific, Inc.	*	15,900		715,023

See accompanying notes to financial statements.

207

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Machinery—3.1%
Caterpillar, Inc.		10,500	$	951,300
Cummins, Inc.		4,500		396,090
Deere & Co.		3,400		262,990
Illinois Tool Works, Inc.		257,400		12,023,154
Ingersoll-Rand plc (Ireland)		489,675		14,920,397
Joy Global, Inc.		16,000		1,199,520
Stanley Black & Decker, Inc.		90,600		6,124,560
				35,878,011
Media—3.9%
CBS Corp., Class B		202,100		5,484,994
Comcast Corp., Class A		300,100		7,115,371
Discovery Communications, Inc., Class C	*	51,750		1,950,975
Omnicom Group, Inc.		328,900		14,662,362
Time Warner, Inc.		402,433		14,543,929
Walt Disney Co. (The)		40,900		1,533,750
				45,291,381
Metals & Mining—0.8%
Barrick Gold Corp. (Canada)		91,200		4,126,800
Freeport-McMoRan Copper & Gold, Inc.		100		3,679
Steel Dynamics, Inc.		394,200		5,183,730
				9,314,209
Multiline Retail—0.9%
Dollar Tree, Inc.	*	2,050		170,376
Kohl’s Corp.		104,500		5,157,075
Nordstrom, Inc.		94,900		4,717,479
				10,044,930
Oil, Gas & Consumable Fuels—8.1%
Chevron Corp.		213,300		22,695,120
Concho Resources, Inc.	*	22,000		2,062,500
Devon Energy Corp.		248,700		15,419,400
EOG Resources, Inc.		86,490		8,520,130
EQT Corp.		19,500		1,068,405
Exxon Mobil Corp.		100		8,476
Marathon Oil Corp.		297,200		8,699,044
Occidental Petroleum Corp.		107,400		10,063,380
Peabody Energy Corp.		38,500		1,274,735
Petroleo Brasileiro SA ADR (Brazil)		284,400		7,067,340
Pioneer Natural Resources Co.		7,900		706,892
Range Resources Corp.		21,300		1,319,322
Royal Dutch Shell plc ADR (Netherlands)		145,200		10,612,668
Southwestern Energy Co.	*	132,300		4,225,662
				93,743,074
Pharmaceuticals—3.8%
Allergan, Inc.		28,300		2,483,042
GlaxoSmithKline plc ADR (United Kingdom)		328,500		14,989,455
Merck & Co., Inc.		227,240		8,566,948
Pfizer, Inc.		448,600		9,707,704
Shire plc ADR (Ireland)		600		62,340
Teva Pharmaceutical Industries Ltd. ADR (Israel)		195,200		7,878,272
				43,687,761

		Shares		Value
Real Estate Management & Development—0.0%
CBRE Group, Inc.	*	4,000	$	60,880
Road & Rail—0.5%
Kansas City Southern	*	9,700		659,697
Union Pacific Corp.		44,200		4,682,548
				5,342,245
Semiconductors & Semiconductor Equipment—2.4%
Altera Corp.		18,300		678,930
Broadcom Corp., Class A	*	101,700		2,985,912
Freescale Semiconductor Holdings I Ltd.	*†	195,600		2,474,340
Intel Corp.		326,700		7,922,475
Maxim Integrated Products, Inc.		217,800		5,671,512
Xilinx, Inc.		252,100		8,082,326
				27,815,495
Software—1.7%
Autodesk, Inc.	*	35,700		1,082,781
Intuit, Inc.		13,800		725,742
Microsoft Corp.		677,450		17,586,602
Salesforce.com, Inc.	*	4,300		436,278
				19,831,403
Specialty Retail—2.4%
Bed Bath & Beyond, Inc.	*	30,900		1,791,273
Home Depot, Inc. (The)		8,300		348,932
Limited Brands, Inc.		6,500		262,275
Lowe’s Cos., Inc.		264,000		6,700,320
O’Reilly Automotive, Inc.	*	33,000		2,638,350
Staples, Inc.		1,127,025		15,654,377
Tiffany & Co.		8,300		549,958
				27,945,485
Textiles, Apparel & Luxury Goods—0.8%
Coach, Inc.		26,300		1,605,352
Fossil, Inc.	*	19,200		1,523,712
NIKE, Inc., Class B		34,200		3,295,854
Ralph Lauren Corp.		20,500		2,830,640
				9,255,558
Tobacco—0.7%
Imperial Tobacco Group plc ADR (United Kingdom)		106,900		8,053,846
Trading Companies & Distributors—0.6%
Fastenal Co.	†	101,100		4,408,971
W.W. Grainger, Inc.		11,800		2,208,842
				6,617,813
Wireless Telecommunication Services—0.5%
American Tower Corp., Class A		104,700		6,283,047
TOTAL COMMON STOCKS
(Cost $1,015,300,752)				1,131,707,778

See accompanying notes to financial statements.

208

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Growth & Income Fund		Shares		Value
MONEY MARKET FUNDS—4.3%
Institutional Money Market Funds—4.3%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥	3,600,000	$	3,600,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	¥	30,706,080		30,706,080
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	††¥	1,398,507		1,398,507
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17%	††¥	3,600,000		3,600,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.16%	††¥	3,600,000		3,600,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††¥	3,600,000		3,600,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	3,600,000		3,600,000
TOTAL MONEY MARKET FUNDS
(Cost $50,104,587)				50,104,587
TOTAL INVESTMENTS—101.7%
(Cost $1,065,405,339)				1,181,812,365
Other assets less liabilities—(1.7%)				(19,330,317	)
NET ASSETS—100.0%			$	1,162,482,048

Notes to the Schedule of Investments:

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

See accompanying notes to financial statements.

209

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—95.2%
Aerospace & Defense—1.3%
Exelis, Inc.		104,290	$	943,825
Precision Castparts Corp.		55,775		9,191,162
United Technologies Corp.		173,660		12,692,809
				22,827,796
Air Freight & Logistics—0.6%
Expeditors International of Washington, Inc.		69,900		2,863,104
FedEx Corp.		85,300		7,123,403
				9,986,507
Airlines—0.3%
Southwest Airlines Co.		516,800		4,423,808
Automobiles—0.8%
Ford Motor Co.	*	1,339,042		14,408,092
Beverages—4.0%
Anheuser-Busch InBev NV ADR (Belgium)		103,210		6,294,778
Coca-Cola Co. (The)		397,000		27,778,090
Diageo plc ADR (United Kingdom)		118,338		10,345,108
PepsiCo, Inc.		381,370		25,303,899
				69,721,875
Biotechnology—3.5%
Alexion Pharmaceuticals, Inc.	*	38,200		2,731,300
Biogen Idec, Inc.	*	19,500		2,145,975
Celgene Corp.	*	514,540		34,782,904
Gilead Sciences, Inc.	*	124,000		5,075,320
Myriad Genetics, Inc.	*	303,416		6,353,531
Vertex Pharmaceuticals, Inc.	*	312,390		10,374,472
				61,463,502
Capital Markets—1.3%
BlackRock, Inc.		67,300		11,995,552
Charles Schwab Corp. (The)		415,900		4,683,034
Goldman Sachs Group, Inc. (The)		71,800		6,492,874
				23,171,460
Chemicals—2.2%
Chemtura Corp.	*	160,960		1,825,286
Dow Chemical Co. (The)		293,640		8,445,087
Monsanto Co.		282,530		19,796,877
Mosaic Co. (The)		35,830		1,806,907
Potash Corp. of Saskatchewan, Inc. (Canada)		170,310		7,030,397
				38,904,554
Commercial Banks—1.4%
Wells Fargo & Co.		894,200		24,644,152
Communications Equipment—4.4%
Cisco Systems, Inc.		1,153,710		20,859,077
F5 Networks, Inc.	*	97,500		10,346,700
QUALCOMM, Inc.		780,360		42,685,692
Riverbed Technology, Inc.	*	125,100		2,939,850
				76,831,319
Computers & Peripherals—6.4%
Apple, Inc.	*	195,705		79,260,525

		Shares		Value
EMC Corp.	*	1,105,390	$	23,810,101
NetApp, Inc.	*	120,419		4,367,597
SanDisk Corp.	*	111,066		5,465,558
				112,903,781
Construction & Engineering—0.3%
Quanta Services, Inc.	*	272,554		5,870,813
Consumer Finance—1.3%
American Express Co.		202,400		9,547,208
Capital One Financial Corp.		108,814		4,601,744
Discover Financial Services		373,063		8,953,512
				23,102,464
Containers & Packaging—0.1%
Owens-Illinois, Inc.	*	71,600		1,387,608
Diversified Consumer Services—0.3%
Apollo Group, Inc., Class A	*	104,870		5,649,347
Diversified Financial Services—0.4%
Citigroup, Inc.		294,030		7,735,929
Energy Equipment & Services—4.8%
Cameron International Corp.	*	57,420		2,824,490
Ensco plc ADR (United Kingdom)		224,690		10,542,455
Halliburton Co.		296,360		10,227,384
Nabors Industries Ltd. (Bermuda)	*	383,700		6,653,358
National Oilwell Varco, Inc.		282,460		19,204,455
Schlumberger Ltd.		425,670		29,077,518
Weatherford International Ltd. (Switzerland)	*	400,230		5,859,367
				84,389,027
Food & Staples Retailing—1.5%
Walgreen Co.		40,000		1,322,400
Wal-Mart Stores, Inc.		241,400		14,426,064
Whole Foods Market, Inc.		144,200		10,033,436
				25,781,900
Food Products—2.5%
General Mills, Inc.		288,730		11,667,579
Hershey Co. (The)		363,265		22,442,512
Mead Johnson Nutrition Co.		91,200		6,268,176
Unilever NV NYRS (Netherlands)	†	94,200		3,237,654
				43,615,921
Health Care Equipment & Supplies—0.9%
Medtronic, Inc.		257,700		9,857,025
Stryker Corp.		124,700		6,198,837
				16,055,862
Health Care Providers & Services—0.2%
Humana, Inc.		40,430		3,542,072
Hotels, Restaurants & Leisure—3.4%
Las Vegas Sands Corp.	*	389,605		16,647,822
McDonald’s Corp.		135,200		13,564,616
Starbucks Corp.		557,240		25,638,612
Yum! Brands, Inc.		60,120		3,547,681
				59,398,731

See accompanying notes to financial statements.

210

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Household Products—1.8%
Colgate-Palmolive Co.		30,400	$	2,808,656
Procter & Gamble Co. (The)		440,300		29,372,413
				32,181,069
Industrial Conglomerates—3.6%
3M Co.		295,000		24,110,350
Danaher Corp.	†	242,110		11,388,854
General Electric Co.		862,250		15,442,898
Tyco International Ltd. (Switzerland)		276,290		12,905,506
				63,847,608
Insurance—1.2%
ACE Ltd. (Switzerland)		78,330		5,492,500
Arch Capital Group Ltd. (Bermuda)	*	85,050		3,166,411
Berkshire Hathaway, Inc., Class B	*	103,900		7,927,570
Marsh & McLennan Cos., Inc.		113,600		3,592,032
				20,178,513
Internet & Catalog Retail—2.1%
Amazon.com, Inc.	*	126,070		21,822,717
Groupon, Inc., Class A	*†	152,848		3,153,254
priceline.com, Inc.	*	23,420		10,953,768
				35,929,739
Internet Software & Services—3.5%
eBay, Inc.	*	491,000		14,892,030
Google, Inc., Class A	*	61,700		39,852,030
Rackspace Hosting, Inc.	*†	138,554		5,959,208
				60,703,268
IT Services—8.0%
Accenture plc, Class A (Ireland)		232,630		12,382,895
Automatic Data Processing, Inc.		428,500		23,143,285
Cognizant Technology Solutions Corp., Class A	*	322,855		20,762,805
International Business Machines Corp.		196,560		36,143,453
Mastercard, Inc., Class A		73,340		27,342,618
Teradata Corp.	*	88,000		4,268,880
Visa, Inc., Class A		149,930		15,222,393
				139,266,329
Machinery—2.8%
Caterpillar, Inc.		148,600		13,463,160
Cummins, Inc.		64,800		5,703,696
Deere & Co.	†	136,434		10,553,170
Dover Corp.		135,400		7,859,970
Stanley Black & Decker, Inc.		118,170		7,988,292
Xylem, Inc.		119,190		3,061,991
				48,630,279
Media—2.7%
Comcast Corp., Class A		586,870		13,914,688
DIRECTV, Class A	*	106,700		4,562,492
Viacom, Inc., Class B		231,190		10,498,338

		Shares		Value
Walt Disney Co. (The)		476,200	$	17,857,500
				46,833,018
Metals & Mining—1.0%
Barrick Gold Corp. (Canada)		77,990		3,529,048
Freeport-McMoRan Copper & Gold, Inc.		99,360		3,655,454
Newmont Mining Corp.		164,360		9,863,244
				17,047,746
Multiline Retail—1.3%
Macy’s, Inc.		343,310		11,047,716
Target Corp.		238,370		12,209,311
				23,257,027
Oil, Gas & Consumable Fuels—5.0%
Anadarko Petroleum Corp.		47,920		3,657,734
Apache Corp.		83,800		7,590,604
Cabot Oil & Gas Corp.		115,783		8,787,930
Cenovus Energy, Inc. (Canada)		202,400		6,719,680
ConocoPhillips		89,400		6,514,578
CONSOL Energy, Inc.		246,500		9,046,550
Occidental Petroleum Corp.		240,220		22,508,614
Southwestern Energy Co.	*	80,290		2,564,463
Suncor Energy, Inc. (Canada)		354,810		10,229,172
Valero Energy Corp.		466,810		9,826,350
				87,445,675
Personal Products—0.4%
Estee Lauder Cos., Inc. (The), Class A		69,344		7,788,718
Pharmaceuticals—6.6%
Abbott Laboratories		305,800		17,195,134
Allergan, Inc.		147,795		12,967,533
Eli Lilly & Co.		341,490		14,192,324
Johnson & Johnson		404,268		26,511,896
Pfizer, Inc.		564,100		12,207,124
Questcor Pharmaceuticals, Inc.	*	21,300		885,654
Roche Holding AG ADR (Switzerland)		150,800		6,416,540
Valeant Pharmaceuticals International, Inc. (Canada)	*	66,900		3,123,561
Warner Chilcott plc, Class A (Ireland)	*	752,447		11,384,523
Watson Pharmaceuticals, Inc.	*	173,400		10,462,956
				115,347,245
Professional Services—0.3%
Verisk Analytics, Inc., Class A	*	123,030		4,937,194
Semiconductors & Semiconductor Equipment—0.5%
Avago Technologies Ltd. (Singapore)		93,000		2,683,980
Broadcom Corp., Class A	*	216,930		6,369,065
				9,053,045
Software—5.7%
Adobe Systems, Inc.	*	439,554		12,426,192
Autodesk, Inc.	*	138,500		4,200,705
Check Point Software Technologies Ltd. (Israel)	*†	198,565		10,432,605

See accompanying notes to financial statements.

211

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Citrix Systems, Inc.	*	171,340	$	10,403,765
Electronic Arts, Inc.	*	217,600		4,482,560
Microsoft Corp.		856,300		22,229,548
Oracle Corp.		760,370		19,503,490
QLIK Technologies, Inc.	*	66,500		1,609,300
Red Hat, Inc.	*	84,631		3,494,414
Salesforce.com, Inc.	*†	65,700		6,665,922
VMware, Inc., Class A	*	51,700		4,300,923
Zynga, Inc., Class A	*†	19,275		181,378
				99,930,802
Specialty Retail—4.9%
Bed Bath & Beyond, Inc.	*	184,816		10,713,783
Home Depot, Inc. (The)		524,090		22,032,744
Limited Brands, Inc.		125,400		5,059,890
Lowe’s Cos., Inc.		1,568,040		39,796,855
Tractor Supply Co.	†	30,900		2,167,635
Ulta Salon Cosmetics & Fragrance, Inc.	*	37,000		2,402,040
Williams-Sonoma, Inc.		70,830		2,726,955
				84,899,902
Textiles, Apparel & Luxury Goods—1.2%
Adidas AG ADR (Germany)		84,260		2,747,719
Michael Kors Holdings Ltd. (Hong Kong)	*†	4,753		129,519
NIKE, Inc., Class B		195,260		18,817,206
				21,694,444
Tobacco—0.7%
Philip Morris International, Inc.		162,690		12,767,911
TOTAL COMMON STOCKS
(Cost $1,508,406,770)				1,667,556,052
MONEY MARKET FUNDS—6.7%
Institutional Money Market Funds—6.7%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥	5,200,000		5,200,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	¥	84,859,531		84,859,531
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	††¥	5,704,220		5,704,220
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17%	††¥	5,200,000		5,200,000

		Shares		Value
Short-Term Investments Trust Liquid Assets Portfolio, 0.16%	††¥	5,200,000	$	5,200,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††¥	5,200,000		5,200,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	5,200,000		5,200,000
TOTAL MONEY MARKET FUNDS
(Cost $116,563,751)				116,563,751
TOTAL INVESTMENTS—101.9%
(Cost $1,624,970,521)				1,784,119,803
Other assets less liabilities—(1.9%)				(33,044,357	)
NET ASSETS—100.0%			$	1,751,075,446

Notes to the Schedule of Investments:

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

See accompanying notes to financial statements.

212

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—96.3%
Aerospace & Defense—4.1%
L-3 Communications Holdings, Inc.		28,100	$	1,873,708
Northrop Grumman Corp.		17,900		1,046,792
Rockwell Collins, Inc.		42,800		2,369,836
Spirit Aerosystems Holdings, Inc., Class A	*	88,400		1,836,952
TransDigm Group, Inc.	*	46,519		4,450,938
Triumph Group, Inc.		25,425		1,486,091
				13,064,317
Auto Components—0.5%
Lear Corp.		38,883		1,547,543
Automobiles—0.3%
Harley-Davidson, Inc.		24,275		943,569
Beverages—0.4%
Constellation Brands, Inc., Class A	*	57,075		1,179,740
Building Products—0.3%
Owens Corning, Inc.	*	37,325		1,071,974
Capital Markets—2.3%
Invesco Ltd.		96,500		1,938,685
Northern Trust Corp.		43,300		1,717,278
Raymond James Financial, Inc.		64,525		1,997,694
State Street Corp.		44,625		1,798,834
				7,452,491
Chemicals—1.3%
Agrium, Inc. (Canada)	†	15,500		1,040,205
Albemarle Corp.		8,500		437,835
Ashland, Inc.		13,975		798,811
Huntsman Corp.		58,300		583,000
Solutia, Inc.	*	70,700		1,221,696
				4,081,547
Commercial Banks—3.9%
Bank of Hawaii Corp.		50,993		2,268,678
Fifth Third Bancorp		220,200		2,800,944
First Niagara Financial Group, Inc.		109,300		943,259
KeyCorp		313,600		2,411,584
M&T Bank Corp.		26,500		2,023,010
TCF Financial Corp.		195,202		2,014,485
				12,461,960
Commercial Services & Supplies—1.8%
R.R. Donnelley & Sons Co.	†	248,013		3,578,828
Steelcase, Inc., Class A	†	275,400		2,054,484
				5,633,312
Communications Equipment—0.6%
Comtech Telecommunications Corp.		64,200		1,837,404
Computers & Peripherals—1.7%
Lexmark International, Inc., Class A		62,800		2,076,796
SanDisk Corp.	*	21,550		1,060,475
Seagate Technology plc (Ireland)		98,275		1,611,710
Western Digital Corp.	*	17,000		526,150
				5,275,131

		Shares		Value
Construction & Engineering—2.3%
Jacobs Engineering Group, Inc.	*	60,300	$	2,446,974
KBR, Inc.		58,710		1,636,248
URS Corp.	*	91,700		3,220,504
				7,303,726
Consumer Finance—1.5%
Discover Financial Services		101,050		2,425,200
SLM Corp.		174,000		2,331,600
				4,756,800
Containers & Packaging—2.6%
AptarGroup, Inc.		24,508		1,278,582
Bemis Co., Inc.		98,300		2,956,864
Sonoco Products Co.		124,700		4,110,112
				8,345,558
Diversified Consumer Services—0.7%
H&R Block, Inc.		136,100		2,222,513
Diversified Financial Services—0.2%
PHH Corp.	*	63,200		676,240
Electric Utilities—2.9%
FirstEnergy Corp.		56,800		2,516,240
Pinnacle West Capital Corp.		68,400		3,295,512
PPL Corp.		96,400		2,836,088
Westar Energy, Inc.		20,700		595,746
				9,243,586
Electrical Equipment—0.7%
Hubbell, Inc., Class B		33,200		2,219,752
Electronic Equipment, Instruments & Components—3.2%
Arrow Electronics, Inc.	*	76,000		2,843,160
Avnet, Inc.	*	96,500		3,000,185
FLIR Systems, Inc.		62,800		1,574,396
Ingram Micro, Inc., Class A	*	148,300		2,697,577
				10,115,318
Energy Equipment & Services—3.3%
Ensco plc ADR (United Kingdom)		45,057		2,114,075
McDermott International, Inc.	*	142,700		1,642,477
Oil States International, Inc.	*	28,125		2,147,906
Patterson-UTI Energy, Inc.		27,600		551,448
SEACOR Holdings, Inc.	*	23,800		2,117,248
Superior Energy Services, Inc.	*†	69,200		1,968,048
				10,541,202
Food & Staples Retailing—1.9%
Kroger Co. (The)		109,500		2,652,090
Ruddick Corp.	†	45,765		1,951,420
Sysco Corp.		53,300		1,563,289
				6,166,799
Food Products—2.2%
Campbell Soup Co.	†	42,700		1,419,348
Hain Celestial Group, Inc. (The)	*	46,850		1,717,521
Sara Lee Corp.		118,351		2,239,201
Smithfield Foods, Inc.	*	70,050		1,700,814
				7,076,884
Gas Utilities—0.3%
UGI Corp.		37,500		1,102,500

See accompanying notes to financial statements.

213

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—(Continued)
Health Care Providers & Services—3.0%
Cardinal Health, Inc.		52,225	$	2,120,857
CIGNA Corp.		95,125		3,995,250
Health Management Associates, Inc., Class A	*	206,950		1,525,221
Health Net, Inc.	*	46,825		1,424,417
Quest Diagnostics, Inc.		11,000		638,660
				9,704,405
Hotels, Restaurants & Leisure—2.0%
Brinker International, Inc.		28,050		750,618
Darden Restaurants, Inc.		50,100		2,283,558
Wyndham Worldwide Corp.		84,500		3,196,635
				6,230,811
Household Durables—0.5%
Mohawk Industries, Inc.	*	28,600		1,711,710
Industrial Conglomerates—1.1%
Carlisle Cos., Inc.		81,500		3,610,450
Insurance—10.7%
Alleghany Corp.	*†	9,170		2,616,110
Allied World Assurance Co. Holdings AG (Switzerland)		17,700		1,113,861
Allstate Corp. (The)		236,300		6,476,982
Aon Corp.		45,349		2,122,333
Arch Capital Group Ltd. (Bermuda)	*	55,000		2,047,650
Fidelity National Financial, Inc., Class A		104,500		1,664,685
HCC Insurance Holdings, Inc.		111,300		3,060,750
Lincoln National Corp.		320,810		6,230,130
Loews Corp.		47,400		1,784,610
Marsh & McLennan Cos., Inc.		48,600		1,536,732
Progressive Corp. (The)		139,500		2,721,645
Validus Holdings Ltd. (Bermuda)		21,700		683,550
XL Group plc (Ireland)		109,500		2,164,815
				34,223,853
Internet Software & Services—0.7%
Open Text Corp. (Canada)	*	14,300		731,302
ValueClick, Inc.	*	98,450		1,603,751
				2,335,053
IT Services—4.6%
Broadridge Financial Solutions, Inc.		80,500		1,815,275
Computer Sciences Corp.		164,867		3,907,348
Convergys Corp.	*	202,100		2,580,817
SAIC, Inc.	*	135,300		1,662,837
Total System Services, Inc.		117,800		2,304,168
Western Union Co. (The)		136,800		2,497,968
				14,768,413
Leisure Equipment & Products—1.6%
Brunswick Corp.		172,500		3,115,350
Mattel, Inc.		77,000		2,137,520
				5,252,870
Life Sciences Tools & Services—0.6%
Life Technologies Corp.	*	50,400		1,961,064

		Shares		Value
Machinery—2.5%
Dover Corp.		56,100	$	3,256,605
Eaton Corp.		32,900		1,432,137
Flowserve Corp.		15,600		1,549,392
Timken Co.		47,900		1,854,209
				8,092,343
Media—1.1%
CBS Corp., Class B		33,350		905,119
Omnicom Group, Inc.		45,500		2,028,390
Scripps Networks Interactive, Inc., Class A		12,750		540,855
				3,474,364
Metals & Mining—0.4%
Nucor Corp.		33,125		1,310,756
Multiline Retail—0.6%
Macy’s, Inc.		61,150		1,967,807
Multi-Utilities—3.5%
CMS Energy Corp.		94,700		2,090,976
DTE Energy Co.		9,300		506,385
NiSource, Inc.		83,575		1,989,921
OGE Energy Corp.		20,200		1,145,542
PG&E Corp.		73,800		3,042,036
SCANA Corp.		25,000		1,126,500
Xcel Energy, Inc.		41,000		1,133,240
				11,034,600
Oil, Gas & Consumable Fuels—4.4%
Cimarex Energy Co.		43,800		2,711,220
Energen Corp.		67,925		3,396,250
Murphy Oil Corp.		39,400		2,196,156
QEP Resources, Inc.		65,500		1,919,150
Southwestern Energy Co.	*	63,600		2,031,384
Spectra Energy Corp.		27,425		843,319
Valero Energy Corp.		17,625		371,006
Western Refining, Inc.	*	53,875		715,999
				14,184,484
Paper & Forest Products—0.5%
MeadWestvaco Corp.		54,625		1,636,019
Personal Products—0.7%
Herbalife Ltd. (Cayman Islands)		28,050		1,449,344
Nu Skin Enterprises, Inc., Class A		16,225		788,048
				2,237,392
Professional Services—2.3%
Dun & Bradstreet Corp. (The)		27,300		2,042,859
Equifax, Inc.		52,700		2,041,598
Manpower, Inc.		37,800		1,351,350
Towers Watson & Co., Class A		33,400		2,001,662
				7,437,469
Real Estate Investment Trusts (REITs)—6.4%
Annaly Capital Management, Inc. REIT		144,875		2,312,205
BioMed Realty Trust, Inc. REIT		84,675		1,530,924
Brandywine Realty Trust REIT		169,725		1,612,387
Capstead Mortgage Corp. REIT		78,400		975,296
CBL & Associates Properties, Inc. REIT		134,075		2,104,977

See accompanying notes to financial statements.

214

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—(Continued)
Duke Realty Corp. REIT		363,732	$	4,382,971
DuPont Fabros Technology, Inc. REIT	†	36,625		887,058
Entertainment Properties Trust REIT		24,400		1,066,524
Hatteras Financial Corp. REIT		46,600		1,228,842
Health Care REIT, Inc. REIT		44,250		2,412,953
Home Properties, Inc. REIT		34,520		1,987,316
				20,501,453
Road & Rail—2.7%
Hertz Global Holdings, Inc.	*	158,225		1,854,397
Ryder System, Inc.		64,875		3,447,457
Werner Enterprises, Inc.	†	131,200		3,161,920
				8,463,774
Semiconductors & Semiconductor Equipment—1.4%
Analog Devices, Inc.		67,600		2,418,728
Applied Materials, Inc.		189,800		2,032,758
				4,451,486
Software—2.0%
BMC Software, Inc.	*	14,400		472,032
Cadence Design Systems, Inc.	*	152,475		1,585,740
Electronic Arts, Inc.	*	73,725		1,518,735
Symantec Corp.	*	56,350		881,877
Synopsys, Inc.	*	73,600		2,001,920
				6,460,304
Specialty Retail—1.7%
Express, Inc.	*	26,550		529,407
Foot Locker, Inc.		81,100		1,933,424
Pier 1 Imports, Inc.	*	141,000		1,964,130
Signet Jewelers Ltd. (Bermuda)		26,175		1,150,653
				5,577,614
Textiles, Apparel & Luxury Goods—1.1%
PVH Corp.		10,700		754,243
V.F. Corp.		22,900		2,908,071
				3,662,314
Tobacco—0.2%
Lorillard, Inc.		4,500		513,000
Water Utilities—1.0%
American Water Works Co., Inc.		101,575		3,236,180
TOTAL COMMON STOCKS
(Cost $282,289,082)				308,359,854
MONEY MARKET FUNDS—6.7%
Institutional Money Market Funds—6.7%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥	1,700,000		1,700,000

		Shares		Value
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	¥	11,831,089	$	11,830,766
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	††¥	1,037,261		1,037,261
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17%	††¥	1,700,000		1,700,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.16%	††¥	1,700,000		1,700,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††¥	1,700,000		1,700,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	1,700,000		1,700,000
TOTAL MONEY MARKET FUNDS
(Cost $21,368,027)				21,368,027
TOTAL INVESTMENTS—103.0%
(Cost $303,657,109)				329,727,881
Other assets less liabilities—(3.0%)				(9,708,692	)
NET ASSETS—100.0%			$	320,019,189

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

See accompanying notes to financial statements.

215

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—97.5%
Aerospace & Defense—0.2%
Rockwell Collins, Inc.		39,000	$	2,159,430
Air Freight & Logistics—2.6%
C.H. Robinson Worldwide, Inc.		143,145		9,988,658
Expeditors International of Washington, Inc.		124,405		5,095,629
FedEx Corp.		118,100		9,862,531
				24,946,818
Airlines—0.8%
United Continental Holdings, Inc.	*	422,395		7,970,594
Auto Components—0.3%
Autoliv, Inc. (Sweden)	†	62,100		3,321,729
Biotechnology—1.3%
Amylin Pharmaceuticals, Inc.	*	535,410		6,092,966
Dendreon Corp.	*†	86,800		659,680
Human Genome Sciences, Inc.	*†	365,200		2,698,828
Myriad Genetics, Inc.	*	127,800		2,676,132
				12,127,606
Building Products—1.0%
Masco Corp.		483,400		5,066,032
Owens Corning, Inc.	*	171,705		4,931,368
				9,997,400
Capital Markets—3.6%
Bank of New York Mellon Corp. (The)		484,000		9,636,440
Fortress Investment Group LLC, Class A	*	1,460,100		4,935,138
Greenhill & Co., Inc.	†	147,305		5,357,483
Lazard Ltd., Class A (Bermuda)		83,400		2,177,574
SEI Investments Co.		424,575		7,366,376
TD Ameritrade Holding Corp.		343,100		5,369,515
				34,842,526
Chemicals—1.8%
Airgas, Inc.		55,400		4,325,632
Ecolab, Inc.	†	105,100		6,075,831
FMC Corp.		74,390		6,400,516
				16,801,979
Commercial Banks—1.3%
Fifth Third Bancorp		460,400		5,856,288
First Interstate BancSystem, Inc.	†	247,300		3,222,319
Synovus Financial Corp.	†	2,461,900		3,471,279
				12,549,886
Commercial Services & Supplies—0.5%
Copart, Inc.	*	92,400		4,425,036
Communications Equipment—1.5%
Acme Packet, Inc.	*	72,450		2,239,430

		Shares		Value
ADTRAN, Inc.		212,665	$	6,413,976
F5 Networks, Inc.	*	53,100		5,634,972
				14,288,378
Computers & Peripherals—2.2%
Dell, Inc.	*	1,257,000		18,389,910
NetApp, Inc.	*	68,700		2,491,749
				20,881,659
Construction & Engineering—2.3%
ACS Actividades de Construccion y Servicios SA (Spain)	†	304,000		8,975,821
AECOM Technology Corp.	*	191,200		3,932,984
Jacobs Engineering Group, Inc.	*	133,580		5,420,676
URS Corp.	*	98,200		3,448,784
				21,778,265
Construction Materials—1.3%
Cemex SAB de CV ADR (Mexico)	*†	1,090,534		5,877,978
Vulcan Materials Co.	†	160,924		6,332,360
				12,210,338
Distributors—0.4%
Pool Corp.		133,500		4,018,350
Diversified Consumer Services—0.2%
DeVry, Inc.		41,800		1,607,628
Diversified Financial Services—1.6%
KKR Financial Holdings LLC	†	1,271,900		11,103,687
NASDAQ OMX Group, Inc. (The)	*	178,100		4,365,231
				15,468,918
Diversified Telecommunication Services—2.0%
Level 3 Communications, Inc.	*†	401,133		6,815,250
tw telecom inc.	*	640,000		12,403,200
				19,218,450
Electrical Equipment—2.4%
AMETEK, Inc.		254,020		10,694,242
Babcock & Wilcox Co. (The)	*	160,575		3,876,280
Cooper Industries plc		95,900		5,192,985
Polypore International, Inc.	*	67,700		2,978,123
				22,741,630
Electronic Equipment, Instruments & Components—0.6%
FLIR Systems, Inc.		77,900		1,952,953
Trimble Navigation Ltd.	*	83,298		3,615,133
				5,568,086
Energy Equipment & Services—1.2%
Cameron International Corp.	*	89,900		4,422,181
Core Laboratories NV (Netherlands)	†	25,100		2,860,145

��

See accompanying notes to financial statements.

216

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Oil States International, Inc.	*	54,700	$	4,177,439
				11,459,765
Food & Staples Retailing—1.1%
Safeway, Inc.		275,100		5,788,104
Whole Foods Market, Inc.		73,055		5,083,167
				10,871,271
Food Products—0.4%
Hershey Co. (The)		67,400		4,163,972
Health Care Equipment & Supplies—2.2%
Boston Scientific Corp.	*	1,040,300		5,555,202
Gen-Probe, Inc.	*	126,500		7,478,680
Hologic, Inc.	*	180,400		3,158,804
ResMed, Inc.	*	182,970		4,647,438
				20,840,124
Health Care Providers & Services—3.1%
DaVita, Inc.	*	188,400		14,282,604
Health Management Associates, Inc., Class A	*	353,900		2,608,243
Lincare Holdings, Inc.		253,850		6,526,483
WellPoint, Inc.		94,400		6,254,000
				29,671,330
Health Care Technology—0.4%
SXC Health Solutions Corp.	*	73,340		4,142,243
Hotels, Restaurants & Leisure—2.4%
Bwin.Party Digital Entertainment plc (Gibraltar)		1,534,000		3,899,523
Intercontinental Hotels Group plc ADR (United Kingdom)	†	462,000		8,311,380
P.F. Chang’s China Bistro, Inc.	†	128,000		3,956,480
Yum! Brands, Inc.		117,000		6,904,170
				23,071,553
Household Durables—1.7%
Lennar Corp., Class A	†	324,600		6,378,390
NVR, Inc.	*	10,550		7,237,300
Tempur-Pedic International, Inc.	*†	48,200		2,531,946
				16,147,636
Household Products—1.1%
Church & Dwight Co., Inc.		62,200		2,846,272
Energizer Holdings, Inc.	*	100,700		7,802,236
				10,648,508
Independent Power Producers & Energy Traders—0.6%
Calpine Corp.	*	357,900		5,844,507
Industrial Conglomerates—1.2%
Koninklijke Philips Electronics NV NYRS (Netherlands)		528,000		11,061,600
Insurance—8.1%
Aflac, Inc.		68,000		2,941,680
Aon Corp.		238,000		11,138,400

		Shares		Value
Assured Guaranty Ltd. (Bermuda)		840,000	$	11,037,600
Axis Capital Holdings Ltd. (Bermuda)		115,300		3,684,988
Fairfax Financial Holdings Ltd. (Canada)	†	36,900		15,911,280
Genworth Financial, Inc., Class A	*	741,400		4,856,170
Hartford Financial Services Group, Inc.		284,600		4,624,750
Loews Corp.		273,000		10,278,450
RenaissanceRe Holdings Ltd. (Bermuda)		112,300		8,351,751
Syncora Holdings Ltd. (Bermuda)	*†	626,661		144,759
XL Group plc (Ireland)		238,900		4,723,053
				77,692,881
Internet & Catalog Retail—1.5%
Expedia, Inc.	†	79,800		2,315,781
Liberty Interactive Corp., Series A	*	589,575		9,559,959
TripAdvisor, Inc.	*†	79,800		2,011,745
				13,887,485
Internet Software & Services—2.7%
Active Network, Inc. (The)	*	117,400		1,596,640
eBay, Inc.	*	263,600		7,994,988
Rackspace Hosting, Inc.	*†	112,900		4,855,829
VeriSign, Inc.		318,855		11,389,501
				25,836,958
IT Services—4.9%
Alliance Data Systems Corp.	*†	78,800		8,182,592
Amdocs Ltd.	*	316,100		9,018,333
FleetCor Technologies, Inc.	*	70,900		2,117,783
Gartner, Inc.	*	99,300		3,452,661
Genpact Ltd. (Bermuda)	*	398,720		5,960,864
Global Payments, Inc.		101,600		4,813,808
NeuStar, Inc., Class A	*	167,800		5,733,726
Teradata Corp.	*	51,400		2,493,414
VeriFone Systems, Inc.	*	63,000		2,237,760
Western Union Co. (The)		174,700		3,190,022
				47,200,963
Life Sciences Tools & Services—1.1%
BG Medicine, Inc.	*†	353,500		1,668,520
Mettler-Toledo International, Inc.	*†	20,600		3,042,826
Waters Corp.	*	84,645		6,267,962
				10,979,308
Machinery—3.2%
Navistar International Corp.	*	98,800		3,742,544
PACCAR, Inc.		165,510		6,201,660
Pall Corp.		58,100		3,320,415
Parker Hannifin Corp.		29,700		2,264,625
SPX Corp.		60,200		3,628,254
Stanley Black & Decker, Inc.		128,400		8,679,840
WABCO Holdings, Inc.	*	66,300		2,877,420
				30,714,758
Media—3.9%
AMC Networks, Inc., Class A	*	18,325		688,653
DIRECTV, Class A	*	234,000		10,005,840

See accompanying notes to financial statements.

217

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Discovery Communications, Inc., Class C	*	178,100	$	6,714,370
National CineMedia, Inc.		146,300		1,814,120
Virgin Media, Inc.	†	430,600		9,206,228
Walt Disney Co. (The)		237,000		8,887,500
				37,316,711
Multiline Retail—0.4%
Big Lots, Inc.	*	112,650		4,253,664
Oil, Gas & Consumable Fuels—6.6%
Chesapeake Energy Corp.		695,000		15,491,550
Concho Resources, Inc.	*	43,200		4,050,000
CONSOL Energy, Inc.		288,095		10,573,086
Denbury Resources, Inc.	*	180,700		2,728,570
EXCO Resources, Inc.		293,000		3,061,850
Newfield Exploration Co.	*	170,905		6,448,246
Pioneer Natural Resources Co.		74,760		6,689,525
QEP Resources, Inc.		133,300		3,905,690
Southwestern Energy Co.	*	84,300		2,692,542
Whiting Petroleum Corp.	*	160,200		7,479,738
				63,120,797
Personal Products—0.4%
Herbalife Ltd. (Cayman Islands)		71,600		3,699,572
Pharmaceuticals—2.2%
Forest Laboratories, Inc.	*	173,000		5,234,980
Medicis Pharmaceutical Corp., Class A		102,500		3,408,125
Nektar Therapeutics	*†	283,200		1,584,504
Shire plc ADR (Ireland)		44,800		4,654,720
Watson Pharmaceuticals, Inc.	*	101,350		6,115,459
				20,997,788
Professional Services—1.7%
Equifax, Inc.		78,340		3,034,892
IHS, Inc., Class A	*	52,500		4,523,400
Manpower, Inc.		50,800		1,816,100
Nielsen Holdings NV	*	134,900		4,005,181
Robert Half International, Inc.		98,685		2,808,575
				16,188,148
Real Estate Investment Trusts (REITs)—0.9%
American Capital Agency Corp. REIT		143,600		4,032,288
PennyMac Mortgage Investment Trust REIT	†	300,000		4,986,000
				9,018,288
Real Estate Management & Development—0.3%
Jones Lang LaSalle, Inc.		46,900		2,873,094
Road & Rail—1.0%
Kansas City Southern	*	89,000		6,052,890
Old Dominion Freight Line, Inc.	*	92,100		3,732,813
				9,785,703

		Shares		Value
Semiconductors & Semiconductor Equipment—4.5%
Altera Corp.		65,100	$	2,415,210
Analog Devices, Inc.		61,600		2,204,048
ASML Holding NV, Class G NYRS (Netherlands)		63,600		2,657,844
Broadcom Corp., Class A	*	92,500		2,715,800
Integrated Device Technology, Inc.	*	1,309,100		7,147,686
Linear Technology Corp.		47,600		1,429,428
Marvell Technology Group Ltd. (Bermuda)	*	541,100		7,494,235
Micron Technology, Inc.	*	595,400		3,745,066
NVIDIA Corp.	*	439,310		6,088,837
Skyworks Solutions, Inc.	*	419,715		6,807,777
				42,705,931
Software—4.5%
Adobe Systems, Inc.	*	198,600		5,614,422
Citrix Systems, Inc.	*	89,635		5,442,637
Factset Research Systems, Inc.		75,925		6,626,734
Informatica Corp.	*	40,300		1,488,279
MICROS Systems, Inc.	*	137,113		6,386,724
Red Hat, Inc.	*	155,275		6,411,305
Rovi Corp.	*	232,035		5,703,420
Solera Holdings, Inc.		69,500		3,095,530
TIBCO Software, Inc.	*	82,700		1,977,357
				42,746,408
Specialty Retail—1.4%
CarMax, Inc.	*	148,390		4,522,927
O’Reilly Automotive, Inc.	*	49,100		3,925,545
Tiffany & Co.		49,100		3,253,366
Tractor Supply Co.		23,000		1,613,450
				13,315,288
Textiles, Apparel & Luxury Goods—0.8%
Coach, Inc.		73,900		4,510,856
Hanesbrands, Inc.	*	105,000		2,295,300
Michael Kors Holdings Ltd. (Hong Kong)	*†	36,130		984,542
				7,790,698
Thrifts & Mortgage Finance—0.5%
People’s United Financial, Inc.		353,300		4,539,905
Trading Companies & Distributors—1.3%
Aircastle Ltd.		441,400		5,614,608
MSC Industrial Direct Co., Inc., Class A		92,045		6,585,820
				12,200,428
Wireless Telecommunication Services—2.3%
American Tower Corp., Class A		174,190		10,453,142
NII Holdings, Inc.	*	113,945		2,427,028
SBA Communications Corp., Class A	*	208,900		8,974,344
				21,854,514
TOTAL COMMON STOCKS
(Cost $909,327,129)				933,566,505

See accompanying notes to financial statements.

218

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Aggressive Opportunities Fund		Shares		Value
MONEY MARKET FUNDS—10.9%
Institutional Money Market Funds—10.9%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥	13,000,000	$	13,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	¥	27,189,692		27,189,692
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	††¥	12,024,271		12,024,271
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17%	††¥	13,000,000		13,000,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.16%	††¥	13,000,000		13,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††¥	13,000,000		13,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	13,000,000		13,000,000
TOTAL MONEY MARKET FUNDS
(Cost $104,213,963)				104,213,963
TOTAL INVESTMENTS—108.4%
(Cost $1,013,541,092)				1,037,780,468
Other assets less liabilities—(8.4%)				(80,509,709	)
NET ASSETS—100.0%			$	957,270,759

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

See accompanying notes to financial statements.

219

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Discovery Fund		Shares		Value
COMMON STOCKS—47.4%
Aerospace & Defense—0.5%
Kratos Defense & Security Solutions, Inc.	*†	157,300	$	939,081
Automobiles—0.5%
Tesla Motors, Inc.	*†	36,400		1,039,584
Biotechnology—1.5%
Arena Pharmaceuticals, Inc.	*†	516,758		966,337
Incyte Corp. Ltd.	*†	76,800		1,152,768
Rigel Pharmaceuticals, Inc.	*	110,200		869,478
				2,988,583
Capital Markets—2.1%
BGC Partners, Inc., Class A		175,900		1,044,846
Cowen Group, Inc., Class A	*	138,663		359,137
Duff & Phelps Corp., Class A	†	39,400		571,300
Gluskin Sheff + Associates, Inc. (Canada)		14,100		206,362
Knight Capital Group, Inc., Class A	*	80,500		951,510
Uranium Participation Corp. (Canada)	*	151,978		838,396
				3,971,551
Chemicals—0.2%
EcoSynthetix, Inc.—Legend Shares (Canada)	*‡	24,500		120,245
EcoSynthetix, Inc. (Canada)	*	59,900		293,988
				414,233
Commercial Banks—1.0%
First Midwest Bancorp, Inc./Illinois		33,675		341,128
Hudson Valley Holding Corp.	†	44,989		954,666
MB Financial, Inc.		40,000		684,000
				1,979,794
Commercial Services & Supplies—0.5%
United Stationers, Inc.		30,500		993,080
Communications Equipment—2.6%
Arris Group, Inc.	*	90,800		982,456
Comverse Technology, Inc.	*	108,100		741,566
Emulex Corp.	*	121,300		832,118
Mitel Networks Corp. (Canada)	*†	325,870		1,036,267
NETGEAR, Inc.	*	29,800		1,000,386
Parkervision, Inc.	*†	534,972		454,726
				5,047,519
Construction & Engineering—1.8%
EMCOR Group, Inc.		40,300		1,080,443
Great Lakes Dredge & Dock Corp.		82,500		458,700
Michael Baker Corp.	*	48,845		957,850
Orion Marine Group, Inc.	*	141,000		937,650
				3,434,643
Consumer Finance—0.5%
DFC Global Corp.	*	54,000		975,240
Containers & Packaging—0.5%
AptarGroup, Inc.		17,800		928,626

		Shares		Value
Diversified Consumer Services—0.5%
Steiner Leisure Ltd. (Bahamas)	*†	21,500	$	975,885
Diversified Financial Services—0.6%
Gain Capital Holdings, Inc.	†	162,000		1,085,400
Diversified Telecommunication Services—0.3%
Neutral Tandem, Inc.	*	49,800		532,362
Electric Utilities—1.4%
Portland General Electric Co.		36,800		930,672
Unisource Energy Corp.		23,900		882,388
Westar Energy, Inc.		32,400		932,472
				2,745,532
Electronic Equipment, Instruments & Components—1.7%
Fabrinet (Cayman Islands)	*†	73,400		1,004,112
InvenSense Inc.	*	36,100		359,556
OSI Systems, Inc.	*	19,400		946,332
Park Electrochemical Corp.		38,500		986,370
				3,296,370
Energy Equipment & Services—1.1%
C&J Energy Services, Inc.	*^‡	94,000		1,967,420
Vantage Drilling Co.	*†	167,700		194,532
				2,161,952
Food Products—1.8%
Cosan SA Industria e Comercio (Brazil)		64,100		927,865
Darling International, Inc.	*	63,000		837,270
Omega Protein Corp.	*	114,000		812,820
Viterra, Inc. (Canada)		82,600		870,797
				3,448,752
Health Care Equipment & Supplies—1.1%
Greatbatch, Inc.	*	47,500		1,049,750
ICU Medical, Inc.	*†	23,200		1,044,000
				2,093,750
Health Care Providers & Services—1.7%
Amsurg Corp.	*	32,300		841,092
Ensign Group, Inc. (The)		32,500		796,250
LHC Group, Inc.	*†	59,500		763,385
Mednax, Inc.	*	12,400		892,924
				3,293,651
Hotels, Restaurants & Leisure—1.1%
Gaylord Entertainment Co.	*	42,500		1,025,950
Whistler Blackcomb Holdings, Inc. (Canada)		69,700		732,064
Whistler Blackcomb Holdings, Inc. (Canada)	‡	30,100		316,142
				2,074,156
Industrial Conglomerates—0.5%
Carlisle Cos., Inc.		23,500		1,041,050
Insurance—0.5%
Platinum Underwriters Holdings Ltd. (Bermuda)		28,200		961,902
Internet & Catalog Retail—0.5%
PetMed Express, Inc.	†	91,000		944,580

See accompanying notes to financial statements.

220

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Discovery Fund		Shares		Value
COMMON STOCKS—(Continued)
Internet Software & Services—1.1%
KIT Digital, Inc.	*†	118,652	$	1,002,609
XO Group, Inc.	*	127,700		1,065,018
				2,067,627
Machinery—1.1%
Altra Holdings, Inc.	*	50,000		941,500
Wabash National Corp.	*†	160,800		1,260,672
				2,202,172
Marine—0.4%
Kirby Corp.	*	12,500		823,000
Metals & Mining—2.5%
Allied Nevada Gold Corp.	*	25,400		769,112
Carpenter Technology Corp.		17,200		885,456
New Gold, Inc. (Canada)	*	75,600		762,048
Romarco Minerals, Inc. (Canada)	*	797,900		845,872
Sandstorm Gold Ltd. (Canada)	*W	484,700		570,935
Universal Stainless & Alloy Products, Inc.	*	26,600		993,776
				4,827,199
Oil, Gas & Consumable Fuels—3.7%
Alberta Oilsands, Inc. (Canada)	*	1,498,600		272,138
Berry Petroleum Co., Class A		21,700		911,834
BPZ Resources, Inc.	*†	324,100		920,444
Karoon Gas Australia Ltd. (Australia)	*	146,888		676,436
Oilsands Quest, Inc. (Canada)	*†‡	2,055,636		183,980
Porto Energy Corp.	*	1,634,900		192,577
Swift Energy Co.	*	36,300		1,078,836
Synergy Resources Corp.	*	330,000		933,900
Triangle Petroleum Corp.	*†	161,900		966,543
Warren Resources, Inc.	*	321,800		1,049,068
				7,185,756
Pharmaceuticals—0.6%
Medicines Co. (The)	*	58,700		1,094,168
Real Estate Investment Trusts (REITs)—2.9%
Anworth Mortgage Asset Corp. REIT		108,700		682,636
Capstead Mortgage Corp. REIT		59,400		738,936
CreXus Investment Corp. REIT		80,318		833,701
Gladstone Commercial Corp. REIT	†	55,500		974,025
Medical Properties Trust, Inc. REIT		83,900		828,093
MFA Financial, Inc. REIT		110,700		743,904
Summit Hotel Properties, Inc. REIT		87,500		826,000
				5,627,295
Real Estate Management & Development—0.4%
Brasil Brokers Participacoes SA (Brazil)		256,100		766,138

		Shares		Value
Road & Rail—0.3%
Zipcar, Inc.	*†	36,600	$	491,172
Semiconductors & Semiconductor Equipment—1.4%
Cymer, Inc.	*	20,100		1,000,176
Microsemi Corp.	*	58,000		971,500
PMC—Sierra, Inc.	*	147,400		812,174
				2,783,850
Software—0.9%
JDA Software Group, Inc.	*	33,400		1,081,826
SeaChange International, Inc.	*	107,243		753,918
				1,835,744
Specialty Retail—1.9%
Cato Corp. (The), Class A		40,300		975,260
Children’s Place Retail Stores, Inc. (The)	*	14,900		791,488
Destination Maternity Corp.		69,600		1,163,712
Hot Topic, Inc.		125,300		828,233
				3,758,693
Textiles, Apparel & Luxury Goods—1.0%
G-III Apparel Group Ltd.	*	39,500		983,945
Skechers U.S.A., Inc., Class A	*	85,200		1,032,624
				2,016,569
Thrifts & Mortgage Finance—0.9%
Flushing Financial Corp.		75,117		948,728
Northwest Bancshares, Inc.		71,000		883,240
				1,831,968
Trading Companies & Distributors—2.8%
Applied Industrial Technologies, Inc.		28,200		991,794
H&E Equipment Services, Inc.	*	86,400		1,159,488
SeaCube Container Leasing Ltd.		69,800		1,033,738
TAL International Group, Inc.	†	34,453		991,902
Textainer Group Holdings Ltd.	†	39,600		1,153,152
				5,330,074
Water Utilities—0.5%
Companhia de Saneamento de Minas Gerais—Copasa MG (Brazil)		49,300		882,788
Wireless Telecommunication Services—0.5%
Leap Wireless International, Inc.	*†	101,100		939,219
TOTAL COMMON STOCKS
(Cost $89,007,302)				91,830,708
CONVERTIBLE PREFERRED STOCKS—0.6%
Leisure Equipment & Products—0.6%
Callaway Golf Co., Perpetual, Series B 7.500%		11,000		1,050,324
Real Estate Management & Development—0.0%
Grubb & Ellis Co. 12.000%	*	5,800		39,150
Grubb & Ellis Co., Perpetual 12.000%	*^	5,200		35,100
				74,250
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $2,112,130)				1,124,574

See accompanying notes to financial statements.

221

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—23.9%
Aerospace & Defense—0.3%
Boeing Co. (The)
1.875%		11/20/2012			$     450,000	$	454,792
Raytheon Co.
1.400%		12/15/2014			145,000		145,807
							600,599
Auto Components—0.1%
Johnson Controls, Inc.
0.843%		02/04/2014	#		290,000		289,994
Beverages—0.8%
Anheuser-Busch InBev Worldwide, Inc.
9.750%		11/17/2015	†		BRL  1,030,000		579,815
2.500%		03/26/2013			470,000		478,833
Coca-Cola Enterprises, Inc.
1.125%		11/12/2013			530,000		531,935
							1,590,583
Biotechnology—0.2%
Amgen, Inc.
1.875%		11/15/2014			330,000		334,504
Gilead Sciences, Inc.
2.400%		12/01/2014			140,000		142,621
							477,125
Capital Markets—1.2%
Goldman Sachs Group, Inc. (The)
1.435%		02/07/2014	#		570,000		533,105
Merrill Lynch & Co., Inc., Series C MTN
6.050%		08/15/2012			225,000		228,283
Morgan Stanley
1.408%		04/29/2013	#		610,000		575,075
TD Ameritrade Holding Corp.
4.150%		12/01/2014			410,000		433,622
WCI Finance LLC/WEA Finance LLC
5.400%		10/01/2012	^		450,000		461,143
							2,231,228
Chemicals—0.2%
Ecolab, Inc.
2.375%		12/08/2014			110,000		112,216
Praxair, Inc.
1.750%		11/15/2012			200,000		201,749
							313,965
Commercial Banks—3.1%
Banco Bradesco SA (Brazil)
2.561%		05/16/2014	#^		300,000		294,661
Banco de Credito del Peru (Peru)
4.750%		03/16/2016	^		420,000		423,150
Barclays Bank plc (United Kingdom)
1.438%		01/13/2014	#		520,000		504,315
BB&T Corp., Series A MTN
3.375%		09/25/2013			200,000		206,963
Capital One Financial Corp.
2.125%		07/15/2014			340,000		335,846
CIT Group, Inc.
5.250%		04/01/2014	^		285,000		285,356
HSBC Bank plc (United Kingdom)
1.625%		07/07/2014	^†		360,000		356,041

Coupon Rate	Maturity Date		Face		Value
ING Bank NV (Netherlands)
1.596%	03/15/2013	#^	$  570,000	$	556,923
KeyCorp MTN
3.750%	08/13/2015		230,000		238,703
Nordea Bank AB (Sweden)
1.301%	01/14/2014	#^	500,000		484,390
Royal Bank of Scotland plc (The) (United Kingdom)
3.250%	01/11/2014		520,000		498,521
SunTrust Bank
1.195%	06/22/2012	#	GBP  330,000		507,282
Union Bank NA, Bank Note
2.125%	12/16/2013		530,000		536,279
US Bancorp
4.200%	05/15/2014		500,000		535,615
Wachovia Bank NA, Bank Note
4.800%	11/01/2014		250,000		262,876
					6,026,921
Communications Equipment—0.4%
Cisco Systems, Inc.
0.794%	03/14/2014	#	680,000		679,927
Computers & Peripherals—0.2%
Hewlett-Packard Co.
2.109%	09/19/2014	#	300,000		298,756
Consumer Finance—2.1%
Ally Financial, Inc.
4.500%	02/11/2014		400,000		387,000
American Express Credit Corp., Series D MTN
5.125%	08/25/2014		300,000		322,496
American Honda Finance Corp.
2.375%	03/18/2013	^	200,000		202,860
Banque PSA Finance (France)
2.481%	04/04/2014	#^	540,000		500,379
Caterpillar Financial Services Corp., Series G MTN
1.375%	05/20/2014		360,000		364,720
Ford Motor Credit Co. LLC
3.875%	01/15/2015		470,000		468,578
International Lease Finance Corp.
6.500%	09/01/2014	^	200,000		205,500
John Deere Capital Corp. MTN
1.600%	03/03/2014		270,000		274,583
PACCAR Financial Corp.
1.550%	09/29/2014		210,000		212,613
PACCAR Financial Corp. MTN
0.745%	04/05/2013	#	360,000		359,775
RCI Banque SA (France)
2.261%	04/11/2014	#^	800,000		762,915
					4,061,419
Diversified Financial Services—3.4%
Bank of America Corp. MTN
4.900%	05/01/2013		225,000		225,254
Caisse Centrale Desjardins du Quebec (Canada)
1.700%	09/16/2013	^	450,000		450,929
Citigroup, Inc.
6.000%	12/13/2013		175,000		181,166
5.300%	10/17/2012		175,000		177,878
1.307%	02/15/2013	#	470,000		461,392
CME Group, Inc.
5.400%	08/01/2013		200,000		213,208
Equifax, Inc.
4.450%	12/01/2014		80,000		84,378

See accompanying notes to financial statements.

222

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
ERAC USA Finance LLC
2.250%		01/10/2014	^		$  400,000	$	398,536
General Electric Capital Corp.
5.900%		05/13/2014			260,000		284,898
2.800%		01/08/2013			400,000		407,702
General Electric Capital Corp. MTN
2.125%		12/21/2012			1,000,000		1,018,847
1.253%		01/15/2013	#		300,000		302,036
General Electric Capital Corp., Series A MTN
3.750%		11/14/2014			390,000		411,366
JPMorgan Chase & Co.
4.750%		05/01/2013			350,000		366,013
JPMorgan Chase & Co. MTN
1.216%		01/24/2014	#		540,000		532,148
NASDAQ OMX Group, Inc. (The)
4.000%		01/15/2015			460,000		471,688
National Rural Utilities Cooperative Finance Corp.
1.125%		11/01/2013			215,000		215,189
Western Union Co. (The)
1.114%		03/07/2013	#		390,000		390,087
							6,592,715
Diversified Telecommunication Services—0.8%
BellSouth Corp.
4.750%		11/15/2012			630,000		651,230
Cellco Partnership/Verizon Wireless Capital LLC
5.550%		02/01/2014			100,000		108,700
Telecom Italia Capital SA (Luxembourg)
5.250%		11/15/2013			105,000		100,905
Telefonica Emisiones SAU (Spain)
2.582%		04/26/2013			490,000		478,293
Verizon Communications, Inc.
1.184%		03/28/2014	#		300,000		299,810
							1,638,938
Electric Utilities—1.5%
Cia de Eletricidade do Estado da Bahia (Brazil)
11.750%		04/27/2016	^		BRL  450,000		253,317
Consumers Energy Co., Series D
5.375%		04/15/2013			275,000		289,447
Duke Energy Carolinas LLC
6.250%		01/15/2012			400,000		400,639
Georgia Power Co.
1.300%		09/15/2013			460,000		464,445
0.673%		01/15/2013	#		500,000		500,352
Midamerican Energy Holdings Co.
3.150%		07/15/2012			300,000		303,555
Public Service Electric & Gas Co., Series B MTN
5.125%		09/01/2012			700,000		719,709
							2,931,464
Electronic Equipment, Instruments & Components—0.1%
Thermo Fisher Scientific, Inc.
2.150%		12/28/2012			220,000		222,695
Food & Staples Retailing—0.3%
Safeway, Inc.
5.800%		08/15/2012			350,000		359,452

Coupon Rate	Maturity Date			Face		Value
3.400%	12/01/2016		$	200,000	$	205,345
						564,797
Food Products—0.6%
General Mills, Inc.
5.250%	08/15/2013			750,000		801,822
Kraft Foods, Inc.
5.250%	10/01/2013			140,000		149,400
2.625%	05/08/2013			140,000		143,075
						1,094,297
Health Care Equipment & Supplies—0.5%
DENTSPLY International, Inc.
1.957%	08/15/2013	#		280,000		282,030
Stryker Corp.
3.000%	01/15/2015			300,000		316,363
2.000%	09/30/2016			400,000		409,794
						1,008,187
Health Care Providers & Services—0.6%
Aristotle Holding, Inc.
2.750%	11/21/2014	^		500,000		506,411
Quest Diagnostics, Inc.
1.424%	03/24/2014	#		160,000		160,920
WellPoint, Inc.
2.375%	02/15/2017			465,000		464,149
						1,131,480
Independent Power Producers & Energy Traders—0.1%
AES Corp. (The)
7.750%	03/01/2014			225,000		244,125
Industrial Conglomerates—0.3%
Danaher Corp.
0.817%	06/21/2013	#		500,000		500,947
Insurance—1.6%
Allstate Corp. (The)
6.200%	05/16/2014			300,000		334,765
Berkshire Hathaway, Inc.
3.750%	08/15/2021	†		1,000,000		1,041,143
MetLife, Inc.
2.375%	02/06/2014			190,000		192,749
Metropolitan Life Global Funding I
1.141%	01/10/2014	#^		700,000		699,683
New York Life Global Funding
0.841%	04/04/2014	#^		500,000		493,809
Prudential Financial, Inc., Series D MTN
3.625%	09/17/2012			355,000		360,566
						3,122,715
IT Services—0.4%
International Business Machines Corp.
1.000%	08/05/2013			750,000		756,202
Life Sciences Tools & Services—0.2%
Howard Hughes Medical Institute
3.450%	09/01/2014			400,000		426,872
Machinery—0.1%
Case New Holland, Inc.
7.750%	09/01/2013			200,000		213,500
Media—0.1%
Viacom, Inc.
4.375%	09/15/2014			200,000		214,387

See accompanying notes to financial statements.

223

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Metals & Mining—0.3%
Steel Dynamics, Inc.
7.375%		11/01/2012		$	375,000	$	391,406
Vedanta Resources plc (United Kingdom)
6.750%		06/07/2016	^		200,000		172,000
							563,406
Multiline Retail—0.4%
Target Corp.
0.575%		07/18/2014	#		700,000		700,438
Multi-Utilities—0.2%
DTE Energy Co.
1.227%		06/03/2013	#		370,000		369,777
Oil, Gas & Consumable Fuels—1.0%
ConocoPhillips
4.750%		02/01/2014			200,000		216,111
Kinder Morgan Energy Partners LP
5.850%		09/15/2012			370,000		381,995
Kinder Morgan Kansas, Inc.
6.500%		09/01/2012			460,000		471,500
Rockies Express Pipeline LLC
3.900%		04/15/2015	^		290,000		286,794
Tesoro Corp.
6.625%		11/01/2015			140,000		143,150
XTO Energy, Inc.
7.500%		04/15/2012			390,000		397,837
							1,897,387
Personal Products—0.2%
Revlon Consumer Products Corp.
9.750%		11/15/2015			380,000		406,125
Pharmaceuticals—0.6%
Eli Lilly & Co.
3.550%		03/06/2012			100,000		100,526
Novartis Capital Corp.
4.125%		02/10/2014			100,000		107,046
Teva Pharmaceutical Finance Co. BV (Netherlands Antilles)
1.344%		11/08/2013	#		490,000		492,253
Valeant Pharmaceuticals International
6.500%		07/15/2016	^		400,000		401,500
							1,101,325
Real Estate Investment Trusts (REITs)—0.8%
HCP, Inc.
2.700%		02/01/2014			570,000		569,457
Health Care REIT, Inc.
6.000%		11/15/2013			370,000		388,405
Simon Property Group LP
4.200%		02/01/2015			90,000		95,507
Vornado Realty LP
4.250%		04/01/2015			470,000		486,779
							1,540,148
Semiconductors & Semiconductor Equipment—0.2%
Texas Instruments, Inc.
0.875%		05/15/2013			410,000		411,216

Coupon Rate	Maturity Date			Face		Value
Software—0.5%
Microsoft Corp.
2.950%	06/01/2014		$	500,000	$	531,447
Oracle Corp.
3.750%	07/08/2014			480,000		516,540
						1,047,987
Textiles, Apparel & Luxury Goods—0.3%
Levi Strauss & Co.
8.875%	04/01/2016	†		350,000		365,750
VF Corp.
1.245%	08/23/2013	#		300,000		300,660
						666,410
Trading Companies & Distributors—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%	08/20/2019			260,000		260,000
Wireless Telecommunication Services—0.1%
America Movil SAB de CV (Mexico)
3.625%	03/30/2015			130,000		136,873
TOTAL CORPORATE OBLIGATIONS
(Cost $46,185,014)						46,334,930
MORTGAGE-RELATED SECURITIES—6.1%
Commercial Mortgage-Backed Securities—0.5%
Extended Stay America Trust, Series 2010-ESHA, Class A
2.951%	11/05/2027	^		499,787		502,287
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A1
1.600%	10/29/2020			430,001		435,816
						938,103
U.S. Government Agency Mortgage-Backed Securities—4.9%
Federal National Mortgage Association
5.000%	07/01/2035			1,682,251		1,819,519
4.000%	11/01/2040- 09/01/2041			1,255,546		1,320,747
3.500%	12/01/2020			596,082		624,380
0.595%	07/01/2016	#		1,500,000		1,514,623
Government National Mortgage Association, Series 2005-58, Class NJ
4.500%	08/20/2035			138,217		139,446
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.724%	10/07/2020	#		708,950		709,722
National Credit Union Administration Guaranteed Notes, Series 2010-R2, Class 1A
0.644%	11/06/2017	#		1,537,971		1,537,971
National Credit Union Administration Guaranteed Notes, Series 2011-R6, Class 1A
0.654%	05/07/2020	#		1,803,911		1,803,911
						9,470,319
U.S. Non-Agency Mortgage-Backed Securities—0.7%
Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A
2.750%	12/19/2035	#		783,246		486,069

See accompanying notes to financial statements.

224

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-RELATED SECURITIES—(Continued)
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.744%		03/25/2044	#	$	1,043,828	$	885,693
WaMu Mortgage Pass Through Certificates, Series 2006-AR12, Class 1A1
5.933%		10/25/2036	#		121,838		83,696
							1,455,458
TOTAL MORTGAGE-RELATED SECURITIES
(Cost $12,261,966)							11,863,880
CONVERTIBLE DEBT OBLIGATIONS—0.2%
Capital Markets—0.1%
Grubb & Ellis Co.
7.950%		05/01/2015	^		299,000		192,855
Oil, Gas & Consumable Fuels—0.1%
Rentech, Inc.
4.000%		04/15/2013			148,000		145,040
TOTAL CONVERTIBLE DEBT OBLIGATIONS
(Cost $400,620)							337,895
U.S. TREASURY OBLIGATIONS—9.9%
U.S. Treasury Notes—9.9%
U.S. Treasury Note
0.376%		11/15/2014	†‡‡		6,590,000		6,595,147
0.250%		09/15/2014- 12/15/2014			5,580,000		5,563,016
0.249%		11/30/2013			6,500,000		6,501,781
0.125%		09/30/2013	‡‡		545,000		543,999
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $19,179,734)							19,203,943
GOVERNMENT RELATED OBLIGATIONS—7.9%
U.S. Government Agencies—4.7%
Federal Home Loan Banks
0.375%		11/27/2013	†		2,650,000		2,648,296
Federal Home Loan Mortgage Corp.
1.000%		07/30/2014	‡‡		2,000,000		2,022,730
0.375%		11/27/2013	†		1,800,000		1,797,943
Federal National Mortgage Association
1.125%		06/27/2014	‡‡		2,000,000		2,027,194
National Credit Union Administration Guaranteed Notes, Series A1
0.296%		06/12/2013	#		570,000		569,475
National Credit Union Administration Guaranteed Notes, Series A2
1.400%		06/12/2015			180,000		182,338
							9,247,976
U.S. Government Agencies-U.S. Government Guaranteed Bank Debt—1.6%
Ally Financial, Inc.
2.200%		12/19/2012			1,000,000		1,019,570
US Central Federal Credit Union
1.900%		10/19/2012			1,000,000		1,014,151

Coupon Rate	Maturity Date			Face		Value
Western Corporate Federal Credit Union
1.750%	11/02/2012		$	1,000,000	$	1,012,734
						3,046,455
Non-U.S. Government Agencies—0.4%
IPIC Ltd. MTN (Cayman Islands)
3.125%	11/15/2015	^		250,000		250,625
Korea National Oil Corp. (Korea, Republic of)
2.875%	11/09/2015	^		500,000		501,351
						751,976
Sovereign Debt—0.7%
Panama Government International Bond (Panama)
7.250%	03/15/2015			300,000		347,250
Province of Nova Scotia (Canada)
5.750%	02/27/2012			1,000,000		1,006,872
						1,354,122
U.S. Municipal Bonds—0.5%
Citizens Property Insurance Corp. Revenue Bonds, Series 2007-A (Florida)
5.000%	03/01/2013			150,000		156,626
State of Louisiana General Obligation Bonds, Series 2011-B (Louisiana)
1.007%	07/15/2014	#		670,000		670,750
University of California Revenue Bonds (California)
1.988%	05/15/2050	#		180,000		183,141
						1,010,517
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $15,346,236)						15,411,046
ASSET-BACKED SECURITIES—1.4%
Automobile—0.5%
Hyundai Capital Auto Funding Ltd. (Cayman Islands) Series 2010-8A, Class A
1.285%	09/20/2016	#^		950,000		955,216
Other—0.3%
MMAF Equipment Finance LLC Series 2011-AA, Class A3
1.270%	09/15/2015	^		580,000		579,954
Student Loan—0.6%
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.624%	12/07/2020	#		1,192,346		1,195,815
TOTAL ASSET-BACKED SECURITIES
(Cost $2,718,154)						2,730,985
			Shares		Value
WARRANTS—0.0%
Food Products—0.0%
Kulim Malaysia BHD (Malaysia), Expires 02/27/2016, Strike MYR 3.85		*		60,350		20,561

See accompanying notes to financial statements.

225

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Discovery Fund		Shares		Value
WARRANTS—(Continued)
Metals & Mining—0.0%
Sandstorm Gold Ltd. (Canada), Expires 10/19/2015, Strike CAD 1.00	*W	189,250	$	107,745
TOTAL WARRANTS
(Cost $—)				128,306
MONEY MARKET FUNDS—12.8%
Institutional Money Market Funds—12.8%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥	3,000,000		3,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	¥	6,824,883		6,824,883
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	††¥	2,935,954		2,935,954
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17%	††¥	3,000,000		3,000,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.16%	††¥	3,000,000		3,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††¥	3,000,000		3,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	3,000,000		3,000,000
TOTAL MONEY MARKET FUNDS
(Cost $24,760,837)				24,760,837
TOTAL INVESTMENTS—110.2%
(Cost $211,971,993)				213,727,104
Other assets less liabilities—(10.2%)				(19,855,422	)
NET ASSETS—100.0%			$	193,871,682

Notes to the Schedule of Investments:

BRL	Brazilian Real
CAD	Canadian Dollar
GBP	British Pound Sterling
MTN	Medium Term Note
MYR	Malaysian Ringgit
REIT	Real Estate Investment Trust
#	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. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of 144A securities was $13,181,105, which represented 6.8% of Net Assets. The illiquid 144A securities represented 1.3% of Net Assets, and 18.6% of total 144A securities held.
†	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.
¥	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 $678,680, which represents 0.35% of Net Assets.

Additional information on each holding is as follows.

Security	Acquisition Date	Acquisition Cost
Sandstorm Gold Ltd.	10/15/2010 - 12/06/2010	$	346,434
Sandstorm Gold Ltd.	10/19/2010	$	—

See accompanying notes to financial statements.

226

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—96.6%
Australia—5.1%
AMP Ltd.		896,104	$	3,723,855
Coca-Cola Amatil Ltd.	†	376,382		4,422,303
Cochlear Ltd.	†	29,000		1,841,822
CSL Ltd.	†	179,300		5,845,685
Iluka Resources Ltd.	†	356,000		5,638,696
Lend Lease Group		213,600		1,564,189
Newcrest Mining Ltd.		55,800		1,700,511
QBE Insurance Group Ltd.	†	582,880		7,714,063
Regis Resources Ltd.	*†	692,600		2,407,204
Sigma Pharmaceuticals Ltd.	†	3,920,100		2,207,542
Suncorp Group Ltd.		410,300		3,506,888
Telstra Corp. Ltd.		2,892,684		9,838,084
Treasury Wine Estates Ltd.		199,083		750,559
Wesfarmers Ltd.		39,548		1,191,334
Woodside Petroleum Ltd.		101,701		3,183,555
Woolworths Ltd.		110,500		2,836,355
				58,372,645
Belgium—1.3%
Anheuser-Busch InBev NV		161,005		9,826,661
Colruyt SA		80,000		3,022,313
Tessenderlo Chemie NV		55,000		1,457,729
				14,306,703
Brazil—1.8%
CCR SA		260,000		1,703,364
Cia de Bebidas das Americas ADR		50,800		1,833,372
Cia Siderurgica Nacional SA ADR		117,600		961,968
CPFL Energia SA ADR		67,000		1,890,070
Itau Unibanco Holding SA ADR		24,900		462,144
Itausa—Investimentos Itau SA		387,560		2,343,749
Petroleo Brasileiro SA ADR		177,000		4,157,730
Petroleo Brasileiro SA		149,800		1,725,882
Redecard SA		157,200		2,460,082
Vale SA ADR		19,400		416,130
Vale SA ADR		125,300		2,581,180
				20,535,671
Canada—5.1%
Aecon Group, Inc.		204,200		2,096,620
AuRico Gold, Inc.	*	245,500		1,973,639
Barrick Gold Corp.		53,400		2,419,053
BCE, Inc.		212,100		8,842,098
Canadian National Railway Co.		508		39,909
Canadian Pacific Railway Ltd.	†	114,035		7,716,748
Centerra Gold, Inc.		71,400		1,261,546
Dundee Corp., Class A	*	100,200		2,320,214
Enbridge, Inc.		59,700		2,232,121
Endeavour Silver Corp.	*	239,800		2,327,973
Gibson Energy, Inc.		127,200		2,374,816
Goldcorp, Inc.		40,500		1,797,306
Husky Energy, Inc.		82,400		1,985,688
Metro, Inc., Class A		33,800		1,791,607
National Bank of Canada		35,100		2,485,511
Neo Material Technologies, Inc.	*	371,000		2,669,379

		Shares		Value
Rogers Communications, Inc., Class B		70,300	$	2,708,491
Suncor Energy, Inc.		184,800		5,329,496
Trinidad Drilling Ltd.		226,800		1,729,802
Wajax Corp.		60,000		2,271,018
Yamana Gold, Inc.		118,100		1,741,214
				58,114,249
Chile—0.2%
Enersis SA ADR		131,700		2,321,871
China—1.8%
Baidu, Inc. ADR	*	50,804		5,917,142
China Construction Bank Corp., H Shares		4,410,600		3,063,650
China Shenhua Energy Co. Ltd., H Shares	†	977,866		4,228,556
China Shipping Development Co. Ltd., H Shares		168,000		104,498
Hengan International Group Co. Ltd.		142,500		1,328,563
Industrial & Commercial Bank of China, H Shares		4,597,715		2,715,672
Tencent Holdings Ltd.		47,000		941,098
Want Want China Holdings Ltd.	†	1,999,000		1,991,167
				20,290,346
Denmark—1.2%
Coloplast A/S, Class B		13,300		1,908,539
Novo Nordisk A/S, Class B		65,600		7,536,339
Topdanmark A/S	*	14,050		2,185,657
Tryg A/S		36,100		1,999,719
				13,630,254
Finland—0.3%
Kesko Oyj, Class B		42,600		1,428,048
Kone Oyj, Class B		36,000		1,863,734
				3,291,782
France—8.9%
Accor SA		7,986		201,259
Air Liquide SA		10,570		1,305,158
Carrefour SA		381,527		8,680,418
Cie de Saint-Gobain		192,804		7,370,074
Cie Generale d’Optique Essilor International SA		62,000		4,370,478
Danone SA		111,249		6,981,147
Dassault Systemes SA		25,500		2,037,007
France Telecom SA		608,566		9,525,061
L’Oreal SA		37,000		3,853,541
LVMH Moet Hennessy Louis Vuitton SA		9,408		1,325,255
Pernod-Ricard SA		47,470		4,393,771
Rallye SA		67,900		1,892,765
Sanofi		229,882		16,803,843
Schneider Electric SA		56,315		2,944,224
Societe Generale SA		170,549		3,764,975
Technip SA		37,342		3,500,810
Total SA		216,369		11,040,852
Unibail-Rodamco SE (Paris Exchange) REIT		31,222		5,587,902
Valeo SA		44,200		1,749,260
Vallourec SA		20,000		1,291,938
Vivendi SA		86,300		1,883,888

See accompanying notes to financial statements.

227

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Zodiac Aerospace		9,438	$	797,308
				101,300,934
Germany—4.8%
Adidas AG		55,600		3,612,503
Allianz SE (Registered)		15,412		1,471,910
Bayer AG		74,112		4,733,046
Bayerische Motoren Werke AG		37,400		2,500,120
Beiersdorf AG		50,861		2,882,240
Brenntag AG		31,475		2,926,926
Daimler AG (Registered)		40,698		1,782,919
Delticom AG		19,200		1,653,967
Duerr AG		59,900		2,632,327
Linde AG		55,674		8,273,850
Muenchener Rueckversicherungs AG (Registered)		12,441		1,524,554
RWE AG		300,483		10,547,972
SAP AG		69,100		3,654,812
Suedzucker AG		66,000		2,102,478
TAG Immobilien AG	*	250,900		1,998,859
Volkswagen AG		21,000		2,811,382
				55,109,865
Greece—0.2%
Hellenic Petroleum SA		231,638		1,905,994
Motor Oil Hellas Corinth Refineries SA		63,400		484,410
				2,390,404
Hong Kong—5.0%
AIA Group Ltd.		1,929,400		6,006,072
Beijing Enterprises Holdings Ltd.	†	485,399		2,906,113
Belle International Holdings Ltd.		809,837		1,406,905
BOC Hong Kong Holdings Ltd.		394,745		931,459
China Merchants Holdings International Co. Ltd.	†	598,000		1,729,610
China Mobile Ltd.		796,634		7,739,768
China Resources Land Ltd.	†	806,000		1,289,235
China Resources Power Holdings Co. Ltd.		900,000		1,732,859
CLP Holdings Ltd.		480,000		4,078,020
CNOOC Ltd.		2,511,000		4,378,543
Galaxy Entertainment Group Ltd.	*†	1,586,642		2,884,193
Hang Seng Bank Ltd.	†	151,194		1,790,955
Henderson Land Development Co. Ltd.	†	294,999		1,461,352
Hong Kong & China Gas Co. Ltd.		894,300		2,070,637
Hongkong Land Holdings Ltd.		242,970		1,101,235
Jardine Matheson Holdings Ltd.		45,200		2,123,623
Link (The) REIT		596,000		2,191,906
MGM China Holdings Ltd.	*	415,100		540,008
NWS Holdings Ltd.		723,596		1,063,931
Sino Land Co. Ltd.		1,839,838		2,614,464

		Shares		Value
SmarTone Telecommunications Holding Ltd.	†	1,284,500	$	2,214,803
Sun Hung Kai Properties Ltd.		381,954		4,773,247
				57,028,938
India—0.7%
Axis Bank Ltd., Reg S GDR		129,309		1,951,375
ICICI Bank Ltd. ADR		47,400		1,252,782
Larsen & Toubro Ltd. GDR		23,728		446,561
Larsen & Toubro Ltd. GDR		79,960		1,496,858
Larsen & Toubro Ltd. GDR		3,057		58,421
Tata Motors Ltd. ADR		144,300		2,438,670
				7,644,667
Indonesia—0.3%
Astra International Tbk PT		221,000		1,800,950
Perusahaan Gas Negara PT		5,990,500		2,095,373
				3,896,323
Ireland—0.6%
Accenture plc, Class A		23,318		1,241,217
Shire plc		84,359		2,931,821
WPP plc		236,773		2,483,098
				6,656,136
Israel—0.8%
Bank Hapoalim BM		605,730		1,980,735
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.		66,215		2,054,219
Teva Pharmaceutical Industries Ltd. ADR		136,400		5,505,104
				9,540,058
Italy—2.3%
Banca Generali SpA		81,223		755,084
Enel SpA		706,518		2,866,156
ENI SpA		434,069		8,949,476
Fiat Industrial SpA	*	265,393		2,260,994
Intesa Sanpaolo SpA		2,594,370		4,320,965
Saipem SpA		141,644		5,992,076
Sorin SpA	*	505,648		774,413
				25,919,164
Japan—17.4%
Aeon Mall Co. Ltd.		116,500		2,471,516
Aisin Seiki Co. Ltd.		72,100		2,043,323
AOC Holdings, Inc.		216,900		1,313,325
Canon, Inc.	†	341,000		15,006,500
Central Japan Railway Co.		273		2,303,924
Chugai Pharmaceutical Co. Ltd.	†	167,200		2,756,035
Daikin Industries Ltd.		98,000		2,675,118
Daito Trust Construction Co. Ltd.		50,200		4,298,458
Denso Corp.		103,000		2,829,497
FANUC Corp.		32,500		4,957,298
Geo Holdings Corp.	†	1,145		1,185,052
Hokuetsu Kishu Paper Co. Ltd.		341,000		2,289,941
Honda Motor Co. Ltd.		295,100		8,989,012
HOYA Corp.		164,900		3,545,205
INPEX Corp.		590		3,714,775

See accompanying notes to financial statements.

228

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
ITOCHU Corp.		226,000	$	2,291,518
Japan Tobacco, Inc.		1,589		7,472,295
JX Holdings, Inc.		270,000		1,629,341
Kao Corp.		550,700		15,026,409
KDDI Corp.		309		1,984,492
Keyence Corp.		14,720		3,548,105
Komatsu Ltd.		188,300		4,390,762
Mitsubishi Estate Co. Ltd.		208,000		3,101,573
Mitsubishi UFJ Financial Group, Inc.		637,000		2,696,728
Nippon Shokubai Co. Ltd.		116,000		1,242,788
Nippon Telegraph & Telephone Corp.		128,427		6,538,209
Nissan Motor Co. Ltd.		300,000		2,686,528
Okinawa Electric Power Co., Inc. (The)		24,400		1,040,029
Seven & I Holdings Co. Ltd.		451,200		12,574,818
Shimamura Co. Ltd.		27,000		2,758,723
Shin-Etsu Chemical Co. Ltd.		126,800		6,228,391
Ship Healthcare Holdings, Inc.		78,700		1,717,375
Siix Corp.		233,900		2,965,948
Softbank Corp.		146,400		4,299,486
Sumitomo Corp.		415,700		5,619,074
Sumitomo Mitsui Financial Group, Inc.		108,291		3,003,211
Sumitomo Osaka Cement Co. Ltd.		641,000		1,746,000
Sumitomo Precision Products Co. Ltd.	†	328,000		2,014,114
Takeda Pharmaceutical Co. Ltd.		237,000		10,410,341
Tokio Marine Holdings, Inc.		521,200		11,541,369
Tosoh Corp.		823,000		2,187,026
Toyota Motor Corp.		269,200		8,901,668
Unipres Corp.		167,200		4,779,347
Universal Entertainment Corp.	†	82,600		2,266,082
Yorozu Corp.	†	68,000		1,545,889
				198,586,618
Kazakhstan—0.1%
KazMunaiGas Exploration Production GDR		82,959		1,237,212
Korea, Republic of—2.2%
Dongbu Insurance Co. Ltd.		49,100		2,281,690
Hyundai Motor Co.		31,800		5,890,240
Hyundai Wia Corp.	*	16,900		2,094,714
KB Financial Group, Inc.	*	53,159		1,675,062
Kia Motors Corp.		110,400		6,406,262
NHN Corp.	*	9,304		1,705,193
Samsung Electronics Co., Ltd.		3,654		3,361,088
SK Holdings Co. Ltd.	*	15,000		1,576,631
				24,990,880
Macau—1.1%
Sands China Ltd.	*	3,291,921		9,235,779

		Shares		Value
Wynn Macau Ltd.		1,403,077	$	3,502,589
				12,738,368
Malaysia—0.1%
Maxis Bhd		880,500		1,521,468
Mexico—0.3%
Fresnillo plc		69,500		1,646,781
Grupo Mexico SAB de CV		826,696		2,173,567
				3,820,348
Netherlands—4.3%
Akzo Nobel NV		47,854		2,306,064
European Aeronautic Defence and Space Co. NV		69,800		2,173,505
Koninklijke Ahold NV		886,261		11,911,877
Koninklijke Vopak NV		26,010		1,371,583
Reed Elsevier NV		534,806		6,222,687
Royal Dutch Shell plc, Class A		354,995		12,939,866
Royal Dutch Shell plc, Class B		67,900		2,582,772
Unilever NV CVA		288,868		9,932,307
				49,440,661
Norway—0.4%
Statoil ASA		92,700		2,374,074
Yara International ASA		50,400		2,011,951
				4,386,025
Peru—0.2%
Credicorp Ltd.		23,556		2,578,675
Philippines—0.2%
Philippine Long Distance Telephone Co. ADR		40,700		2,345,134
Portugal—0.3%
Jeronimo Martins SGPS SA	*	190,200		3,141,609
Russia—0.4%
Gazprom OAO ADR		308,410		3,285,781
Lukoil OAO ADR		27,100		1,441,720
				4,727,501
Singapore—2.2%
Biosensors International Group Ltd.	*	3,929,800		4,325,728
City Developments Ltd.		86,049		589,709
DBS Group Holdings Ltd.		410,697		3,645,462
Genting Singapore plc	*	1,235,658		1,437,806
Singapore Telecommunications Ltd.		1,787,000		4,256,186
United Overseas Bank Ltd.		686,236		8,075,999
Wilmar International Ltd.		562,000		2,166,508
				24,497,398
South Africa—0.3%
Sasol Ltd.		37,270		1,774,164
Tiger Brands Ltd.		68,127		2,116,609
				3,890,773

See accompanying notes to financial statements.

229

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Spain—2.4%
ACS Actividades de Construccion y Servicios SA	†	63,700	$	1,880,789
Gas Natural SDG SA	†	126,500		2,168,067
Grifols SA	*†	52,150		873,813
Iberdrola SA		1,214,440		7,585,919
Inditex SA		77,800		6,351,194
Telefonica SA		505,627		8,711,022
				27,570,804
Sweden—1.4%
Castellum AB		197,600		2,445,190
Hennes & Mauritz AB, Class B		130,300		4,180,018
Investor AB, Class B		106,500		1,980,766
Kinnevik Investment AB, Class B		99,200		1,928,100
Kungsleden AB		288,700		1,924,550
NCC AB, Class B		61,788		1,082,355
Sandvik AB		76,324		933,096
Skanska AB, Class B		62,985		1,039,555
				15,513,630
Switzerland—6.3%
Adecco SA (Registered)	*	46,116		1,921,943
Compagnie Financiere Richemont SA (A Bearer Shares)		80,994		4,074,218
Givaudan SA (Registered)	*	2,097		1,992,629
Nestle SA (Registered)		213,277		12,247,117
Novartis AG (Registered)		395,334		22,570,836
Roche Holding AG (Genusschein)		13,000		2,198,539
SGS SA (Registered)		3,743		6,173,486
Swatch Group AG (The) (Bearer)		11,817		4,398,491
Swiss Life Holding AG (Registered)	*	23,040		2,110,198
Swiss Re AG	*	47,700		2,425,055
Xstrata plc		139,600		2,125,432
Zurich Financial Services AG (Registered)	*	40,699		9,169,784
				71,407,728
Taiwan—0.8%
Chunghwa Telecom Co. Ltd.		425,290		1,404,971
HTC Corp.		76,800		1,258,810
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		320,300		4,135,073
Taiwan Semiconductor Manufacturing Co. Ltd.		1,059,000		2,646,017
				9,444,871
Thailand—0.3%
Kasikornbank PCL		402,000		1,551,335
PTT PCL	‡	234,800		2,362,303
				3,913,638

		Shares		Value
Turkey—0.3%
Tupras Turkiye Petrol Rafinerileri AS		69,145	$	1,456,362
Turkiye Garanti Bankasi AS		487,042		1,514,148
				2,970,510
United Kingdom—14.5%
Anglo American plc		122,654		4,530,860
AstraZeneca plc (London Exchange)		147,099		6,794,800
BAE Systems plc		472,200		2,086,568
BG Group plc		310,431		6,631,936
BHP Billiton plc		84,300		2,464,568
BP plc		2,424,836		17,272,808
BT Group plc		868,480		2,574,335
Cairn Energy plc	*	615,660		2,531,164
Centrica plc		849,000		3,813,284
Debenhams plc		4,077,263		3,700,649
Diageo plc		36,032		787,303
Drax Group plc		156,000		1,319,386
Enterprise Inns plc	*	1,017,399		442,281
GlaxoSmithKline plc		601,041		13,695,277
Hochschild Mining plc		268,900		1,612,657
HSBC Holdings plc (London Exchange)		852,914		6,511,186
Imperial Tobacco Group plc		203,916		7,716,289
Intermediate Capital Group plc		1,220,132		4,331,854
Johnson Matthey plc		34,728		989,472
Land Securities Group plc REIT		180,949		1,784,696
Legal & General Group plc		1,263,863		2,019,749
Old Mutual plc		1,196,200		2,516,006
Petropavlovsk plc		210,378		2,013,242
Prudential plc		59,655		590,237
Reckitt Benckiser Group plc		87,881		4,334,293
Rio Tinto plc		47,852		2,337,405
SABMiller plc		88,745		3,119,970
Smith & Nephew plc		394,900		3,832,456
Standard Chartered plc (London Exchange)		228,444		4,996,647
Tate & Lyle plc		113,588		1,241,803
Tesco plc		2,443,142		15,286,348
Unilever plc		358,295		12,015,100
Vodafone Group plc		5,368,230		14,967,200
Wm Morrison Supermarkets plc		850,000		4,299,292
				165,161,121
United States—0.7%
Boart Longyear Ltd.		831,759		2,366,149
Schlumberger Ltd.		43,233		2,953,246
Synthes, Inc.	^	12,800		2,142,460
				7,461,855
TOTAL COMMON STOCKS
(Cost $1,125,342,971)				1,101,696,837

See accompanying notes to financial statements.

230

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint International Fund		Shares		Value
MONEY MARKET FUNDS—6.7%
Institutional Money Market Funds—6.7%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥	7,000,000	$	7,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	¥	33,207,405		33,207,405
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	††¥	7,926,698		7,926,698
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17%	††¥	7,000,000		7,000,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.16%	††¥	7,000,000		7,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††¥	7,000,000		7,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	7,000,000		7,000,000
TOTAL MONEY MARKET FUNDS
(Cost $76,134,103)				76,134,103
TOTAL INVESTMENTS—103.3%
(Cost $1,201,477,074)				1,177,830,940
Other assets less liabilities—(3.3%)				(37,867,281	)
NET ASSETS—100.0%			$	1,139,963,659

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. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of illiquid 144A securities was $2,142,460, which represented 0.2% of Net Assets.
††	Represents reinvestment of collateral received in conjunction with securities lending.
¥	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements.

231

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint International Fund		��
Percentage of Portfolio by Industry (unaudited):
COMMON STOCKS
Oil, Gas & Consumable Fuels	10.0%
Pharmaceuticals	8.4%
Food & Staples Retailing	6.2%
Commercial Banks	5.6%
Insurance	5.3%
Diversified Telecommunication Services	4.7%
Food Products	4.5%
Automobiles	3.9%
Metals & Mining	3.9%
Wireless Telecommunication Services	3.3%
Chemicals	2.7%
Real Estate Management & Development	2.6%
Beverages	2.2%
Personal Products	2.0%
Electric Utilities	1.7%
Health Care Equipment & Supplies	1.7%
Machinery	1.6%
Hotels, Restaurants & Leisure	1.6%
Specialty Retail	1.5%
Multi-Utilities	1.3%
Auto Components	1.3%
Tobacco	1.3%
Office Electronics	1.3%
Energy Equipment & Services	1.2%
Textiles, Apparel & Luxury Goods	1.2%
Trading Companies & Distributors	1.1%
Road & Rail	0.9%
Electronic Equipment, Instruments & Components	0.9%
Semiconductors & Semiconductor Equipment	0.9%
Building Products	0.9%
Construction & Engineering	0.9%
Real Estate Investment Trusts (REITs)	0.8%
Internet Software & Services	0.8%
Media	0.8%
Industrial Conglomerates	0.7%
Professional Services	0.7%
Biotechnology	0.6%
Aerospace & Defense	0.6%
Gas Utilities	0.6%
Capital Markets	0.6%
Software	0.5%
Household Products	0.4%
Transportation Infrastructure	0.4%
Multiline Retail	0.3%
Independent Power Producers & Energy Traders	0.3%
Health Care Providers & Services	0.3%

Diversified Financial Services	0.3%
IT Services	0.3%
Electrical Equipment	0.3%
Construction Materials	0.2%
Leisure Equipment & Products	0.2%
Paper & Forest Products	0.2%
Communications Equipment	0.1%
Marine	0.0%
TOTAL COMMON STOCKS	96.6%
MONEY MARKET FUNDS
Institutional Money Market Funds	6.7%
TOTAL INVESTMENTS	103.3%
Other assets less liabilities	(3.3)%
TOTAL NET ASSETS	100.0%

See accompanying notes to financial statements.

232

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Diversifying Strategies Fund		Shares		Value
COMMON STOCKS—2.5%
Capital Markets—0.2%
Franklin Resources, Inc.		10,800	$	1,037,448
T. Rowe Price Group, Inc.		12,000		683,400
				1,720,848
Electrical Equipment—0.1%
ABB Ltd. (Registered) (Switzerland)	*	30,000		563,588
Energy Equipment & Services—0.3%
National Oilwell Varco, Inc.		37,000		2,515,630
Food Products—0.1%
Nestle SA (Registered) (Switzerland)		10,200		585,720
Household Products—0.1%
Unicharm Corp. (Japan)		15,000		739,563
Metals & Mining—0.1%
Barrick Gold Corp. (Canada)		26,000		1,177,816
Pharmaceuticals—0.6%
Novo Nordisk A/S, Class B (Denmark)		34,600		3,974,960
Sawai Pharmaceutical Co. Ltd. (Japan)		9,900		1,027,052
				5,002,012
Semiconductors & Semiconductor Equipment—0.1%
ARM Holdings plc (United Kingdom)		67,823		626,038
Software—0.6%
Microsoft Corp.		75,000		1,947,000
SAP AG (Germany)		65,600		3,469,692
				5,416,692
Textiles, Apparel & Luxury Goods—0.3%
Swatch Group AG (The) (Bearer) (Switzerland)		718		267,252
Swatch Group AG (The) (Registered) (Switzerland)		37,330		2,475,497
				2,742,749
TOTAL COMMON STOCKS
(Cost $20,571,819)				21,090,656
CONVERTIBLE PREFERRED STOCKS—1.1%
Communications Equipment—0.2%
Lucent Technologies Capital Trust I 7.750%		3,000		1,842,000
Electric Utilities—0.2%
NextEra Energy, Inc. 7.000%		35,000		1,865,500
Food Products—0.2%
Bunge Ltd., Perpetual (Bermuda) 4.875%		11,195		1,052,330
Oil, Gas & Consumable Fuels—0.4%
Apache Corp., Series D 6.000%		54,900		2,979,972

					Shares		Value
Chesapeake Energy Corp., Perpetual 5.750%			^		235	$	236,234
							3,216,206
Wireless Telecommunication Services—0.1%
Crown Castle International Corp. 6.250%					16,700		1,035,400
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $10,273,783)							9,011,436
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—34.5%
Aerospace & Defense—0.3%
General Dynamics Corp.
4.250%		05/15/2013	§	$	980,000		1,028,151
Lockheed Martin Corp.
2.125%		09/15/2016			870,000		872,391
Raytheon Co.
1.400%		12/15/2014	§		875,000		879,872
							2,780,414
Auto Components—0.1%
Johnson Controls, Inc.
0.843%		02/04/2014	#§		770,000		769,985
Beverages—1.1%
Anheuser-Busch InBev Worldwide, Inc.
9.750%		11/17/2015	BRL		2,600,000		1,463,611
3.000%		10/15/2012	§		910,000		924,423
2.500%		03/26/2013			1,240,000		1,263,304
1.304%		03/26/2013	#§		1,900,000		1,909,842
Coca-Cola Enterprises, Inc.
1.125%		11/12/2013	§		1,220,000		1,224,453
Diageo Capital plc (United Kingdom)
5.125%		01/30/2012	§		2,700,000		2,706,427
							9,492,060
Biotechnology—0.5%
Amgen, Inc.
2.300%		06/15/2016			750,000		755,919
1.875%		11/15/2014			970,000		983,239
Genzyme Corp.
3.625%		06/15/2015			730,000		780,055
Gilead Sciences, Inc.
2.400%		12/01/2014			420,000		427,863
Life Technologies Corp.
3.500%		01/15/2016	§		1,500,000		1,507,672
							4,454,748
Capital Markets—1.2%
Bank of New York Mellon Corp. (The) MTN
0.709%		01/31/2014	#§		2,750,000		2,741,544
Bear Stearns Cos. LLC (The), Series B MTN
6.950%		08/10/2012			2,000,000		2,074,364
Merrill Lynch & Co., Inc., Series C MTN
6.050%		08/15/2012			650,000		659,485
Morgan Stanley
1.408%		04/29/2013	#§		3,300,000		3,111,062
TD Ameritrade Holding Corp.
4.150%		12/01/2014			760,000		803,787

See accompanying notes to financial statements.

233

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
WT Finance Aust Pty Ltd./Westfield Capital/WEA Finance LLC (Australia)
5.125%		11/15/2014	^	$	400,000	$	419,364
							9,809,606
Chemicals—0.7%
Airgas, Inc.
2.850%		10/01/2013	§		1,270,000		1,294,369
Dow Chemical Co. (The)
4.850%		08/15/2012			3,100,000		3,172,019
Ecolab, Inc.
2.375%		12/08/2014	§		600,000		612,086
Ferro Corp.
7.875%		08/15/2018			650,000		656,500
							5,734,974
Commercial Banks—5.0%
Banco Bradesco SA (Brazil)
2.561%		05/16/2014	#^§		1,000,000		982,203
Banco de Credito del Peru (Peru)
4.750%		03/16/2016	^		1,390,000		1,400,425
Banco do Brasil SA (Brazil)
4.500%		01/22/2015	^§		1,200,000		1,246,800
Banco do Nordeste do Brasil SA (Brazil)
3.625%		11/09/2015	^		1,320,000		1,323,300
Bank of Nova Scotia (Canada)
2.250%		01/22/2013			2,000,000		2,027,856
Barclays Bank plc (United Kingdom)
3.900%		04/07/2015			925,000		929,656
1.438%		01/13/2014	#§		2,510,000		2,434,291
BB&T Corp.
1.125%		04/28/2014	#		850,000		840,009
BB&T Corp., Series A MTN
3.375%		09/25/2013			400,000		413,926
Capital One Financial Corp.
2.125%		07/15/2014	§		1,780,000		1,758,254
CBQ Finance Ltd. (Bermuda)
5.000%		11/18/2014	^		750,000		787,106
CIT Group, Inc.
7.000%		05/01/2015			950,000		953,087
5.250%		04/01/2014	^		350,000		350,438
Credit Suisse (Switzerland)
1.361%		01/14/2014	#§		4,440,000		4,299,763
ICICI Bank Ltd. (India)
5.500%		03/25/2015	^		450,000		450,445
KeyCorp MTN
3.750%		08/13/2015			630,000		653,839
Royal Bank of Canada (Canada)
1.125%		01/15/2014			2,330,000		2,336,447
Royal Bank of Scotland plc (The) (United Kingdom)
3.250%		01/11/2014	§		2,860,000		2,741,865
Societe Generale SA (France)
1.862%		12/13/2013	#^§		1,000,000		923,881
SunTrust Bank GA, Bank Note
0.589%		05/21/2012	#§		1,250,000		1,247,040
Toronto-Dominion Bank (The) (Canada)
2.500%		07/14/2016			2,100,000		2,144,039
0.701%		07/14/2014	#§		1,320,000		1,319,549
Union Bank NA
1.478%		06/06/2014	#§		1,360,000		1,340,970

Coupon Rate	Maturity Date			Face		Value
Union Bank NA, Bank Note
2.125%	12/16/2013	§	$	1,560,000	$	1,578,481
US Bancorp
4.200%	05/15/2014			800,000		856,984
2.000%	06/14/2013	§		1,500,000		1,525,014
US Bancorp MTN
1.375%	09/13/2013			1,000,000		1,006,506
Wachovia Bank NA, Bank Note
4.800%	11/01/2014	§		1,390,000		1,461,588
Wachovia Corp. MTN
0.619%	08/01/2013	#§		2,250,000		2,227,610
Westpac Banking Corp. (Australia)
2.250%	11/19/2012			700,000		707,111
						42,268,483
Commercial Services & Supplies—0.1%
Corrections Corp. of America
6.250%	03/15/2013			815,000		817,038
Communications Equipment—1.0%
Cisco Systems, Inc.
1.625%	03/14/2014			3,560,000		3,628,676
0.794%	03/14/2014	#		4,500,000		4,499,518
						8,128,194
Computers & Peripherals—0.5%
Hewlett-Packard Co.
4.250%	02/24/2012			1,929,000		1,937,630
2.350%	03/15/2015	§		1,200,000		1,195,104
2.109%	09/19/2014	#§		900,000		896,267
						4,029,001
Construction Materials—0.2%
CRH America, Inc.
6.950%	03/15/2012	§		1,400,000		1,414,046
Consumer Finance—2.1%
Ally Financial, Inc.
4.500%	02/11/2014	§		1,000,000		967,500
American Express Credit Corp.
1.424%	06/24/2014	#§		1,570,000		1,540,958
American Express Credit Corp. MTN
1.985%	06/19/2013	#§		1,400,000		1,403,192
Banque PSA Finance (France)
2.481%	04/04/2014	#^§		1,360,000		1,260,214
Caterpillar Financial Services Corp., Series G MTN
1.375%	05/20/2014	§		3,200,000		3,241,955
Ford Motor Credit Co. LLC
3.875%	01/15/2015	§		1,460,000		1,455,582
HSBC Finance Corp.
0.653%	01/15/2014	#§		1,500,000		1,382,479
International Lease Finance Corp.
6.500%	09/01/2014	^		600,000		616,500
John Deere Capital Corp. MTN
1.600%	03/03/2014			2,720,000		2,766,167
0.747%	03/03/2014	#§		680,000		678,532
John Deere Capital Corp., Series D MTN
5.350%	01/17/2012	§		2,150,000		2,154,855
PACCAR Financial Corp.
1.550%	09/29/2014			710,000		718,835
						18,186,769
Containers & Packaging—0.0%
Bemis Co., Inc.
5.650%	08/01/2014			290,000		314,020

See accompanying notes to financial statements.

234

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Diversified Financial Services—2.3%
Bank of America Corp.
1.040%		09/11/2012	#§	$	1,300,000	$	1,263,024
Bank of America Corp. MTN
4.900%		05/01/2013			650,000		650,733
Citigroup, Inc.
6.000%		12/13/2013			475,000		491,735
5.300%		10/17/2012			475,000		482,811
2.453%		08/13/2013	#§		1,530,000		1,502,440
1.307%		02/15/2013	#§		1,210,000		1,187,840
CME Group, Inc.
5.750%		02/15/2014	§		1,000,000		1,090,563
Equifax, Inc.
4.450%		12/01/2014			160,000		168,756
ERAC USA Finance LLC
2.250%		01/10/2014	^		630,000		627,694
General Electric Capital Corp.
5.900%		05/13/2014			430,000		471,177
2.800%		01/08/2013			1,100,000		1,121,181
General Electric Capital Corp. MTN
1.875%		09/16/2013			1,400,000		1,417,836
General Electric Capital Corp., Series A MTN
6.000%		06/15/2012	§		2,700,000		2,761,004
3.750%		11/14/2014	§		750,000		791,089
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.750%		01/15/2016	§		1,035,000		1,078,987
JPMorgan Chase & Co. MTN
1.216%		01/24/2014	#§		1,300,000		1,281,097
NASDAQ OMX Group, Inc. (The)
4.000%		01/15/2015	§		1,210,000		1,240,744
Noble Group Ltd. (Bermuda)
8.500%		05/30/2013	^		530,000		540,600
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.
8.250%		09/01/2017			550,000		574,750
Susser Holdings LLC/Susser Finance Corp.
8.500%		05/15/2016	§		1,090,000		1,181,287
							19,925,348
Diversified Telecommunication Services—1.8%
AT&T, Inc.
5.875%		08/15/2012	§		3,210,000		3,314,287
4.850%		02/15/2014			600,000		647,050
2.400%		08/15/2016			690,000		704,765
Cellco Partnership/Verizon Wireless Capital LLC
5.550%		02/01/2014			500,000		543,499
Cincinnati Bell, Inc.
8.250%		10/15/2017			500,000		505,000
Frontier Communications Corp.
8.500%		04/15/2020			850,000		874,437
7.875%		04/15/2015			50,000		50,938
6.250%		01/15/2013			820,000		840,500
PAETEC Holding Corp.
8.875%		06/30/2017			500,000		542,500
Qtel International Finance Ltd. (Bermuda)
6.500%		06/10/2014	^		1,170,000		1,279,395
Telecom Italia Capital SA (Luxembourg)
5.250%		11/15/2013			280,000		269,080
Telefonica Emisiones SAU (Spain)
2.582%		04/26/2013			1,260,000		1,229,895

Coupon Rate	Maturity Date		Face		Value
Verizon Communications, Inc.
1.184%	03/28/2014	#§	$    4,800,000	$	4,796,962
					15,598,308
Electric Utilities—1.9%
Cia de Eletricidade do Estado da Bahia (Brazil)
11.750%	04/27/2016	^	BRL  1,100,000		619,220
Columbus Southern Power Co.
0.955%	03/16/2012	#§	1,490,000		1,488,565
Columbus Southern Power Co., Series C
5.500%	03/01/2013		750,000		785,407
Consolidated Edison Co. of New York, Inc., Series 2002-B
4.875%	02/01/2013	§	1,000,000		1,040,158
Consumers Energy Co., Series D
5.375%	04/15/2013		575,000		605,208
Dominion Resources, Inc.
5.700%	09/17/2012	§	700,000		723,596
Duke Energy Carolinas LLC
6.250%	01/15/2012	§	2,625,000		2,630,412
Duke Energy Corp.
3.950%	09/15/2014	§	290,000		309,606
Georgia Power Co.
1.300%	09/15/2013		1,260,000		1,272,174
0.866%	03/15/2013	#§	1,700,000		1,700,899
0.673%	01/15/2013	#§	1,000,000		1,000,705
NextEra Energy Capital Holdings, Inc.
2.600%	09/01/2015	§	2,000,000		2,019,992
Northern States Power Co., Series B
8.000%	08/28/2012	§	1,039,000		1,087,554
Pacific Gas & Electric Co.
0.938%	11/20/2012	#§	590,000		590,815
Southern Co., Series A
5.300%	01/15/2012	§	350,000		350,624
					16,224,935
Electronic Equipment, Instruments & Components—0.4%
Agilent Technologies, Inc.
2.500%	07/15/2013		520,000		525,108
Koninklijke Philips Electronics NV (Netherlands)
4.625%	03/11/2013	§	1,000,000		1,044,129
Thermo Fisher Scientific, Inc.
2.150%	12/28/2012	§	1,620,000		1,639,843
					3,209,080
Energy Equipment & Services—0.2%
Cameron International Corp.
1.459%	06/02/2014	#§	1,010,000		1,014,735
Complete Production Services, Inc.
8.000%	12/15/2016	§	1,000,000		1,045,000
					2,059,735
Food & Staples Retailing—0.7%
Costco Wholesale Corp.
5.300%	03/15/2012	§	2,000,000		2,018,628
Kroger Co. (The)
6.200%	06/15/2012	§	1,500,000		1,535,907
Safeway, Inc.
5.800%	08/15/2012	§	1,786,000		1,834,233
3.400%	12/01/2016		750,000		770,042
					6,158,810
Food Products—1.3%
Archer-Daniels-Midland Co.
0.613%	08/13/2012	#§	2,470,000		2,474,416

See accompanying notes to financial statements.

235

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Corn Products International, Inc.
3.200%		11/01/2015		$	350,000	$	361,945
General Mills, Inc.
6.000%		02/15/2012	§		2,500,000		2,514,368
5.250%		08/15/2013			1,500,000		1,603,644
Kraft Foods, Inc.
6.250%		06/01/2012	§		425,000		434,302
5.250%		10/01/2013			390,000		416,184
2.625%		05/08/2013			390,000		398,566
Wm. Wrigley Jr. Co.
3.700%		06/30/2014	^		2,510,000		2,589,173
							10,792,598
Health Care Equipment & Supplies—0.6%
Covidien International Finance SA (Luxembourg)
1.875%		06/15/2013			1,250,000		1,262,319
DENTSPLY International, Inc.
1.957%		08/15/2013	#§		1,640,000		1,651,888
Stryker Corp.
3.000%		01/15/2015			790,000		833,089
2.000%		09/30/2016	§		1,280,000		1,311,343
							5,058,639
Health Care Providers & Services—0.6%
Aristotle Holding, Inc.
2.750%		11/21/2014	^§		1,500,000		1,519,233
DaVita, Inc.
6.625%		11/01/2020			800,000		826,000
Quest Diagnostics, Inc.
1.424%		03/24/2014	#§		890,000		895,118
WellPoint, Inc.
2.375%		02/15/2017	§		1,645,000		1,641,990
							4,882,341
Hotels, Restaurants & Leisure—0.1%
McDonald’s Corp., Series G MTN
5.750%		03/01/2012			750,000		756,138
Household Durables—0.2%
Clorox Co. (The)
5.000%		03/01/2013	§		1,000,000		1,043,258
Kimberly-Clark Corp.
5.625%		02/15/2012	§		1,000,000		1,005,357
							2,048,615
Household Products—0.1%
Procter & Gamble Co. (The)
0.700%		08/15/2014	§		910,000		915,028
Independent Power Producers & Energy Traders—0.2%
AES Corp. (The)
7.750%		03/01/2014			650,000		705,250
Calpine Corp.
7.250%		10/15/2017	^		750,000		791,250
							1,496,500
Industrial Conglomerates—0.5%
3M Co.
1.375%		09/29/2016	§		1,040,000		1,050,127
3M Co., Series E MTN
4.375%		08/15/2013			750,000		797,546

Coupon Rate	Maturity Date			Face		Value
Danaher Corp.
1.300%	06/23/2014		$	500,000	$	507,492
0.817%	06/21/2013	#§		1,000,000		1,001,895
Siemens Financieringsmaatschappij NV MTN (Netherlands)
0.705%	03/16/2012	#		1,100,000		1,099,725
						4,456,785
Insurance—1.1%
Allstate Corp. (The)
6.200%	05/16/2014			510,000		569,100
Berkshire Hathaway Finance Corp.
4.000%	04/15/2012			750,000		757,574
Berkshire Hathaway, Inc.
3.750%	08/15/2021			3,300,000		3,435,772
Hartford Financial Services Group, Inc.
4.000%	03/30/2015			570,000		573,192
MetLife, Inc.
2.375%	02/06/2014	§		980,000		994,179
Prudential Financial, Inc., Series D MTN
5.150%	01/15/2013	§		2,000,000		2,071,114
3.625%	09/17/2012			710,000		721,132
2.750%	01/14/2013			600,000		605,323
						9,727,386
Internet & Catalog Retail—0.1%
eBay, Inc.
0.875%	10/15/2013			570,000		572,003
IT Services—0.4%
International Business Machines Corp.
2.100%	05/06/2013			630,000		643,211
1.000%	08/05/2013			1,250,000		1,260,336
0.875%	10/31/2014	§		1,180,000		1,181,246
						3,084,793
Life Sciences Tools & Services—0.1%
Howard Hughes Medical Institute
3.450%	09/01/2014			700,000		747,027
Machinery—0.4%
Case New Holland, Inc.
7.750%	09/01/2013	§		1,450,000		1,547,875
Caterpillar, Inc.
0.649%	05/21/2013	#§		1,200,000		1,202,060
Terex Corp.
8.000%	11/15/2017			500,000		492,500
						3,242,435
Media—0.9%
CCO Holdings LLC/CCO Holdings Capital Corp.
8.125%	04/30/2020			250,000		275,000
COX Communications, Inc.
5.450%	12/15/2014			500,000		555,396
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.750%	10/01/2014			1,200,000		1,297,037
DISH DBS Corp.
6.625%	10/01/2014			850,000		911,625
Mediacom Broadband LLC/Mediacom Broadband Corp.
8.500%	10/15/2015			500,000		517,500
NBCUniversal Media LLC
2.100%	04/01/2014	§		2,300,000		2,339,171
Time Warner, Inc.
3.150%	07/15/2015			500,000		520,494
Viacom, Inc.
4.375%	09/15/2014			500,000		535,967

See accompanying notes to financial statements.

236

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Walt Disney Co. (The), Series B MTN
6.375%		03/01/2012		$	375,000	$	378,393
							7,330,583
Metals & Mining—0.3%
BHP Billiton Finance USA Ltd. (Australia)
5.125%		03/29/2012			1,400,000		1,415,522
Steel Dynamics, Inc.
7.375%		11/01/2012			1,065,000		1,111,594
Vedanta Resources plc (United Kingdom)
6.750%		06/07/2016	^		550,000		473,000
							3,000,116
Multiline Retail—0.3%
Target Corp.
8.600%		01/15/2012	§		1,600,000		1,604,980
1.125%		07/18/2014			600,000		604,785
							2,209,765
Multi-Utilities—0.2%
DTE Energy Co.
1.227%		06/03/2013	#§		2,070,000		2,068,752
Oil, Gas & Consumable Fuels—2.3%
Alpha Natural Resources, Inc.
6.000%		06/01/2019			175,000		170,625
Canadian Natural Resources Ltd. (Canada)
5.450%		10/01/2012	§		1,200,000		1,239,991
Chevron Corp.
3.950%		03/03/2014	§		1,000,000		1,069,959
ConocoPhillips
4.750%		02/01/2014			750,000		810,418
Husky Energy, Inc. (Canada)
6.250%		06/15/2012	§		1,670,000		1,709,938
5.900%		06/15/2014	§		550,000		598,122
Kinder Morgan Energy Partners LP
7.125%		03/15/2012			900,000		910,331
5.850%		09/15/2012	§		980,000		1,011,770
Kinder Morgan Kansas, Inc.
6.500%		09/01/2012			1,300,000		1,332,500
Petrohawk Energy Corp.
7.875%		06/01/2015			1,000,000		1,070,000
Petroleos Mexicanos (Mexico)
4.875%		03/15/2015	§		1,400,000		1,496,250
Rockies Express Pipeline LLC
3.900%		04/15/2015	^		770,000		761,488
Shell International Finance BV (Netherlands)
1.875%		03/25/2013			710,000		723,433
Tesoro Corp.
6.625%		11/01/2015			390,000		398,775
Total Capital Canada Ltd. (Canada)
0.543%		05/13/2013	#§		2,000,000		2,004,250
TransCanada PipeLines Ltd. (Canada)
3.400%		06/01/2015			630,000		667,830
Valero Energy Corp.
6.875%		04/15/2012			1,200,000		1,219,592
XTO Energy, Inc.
7.500%		04/15/2012	§		2,190,000		2,234,006
							19,429,278

Coupon Rate	Maturity Date			Face		Value
Personal Products—0.1%
Revlon Consumer Products Corp.
9.750%	11/15/2015	§	$	1,090,000	$	1,164,938
Pharmaceuticals—1.6%
AstraZeneca plc (United Kingdom)
5.400%	09/15/2012	§		1,000,000		1,034,722
GlaxoSmithKline Capital, Inc.
4.850%	05/15/2013			1,700,000		1,799,756
Merck & Co., Inc.
4.375%	02/15/2013	§		1,816,000		1,894,560
Novartis Capital Corp.
4.125%	02/10/2014			1,580,000		1,691,335
Sanofi (France)
1.625%	03/28/2014	§		1,720,000		1,751,072
1.200%	09/30/2014			350,000		352,954
Teva Pharmaceutical Finance III BV (Netherlands Antilles)
1.700%	03/21/2014			580,000		583,308
1.067%	03/21/2014	#§		470,000		467,576
Teva Pharmaceutical Finance III LLC
1.500%	06/15/2012	§		1,846,000		1,853,210
Teva Pharmaceutical Finance IV LLC
1.700%	11/10/2014			1,180,000		1,189,949
Valeant Pharmaceuticals International
6.500%	07/15/2016	^§		820,000		823,075
						13,441,517
Real Estate Investment Trusts (REITs)—0.6%
China Resources Land Ltd. (Hong Kong)
4.625%	05/19/2016	^		600,000		590,240
HCP, Inc.
2.700%	02/01/2014			1,610,000		1,608,465
Health Care REIT, Inc.
6.000%	11/15/2013			930,000		976,262
Host Hotels & Resorts LP, Series Q
3.250%	04/15/2024	^		450,000		488,250
Simon Property Group LP
4.200%	02/01/2015			250,000		265,298
Vornado Realty LP
4.250%	04/01/2015	§		1,240,000		1,284,267
						5,212,782
Road & Rail—0.1%
JB Hunt Transport Services, Inc.
3.375%	09/15/2015			970,000		983,869
Semiconductors & Semiconductor Equipment—0.5%
Intel Corp.
1.950%	10/01/2016	§		840,000		864,512
Texas Instruments, Inc.
0.875%	05/15/2013	§		2,230,000		2,236,616
0.637%	05/15/2013	#§		1,000,000		1,002,415
						4,103,543
Software—0.2%
Microsoft Corp.
2.950%	06/01/2014			900,000		956,604
Oracle Corp.
3.750%	07/08/2014			750,000		807,094
						1,763,698
Specialty Retail—0.0%
Toys “R” Us, Inc.
7.375%	09/01/2016	^		250,000		251,875
7.375%	10/15/2018			150,000		135,375
						387,250

See accompanying notes to financial statements.

237

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Textiles, Apparel & Luxury Goods—0.3%
Hanesbrands, Inc.
6.375%		12/15/2020		$	950,000	$	969,000
Levi Strauss & Co.
8.875%		04/01/2016	§		1,000,000		1,045,000
VF Corp.
1.245%		08/23/2013	#§		700,000		701,539
							2,715,539
Tobacco—0.5%
Lorillard Tobacco Co.
3.500%		08/04/2016			1,200,000		1,215,058
Philip Morris International, Inc.
4.875%		05/16/2013	§		2,500,000		2,639,017
							3,854,075
Trading Companies & Distributors—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%		08/20/2019			800,000		800,000
Water Utilities—0.1%
Veolia Environnement SA (France)
5.250%		06/03/2013			910,000		957,868
Wireless Telecommunication Services—0.6%
America Movil SAB de CV (Mexico)
3.625%		03/30/2015			350,000		368,505
Rogers Communications, Inc. (Canada)
6.375%		03/01/2014	§		1,390,000		1,533,441
6.250%		06/15/2013	§		1,100,000		1,177,870
Syniverse Holdings, Inc.
9.125%		01/15/2019			500,000		530,000
Vodafone Group plc (United Kingdom)
5.350%		02/27/2012			250,000		251,683
4.150%		06/10/2014	§		1,090,000		1,156,415
							5,017,914
TOTAL CORPORATE OBLIGATIONS
(Cost $291,743,736)							293,597,329
MORTGAGE-RELATED SECURITIES—6.3%
Commercial Mortgage-Backed Securities—0.5%
Extended Stay America Trust, Series 2010-ESHA, Class A
2.951%		11/05/2027	^§		1,342,564		1,349,280
LA Arena Funding LLC, Series 1, Class A
7.656%		12/15/2026	^		636,857		639,619
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A1
1.600%		10/29/2020	§		1,021,251		1,035,064
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A2
2.900%		10/29/2020			1,260,000		1,332,193
							4,356,156
U.S. Government Agency Mortgage-Backed Securities—5.6%
Federal Home Loan Mortgage Corp.
3.906%		12/01/2039	#		487,462		513,685
2.448%		09/01/2035	#		6,209,435		6,547,840

Coupon Rate	Maturity Date			Face		Value
Federal Home Loan Mortgage Corp. REMICS, Series 2929, Class AC
4.500%	12/15/2022		$	254,903	$	257,270
Federal National Mortgage Association
5.000%	01/01/2018-
	07/01/2035			6,776,514		7,327,626
4.000%	11/01/2040-
	09/01/2041			2,854,510		3,002,600
3.500%	05/01/2020-
	12/01/2020			2,494,627		2,613,053
3.138%	07/01/2041	#		5,044,249		5,260,701
3.092%	06/01/2041	#		3,284,945		3,426,002
0.595%	07/01/2016	#		6,600,000		6,664,340
Federal National Mortgage Association REMICS, Series 2005-38, Class CD
5.000%	06/25/2019	§		616,423		635,050
Government National Mortgage Association, Series 2004-19, Class FC
0.585%	03/20/2034	#§		2,003,260		2,007,263
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.724%	10/07/2020	#§		1,694,960		1,696,807
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%	10/07/2020			491,381		494,452
National Credit Union Administration Guaranteed Notes, Series 2010-R2, Class 1A
0.644%	11/06/2017	#§		5,535,211		5,535,211
National Credit Union Administration Guaranteed Notes, Series 2011-R4, Class 1A
0.654%	03/06/2020	#§		1,775,699		1,775,699
						47,757,599
U.S. Non-Agency Mortgage-Backed Securities—0.2%
Banc of America Mortgage Securities, Inc., Series 2002-K, Class 1A4
2.765%	10/20/2032	#		657,839		619,261
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-3, Class 2A1
5.000%	04/25/2019			230,404		237,992
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.744%	03/25/2044	#§		920,533		781,077
Wells Fargo Mortgage Backed Securities Trust, Series 2004-6, Class A13
0.744%	06/25/2034	#§		232,059		230,164
						1,868,494
TOTAL MORTGAGE-RELATED SECURITIES
(Cost $53,792,800)						53,982,249
CONVERTIBLE DEBT OBLIGATIONS—24.1%
Beverages—0.7%
Asahi Group Holdings Ltd. (Japan)
0.000%	05/26/2028	JPY		215,000,000		2,859,385
Molson Coors Brewing Co.
2.500%	07/30/2013		$	3,300,000		3,510,375
						6,369,760
Biotechnology—0.9%
Amgen, Inc., Series B
0.375%	02/01/2013			2,300,000		2,320,125

See accompanying notes to financial statements.

238

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Gilead Sciences, Inc.
1.625%		05/01/2016		$	3,300,000	$	3,774,375
1.000%		05/01/2014			1,500,000		1,650,000
							7,744,500
Building Products—0.1%
Griffon Corp.
4.000%		01/15/2017	^		500,000		475,000
Capital Markets—1.5%
Affiliated Managers Group, Inc.
3.950%		08/15/2038			3,750,000		4,087,500
Billion Express Investments Ltd. (Virgin Islands, British)
0.750%		10/18/2015			3,400,000		3,947,400
ProLogis LP
3.250%		03/15/2015			1,750,000		1,813,438
Temasek Financial III Pte Ltd., Reg S (Singapore)
0.000%		10/24/2014	SGD		3,750,000		2,985,486
							12,833,824
Commercial Services & Supplies—0.1%
Covanta Holding Corp.
3.250%		06/01/2014			600,000		628,500
Communications Equipment—0.2%
Arris Group, Inc.
2.000%		11/15/2026			1,500,000		1,511,250
Computers & Peripherals—1.0%
EMC Corp., Series B
1.750%		12/01/2013			2,600,000		3,744,000
SanDisk Corp.
1.500%		08/15/2017			3,000,000		3,547,500
1.000%		05/15/2013			1,600,000		1,566,000
							8,857,500
Containers & Packaging—0.2%
Owens-Brockway Glass Container, Inc.
3.000%		06/01/2015	^		1,990,000		1,860,650
Diversified Consumer Services—0.2%
Stewart Enterprises, Inc.
3.125%		07/15/2014			2,000,000		1,912,500
Diversified Telecommunication Services—0.5%
Alaska Communications Systems Group, Inc.
6.250%		05/01/2018	^		1,800,000		1,154,250
Inmarsat plc, Series ISAT (United Kingdom)
1.750%		11/16/2017			1,600,000		1,856,000
tw telecom inc.
2.375%		04/01/2026			800,000		946,000
							3,956,250
Electric Utilities—0.0%
Unisource Energy Corp.
4.500%		03/01/2035			300,000		324,375
Electrical Equipment—0.3%
EnerSys
3.375%		06/01/2038			450,000		456,750
General Cable Corp.
0.875%		11/15/2013			2,500,000		2,312,500
							2,769,250

Coupon Rate	Maturity Date			Face		Value
Energy Equipment & Services—2.2%
Bristow Group, Inc.
3.000%	06/15/2038		$	2,500,000	$	2,565,625
Exterran Energy Corp.
4.750%	01/15/2014			1,870,000		1,720,400
Exterran Holdings, Inc.
4.250%	06/15/2014			1,130,000		1,008,525
Helix Energy Solutions Group, Inc.
3.250%	12/15/2025			2,150,000		2,166,125
Hercules Offshore, Inc.
3.375%	06/01/2038			900,000		811,125
Hornbeck Offshore Services, Inc.
1.625%	11/15/2026			2,500,000		2,512,500
Subsea 7 SA (Luxembourg)
2.250%	10/11/2013			4,500,000		4,810,500
Technip SA (France)
0.500%	01/01/2016	EUR		2,160,600		3,082,985
0.250%	01/01/2017	EUR		111,657		148,795
						18,826,580
Food & Staples Retailing—0.1%
Pantry, Inc. (The)
3.000%	11/15/2012			500,000		491,250
Food Products—0.1%
Archer-Daniels-Midland Co.
0.875%	02/15/2014			1,250,000		1,262,500
Health Care Equipment & Supplies—1.1%
Alere, Inc.
3.000%	05/15/2016			1,600,000		1,524,000
Hologic, Inc.
2.000%	12/15/2037			2,500,000		2,396,875
Integra LifeSciences Holdings Corp.
2.375%	06/01/2012	^		350,000		348,250
1.625%	12/15/2016	^		1,550,000		1,333,000
Medtronic, Inc., Series B
1.625%	04/15/2013			1,950,000		1,974,375
NuVasive, Inc.
2.750%	07/01/2017			1,600,000		1,174,000
Teleflex, Inc.
3.875%	08/01/2017			600,000		724,500
						9,475,000
Health Care Providers & Services—0.5%
LifePoint Hospitals, Inc.
3.500%	05/15/2014			3,550,000		3,647,625
Omnicare, Inc.
3.250%	12/15/2035			390,000		359,775
						4,007,400
Hotels, Restaurants & Leisure—0.6%
Gaylord Entertainment Co.
3.750%	10/01/2014	^		1,500,000		1,676,250
International Game Technology
3.250%	05/01/2014			1,665,000		1,979,269
MGM Resorts International
4.250%	04/15/2015			1,550,000		1,474,437
						5,129,956
Household Durables—0.5%
Lennar Corp.
2.000%	12/01/2020	^		3,000,000		3,030,000
Stanley Black & Decker, Inc.
0.000%	05/17/2012	#		1,180,000		1,312,013
						4,342,013

See accompanying notes to financial statements.

239

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Household Products—0.5%
Unicharm Corp. (Japan)
0.000%		09/24/2013	JPY		120,000,000	$	1,677,981
0.000%		09/24/2015	JPY		150,000,000		2,153,201
							3,831,182
Industrial Conglomerates—0.2%
Danaher Corp.
0.000%		01/22/2021		$	1,500,000		2,055,000
Internet Software & Services—0.5%
Equinix, Inc.
2.500%		04/15/2012			2,000,000		2,075,000
WebMD Health Corp.
2.500%		01/31/2018	^		900,000		842,625
2.250%		03/31/2016	^		1,150,000		1,109,750
							4,027,375
IT Services—0.4%
Alliance Data Systems Corp.
1.750%		08/01/2013			750,000		1,032,187
Cap Gemini SA (France)
3.500%		01/01/2014	EUR		850,000		1,198,880
Euronet Worldwide, Inc.
3.500%		10/15/2025			1,050,000		1,044,750
							3,275,817
Life Sciences Tools & Services—0.2%
Charles River Laboratories International, Inc.
2.250%		06/15/2013			1,750,000		1,704,063
Machinery—0.8%
AGCO Corp.
1.250%		12/15/2036			600,000		755,250
Greenbrier Cos., Inc.
3.500%		04/01/2018	^		1,000,000		973,750
Meritor, Inc.
4.625%		03/01/2026			2,290,000		1,700,325
Trinity Industries, Inc.
3.875%		06/01/2036			3,000,000		2,947,500
							6,376,825
Media—1.4%
Central European Media Enterprises Ltd. (Bermuda)
5.000%		11/15/2015			1,600,000		1,012,000
3.500%		03/15/2013	^		900,000		830,250
Interpublic Group of Cos., Inc. (The)
4.250%		03/15/2023			2,000,000		2,032,500
Liberty Interactive LLC
3.250%		03/15/2031			1,625,000		1,306,094
3.125%		03/30/2023			1,600,000		1,798,000
Live Nation Entertainment, Inc.
2.875%		07/15/2027			1,000,000		888,750
Omnicom Group, Inc.
0.000%		07/01/2038			2,425,000		2,570,500
Publicis Groupe SA (France)
3.125%		07/30/2014	EUR		251,100		429,912
XM Satellite Radio, Inc.
7.000%		12/01/2014	^		550,000		713,625
							11,581,631

Coupon Rate	Maturity Date			Face		Value
Metals & Mining—1.4%
Anglo American plc (United Kingdom)
4.000%	05/07/2014		$	1,700,000	$	2,410,600
AngloGold Ashanti Holdings Finance plc, Reg S (Isle of Man)
3.500%	05/22/2014	*		1,700,000		1,893,375
Goldcorp, Inc. (Canada)
2.000%	08/01/2014			3,500,000		4,300,625
Kaiser Aluminum Corp.
4.500%	04/01/2015	^		725,000		842,377
Newmont Mining Corp.
3.000%	02/15/2012			1,400,000		1,846,250
Newmont Mining Corp., Series A
1.250%	07/15/2014			725,000		1,011,375
						12,304,602
Oil, Gas & Consumable Fuels—1.2%
Bill Barrett Corp.
5.000%	03/15/2028			2,000,000		2,012,500
Chesapeake Energy Corp.
2.750%	11/15/2035			1,250,000		1,228,125
2.500%	05/15/2037			2,780,000		2,491,575
Goodrich Petroleum Corp.
5.000%	10/01/2029			2,000,000		1,862,500
Patriot Coal Corp.
3.250%	05/31/2013			2,000,000		1,835,000
Pioneer Natural Resources Co.
2.875%	01/15/2038			55,000		84,631
SM Energy Co.
3.500%	04/01/2027			500,000		685,000
						10,199,331
Pharmaceuticals—1.6%
Endo Pharmaceuticals Holdings, Inc.
1.750%	04/15/2015			700,000		919,625
Mylan, Inc.
1.250%	03/15/2012			2,000,000		2,015,000
Salix Pharmaceuticals Ltd.
2.750%	05/15/2015			512,000		664,960
Sawai Pharmaceutical Co. Ltd. (Japan)
0.000%	09/17/2015	JPY		145,000,000		1,998,575
Shire plc, Reg S (Jersey, Channel Islands)
2.750%	05/09/2014			4,200,000		4,991,700
Teva Pharmaceutical Finance Co. LLC, Series C
0.250%	02/01/2026			1,450,000		1,506,188
UCB SA (Belgium)
4.500%	10/22/2015	EUR		850,000		1,256,053
						13,352,101
Real Estate Investment Trusts (REITs)—0.7%
Alexandria Real Estate Equities, Inc.
3.700%	01/15/2027	^		1,750,000		1,756,563
Boston Properties LP
3.625%	02/15/2014	^		750,000		812,813
Health Care REIT, Inc.
3.000%	12/01/2029			1,500,000		1,723,125
Host Hotels & Resorts LP
2.625%	04/15/2027	^		1,815,000		1,828,612
						6,121,113
Road & Rail—0.2%
Avis Budget Group, Inc.
3.500%	10/01/2014			1,600,000		1,640,000

See accompanying notes to financial statements.

240

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Semiconductors & Semiconductor Equipment—1.5%
Advanced Micro Devices, Inc.
6.000%		05/01/2015		$	2,850,000	$	2,796,563
Intel Corp.
3.250%		08/01/2039			3,250,000		4,086,875
Linear Technology Corp., Series A
3.000%		05/01/2027			1,000,000		1,026,250
Micron Technology, Inc.
1.875%		06/01/2014			2,000,000		1,920,000
Xilinx, Inc.
2.625%		06/15/2017			2,150,000		2,741,250
							12,570,938
Software—1.2%
Electronic Arts, Inc.
0.750%		07/15/2016	^		1,380,000		1,347,225
Microsoft Corp.
0.000%		06/15/2013	^		3,025,000		3,077,937
Nuance Communications, Inc.
2.750%		11/01/2031	^		1,525,000		1,645,094
Symantec Corp., Series B
1.000%		06/15/2013			3,785,000		4,234,469
							10,304,725
Specialty Retail—0.7%
Group 1 Automotive, Inc.
2.250%		06/15/2036			2,750,000		2,904,688
RadioShack Corp.
2.500%		08/01/2013	^		1,500,000		1,441,875
Sonic Automotive, Inc.
5.000%		10/01/2029			1,000,000		1,328,750
							5,675,313
Textiles, Apparel & Luxury Goods—0.3%
Iconix Brand Group, Inc.
2.500%		06/01/2016	^		2,000,000		1,902,500
1.875%		06/30/2012			500,000		495,000
							2,397,500
Wireless Telecommunication Services—0.5%
Leap Wireless International, Inc.
4.500%		07/15/2014			2,500,000		2,187,500
SBA Communications Corp.
1.875%		05/01/2013			2,000,000		2,267,500
							4,455,000
TOTAL CONVERTIBLE DEBT OBLIGATIONS
(Cost $202,848,687)							204,650,574
U.S. TREASURY OBLIGATIONS—8.9%
U.S. Treasury Bills—3.5%
U.S. Treasury Bill
0.047%		12/13/2012			4,500,000		4,495,477
0.027%		01/19/2012			5,000,000		4,999,994
0.025%		03/22/2012	‡‡		1,825,000		1,824,940
0.020%		02/23/2012			2,000,000		1,999,979
0.015%		01/12/2012			5,700,000		5,699,978
0.012%		03/01/2012			1,000,000		999,975

Coupon Rate	Maturity Date			Face		Value
0.008%	03/08/2012	‡‡	$	10,270,000	$	10,269,671
						30,290,014
U.S. Treasury Notes—5.4%
U.S. Treasury Note
2.375%	10/31/2014			4,200,000		4,437,237
1.750%	01/31/2014			4,500,000		4,638,164
1.000%	08/31/2016			280,000		283,106
0.625%	12/31/2012			300,000		301,453
0.500%	11/30/2012			8,500,000		8,528,560
0.375%	06/30/2013-
	07/31/2013			4,400,000		4,411,172
0.250%	10/31/2013-
	12/15/2014	§		21,300,000		21,286,023
0.125%	09/30/2013			1,800,000		1,796,695
						45,682,410
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $75,921,916)						75,972,424
GOVERNMENT RELATED OBLIGATIONS—9.7%
U.S. Government Agencies—5.9%
Federal Farm Credit Bank
1.375%	06/25/2013			3,850,000		3,914,257
Federal Home Loan Banks
0.375%	11/27/2013			2,000,000		1,998,714
Federal Home Loan Banks, Series 1
0.500%	08/28/2013			4,280,000		4,289,570
Federal Home Loan Mortgage Corp.
1.750%	06/15/2012			6,000,000		6,045,048
1.000%	08/28/2012			4,000,000		4,021,532
0.625%	12/29/2014			8,800,000		8,800,053
Federal National Mortgage Association
0.750%	12/18/2013			4,000,000		4,017,220
0.625%	10/30/2014			3,000,000		2,996,637
0.500%	10/30/2012			7,000,000		7,018,158
0.375%	12/28/2012			3,604,000		3,612,534
National Credit Union Administration Guaranteed Notes, Series A1
0.296%	06/12/2013	#§		1,510,000		1,508,611
National Credit Union Administration Guaranteed Notes, Series A2
1.400%	06/12/2015			2,050,000		2,076,629
						50,298,963
U.S. Government Agencies-U.S. Government Guaranteed Bank Debt—0.8%
Ally Financial, Inc.
2.200%	12/19/2012	§		2,350,000		2,395,989
Citibank NA
1.750%	12/28/2012	§		2,000,000		2,031,064
General Electric Capital Corp., Series G MTN
2.625%	12/28/2012	§		1,546,000		1,583,390
Western Corporate Federal Credit Union
1.750%	11/02/2012			640,000		648,150
						6,658,593
Non-U.S. Government Agencies—0.3%
Export-Import Bank of Korea (Korea, Republic of)
5.500%	10/17/2012			500,000		512,830
IPIC Ltd. MTN (Cayman Islands)
3.125%	11/15/2015	^		600,000		601,500

See accompanying notes to financial statements.

241

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

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	$	1,333,594
							2,447,924
Sovereign Debt—1.1%
Canadian Government International Bond (Canada)
2.000%		12/01/2014	CAD		500,000		504,417
Korea Finance Corp. (Korea, Republic of)
3.250%		09/20/2016	§		1,890,000		1,867,895
Mexican Bonos (Mexico)
8.000%		12/19/2013	MXN		34,800,000		2,640,328
Norway Government International Bond (Norway)
5.000%		05/15/2015	NOK		2,500,000		464,715
Panama Government International Bond (Panama)
9.375%		07/23/2012			740,000		772,560
7.250%		03/15/2015	§		900,000		1,041,750
Peruvian Government International Bond (Peru)
9.125%		02/21/2012			460,000		463,921
Qatar Government International Bond (Qatar)
3.125%		01/20/2017	^		900,000		910,080
Republic of South Africa (South Africa)
7.375%		04/25/2012			1,080,000		1,100,304
							9,765,970
Supranational—0.2%
Asian Development Bank, Series G MTN (Philippines)
3.375%		05/20/2014	NOK		8,700,000		1,496,624
U.S. Municipal Bonds—0.9%
Citizens Property Insurance Corp. Revenue Bonds, Series 2007-A (Florida)
5.000%		03/01/2013			290,000		302,809
Kentucky Asset Liability Commission Revenue Bonds (Kentucky)
3.165%		04/01/2018	§		1,300,000		1,337,778
Minnesota School District Capital Equipment Borrowing Program, Series 2011-B (Minnesota)
2.000%		09/09/2012	§		1,660,000		1,680,020
South Carolina State Public Service Authority Revenue Bonds, Series 2011-A (South Carolina)
0.995%		06/02/2014	#§		1,500,000		1,501,770
State of Louisiana General Obligation Bonds, Series 2011-B (Louisiana)
1.007%		07/15/2014	#§		1,780,000		1,781,993
University of California Revenue Bonds (California)
1.988%		05/15/2050	#§		1,000,000		1,017,450
							7,621,820
Non-U.S. Regional Authority Bonds—0.5%
Province of British Columbia (Canada)
2.650%		09/22/2021	§		800,000		817,366
Province of Ontario (Canada)
2.950%		02/05/2015	§		1,530,000		1,612,446
1.600%		09/21/2016	§		1,600,000		1,596,878
							4,026,690
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $82,528,794)							82,316,584

Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—4.3%
Automobile—2.1%
Ally Auto Receivables Trust Series 2011-1, Class A2
0.810%	10/15/2013	§	$	1,234,857	$	1,235,607
AmeriCredit Automobile Receivables Trust Series 2010-3, Class A2
0.770%	12/09/2013	§		1,067,126		1,067,005
BMW Vehicle Lease Trust Series 2010-1, Class A2
0.580%	09/17/2012	§		780,614		780,537
CarMax Auto Owner Trust Series 2011-1, Class A2
0.720%	11/15/2013			4,127,654		4,128,450
First Investors Auto Owner Trust Series 2011-1, Class C
3.400%	03/15/2016	^		1,400,000		1,396,201
Hyundai Capital Auto Funding Ltd. (Cayman Islands) Series 2010-8A, Class A
1.285%	09/20/2016	#^		1,100,000		1,106,039
Nissan Auto Receivables Owner Trust Series 2010-A, Class A2
0.550%	03/15/2013	§		1,815,447		1,815,355
Volkswagen Auto Loan Enhanced Trust Series 2011-1, Class A2
0.670%	12/20/2013	§		2,922,777		2,923,162
World Omni Auto Receivables Trust Series 2011-A, Class A2
0.640%	11/15/2013			3,428,429		3,426,972
						17,879,328
Credit Card—1.2%
Capital One Multi-Asset Execution Trust Series 2008-A3, Class A3
5.050%	02/15/2016			3,050,000		3,212,237
Chase Issuance Trust Series 2011-A2, Class A2
0.368%	05/15/2015	#§		2,500,000		2,499,525
Citibank Credit Card Issuance Trust Series 2009-A5, Class A5
2.250%	12/23/2014			4,700,000		4,770,602
						10,482,364
Home Equity—0.5%
Ameriquest Mortgage Securities, Inc. Series 2003-AR3, Class M2
3.369%	10/25/2033	#		230,364		226,607
Argent Securities, Inc. Series 2006-W3, Class A2B
0.414%	04/25/2036	#		74,395		20,421
Countrywide Asset-Backed Certificates Series 2004-AB1, Class 2A3
1.334%	02/25/2035	#		250,766		245,044
Countrywide Asset-Backed Certificates Series 2005-12, Class 2A3
5.069%	02/25/2036	#		606,470		548,450
Countrywide Asset-Backed Certificates Series 2005-11, Class 3AV2
0.584%	02/25/2036	#		65,383		64,979
Option One Mortgage Loan Trust Series 2005-4, Class A3
0.554%	11/25/2035	#		814,708		744,802

See accompanying notes to financial statements.

242

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Saxon Asset Securities Trust Series 2005-4, Class A2C
0.544%		11/25/2037	#	$	528,576	$	503,958
Structured Asset Investment Loan Trust Series 2003-BC1, Class A2
0.974%		01/25/2033	#		2,057,130		1,705,247
							4,059,508
Other—0.1%
CNH Equipment Trust Series 2011-A, Class A2
0.620%		06/16/2014	§		1,100,000		1,099,174
PG&E Energy Recovery Funding LLC Series 2005-1, Class A4
4.370%		06/25/2014	§		151,243		152,996
							1,252,170
Student Loan—0.4%
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.624%		12/07/2020	#		3,060,354		3,069,259
TOTAL ASSET-BACKED SECURITIES
(Cost $37,089,183)							36,742,629
PURCHASED OPTIONS—1.0%
					Contracts		Value
Put—Swiss Market Index, Expires 03/16/2012, Strike CHF 5,686.50					1,790		246,771
Put—Swiss Market Index, Expires 03/16/2012, Strike CHF 5,692.36					410		55,823
Put—Swiss Market Index, Expires 03/16/2012, Strike CHF 5,808.91					500		88,399
Call—U.S. 10 Year Treasury, Expires 02/24/2012, Strike $109.00					379		8,385,375
TOTAL PURCHASED OPTIONS
(Cost $8,601,793)							8,776,368
Coupon Rate	Maturity Date			Face		Value
CERTIFICATES OF DEPOSIT—1.7%
Commercial Banks—1.7%
Bank of Nova Scotia
0.622%		07/27/2012			3,000,000		3,002,523
Canadian Imperial Bank of Commerce
0.633%		05/04/2012	§		500,000		500,099
0.603%		07/17/2012	§		2,250,000		2,250,284

Coupon Rate	Maturity Date			Face		Value
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
0.340%	01/06/2012	§	$	2,400,000	$	2,400,011
Nordea Bank Finland plc
0.915%	02/07/2013	§		900,000		895,013
0.698%	04/13/2012	§		1,100,000		1,099,108
Royal Bank of Canada
0.700%	03/11/2013	§		1,390,000		1,390,855
Svenska Handelsbanken, Inc. (Sweden)
0.855%	01/18/2013	§		2,730,000		2,729,096
TOTAL CERTIFICATES OF DEPOSIT
(Cost $14,268,532)						14,266,989
				Shares		Value
MONEY MARKET FUNDS—5.0%
Institutional Money Market Fund—5.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%
(Cost $42,080,719)		¥		42,080,719		42,080,719
TOTAL INVESTMENTS—99.1%
(Cost $839,721,762)						842,487,957
Other assets less liabilities—0.9%						7,288,809
NET ASSETS—100.0%					$	849,776,766

Notes to the Schedule of Investments:

BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	European Monetary Unit
JPY	Japanese Yen
MTN	Medium Term Note
MXN	Mexican Peso
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.
REIT	Real Estate Investment Trust
SGD	Singapore Dollar
*	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. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of 144A securities was $57,690,112, which represented 6.8% of Net Assets. The illiquid 144A securities represented 3.8% of Net Assets, and 56.0% of total 144A securities held.
§	Security has been segregated to cover economic leverage under certain derivatives contracts which may include, but are not limited to, futures, swaps, forwards, options and TBA’s, a security that is subject to delayed delivery.
#	Rate is subject to change. Rate shown reflects current rate.
‡‡	Security or a portion of the security has been pledged as collateral for futures contracts 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.

243

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—19.8%
Aerospace & Defense—0.2%
Boeing Co. (The)
6.125%		02/15/2033	$	100,000	$	126,461
5.125%		02/15/2013		250,000		262,176
4.875%		02/15/2020		200,000		233,915
L-3 Communications Corp.
4.950%		02/15/2021		300,000		297,857
Lockheed Martin Corp., Series B
6.150%		09/01/2036		250,000		287,005
Northrop Grumman Corp.
3.500%		03/15/2021		300,000		304,049
United Technologies Corp.
6.700%		08/01/2028		150,000		195,103
4.875%		05/01/2015		500,000		562,099
						2,268,665
Airlines—0.0%
Continental Airlines, Inc., Series 2010-1 A, Class A
4.750%		01/12/2021		300,000		304,500
Auto Components—0.1%
Johnson Controls, Inc.
5.500%		01/15/2016		250,000		279,980
4.250%		03/01/2021		300,000		321,181
						601,161
Beverages—0.5%
Anheuser-Busch Cos. LLC
6.800%		01/15/2031		350,000		455,958
Anheuser-Busch InBev Worldwide, Inc.
8.200%		01/15/2039		300,000		474,613
6.875%		11/15/2019		300,000		377,337
5.375%		01/15/2020		500,000		587,379
1.500%		07/14/2014		200,000		201,554
Beam, Inc.
5.375%		01/15/2016		90,000		98,907
Bottling Group LLC
5.500%		04/01/2016		500,000		579,803
Coca-Cola Co. (The)
4.875%		03/15/2019		300,000		351,874
3.150%		11/15/2020		200,000		210,307
0.750%		11/15/2013		200,000		200,459
Coca-Cola Enterprises, Inc.
4.500%		09/01/2021		300,000		333,542
Diageo Finance BV (Netherlands)
5.300%		10/28/2015		750,000		854,032
PepsiCo, Inc.
3.750%		03/01/2014		500,000		531,905
3.000%		08/25/2021		500,000		517,036
2.500%		05/10/2016		200,000		208,278
						5,982,984
Biotechnology—0.2%
Amgen, Inc.
6.900%		06/01/2038		267,000		330,031
6.150%		06/01/2018		500,000		582,377
5.850%		06/01/2017		250,000		287,838
5.150%		11/15/2041		300,000		312,208
3.875%		11/15/2021		300,000		303,352

Coupon Rate	Maturity Date			Face		Value
Genentech, Inc.
5.250%	07/15/2035		$	100,000	$	118,619
Gilead Sciences, Inc.
4.400%	12/01/2021			300,000		318,234
						2,252,659
Capital Markets—1.2%
Bank of New York Mellon Corp. (The)
3.550%	09/23/2021			300,000		304,950
2.950%	06/18/2015			500,000		518,957
2.300%	07/28/2016			100,000		100,418
Bear Stearns Cos. LLC (The)
7.250%	02/01/2018			250,000		293,455
6.400%	10/02/2017			400,000		447,434
5.700%	11/15/2014	��		50,000		54,413
4.650%	07/02/2018			400,000		409,498
BlackRock, Inc.
4.250%	05/24/2021			500,000		523,731
Credit Suisse USA, Inc.
5.500%	08/15/2013			300,000		313,091
5.125%	01/15/2014			500,000		521,408
5.125%	08/15/2015			500,000		527,112
Goldman Sachs Group, Inc. (The)
6.250%	09/01/2017			500,000		523,340
6.150%	04/01/2018			500,000		516,710
6.125%	02/15/2033			600,000		583,080
5.375%	03/15/2020			300,000		296,592
5.150%	01/15/2014			500,000		509,760
5.125%	01/15/2015			500,000		511,411
5.000%	10/01/2014			553,000		560,917
3.625%	02/07/2016			300,000		290,139
Jefferies Group, Inc.
6.250%	01/15/2036			230,000		190,370
5.125%	04/13/2018			300,000		267,000
JP Morgan Chase Capital XXV, Series Y
6.800%	10/01/2037			500,000		506,875
Mellon Funding Corp.
5.200%	05/15/2014			400,000		431,412
Merrill Lynch & Co., Inc.
6.875%	11/15/2018			250,000		241,341
Morgan Stanley
7.250%	04/01/2032			100,000		102,243
6.000%	05/13/2014			500,000		505,133
5.750%	01/25/2021			300,000		280,323
2.875%	01/24/2014			300,000		287,478
Morgan Stanley MTN
5.450%	01/09/2017			500,000		481,901
Morgan Stanley, Series F MTN
6.625%	04/01/2018			500,000		494,343
6.000%	04/28/2015			1,000,000		1,002,484
5.950%	12/28/2017			500,000		476,955
Nomura Holdings, Inc. (Japan)
6.700%	03/04/2020			300,000		316,378
Northern Trust Corp.
3.375%	08/23/2021			500,000		513,551
						13,904,203
Chemicals—0.4%
Agrium, Inc. (Canada)
6.125%	01/15/2041			400,000		498,010
Airgas, Inc.
2.950%	06/15/2016			200,000		204,501
Dow Chemical Co. (The)
8.550%	05/15/2019			629,000		824,123

See accompanying notes to financial statements.

244

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
5.250%		11/15/2041		$	300,000	$	316,769
4.125%		11/15/2021			150,000		154,163
E.I. du Pont de Nemours & Co.
4.900%		01/15/2041			200,000		227,046
4.250%		04/01/2021			300,000		339,685
2.750%		04/01/2016			300,000		317,344
1.750%		03/25/2014			300,000		305,757
Monsanto Co.
5.500%		08/15/2025			200,000		239,457
Potash Corp. of Saskatchewan, Inc. (Canada)
4.875%		03/01/2013			500,000		522,988
PPG Industries, Inc.
3.600%		11/15/2020			400,000		418,929
Praxair, Inc.
3.950%		06/01/2013			150,000		157,001
3.250%		09/15/2015			500,000		535,331
							5,061,104
Commercial Banks—1.7%
Bank of Nova Scotia (Canada)
2.375%		12/17/2013			300,000		308,157
2.050%		10/07/2015			400,000		401,973
Barclays Bank plc (United Kingdom)
3.900%		04/07/2015			1,000,000		1,005,034
2.375%		01/13/2014			300,000		293,776
BB&T Corp.
5.250%		11/01/2019			500,000		546,597
BNP Paribas SA, Bank Note (France)
5.000%		01/15/2021			400,000		385,686
Capital One Financial Corp.
6.150%		09/01/2016			500,000		520,790
2.125%		07/15/2014			200,000		197,557
Citigroup, Inc.
8.500%		05/22/2019			300,000		353,623
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
2.125%		10/13/2015			200,000		196,156
Credit Suisse (Switzerland)
5.300%		08/13/2019			400,000		413,168
Credit Suisse MTN (Switzerland)
4.375%		08/05/2020			200,000		196,441
Deutsche Bank AG (Germany)
2.375%		01/11/2013			500,000		496,418
Discover Bank
7.000%		04/15/2020			200,000		209,582
Fifth Third Capital Trust IV
6.500%		04/15/2037	#		580,000		571,300
FleetBoston Financial Corp.
6.875%		01/15/2028			150,000		135,036
Goldman Sachs Group, Inc. (The)
7.500%		02/15/2019			300,000		331,784
6.250%		02/01/2041			300,000		295,282
HSBC Bank USA NA
4.875%		08/24/2020			400,000		371,814
HSBC Holdings plc (United Kingdom)
6.100%		01/14/2042			200,000		227,525
JP Morgan Chase Bank NA, Bank Note
6.000%		10/01/2017			500,000		538,508
JPMorgan Chase & Co.
5.600%		07/15/2041			200,000		210,165

Coupon Rate	Maturity Date		Face		Value
KeyBank NA, Bank Note
5.800%	07/01/2014	$	100,000	$	106,830
KeyCorp MTN
5.100%	03/24/2021		500,000		520,184
Landesbank Baden-Wuerttemberg (Germany)
7.625%	02/01/2023		200,000		260,958
National City Bank
4.625%	05/01/2013		500,000		519,231
National City Corp.
6.875%	05/15/2019		500,000		562,758
PNC Funding Corp.
2.700%	09/19/2016		200,000		203,816
Royal Bank of Canada MTN (Canada)
2.875%	04/19/2016		300,000		311,329
Royal Bank of Scotland plc (The) (United Kingdom)
6.125%	01/11/2021		300,000		296,464
4.875%	03/16/2015		100,000		95,688
4.375%	03/16/2016		500,000		477,446
SunTrust Banks, Inc.
3.600%	04/15/2016		500,000		509,671
Toronto-Dominion Bank (The) (Canada)
1.375%	07/14/2014		300,000		303,727
U.S. Bank NA, Bank Note
4.800%	04/15/2015		250,000		273,171
UBS AG (Switzerland)
7.000%	10/15/2015		100,000		103,417
5.875%	07/15/2016		1,000,000		996,917
UBS AG MTN (Switzerland)
7.375%	06/15/2017		100,000		106,959
US Bancorp
2.000%	06/14/2013		300,000		305,003
USB Capital XIII Trust
6.625%	12/15/2039		300,000		305,763
Wachovia Bank NA, Bank Note
6.600%	01/15/2038		300,000		341,336
4.875%	02/01/2015		500,000		530,158
Wachovia Corp., Series G MTN
5.500%	05/01/2013		1,000,000		1,055,439
Wells Fargo & Co.
5.000%	11/15/2014		750,000		803,056
3.676%	06/15/2016		400,000		418,428
Wells Fargo & Co. MTN
4.600%	04/01/2021		500,000		549,383
Wells Fargo Bank NA
5.950%	08/26/2036		100,000		103,293
Westpac Banking Corp. (Australia)
3.000%	08/04/2015		400,000		404,983
1.850%	12/09/2013		600,000		600,836
					19,272,616
Commercial Services & Supplies—0.1%
Republic Services, Inc.
5.700%	05/15/2041		200,000		230,293
5.500%	09/15/2019		300,000		346,775
Waste Management, Inc.
7.000%	07/15/2028		50,000		62,855
6.375%	03/11/2015		400,000		456,704
					1,096,627
Communications Equipment—0.2%
Cisco Systems, Inc.
5.500%	02/22/2016		500,000		582,413
4.950%	02/15/2019		500,000		580,501
1.625%	03/14/2014		400,000		407,716

See accompanying notes to financial statements.

245

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Harris Corp.
6.150%		12/15/2040		$	250,000	$	283,734
Juniper Networks, Inc.
3.100%		03/15/2016			400,000		414,138
Motorola Solutions, Inc.
7.500%		05/15/2025			340,000		402,019
							2,670,521
Computers & Peripherals—0.2%
Dell, Inc.
5.400%		09/10/2040			300,000		338,568
1.400%		09/10/2013			300,000		302,117
Hewlett-Packard Co.
4.650%		12/09/2021			300,000		317,155
3.300%		12/09/2016			300,000		306,679
2.125%		09/13/2015			500,000		491,631
1.250%		09/13/2013			200,000		197,529
							1,953,679
Construction Materials—0.1%
CRH America, Inc.
6.000%		09/30/2016			750,000		801,991
Consumer Finance—0.5%
American Express Co.
8.150%		03/19/2038			350,000		521,041
4.875%		07/15/2013			1,000,000		1,046,118
American Express Credit Corp.
2.800%		09/19/2016			200,000		201,200
American Express Credit Corp. MTN
2.750%		09/15/2015			400,000		402,473
Capital One Bank USA NA
8.800%		07/15/2019			500,000		572,800
Caterpillar Financial Services Corp.
1.550%		12/20/2013			400,000		405,622
Caterpillar Financial Services Corp. MTN
2.750%		06/24/2015			200,000		207,855
Caterpillar Financial Services Corp., Series F MTN
2.650%		04/01/2016			400,000		416,935
HSBC Finance Capital Trust IX
5.911%		11/30/2035	#		500,000		417,500
John Deere Capital Corp. MTN
3.900%		07/12/2021			300,000		327,205
2.250%		06/07/2016			200,000		205,678
1.875%		06/17/2013			200,000		203,694
SLM Corp., Series A MTN
5.000%		10/01/2013			500,000		501,250
Toyota Motor Credit Corp. MTN
4.500%		06/17/2020			300,000		328,029
1.375%		08/12/2013			500,000		504,848
							6,262,248
Diversified Financial Services—1.8%
Bank of America Corp.
7.750%		08/15/2015			250,000		253,384
6.800%		03/15/2028			200,000		173,202
6.500%		09/15/2037			500,000		410,613
5.875%		01/05/2021			400,000		381,382
5.625%		07/01/2020			500,000		462,625
5.420%		03/15/2017			700,000		632,241

Coupon Rate	Maturity Date			Face		Value
4.875%	01/15/2013	†	$	200,000	$	200,860
4.500%	04/01/2015			700,000		675,991
Bank of America Corp. MTN
5.000%	05/13/2021			300,000		273,747
4.900%	05/01/2013			200,000		200,225
3.625%	03/17/2016			500,000		461,330
Bank of America Corp., Series L MTN
7.375%	05/15/2014			200,000		207,484
5.650%	05/01/2018			500,000		476,997
Citigroup, Inc.
8.125%	07/15/2039			500,000		614,060
6.625%	06/15/2032			150,000		139,488
6.375%	08/12/2014			500,000		525,075
6.125%	11/21/2017			750,000		801,413
6.010%	01/15/2015			200,000		209,085
6.000%	08/15/2017			600,000		629,525
5.850%	12/11/2034			100,000		98,888
5.500%	04/11/2013			1,320,000		1,348,030
3.953%	06/15/2016			200,000		199,512
Deutsche Bank AG (Germany)
6.000%	09/01/2017			650,000		726,794
Deutsche Bank Financial LLC MTN
5.375%	03/02/2015			250,000		245,455
General Electric Capital Corp.
5.500%	01/08/2020			500,000		551,046
4.800%	05/01/2013			500,000		523,610
4.625%	01/07/2021			300,000		311,808
2.950%	05/09/2016	†		400,000		411,812
2.800%	01/08/2013			300,000		305,777
2.100%	01/07/2014			400,000		406,187
General Electric Capital Corp. MTN
5.875%	01/14/2038			700,000		744,242
5.400%	02/15/2017			250,000		278,078
General Electric Capital Corp., Series A MTN
6.875%	01/10/2039			300,000		360,618
6.750%	03/15/2032			750,000		880,777
3.750%	11/14/2014			500,000		527,393
JPMorgan Chase & Co.
6.400%	05/15/2038			300,000		349,453
5.750%	01/02/2013			750,000		778,194
5.125%	09/15/2014			500,000		527,483
4.750%	03/01/2015			500,000		532,174
4.625%	05/10/2021			300,000		310,982
3.450%	03/01/2016			500,000		508,466
JPMorgan Chase & Co. MTN
2.050%	01/24/2014			300,000		300,377
MUFG Capital Finance 1 Ltd., Perpetual Bond (Cayman Islands)
6.346%	07/29/2049	#		600,000		609,982
National Rural Utilities Cooperative Finance Corp.
10.375%	11/01/2018			281,000		404,826
5.500%	07/01/2013			75,000		80,244
3.050%	03/01/2016			250,000		262,843
Western Union Co. (The)
5.253%	04/01/2020			502,000		566,498
						20,880,276
Diversified Telecommunication Services—1.0%
AT&T, Inc.
6.550%	02/15/2039			200,000		255,314
6.300%	01/15/2038			250,000		308,012
6.150%	09/15/2034			500,000		595,069
5.800%	02/15/2019			500,000		590,893
5.625%	06/15/2016			150,000		172,247

See accompanying notes to financial statements.

246

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
5.550%		08/15/2041	$	300,000	$	354,610
5.350%		09/01/2040		307,000		346,677
BellSouth Capital Funding Corp.
7.875%		02/15/2030		400,000		539,492
BellSouth Corp.
6.875%		10/15/2031		350,000		437,453
5.200%		09/15/2014		500,000		553,099
British Telecommunications plc (United Kingdom)
9.625%		12/15/2030		150,000		211,937
Cellco Partnership/Verizon Wireless Capital LLC
5.550%		02/01/2014		300,000		326,100
Deutsche Telekom International Finance BV (Netherlands)
8.750%		06/15/2030		300,000		419,578
Embarq Corp.
7.082%		06/01/2016		250,000		271,244
France Telecom SA (France)
8.500%		03/01/2031		500,000		714,925
Qwest Capital Funding, Inc.
6.875%		07/15/2028		200,000		188,794
Qwest Communications International, Inc.
8.000%		10/01/2015		200,000		214,079
Qwest Corp.
6.500%		06/01/2017		500,000		548,750
Telecom Italia Capital SA (Luxembourg)
6.999%		06/04/2018		500,000		468,036
6.000%		09/30/2034		250,000		185,737
5.250%		11/15/2013		350,000		336,350
Telefonica Emisiones SAU (Spain)
5.134%		04/27/2020		200,000		188,174
3.729%		04/27/2015		200,000		191,943
Telefonica Europe BV (Netherlands)
8.250%		09/15/2030		350,000		385,886
Verizon Communications, Inc.
6.400%		02/15/2038		500,000		636,947
6.350%		04/01/2019		500,000		610,164
5.850%		09/15/2035		250,000		299,717
3.000%		04/01/2016		400,000		419,294
1.950%		03/28/2014		400,000		408,486
Verizon Global Funding Corp.
7.750%		12/01/2030		130,000		181,566
Verizon Virginia, Inc., Series A
4.625%		03/15/2013		250,000		260,369
						11,620,942
Electric Utilities—1.6%
Alabama Power Co., Series Q
5.500%		10/15/2017		150,000		177,953
Columbus Southern Power Co., Series C
5.500%		03/01/2013		150,000		157,082
Commonwealth Edison Co.
5.900%		03/15/2036		300,000		369,191
5.800%		03/15/2018		100,000		118,215
1.625%		01/15/2014		400,000		403,102
Consolidated Edison Co. of New York, Inc., Series 06-C
5.500%		09/15/2016		500,000		588,805
Constellation Energy Group, Inc.
5.150%		12/01/2020		400,000		434,236
Consumers Energy Co., Series P
5.500%		08/15/2016		150,000		172,575

Coupon Rate	Maturity Date		Face		Value
Dominion Resources, Inc.
1.800%	03/15/2014	$	400,000	$	407,488
Dominion Resources, Inc., Series A
5.600%	11/15/2016		300,000		348,858
Duke Energy Carolinas LLC
6.450%	10/15/2032		330,000		424,725
4.300%	06/15/2020		100,000		112,833
Duke Energy Corp.
2.150%	11/15/2016		200,000		200,799
Duke Energy Indiana, Inc.
3.750%	07/15/2020		300,000		322,719
Exelon Corp.
4.900%	06/15/2015		350,000		377,418
FirstEnergy Corp., Series C
7.375%	11/15/2031		150,000		184,989
FirstEnergy Solutions Corp.
6.050%	08/15/2021		250,000		277,937
Florida Power & Light Co.
5.625%	04/01/2034		50,000		61,984
5.125%	06/01/2041		200,000		239,122
4.950%	06/01/2035		100,000		115,363
4.850%	02/01/2013		150,000		156,529
Florida Power Corp.
6.400%	06/15/2038		350,000		476,480
Georgia Power Co., Series 07-A
5.650%	03/01/2037		200,000		248,761
Georgia Power Co., Series AMBC
6.000%	09/01/2040		141,000		142,819
Great Plains Energy, Inc.
4.850%	06/01/2021		400,000		420,084
Indiana Michigan Power Co.
7.000%	03/15/2019		250,000		307,948
Jersey Central Power & Light
5.625%	05/01/2016		500,000		565,564
Kentucky Utilities Co.
5.125%	11/01/2040		500,000		601,612
MidAmerican Energy Co.
5.800%	10/15/2036		500,000		597,405
MidAmerican Energy Holdings Co.
6.125%	04/01/2036		200,000		239,682
MidAmerican Energy Holdings Co., Series D
5.000%	02/15/2014		150,000		161,249
NextEra Energy Capital Holdings, Inc.
6.000%	03/01/2019		250,000		291,878
4.500%	06/01/2021		200,000		213,461
Nisource Finance Corp.
5.450%	09/15/2020		500,000		554,799
Northern States Power Co.
5.250%	03/01/2018		500,000		595,362
Ohio Power Co., Series K
6.000%	06/01/2016		500,000		577,963
Pacific Gas & Electric Co.
6.050%	03/01/2034		500,000		620,968
Potomac Electric Power Co.
7.900%	12/15/2038		200,000		310,323
Progress Energy, Inc.
7.050%	03/15/2019		400,000		495,430
4.400%	01/15/2021		300,000		331,308
PSEG Power LLC
8.625%	04/15/2031		300,000		443,774
2.750%	09/15/2016		200,000		201,200
2.500%	04/15/2013		500,000		508,064
Puget Sound Energy, Inc.
4.434%	11/15/2041		300,000		312,446

See accompanying notes to financial statements.

247

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
South Carolina Electric & Gas Co.
5.300%		05/15/2033	$	150,000	$	175,707
Southern California Edison Co.
6.650%		04/01/2029		500,000		660,972
Southern Power Co., Series D
4.875%		07/15/2015		350,000		383,344
Union Electric Co.
6.400%		06/15/2017		250,000		299,178
Virginia Electric and Power Co.
5.950%		09/15/2017		250,000		301,226
5.400%		04/30/2018		250,000		298,630
Virginia Electric and Power Co., Series B
6.000%		01/15/2036		380,000		483,612
Wisconsin Electric Power
5.625%		05/15/2033		150,000		188,806
Xcel Energy, Inc.
4.800%		09/15/2041		200,000		218,840
						17,880,818
Electrical Equipment—0.1%
Emerson Electric Co.
5.000%		12/15/2014		150,000		166,285
5.000%		04/15/2019		500,000		588,247
						754,532
Electronic Equipment, Instruments & Components—0.1%
Agilent Technologies, Inc.
5.000%		07/15/2020		100,000		112,170
Arrow Electronics, Inc.
6.875%		07/01/2013		250,000		268,875
Thermo Fisher Scientific, Inc.
2.050%		02/21/2014		300,000		307,410
						688,455
Energy Equipment & Services—0.2%
Halliburton Co.
7.450%		09/15/2039		400,000		580,009
Noble Holding International Ltd. (Cayman Islands)
6.200%		08/01/2040		200,000		226,045
3.450%		08/01/2015		200,000		208,247
Pride International, Inc.
6.875%		08/15/2020		200,000		234,877
Transocean, Inc. (Cayman Islands)
6.800%		03/15/2038		500,000		505,511
Weatherford International Ltd. (Bermuda)
9.625%		03/01/2019		400,000		518,022
6.750%		09/15/2040		300,000		341,468
						2,614,179
Food & Staples Retailing—0.1%
CVS Caremark Corp.
6.600%		03/15/2019		250,000		305,177
4.875%		09/15/2014		230,000		251,675
4.125%		05/15/2021		200,000		215,734
Kroger Co. (The)
7.500%		04/01/2031		200,000		261,638
5.400%		07/15/2040		200,000		216,279
4.950%		01/15/2015		300,000		331,369
						1,581,872

Coupon Rate	Maturity Date			Face		Value
Food Products—0.5%
Archer-Daniels Midland Co.
5.450%	03/15/2018		$	500,000	$	593,707
Bunge Ltd. Finance Corp.
5.350%	04/15/2014			500,000		524,708
Campbell Soup Co.
4.875%	10/01/2013			250,000		267,691
ConAgra Foods, Inc.
5.875%	04/15/2014			500,000		549,004
General Mills, Inc.
5.400%	06/15/2040			300,000		351,717
3.150%	12/15/2021			200,000		203,046
Kellogg Co.
4.000%	12/15/2020			300,000		318,109
Kraft Foods, Inc.
6.875%	02/01/2038			380,000		504,931
6.500%	02/09/2040			200,000		261,144
5.375%	02/10/2020			400,000		462,312
5.250%	10/01/2013			600,000		640,283
4.125%	02/09/2016			100,000		108,676
Sara Lee Corp.
2.750%	09/15/2015			300,000		302,489
Unilever Capital Corp.
4.250%	02/10/2021			300,000		342,541
						5,430,358
Gas Utilities—0.0%
Southern California Gas Co.
5.125%	11/15/2040			400,000		485,285
Health Care Equipment & Supplies—0.2%
Baxter International, Inc.
5.900%	09/01/2016			400,000		476,646
Becton Dickinson and Co.
5.000%	11/12/2040			300,000		335,100
Boston Scientific Corp.
7.375%	01/15/2040			200,000		255,367
6.250%	11/15/2015			200,000		221,896
6.000%	01/15/2020			200,000		223,628
CareFusion Corp.
6.375%	08/01/2019			250,000		295,666
Covidien International Finance SA (Luxembourg)
6.000%	10/15/2017			250,000		296,620
Medtronic, Inc.
4.450%	03/15/2020			300,000		339,118
						2,444,041
Health Care Providers & Services—0.3%
Aetna, Inc.
6.625%	06/15/2036			250,000		311,507
Aristotle Holding, Inc.
6.125%	11/15/2041	^		200,000		217,008
4.750%	11/15/2021	^		200,000		207,361
Cigna Corp.
5.125%	06/15/2020			300,000		324,029
Express Scripts, Inc.
6.250%	06/15/2014			300,000		327,168
Quest Diagnostics, Inc.
6.950%	07/01/2037			300,000		374,225
UnitedHealth Group, Inc.
6.000%	02/15/2018			500,000		595,258
5.950%	02/15/2041			200,000		246,830
5.375%	03/15/2016			200,000		229,622
WellPoint, Inc.
5.250%	01/15/2016			500,000		560,293
						3,393,301

See accompanying notes to financial statements.

248

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Hotels, Restaurants & Leisure—0.1%
McDonald’s Corp., Series I MTN
5.350%		03/01/2018		$	500,000	$	598,250
Yum! Brands, Inc.
6.875%		11/15/2037			200,000		256,185
							854,435
Household Durables—0.1%
Kimberly-Clark Corp.
6.125%		08/01/2017			500,000		612,337
Whirlpool Corp. MTN
4.850%		06/15/2021			200,000		200,025
							812,362
Household Products—0.1%
Procter & Gamble Co. (The)
5.800%		08/15/2034			250,000		330,457
4.700%		02/15/2019			500,000		590,985
							921,442
Industrial Conglomerates—0.1%
3M Co. MTN
5.700%		03/15/2037			100,000		134,810
GE Capital Trust I
6.375%		11/15/2067	#		130,000		128,050
General Electric Co.
5.000%		02/01/2013			500,000		521,185
							784,045
Insurance—0.9%
ACE INA Holdings, Inc.
5.875%		06/15/2014			300,000		331,136
AEGON Funding Co. LLC
5.750%		12/15/2020			290,000		302,382
Allstate Corp. (The)
5.350%		06/01/2033			500,000		516,873
American International Group, Inc.
6.400%		12/15/2020			400,000		404,374
6.250%		03/15/2037			300,000		218,625
4.250%		05/15/2013			100,000		99,963
American International Group, Inc., Series G MTN
5.850%		01/16/2018			500,000		490,232
Assurant, Inc.
5.625%		02/15/2014			500,000		523,143
AXA SA (France)
8.600%		12/15/2030			250,000		246,789
Berkshire Hathaway Finance Corp.
5.000%		08/15/2013			700,000		745,688
4.250%		01/15/2021	†		300,000		327,534
Chubb Corp. (The)
6.375%		03/29/2067	#		200,000		198,500
CNA Financial Corp.
5.850%		12/15/2014			430,000		453,403
5.750%		08/15/2021			300,000		306,691
Fidelity National Financial, Inc.
6.600%		05/15/2017			300,000		318,365
Genworth Financial, Inc.
7.700%		06/15/2020	†		200,000		190,675
Hartford Financial Services Group, Inc.
6.100%		10/01/2041			150,000		140,839

Coupon Rate	Maturity Date		Face		Value
Jefferson-Pilot Corp.
4.750%	01/30/2014	$	300,000	$	310,490
Lincoln National Corp.
6.150%	04/07/2036		250,000		251,891
Marsh & McLennan Cos., Inc.
5.750%	09/15/2015		46,000		50,986
MetLife, Inc.
6.750%	06/01/2016		600,000		691,892
5.700%	06/15/2035		250,000		279,977
2.375%	02/06/2014		300,000		304,340
Progressive Corp. (The)
6.625%	03/01/2029		150,000		185,985
Prudential Financial, Inc.
6.625%	06/21/2040		100,000		110,842
5.375%	06/21/2020		300,000		321,618
Prudential Financial, Inc. MTN
5.800%	11/16/2041		200,000		203,156
Prudential Financial, Inc., Series D MTN
5.700%	12/14/2036		250,000		249,034
4.750%	09/17/2015		300,000		317,037
Travelers Property Casualty Corp.
5.000%	03/15/2013		400,000		417,390
Validus Holdings Ltd. (Bermuda)
8.875%	01/26/2040		200,000		219,097
					9,728,947
Internet Software & Services—0.1%
Google, Inc.
3.625%	05/19/2021		300,000		328,622
2.125%	05/19/2016		300,000		312,274
1.250%	05/19/2014		300,000		304,693
					945,589
IT Services—0.2%
HP Enterprise Services LLC, Series B
6.000%	08/01/2013		650,000		689,309
International Business Machines Corp.
7.000%	10/30/2025		300,000		412,350
2.100%	05/06/2013		300,000		306,291
1.000%	08/05/2013		300,000		302,481
0.875%	10/31/2014		300,000		300,317
					2,010,748
Machinery—0.3%
Caterpillar, Inc.
6.050%	08/15/2036		500,000		648,448
Deere & Co.
6.950%	04/25/2014		250,000		284,355
Dover Corp.
5.375%	03/01/2041		300,000		368,292
Honeywell International, Inc.
5.700%	03/15/2036		300,000		372,725
3.875%	02/15/2014		300,000		320,238
Parker Hannifin Corp. MTN
3.500%	09/15/2022		100,000		103,634
Tyco International Finance SA (Luxembourg)
4.625%	01/15/2023		300,000		325,000
3.750%	01/15/2018		300,000		316,326
3.375%	10/15/2015		200,000		209,492
					2,948,510
Media—1.1%
CBS Corp.
7.875%	07/30/2030		250,000		318,904
5.750%	04/15/2020		200,000		225,232

See accompanying notes to financial statements.

249

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Comcast Corp.
6.450%		03/15/2037		$	500,000	$	608,180
6.300%		11/15/2017			1,000,000		1,184,279
5.650%		06/15/2035			200,000		221,690
COX Communications, Inc.
5.500%		10/01/2015			75,000		84,465
4.625%		06/01/2013			250,000		263,631
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
6.375%		03/01/2041			500,000		578,564
5.200%		03/15/2020			200,000		215,925
3.550%		03/15/2015			200,000		208,331
3.500%		03/01/2016			400,000		412,768
Discovery Communications LLC
5.625%		08/15/2019			400,000		455,850
Historic TW, Inc.
9.150%		02/01/2023			300,000		411,139
NBCUniversal Media LLC
5.950%		04/01/2041			250,000		294,955
4.375%		04/01/2021			250,000		264,339
News America, Inc.
8.000%		10/17/2016			150,000		185,209
7.750%		12/01/2045			200,000		245,712
6.150%		02/15/2041			300,000		347,035
5.650%		08/15/2020			500,000		559,283
Omnicom Group, Inc.
5.900%		04/15/2016			500,000		556,476
Thomson Reuters Corp. (Canada)
6.500%		07/15/2018			500,000		599,865
Time Warner Cable, Inc.
6.750%		06/15/2039			200,000		237,147
6.200%		07/01/2013			500,000		536,726
5.850%		05/01/2017			400,000		456,059
Time Warner Entertainment Co. LP
8.375%		03/15/2023			250,000		326,235
8.375%		07/15/2033			250,000		328,611
Time Warner, Inc.
5.875%		11/15/2016			1,000,000		1,155,466
5.375%		10/15/2041			250,000		271,840
Viacom, Inc.
6.875%		04/30/2036			300,000		376,696
4.500%		03/01/2021			200,000		211,560
2.500%		12/15/2016			300,000		300,233
Walt Disney Co. (The), Series B MTN
7.000%		03/01/2032			210,000		293,374
							12,735,779
Metals & Mining—0.5%
Alcoa, Inc.
5.550%		02/01/2017	†		290,000		309,587
5.400%		04/15/2021			300,000		301,103
ArcelorMittal (Luxembourg)
7.000%		10/15/2039			400,000		372,811
5.250%		08/05/2020	†		400,000		363,834
3.750%		08/05/2015			400,000		382,707
Barrick Gold Corp. (Canada)
2.900%		05/30/2016			200,000		205,480
Barrick PD Australia Finance Pty Ltd. (Australia)
5.950%		10/15/2039			400,000		464,758
BHP Billiton Finance USA Ltd. (Australia)
6.500%		04/01/2019			500,000		618,700
1.125%		11/21/2014			300,000		300,917	��

Coupon Rate	Maturity Date		Face		Value
Newmont Mining Corp.
6.250%	10/01/2039	$	200,000	$	237,649
Rio Tinto Alcan, Inc. (Canada)
6.125%	12/15/2033		150,000		185,231
Rio Tinto Finance USA Ltd. (Australia)
8.950%	05/01/2014		500,000		585,072
Southern Copper Corp.
7.500%	07/27/2035		250,000		275,576
Teck Resources Ltd. (Canada)
9.750%	05/15/2014		500,000		587,903
Vale Overseas Ltd. (Cayman Islands)
6.875%	11/21/2036		100,000		114,355
4.625%	09/15/2020		500,000		519,552
					5,825,235
Multiline Retail—0.4%
Kohl’s Corp.
4.000%	11/01/2021		300,000		307,973
Macy’s Retail Holdings, Inc.
6.900%	04/01/2029		100,000		110,270
6.650%	07/15/2024		100,000		111,777
5.900%	12/01/2016		100,000		111,867
5.750%	07/15/2014		300,000		319,300
Nordstrom, Inc.
4.000%	10/15/2021		100,000		104,450
Target Corp.
7.000%	07/15/2031		150,000		202,933
6.000%	01/15/2018		500,000		609,972
Wal-Mart Stores, Inc.
7.550%	02/15/2030		250,000		366,103
5.250%	09/01/2035		750,000		900,382
4.875%	07/08/2040		300,000		347,842
4.550%	05/01/2013		500,000		527,899
4.250%	04/15/2021		300,000		347,325
3.625%	07/08/2020		300,000		329,399
1.625%	04/15/2014		300,000		306,768
					5,004,260
Multi-Utilities—0.0%
Sempra Energy
6.150%	06/15/2018		250,000		295,077
2.000%	03/15/2014		250,000		253,303
					548,380
Office Electronics—0.2%
Pitney Bowes, Inc.
5.000%	03/15/2015		500,000		529,262
Pitney Bowes, Inc. MTN
4.750%	01/15/2016		200,000		205,808
Xerox Corp.
6.350%	05/15/2018		500,000		563,976
4.500%	05/15/2021		200,000		203,078
4.250%	02/15/2015		300,000		316,430
					1,818,554
Oil, Gas & Consumable Fuels—1.8%
Alberta Energy Co. Ltd. (Canada)
7.375%	11/01/2031		400,000		501,672
Anadarko Petroleum Corp.
8.700%	03/15/2019		500,000		639,244
Apache Corp.
5.250%	02/01/2042		500,000		599,926
Apache Finance Canada Corp. (Canada)
7.750%	12/15/2029		150,000		219,589

See accompanying notes to financial statements.

250

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
BP Capital Markets plc (United Kingdom)
5.250%		11/07/2013		$	500,000	$	536,520
4.500%		10/01/2020			300,000		331,014
3.200%		03/11/2016			400,000		419,620
Canadian Natural Resources Ltd. (Canada)
5.850%		02/01/2035			500,000		597,148
3.450%		11/15/2021	†		200,000		208,883
Cenovus Energy, Inc. (Canada)
5.700%		10/15/2019			200,000		234,969
CenterPoint Energy Resources Corp.
4.500%		01/15/2021			434,000		460,512
Chevron Corp.
3.950%		03/03/2014			300,000		320,988
ConocoPhillips Canada Funding Co. I (Canada)
5.950%		10/15/2036			500,000		618,021
5.625%		10/15/2016			500,000		584,390
ConocoPhillips Holding Co.
6.950%		04/15/2029			500,000		683,551
Devon Energy Corp.
5.600%		07/15/2041			100,000		120,701
2.400%		07/15/2016			300,000		307,493
Enbridge Energy Partners LP
9.875%		03/01/2019			300,000		398,412
Encana Corp. (Canada)
5.150%		11/15/2041			300,000		307,439
3.900%		11/15/2021			300,000		301,995
Energy Transfer Partners LP
5.950%		02/01/2015			500,000		540,818
Enterprise Products Operating LLC
5.950%		02/01/2041			200,000		224,990
3.700%		06/01/2015			100,000		104,922
3.200%		02/01/2016			200,000		207,253
Enterprise Products Operating LLC, Series D
6.875%		03/01/2033			150,000		181,580
Enterprise Products Operating LLC, Series G
5.600%		10/15/2014			150,000		164,457
EOG Resources, Inc.
4.100%		02/01/2021			300,000		327,337
Hess Corp.
7.300%		08/15/2031			250,000		321,733
Kinder Morgan Energy Partners LP
6.550%		09/15/2040			300,000		337,216
6.500%		02/01/2037			300,000		331,415
5.950%		02/15/2018			300,000		343,179
Marathon Oil Corp.
5.900%		03/15/2018			455,000		533,360
Nexen, Inc. (Canada)
6.400%		05/15/2037			500,000		531,332
ONEOK Partners LP
6.150%		10/01/2016			160,000		183,921
Pemex Project Funding Master Trust
6.625%		06/15/2035			500,000		571,875
Petrobras International Finance Co. (Cayman Islands)
8.375%		12/10/2018			250,000		306,250
6.750%		01/27/2041	†		300,000		346,240
6.125%		10/06/2016			500,000		556,782
5.375%		01/27/2021			300,000		316,680
Petro-Canada (Canada)
5.950%		05/15/2035			100,000		115,439

Coupon Rate	Maturity Date		Face		Value
Petroleos Mexicanos (Mexico)
8.000%	05/03/2019	$	250,000	$	313,125
Plains All American Pipeline LP/PAA Finance Corp.
3.950%	09/15/2015		300,000		317,955
Shell International Finance BV (Netherlands)
5.200%	03/22/2017		500,000		585,277
3.100%	06/28/2015		100,000		107,303
Southern Natural Gas Co./Southern Natural Issuing Corp.
4.400%	06/15/2021		200,000		206,752
Statoil ASA (Norway)
5.100%	08/17/2040		300,000		356,561
Suncor Energy, Inc. (Canada)
7.150%	02/01/2032		500,000		643,519
Tennessee Gas Pipeline Co.
7.000%	10/15/2028		350,000		403,993
Texas Eastern Transmission LP
7.000%	07/15/2032		150,000		191,884
Total Capital SA (France)
4.450%	06/24/2020		300,000		334,753
3.000%	06/24/2015		300,000		317,333
TransCanada PipeLines Ltd. (Canada)
5.850%	03/15/2036		500,000		595,628
4.000%	06/15/2013		250,000		260,262
Valero Energy Corp.
6.125%	06/15/2017		250,000		279,485
4.750%	06/15/2013		500,000		523,572
Williams Cos., Inc.
7.875%	09/01/2021		230,000		283,568
Williams Partners LP
6.300%	04/15/2040		100,000		122,373
5.250%	03/15/2020		100,000		110,883
3.800%	02/15/2015		100,000		105,057
					20,998,149
Paper & Forest Products—0.1%
International Paper Co.
7.500%	08/15/2021		500,000		618,284
Pharmaceuticals—0.8%
Abbott Laboratories
5.875%	05/15/2016		700,000		821,982
5.125%	04/01/2019		300,000		348,878
AstraZeneca plc (United Kingdom)
5.900%	09/15/2017		250,000		302,350
Bristol-Myers Squibb Co.
5.875%	11/15/2036		155,000		197,946
5.450%	05/01/2018		250,000		300,207
Eli Lilly & Co.
6.770%	01/01/2036		250,000		351,846
GlaxoSmithKline Capital, Inc.
4.850%	05/15/2013		500,000		529,340
4.375%	04/15/2014		500,000		541,412
Johnson & Johnson
4.950%	05/15/2033		200,000		240,363
4.850%	05/15/2041		200,000		241,011
3.550%	05/15/2021		200,000		223,306
2.150%	05/15/2016		200,000		208,810
Merck & Co., Inc.
6.550%	09/15/2037		200,000		279,825
6.500%	12/01/2033		250,000		345,650
4.750%	03/01/2015		350,000		391,098
4.375%	02/15/2013		200,000		208,652
Novartis Capital Corp.
2.900%	04/24/2015		200,000		211,834
1.900%	04/24/2013		200,000		203,992

See accompanying notes to financial statements.

251

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Novartis Securities Investment Ltd. (Bermuda)
5.125%		02/10/2019		$	500,000	$	588,518
Pfizer, Inc.
5.350%		03/15/2015			500,000		566,014
Pharmacia Corp.
6.500%		12/01/2018			350,000		438,872
Sanofi (France)
2.625%		03/29/2016			400,000		417,509
Teva Pharmaceutical Finance Co. LLC
6.150%		02/01/2036			250,000		304,891
Wyeth
6.500%		02/01/2034			250,000		339,306
5.500%		03/15/2013			100,000		105,742
5.500%		02/01/2014			250,000		274,201
							8,983,555
Real Estate Investment Trusts (REITs)—0.3%
Boston Properties LP
4.125%		05/15/2021			300,000		303,056
Camden Property Trust
5.000%		06/15/2015			200,000		212,586
Duke Realty LP
7.375%		02/15/2015			150,000		164,845
ERP Operating LP
5.375%		08/01/2016			500,000		544,529
5.200%		04/01/2013	†		250,000		259,360
HCP, Inc.
2.700%		02/01/2014			300,000		299,714
HCP, Inc. MTN
6.700%		01/30/2018			250,000		278,256
Health Care REIT, Inc.
6.125%		04/15/2020			300,000		311,338
ProLogis LP
7.375%		10/30/2019			350,000		396,024
Realty Income Corp.
5.875%		03/15/2035			200,000		204,740
Simon Property Group LP
4.375%		03/01/2021	†		400,000		424,051
2.800%		01/30/2017	†		300,000		306,791
							3,705,290
Road & Rail—0.3%
Burlington Northern Santa Fe LLC
5.650%		05/01/2017			500,000		577,700
3.450%		09/15/2021			200,000		206,553
Canadian National Railway Co. (Canada)
4.400%		03/15/2013			585,000		610,066
CSX Corp.
7.375%		02/01/2019			300,000		374,462
6.000%		10/01/2036			334,000		394,951
Norfolk Southern Corp.
5.900%		06/15/2019			300,000		365,090
3.250%		12/01/2021			200,000		203,356
Ryder System, Inc. MTN
3.150%		03/02/2015			300,000		308,531
Union Pacific Corp.
6.625%		02/01/2029			250,000		329,188
5.780%		07/15/2040			300,000		364,726
							3,734,623

Coupon Rate	Maturity Date			Face		Value
Semiconductors & Semiconductor Equipment—0.1%
Intel Corp.
4.800%	10/01/2041		$	300,000	$	337,608
3.300%	10/01/2021			300,000		316,688
						654,296
Software—0.2%
Microsoft Corp.
4.500%	10/01/2040			300,000		339,989
1.625%	09/25/2015			400,000		411,892
0.875%	09/27/2013			300,000		302,736
Oracle Corp.
5.375%	07/15/2040			500,000		611,560
5.250%	01/15/2016			500,000		577,882
						2,244,059
Specialty Retail—0.2%
Gap, Inc. (The)
5.950%	04/12/2021			200,000		191,093
Home Depot, Inc. (The)
5.875%	12/16/2036			550,000		692,665
5.400%	03/01/2016			400,000		462,424
Lowe’s Cos., Inc.
5.400%	10/15/2016			400,000		462,825
						1,809,007
Thrifts & Mortgage Finance—0.0%
Abbey National Treasury Services plc (United Kingdom)
2.875%	04/25/2014			300,000		279,828
Tobacco—0.3%
Altria Group, Inc.
9.950%	11/10/2038			300,000		457,680
9.250%	08/06/2019			800,000		1,075,765
Lorillard Tobacco Co.
6.875%	05/01/2020			300,000		335,771
Philip Morris International, Inc.
5.650%	05/16/2018			500,000		592,219
4.375%	11/15/2041			200,000		208,743
2.900%	11/15/2021			200,000		204,346
						2,874,524
Transportation Infrastructure—0.0%
United Parcel Service, Inc.
6.200%	01/15/2038			300,000		405,011
Wireless Telecommunication Services—0.3%
America Movil SAB de CV (Mexico)
6.125%	03/30/2040	†		300,000		359,687
5.000%	03/30/2020	†		400,000		443,909
Cellco Partnership/Verizon Wireless Capital LLC
7.375%	11/15/2013			300,000		334,180
Rogers Communications, Inc. (Canada)
6.800%	08/15/2018			500,000		609,907
Vodafone Group plc (United Kingdom)
7.875%	02/15/2030			250,000		364,116
6.150%	02/27/2037			200,000		249,756
5.625%	02/27/2017			500,000		581,226
5.375%	01/30/2015			250,000		277,282
						3,220,063
TOTAL CORPORATE OBLIGATIONS
(Cost $211,592,868)						224,671,992

See accompanying notes to financial statements.

252

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-RELATED SECURITIES—33.7%
Commercial Mortgage-Backed Securities—2.0%
Banc of America Commercial Mortgage, Inc., Series 2005-1, Class A4
5.066%		11/10/2042	#	$	500,000	$	516,023
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class AM
5.193%		09/10/2047	#		1,000,000		1,069,151
Banc of America Commercial Mortgage, Inc., Series 2007-5, Class A4
5.492%		02/10/2051			2,000,000		2,167,887
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-3, Class A4
5.889%		07/10/2044	#		500,000		549,983
Bear Stearns Commercial Mortgage Securities, Series 2005-T20, Class A4A
5.145%		10/12/2042	#		921,000		1,022,872
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4
5.537%		10/12/2041			1,000,000		1,128,619
Citigroup Commercial Mortgage Trust, Series 2004-C1, Class A3
5.251%		04/15/2040	#		415,838		429,718
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class A4
5.225%		07/15/2044	#		900,000		998,816
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4
5.736%		12/10/2049			1,000,000		1,083,272
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4
5.444%		03/10/2039			1,000,000		1,086,497
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6
5.396%		08/10/2038	#		600,000		643,734
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A4
5.553%		04/10/2038	#		800,000		872,432
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4
5.560%		11/10/2039			1,200,000		1,322,124
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class A4
4.738%		07/15/2042			935,000		1,011,202
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class AM
5.464%		12/12/2043			750,000		738,297
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB20, Class A4
5.794%		02/12/2051	#†		500,000		552,839
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3
5.430%		02/15/2040			750,000		803,104
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4
5.414%		07/12/2046	#		750,000		828,949
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class AJ
5.485%		07/12/2046	#		500,000		378,927

Coupon Rate	Maturity Date			Face		Value
Morgan Stanley Capital I, Series 2007-HQ13, Class A2
5.649%	12/15/2044		$	1,400,000	$	1,430,116
Wachovia Bank Commercial Mortgage Trust, Series 2003-C5, Class A2
3.989%	06/15/2035			750,000		766,723
Wachovia Bank Commercial Mortgage Trust, Series 2003-C9, Class A4
5.012%	12/15/2035	#		750,000		791,161
Wachovia Bank Commercial Mortgage Trust, Series 2004-C11, Class A5
5.215%	01/15/2041	#		500,000		536,527
Wachovia Bank Commercial Mortgage Trust, Series 2004-C12, Class A4
5.316%	07/15/2041	#		750,000		807,109
Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class B
4.892%	10/15/2041			1,000,000		997,650
Wachovia Bank Commercial Mortgage Trust, Series 2006-C26, Class AJ
6.000%	06/15/2045	#		1,000,000		808,762
						23,342,494
U.S. Government Agency Mortgage-Backed Securities—31.7%							��
Federal Home Loan Mortgage Corp.
7.500%	06/01/2027-
	10/01/2029			282,927		335,116
7.000%	02/01/2016-
	-09/01/2036			645,960		737,583
6.500%	07/01/2014-
	01/01/2039			3,138,320		3,533,404
6.081%	01/01/2037	#		627,080		680,534
6.000%	11/01/2016-
	10/01/2038			8,390,993		9,266,689
5.799%	01/01/2037	#		180,495		194,869
5.638%	02/01/2037	#		306,001		330,397
5.500%	02/01/2018-
	08/01/2039			14,198,328		15,466,829
5.000%	08/01/2017-
	04/01/2041			20,459,509		22,044,511
4.500%	08/01/2018-
	06/01/2041			21,285,095		22,603,510
4.000%	05/01/2019-
	07/01/2041			16,917,949		17,800,404
3.500%	10/01/2025-
	10/01/2040			5,696,049		5,926,611
3.428%	06/01/2041	#		251,964		263,544
Federal Home Loan Mortgage Corp. TBA
4.500%- 5.500%	01/15/2042			4,500,000		4,766,766
4.000%	01/15/2042			500,000		524,531
3.500%	01/25/2027-
	01/15/2042			1,200,000		1,249,625
Federal National Mortgage Association
7.500%	06/01/2030-
	07/01/2031			27,048		30,804
7.000%	03/01/2030-
	04/01/2038			1,491,041		1,712,740
6.500%	02/01/2017-
	10/01/2039			3,904,426		4,400,962
6.000%	04/01/2014-
	11/01/2039			14,172,269		15,664,669
5.659%	01/01/2037	#		1,230,247		1,325,043

See accompanying notes to financial statements.

253

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-RELATED SECURITIES—(Continued)
5.500%		01/01/2018-
		05/01/2040		$	23,782,395	$	25,989,425
5.255%		02/01/2037	#		109,414		115,620
5.000%		03/01/2018-
		05/01/2041			23,268,276		25,187,025
4.500%		03/01/2018-
		07/01/2041			32,091,986		34,238,579
4.000%		08/01/2018-
		09/01/2041			26,673,346		28,112,239
3.750%		03/01/2037	#		2,076,736		2,201,628
3.668%		05/01/2041	#		432,014		453,233
3.576%		08/01/2040	#		346,628		363,358
3.500%		08/01/2025-
		01/01/2041			7,944,653		8,296,746
3.448%		02/01/2041	#		249,210		259,432
3.226%		07/01/2040	#		707,219		739,946
3.121%		06/01/2040	#		286,917		297,848
2.587%		05/01/2035	#		255,978		271,297
2.517%		10/01/2035	#		806,849		853,541
2.413%		05/01/2035	#		688,865		726,364
Federal National Mortgage Association TBA
5.000%-6.500%		01/25/2027- 01/25/2042			3,900,000		4,187,704
4.500%		01/25/2042			5,100,000		5,428,312
4.000%		01/25/2027- 01/25/2042			4,100,000		4,313,891
3.500%		01/25/2027- 01/25/2042			3,700,000		3,835,594
Government National Mortgage Association
7.500%		12/15/2029- 05/15/2032			386,975		455,098
7.000%		09/15/2037			48,903		57,127
6.500%		03/15/2026- 01/15/2039			1,801,155		2,068,303
6.000%		02/15/2033- 12/15/2039			4,779,132		5,426,815
5.500%		01/15/2024- 07/20/2040			7,386,876		8,320,276
5.000%		05/15/2033- 10/20/2041			17,311,074		19,239,467
4.500%		04/20/2026- 07/15/2041			25,918,272		28,311,616
4.000%		08/15/2024- 12/15/2041			13,151,313		14,136,955
3.500%		12/15/2025- 11/20/2041			1,114,220		1,167,821
3.500%		12/20/2040	#		460,583		486,671
3.000%		02/20/2041- 11/20/2041	#		972,988		1,016,372
2.500%		11/20/2040- 12/20/2040	#		958,466		986,532
Government National Mortgage Association TBA
5.500%		01/15/2042			400,000		449,000
4.500%		01/15/2042			400,000		435,938
4.000%		01/15/2042			2,000,000		2,145,937
							359,434,851
TOTAL MORTGAGE-RELATED SECURITIES
(Cost $363,611,610)							382,777,345

Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—34.8%
U.S. Treasury Bonds—7.5%
U.S. Treasury Bond
11.250%	02/15/2015	†	$	1,300,000	$	1,734,890
9.875%	11/15/2015	†		2,550,000		3,458,040
9.125%	05/15/2018	†		1,060,000		1,581,637
8.750%	05/15/2017- 08/15/2020			2,910,000		4,380,434
8.500%	02/15/2020	†		1,221,000		1,878,146
8.125%	05/15/2021			1,780,000		2,769,847
8.125%	08/15/2019- 08/15/2021	†		2,660,000		3,987,960
8.000%	11/15/2021			1,320,000		2,063,325
7.625%	11/15/2022- 02/15/2025			1,300,000		2,060,140
7.500%	11/15/2024	†		475,000		758,145
7.250%	05/15/2016- 08/15/2022			2,310,000		3,126,887
7.125%	02/15/2023			723,000		1,093,538
6.875%	08/15/2025			300,000		462,047
6.625%	02/15/2027	†		300,000		461,672
6.500%	11/15/2026			800,000		1,213,875
6.375%	08/15/2027			300,000		454,781
6.250%	05/15/2030			800,000		1,237,375
6.250%	08/15/2023	†		1,700,000		2,433,390
6.125%	11/15/2027- 08/15/2029			1,100,000		1,646,609
6.000%	02/15/2026			565,000		814,394
5.375%	02/15/2031			600,000		855,281
5.250%	11/15/2028- 02/15/2029			1,000,000		1,380,313
5.000%	05/15/2037			710,000		999,104
4.750%	02/15/2037- 02/15/2041			3,200,000		4,396,609
4.625%	02/15/2040			3,100,000		4,181,609
4.500%	02/15/2036- 08/15/2039			4,300,000		5,671,361
4.375%	02/15/2038- 05/15/2041			10,070,000		13,086,440
4.250%	05/15/2039- 11/15/2040			4,900,000		6,243,861
3.875%	08/15/2040			3,000,000		3,596,718
3.750%	08/15/2041			2,500,000		2,940,625
3.500%	02/15/2039			1,800,000		2,025,000
3.125%	11/15/2041			2,000,000		2,095,626
						85,089,679
U.S. Treasury Notes—27.3%
U.S. Treasury Note
5.125%	05/15/2016			1,500,000		1,785,117
4.875%	08/15/2016			1,600,000		1,897,875
4.750%	05/15/2014			1,710,000		1,889,016
4.750%	08/15/2017	†		1,300,000		1,565,485
4.625%	11/15/2016- 02/15/2017			2,260,000		2,672,466
4.500%	11/15/2015- 02/15/2016			2,340,000		2,697,378
4.250%	08/15/2013- 11/15/2017			11,335,000		12,511,279
4.125%	05/15/2015			1,530,000		1,716,588
4.000%	02/15/2014- 08/15/2018			6,050,000		6,757,337

See accompanying notes to financial statements.

254

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
3.875%		02/15/2013- 05/15/2018		$	2,555,000	$	2,852,203
3.750%		11/15/2018	†		2,200,000		2,559,735
3.625%		05/15/2013- 02/15/2021			11,870,000		13,483,408
3.500%		05/31/2013- 05/15/2020			6,835,000		7,793,385
3.375%		06/30/2013- 11/15/2019			7,475,000		8,085,235
3.250%		05/31/2016- 06/30/2016	†		2,400,000		2,664,375
3.250%		07/31/2016- 03/31/2017			5,400,000		6,029,338
3.125%		08/31/2013- 05/15/2021			15,030,000		16,484,462
3.125%		04/30/2013- 10/31/2016	†		2,955,000		3,143,530
3.000%		08/31/2016- 02/28/2017			5,900,000		6,512,595
2.875%		01/31/2013- 03/31/2018			3,100,000		3,235,864
2.750%		02/28/2013- 02/15/2019			11,030,000		11,909,340
2.750%		02/28/2018	†		1,200,000		1,315,876
2.625%		02/29/2016- 01/31/2018	†		2,535,000		2,751,237
2.625%		06/30/2014- 11/15/2020			21,850,000		23,406,577
2.500%		03/31/2013- 06/30/2017			8,900,000		9,452,134
2.375%		08/31/2014- 06/30/2018			12,415,000		13,163,730
2.250%		05/31/2014- 07/31/2018			7,870,000		8,316,202
2.125%		11/30/2014- 08/15/2021			11,600,000		12,110,595
2.000%		11/30/2013- 11/15/2021			9,000,000		9,301,720
1.875%		02/28/2014- 10/31/2017			13,465,000		14,049,457
1.750%		04/15/2013- 10/31/2018			12,000,000		12,390,649
1.500%		12/31/2013- 07/31/2016			5,150,000		5,313,486
1.375%		01/15/2013- 12/31/2018			10,360,000		10,472,258
1.250%		03/15/2014- 10/31/2015			7,050,000		7,212,890
1.250%		08/31/2015- 09/30/2015	†		5,400,000		5,543,033
1.125%		06/15/2013			1,900,000		1,925,310
1.000%		10/31/2016	†		3,000,000		3,029,532
1.000%		07/15/2013- 09/30/2016			5,950,000		6,022,583
0.875%		11/30/2016	†		2,500,000		2,508,007
0.875%		12/31/2016			2,500,000		2,504,882
0.750%		03/31/2013- 06/15/2014			8,600,000		8,675,831
0.625%		01/31/2013- 07/15/2014			5,213,000		5,246,518

Coupon Rate	Maturity Date			Face		Value
0.500%	10/15/2014	†	$	1,800,000	$	1,807,735
0.500%	05/31/2013- 08/15/2014			5,000,000		5,022,422
0.376%	11/15/2014	†		2,500,000		2,501,952
0.375%	06/30/2013- 07/31/2013			3,250,000		3,258,252
0.250%	09/15/2014- 12/15/2014			4,000,000		3,989,062
0.250%	10/31/2013	†		2,200,000		2,200,689
0.249%	11/30/2013	†		1,750,000		1,750,479
0.125%	08/31/2013- 12/31/2013			5,750,000		5,738,467
						309,227,576
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $366,292,530)						394,317,255
GOVERNMENT RELATED OBLIGATIONS—10.4%
U.S. Government Agencies—5.5%
Federal Farm Credit Bank
2.625%	04/17/2014			500,000		524,218
1.125%	02/27/2014			500,000		507,171
0.750%	12/19/2014			750,000		749,603
0.470%	12/19/2013			750,000		749,543
0.350%	03/08/2013			500,000		499,965
Federal Home Loan Bank
5.500%	08/13/2014- 07/15/2036			1,400,000		1,665,938
4.875%	09/08/2017			1,250,000		1,485,078
4.750%	12/16/2016	†		1,000,000		1,176,266
4.000%	01/13/2021			500,000		500,444
3.625%	10/18/2013			900,000		951,607
3.125%	12/13/2013			500,000		524,200
2.875%	06/12/2015			900,000		964,828
1.000%	08/08/2014			500,000		500,233
Federal Home Loan Bank, Series 467
5.250%	06/18/2014			1,000,000		1,113,640
Federal Home Loan Bank, Series 656
5.375%	05/18/2016			900,000		1,068,456
Federal Home Loan Mortgage Corp.
6.250%	07/15/2032			650,000		949,147
6.000%	04/16/2037			600,000		609,049
5.500%	07/18/2016			1,000,000		1,193,731
5.125%	11/17/2017	†		800,000		964,523
5.000%	01/30/2014- 07/15/2014			1,500,000		1,656,142
4.875%	06/13/2018	†		1,000,000		1,206,626
4.500%	01/15/2013- 04/02/2014			1,300,000		1,396,078
4.500%	07/15/2013- 01/15/2015	†		2,200,000		2,358,898
4.375%	07/17/2015	†		1,400,000		1,575,073
4.125%	09/27/2013	†		1,000,000		1,064,658
3.750%	06/28/2013			1,710,000		1,798,368
2.875%	02/09/2015			1,000,000		1,067,252
1.625%	04/15/2013			500,000		508,564
1.000%	08/27/2014	†		500,000		505,196
0.950%	11/10/2014			750,000		751,090
0.800%	09/29/2014			300,000		299,738
0.550%	09/23/2013			750,000		749,401
0.500%	08/23/2013- 10/18/2013			1,500,000		1,498,361

See accompanying notes to financial statements.

255

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Federal Home Loan Mortgage Corp. MTN
5.050%		01/26/2015		$	300,000	$	340,003
Federal National Mortgage Association
7.250%		05/15/2030			400,000		626,548
6.625%		11/15/2030			500,000		742,858
6.250%		05/15/2029			740,000		1,044,888
6.000%		04/18/2036			250,000		290,569
5.375%		04/11/2022			880,000		891,064
5.000%		03/15/2016			900,000		1,049,803
5.000%		05/11/2017	†		650,000		772,455
4.625%		10/15/2013			900,000		968,275
4.375%		03/15/2013- 10/15/2015			1,600,000		1,760,574
3.625%		02/12/2013			900,000		933,602
2.750%		02/05/2014	†		2,000,000		2,092,036
2.750%		03/13/2014			2,000,000		2,096,854
2.625%		11/20/2014			1,000,000		1,058,761
2.375%		07/28/2015			1,000,000		1,055,977
1.750%		05/07/2013			1,000,000		1,019,093
1.500%		09/08/2014			500,000		510,341
1.125%		06/27/2014	†		1,000,000		1,013,597
1.000%		09/20/2013			500,000		500,257
0.850%		09/12/2014			750,000		749,410
0.800%		10/17/2014			750,000		750,917
0.750%		02/26/2013			1,000,000		1,005,871
0.750%		12/18/2013	†		1,000,000		1,004,305
0.600%		03/06/2014			750,000		749,712
0.500%		08/09/2013	†		1,000,000		1,002,759
0.500%		12/27/2013			750,000		750,101
0.000%		06/01/2017			400,000		370,287
Federal National Mortgage Association, Series 1
0.500%		09/06/2013			500,000		500,013
Financing Corp. FICO
8.600%		09/26/2019			500,000		731,787
Financing Corp. FICO, Series E
9.650%		11/02/2018			500,000		747,482
Israel Government AID Bond (Israel)
5.500%		04/26/2024			350,000		450,014
Tennessee Valley Authority
5.250%		09/15/2039			500,000		640,830
Tennessee Valley Authority, Series E
6.250%		12/15/2017			1,200,000		1,528,393
							62,882,521
Non-U.S. Government Agencies—1.0%
Export Development Canada (Canada)
2.250%		05/28/2015			300,000		314,902
1.500%		05/15/2014	†		300,000		306,698
Export-Import Bank of Korea (Korea, Republic of)
5.125%		03/16/2015			500,000		529,381
Japan Finance Corp. (Japan)
2.500%		05/18/2016			400,000		418,710
Korea Development Bank (The) (Korea, Republic of)
8.000%		01/23/2014			500,000		550,398
3.875%		05/04/2017			300,000		296,995
Kreditanstalt fuer Wiederaufbau (Germany)
4.875%		01/17/2017	†		1,000,000		1,166,655
4.500%		07/16/2018	†		500,000		582,121
4.125%		10/15/2014			1,000,000		1,084,380

Coupon Rate	Maturity Date			Face		Value
4.000%	01/27/2020	†	$	300,000	$	339,375
3.250%	03/15/2013			1,050,000		1,081,599
2.625%	03/03/2015			750,000		786,970
1.875%	01/14/2013			200,000		202,516
1.375%	01/13/2014			800,000		807,718
Kreditanstalt fuer Wiederaufbau MTN (Germany)
2.750%	09/08/2020			500,000		518,403
Landwirtschaftliche Rentenbank (Germany)
5.125%	02/01/2017			300,000		350,613
4.125%	07/15/2013			150,000		157,228
Landwirtschaftliche Rentenbank, Series G13 (Germany)
4.875%	11/16/2015			750,000		851,906
Oesterreichische Kontrollbank AG (Austria)
2.000%	06/03/2016			300,000		299,330
Oesterreichische Kontrollbank AG MTN (Austria)
1.750%	03/11/2013			200,000		201,104
Svensk Exportkredit AB (Sweden)
5.125%	03/01/2017			500,000		557,671
						11,404,673
Sovereign Debt—1.2%
Brazilian Government International Bond (Brazil)
11.000%	08/17/2040			260,000		344,500
10.125%	05/15/2027			435,000		722,100
8.875%	04/15/2024			400,000		598,000
7.875%	03/07/2015			455,000		542,587
7.125%	01/20/2037			460,000		637,100
5.875%	01/15/2019			500,000		593,750
Canada Government International Bond (Canada)
2.375%	09/10/2014			500,000		525,408
Chile Government International Bond (Chile)
3.875%	08/05/2020			500,000		543,750
Colombia Government International Bond (Colombia)
11.750%	02/25/2020			200,000		315,000
10.750%	01/15/2013			300,000		329,250
8.125%	05/21/2024			200,000		279,000
7.375%	09/18/2037			200,000		282,500
Hungary Government International Bond (Hungary)
6.250%	01/29/2020			500,000		452,500
Mexico Government International Bond (Mexico)
6.050%	01/11/2040			500,000		613,750
5.875%	02/17/2014			500,000		542,500
Panama Government International Bond (Panama)
7.250%	03/15/2015			300,000		347,250
Peruvian Government International Bond (Peru)
6.550%	03/14/2037			500,000		637,500
Poland Government International Bond (Poland)
5.125%	04/21/2021			300,000		306,000
3.875%	07/16/2015			300,000		306,690
Republic of Finland (Finland)
6.950%	02/15/2026			150,000		218,458
Republic of Italy (Italy)
6.875%	09/27/2023			250,000		243,350
5.375%	06/15/2033			500,000		423,202
4.375%	06/15/2013	†		1,000,000		983,900
Republic of Korea (Korea, Republic of)
5.750%	04/16/2014			500,000		544,702
South Africa Government International Bond (South Africa)
6.875%	05/27/2019			500,000		605,000
State of Israel (Israel)
5.500%	11/09/2016			300,000		345,228
United Mexican States (Mexico)
8.125%	12/30/2019			750,000		1,076,250

See accompanying notes to financial statements.

256

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
United Mexican States MTN (Mexico)
8.300%		08/15/2031		$	200,000	$	300,000
							13,659,225
Supranational—1.2%
Asian Development Bank
2.750%		05/21/2014			100,000		105,106
Asian Development Bank MTN
4.250%		10/20/2014			300,000		329,265
3.625%		09/05/2013	†		800,000		840,160
2.500%		03/15/2016	†		400,000		424,859
Corp. Andina de Fomento
3.750%		01/15/2016			300,000		306,122
European Bank for Reconstruction & Development MTN
2.500%		03/15/2016			500,000		527,332
European Investment Bank
5.125%		09/13/2016- 05/30/2017			1,000,000		1,157,917
4.625%		05/15/2014			500,000		538,693
3.375%		06/12/2013			500,000		515,640
3.000%		04/08/2014			500,000		518,453
2.875%		09/15/2020	†		500,000		501,021
2.125%		07/15/2016			500,000		507,847
1.625%		03/15/2013- 09/01/2015			1,100,000		1,103,778
1.500%		05/15/2014			500,000		502,313
1.250%		02/14/2014	†		500,000		500,071
1.125%		08/15/2014	†		500,000		497,978
Inter-American Development Bank
2.250%		07/15/2015			200,000		209,961
1.625%		07/15/2013			500,000		506,690
1.375%		10/18/2016			300,000		304,408
Inter-American Development Bank MTN
3.875%		02/14/2020	†		400,000		464,874
3.500%		03/15/2013	†		500,000		517,172
International Bank for Reconstruction & Development
2.375%		05/26/2015			200,000		211,172
2.125%		03/15/2016			500,000		525,540
1.750%		07/15/2013			500,000		509,413
1.125%		08/25/2014			500,000		508,470
0.650%		11/29/2013			400,000		400,050
International Finance Corp. MTN
2.125%		11/17/2017			500,000		521,587
Nordic Investment Bank
2.500%		07/15/2015			500,000		527,077
							14,082,969
U.S. Municipal Bonds—1.0%
American Municipal Power-Ohio, Inc. Revenue Bonds (Ohio)
7.499%		02/15/2050			200,000		261,114
Bay Area Toll Authority Revenue Bonds (California)
6.263%		04/01/2049			400,000		522,288
California General Obligation Bonds (California)
7.550%		04/01/2039			500,000		611,860
California State Public Works Board Revenue Bonds, Series 2009 G-2 (California)
8.361%		10/01/2034			400,000		463,340
City of New York General Obligation Bonds (New York)
5.517%		10/01/2037			100,000		113,439

Coupon Rate	Maturity Date		Face		Value
County of Cook Illinois General Obligation Bonds, Series 2010 D (Illinois)
6.229%	11/15/2034	$	200,000	$	222,450
Dallas Area Rapid Transit Revenue Bonds (Texas)
5.022%	12/01/2048		300,000		339,699
Dallas Convention Center Hotel Development Corp. Revenue Bonds (Texas)
7.088%	01/01/2042		200,000		224,780
Dallas County Hospital District General Obligation Bonds, Series 2009 C (Texas)
5.621%	08/15/2044		300,000		368,493
Dallas Independent School District General Obligation Bonds, Series 2010 C (Texas)
6.450%	02/15/2035		300,000		354,135
Government Development Bank for Puerto Rico Revenue Bonds, Series 2011 B (Puerto Rico)
4.704%	05/01/2016		400,000		414,752
3.670%	05/01/2014		400,000		405,236
Illinois General Obligation Bonds (Illinois)
5.100%	06/01/2033		500,000		454,320
Los Angeles Unified School District General Obligation Bonds (California)
5.755%	07/01/2029		200,000		218,010
5.750%	07/01/2034		300,000		331,482
Metropolitan Government of Nashville & Davidson County Authority General Obligation Bonds (Tennessee)
5.707%	07/01/2034		300,000		352,110
Metropolitan Transportation Authority Revenue Bonds (New York)
6.648%	11/15/2039		100,000		121,412
6.548%	11/15/2031		200,000		237,696
Municipal Electric Authority of Georgia Revenue Bonds, Series 2010 J (Georgia)
6.637%	04/01/2057		300,000		312,132
New Jersey Economic Development Authority Revenue Bonds, Series 1997 A (New Jersey)
7.425%	02/15/2029		200,000		243,774
New Jersey State Turnpike Authority Revenue Bonds, Series 2003 B (New Jersey)
4.252%	01/01/2016		25,000		27,349
New Jersey State Turnpike Authority Revenue Bonds, Series 2010 A (New Jersey)
7.102%	01/01/2041		200,000		274,012
New York City Municipal Water Finance Authority Revenue Bonds (New York)
5.724%	06/15/2042		200,000		240,358
New York State Dormitory Authority Revenue Bonds (New York)
5.600%	03/15/2040		200,000		236,602
North Texas Tollway Authority Revenue Bonds, Series 2010 B-2 (Texas)
8.910%	02/01/2030		200,000		225,206
Ohio State University General Obligation Bonds, Series 2010 C (Ohio)
4.910%	06/01/2040		300,000		339,996
Oregon General Obligation Bonds (Oregon)
5.762%	06/01/2023		200,000		238,102
Oregon State Department of Transportation Revenue Bonds, Series 2010 A (Oregon)
5.834%	11/15/2034		300,000		369,207
Port Authority of New York & New Jersey Revenue Bonds (New York)
6.040%	12/01/2029		255,000		309,285
State of California General Obligation Bonds (California)
7.625%	03/01/2040		300,000		369,405

See accompanying notes to financial statements.

257

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
State of Connecticut General Obligation Bonds, Series 2008 A (Connecticut)
5.850%		03/15/2032		$	200,000	$	245,026
State of Georgia General Obligation Bonds, Series 2009 H (Georgia)
4.503%		11/01/2025			300,000		337,344
State of Illinois General Obligation Bonds (Illinois)
4.961%		03/01/2016			300,000		317,157
State of Texas General Obligation Bonds (Texas)
4.681%		04/01/2040			300,000		333,375
University of California Revenue Bonds (California)
6.548%		05/15/2048			300,000		357,252
							10,792,198
Non-U.S. Regional Authority Bonds—0.5%
Hydro Quebec, Series IO (Canada)
8.050%		07/07/2024			250,000		372,596
Ontario Electricity Financial Corp. (Canada)
7.450%		03/31/2013			350,000		377,773
Province of British Columbia (Canada)
2.850%		06/15/2015			200,000		212,066
Province of Manitoba, Series FH (Canada)
4.900%		12/06/2016			500,000		579,517
Province of Nova Scotia (Canada)
2.375%		07/21/2015	†		300,000		312,999
Province of Ontario (Canada)
5.450%		04/27/2016			1,000,000		1,162,322
4.500%		02/03/2015			400,000		439,553
4.400%		04/14/2020	†		200,000		228,281
2.700%		06/16/2015			200,000		209,644
1.375%		01/27/2014			300,000		303,295
Province of Quebec (Canada)
4.600%		05/26/2015			500,000		556,852
2.750%		08/25/2021	†		300,000		300,298
Province of Saskatchewan (Canada)
7.375%		07/15/2013			230,000		252,489
Region of Lombardy (Italy)
5.804%		10/25/2032			100,000		82,816
							5,390,501
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $112,215,940)							118,212,087
ASSET-BACKED SECURITIES—0.3%
Automobile—0.1%
Ally Auto Receivables Trust Series 2010-5, Class A3
1.110%		01/15/2015			750,000		752,839
Credit Card—0.2%
Capital One Multi-Asset Execution Trust Series 2007-A7, Class A7
5.750%		07/15/2020			1,500,000		1,776,100

Coupon Rate	Maturity Date			Face		Value
Other—0.0%
CenterPoint Energy Transition Bond Co. LLC Series 2009-1, Class A2
3.460%	08/15/2019		$	400,000	$	436,641
TOTAL ASSET-BACKED SECURITIES
(Cost $2,869,680)						2,965,580
CERTIFICATES OF DEPOSIT—0.0%
Commercial Banks—0.0%
Royal Bank of Canada
2.250%	03/15/2013
(Cost $515,630)				500,000		507,112
				Shares		Value
MONEY MARKET FUNDS—8.7%
Institutional Money Market Funds—8.7%
Dreyfus Institutional Cash Advantage Fund, 0.06%		††¥		11,100,000		11,100,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%		¥		31,010,798		31,010,797
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%		††¥		12,098,878		12,098,878
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17%		††¥		11,100,000		11,100,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.16%		††¥		11,100,000		11,100,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%		††¥		11,100,000		11,100,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%		††¥		11,100,000		11,100,000
TOTAL MONEY MARKET FUNDS
(Cost $98,609,675)						98,609,675
TOTAL INVESTMENTS—107.7%
(Cost $1,155,707,933)						1,222,061,046
Other assets less liabilities—(7.7%)						(87,820,968	)
NET ASSETS—100.0%					$	1,134,240,078

See accompanying notes to financial statements.

258

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Notes to the Schedule of Investments:

MTN	Medium Term Note
REIT	Real Estate Investment Trust
TBA	Security is subject to delayed delivery.
#	Rate is subject to change. Rate shown reflects current rate.
†	Denotes all or a portion of the security on loan.
^	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. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of illiquid 144A securities was $424,369, which represented 0.0% of Net Assets.
††	Represents reinvestment of collateral received in conjunction with securities lending.
¥	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements.

259

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—98.0%
Aerospace & Defense—2.6%
Boeing Co. (The)		24,371	$	1,787,613
General Dynamics Corp.		11,811		784,369
Goodrich Corp.		4,185		517,685
Honeywell International, Inc.		25,326		1,376,468
L-3 Communications Holdings, Inc.		3,424		228,312
Lockheed Martin Corp.		8,719		705,367
Northrop Grumman Corp.		8,606		503,279
Precision Castparts Corp.		4,725		778,633
Raytheon Co.		11,346		548,919
Rockwell Collins, Inc.		5,022		278,068
Textron, Inc.		9,147		169,128
United Technologies Corp.		29,537		2,158,859
				9,836,700
Air Freight & Logistics—1.0%
C.H. Robinson Worldwide, Inc.		5,367		374,509
Expeditors International of Washington, Inc.		7,127		291,922
FedEx Corp.		10,396		868,170
United Parcel Service, Inc., Class B		31,815		2,328,540
				3,863,141
Airlines—0.1%
Southwest Airlines Co.		25,882		221,550
Auto Components—0.3%
BorgWarner, Inc.	*	3,571		227,616
Goodyear Tire & Rubber Co. (The)	*	7,170		101,599
Johnson Controls, Inc.		21,794		681,280
				1,010,495
Automobiles—0.4%
Ford Motor Co.	*	123,585		1,329,775
Harley-Davidson, Inc.		7,505		291,719
				1,621,494
Beverages—2.6%
Beam, Inc.		5,116		262,093
Brown-Forman Corp., Class B		3,358		270,352
Coca-Cola Co. (The)		74,712		5,227,599
Coca-Cola Enterprises, Inc.		10,815		278,811
Constellation Brands, Inc., Class A	*	5,379		111,184
Dr. Pepper Snapple Group, Inc.	†	7,442		293,810
Molson Coors Brewing Co., Class B		5,028		218,919
PepsiCo, Inc.		51,498		3,416,892
				10,079,660
Biotechnology—1.2%
Amgen, Inc.		25,848		1,659,700
Biogen Idec, Inc.	*	7,862		865,213
Celgene Corp.	*	14,846		1,003,589
Gilead Sciences, Inc.	*	24,691		1,010,603
				4,539,105
Building Products—0.0%
Masco Corp.		10,878		114,001

		Shares		Value
Capital Markets—1.8%
Ameriprise Financial, Inc.		7,688	$	381,632
Bank of New York Mellon Corp. (The)		40,410		804,563
BlackRock, Inc.		3,258		580,706
Charles Schwab Corp. (The)		34,953		393,571
E*Trade Financial Corp.	*	8,183		65,137
Federated Investors, Inc., Class B	†	2,838		42,996
Franklin Resources, Inc.		4,604		442,260
Goldman Sachs Group, Inc. (The)		16,170		1,462,253
Invesco Ltd.		14,822		297,774
Legg Mason, Inc.		4,333		104,208
Morgan Stanley		47,749		722,442
Northern Trust Corp.		7,701		305,422
State Street Corp.		16,251		655,078
T. Rowe Price Group, Inc.		8,601		489,827
				6,747,869
Chemicals—2.2%
Air Products & Chemicals, Inc.		6,874		585,596
Airgas, Inc.		2,441		190,593
CF Industries Holdings, Inc.		2,155		312,432
Dow Chemical Co. (The)		38,147		1,097,108
E.I. Du Pont de Nemours & Co.		30,102		1,378,070
Eastman Chemical Co.		4,432		173,114
Ecolab, Inc.	†	9,769		564,746
FMC Corp.		2,227		191,611
International Flavors & Fragrances, Inc.		2,537		132,989
Monsanto Co.		17,439		1,221,951
Mosaic Co. (The)		9,693		488,818
PPG Industries, Inc.		5,123		427,719
Praxair, Inc.		9,974		1,066,221
Sherwin-Williams Co. (The)		2,752		245,671
Sigma-Aldrich Corp.		3,803		237,535
				8,314,174
Commercial Banks—2.6%
BB&T Corp.		22,869		575,613
Comerica, Inc.		5,923		152,813
Fifth Third Bancorp		29,930		380,710
First Horizon National Corp.		8,525		68,200
Huntington Bancshares, Inc./Ohio		27,946		153,424
KeyCorp		31,081		239,013
M&T Bank Corp.		4,107		313,528
PNC Financial Services Group, Inc.		17,070		984,427
Regions Financial Corp.		40,205		172,882
SunTrust Banks, Inc.		17,569		310,971
U.S. Bancorp	†	62,561		1,692,275
Wells Fargo & Co.		172,965		4,766,915
Zions Bancorporation		5,936		96,638
				9,907,409
Commercial Services & Supplies—0.4%
Avery Dennison Corp.		3,386		97,110
Cintas Corp.		3,833		133,427
Iron Mountain, Inc.	†	6,512		200,570
Pitney Bowes, Inc.	†	7,101		131,653
R.R. Donnelley & Sons Co.	†	5,629		81,226
Republic Services, Inc.		10,271		282,966
Stericycle, Inc.	*	2,698		210,228
Waste Management, Inc.		15,135		495,066
				1,632,246

See accompanying notes to financial statements.

260

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Communications Equipment—2.1%
Cisco Systems, Inc.		176,482	$	3,190,795
F5 Networks, Inc.	*	2,505		265,831
Harris Corp.	†	4,085		147,223
JDS Uniphase Corp.	*	7,658		79,949
Juniper Networks, Inc.	*	17,428		355,705
Motorola Mobility Holdings, Inc.	*	8,587		333,176
Motorola Solutions, Inc.		9,424		436,237
QUALCOMM, Inc.		55,126		3,015,392
				7,824,308
Computers & Peripherals—4.5%
Apple, Inc.	*	30,489		12,348,045
Dell, Inc.	*	50,762		742,648
EMC Corp.	*	67,075		1,444,795
Hewlett-Packard Co.		65,260		1,681,098
Lexmark International, Inc., Class A		2,870		94,911
NetApp, Inc.	*	11,768		426,825
SanDisk Corp.	*	7,717		379,754
Western Digital Corp.	*	7,676		237,572
				17,355,648
Construction & Engineering—0.2%
Fluor Corp.		5,633		283,058
Jacobs Engineering Group, Inc.	*	3,849		156,192
Quanta Services, Inc.	*	6,807		146,623
				585,873
Construction Materials—0.0%
Vulcan Materials Co.	†	4,015		157,990
Consumer Finance—0.7%
American Express Co.		33,181		1,565,148
Capital One Financial Corp.		14,787		625,342
Discover Financial Services		17,334		416,016
SLM Corp.		17,168		230,051
				2,836,557
Containers & Packaging—0.1%
Ball Corp.		5,788		206,690
Bemis Co., Inc.		3,365		101,219
Owens-Illinois, Inc.	*	5,235		101,454
Sealed Air Corp.		5,101		87,788
				497,151
Distributors—0.1%
Genuine Parts Co.		4,973		304,348
Diversified Consumer Services—0.1%
Apollo Group, Inc., Class A	*	4,113		221,567
DeVry, Inc.		2,111		81,189
H&R Block, Inc.		10,479		171,122
				473,878
Diversified Financial Services—2.6%
Bank of America Corp.		329,786		1,833,610
Citigroup, Inc.		95,858		2,522,024
CME Group, Inc.		2,188		533,150
IntercontinentalExchange, Inc.	*	2,472		298,000
JPMorgan Chase & Co.		124,727		4,147,173
Leucadia National Corp.		6,542		148,765

		Shares		Value
Moody’s Corp.	†	6,750	$	227,340
NASDAQ OMX Group, Inc. (The)	*	4,218		103,383
NYSE Euronext		8,746		228,270
				10,041,715
Diversified Telecommunication Services—2.8%
AT&T, Inc.		194,369		5,877,719
CenturyLink, Inc.		20,032		745,190
Frontier Communications Corp.	†	32,749		168,657
Verizon Communications, Inc.		92,849		3,725,102
Windstream Corp.	†	18,999		223,048
				10,739,716
Electric Utilities—2.0%
American Electric Power Co., Inc.		15,506		640,553
Duke Energy Corp.		43,619		959,618
Edison International		10,394		430,312
Entergy Corp.		5,918		432,310
Exelon Corp.		21,434		929,593
FirstEnergy Corp.		13,644		604,429
NextEra Energy, Inc.		13,746		836,856
Northeast Utilities		5,907		213,065
Pepco Holdings, Inc.		7,419		150,606
Pinnacle West Capital Corp.		3,328		160,343
PPL Corp.		18,447		542,711
Progress Energy, Inc.		9,523		533,478
Southern Co.		28,246		1,307,507
				7,741,381
Electrical Equipment—0.5%
Cooper Industries plc		5,371		290,840
Emerson Electric Co.		24,162		1,125,708
Rockwell Automation, Inc.		4,779		350,635
Roper Industries, Inc.		3,106		269,818
				2,037,001
Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp., Class A		5,737		260,402
Corning, Inc.		50,629		657,164
FLIR Systems, Inc.		5,021		125,877
Jabil Circuit, Inc.		6,753		132,764
Molex, Inc.		3,928		93,722
TE Connectivity Ltd. (Switzerland)		14,100		434,421
				1,704,350
Energy Equipment & Services—1.9%
Baker Hughes, Inc.		14,181		689,764
Cameron International Corp.	*	8,159		401,341
Diamond Offshore Drilling, Inc.	†	2,210		122,125
FMC Technologies, Inc.	*†	7,656		399,873
Halliburton Co.		29,836		1,029,640
Helmerich & Payne, Inc.		3,364		196,323
Nabors Industries Ltd. (Bermuda)	*	9,642		167,192
National Oilwell Varco, Inc.		13,863		942,545
Noble Corp. (Switzerland)	*	8,339		252,005
Rowan Cos., Inc.	*	4,110		124,656
Schlumberger Ltd.		43,851		2,995,462
				7,320,926

See accompanying notes to financial statements.

261

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Food & Staples Retailing—2.4%
Costco Wholesale Corp.		14,305	$	1,191,893
CVS Caremark Corp.		42,755		1,743,549
Kroger Co. (The)		19,656		476,068
Safeway, Inc.	†	11,416		240,193
SUPERVALU, Inc.	†	7,553		61,330
Sysco Corp.		18,930		555,217
Walgreen Co.		29,208		965,616
Wal-Mart Stores, Inc.		57,561		3,439,845
Whole Foods Market, Inc.		5,117		356,041
				9,029,752
Food Products—1.9%
Archer-Daniels-Midland Co.		22,275		637,065
Campbell Soup Co.	†	6,126		203,628
ConAgra Foods, Inc.		13,490		356,136
Dean Foods Co.	*	6,452		72,262
General Mills, Inc.		20,967		847,276
H.J. Heinz Co.		10,469		565,745
Hershey Co. (The)		5,061		312,669
Hormel Foods Corp.	†	4,650		136,198
J.M. Smucker Co. (The)		3,807		297,593
Kellogg Co.	†	8,189		414,118
Kraft Foods, Inc., Class A		57,941		2,164,676
McCormick & Co., Inc.		4,418		222,756
Mead Johnson Nutrition Co.		6,505		447,089
Sara Lee Corp.		19,315		365,440
Tyson Foods, Inc., Class A		10,014		206,689
				7,249,340
Gas Utilities—0.1%
AGL Resources, Inc.		3,798		160,504
ONEOK, Inc.		3,325		288,244
				448,748
Health Care Equipment & Supplies—1.7%
Baxter International, Inc.		18,326		906,770
Becton Dickinson and Co.		6,981		521,620
Boston Scientific Corp.	*	48,118		256,950
C.R. Bard, Inc.		2,796		239,058
CareFusion Corp.	*	7,217		183,384
Covidien plc (Ireland)		15,852		713,499
DENTSPLY International, Inc.		4,513		157,910
Edwards Lifesciences Corp.	*	3,751		265,196
Intuitive Surgical, Inc.	*	1,297		600,524
Medtronic, Inc.		34,394		1,315,571
St. Jude Medical, Inc.		10,668		365,912
Stryker Corp.	†	11,023		547,953
Varian Medical Systems, Inc.	*	3,908		262,344
Zimmer Holdings, Inc.	*	6,212		331,845
				6,668,536
Health Care Providers & Services—2.1%
Aetna, Inc.		11,917		502,778
AmerisourceBergen Corp.		8,861		329,541
Cardinal Health, Inc.		11,476		466,040
CIGNA Corp.		9,336		392,112
Coventry Health Care, Inc.	*	4,426		134,418
DaVita, Inc.	*	3,186		241,531
Express Scripts, Inc.	*	15,813		706,683
Humana, Inc.		5,453		477,737
Laboratory Corp. of America Holdings	*	3,235		278,113

		Shares		Value
McKesson Corp.		8,268	$	644,160
Medco Health Solutions, Inc.	*	12,812		716,191
Patterson Cos., Inc.		2,852		84,191
Quest Diagnostics, Inc.		4,972		288,674
Tenet Healthcare Corp.	*	14,819		76,021
UnitedHealth Group, Inc.		35,275		1,787,737
WellPoint, Inc.		11,439		757,834
				7,883,761
Health Care Technology—0.1%
Cerner Corp.	*	4,670		286,038
Hotels, Restaurants & Leisure—2.0%
Carnival Corp.		14,998		489,535
Chipotle Mexican Grill, Inc.	*	1,014		342,468
Darden Restaurants, Inc.		4,663		212,540
International Game Technology		9,205		158,326
Marriott International, Inc., Class A		9,303		271,369
McDonald’s Corp.		33,504		3,361,456
Starbucks Corp.		24,135		1,110,451
Starwood Hotels & Resorts Worldwide, Inc.	†	6,332		303,746
Wyndham Worldwide Corp.		5,452		206,249
Wynn Resorts Ltd.		2,595		286,722
Yum! Brands, Inc.		15,149		893,942
				7,636,804
Household Durables—0.2%
D.R. Horton, Inc.		7,975		100,565
Harman International Industries, Inc.		2,000		76,080
Leggett & Platt, Inc.	†	4,242		97,736
Lennar Corp., Class A	†	5,349		105,108
Newell Rubbermaid, Inc.		9,337		150,792
PulteGroup, Inc.	*	11,419		72,054
Whirlpool Corp.		2,518		119,479
				721,814
Household Products—2.3%
Clorox Co. (The)		4,303		286,408
Colgate-Palmolive Co.		15,733		1,453,572
Kimberly-Clark Corp.		12,920		950,395
Procter & Gamble Co. (The)		90,243		6,020,110
				8,710,485
Independent Power Producers & Energy Traders—0.2%
AES Corp. (The)	*	21,242		251,505
Constellation Energy Group, Inc.		6,423		254,801
NRG Energy, Inc.	*	8,174		148,113
				654,419
Industrial Conglomerates—2.5%
3M Co.		22,915		1,872,843
Danaher Corp.		18,490		869,770
General Electric Co.		346,316		6,202,519
Tyco International Ltd. (Switzerland)		15,000		700,650
				9,645,782
Insurance—3.5%
ACE Ltd. (Switzerland)		11,000		771,320
Aflac, Inc.		15,227		658,720
Allstate Corp. (The)		16,951		464,627

See accompanying notes to financial statements.

262

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
American International Group, Inc.	*	14,242	$	330,414
Aon Corp.		10,696		500,573
Assurant, Inc.		3,058		125,561
Berkshire Hathaway, Inc., Class B	*	57,658		4,399,305
Chubb Corp. (The)		9,141		632,740
Cincinnati Financial Corp.		5,643		171,886
Genworth Financial, Inc., Class A	*	16,334		106,988
Hartford Financial Services Group, Inc.		14,732		239,395
Lincoln National Corp.		10,294		199,909
Loews Corp.		9,849		370,815
Marsh & McLennan Cos., Inc.		17,937		567,168
MetLife, Inc.		34,354		1,071,158
Principal Financial Group, Inc.		10,148		249,641
Progressive Corp. (The)		20,305		396,151
Prudential Financial, Inc.		15,793		791,545
Torchmark Corp.		3,646		158,200
Travelers Cos., Inc. (The)		13,607		805,126
Unum Group		10,175		214,387
XL Group plc (Ireland)		10,640		210,353
				13,435,982
Internet & Catalog Retail—0.8%
Amazon.com, Inc.	*	11,930		2,065,083
Expedia, Inc.	†	3,271		94,910
Netflix, Inc.	*†	1,696		117,516
priceline.com, Inc.	*	1,626		760,497
TripAdvisor, Inc.	*†	3,271		82,449
				3,120,455
Internet Software & Services—2.0%
Akamai Technologies, Inc.	*	5,766		186,126
eBay, Inc.	*	37,648		1,141,864
Google, Inc., Class A	*	8,286		5,351,927
VeriSign, Inc.		5,701		203,640
Yahoo! Inc.	*	40,774		657,685
				7,541,242
IT Services—3.8%
Accenture plc, Class A (Ireland)		21,228		1,129,967
Automatic Data Processing, Inc.		16,299		880,309
Cognizant Technology Solutions Corp., Class A	*	9,934		638,856
Computer Sciences Corp.		5,168		122,482
Fidelity National Information Services, Inc.		8,254		219,474
Fiserv, Inc.	*	4,834		283,949
International Business Machines Corp.		38,680		7,112,478
Mastercard, Inc., Class A		3,454		1,287,720
Paychex, Inc.		10,243		308,417
SAIC, Inc.	*	9,268		113,904
Teradata Corp.	*	5,336		258,849
Total System Services, Inc.		5,490		107,384
Visa, Inc., Class A		16,591		1,684,484
Western Union Co. (The)		20,457		373,545
				14,521,818

		Shares		Value
Leisure Equipment & Products—0.1%
Hasbro, Inc.		4,244	$	135,341
Mattel, Inc.		11,220		311,467
				446,808
Life Sciences Tools & Services—0.4%
Agilent Technologies, Inc.	*	11,545		403,267
Life Technologies Corp.	*	5,603		218,013
PerkinElmer, Inc.		4,019		80,380
Thermo Fisher Scientific, Inc.	*	12,450		559,876
Waters Corp.	*	2,974		220,225
				1,481,761
Machinery—2.0%
Caterpillar, Inc.		21,020		1,904,412
Cummins, Inc.		6,431		566,057
Deere & Co.		13,485		1,043,065
Dover Corp.		5,924		343,888
Eaton Corp.		11,110		483,618
Flowserve Corp.		1,878		186,523
Illinois Tool Works, Inc.		16,235		758,337
Ingersoll-Rand plc (Ireland)		10,300		313,841
Joy Global, Inc.		3,366		252,349
PACCAR, Inc.		11,811		442,558
Pall Corp.		3,958		226,200
Parker Hannifin Corp.		4,975		379,344
Snap-On, Inc.		1,846		93,445
Stanley Black & Decker, Inc.		5,362		362,471
Xylem, Inc.		5,979		153,600
				7,509,708
Media—3.1%
Cablevision Systems Corp., Class A		7,437		105,754
CBS Corp., Class B		21,597		586,143
Comcast Corp., Class A		90,092		2,136,081
DIRECTV, Class A	*	23,190		991,604
Discovery Communications, Inc., Class A	*	9,025		369,754
Gannett Co., Inc.		7,093		94,833
Interpublic Group of Cos., Inc. (The)		16,092		156,575
McGraw-Hill Cos., Inc. (The)		10,038		451,409
News Corp., Class A		72,056		1,285,479
Omnicom Group, Inc.		9,317		415,352
Scripps Networks Interactive, Inc., Class A	†	3,006		127,514
Time Warner Cable, Inc.		10,624		675,368
Time Warner, Inc.		32,892		1,188,717
Viacom, Inc., Class B		18,160		824,646
Walt Disney Co. (The)		58,994		2,212,275
Washington Post Co. (The), Class B	†	160		60,290
				11,681,794
Metals & Mining—0.9%
Alcoa, Inc.	†	33,865		292,932
Allegheny Technologies, Inc.		3,302		157,836
Cliffs Natural Resources, Inc.		4,728		294,791
Freeport-McMoRan Copper & Gold, Inc.		30,774		1,132,175
Newmont Mining Corp.		15,946		956,919
Nucor Corp.		10,440		413,111
Titanium Metals Corp.		2,725		40,821

See accompanying notes to financial statements.

263

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
United States Steel Corp.	†	4,478	$	118,488
				3,407,073
Multiline Retail—0.8%
Big Lots, Inc.	*	2,176		82,166
Dollar Tree, Inc.	*	3,883		322,716
Family Dollar Stores, Inc.		3,929		226,546
J.C. Penney Co., Inc.	†	4,844		170,267
Kohl’s Corp.		8,351		412,122
Macy’s, Inc.		14,108		453,995
Nordstrom, Inc.		5,299		263,413
Sears Holdings Corp.	*†	1,559		49,545
Target Corp.		22,017		1,127,711
				3,108,481
Multi-Utilities—1.4%
Ameren Corp.		8,026		265,901
CenterPoint Energy, Inc.		13,038		261,933
CMS Energy Corp.		7,916		174,785
Consolidated Edison, Inc.		9,344		579,608
Dominion Resources, Inc.		18,473		980,547
DTE Energy Co.		5,638		306,989
Integrys Energy Group, Inc.		2,588		140,218
NiSource, Inc.		8,838		210,433
PG&E Corp.		13,286		547,649
Public Service Enterprise Group, Inc.		16,379		540,671
SCANA Corp.		3,814		171,859
Sempra Energy		7,749		426,195
TECO Energy, Inc.		7,055		135,033
Wisconsin Energy Corp.		7,552		264,018
Xcel Energy, Inc.		15,732		434,833
				5,440,672
Office Electronics—0.1%
Xerox Corp.		45,690		363,692
Oil, Gas & Consumable Fuels—10.1%
Alpha Natural Resources, Inc.	*	7,415		151,488
Anadarko Petroleum Corp.		16,322		1,245,858
Apache Corp.		12,440		1,126,815
Cabot Oil & Gas Corp.		3,271		248,269
Chesapeake Energy Corp.		21,536		480,037
Chevron Corp.		65,324		6,950,474
ConocoPhillips		43,589		3,176,330
CONSOL Energy, Inc.		7,547		276,975
Denbury Resources, Inc.	*	12,602		190,290
Devon Energy Corp.		13,277		823,174
El Paso Corp.		25,157		668,421
EOG Resources, Inc.		8,755		862,455
EQT Corp.		4,886		267,704
Exxon Mobil Corp.		157,288		13,331,731
Hess Corp.		9,907		562,718
Marathon Oil Corp.		23,004		673,327
Marathon Petroleum Corp.		11,502		382,902
Murphy Oil Corp.		6,084		339,122
Newfield Exploration Co.	*	4,380		165,257
Noble Energy, Inc.		5,791		546,613
Occidental Petroleum Corp.		26,615		2,493,826
Peabody Energy Corp.		8,830		292,361
Pioneer Natural Resources Co.		3,881		347,272
QEP Resources, Inc.		5,856		171,581
Range Resources Corp.		5,342		330,883

		Shares		Value
Southwestern Energy Co.	*	11,457	$	365,937
Spectra Energy Corp.		21,457		659,803
Sunoco, Inc.		3,836		157,353
Tesoro Corp.	*†	4,285		100,098
Valero Energy Corp.		18,867		397,150
Williams Cos., Inc. (The)		19,364		639,399
				38,425,623
Paper & Forest Products—0.2%
International Paper Co.		14,482		428,667
MeadWestvaco Corp.		5,178		155,081
				583,748
Personal Products—0.2%
Avon Products, Inc.		13,632		238,151
Estee Lauder Cos., Inc. (The), Class A		3,737		419,740
				657,891
Pharmaceuticals—6.2%
Abbott Laboratories		51,088		2,872,678
Allergan, Inc.		9,964		874,241
Bristol-Myers Squibb Co.		55,565		1,958,111
Eli Lilly & Co.		33,106		1,375,885
Forest Laboratories, Inc.	*	9,192		278,150
Hospira, Inc.	*	5,541		168,280
Johnson & Johnson		89,578		5,874,525
Merck & Co., Inc.		100,265		3,779,991
Mylan, Inc.	*	14,173		304,153
Perrigo Co.		3,039		295,695
Pfizer, Inc.		252,295		5,459,664
Watson Pharmaceuticals, Inc.	*	4,062		245,101
				23,486,474
Professional Services—0.1%
Dun & Bradstreet Corp. (The)		1,587		118,755
Equifax, Inc.		3,923		151,977
Robert Half International, Inc.		4,441		126,391
				397,123
Real Estate Investment Trusts (REITs)—1.8%
Apartment Investment & Management Co., Class A REIT		3,454		79,131
AvalonBay Communities, Inc. REIT		3,047		397,938
Boston Properties, Inc. REIT		4,834		481,466
Equity Residential REIT		9,714		553,990
HCP, Inc. REIT		13,264		549,528
Health Care REIT, Inc. REIT		6,193		337,704
Host Hotels & Resorts, Inc. REIT		22,178		327,569
Kimco Realty Corp. REIT		13,174		213,946
Plum Creek Timber Co., Inc. REIT	†	5,220		190,843
ProLogis, Inc. REIT		14,890		425,705
Public Storage REIT		4,650		625,239
Simon Property Group, Inc. REIT		9,628		1,241,434
Ventas, Inc. REIT		9,422		519,435
Vornado Realty Trust REIT		5,966		458,547
Weyerhaeuser Co. REIT		17,506		326,837
				6,729,312

See accompanying notes to financial statements.

264

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Real Estate Management & Development—0.0%
CBRE Group, Inc.	*	10,514	$	160,023
Road & Rail—0.9%
CSX Corp.		34,519		726,970
Norfolk Southern Corp.		11,044		804,666
Ryder System, Inc.		1,762		93,633
Union Pacific Corp.		15,967		1,691,544
				3,316,813
Semiconductors & Semiconductor Equipment—2.3%
Advanced Micro Devices, Inc.	*	17,355		93,717
Altera Corp.		10,550		391,405
Analog Devices, Inc.		9,959		356,333
Applied Materials, Inc.		42,743		457,778
Broadcom Corp., Class A	*	15,511		455,403
First Solar, Inc.	*†	1,746		58,945
Intel Corp.		167,145		4,053,266
KLA-Tencor Corp.		5,322		256,787
Linear Technology Corp.		7,535		226,276
LSI Corp.	*†	19,354		115,156
Microchip Technology, Inc.	†	5,876		215,238
Micron Technology, Inc.	*	32,473		204,255
Novellus Systems, Inc.	*	2,335		96,412
NVIDIA Corp.	*	19,212		266,278
Teradyne, Inc.	*	6,358		86,660
Texas Instruments, Inc.		37,321		1,086,414
Xilinx, Inc.		8,358		267,957
				8,688,280
Software—3.4%
Adobe Systems, Inc.	*	16,632		470,187
Autodesk, Inc.	*	7,352		222,986
BMC Software, Inc.	*	5,758		188,747
CA, Inc.		12,683		256,387
Citrix Systems, Inc.	*	5,998		364,199
Electronic Arts, Inc.	*	10,885		224,231
Intuit, Inc.		9,845		517,749
Microsoft Corp.		245,573		6,375,075
Oracle Corp.		129,070		3,310,646
Red Hat, Inc.	*	6,356		262,439
Salesforce.com, Inc.	*	4,388		445,206
Symantec Corp.	*	24,479		383,096
				13,020,948
Specialty Retail—2.0%
Abercrombie & Fitch Co., Class A		2,804		136,947
AutoNation, Inc.	*†	1,994		73,519
AutoZone, Inc.	*	940		305,472
Bed Bath & Beyond, Inc.	*	7,920		459,122
Best Buy Co., Inc.	†	9,936		232,204
CarMax, Inc.	*	7,221		220,096
GameStop Corp., Class A	*†	4,873		117,586
Gap, Inc. (The)		11,424		211,915
Home Depot, Inc. (The)		50,616		2,127,897
Limited Brands, Inc.		8,319		335,672
Lowe’s Cos., Inc.		41,776		1,060,275
Orchard Supply Hardware Stores Corp., Class A	*‡	70		1
O’Reilly Automotive, Inc.	*	4,231		338,268
Ross Stores, Inc.		7,548		358,756

				Shares		Value
Staples, Inc.				22,563	$	313,400
Tiffany & Co.				4,254		281,870
TJX Cos., Inc.				12,536		809,199
Urban Outfitters, Inc.		*		4,083		112,528
						7,494,727
Textiles, Apparel & Luxury Goods—0.6%
Coach, Inc.				9,376		572,311
NIKE, Inc., Class B				12,337		1,188,917
Ralph Lauren Corp.		†		2,129		293,972
V.F. Corp.				2,834		359,890
						2,415,090
Thrifts & Mortgage Finance—0.1%
Hudson City Bancorp, Inc.				15,948		99,675
People’s United Financial, Inc.				12,543		161,178
						260,853
Tobacco—2.0%
Altria Group, Inc.				67,986		2,015,785
Lorillard, Inc.				4,441		506,274
Philip Morris International, Inc.				57,205		4,489,448
Reynolds American, Inc.				10,768		446,011
						7,457,518
Trading Companies & Distributors—0.2%
Fastenal Co.		†		9,572		417,435
W.W. Grainger, Inc.				1,952		365,395
						782,830
Wireless Telecommunication Services—0.3%
American Tower Corp., Class A				13,071		784,391
MetroPCS Communications, Inc.		*		8,843		76,757
Sprint Nextel Corp.		*		98,731		231,031
						1,092,179
TOTAL COMMON STOCKS
(Cost $259,982,312)						373,473,083
CONVERTIBLE PREFERRED STOCKS—0.0%
Specialty Retail—0.0%
Orchard Supply Hardware Stores Corp., Perpetual, Series A 0.000%
(Cost $—)		*‡		70		1
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.018%	05/24/2012	‡‡	$	20,000		19,997
0.014%	03/22/2012	‡‡		505,000		504,984
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $524,983)						524,981

See accompanying notes to financial statements.

265

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint 500 Stock Index Fund		Shares		Value
MONEY MARKET FUNDS—3.8%
Institutional Money Market Funds—3.8%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥	1,500,000	$	1,500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	¥	6,392,070		6,392,070
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%	††¥	519,745		519,745
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17%	††¥	1,500,000		1,500,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.16%	††¥	1,700,000		1,700,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††¥	1,500,000		1,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	1,500,000		1,500,000
TOTAL MONEY MARKET FUNDS
(Cost $14,611,815)				14,611,815
TOTAL INVESTMENTS—101.9%
(Cost $275,119,110)				388,609,880
Other assets less liabilities—(1.9%)				(7,340,425	)
NET ASSETS—100.0%			$	381,269,455

Notes to the Schedule of Investments:

REIT	Real Estate Investment Trust
*	Non-income producing.
†	Denotes all or a portion of the security on loan.
‡	Security valued at fair value as determined by policies approved by the Board of Directors.
‡‡	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.
¥	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements.

266

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—97.2%
Aerospace & Defense—2.2%
AAR Corp.		1,489	$	28,544
Alliant Techsystems, Inc.		1,550		88,598
American Science & Engineering, Inc.		435		29,628
BE Aerospace, Inc.	*	2,393		92,633
Boeing Co. (The)		22,743		1,668,199
Ceradyne, Inc.	*	1,867		49,998
Cubic Corp.		476		20,749
Curtiss-Wright Corp.		2,112		74,617
Esterline Technologies Corp.	*	1,049		58,713
Exelis, Inc.		4,977		45,042
GenCorp, Inc.	*†	1,629		8,666
General Dynamics Corp.		12,337		819,300
Goodrich Corp.		4,882		603,903
HEICO Corp., Class A		1,371		53,949
Hexcel Corp.	*	4,757		115,167
Honeywell International, Inc.		26,085		1,417,720
Huntington Ingalls Industries, Inc.	*	1,577		49,329
Kratos Defense & Security Solutions, Inc.	*†	832		4,967
L-3 Communications Holdings, Inc.		3,737		249,183
Lockheed Martin Corp.		9,671		782,384
Moog, Inc., Class A	*	1,446		63,523
National Presto Industries, Inc.	†	535		50,076
Northrop Grumman Corp.		7,805		456,436
Orbital Sciences Corp.	*	2,123		30,847
Precision Castparts Corp.		5,136		846,362
Raytheon Co.		10,521		509,006
Rockwell Collins, Inc.		6,041		334,490
Spirit Aerosystems Holdings, Inc., Class A	*	2,103		43,700
Taser International, Inc.	*†	2,292		11,735
Teledyne Technologies, Inc.	*	1,228		67,356
Textron, Inc.		8,214		151,877
Triumph Group, Inc.		1,644		96,092
United Technologies Corp.		29,160		2,131,304
				11,054,093
Air Freight & Logistics—0.7%
Air T, Inc.		1,352		11,479
Atlas Air Worldwide Holdings, Inc.	*	600		23,058
C.H. Robinson Worldwide, Inc.		6,357		443,591
Expeditors International of Washington, Inc.		8,772		359,301
FedEx Corp.		8,008		668,748
Forward Air Corp.		1,431		45,864
HUB Group, Inc., Class A	*	2,400		77,832
Pacer International, Inc.	*	1,664		8,902
United Parcel Service, Inc., Class B		26,935		1,971,373
UTi Worldwide, Inc. (Virgin Islands, British)		2,208		29,344
				3,639,492
Airlines—0.2%
Alaska Air Group, Inc.	*	1,343		100,846
Delta Air Lines, Inc.	*	25,505		206,336
JetBlue Airways Corp.	*†	6,414		33,353

		Shares		Value
SkyWest, Inc.		2,390	$	30,090
Southwest Airlines Co.		18,586		159,096
United Continental Holdings, Inc.	*	12,259		231,327
US Airways Group, Inc.	*†	8,660		43,906
				804,954
Auto Components—0.4%
American Axle & Manufacturing Holdings, Inc.	*	2,113		20,897
Amerigon, Inc.	*	2,107		30,046
Autoliv, Inc. (Sweden)	†	915		48,943
BorgWarner, Inc.	*	4,109		261,908
Cooper Tire & Rubber Co.		3,066		42,955
Dana Holding Corp.	*	9,980		121,257
Fuel Systems Solutions, Inc.	*	769		12,681
Gentex Corp.	†	6,594		195,116
Goodyear Tire & Rubber Co. (The)	*	7,281		103,172
Johnson Controls, Inc.		21,627		676,060
Lear Corp.		2,719		108,216
Modine Manufacturing Co.	*	1,208		11,428
Quantum Fuel Systems Technologies Worldwide, Inc.	*	141		103
Shiloh Industries, Inc.	*	1,441		12,075
Strattec Security Corp.		123		2,454
Superior Industries International, Inc.		1,102		18,227
Tenneco, Inc.	*	1,600		47,648
TRW Automotive Holdings Corp.	*	3,548		115,665
				1,828,851
Automobiles—0.4%
Ford Motor Co.	*	132,145		1,421,880
General Motors Co.	*	26,868		544,614
Harley-Davidson, Inc.		5,597		217,556
Thor Industries, Inc.		1,221		33,492
Winnebago Industries, Inc.	*†	1,432		10,568
				2,228,110
Beverages—2.2%
Beam, Inc.		3,861		197,799
Brown-Forman Corp., Class B		3,385		272,527
Central European Distribution Corp. (Poland)	*†	9,797		42,862
Coca-Cola Bottling Co. Consolidated	†	437		25,586
Coca-Cola Co. (The)		79,772		5,581,647
Coca-Cola Enterprises, Inc.		13,572		349,886
Constellation Brands, Inc., Class A	*	8,096		167,344
Dr. Pepper Snapple Group, Inc.		7,323		289,112
Hansen Natural Corp.	*	2,680		246,935
Molson Coors Brewing Co., Class B		3,486		151,781
PepsiCo, Inc.		59,809		3,968,327
				11,293,806
Biotechnology—1.6%
Aastrom Biosciences, Inc.	*†	411		748
Acorda Therapeutics, Inc.	*	674		16,068

See accompanying notes to financial statements.

267

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Agenus, Inc.	*	284	$	568
Alexion Pharmaceuticals, Inc.	*	4,700		336,050
Alkermes plc (Ireland)	*	3,579		62,131
Allos Therapeutics, Inc.	*	3,978		5,649
Alnylam Pharmaceuticals, Inc.	*	2,390		19,479
AMAG Pharmaceuticals, Inc.	*	834		15,771
Amgen, Inc.		33,581		2,156,236
Amylin Pharmaceuticals, Inc.	*	4,036		45,930
ARCA Biopharma, Inc.	*	57		56
Arena Pharmaceuticals, Inc.	*†	1,439		2,691
Ariad Pharmaceuticals, Inc.	*	5,175		63,394
Arqule, Inc.	*	864		4,873
Array Biopharma, Inc.	*	4,333		9,359
Astex Pharmaceuticals	*	1,338		2,529
AVI BioPharma, Inc.	*†	2,400		1,788
Avigen, Inc. (Escrow Shares)	*‡d	1,009		—
Biogen Idec, Inc.	*	6,544		720,167
BioMarin Pharmaceutical, Inc.	*	3,587		123,321
Biosante Pharmaceuticals, Inc.	*	300		151
Celgene Corp.	*	19,373		1,309,615
Cell Therapeutics, Inc.	*†	15,172		17,600
Celldex Therapeutics, Inc.	*	429		1,115
Cepheid, Inc.	*†	4,930		169,641
Codexis, Inc.	*	230		1,219
Cubist Pharmaceuticals, Inc.	*†	1,762		69,810
CytRx Corp.	*	4,200		1,139
Dendreon Corp.	*†	4,737		36,001
Discovery Laboratories, Inc.	*†	171		289
Emergent Biosolutions, Inc.	*	1,319		22,212
Entremed, Inc.	*	126		123
Enzon Pharmaceuticals, Inc.	*†	1,765		11,826
Exact Sciences Corp.	*	1,250		10,150
Exelixis, Inc.	*†	2,695		12,761
Galena Biopharma, Inc.	*†	209		98
Genomic Health, Inc.	*	1,284		32,601
Geron Corp.	*†	4,719		6,984
Gilead Sciences, Inc.	*	29,798		1,219,632
GTx, Inc.	*	200		672
Halozyme Therapeutics, Inc.	*	6,362		60,503
Hemispherx Biopharma, Inc.	*†	920		179
Human Genome Sciences, Inc.	*†	5,938		43,882
Immunogen, Inc.	*†	1,323		15,320
Immunomedics, Inc.	*†	2,141		7,130
Incyte Corp. Ltd.	*†	3,102		46,561
InterMune, Inc.	*	1,586		19,984
Isis Pharmaceuticals, Inc.	*†	2,216		15,977
Keryx Biopharmaceuticals, Inc.	*†	5,221		13,209
Lexicon Pharmaceuticals, Inc.	*†	2,343		3,022
Ligand Pharmaceuticals, Inc., Class B	*	815		9,674
MannKind Corp.	*†	4,492		11,230
Marina Biotech, Inc.	*	38		33
Maxygen, Inc.	*	1,231		6,931
MediciNova, Inc.	*	91		157
Medivation, Inc.	*†	1,731		79,816
Momenta Pharmaceuticals, Inc.	*	2,618		45,527
Myrexis, Inc.	*	1,031		2,763
Myriad Genetics, Inc.	*	4,124		86,357
Nabi Biopharmaceuticals	*	1,995		3,751
Neurocrine Biosciences, Inc.	*†	1,479		12,572
Novavax, Inc.	*†	1,550		1,953
NPS Pharmaceuticals, Inc.	*	1,660		10,939

		Shares		Value
Onyx Pharmaceuticals, Inc.	*	1,361	$	59,816
Osiris Therapeutics, Inc.	*†	1,402		7,501
PDL BioPharma, Inc.		3,841		23,814
Peregrine Pharmaceuticals, Inc.	*†	1,823		1,878
Pharmasset, Inc.	*	3,525		451,905
Poniard Pharmaceuticals, Inc.	*	9		19
Progenics Pharmaceuticals, Inc.	*†	793		6,772
Regeneron Pharmaceuticals, Inc.	*	2,632		145,892
Rigel Pharmaceuticals, Inc.	*	1,882		14,849
Savient Pharmaceuticals, Inc.	*†	1,538		3,430
Sciclone Pharmaceuticals, Inc.	*†	1,700		7,293
SIGA Technologies, Inc.	*†	4,649		11,715
Synageva BioPharma Corp.	*	242		6,444
Telik, Inc.	*	1,748		297
Theravance, Inc.	*†	3,224		71,250
United Therapeutics Corp.	*	1,828		86,373
Vanda Pharmaceuticals, Inc.	*	2,680		12,757
Vertex Pharmaceuticals, Inc.	*	5,197		172,592
XOMA Ltd.	*†	331		381
				8,092,895
Building Products—0.1%
A.O. Smith Corp.		2,012		80,722
American Woodmark Corp.		800		10,928
Apogee Enterprises, Inc.		1,250		15,325
Fortune Brands Home & Security, Inc.	*	3,861		65,753
Gibraltar Industries, Inc.	*	1,188		16,585
Griffon Corp.		1,288		11,759
Lennox International, Inc.		2,437		82,249
Masco Corp.		9,464		99,183
NCI Building Systems, Inc.	*	246		2,674
Owens Corning, Inc.	*	1,100		31,592
Quanex Building Products Corp.		1,671		25,098
Simpson Manufacturing Co., Inc.		2,084		70,147
Trex Co., Inc.	*†	731		16,747
U.S. Home Systems, Inc.		1,291		8,585
Universal Forest Products, Inc.	†	1,121		34,605
USG Corp.	*	3,348		34,016
				605,968
Capital Markets—1.9%
Affiliated Managers Group, Inc.	*	1,354		129,916
Ameriprise Financial, Inc.		9,235		458,425
Arlington Asset Investment Corp., Class A		304		6,484
Bank of New York Mellon Corp. (The)		46,996		935,690
BGC Partners, Inc., Class A	†	7,270		43,184
BlackRock, Inc.		4,558		812,418
Calamos Asset Management, Inc., Class A		1,800		22,518
Charles Schwab Corp. (The)		39,829		448,475
CIFC Corp.	*	342		1,847
Cowen Group, Inc., Class A	*	2,582		6,687
Diamond Hill Investment Group, Inc.		331		24,487
E*Trade Financial Corp.	*	13,474		107,253
Eaton Vance Corp.		5,282		124,866
Federated Investors, Inc., Class B	†	3,745		56,737
Franklin Resources, Inc.		6,281		603,353
GAMCO Investors, Inc., Class A		558		24,267
GFI Group, Inc.		2,520		10,382

See accompanying notes to financial statements.

268

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Goldman Sachs Group, Inc. (The)		19,417	$	1,755,879
Greenhill & Co., Inc.	†	495		18,003
Institutional Financial Markets, Inc.		421		594
INTL FCStone, Inc.	*	507		11,950
Invesco Ltd.		16,610		333,695
Investment Technology Group, Inc.	*	2,078		22,463
Janus Capital Group, Inc.		6,411		40,453
Jefferies Group, Inc.	†	4,678		64,322
KBW, Inc.		1,604		24,349
Knight Capital Group, Inc., Class A	*†	4,630		54,727
Legg Mason, Inc.		5,850		140,693
Medallion Financial Corp.		958		10,902
Morgan Stanley		60,840		920,509
Northern Trust Corp.		8,495		336,912
Piper Jaffray Cos.	*	963		19,453
Raymond James Financial, Inc.		3,472		107,493
Safeguard Scientifics, Inc.	*	678		10,706
SEI Investments Co.		5,918		102,677
State Street Corp.		19,892		801,847
Stifel Financial Corp.	*	2,381		76,311
SWS Group, Inc.		1,323		9,089
T. Rowe Price Group, Inc.		10,248		583,624
TD Ameritrade Holding Corp.		8,355		130,756
Virtus Investment Partners, Inc.	*	210		15,962
Waddell & Reed Financial, Inc., Class A		3,971		98,362
Walter Investment Management Corp.		602		12,347
Westwood Holdings Group, Inc.	†	1,027		37,537
				9,558,604
Chemicals—2.2%
A. Schulman, Inc.		1,444		30,584
Air Products & Chemicals, Inc.		6,756		575,544
Airgas, Inc.		3,075		240,096
Albemarle Corp.		3,712		191,205
Ampal-American Israel Corp., Class A	*	1,391		417
Ashland, Inc.		1,520		86,883
Cabot Corp.		2,693		86,553
Calgon Carbon Corp.	*†	3,184		50,021
Celanese Corp., Class A		2,979		131,880
CF Industries Holdings, Inc.		2,571		372,744
Cytec Industries, Inc.		1,644		73,405
Dow Chemical Co. (The)		41,287		1,187,414
E.I. Du Pont de Nemours & Co.		36,166		1,655,679
Eastman Chemical Co.		4,366		170,536
Ecolab, Inc.	†	10,311		596,088
Ferro Corp.	*	1,818		8,890
FMC Corp.		3,336		287,029
Georgia Gulf Corp.	*	50		974
H.B. Fuller Co.		2,570		59,393
Huntsman Corp.		5,470		54,700
International Flavors & Fragrances, Inc.		3,885		203,652
Intrepid Potash, Inc.	*	1,172		26,522
Koppers Holdings, Inc.		1,582		54,358
Kronos Worldwide, Inc.		2,262		40,806
Landec Corp.	*	986		5,443

		Shares		Value
LSB Industries, Inc.	*	1,411	$	39,550
Minerals Technologies, Inc.		868		49,068
Monsanto Co.		20,701		1,450,519
Mosaic Co. (The)		6,742		339,999
NewMarket Corp.	†	378		74,886
Olin Corp.		2,796		54,941
OM Group, Inc.	*	1,147		25,681
Omnova Solutions, Inc.	*	6,478		29,864
Penford Corp.	*	785		3,996
PolyOne Corp.	†	2,862		33,056
PPG Industries, Inc.		5,657		472,303
Praxair, Inc.		10,790		1,153,451
Quaker Chemical Corp.	†	483		18,784
RPM International, Inc.		4,832		118,626
Scotts Miracle-Gro Co. (The), Class A	†	1,662		77,599
Sensient Technologies Corp.		2,027		76,823
Sherwin-Williams Co. (The)		2,340		208,892
Sigma-Aldrich Corp.		3,395		212,052
Spartech Corp.	*	1,451		6,863
Stepan Co.		556		44,569
Tredegar Corp.		1,606		35,685
Valhi, Inc.		511		30,900
Valspar Corp.		2,240		87,293
W.R. Grace & Co.	*	4,200		192,864
Zep, Inc.	†	936		13,085
				11,042,165
Commercial Banks—2.9%
1st Source Corp.		1,180		29,889
Associated Banc-Corp		5,110		57,079
BancFirst Corp.		642		24,101
BancorpSouth, Inc.	†	3,611		39,793
BancTrust Financial Group, Inc.	*	1,600		1,984
Bank of Hawaii Corp.		1,898		84,442
BB&T Corp.		24,485		616,287
BOK Financial Corp.		1,765		96,951
Boston Private Financial Holdings, Inc.	†	1,297		10,298
Bryn Mawr Bank Corp.		1,058		20,620
Capital Bank Corp.	*	1,779		3,576
Capital City Bank Group, Inc.		1,113		10,629
CapitalSource, Inc.		19,650		131,655
Cardinal Financial Corp.		1,142		12,265
Cascade Bancorp	*†	219		959
Cathay General Bancorp		2,082		31,084
Catskill Litigation Trust	*‡d	582		—
Central Pacific Financial Corp.	*	103		1,331
Chemical Financial Corp.		1,552		33,089
CIT Group, Inc.	*	6,132		213,823
Citizens Republic Bancorp, Inc.	*	6,759		77,053
City Holding Co.	†	250		8,472
City National Corp./California		1,548		68,391
CoBiz Financial, Inc.		1,063		6,134
Comerica, Inc.		8,301		214,166
Commerce Bancshares, Inc./Missouri		2,723		103,801
Community Bank System, Inc.		1,402		38,976
Community Trust Bancorp, Inc.	†	665		19,564
Cullen/Frost Bankers, Inc.		2,502		132,381
CVB Financial Corp.		4,084		40,963
East West Bancorp, Inc.		7,969		157,388
Eastern Virginia Bankshares, Inc.	*	6,402		12,932

See accompanying notes to financial statements.

269

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Fidelity Southern Corp.		1,455	$	8,846
Fifth Third Bancorp		34,539		439,336
Financial Institutions, Inc.	†	749		12,089
First BanCorp. (Puerto Rico)	*†	322		1,124
First Bancorp/North Carolina		643		7,169
First Busey Corp.	†	2,407		12,035
First Citizens BancShares, Inc./North Carolina, Class A		254		44,447
First Commonwealth Financial Corp.		2,619		13,776
First Financial Bancorp		1,895		31,533
First Financial Bankshares, Inc.		500		16,715
First Horizon National Corp.		8,735		69,880
First Merchants Corp.		874		7,403
First Midwest Bancorp, Inc./Illinois		2,002		20,280
First Niagara Financial Group, Inc.		10,034		86,593
First of Long Island Corp. (The)		986		25,952
FirstMerit Corp.		3,950		59,764
FNB Corp./Pennsylvania	†	3,344		37,821
Fulton Financial Corp.		6,533		64,089
Glacier Bancorp, Inc.	†	1,771		21,305
Guaranty Bancorp	*	5,300		7,791
Hancock Holding Co.		2,032		64,963
Hanmi Financial Corp.	*	900		6,660
Heritage Financial Corp./Washington		332		4,170
Home Bancshares, Inc./Arkansas		1,170		30,315
Huntington Bancshares, Inc./Ohio		26,837		147,335
IBERIABANK Corp.	†	966		47,624
Independent Bank Corp./Massachusetts	†	874		23,851
Independent Bank Corp./Michigan	*†	208		287
International Bancshares Corp.		3,248		59,552
KeyCorp		27,431		210,944
M&T Bank Corp.		3,469		264,823
MB Financial, Inc.		931		15,920
Merchants Bancshares, Inc.		571		16,673
MidSouth Bancorp, Inc.		522		6,791
MidWestOne Financial Group, Inc.		552		8,070
National Penn Bancshares, Inc.		2,758		23,278
NBT Bancorp, Inc.		1,000		22,130
Old National Bancorp/Indiana		3,552		41,381
Pacific Capital Bancorp NA	*†	281		7,935
Pacific Premier Bancorp, Inc.	*	976		6,188
PacWest Bancorp		894		16,941
Park National Corp.	†	728		47,364
Peoples Bancorp, Inc./Ohio	†	814		12,055
Peoples Financial Corp./Mississippi		883		9,104
Pinnacle Financial Partners, Inc.	*†	1,818		29,361
PNC Financial Services Group, Inc.		20,071		1,157,495
Popular, Inc. (Puerto Rico)	*	53,808		74,793
PrivateBancorp, Inc.		1,200		13,176
Prosperity Bancshares, Inc.	†	2,300		92,805
Regions Financial Corp.		41,501		178,454
Republic Bancorp, Inc./Kentucky, Class A		1,603		36,709

		Shares		Value
Royal Bancshares of Pennsylvania, Inc., Class A	*	882	$	1,173
S&T Bancorp, Inc.		955		18,670
Sandy Spring Bancorp, Inc.		344		6,037
Shore Bancshares, Inc.		826		4,254
Signature Bank/New York	*	1,900		113,981
Simmons First National Corp., Class A	†	911		24,770
Sterling Bancorp/New York	†	1,476		12,753
Sterling Financial Corp./Washington	*	38		635
Suffolk Bancorp	*	1,100		11,869
SunTrust Banks, Inc.		19,144		338,849
Susquehanna Bancshares, Inc.		2,932		24,570
SVB Financial Group	*	1,437		68,531
Synovus Financial Corp.	†	41,667		58,750
TCF Financial Corp.		6,104		62,993
Texas Capital Bancshares, Inc.	*	2,821		86,351
Tompkins Financial Corp.	†	730		28,112
TowneBank/Virginia	†	1,406		17,209
Trustmark Corp.	†	2,435		59,146
U.S. Bancorp		73,433		1,986,363
UMB Financial Corp.		1,211		45,110
Umpqua Holdings Corp.		1,151		14,261
United Bankshares, Inc.		2,134		60,328
United Community Banks, Inc./Georgia	*	454		3,173
Valley National Bancorp	†	6,571		81,283
Washington Trust Bancorp, Inc.		500		11,930
Webster Financial Corp.		2,393		48,793
Wells Fargo & Co.		188,400		5,192,304
WesBanco, Inc.		1,699		33,080
Westamerica Bancorporation	†	1,628		71,469
Western Alliance Bancorp	*	1,400		8,722
Wintrust Financial Corp.		1,017		28,527
Zions Bancorporation		5,053		82,263
				14,571,430
Commercial Services & Supplies—0.6%
ABM Industries, Inc.		2,291		47,241
ACCO Brands Corp.	*	1,319		12,728
Avery Dennison Corp.		3,924		112,540
Brink’s Co. (The)		2,084		56,018
Cenveo, Inc.	*†	4,741		16,119
Cintas Corp.		2,017		70,212
Clean Harbors, Inc.	*	2,414		153,844
Consolidated Graphics, Inc.	*	776		37,465
Copart, Inc.	*	3,582		171,542
Corrections Corp. of America	*	5,700		116,109
Courier Corp.	†	424		4,974
Covanta Holding Corp.		4,185		57,293
Deluxe Corp.		2,098		47,751
EnergySolutions, Inc.	*	4,049		12,511
Ennis, Inc.		695		9,264
G&K Services, Inc., Class A		1,008		29,343
Geo Group, Inc. (The)	*	2,456		41,138
Healthcare Services Group, Inc.		5,603		99,117
Herman Miller, Inc.		3,155		58,210
HNI Corp.	†	2,512		65,563
Interface, Inc., Class A		3,357		38,740
Iron Mountain, Inc.		7,146		220,097
Kimball International, Inc., Class B	†	1,500		7,605

See accompanying notes to financial statements.

270

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Knoll, Inc.		2,701	$	40,110
McGrath Rentcorp		916		26,555
Mine Safety Appliances Co.		1,444		47,825
Mobile Mini, Inc.	*	2,000		34,900
NL Industries, Inc.	†	2,111		27,380
Perma-Fix Environmental Services, Inc.	*	5,502		8,528
Pitney Bowes, Inc.	†	1,828		33,891
Portfolio Recovery Associates, Inc.	*	504		34,030
R.R. Donnelley & Sons Co.		8,887		128,240
Republic Services, Inc.		14,202		391,265
Rollins, Inc.		1,486		33,019
Standard Register Co. (The)		1,650		3,845
Steelcase, Inc., Class A	†	1,992		14,860
Stericycle, Inc.	*	3,138		244,513
Sykes Enterprises, Inc.	*	1,423		22,284
Tetra Tech, Inc.	*	2,114		45,641
TRC Cos., Inc.	*	327		1,965
United Stationers, Inc.		2,556		83,223
Viad Corp.	†	937		16,379
Virco Mfg. Corp.		799		1,286
Waste Connections, Inc.		3,543		117,415
Waste Management, Inc.		9,462		309,502
				3,152,080
Communications Equipment—2.0%
ADTRAN, Inc.		3,197		96,422
Alliance Fiber Optic Products, Inc.	*	963		7,377
Anaren, Inc.	*	813		13,512
Arris Group, Inc.	*	3,613		39,093
Aruba Networks, Inc.	*	2,125		39,355
Aviat Networks, Inc.	*	2,182		3,993
Black Box Corp.		865		24,255
Blonder Tongue Laboratories, Inc.	*	2,285		2,765
Blue Coat Systems, Inc.	*	1,072		27,282
Brocade Communications Systems, Inc.	*	14,008		72,701
CalAmp Corp.	*	550		2,337
Ciena Corp.	*†	5,950		71,995
Cisco Systems, Inc.		206,501		3,733,538
Comtech Telecommunications Corp.		1,350		38,637
Digi International, Inc.	*†	1,976		22,052
Ditech Networks, Inc.	*	1,360		1,278
EchoStar Corp., Class A	*	1,877		39,304
Emcore Corp.	*†	1,219		1,051
Emulex Corp.	*	3,408		23,379
Extreme Networks, Inc.	*	4,491		13,114
F5 Networks, Inc.	*	2,664		282,704
Finisar Corp.	*†	856		14,334
Harmonic, Inc.	*	2,820		14,213
Harris Corp.		3,891		140,232
Infinera Corp.	*	4,191		26,319
InterDigital, Inc.	†	2,803		122,127
Ixia	*	2,330		24,488
JDS Uniphase Corp.	*	7,444		77,715
Juniper Networks, Inc.	*	17,553		358,257
KVH Industries, Inc.	*†	375		2,917
Motorola Mobility Holdings, Inc.	*	10,553		409,456

		Shares		Value
Motorola Solutions, Inc.		12,061	$	558,304
NETGEAR, Inc.	*	1,206		40,485
Network Engines, Inc.	*	1,329		1,279
Numerex Corp., Class A	*	1,800		14,814
Oclaro, Inc.	*†	363		1,024
Oplink Communications, Inc.	*	758		12,484
Optical Cable Corp.		240		766
Parkervision, Inc.	*†	1,052		894
Performance Technologies, Inc.	*	793		1,427
Plantronics, Inc.	†	1,826		65,079
Polycom, Inc.	*	8,354		136,170
Powerwave Technologies, Inc.	*†	486		1,011
QUALCOMM, Inc.		63,004		3,446,319
Riverbed Technology, Inc.	*	3,698		86,903
Sonus Networks, Inc.	*	10,700		25,680
Sycamore Networks, Inc.	*	991		17,739
Tekelec	*	2,569		28,079
Tellabs, Inc.		19,143		77,338
UTStarcom Holdings Corp. (China)	*	4,555		6,286
Viasat, Inc.	*	1,190		54,883
Westell Technologies, Inc., Class A	*	1,821		4,043
Zoom Technologies, Inc. (China)	*†	542		558
				10,327,767
Computers & Peripherals—3.9%
3D Systems Corp.	*†	2,316		33,350
Apple, Inc.	*	32,927		13,335,435
Avid Technology, Inc.	*	1,448		12,351
Concurrent Computer Corp.	*	190		720
Cray, Inc.	*	714		4,620
Dataram Corp.	*†	1,175		952
Dell, Inc.	*	58,645		857,976
Diebold, Inc.		3,079		92,586
Dot Hill Systems Corp.	*	1,396		1,857
Electronics for Imaging, Inc.	*	2,638		37,592
EMC Corp.	*	74,289		1,600,185
Hewlett-Packard Co.		79,079		2,037,075
Hutchinson Technology, Inc.	*†	1,149		1,724
iGO, Inc.	*	674		520
Imation Corp.	*	1,564		8,962
Intermec, Inc.	*†	2,374		16,286
Lexmark International, Inc., Class A		1,492		49,340
NCR Corp.	*	7,848		129,178
NetApp, Inc.	*	11,382		412,825
Novatel Wireless, Inc.	*	1,358		4,251
Overland Storage, Inc.	*	160		400
Presstek, Inc.	*	945		510
QLogic Corp.	*	3,731		55,965
Quantum Corp.	*	6,681		16,034
SanDisk Corp.	*	8,969		441,364
Silicon Graphics International Corp.	*†	1,843		21,121
STEC, Inc.	*†	1,255		10,780
Stratasys, Inc.	*	1,782		54,191
Synaptics, Inc.	*†	1,586		47,818
TransAct Technologies, Inc.	*	888		6,447
Western Digital Corp.	*	8,356		258,618
				19,551,033
Construction & Engineering—0.3%
AECOM Technology Corp.	*	3,236		66,565
Aegion Corp.	*	1,223		18,761

See accompanying notes to financial statements.

271

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Comfort Systems USA, Inc.	†	2,179	$	23,359
Dycom Industries, Inc.	*	2,076		43,430
EMCOR Group, Inc.		2,908		77,963
Fluor Corp.		4,946		248,537
Furmanite Corp.	*†	1,100		6,941
Granite Construction, Inc.		1,889		44,807
Jacobs Engineering Group, Inc.	*	4,968		201,601
KBR, Inc.		6,464		180,152
Layne Christensen Co.	*†	510		12,342
MasTec, Inc.	*	2,049		35,591
Quanta Services, Inc.	*	8,861		190,866
Shaw Group, Inc. (The)	*	2,182		58,696
Tutor Perini Corp.	*	960		11,846
URS Corp.	*	2,934		103,042
				1,324,499
Construction Materials—0.0%
Eagle Materials, Inc.		2,083		53,450
Headwaters, Inc.	*	2,095		4,651
Martin Marietta Materials, Inc.	†	494		37,252
Texas Industries, Inc.	†	1,116		34,350
Vulcan Materials Co.	†	3,605		141,857
				271,560
Consumer Finance—0.7%
Advance America Cash Advance Centers, Inc.		21,480		192,246
American Express Co.		36,573		1,725,148
Capital One Financial Corp.		16,201		685,140
Cash America International, Inc.	†	685		31,942
CompuCredit Holdings Corp.	*	38		141
Discover Financial Services		18,027		432,648
Ezcorp, Inc., Class A	*	2,031		53,557
First Marblehead Corp. (The)	*†	2,764		3,234
Nelnet, Inc., Class A		481		11,770
SLM Corp.		20,100		269,340
World Acceptance Corp.	*	639		46,967
				3,452,133
Containers & Packaging—0.2%
AEP Industries, Inc.	*	372		10,472
AptarGroup, Inc.		3,130		163,292
Ball Corp.		6,557		234,151
Bemis Co., Inc.		1,316		39,585
Crown Holdings, Inc.	*	3,283		110,243
Greif, Inc., Class A		852		38,809
Myers Industries, Inc.		1,716		21,175
Owens-Illinois, Inc.	*	6,064		117,520
Packaging Corp. of America		4,339		109,516
Rock-Tenn Co., Class A		1,450		83,665
Sealed Air Corp.		2,704		46,536
Silgan Holdings, Inc.		908		35,085
Sonoco Products Co.		3,353		110,515
Temple-Inland, Inc.		3,169		100,489
				1,221,053
Distributors—0.1%
Genuine Parts Co.		3,417		209,120
LKQ Corp.	*	7,000		210,560
Pool Corp.		2,434		73,264
VOXX International Corp.	*	1,218		10,292
				503,236

		Shares		Value
Diversified Consumer Services—0.3%
American Public Education, Inc.	*†	698	$	30,210
Apollo Group, Inc., Class A	*	5,209		280,609
Ascent Capital Group, Inc., Class A	*	545		27,642
Career Education Corp.	*	4,167		33,211
Coinstar, Inc.	*†	1,075		49,063
Corinthian Colleges, Inc.	*†	3,624		7,864
DeVry, Inc.		2,980		114,611
H&R Block, Inc.		11,402		186,195
Hillenbrand, Inc.		1,576		35,176
ITT Educational Services, Inc.	*†	1,873		106,555
Learning Tree International, Inc.	*	766		5,377
Matthews International Corp., Class A	†	1,052		33,064
Regis Corp.		1,818		30,088
School Specialty, Inc.	*	854		2,135
Service Corp. International		11,775		125,404
Sotheby’s		2,623		74,834
Steiner Leisure Ltd. (Bahamas)	*	1,503		68,221
Stewart Enterprises, Inc., Class A	†	4,115		23,702
Strayer Education, Inc.	†	551		53,552
Universal Technical Institute, Inc.	*	418		5,342
Weight Watchers International, Inc.	†	1,826		100,448
				1,393,303
Diversified Financial Services—2.4%
Bank of America Corp.		388,627		2,160,766
Citigroup, Inc.		111,256		2,927,145
CME Group, Inc.		2,698		657,422
Interactive Brokers Group, Inc., Class A		1,570		23,456
IntercontinentalExchange, Inc.	*	2,776		334,647
JPMorgan Chase & Co.		148,125		4,925,156
Leucadia National Corp.		6,084		138,350
Moody’s Corp.		6,057		204,000
MSCI, Inc., Class A	*	3,439		113,246
NASDAQ OMX Group, Inc. (The)	*	5,431		133,114
NYSE Euronext		9,567		249,699
PHH Corp.	*	2,212		23,668
PICO Holdings, Inc.	*	1,150		23,667
Resource America, Inc., Class A		1,287		6,126
				11,920,462
Diversified Telecommunication Services—2.5%
8x8, Inc.	*†	3,048		9,662
Alaska Communications Systems Group, Inc.	†	2,850		8,578
AT&T, Inc.		223,413		6,756,009
CenturyLink, Inc.		19,640		730,608
Cincinnati Bell, Inc.	*†	35,531		107,659
Cogent Communications Group, Inc.	*	2,886		48,745
Frontier Communications Corp.	†	39,354		202,673
General Communication, Inc., Class A	*	2,516		24,632
HickoryTech Corp.		651		7,213

See accompanying notes to financial statements.

272

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
IDT Corp., Class B		1,600	$	15,008
Integrated Telecom Express, Inc.	*‡d	1,103		—
Level 3 Communications, Inc.	*†	3,878		65,887
Lumos Networks Corp.		1,350		20,709
Premiere Global Services, Inc.	*†	2,174		18,414
Superior TeleCom, Inc.	*‡d	2,013		—
SureWest Communications		184		2,213
tw telecom inc.	*	1,928		37,365
Verizon Communications, Inc.		105,621		4,237,515
Windstream Corp.		21,003		246,575
				12,539,465
Electric Utilities—1.9%
Allete, Inc.		1,243		52,181
American Electric Power Co., Inc.		17,879		738,581
Central Vermont Public Service Corp.		540		18,954
Cleco Corp.		2,109		80,353
Duke Energy Corp.		48,292		1,062,424
Edison International		12,222		505,991
El Paso Electric Co.		1,748		60,551
Empire District Electric Co. (The)		1,197		25,245
Entergy Corp.		5,441		397,465
Exelon Corp.		24,553		1,064,864
FirstEnergy Corp.		12,192		540,106
Great Plains Energy, Inc.		3,450		75,141
Hawaiian Electric Industries, Inc.		3,066		81,188
IDACORP, Inc.		1,515		64,251
ITC Holdings Corp.		1,539		116,779
MGE Energy, Inc.		1,559		72,914
NextEra Energy, Inc.		16,813		1,023,575
Northeast Utilities		5,201		187,600
NV Energy, Inc.		7,959		130,130
Otter Tail Corp.	†	1,095		24,112
Pepco Holdings, Inc.		7,066		143,440
Pinnacle West Capital Corp.		3,789		182,554
PNM Resources, Inc.		2,169		39,541
Portland General Electric Co.		1,100		27,819
PPL Corp.		16,345		480,870
Progress Energy, Inc.		10,369		580,871
Southern Co.		31,134		1,441,193
UIL Holdings Corp.		1,496		52,913
Unisource Energy Corp.		1,571		58,001
Unitil Corp.		420		11,920
Westar Energy, Inc.		4,032		116,041
				9,457,568
Electrical Equipment—0.6%
Active Power, Inc.	*	1,093		721
Acuity Brands, Inc.	†	1,873		99,269
American Superconductor Corp.	*†	1,147		4,232
AMETEK, Inc.		6,351		267,377
AZZ, Inc.	†	1,582		71,886
Babcock & Wilcox Co. (The)	*	5,852		141,267
Belden, Inc.		1,894		63,032
Brady Corp., Class A		2,402		75,831
Capstone Turbine Corp.	*†	34,249		39,729
Emerson Electric Co.		26,374		1,228,765

		Shares		Value
Encore Wire Corp.		1,400	$	36,260
Franklin Electric Co., Inc.		902		39,291
FuelCell Energy, Inc.	*	1,938		1,690
General Cable Corp.	*	3,772		94,338
GrafTech International Ltd.	*	3,487		47,598
Hubbell, Inc., Class B		2,078		138,935
II-VI, Inc.	*†	1,364		25,043
LSI Industries, Inc.		1,083		6,498
Magnetek, Inc.	*	140		1,205
Orbit International Corp.	*	2,812		10,039
Plug Power, Inc.	*†	270		551
Powell Industries, Inc.	*	1,045		32,688
Regal-Beloit Corp.		1,272		64,834
Rockwell Automation, Inc.		4,331		317,765
Roper Industries, Inc.		2,980		258,873
Thomas & Betts Corp.	*	2,428		132,569
Ultralife Corp.	*	416		1,672
Universal Security Instruments, Inc.	*	1,866		9,852
Valence Technology, Inc.	*†	6,972		6,833
Vicor Corp.		1,380		10,985
				3,229,628
Electronic Equipment, Instruments & Components—0.7%
Agilysys, Inc.	*	1,335		10,613
Amphenol Corp., Class A		5,423		246,150
Anixter International, Inc.	*	1,723		102,760
Arrow Electronics, Inc.	*	4,585		171,525
Avnet, Inc.	*	5,129		159,461
AVX Corp.		2,270		28,965
Badger Meter, Inc.	†	1,134		33,374
Benchmark Electronics, Inc.	*	2,520		33,944
Brightpoint, Inc.	*	2,358		25,372
Checkpoint Systems, Inc.	*	1,441		15,765
Cognex Corp.		2,023		72,403
Coherent, Inc.	*	1,348		70,460
Corning, Inc.		52,776		685,032
CTS Corp.	†	1,580		14,536
Daktronics, Inc.	†	927		8,871
Dolby Laboratories, Inc., Class A	*	1,370		41,799
DTS, Inc.	*	755		20,566
Echelon Corp.	*†	1,769		8,615
Electro Rent Corp.		950		16,292
Electro Scientific Industries, Inc.	*	1,421		20,576
FARO Technologies, Inc.	*	453		20,838
FEI Co.	*	1,368		55,787
FLIR Systems, Inc.		5,608		140,593
Frequency Electronics, Inc.	*	821		6,289
ID Systems, Inc.	*	2,016		9,536
Identive Group, Inc.	*	1,494		3,332
Ingram Micro, Inc., Class A	*	1,030		18,736
Insight Enterprises, Inc.	*	2,054		31,406
Iteris, Inc.	*	4,263		5,542
Itron, Inc.	*	955		34,160
Jabil Circuit, Inc.		8,287		162,922
Lightpath Technologies, Inc., Class A	*†	1,526		1,633
Littelfuse, Inc.	†	909		39,069
LRAD Corp.	*	3,686		5,492
Maxwell Technologies, Inc.	*†	370		6,009
Mercury Computer Systems, Inc.	*	963		12,798
Mesa Laboratories, Inc.		1,200		49,728
Methode Electronics, Inc.	†	1,383		11,465

See accompanying notes to financial statements.

273

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Molex, Inc.		1,611	$	38,438
MTS Systems Corp.		1,342		54,686
National Instruments Corp.		5,121		132,890
Newport Corp.	*	1,614		21,966
OSI Systems, Inc.	*	867		42,292
Park Electrochemical Corp.		1,086		27,823
PC Connection, Inc.		854		9,471
Planar Systems, Inc.	*	785		1,523
Plexus Corp.	*	1,884		51,584
Power-One, Inc.	*	3,459		13,525
Pulse Electronics Corp.		1,866		5,225
Radisys Corp.	*	961		4,863
Research Frontiers, Inc.	*	752		2,542
Rofin-Sinar Technologies, Inc.	*	2,200		50,270
Rogers Corp.	*	803		29,599
Sanmina-SCI Corp.	*	3,577		33,302
ScanSource, Inc.	*	1,126		40,536
Sigmatron International, Inc.	*	282		931
SYNNEX Corp.	*	104		3,168
Tech Data Corp.	*	2,057		101,636
Trimble Navigation Ltd.	*	4,318		187,401
TTM Technologies, Inc.	*	1,639		17,963
Universal Display Corp.	*†	1,350		49,531
Vishay Intertechnology, Inc.	*	6,172		55,486
Vishay Precision Group, Inc.	*	440		7,031
Wayside Technology Group, Inc.		1,787		21,712
X-Rite, Inc.	*†	1,890		8,770
Zygo Corp.	*	967		17,068
				3,433,646
Energy Equipment & Services—2.0%
Atwood Oceanics, Inc.	*	1,298		51,647
Baker Hughes, Inc.		13,177		640,929
Basic Energy Services, Inc.	*	1,600		31,520
Bristow Group, Inc.		982		46,537
Cal Dive International, Inc.	*	4,816		10,836
Cameron International Corp.	*	9,319		458,402
CARBO Ceramics, Inc.		1,137		140,226
Complete Production Services, Inc.	*	1,200		40,272
Dawson Geophysical Co.	*	924		36,526
Diamond Offshore Drilling, Inc.	†	1,577		87,145
Dresser-Rand Group, Inc.	*	2,924		145,937
Dril-Quip, Inc.	*	880		57,922
Exterran Holdings, Inc.	*	2,465		22,432
FMC Technologies, Inc.	*†	8,237		430,219
Gulfmark Offshore, Inc., Class A	*	1,000		42,010
Halliburton Co.		32,022		1,105,079
Helix Energy Solutions Group, Inc.	*	3,853		60,877
Helmerich & Payne, Inc.		3,926		229,121
Hercules Offshore, Inc.	*	5,226		23,203
Hornbeck Offshore Services, Inc.	*†	1,800		55,836
ION Geophysical Corp.	*	6,136		37,614
Key Energy Services, Inc.	*	7,257		112,266
Lufkin Industries, Inc.		2,000		134,620
Matrix Service Co.	*	468		4,418
McDermott International, Inc.	*	11,704		134,713
Mitcham Industries, Inc.	*	1,100		24,024
Nabors Industries Ltd. (Bermuda)	*	10,988		190,532
National Oilwell Varco, Inc.		16,517		1,122,991
Newpark Resources, Inc.	*	3,484		33,098

		Shares		Value
Oceaneering International, Inc.		4,464	$	205,924
Oil States International, Inc.	*	2,026		154,726
OYO Geospace Corp.	*	550		42,532
Parker Drilling Co.	*	3,755		26,923
Patterson-UTI Energy, Inc.		6,712		134,106
PHI, Inc.	*	774		19,234
Pioneer Drilling Co.	*	2,700		26,136
Rowan Cos., Inc.	*	3,918		118,833
Schlumberger Ltd.		52,043		3,555,057
SEACOR Holdings, Inc.	*	713		63,428
Superior Energy Services, Inc.	*†	2,900		82,476
Tesco Corp.	*	3,185		40,258
Tetra Technologies, Inc.	*	2,352		21,968
Tidewater, Inc.		78		3,845
Unit Corp.	*	1,702		78,973
				10,085,371
Food & Staples Retailing—2.0%
Andersons, Inc. (The)		700		30,562
Arden Group, Inc., Class A	†	260		23,403
Casey’s General Stores, Inc.		1,608		82,828
Costco Wholesale Corp.		14,385		1,198,558
CVS Caremark Corp.		48,989		1,997,771
Kroger Co. (The)		19,202		465,072
Nash Finch Co.		674		19,735
Pantry, Inc. (The)	*	1,200		14,364
Rite Aid Corp.	*†	25,982		32,737
Ruddick Corp.		1,967		83,873
Safeway, Inc.		8,825		185,678
SUPERVALU, Inc.	†	8,154		66,210
Sysco Corp.		22,511		660,248
United Natural Foods, Inc.	*	1,912		76,499
Walgreen Co.		34,325		1,134,785
Wal-Mart Stores, Inc.		63,901		3,818,724
Weis Markets, Inc.	†	382		15,257
Whole Foods Market, Inc.		5,036		350,405
Winn-Dixie Stores, Inc.	*	3,309		31,038
				10,287,747
Food Products—1.8%
Archer-Daniels-Midland Co.		23,265		665,379
Bridgford Foods Corp.	*†	559		5,456
Bunge Ltd.		4,700		268,840
Campbell Soup Co.		5,629		187,108
Chiquita Brands International, Inc.	*	2,150		17,931
ConAgra Foods, Inc.		14,190		374,616
Corn Products International, Inc.		3,164		166,395
Darling International, Inc.	*	3,150		41,864
Dean Foods Co.	*	6,281		70,347
Farmer Bros. Co.	†	930		7,105
Flowers Foods, Inc.		6,210		117,866
Fresh Del Monte Produce, Inc.		567		14,181
General Mills, Inc.		21,313		861,258
Green Mountain Coffee Roasters, Inc.	*†	4,435		198,910
Griffin Land & Nurseries, Inc.	†	650		17,199
H.J. Heinz Co.		10,532		569,149
Hain Celestial Group, Inc. (The)	*	1,426		52,277
Hershey Co. (The)		6,664		411,702
Hormel Foods Corp.		6,390		187,163
Inventure Foods, Inc.	*	5,272		19,717
J&J Snack Foods Corp.		761		40,546
J.M. Smucker Co. (The)		4,592		358,957

See accompanying notes to financial statements.

274

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Kellogg Co.		8,673	$	438,594
Kraft Foods, Inc., Class A		59,086		2,207,453
Lancaster Colony Corp.	†	1,389		96,313
McCormick & Co., Inc.		4,101		206,772
Mead Johnson Nutrition Co.		4,802		330,042
Ralcorp Holdings, Inc.	*	2,312		197,676
Sanderson Farms, Inc.	†	864		43,312
Sara Lee Corp.		22,459		424,924
Smithfield Foods, Inc.	*	4,682		113,679
Snyders-Lance, Inc.		1,370		30,825
Tootsie Roll Industries, Inc.	†	643		15,220
TreeHouse Foods, Inc.	*	1,256		82,117
Tyson Foods, Inc., Class A		10,231		211,168
				9,052,061
Gas Utilities—0.3%
AGL Resources, Inc.		3,698		156,278
Atmos Energy Corp.		2,732		91,112
Chesapeake Utilities Corp.		949		41,139
Delta Natural Gas Co., Inc.		380		13,053
Laclede Group, Inc. (The)		1,025		41,482
National Fuel Gas Co.		3,639		202,256
New Jersey Resources Corp.		1,681		82,705
Northwest Natural Gas Co.	†	1,183		56,701
ONEOK, Inc.		3,908		338,785
Piedmont Natural Gas Co., Inc.	†	2,740		93,105
Questar Corp.		7,412		147,202
South Jersey Industries, Inc.		2,014		114,415
Southwest Gas Corp.		1,252		53,198
UGI Corp.		2,720		79,968
WGL Holdings, Inc.		2,315		102,369
				1,613,768
Health Care Equipment & Supplies—1.7%
Abaxis, Inc.	*	749		20,725
ABIOMED, Inc.	*	886		16,364
Alere, Inc.	*	3,011		69,524
Align Technology, Inc.	*	2,449		58,103
Analogic Corp.		593		33,991
Baxter International, Inc.		19,308		955,360
Becton Dickinson and Co.		7,370		550,686
Biolase Technology, Inc.	*†	798		2,050
Boston Scientific Corp.	*	53,540		285,904
C.R. Bard, Inc.		3,904		333,792
CareFusion Corp.	*	6,833		173,627
Cerus Corp.	*	1,010		2,828
Conceptus, Inc.	*	1,047		13,234
CONMED Corp.	*	1,362		34,963
Cooper Cos., Inc. (The)		1,627		114,736
CryoLife, Inc.	*	937		4,498
Cyberonics, Inc.	*	956		32,026
DENTSPLY International, Inc.		5,668		198,323
Edwards Lifesciences Corp.	*	4,494		317,726
Gen-Probe, Inc.	*	1,849		109,313
Greatbatch, Inc.	*	942		20,818
Haemonetics Corp.	*	1,157		70,832
Hill-Rom Holdings, Inc.		1,576		53,095
Hologic, Inc.	*	9,792		171,458
ICU Medical, Inc.	*†	605		27,225
IDEXX Laboratories, Inc.	*	1,985		152,766
Integra LifeSciences Holdings Corp.	*	1,190		36,688
Intuitive Surgical, Inc.	*	1,260		583,393

		Shares		Value
Invacare Corp.		1,333	$	20,382
Kensey Nash Corp.	*†	866		16,619
Masimo Corp.	*	1,500		28,027
Medtronic, Inc.		39,854		1,524,415
Meridian Bioscience, Inc.	†	1,158		21,817
Merit Medical Systems, Inc.	*	3,149		42,134
NuVasive, Inc.	*	990		12,464
OraSure Technologies, Inc.	*	1,687		15,369
Palomar Medical Technologies, Inc.	*	1,116		10,379
ResMed, Inc.	*†	6,068		154,127
RTI Biologics, Inc.	*	807		3,583
SonoSite, Inc.	*	1,012		54,506
Spectranetics Corp.	*	1,045		7,545
St. Jude Medical, Inc.		11,448		392,666
Staar Surgical Co.	*	848		8,895
STERIS Corp.		2,777		82,810
Stryker Corp.	†	10,105		502,320
SurModics, Inc.	*	675		9,895
Synovis Life Technologies, Inc.	*	346		9,629
Teleflex, Inc.		1,322		81,025
Theragenics Corp.	*	1,492		2,507
ThermoGenesis Corp.	*	1,079		766
Thoratec Corp.	*	2,306		77,389
Urologix, Inc.	*	1,050		1,134
Varian Medical Systems, Inc.	*	4,761		319,606
Volcano Corp.	*	1,970		46,866
West Pharmaceutical Services, Inc.		1,704		64,667
Wright Medical Group, Inc.	*	1,309		21,598
Young Innovations, Inc.		677		20,059
Zimmer Holdings, Inc.	*	6,941		370,788
Zoll Medical Corp.	*	850		53,703
				8,421,738
Health Care Providers & Services—2.2%
Aetna, Inc.		12,020		507,124
Alliance HealthCare Services, Inc.	*	1,429		1,801
Almost Family, Inc.	*	422		6,997
Amedisys, Inc.	*	1,698		18,525
AMERIGROUP Corp.	*	1,157		68,356
AmerisourceBergen Corp.		11,686		434,602
AMN Healthcare Services, Inc.	*	1,507		6,676
Amsurg Corp.	*	1,423		37,055
BioScrip, Inc.	*	1,095		5,979
Brookdale Senior Living, Inc.	*	2,200		38,258
Cardinal Health, Inc.		13,667		555,017
CardioNet, Inc.	*	1,151		2,728
Catalyst Health Solutions, Inc.	*	1,864		96,928
Centene Corp.	*	1,972		78,071
Chemed Corp.		1,162		59,506
Chindex International, Inc.	*	822		7,003
CIGNA Corp.		7,259		304,878
Community Health Systems, Inc.	*	4,282		74,721
Coventry Health Care, Inc.	*	5,198		157,863
Cross Country Healthcare, Inc.	*	1,339		7,431
DaVita, Inc.	*	3,507		265,866
Express Scripts, Inc.	*	19,149		855,769
Gentiva Health Services, Inc.	*	1,474		9,949
Hanger Orthopedic Group, Inc.	*	1,083		20,241
HCA Holdings, Inc.	*	3,319		73,118
Health Management Associates, Inc., Class A	*	9,953		73,354

See accompanying notes to financial statements.

275

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Health Net, Inc.	*	3,209	$	97,618
Healthspring, Inc.	*	1,621		88,409
Healthways, Inc.	*	1,362		9,343
Henry Schein, Inc.	*†	3,652		235,298
HMS Holdings Corp.	*	4,230		135,275
Humana, Inc.		4,622		404,933
Kindred Healthcare, Inc.	*	2,148		25,282
Laboratory Corp. of America Holdings	*	4,321		371,476
Landauer, Inc.		598		30,797
LCA-Vision, Inc.	*	616		1,786
LifePoint Hospitals, Inc.	*	2,149		79,835
Lincare Holdings, Inc.		3,193		82,092
Magellan Health Services, Inc.	*	1,400		69,258
McKesson Corp.		9,930		773,646
Medco Health Solutions, Inc.	*	13,709		766,333
Mednax, Inc.	*	2,182		157,126
National Healthcare Corp.	†	431		18,059
National Research Corp.		1,250		48,512
Omnicare, Inc.		4,277		147,343
Owens & Minor, Inc.	†	2,434		67,641
Patterson Cos., Inc.		5,546		163,718
PDI, Inc.	*	703		4,534
PharMerica Corp.	*	1,365		20,721
PSS World Medical, Inc.	*	3,574		86,455
Psychemedics Corp.		302		2,748
Quest Diagnostics, Inc.		3,899		226,376
Sun Healthcare Group, Inc.	*†	694		2,693
Sunrise Senior Living, Inc.	*†	1,950		12,636
Tenet Healthcare Corp.	*	19,289		98,953
U.S. Physical Therapy, Inc.		1,300		25,584
UnitedHealth Group, Inc.		39,341		1,993,802
Universal American Corp.		1,812		23,031
Universal Health Services, Inc., Class B		2,466		95,829
VCA Antech, Inc.	*	3,442		67,980
WellCare Health Plans, Inc.	*	1,500		78,750
WellPoint, Inc.		12,343		817,724
				11,099,412
Health Care Technology—0.1%
Allscripts Healthcare Solutions, Inc.	*	4,515		85,514
Authentidate Holding Corp.	*	1,023		696
Cerner Corp.	*	6,088		372,890
Mediware Information Systems, Inc.	*	1,088		13,948
Omnicell, Inc.	*	783		12,935
Quality Systems, Inc.		1,536		56,817
				542,800
Hotels, Restaurants & Leisure—2.2%
Ameristar Casinos, Inc.		300		5,187
Bally Technologies, Inc.	*	1,971		77,973
Biglari Holdings, Inc.	*	63		23,199
Bob Evans Farms, Inc.		1,465		49,136
Boyd Gaming Corp.	*†	2,619		19,538
Brinker International, Inc.		5,167		138,269
Buffalo Wild Wings, Inc.	*†	867		58,531
Carnival Corp.		11,468		374,316
CEC Entertainment, Inc.		1,614		55,602
Cheesecake Factory, Inc. (The)	*	3,444		101,081
Chipotle Mexican Grill, Inc.	*	1,003		338,753

		Shares		Value
Choice Hotels International, Inc.	†	1,616	$	61,489
Churchill Downs, Inc.		638		33,259
Cracker Barrel Old Country Store, Inc.	†	2,120		106,869
Darden Restaurants, Inc.		3,930		179,129
DineEquity, Inc.	*	1,079		45,545
Dover Downs Gaming & Entertainment, Inc.		1,710		3,659
Dover Motorsports, Inc.	*	1,645		1,711
Gaylord Entertainment Co.	*†	1,772		42,776
International Game Technology		7,153		123,032
International Speedway Corp., Class A		1,190		30,167
Interval Leisure Group, Inc.	*	1,886		25,669
Isle of Capri Casinos, Inc.	*	1,250		5,838
Jack in the Box, Inc.	*	2,874		60,067
Krispy Kreme Doughnuts, Inc.	*	2,573		16,827
Las Vegas Sands Corp.	*	16,217		692,952
Life Time Fitness, Inc.	*†	1,774		82,935
Marcus Corp.	†	1,505		18,978
Marriott International, Inc., Class A		10,755		313,723
Marriott Vacations Worldwide Corp.	*	1,075		18,447
McDonald’s Corp.		37,036		3,715,822
MGM Resorts International	*	8,952		93,369
Morgans Hotel Group Co.	*†	2,300		13,570
Morton’s Restaurant Group, Inc.	*	2,200		15,136
Multimedia Games Holding Co., Inc.	*	1,202		9,544
O’Charleys, Inc.	*	1,091		5,990
Orient-Express Hotels Ltd., Class A (Bermuda)	*	1,577		11,780
P.F. Chang’s China Bistro, Inc.	†	1,089		33,661
Panera Bread Co., Class A	*	1,250		176,813
Papa John’s International, Inc.	*	1,610		60,665
Peet’s Coffee & Tea, Inc.	*	637		39,927
Penn National Gaming, Inc.	*	2,586		98,449
Pinnacle Entertainment, Inc.	*	1,629		16,551
Red Robin Gourmet Burgers, Inc.	*	692		19,168
Royal Caribbean Cruises Ltd.		7,613		188,574
Ruby Tuesday, Inc.	*	2,816		19,430
Scientific Games Corp., Class A	*	2,517		24,415
Shuffle Master, Inc.	*	1,527		17,896
Sonic Corp.	*	3,730		25,103
Speedway Motorsports, Inc.		149		2,284
Starbucks Corp.		24,221		1,114,408
Starwood Hotels & Resorts Worldwide, Inc.		7,939		380,834
Texas Roadhouse, Inc.		3,070		45,743
Vail Resorts, Inc.	†	1,491		63,159
Wendy’s Co. (The)		25,109		134,584
WMS Industries, Inc.	*	564		11,573
Wyndham Worldwide Corp.		6,992		264,507
Wynn Resorts Ltd.		2,554		282,191
Yum! Brands, Inc.		14,951		882,259
				10,872,062
Household Durables—0.3%
American Greetings Corp., Class A		2,760		34,528
Bassett Furniture Industries, Inc.		1,139		8,531
Beazer Homes USA, Inc.	*†	34,087		84,536

See accompanying notes to financial statements.

276

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Blyth, Inc.		460	$	26,128
D.R. Horton, Inc.		3,903		49,217
Ethan Allen Interiors, Inc.	†	1,551		36,774
Furniture Brands International, Inc.	*	2,341		2,879
Harman International Industries, Inc.		2,728		103,773
Helen of Troy Ltd. (Bermuda)	*	1,333		40,923
Hovnanian Enterprises, Inc., Class A	*†	15,517		22,500
Jarden Corp.		2,055		61,403
KB Home	†	3,248		21,827
Kid Brands, Inc.	*	1,156		3,653
La-Z-Boy, Inc.	*	2,404		28,608
Leggett & Platt, Inc.		2,928		67,461
Lennar Corp., Class A	†	5,675		111,514
M/I Homes, Inc.	*	610		5,856
MDC Holdings, Inc.		1,091		19,234
Meritage Homes Corp.	*	1,300		30,147
Mohawk Industries, Inc.	*	868		51,950
Newell Rubbermaid, Inc.		3,792		61,241
NVR, Inc.	*	112		76,832
PulteGroup, Inc.	*†	13,539		85,431
Ryland Group, Inc. (The)		1,852		29,188
Skyline Corp.	†	720		3,132
Standard Pacific Corp.	*†	2,568		8,166
Tempur-Pedic International, Inc.	*†	1,346		70,705
Toll Brothers, Inc.	*	4,132		84,375
Tupperware Brands Corp.		2,427		135,839
Universal Electronics, Inc.	*	639		10,780
Whirlpool Corp.		1,858		88,162
				1,465,293
Household Products—2.0%
Central Garden and Pet Co., Class A	*	1,230		10,234
Church & Dwight Co., Inc.		5,138		235,115
Clorox Co. (The)		4,503		299,720
Colgate-Palmolive Co.		16,371		1,512,517
Energizer Holdings, Inc.	*	1,856		143,803
Kimberly-Clark Corp.		13,185		969,888
Procter & Gamble Co. (The)		103,995		6,937,506
WD-40 Co.		949		38,349
				10,147,132
Independent Power Producers & Energy Traders—0.2%
AES Corp. (The)	*	26,935		318,910
Calpine Corp.	*	16,000		261,280
Constellation Energy Group, Inc.		7,434		294,907
Dynegy, Inc.	*	25,395		70,344
Genie Energy Ltd., Class B		1,600		12,688
GenOn Energy, Inc.	*	15,396		40,184
NRG Energy, Inc.	*	8,000		144,960
Tegal Corp.	*	62		208
				1,143,481
Industrial Conglomerates—2.0%
3M Co.		24,174		1,975,741
Carlisle Cos., Inc.		2,452		108,624
Danaher Corp.		16,656		783,498
General Electric Co.		395,685		7,086,718

		Shares		Value
Seaboard Corp.	*	18	$	36,648
Standex International Corp.	†	724		24,739
				10,015,968
Insurance—3.5%
Aflac, Inc.		19,465		842,056
Alleghany Corp.	*†	157		44,791
Allied World Assurance Co. Holdings AG (Switzerland)		1,889		118,875
Allstate Corp. (The)		18,288		501,274
Alterra Capital Holdings Ltd. (Bermuda)		1,915		45,251
American Equity Investment Life Holding Co.	†	4,302		44,741
American Financial Group, Inc.		2,657		98,017
American International Group, Inc.	*	14,067		326,354
American National Insurance Co.		945		69,013
Aon Corp.		9,153		428,360
Arch Capital Group Ltd. (Bermuda)	*	4,284		159,493
Argo Group International Holdings Ltd. (Bermuda)		899		26,035
Arthur J. Gallagher & Co.		3,230		108,011
Aspen Insurance Holdings Ltd. (Bermuda)		3,512		93,068
Assurant, Inc.		1,358		55,759
Assured Guaranty Ltd. (Bermuda)		7,538		99,049
Axis Capital Holdings Ltd. (Bermuda)		5,691		181,884
Baldwin & Lyons, Inc., Class B		945		20,601
Berkshire Hathaway, Inc., Class B	*	68,409		5,219,607
Brown & Brown, Inc.		5,036		113,965
Chubb Corp. (The)		8,118		561,928
Cincinnati Financial Corp.		6,036		183,857
CNA Financial Corp.		1,422		38,038
CNO Financial Group, Inc.	*	6,600		41,646
Crawford & Co., Class B	†	1,891		11,649
Delphi Financial Group, Inc., Class A		1,945		86,163
EMC Insurance Group, Inc.		341		7,014
Employers Holdings, Inc.		2,770		50,109
Endurance Specialty Holdings Ltd. (Bermuda)		2,698		103,198
Erie Indemnity Co., Class A		1,023		79,958
Everest Re Group Ltd. (Bermuda)		2,468		207,534
FBL Financial Group, Inc., Class A		1,275		43,375
Fidelity National Financial, Inc., Class A		8,236		131,199
First American Financial Corp.		3,159		40,025
Genworth Financial, Inc., Class A	*	16,181		105,986
Greenlight Capital Re Ltd., Class A (Cayman Islands)	*†	1,797		42,535
Hanover Insurance Group, Inc. (The)		2,346		81,993
Harleysville Group, Inc.		1,351		76,426
Hartford Financial Services Group, Inc.		15,915		258,619
HCC Insurance Holdings, Inc.		3,999		109,972

See accompanying notes to financial statements.

277

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Hilltop Holdings, Inc.	*	1,180	$	9,971
Horace Mann Educators Corp.		2,000		27,420
Independence Holding Co.	†	961		7,813
Infinity Property & Casualty Corp.		810		45,959
Kansas City Life Insurance Co.	†	902		29,604
Kemper Corp.		1,906		55,674
Lincoln National Corp.		10,899		211,659
Loews Corp.		6,027		226,917
Markel Corp.	*	152		63,030
Marsh & McLennan Cos., Inc.		15,676		495,675
MBIA, Inc.	*†	5,212		60,407
Mercury General Corp.		1,109		50,593
MetLife, Inc.		32,137		1,002,032
Montpelier Re Holdings Ltd. (Bermuda)		3,734		66,279
National Financial Partners Corp.	*	1,495		20,212
Navigators Group, Inc. (The)	*	938		44,724
Old Republic International Corp.		10,195		94,508
PartnerRe Ltd. (Bermuda)		2,300		147,683
Phoenix Cos., Inc. (The)	*†	4,217		7,085
Platinum Underwriters Holdings Ltd. (Bermuda)		2,734		93,257
Presidential Life Corp.		1,144		11,429
Principal Financial Group, Inc.		10,891		267,919
ProAssurance Corp.		1,647		131,464
Progressive Corp. (The)		18,475		360,447
Protective Life Corp.		3,130		70,613
Prudential Financial, Inc.		17,746		889,430
Reinsurance Group of America, Inc.		1,440		75,240
RenaissanceRe Holdings Ltd. (Bermuda)		2,900		215,673
RLI Corp.	†	1,164		84,809
Safety Insurance Group, Inc.		850		34,408
Selective Insurance Group, Inc.		2,122		37,623
StanCorp Financial Group, Inc.		2,460		90,405
State Auto Financial Corp.		488		6,632
Stewart Information Services Corp.	†	1,239		14,310
Torchmark Corp.		5,434		235,781
Tower Group, Inc.		1,736		35,015
Transatlantic Holdings, Inc.		1,167		63,870
Travelers Cos., Inc. (The)		12,194		721,519
United Fire & Casualty Co.		1,250		25,225
Unum Group		7,547		159,015
Validus Holdings Ltd. (Bermuda)		3,553		111,919
W.R. Berkley Corp.		2,501		86,009
White Mountains Insurance Group Ltd.		300		136,038
				17,482,723
Internet & Catalog Retail—0.7%
1-800-Flowers.com, Inc., Class A	*	793		1,745
Amazon.com, Inc.	*	13,403		2,320,059
dELiA*s, Inc.	*	925		944
Expedia, Inc.		3,588		104,124
Geeknet, Inc.	*	201		3,427
Hollywood Media Corp.	*	998		1,267
HSN, Inc.		1,886		68,386
Liberty Interactive Corp., Series A	*	16,418		266,218

		Shares		Value
Netflix, Inc.	*	1,859	$	128,810
Overstock.com, Inc.	*	770		6,037
priceline.com, Inc.	*	1,548		724,015
TripAdvisor, Inc.	*†	3,588		90,453
Valuevision Media, Inc., Class A	*	1,741		3,273
				3,718,758
Internet Software & Services—1.8%
Akamai Technologies, Inc.	*	7,479		241,422
AOL, Inc.	*	3,989		60,234
Autobytel, Inc.	*	1,384		969
DealerTrack Holdings, Inc.	*†	1,800		49,068
Digital River, Inc.	*	1,627		24,438
Earthlink, Inc.		5,814		37,442
eBay, Inc.	*	40,546		1,229,760
Equinix, Inc.	*	1,323		134,152
Google, Inc., Class A	*	8,936		5,771,762
IAC/InterActiveCorp		4,715		200,859
InfoSpace, Inc.	*	1,323		14,540
Internap Network Services Corp.	*	1,297		7,704
j2 Global, Inc.	†	1,614		45,418
Keynote Systems, Inc.		1,400		28,756
LivePerson, Inc.	*	3,333		41,829
Looksmart Ltd.	*	500		645
Monster Worldwide, Inc.	*†	4,681		37,120
Move, Inc.	*	1,840		11,629
NIC, Inc.		2,450		32,609
Openwave Systems, Inc.	*	2,570		4,061
Rackspace Hosting, Inc.	*	985		42,365
RealNetworks, Inc.		1,461		10,957
Saba Software, Inc.	*†	1,576		12,435
Stamps.com, Inc.	*	1,050		27,436
support.com, Inc.	*	1,562		3,515
United Online, Inc.		2,509		13,649
ValueClick, Inc.	*	4,058		66,105
VeriSign, Inc.		8,080		288,618
Vertro, Inc.	*	198		204
Web.com Group, Inc.	*	308		3,527
WebMD Health Corp.	*	2,424		91,021
WebMediaBrands, Inc.	*	1,450		660
XO Group, Inc.	*	2,304		19,215
Yahoo! Inc.	*	43,481		701,349
Zix Corp.	*	1,015		2,862
				9,258,335
IT Services—3.3%
Acxiom Corp.	*	3,451		42,137
Alliance Data Systems Corp.	*†	1,955		203,007
Automatic Data Processing, Inc.		17,041		920,384
Broadridge Financial Solutions, Inc.		5,748		129,617
CACI International, Inc., Class A	*	1,198		66,992
Ciber, Inc.	*	2,444		9,434
Cognizant Technology Solutions Corp., Class A	*	11,127		715,577
Computer Sciences Corp.		3,563		84,443
Convergys Corp.	*	5,933		75,764
CoreLogic, Inc.	*	3,159		40,846
CSG Systems International, Inc.	*	2,153		31,671
DST Systems, Inc.		2,518		114,619
Edgewater Technology, Inc.	*	1,533		4,216
Euronet Worldwide, Inc.	*	1,056		19,515
Fidelity National Information Services, Inc.		9,512		252,924

See accompanying notes to financial statements.

278

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Fiserv, Inc.	*	5,260	$	308,972
Forrester Research, Inc.	*	963		32,684
Gartner, Inc.	*	1,179		40,994
Global Payments, Inc.		3,238		153,416
Hackett Group, Inc. (The)	*	1,140		4,264
iGATE Corp.	*	1,397		21,975
International Business Machines Corp.		42,966		7,900,588
Jack Henry & Associates, Inc.		3,591		120,694
Lender Processing Services, Inc.		4,048		61,003
Lionbridge Technologies, Inc.	*	1,165		2,668
Management Network Group, Inc.	*	320		486
Mantech International Corp., Class A	†	1,217		38,019
Mastercard, Inc., Class A		3,819		1,423,800
MAXIMUS, Inc.		2,104		87,000
ModusLink Global Solutions, Inc.		1,007		5,438
MoneyGram International, Inc.	*	468		8,307
NeuStar, Inc., Class A	*	3,140		107,294
Online Resources Corp.	*	700		1,694
Paychex, Inc.		9,849		296,553
Pfsweb, Inc.	*	1,209		3,978
SAIC, Inc.	*	8,529		104,821
Sapient Corp.		4,150		52,290
StarTek, Inc.	*	994		1,908
Syntel, Inc.		1,554		72,681
TeleTech Holdings, Inc.	*	2,738		44,356
Teradata Corp.	*	6,451		312,938
Total System Services, Inc.		6,935		135,649
Unisys Corp.	*	1,371		27,022
VeriFone Systems, Inc.	*	3,103		110,219
Visa, Inc., Class A		18,001		1,827,642
Western Union Co. (The)		25,245		460,974
Wright Express Corp.	*	1,750		94,990
				16,576,463
Leisure Equipment & Products—0.2%
Arctic Cat, Inc.	*	1,857		41,875
Brunswick Corp.		3,797		68,574
Callaway Golf Co.	†	2,881		15,932
Eastman Kodak Co.	*†	11,893		7,725
Hasbro, Inc.		2,107		67,192
Jakks Pacific, Inc.		925		13,052
Leapfrog Enterprises, Inc.	*	1,261		7,049
Mattel, Inc.		8,487		235,599
Nautilus, Inc.	*	1,359		2,378
Polaris Industries, Inc.		3,716		208,022
Steinway Musical Instruments, Inc.	*	683		17,102
Sturm Ruger & Co., Inc.		3,296		110,284
				794,784
Life Sciences Tools & Services—0.5%
Affymetrix, Inc.	*	2,525		10,327
Agilent Technologies, Inc.	*	10,372		362,294
Albany Molecular Research, Inc.	*	1,371		4,017
Bio-Rad Laboratories, Inc., Class A	*	623		59,833
Bruker Corp.	*	1,667		20,704
Cambrex Corp.	*	1,258		9,032
Charles River Laboratories International, Inc.	*	2,755		75,294

		Shares		Value
Covance, Inc.	*	2,839	$	129,799
Enzo Biochem, Inc.	*†	1,353		3,031
eResearchTechnology, Inc.	*	2,056		9,643
Furiex Pharmaceuticals, Inc.	*	394		6,584
Illumina, Inc.	*	4,535		138,227
Life Technologies Corp.	*	7,474		290,813
Luminex Corp.	*	1,070		22,716
Mettler-Toledo International, Inc.	*†	913		134,859
PAREXEL International Corp.	*	2,306		47,827
PerkinElmer, Inc.		5,266		105,320
Sequenom, Inc.	*†	19,756		87,914
Techne Corp.		1,736		118,499
Thermo Fisher Scientific, Inc.	*	14,773		664,342
Waters Corp.	*	3,878		287,166
				2,588,241
Machinery—2.2%
Actuant Corp., Class A		2,022		45,879
AGCO Corp.	*†	3,068		131,832
Albany International Corp., Class A		1,437		33,223
American Railcar Industries, Inc.	*	1,200		28,716
Ampco-Pittsburgh Corp.		613		11,855
Astec Industries, Inc.	*	821		26,444
Barnes Group, Inc.		2,018		48,654
Blount International, Inc.	*	1,532		22,245
Briggs & Stratton Corp.		1,822		28,223
Caterpillar, Inc.		21,496		1,947,538
Chart Industries, Inc.	*	1,070		57,855
CIRCOR International, Inc.		711		25,105
CLARCOR, Inc.		2,354		117,677
Crane Co.		2,467		115,234
Cummins, Inc.		5,514		485,342
Deere & Co.		15,887		1,228,859
Donaldson Co., Inc.		2,029		138,134
Dover Corp.		5,761		334,426
Eaton Corp.		11,582		504,164
EnPro Industries, Inc.	*†	981		32,353
ESCO Technologies, Inc.		1,222		35,169
Federal Signal Corp.	*	2,159		8,960
Flow International Corp.	*	2,200		7,700
Flowserve Corp.		2,375		235,885
FreightCar America, Inc.	*	900		18,855
Gardner Denver, Inc.		1,836		141,482
Graco, Inc.		2,883		117,886
Harsco Corp.		3,646		75,035
Hurco Cos., Inc.	*	300		6,300
IDEX Corp.		3,304		122,611
Illinois Tool Works, Inc.		16,815		785,429
ITT Corp.		2,488		48,093
John Bean Technologies Corp.		1,164		17,891
Joy Global, Inc.		4,237		317,648
Kadant, Inc.	*	721		16,302
Kaydon Corp.		1,422		43,371
Kennametal, Inc.		3,196		116,718
Lincoln Electric Holdings, Inc.		3,754		146,857
Lindsay Corp.		808		44,351
Manitowoc Co., Inc. (The)		5,044		46,354
Meritor, Inc.	*	2,791		14,848
Middleby Corp.	*	984		92,535
Mueller Industries, Inc.		1,592		61,165
Mueller Water Products, Inc., Class A	†	3,000		7,320

See accompanying notes to financial statements.

279

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
NACCO Industries, Inc., Class A		309	$	27,569
Navistar International Corp.	*	2,436		92,276
Nordson Corp.		3,044		125,352
Oshkosh Corp.	*	2,868		61,318
PACCAR, Inc.		14,853		556,542
Pall Corp.		3,831		218,942
Parker Hannifin Corp.		5,068		386,435
Pentair, Inc.		3,618		120,443
Robbins & Myers, Inc.		2,604		126,424
Sauer-Danfoss, Inc.	*	1,531		55,438
Snap-On, Inc.		2,419		122,450
SPX Corp.		2,157		130,002
Stanley Black & Decker, Inc.		3,191		215,712
Tecumseh Products Co., Class A	*†	712		3,346
Tennant Co.	†	1,280		49,754
Terex Corp.	*	4,124		55,715
Timken Co.		3,702		143,304
Titan International, Inc.		1,356		26,388
Toro Co. (The)		1,020		61,873
Trinity Industries, Inc.		3,051		91,713
Valmont Industries, Inc.		1,162		105,498
Wabash National Corp.	*	6,441		50,497
WABCO Holdings, Inc.	*	2,354		102,164
Wabtec Corp.		1,737		121,503
Watts Water Technologies, Inc., Class A		1,225		41,907
Woodward, Inc.		2,448		100,197
Xylem, Inc.		4,977		127,859
				11,213,144
Marine—0.0%
Alexander & Baldwin, Inc.		1,466		59,842
Eagle Bulk Shipping, Inc.	*†	3,648		3,437
Excel Maritime Carriers Ltd. (Greece)	*†	2,810		4,074
Genco Shipping & Trading Ltd.	*†	2,042		13,804
Kirby Corp.	*	2,358		155,251
				236,408
Media—2.6%
A.H. Belo Corp., Class A		944		4,484
AMC Networks, Inc., Class A	*	2,261		84,968
Arbitron, Inc.		1,298		44,664
Belo Corp., Class A		4,721		29,742
Cablevision Systems Corp., Class A		9,044		128,606
CBS Corp., Class B		23,133		627,830
Clear Channel Outdoor Holdings, Inc., Class A	*	2,500		31,375
Comcast Corp., Class A		71,429		1,693,582
Crown Media Holdings, Inc., Class A	*†	5,899		7,138
Cumulus Media, Inc., Class A	*	2,174		7,261
DIRECTV, Class A	*	23,720		1,014,267
Discovery Communications, Inc., Class A	*	5,451		223,328
DISH Network Corp., Class A		4,775		135,992
DreamWorks Animation SKG, Inc., Class A	*†	1,300		21,574
E.W. Scripps Co., (The), Class A	*	1,204		9,644
Emmis Communications Corp., Class A	*	1,175		775

		Shares		Value
Entercom Communications Corp., Class A	*	2,183	$	13,425
Entravision Communications Corp., Class A		2,852		4,449
Gannett Co., Inc.		7,301		97,614
Gray Television, Inc.	*	1,838		2,978
Harris Interactive, Inc.	*	2,730		1,527
Harte-Hanks, Inc.		3,119		28,352
Interpublic Group of Cos., Inc. (The)		17,203		167,385
John Wiley & Sons, Inc., Class A		2,491		110,600
Journal Communications, Inc., Class A	*	3,900		17,160
Lamar Advertising Co., Class A	*	3,479		95,673
Liberty Global, Inc., Series A	*	4,456		182,830
Liberty Media Corp.—Liberty Capital, Class A	*	4,301		335,693
LIN TV Corp., Class A	*	1,419		6,002
Live Nation Entertainment, Inc.	*	5,485		45,580
LodgeNet Interactive Corp.	*	1,250		2,988
Madison Square Garden Co. (The), Class A	*	2,261		64,755
McClatchy Co. (The), Class A	*†	2,444		5,841
McGraw-Hill Cos., Inc. (The)		9,601		431,757
Media General, Inc., Class A	*†	952		3,875
Meredith Corp.	†	2,083		68,010
National CineMedia, Inc.	†	2,226		27,602
New Frontier Media, Inc.	*	3,808		3,960
New York Times Co. (The), Class A	*†	5,682		43,922
News Corp., Class A		55,516		990,405
Omnicom Group, Inc.		9,924		442,412
Radio Unica Communications Corp.	*‡d	1,900		—
Regal Entertainment Group, Class A	†	2,743		32,751
Salem Communications Corp., Class A	*	850		2,185
Scholastic Corp.	†	1,845		55,295
Scripps Networks Interactive, Inc., Class A	†	3,612		153,221
Sinclair Broadcast Group, Inc., Class A		2,049		23,215
Sirius XM Radio, Inc.	*†	169,893		309,205
Time Warner Cable, Inc.		10,238		650,830
Time Warner, Inc.		34,296		1,239,457
Valassis Communications, Inc.	*	2,236		42,998
Value Line, Inc.	†	573		5,890
Viacom, Inc., Class B		19,730		895,939
Virgin Media, Inc.	†	10,479		224,041
Walt Disney Co. (The)		61,815		2,318,063
Washington Post Co. (The), Class B	†	258		97,217
World Wrestling Entertainment, Inc., Class A	†	1,030		9,600
				13,319,932
Metals & Mining—1.1%
AK Steel Holding Corp.		5,009		41,374
Alcoa, Inc.		44,044		380,981
Allegheny Technologies, Inc.		3,760		179,728

See accompanying notes to financial statements.

280

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
AMCOL International Corp.		1,186	$	31,844
Carpenter Technology Corp.		1,882		96,885
Century Aluminum Co.	*	865		7,361
Cliffs Natural Resources, Inc.		4,448		277,333
Coeur d’Alene Mines Corp.	*	7,315		176,584
Commercial Metals Co.		4,080		56,426
Compass Minerals International, Inc.		1,915		131,848
Freeport-McMoRan Copper & Gold, Inc.		38,302		1,409,131
Hecla Mining Co.		20,609		107,785
Materion Corp.	*	1,122		27,242
Molycorp, Inc.	*†	1,566		37,553
Newmont Mining Corp.		16,854		1,011,409
Nucor Corp.		10,963		433,806
Reliance Steel & Aluminum Co.		2,966		144,415
Royal Gold, Inc.	†	1,153		77,747
RTI International Metals, Inc.	*	1,363		31,635
Schnitzer Steel Industries, Inc., Class A		693		29,300
Southern Copper Corp.		8,700		262,566
Steel Dynamics, Inc.		8,080		106,252
Stillwater Mining Co.	*	3,727		38,984
Titanium Metals Corp.		5,344		80,053
United States Steel Corp.	†	5,607		148,361
Walter Energy, Inc.		1,840		111,430
Worthington Industries, Inc.		3,575		58,559
				5,496,592
Multiline Retail—0.7%
99 Cents Only Stores	*	3,207		70,394
Big Lots, Inc.	*	1,874		70,762
Dillard’s, Inc., Class A	†	1,535		68,891
Dollar Tree, Inc.	*	4,178		347,234
Family Dollar Stores, Inc.		3,743		215,821
Fred’s, Inc., Class A	†	1,781		25,967
J.C. Penney Co., Inc.	†	7,928		278,669
Kohl’s Corp.		8,292		409,210
Macy’s, Inc.		14,423		464,132
Nordstrom, Inc.		6,901		343,049
Saks, Inc.	*†	5,811		56,657
Sears Holdings Corp.	*†	3,097		98,423
Target Corp.		23,232		1,189,943
Tuesday Morning Corp.	*	1,816		6,265
				3,645,417
Multi-Utilities—1.4%
Alliant Energy Corp.		4,491		198,098
Ameren Corp.		8,429		279,253
Avista Corp.		1,759		45,294
Black Hills Corp.		2,041		68,537
CenterPoint Energy, Inc.		12,705		255,243
CH Energy Group, Inc.		694		40,516
CMS Energy Corp.		15,613		344,735
Consolidated Edison, Inc.		9,508		589,781
Dominion Resources, Inc.		18,948		1,005,760
DTE Energy Co.		5,654		307,860
Integrys Energy Group, Inc.		5,523		299,236
MDU Resources Group, Inc.		7,657		164,319
NiSource, Inc.		10,893		259,362
NorthWestern Corp.		1,449		51,860
NSTAR		4,374		205,403
OGE Energy Corp.		3,358		190,432

		Shares		Value
PG&E Corp.		13,909	$	573,329
Public Service Enterprise Group, Inc.		19,188		633,396
SCANA Corp.		4,791		215,883
Sempra Energy		6,698		368,390
TECO Energy, Inc.		7,797		149,235
Vectren Corp.		3,706		112,032
Wisconsin Energy Corp.		9,128		319,115
Xcel Energy, Inc.		16,552		457,497
				7,134,566
Office Electronics—0.1%
Xerox Corp.		37,010		294,599
Zebra Technologies Corp., Class A	*	2,988		106,911
				401,510
Oil, Gas & Consumable Fuels—9.5%
Adams Resources & Energy, Inc.		1,462		42,369
Alpha Natural Resources, Inc.	*	8,351		170,611
Anadarko Petroleum Corp.		17,995		1,373,558
Apache Corp.		13,575		1,229,623
Apco Oil and Gas International, Inc.	†	1,181		96,511
Arch Coal, Inc.		7,214		104,675
ATP Oil & Gas Corp.	*†	685		5,042
Berry Petroleum Co., Class A	†	2,902		121,942
Blue Dolphin Energy Co.	*†	521		2,183
BP Prudhoe Bay Royalty Trust		1,105		125,926
BPZ Resources, Inc.	*†	4,003		11,369
Cabot Oil & Gas Corp.		3,075		233,392
Callon Petroleum Co.	*	779		3,872
Carrizo Oil & Gas, Inc.	*	1,800		47,430
Chesapeake Energy Corp.		24,112		537,456
Chevron Corp.		71,520		7,609,728
Cimarex Energy Co.		2,681		165,954
Clayton Williams Energy, Inc.	*	550		41,734
Comstock Resources, Inc.	*†	1,735		26,545
Concho Resources, Inc.	*	3,943		369,656
ConocoPhillips		53,110		3,870,126
CONSOL Energy, Inc.		7,662		281,195
Contango Oil & Gas Co.	*	902		52,478
Continental Resources, Inc.	*†	2,992		199,596
Cross Timbers Royalty Trust		575		28,100
Crosstex Energy, Inc.		2,100		26,544
CVR Energy, Inc.	*	2,907		54,448
Denbury Resources, Inc.	*	16,015		241,826
Devon Energy Corp.		14,461		896,582
DHT Holdings, Inc. (Jersey, Channel Islands)	†	4,173		3,088
El Paso Corp.		25,233		670,441
Energen Corp.		2,644		132,200
EOG Resources, Inc.		7,506		739,416
EQT Corp.		5,288		289,730
EXCO Resources, Inc.		8,720		91,124
Exxon Mobil Corp.		184,167		15,609,995
Forest Oil Corp.	*	3,820		51,761
FX Energy, Inc.	*	3,496		16,781
GMX Resources, Inc.	*†	1,297		1,621
Goodrich Petroleum Corp.	*†	1,566		21,501
Hess Corp.		10,275		583,620
HollyFrontier Corp.		5,470		127,998
Hugoton Royalty Trust		1,669		31,477

See accompanying notes to financial statements.

281

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
James River Coal Co.	*†	1,500	$	10,380
Kinder Morgan, Inc.	†	20,480		658,842
Kodiak Oil & Gas Corp.	*†	5,207		49,466
Marathon Oil Corp.		25,577		748,639
Marathon Petroleum Corp.		12,788		425,713
McMoRan Exploration Co.	*†	2,961		43,083
Murphy Oil Corp.		5,804		323,515
Newfield Exploration Co.	*	3,712		140,054
Noble Energy, Inc.		4,966		468,741
Occidental Petroleum Corp.		30,246		2,834,050
Overseas Shipholding Group, Inc.	†	1,587		17,346
Patriot Coal Corp.	*	2,992		25,342
Peabody Energy Corp.		10,624		351,761
Penn Virginia Corp.		1,433		7,581
Petroleum Development Corp.	*	1,250		43,887
Petroquest Energy, Inc.	*†	3,346		22,084
Pioneer Natural Resources Co.		5,081		454,648
Plains Exploration & Production Co.	*	5,227		191,935
QEP Resources, Inc.		7,412		217,172
Quicksilver Resources, Inc.	*†	3,960		26,572
Range Resources Corp.		5,516		341,661
Rentech, Inc.	*	49,300		64,583
Rosetta Resources, Inc.	*	3,400		147,900
SandRidge Energy, Inc.	*	8,962		73,130
Ship Finance International Ltd. (Bermuda)	†	3,352		31,308
SM Energy Co.		2,262		165,352
Southern Union Co.		3,367		141,784
Southwestern Energy Co.	*	12,344		394,267
Spectra Energy Corp.		23,691		728,498
Stone Energy Corp.	*	1,208		31,867
Sunoco, Inc.		2,777		113,913
Swift Energy Co.	*	1,142		33,940
Syntroleum Corp.	*	1,246		1,196
Teekay Corp. (Canada)	†	1,691		45,200
Tesoro Corp.	*	6,846		159,923
Ultra Petroleum Corp.	*	7,839		232,270
USEC, Inc.	*	7,347		8,376
Vaalco Energy, Inc.	*	3,800		22,952
Valero Energy Corp.		22,004		463,184
Verenium Corp.	*†	149		325
Warren Resources, Inc.	*	3,600		11,736
Western Refining, Inc.	*	2,500		33,225
Whiting Petroleum Corp.	*	2,484		115,978
Williams Cos., Inc. (The)		24,207		799,315
World Fuel Services Corp.		1,920		80,602
				47,644,520
Paper & Forest Products—0.2%
Buckeye Technologies, Inc.		1,251		41,833
Clearwater Paper Corp.	*	924		32,904
Deltic Timber Corp.		724		43,722
Domtar Corp. (Canada)		1,388		110,984
International Paper Co.		14,370		425,352
Louisiana-Pacific Corp.	*	4,396		35,476
MeadWestvaco Corp.		2,983		89,341
Neenah Paper, Inc.		652		14,553
P.H. Glatfelter Co.		1,740		24,569
Schweitzer-Mauduit International, Inc.		724		48,117

		Shares		Value
Wausau Paper Corp.	†	1,903	$	15,719
				882,570
Personal Products—0.2%
Avon Products, Inc.		14,351		250,712
Elizabeth Arden, Inc.	*	1,017		37,670
Estee Lauder Cos., Inc. (The), Class A		3,747		420,863
Herbalife Ltd. (Cayman Islands)		1,696		87,632
Medifast, Inc.	*†	734		10,071
Nu Skin Enterprises, Inc., Class A		3,018		146,584
USANA Health Sciences, Inc.	*†	593		18,009
				971,541
Pharmaceuticals—5.4%
Abbott Laboratories		59,451		3,342,930
Allergan, Inc.		11,119		975,581
AVANIR Pharmaceuticals, Inc., Class A	*†	30,376		62,271
Bristol-Myers Squibb Co.		62,456		2,200,949
Columbia Laboratories, Inc.	*†	1,819		4,547
Durect Corp.	*	1,900		2,242
Eli Lilly & Co.		35,287		1,466,528
Emisphere Technologies, Inc.	*	772		166
Endo Pharmaceuticals Holdings, Inc.	*	4,151		143,334
Forest Laboratories, Inc.	*	9,208		278,634
Heska Corp.	*	446		3,256
Hi-Tech Pharmacal Co., Inc.	*	862		33,523
Hospira, Inc.	*	5,415		164,454
Johnson & Johnson		97,345		6,383,885
KV Pharmaceutical Co., Class A	*†	2,179		3,051
Medicines Co. (The)	*	2,018		37,616
Medicis Pharmaceutical Corp., Class A		2,564		85,253
Merck & Co., Inc.		105,830		3,989,791
Mylan, Inc.	*	10,972		235,459
Nektar Therapeutics	*†	2,368		13,249
Optimer Pharmaceuticals, Inc.	*†	2,592		31,726
Pain Therapeutics, Inc.	*	1,318		5,008
Par Pharmaceutical Cos., Inc.	*	1,362		44,578
Perrigo Co.		3,119		303,479
Pfizer, Inc.		300,587		6,504,703
Pozen, Inc.	*	1,014		4,005
Questcor Pharmaceuticals, Inc.	*	4,217		175,343
Salix Pharmaceuticals Ltd.	*	2,346		112,256
Viropharma, Inc.	*	4,061		111,231
Vivus, Inc.	*†	1,630		15,892
Watson Pharmaceuticals, Inc.	*	4,630		279,374
XenoPort, Inc.	*	1,939		7,388
				27,021,702
Professional Services—0.3%
Advisory Board Co. (The)	*	950		70,500
Barrett Business Services, Inc.		2,203		43,972
CDI Corp.		1,131		15,619
Corporate Executive Board Co. (The)		1,507		57,417
CoStar Group, Inc.	*†	770		51,382
CRA International, Inc.	*	986		19,562
Dun & Bradstreet Corp. (The)		1,546		115,687
Equifax, Inc.		2,521		97,664
FTI Consulting, Inc.	*†	1,735		73,599

See accompanying notes to financial statements.

282

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Heidrick & Struggles International, Inc.	†	865	$	18,632
Huron Consulting Group, Inc.	*	988		38,275
IHS, Inc., Class A	*	1,414		121,830
Insperity, Inc.	†	1,143		28,975
Kelly Services, Inc., Class A		1,173		16,047
Kforce, Inc.	*†	297		3,662
Korn/Ferry International	*	1,624		27,705
Manpower, Inc.		3,593		128,450
Mastech Holdings, Inc.	*	93		347
Navigant Consulting, Inc.	*	2,313		26,391
On Assignment, Inc.	*	1,243		13,897
RCM Technologies, Inc.	*	1,593		8,252
Resources Connection, Inc.		2,060		21,815
Robert Half International, Inc.		3,922		111,620
Towers Watson & Co., Class A		1,600		95,888
TrueBlue, Inc.	*	2,485		34,492
Verisk Analytics, Inc., Class A	*	4,073		163,449
				1,405,129
Real Estate Investment Trusts (REITs)—3.1%
Acadia Realty Trust REIT		1,368		27,552
Agree Realty Corp. REIT		814		19,845
Alexander’s, Inc. REIT		78		28,862
Alexandria Real Estate Equities, Inc. REIT	†	1,245		85,868
American Campus Communities, Inc. REIT		5,751		241,312
American Capital Agency Corp. REIT		3,150		88,452
Annaly Capital Management, Inc. REIT		30,573		487,945
Anworth Mortgage Asset Corp. REIT		18,790		118,001
Apartment Investment & Management Co., Class A REIT		5,659		129,648
Ashford Hospitality Trust, Inc. REIT		4,200		33,600
AvalonBay Communities, Inc. REIT		3,314		432,808
BioMed Realty Trust, Inc. REIT		6,210		112,277
Boston Properties, Inc. REIT		5,737		571,405
Brandywine Realty Trust REIT		6,105		57,998
BRE Properties, Inc. REIT		2,433		122,818
BRT Realty Trust REIT	*	421		2,669
Camden Property Trust REIT		2,058		128,090
Capital Trust, Inc., Class A REIT	*	523		1,177
Capstead Mortgage Corp. REIT		2,400		29,856
CBL & Associates Properties, Inc. REIT		10,788		169,372
Cedar Realty Trust, Inc. REIT		583		2,513
Chimera Investment Corp. REIT		42,645		107,039
Colonial Properties Trust REIT	†	1,962		40,927
CommonWealth REIT REIT		2,285		38,022
Corporate Office Properties Trust REIT		1,904		40,479
Cousins Properties, Inc. REIT		2,489		15,954
CubeSmart REIT	†	8,821		93,855
DCT Industrial Trust, Inc. REIT		6,576		33,669
DDR Corp. REIT		5,227		63,613
DiamondRock Hospitality Co. REIT		4,047		39,013

		Shares		Value
Digital Realty Trust, Inc. REIT	†	5,681	$	378,752
Douglas Emmett, Inc. REIT		4,212		76,827
Duke Realty Corp. REIT		5,609		67,588
DuPont Fabros Technology, Inc. REIT	†	4,666		113,011
EastGroup Properties, Inc. REIT		1,538		66,872
Entertainment Properties Trust REIT		2,733		119,459
Equity Lifestyle Properties, Inc. REIT		1,140		76,027
Equity One, Inc. REIT		2,619		44,471
Equity Residential REIT		11,387		649,401
Essex Property Trust, Inc. REIT		807		113,392
Extra Space Storage, Inc. REIT		3,500		84,805
Federal Realty Investment Trust REIT		2,295		208,271
FelCor Lodging Trust, Inc. REIT	*	19,456		59,341
First Industrial Realty Trust, Inc. REIT	*	6,729		68,838
First Potomac Realty Trust REIT		1,628		21,245
Franklin Street Properties Corp. REIT	†	2,200		21,890
General Growth Properties, Inc. REIT		15,452		232,089
Getty Realty Corp. REIT	†	1,747		24,371
Glimcher Realty Trust REIT		17,270		158,884
Gramercy Capital Corp. REIT	*	2,182		5,455
Hatteras Financial Corp. REIT		1,935		51,026
HCP, Inc. REIT		13,391		554,789
Health Care REIT, Inc. REIT		4,494		245,058
Healthcare Realty Trust, Inc. REIT		1,881		34,968
Highwoods Properties, Inc. REIT	†	2,393		71,000
Home Properties, Inc. REIT		1,390		80,022
Hospitality Properties Trust REIT		2,923		67,171
Host Hotels & Resorts, Inc. REIT		21,796		321,927
Inland Real Estate Corp. REIT		2,302		17,518
Investors Real Estate Trust REIT	†	2,989		21,805
iStar Financial, Inc. REIT	*†	4,331		22,911
Kilroy Realty Corp. REIT		1,316		50,100
Kimco Realty Corp. REIT		15,341		249,138
Kite Realty Group Trust REIT		2,654		11,970
LaSalle Hotel Properties REIT		1,561		37,792
Lexington Realty Trust REIT	†	9,308		69,717
Liberty Property Trust REIT		3,372		104,127
LTC Properties, Inc. REIT		2,385		73,601
Macerich Co. (The) REIT		5,275		266,915
Mack-Cali Realty Corp. REIT		2,488		66,405
Medical Properties Trust, Inc. REIT		11,530		113,801
MFA Financial, Inc. REIT		10,801		72,583
Mid-America Apartment Communities, Inc. REIT		1,240		77,562
Mission West Properties, Inc. REIT		1,417		12,781
Monmouth Real Estate Investment Corp., Class A REIT		3,275		29,966
MPG Office Trust, Inc. REIT	*†	1,199		2,386
National Health Investors, Inc. REIT		979		43,056

See accompanying notes to financial statements.

283

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
National Retail Properties, Inc. REIT		2,356	$	62,151
Newcastle Investment Corp. REIT		754		3,506
NorthStar Realty Finance Corp. REIT	†	4,388		20,931
Omega Healthcare Investors, Inc. REIT		4,100		79,335
Parkway Properties, Inc. REIT	†	986		9,722
Pennsylvania Real Estate Investment Trust REIT		1,510		15,764
Plum Creek Timber Co., Inc. REIT		7,429		271,604
PMC Commercial Trust REIT		865		6,046
Post Properties, Inc. REIT		2,078		90,850
Potlatch Corp. REIT		1,618		50,336
ProLogis, Inc. REIT		16,023		458,098
PS Business Parks, Inc. REIT		599		33,203
Public Storage REIT		6,057		814,424
RAIT Financial Trust REIT	†	7,882		37,440
Ramco-Gershenson Properties Trust REIT		1,275		12,533
Rayonier, Inc. REIT		5,004		223,329
Realty Income Corp. REIT	†	4,138		144,664
Redwood Trust, Inc. REIT		1,008		10,261
Regency Centers Corp. REIT		2,745		103,267
Sabra Healthcare REIT, Inc. REIT		694		8,390
Saul Centers, Inc. REIT		987		34,960
Senior Housing Properties Trust REIT		3,680		82,579
Simon Property Group, Inc. REIT		11,699		1,508,469
SL Green Realty Corp. REIT		3,603		240,104
Sovran Self Storage, Inc. REIT		1,269		54,148
Strategic Hotels & Resorts, Inc. REIT	*	22,977		123,386
Sun Communities, Inc. REIT	†	1,061		38,758
Sunstone Hotel Investors, Inc. REIT	*	2,559		20,856
Tanger Factory Outlet Centers, Inc. REIT		2,442		71,599
Taubman Centers, Inc. REIT		2,083		129,354
UDR, Inc. REIT		6,077		152,533
Universal Health Realty Income Trust REIT	†	1,333		51,987
Ventas, Inc. REIT		12,494		688,794
Vornado Realty Trust REIT		7,702		591,976
Washington Real Estate Investment Trust REIT		1,834		50,160
Weingarten Realty Investors REIT		3,474		75,803
Weyerhaeuser Co. REIT		16,471		307,514
				15,404,557
Real Estate Management & Development—0.1%
Altisource Portfolio Solutions SA (Luxembourg)	*	1,119		56,151
Brookfield Office Properties, Inc.		15,325		239,683
CBRE Group, Inc.	*	6,900		105,018
Forest City Enterprises, Inc., Class A	*	9,240		109,217
Forestar Group, Inc.	*	1,502		22,725
Grubb & Ellis Co.	*	652		84
Jones Lang LaSalle, Inc.		1,311		80,312

		Shares		Value
St. Joe Co. (The)	*†	3,582	$	52,512
Tejon Ranch Co.	*	858		21,004
				686,706
Road & Rail—0.9%
Amerco, Inc.	†	805		71,162
Arkansas Best Corp.		903		17,401
Avis Budget Group, Inc.	*	4,424		47,425
Con-way, Inc.		2,160		62,986
CSX Corp.		35,751		752,916
Dollar Thrifty Automotive Group, Inc.	*	1,057		74,265
Genesee & Wyoming, Inc., Class A	*	1,576		95,474
Heartland Express, Inc.	†	4,220		60,304
J.B. Hunt Transport Services, Inc.		1,317		59,357
Kansas City Southern	*	4,745		322,707
Knight Transportation, Inc.		3,879		60,668
Landstar System, Inc.		2,256		108,108
Norfolk Southern Corp.		12,299		896,105
Old Dominion Freight Line, Inc.	*	2,674		108,377
PAM Transportation Services, Inc.	*	338		3,211
Ryder System, Inc.		707		37,570
Saia, Inc.	*	1,662		20,742
Union Pacific Corp.		15,516		1,643,765
Werner Enterprises, Inc.	†	2,915		70,251
				4,512,794
Semiconductors & Semiconductor Equipment—2.4%
Advanced Energy Industries, Inc.	*	1,428		15,322
Advanced Micro Devices, Inc.	*	21,447		115,814
Aetrium, Inc.	*	614		448
Altera Corp.		9,504		352,598
Amkor Technology, Inc.	*†	7,211		31,440
Anadigics, Inc.	*†	957		2,096
Analog Devices, Inc.		7,450		266,561
Applied Materials, Inc.		43,119		461,805
Applied Micro Circuits Corp.	*	3,186		21,410
Atmel Corp.	*	18,733		151,737
ATMI, Inc.	*	1,559		31,227
Axcelis Technologies, Inc.	*†	4,095		5,446
AXT, Inc.	*	946		3,945
Broadcom Corp., Class A	*	18,226		535,115
Brooks Automation, Inc.		3,103		31,868
Cabot Microelectronics Corp.	*	1,049		49,565
Ceva, Inc.	*	692		20,940
Cirrus Logic, Inc.	*	2,946		46,694
Cohu, Inc.		859		9,750
Cree, Inc.	*†	3,097		68,258
Cymer, Inc.	*	1,498		74,541
Cypress Semiconductor Corp.	*	4,876		82,356
Diodes, Inc.	*	2,400		51,120
DSP Group, Inc.	*	1,194		6,221
Energy Conversion Devices, Inc.	*†	781		158
Entegris, Inc.	*	5,738		50,064
Exar Corp.	*†	1,758		11,427
Fairchild Semiconductor International, Inc.	*	4,903		59,032
First Solar, Inc.	*†	2,540		85,750
Formfactor, Inc.	*	1,417		7,170
FSI International, Inc.	*	1,479		5,413
GigOptix, Inc.	*	827		1,489

See accompanying notes to financial statements.

284

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Integrated Device Technology, Inc.	*	8,168	$	44,597
Integrated Silicon Solution, Inc.	*†	1,269		11,599
Intel Corp.		199,133		4,828,975
International Rectifier Corp.	*	2,631		51,094
Intersil Corp., Class A		5,757		60,103
IXYS Corp.	*	1,329		14,393
KLA-Tencor Corp.		4,441		214,278
Kopin Corp.	*†	2,431		9,432
Kulicke & Soffa Industries, Inc.	*	2,008		18,574
Lam Research Corp.	*	2,890		106,988
Lattice Semiconductor Corp.	*	4,395		26,106
Linear Technology Corp.		5,243		157,447
LSI Corp.	*	30,700		182,665
LTX-Credence Corp.	*	1,358		7,265
Marvell Technology Group Ltd. (Bermuda)	*	18,500		256,225
Mattson Technology, Inc.	*	1,760		2,429
Maxim Integrated Products, Inc.		5,913		153,975
MEMC Electronic Materials, Inc.	*	8,113		31,965
Micrel, Inc.		3,731		37,720
Microchip Technology, Inc.	†	3,565		130,586
Micron Technology, Inc.	*	35,271		221,855
Microsemi Corp.	*	2,474		41,440
Mindspeed Technologies, Inc.	*†	801		3,669
MIPS Technologies, Inc.	*	2,228		9,937
MKS Instruments, Inc.		2,455		68,298
MoSys, Inc.	*†	1,251		5,254
Netlogic Microsystems, Inc.	*	2,136		105,882
Novellus Systems, Inc.	*	2,876		118,750
NVE Corp.	*	348		19,324
NVIDIA Corp.	*	20,184		279,750
Omnivision Technologies, Inc.	*	2,354		28,801
ON Semiconductor Corp.	*	10,008		77,262
PDF Solutions, Inc.	*†	974		6,789
Pericom Semiconductor Corp.	*	1,023		7,785
Photronics, Inc.	*	1,388		8,439
PLX Technology, Inc.	*	1,050		3,014
PMC—Sierra, Inc.	*	7,045		38,818
Power Integrations, Inc.	†	1,952		64,728
QuickLogic Corp.	*†	1,050		2,730
Rambus, Inc.	*	4,071		30,736
Ramtron International Corp.	*	1,920		3,744
RF Micro Devices, Inc.	*†	8,143		43,972
Rudolph Technologies, Inc.	*	1,247		11,547
Semtech Corp.	*	2,970		73,715
Sigma Designs, Inc.	*	1,320		7,920
Silicon Image, Inc.	*	2,948		13,856
Silicon Laboratories, Inc.	*†	2,124		92,224
Skyworks Solutions, Inc.	*	5,822		94,433
Spire Corp.	*	2,500		1,550
Standard Microsystems Corp.	*	806		20,771
SunPower Corp.	*†	141		878
Teradyne, Inc.	*	7,938		108,195
Tessera Technologies, Inc.	*	1,560		26,130
Texas Instruments, Inc.		38,855		1,131,069
Transwitch Corp.	*	429		1,373
Trident Microsystems, Inc.	*	3,018		543
TriQuint Semiconductor, Inc.	*	4,918		23,951
Ultratech, Inc.	*	971		23,857
Veeco Instruments, Inc.	*	1,294		26,915

		Shares		Value
Xilinx, Inc.		6,637	$	212,782
				12,065,882
Software—3.6%
Accelrys, Inc.	*	2,216		14,892
ACI Worldwide, Inc.	*†	1,298		37,175
Activision Blizzard, Inc.		23,814		293,388
Actuate Corp.	*	2,084		12,212
Adobe Systems, Inc.	*	17,358		490,711
Advent Software, Inc.	*	2,902		70,693
American Software, Inc., Class A		1,950		18,428
ANSYS, Inc.	*	2,396		137,243
Ariba, Inc.	*	2,075		58,266
Autodesk, Inc.	*	9,258		280,795
Blackbaud, Inc.		2,650		73,405
BMC Software, Inc.	*	2,708		88,768
CA, Inc.		11,593		234,353
Cadence Design Systems, Inc.	*	10,745		111,748
Callidus Software, Inc.	*	172		1,104
Citrix Systems, Inc.	*	7,179		435,909
Compuware Corp.	*	7,505		62,442
Concur Technologies, Inc.	*	2,083		105,796
Datawatch Corp.	*	3,500		19,985
Ebix, Inc.	†	2,802		61,924
Electronic Arts, Inc.	*	12,060		248,436
EPIQ Systems, Inc.	†	1,087		13,066
Evergreen Energy, Inc.	*†	416		25
Evolving Systems, Inc.		527		3,947
Factset Research Systems, Inc.		1,490		130,047
Fair Isaac Corp.		3,039		108,918
FalconStor Software, Inc.	*†	1,373		3,542
Informatica Corp.	*	3,171		117,105
Interactive Intelligence Group, Inc.	*	950		21,774
Intuit, Inc.		8,244		433,552
JDA Software Group, Inc.	*	1,256		40,682
Kenexa Corp.	*	1,681		44,883
Magma Design Automation, Inc.	*	1,429		10,260
Manhattan Associates, Inc.	*	1,346		54,486
Mentor Graphics Corp.	*	2,745		37,222
MICROS Systems, Inc.	*	3,428		159,676
Microsoft Corp.		294,920		7,656,123
MicroStrategy, Inc., Class A	*	513		55,568
Netscout Systems, Inc.	*	1,250		22,000
Nuance Communications, Inc.	*	4,541		114,252
Oracle Corp.		150,585		3,862,505
Parametric Technology Corp.	*	4,423		80,764
Pegasystems, Inc.	†	2,141		62,945
Progress Software Corp.	*	1,983		38,371
QAD, Inc., Class B	*	136		1,408
Quest Software, Inc.	*	3,847		71,554
Red Hat, Inc.	*	7,251		299,394
Rovi Corp.	*	3,917		96,280
S1 Corp.	*	2,636		25,227
Salesforce.com, Inc.	*	3,783		383,823
Scientific Learning Corp.	*	3,145		8,020
SeaChange International, Inc.	*	958		6,735
Solera Holdings, Inc.		1,099		48,949
Sonic Foundry, Inc.	*	120		908
SuccessFactors, Inc.	*	1,451		57,851
Symantec Corp.	*	26,135		409,013
Synopsys, Inc.	*	6,501		176,827

See accompanying notes to financial statements.

285

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Take-Two Interactive Software, Inc.	*†	2,643	$	35,813
TeleCommunication Systems, Inc., Class A	*	1,200		2,820
THQ, Inc.	*†	2,914		2,215
TIBCO Software, Inc.	*	4,452		106,447
TiVo, Inc.	*	2,696		24,183
Tyler Technologies, Inc.	*	1,886		56,787
Ultimate Software Group, Inc.	*	1,242		80,879
VASCO Data Security International, Inc.	*	3,804		24,802
Versant Corp.	*	330		3,056
VMware, Inc., Class A	*	1,733		144,168
Websense, Inc.	*	1,958		36,673
				18,033,218
Specialty Retail—2.1%
Aaron’s, Inc.		2,908		77,585
Abercrombie & Fitch Co., Class A		3,072		150,036
Advance Auto Parts, Inc.		1,752		121,992
Aeropostale, Inc.	*	2,075		31,644
American Eagle Outfitters, Inc.		3,552		54,310
America’s Car-Mart, Inc.	*†	354		13,870
ANN, Inc.	*	2,733		67,724
Asbury Automotive Group, Inc.	*	1,342		28,934
Ascena Retail Group, Inc.	*	2,597		77,183
AutoNation, Inc.	*†	5,363		197,734
AutoZone, Inc.	*	1,769		574,872
Barnes & Noble, Inc.	*†	828		11,989
Bebe Stores, Inc.		790		6,581
Bed Bath & Beyond, Inc.	*	6,586		381,790
Best Buy Co., Inc.	†	9,299		217,318
Big 5 Sporting Goods Corp.		1,071		11,181
Brown Shoe Co., Inc.		1,791		15,940
Buckle, Inc. (The)	†	1,236		50,515
CarMax, Inc.	*	6,608		201,412
Casual Male Retail Group, Inc.	*†	1,930		6,601
Cato Corp. (The), Class A		1,761		42,616
Charming Shoppes, Inc.	*	3,138		15,376
Chico’s FAS, Inc.		7,236		80,609
Children’s Place Retail Stores, Inc. (The)	*	1,144		60,769
Christopher & Banks Corp.		1,528		3,576
Coldwater Creek, Inc.	*	1,528		1,803
Collective Brands, Inc.	*†	2,964		42,593
Cost Plus, Inc.	*	1,014		9,887
Destination Maternity Corp.		1,200		20,064
Dick’s Sporting Goods, Inc.		2,480		91,462
DSW, Inc., Class A		596		26,349
Finish Line, Inc. (The), Class A		1,917		36,969
Foot Locker, Inc.		5,840		139,226
GameStop Corp., Class A	*†	1,010		24,371
Gap, Inc. (The)		15,719		291,587
Genesco, Inc.	*	921		56,863
Group 1 Automotive, Inc.	†	1,068		55,322
Guess?, Inc.		3,548		105,801
Haverty Furniture Cos., Inc.		1,111		12,199
Hibbett Sports, Inc.	*	1,396		63,071
Home Depot, Inc. (The)		47,382		1,991,939
Hot Topic, Inc.		1,824		12,057
JOS A. Bank Clothiers, Inc.	*	865		42,177
Kirkland’s, Inc.	*	833		11,079

		Shares		Value
Limited Brands, Inc.		9,245	$	373,036
Lithia Motors, Inc., Class A		862		18,843
Lowe’s Cos., Inc.		47,338		1,201,438
MarineMax, Inc.	*	800		5,216
Men’s Wearhouse, Inc. (The)		2,437		78,983
Midas, Inc.	*	1,277		10,969
Monro Muffler Brake, Inc.	†	1,487		57,681
Office Depot, Inc.	*	11,792		25,353
OfficeMax, Inc.	*	3,587		16,285
Orchard Supply Hardware Stores Corp., Class A	*‡	140		2
O’Reilly Automotive, Inc.	*	5,478		437,966
Pacific Sunwear of California, Inc.	*	3,025		5,173
Penske Automotive Group, Inc.		1,654		31,840
Pep Boys-Manny, Moe & Jack (The)		2,200		24,200
PetSmart, Inc.		3,546		181,874
Pier 1 Imports, Inc.	*	3,712		51,708
RadioShack Corp.	†	2,569		24,945
Rent-A-Center, Inc.		3,377		124,949
Ross Stores, Inc.		8,400		399,252
Sally Beauty Holdings, Inc.	*†	3,659		77,315
Select Comfort Corp.	*	2,104		45,636
Signet Jewelers Ltd. (Bermuda)		3,344		147,002
Sonic Automotive, Inc., Class A		1,649		24,422
Stage Stores, Inc.		2,236		31,058
Staples, Inc.		22,960		318,914
Stein Mart, Inc.	*	1,261		8,587
Systemax, Inc.	*†	1,358		22,285
Talbots, Inc.	*†	375		998
Tiffany & Co.		3,221		213,423
TJX Cos., Inc.		12,006		774,987
Tractor Supply Co.		3,098		217,325
Trans World Entertainment Corp.	*	1,932		4,869
Urban Outfitters, Inc.	*	5,012		138,131
West Marine, Inc.	*†	803		9,339
Wet Seal, Inc. (The), Class A	*	1,246		4,062
Williams-Sonoma, Inc.		3,877		149,265
Zale Corp.	*†	2,300		8,763
				10,803,070
Textiles, Apparel & Luxury Goods—0.8%
Carter’s, Inc.	*	1,476		58,760
Charles & Colvard Ltd.	*	1,843		4,736
Cherokee, Inc.	†	994		11,600
Coach, Inc.		10,479		639,638
Columbia Sportswear Co.		652		30,351
Crocs, Inc.	*	3,600		53,172
Culp, Inc.	*	888		7,566
Deckers Outdoor Corp.	*	1,935		146,228
Fossil, Inc.	*	1,614		128,087
Hallwood Group, Inc. (The)	*	100		908
Hanesbrands, Inc.	*	4,099		89,604
Iconix Brand Group, Inc.	*	2,737		44,586
Jones Group, Inc. (The)		4,641		48,963
Kenneth Cole Productions, Inc., Class A	*	956		10,124
K-Swiss, Inc., Class A	*†	1,476		4,310
Liz Claiborne, Inc.	*†	4,930		42,546
Movado Group, Inc.		1,678		30,489
NIKE, Inc., Class B		12,835		1,236,909
Oxford Industries, Inc.	†	936		42,232

See accompanying notes to financial statements.

286

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
PVH Corp.		1,267	$	89,311
Quiksilver, Inc.	*	4,288		15,480
Ralph Lauren Corp.		2,143		295,905
Skechers U.S.A., Inc., Class A	*	1,935		23,452
Steven Madden Ltd.	*	1,689		58,270
Under Armour, Inc., Class A	*†	1,937		139,057
Unifi, Inc.	*	876		6,658
V.F. Corp.		3,109		394,812
Warnaco Group, Inc. (The)	*	1,527		76,411
Wolverine World Wide, Inc.		2,589		92,272
				3,822,437
Thrifts & Mortgage Finance—0.2%
Astoria Financial Corp.		3,465		29,418
Bank Mutual Corp.		3,756		11,944
BankAtlantic Bancorp, Inc., Class A	*	639		2,160
Beneficial Mutual Bancorp, Inc.	*	969		8,101
Brookline Bancorp, Inc.		3,765		31,777
Capitol Federal Financial, Inc.		4,787		55,242
CFS Bancorp, Inc.		1,873		8,110
Dime Community Bancshares, Inc.		1,638		20,639
Doral Financial Corp. (Puerto Rico)	*	221		211
Federal Home Loan Mortgage Corp.	*†	25,235		5,350
Federal National Mortgage Association	*†	37,770		7,599
Flagstar Bancorp, Inc.	*†	211		107
Hudson City Bancorp, Inc.		14,470		90,437
MGIC Investment Corp.	*	4,084		15,233
NASB Financial, Inc.	*	528		5,655
New York Community Bancorp, Inc.		12,640		156,357
Northwest Bancshares, Inc.		4,608		57,324
Ocwen Financial Corp.	*	3,358		48,624
Parkvale Financial Corp.		616		15,141
People’s United Financial, Inc.		9,716		124,851
Provident Financial Services, Inc.	†	943		12,627
Provident New York Bancorp		3,670		24,369
Radian Group, Inc.	†	3,844		8,995
Riverview Bancorp, Inc.	*	2,600		6,162
TFS Financial Corp.	*	3,398		30,446
Tree.com, Inc.	*	314		1,755
Triad Guaranty, Inc.	*†	692		76
Trustco Bank Corp.		3,435		19,270
Washington Federal, Inc.		3,379		47,272
Westfield Financial, Inc.		4,068		29,940
				875,192
Tobacco—1.7%
Alliance One International, Inc.	*†	2,000		5,440
Altria Group, Inc.		70,302		2,084,454
Lorillard, Inc.		5,710		650,940
Philip Morris International, Inc.		62,767		4,925,954
Reynolds American, Inc.		15,280		632,898
Universal Corp.		1,078		49,545
Vector Group Ltd.	†	2,901		51,522
				8,400,753

		Shares		Value
Trading Companies & Distributors—0.3%
Applied Industrial Technologies, Inc.		2,056	$	72,310
Beacon Roofing Supply, Inc.	*†	2,570		51,991
Fastenal Co.	†	11,276		491,746
GATX Corp.		1,766		77,104
H&E Equipment Services, Inc.	*	1,600		21,472
Interline Brands, Inc.	*	982		15,290
MSC Industrial Direct Co., Inc., Class A		1,782		127,502
United Rentals, Inc.	*†	2,798		82,681
W.W. Grainger, Inc.		2,817		527,314
Watsco, Inc.		553		36,310
WESCO International, Inc.	*	1,550		82,165
Willis Lease Finance Corp.	*	1,234		14,685
				1,600,570
Water Utilities—0.1%
American States Water Co.		1,261		44,009
American Water Works Co., Inc.		2,266		72,195
Aqua America, Inc.		4,329		95,454
California Water Service Group		1,930		35,242
Connecticut Water Service, Inc.		500		13,565
SJW Corp.	†	1,010		23,876
				284,341
Wireless Telecommunication Services—0.4%
American Tower Corp., Class A		13,160		789,732
Crown Castle International Corp.	*	13,031		583,789
Leap Wireless International, Inc.	*†	3,300		30,657
MetroPCS Communications, Inc.	*	7,134		61,923
NII Holdings, Inc.	*	5,995		127,693
NTELOS Holdings Corp.		1,350		27,513
SBA Communications Corp., Class A	*	4,064		174,589
Shenandoah Telecommunications Co.	†	1,200		12,576
Sprint Nextel Corp.	*	88,755		207,687
Telephone & Data Systems, Inc.	†	410		10,615
United States Cellular Corp.	*	680		29,668
				2,056,442
TOTAL COMMON STOCKS
(Cost $358,308,646)				489,582,931
CONVERTIBLE PREFERRED STOCKS—0.0%
Specialty Retail—0.0%
Orchard Supply Hardware Stores Corp., Perpetual, Series A 0.000%
(Cost $—)	*‡	140		2

Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.2%
U.S. Treasury Bills—0.2%
U.S. Treasury Bill
0.027%		03/08/2012	‡‡	$	105,000		104,997
0.016%		03/22/2012	‡‡		715,000		714,976

See accompanying notes to financial statements.

287

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Broad Market Index Fund
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
0.012%		05/24/2012	‡‡	$	120,000	$	119,984
0.009%		02/09/2012	‡‡		40,000		39,999
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $979,964)							979,956
				Shares		Value
RIGHTS—0.0%
Biotechnology—0.0%
Ligand Pharmaceuticals, Inc., Expires 12/31/2011			*‡d		572		—
Machinery—0.0%
Gerber Scientific, Inc. CVR			*†‡d		1,608		—
Pharmaceuticals—0.0%
Forest Laboratories, Inc.			*‡d		1,998		—
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., Strike $1.00
(Cost $—)			*‡d		540		—
MONEY MARKET FUNDS—5.2%
Institutional Money Market Funds—5.2%
Dreyfus Institutional Cash Advantage Fund, 0.06%			††¥		2,300,000		2,300,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%			¥		12,409,545		12,409,545
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%			††¥		2,348,786		2,348,786
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17%			††¥		2,300,000		2,300,000

		Shares		Value
Short-Term Investments Trust Liquid Assets Portfolio, 0.16%	††¥	2,300,000	$	2,300,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††¥	2,300,000		2,300,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	2,300,000		2,300,000
TOTAL MONEY MARKET FUNDS
(Cost $26,258,331)				26,258,331
TOTAL INVESTMENTS—102.6%
(Cost $385,546,941)				516,821,220
Other assets less liabilities—(2.6%)				(13,115,765	)
NET ASSETS—100.0%			$	503,705,455

Notes to the Schedule of Investments:

CVR	Contingent Value Rights
REIT	Real Estate Investment Trust
*	Non-income producing.
†	Denotes all or a portion of the security on loan.
d	Security has no market value at December 31, 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.
¥	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements.

288

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—99.2%
Aerospace & Defense—1.3%
AAR Corp.		6,897	$	132,215
Aerovironment, Inc.	*	8,991		282,947
Alliant Techsystems, Inc.		4,487		256,477
American Science & Engineering, Inc.		1,020		69,472
Astronics Corp.	*†	788		28,218
BE Aerospace, Inc.	*	16,293		630,702
Ceradyne, Inc.	*	2,334		62,505
Cubic Corp.		1,262		55,011
Curtiss-Wright Corp.		9,576		338,320
DigitalGlobe, Inc.	*	6,919		118,384
Ducommun, Inc.		6,327		80,669
Esterline Technologies Corp.	*	2,519		140,988
Exelis, Inc.		29,631		268,161
GenCorp, Inc.	*†	31,676		168,516
GeoEye, Inc.	*	5,933		131,831
HEICO Corp., Class A		3,870		152,284
Hexcel Corp.	*	10,517		254,617
Huntington Ingalls Industries, Inc.	*	5,264		164,658
Innovative Solutions & Support, Inc.	*	3,094		10,643
Kratos Defense & Security Solutions, Inc.	*†	2,827		16,877
Moog, Inc., Class A	*	4,645		204,055
National Presto Industries, Inc.	†	656		61,402
Orbital Sciences Corp.	*	15,337		222,847
Spirit Aerosystems Holdings, Inc., Class A	*	6,992		145,294
Taser International, Inc.	*†	15,133		77,481
Teledyne Technologies, Inc.	*	3,528		193,511
TransDigm Group, Inc.	*	10,171		973,161
Triumph Group, Inc.		4,160		243,152
				5,484,398
Air Freight & Logistics—0.2%
Air T, Inc.		1,301		11,046
Air Transport Services Group, Inc.	*	25,035		118,165
Atlas Air Worldwide Holdings, Inc.	*	4,051		155,680
Forward Air Corp.		2,629		84,259
HUB Group, Inc., Class A	*	5,189		168,279
Pacer International, Inc.	*	3,711		19,854
UTi Worldwide, Inc. (Virgin Islands, British)		8,709		115,743
				673,026
Airlines—0.7%
Alaska Air Group, Inc.	*	3,394		254,856
Allegiant Travel Co.	*	2,296		122,469
Delta Air Lines, Inc.	*	127,516		1,031,604
JetBlue Airways Corp.	*†	58,802		305,770
Pinnacle Airlines Corp.	*	7,190		5,896
Republic Airways Holdings, Inc.	*	27,551		94,500
SkyWest, Inc.		6,829		85,977
United Continental Holdings, Inc.	*	50,408		951,199
US Airways Group, Inc.	*	21,375		108,371
				2,960,642

		Shares		Value
Auto Components—1.1%
American Axle & Manufacturing Holdings, Inc.	*	10,679	$	105,615
Amerigon, Inc.	*	3,475		49,554
Autoliv, Inc. (Sweden)		12,657		677,023
Cooper Tire & Rubber Co.		5,679		79,563
Dana Holding Corp.	*	32,442		394,170
Drew Industries, Inc.	*	1,570		38,512
Exide Technologies	*	11,062		29,093
Federal-Mogul Corp.	*	14,982		220,985
Fuel Systems Solutions, Inc.	*	2,117		34,909
Gentex Corp.		28,535		844,351
Lear Corp.		14,105		561,379
Modine Manufacturing Co.	*†	5,469		51,737
Quantum Fuel Systems Technologies Worldwide, Inc.	*	552		403
Shiloh Industries, Inc.	*	5,043		42,260
Spartan Motors, Inc.	†	6,140		29,533
Standard Motor Products, Inc.		2,540		50,927
Strattec Security Corp.		502		10,015
Superior Industries International, Inc.		2,013		33,295
Tenneco, Inc.	*	8,885		264,595
TRW Automotive Holdings Corp.	*	16,963		552,994
Visteon Corp.	*	5,463		272,822
				4,343,735
Automobiles—0.8%
General Motors Co.	*	135,633		2,749,281
Tesla Motors, Inc.	*†	6,833		195,150
Thor Industries, Inc.		7,449		204,326
Winnebago Industries, Inc.	*†	15,478		114,228
				3,262,985
Beverages—0.4%
Boston Beer Co., Inc. (The), Class A	*†	1,904		206,698
Central European Distribution Corp. (Poland)	*†	15,916		69,633
Coca-Cola Bottling Co. Consolidated	†	437		25,586
Hansen Natural Corp.	*	13,013		1,199,018
Heckmann Corp.	*	9,838		65,423
Jones Soda Co.	*†	36,928		13,663
National Beverage Corp.	*	766		12,310
				1,592,331
Biotechnology—3.2%
Aastrom Biosciences, Inc.	*†	9,842		17,912
Acorda Therapeutics, Inc.	*	5,183		123,563
Agenus, Inc.	*	1,535		3,070
Alexion Pharmaceuticals, Inc.	*	29,178		2,086,227
Alkermes plc (Ireland)	*	12,144		210,820
Allos Therapeutics, Inc.	*	18,248		25,912
Alnylam Pharmaceuticals, Inc.	*	5,353		43,627
AMAG Pharmaceuticals, Inc.	*	3,480		65,807
Amylin Pharmaceuticals, Inc.	*	25,467		289,814
ARCA Biopharma, Inc.	*	436		432
Arena Pharmaceuticals, Inc.	*†	8,294		15,510
Ariad Pharmaceuticals, Inc.	*	34,626		424,169
Arqule, Inc.	*	4,724		26,643

See accompanying notes to financial statements.

289

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Array Biopharma, Inc.	*	4,170	$	9,007
Astex Pharmaceuticals	*	3,719		7,029
AVEO Pharmaceuticals, Inc.	*	1,209		20,795
AVI BioPharma, Inc.	*†	51,906		38,670
Avigen, Inc. (Escrow Shares)	*‡d	3,880		—
BioCryst Pharmaceuticals, Inc.	*†	21,994		54,325
BioMarin Pharmaceutical, Inc.	*	18,240		627,091
BioMimetic Therapeutics, Inc.	*	7,095		20,221
Biosante Pharmaceuticals, Inc.	*†	1,867		937
Cell Therapeutics, Inc.	*†	103,528		120,092
Celldex Therapeutics, Inc.	*	10,060		26,156
Cepheid, Inc.	*	8,077		277,930
Codexis, Inc.	*	559		2,963
Cubist Pharmaceuticals, Inc.	*†	7,593		300,835
Cytokinetics, Inc.	*	69,212		66,444
CytRx Corp.	*	60,806		16,485
Dendreon Corp.	*†	24,041		182,712
Discovery Laboratories, Inc.	*†	686		1,159
Dyax Corp.	*	9,610		13,070
Emergent Biosolutions, Inc.	*	4,839		81,489
Entremed, Inc.	*	126		123
Enzon Pharmaceuticals, Inc.	*†	5,036		33,741
Exact Sciences Corp.	*	7,997		64,936
Exelixis, Inc.	*†	35,337		167,321
Galena Biopharma, Inc.	*†	6,212		2,913
Genomic Health, Inc.	*	6,866		174,328
Geron Corp.	*†	36,667		54,267
GTx, Inc.	*	4,210		14,146
Halozyme Therapeutics, Inc.	*	18,837		179,140
Hemispherx Biopharma, Inc.	*†	54,952		10,721
Human Genome Sciences, Inc.	*†	34,289		253,396
Idenix Pharmaceuticals, Inc.	*	3,110		23,154
Idera Pharmaceuticals, Inc.	*	1,932		2,048
Immunogen, Inc.	*†	9,339		108,146
Immunomedics, Inc.	*†	9,692		32,274
Incyte Corp. Ltd.	*†	29,421		441,609
InterMune, Inc.	*	7,345		92,547
Isis Pharmaceuticals, Inc.	*†	15,742		113,500
Keryx Biopharmaceuticals, Inc.	*†	33,078		83,687
Lexicon Pharmaceuticals, Inc.	*†	20,111		25,943
Ligand Pharmaceuticals, Inc., Class B	*	1,582		18,778
MannKind Corp.	*†	14,906		37,265
Marina Biotech, Inc.	*	84		74
Maxygen, Inc.	*†	2,991		16,839
MediciNova, Inc.	*	349		600
Medivation, Inc.	*	6,781		312,672
Metabolix, Inc.	*†	3,165		14,401
Momenta Pharmaceuticals, Inc.	*	5,148		89,524
Myrexis, Inc.	*	10,114		27,106
Myriad Genetics, Inc.	*	17,432		365,026
Nabi Biopharmaceuticals	*	6,806		12,795
Neurocrine Biosciences, Inc.	*†	8,240		70,040
Novavax, Inc.	*†	21,148		26,646
NPS Pharmaceuticals, Inc.	*	9,432		62,157
Onyx Pharmaceuticals, Inc.	*	13,102		575,833
Osiris Therapeutics, Inc.	*†	2,984		15,964
PDL BioPharma, Inc.		38,667		239,735
Peregrine Pharmaceuticals, Inc.	*†	14,427		14,860
Pharmasset, Inc.	*	9,439		1,210,080
Poniard Pharmaceuticals, Inc.	*	92		197

		Shares		Value
Progenics Pharmaceuticals, Inc.	*†	2,623	$	22,400
Regeneron Pharmaceuticals, Inc.	*	11,886		658,841
Repligen Corp.	*	3,422		11,874
Rigel Pharmaceuticals, Inc.	*	12,762		100,692
Sangamo Biosciences, Inc.	*	10,702		30,394
Savient Pharmaceuticals, Inc.	*†	32,380		72,207
Sciclone Pharmaceuticals, Inc.	*†	4,800		20,592
Seattle Genetics, Inc.	*†	20,977		350,631
SIGA Technologies, Inc.	*†	4,650		11,718
Spectrum Pharmaceuticals, Inc.	*	2,732		39,969
StemCells, Inc.	*†	12,574		10,361
Synageva BioPharma Corp.	*	802		21,357
Telik, Inc.	*	6,069		1,032
Theravance, Inc.	*†	5,928		131,009
United Therapeutics Corp.	*	10,148		479,493
Vanda Pharmaceuticals, Inc.	*	4,137		19,692
Vertex Pharmaceuticals, Inc.	*	32,222		1,070,093
XOMA Ltd.	*†	803		923
				13,242,726
Building Products—0.6%
A.O. Smith Corp.		7,252		290,950
American Woodmark Corp.		800		10,928
Apogee Enterprises, Inc.		5,631		69,036
Armstrong World Industries, Inc.	*	5,873		257,649
Fortune Brands Home & Security, Inc.	*	26,296		447,821
Gibraltar Industries, Inc.	*	1,868		26,077
Griffon Corp.		6,441		58,806
Insteel Industries, Inc.		2,829		31,091
Lennox International, Inc.		9,822		331,492
NCI Building Systems, Inc.	*	8,291		90,123
Owens Corning, Inc.	*	13,707		393,665
Quanex Building Products Corp.		8,639		129,758
Simpson Manufacturing Co., Inc.		8,898		299,507
Trex Co., Inc.	*†	2,108		48,294
U.S. Home Systems, Inc.		1,624		10,800
Universal Forest Products, Inc.	†	1,649		50,905
USG Corp.	*†	8,613		87,508
				2,634,410
Capital Markets—1.8%
Affiliated Managers Group, Inc.	*	8,257		792,259
American Capital Ltd.	*	62,297		419,259
Apollo Investment Corp.		37,127		239,098
Arlington Asset Investment Corp., Class A		3,155		67,296
Artio Global Investors, Inc.	†	13,209		64,460
BGC Partners, Inc., Class A		13,921		82,691
Calamos Asset Management, Inc., Class A		1,520		19,015
CIFC Corp.	*	522		2,819
Cowen Group, Inc., Class A	*	21,336		55,260
Diamond Hill Investment Group, Inc.		649		48,013
Eaton Vance Corp.		18,870		446,087
Edelman Financial Group, Inc.	†	2,882		18,935
Evercore Partners, Inc., Class A		6,219		165,550
GAMCO Investors, Inc., Class A		639		27,790
GFI Group, Inc.		33,019		136,038

See accompanying notes to financial statements.

290

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Greenhill & Co., Inc.	†	5,368	$	195,234
ICG Group, Inc.	*	7,645		59,019
Institutional Financial Markets, Inc.	†	4,976		7,016
INTL FCStone, Inc.	*†	1,308		30,829
Investment Technology Group, Inc.	*†	14,744		159,383
Janus Capital Group, Inc.		25,815		162,893
Jefferies Group, Inc.	†	29,047		399,396
KBW, Inc.		12,959		196,718
Knight Capital Group, Inc., Class A	*†	25,616		302,781
Medallion Financial Corp.		2,518		28,655
Penson Worldwide, Inc.	*†	21,060		24,430
Piper Jaffray Cos.	*	2,312		46,702
Raymond James Financial, Inc.		18,586		575,422
Safeguard Scientifics, Inc.	*	3,658		57,760
SEI Investments Co.		31,842		552,459
Stifel Financial Corp.	*	12,564		402,676
SWS Group, Inc.		14,960		102,775
TD Ameritrade Holding Corp.		50,759		794,378
U.S. Global Investors, Inc., Class A		6,927		41,770
Virtus Investment Partners, Inc.	*	1,094		83,155
Waddell & Reed Financial, Inc., Class A		12,604		312,201
Walter Investment Management Corp.		5,513		113,072
Westwood Holdings Group, Inc.		1,427		52,157
				7,285,451
Chemicals—2.5%
A. Schulman, Inc.		5,791		122,653
Albemarle Corp.		14,830		763,893
Ampal-American Israel Corp., Class A	*	15,776		4,734
Ashland, Inc.		9,037		516,555
Balchem Corp.		4,960		201,078
Cabot Corp.		11,590		372,503
Calgon Carbon Corp.	*†	19,947		313,367
Celanese Corp., Class A		18,058		799,428
Chemtura Corp.	*	15,439		175,078
Cytec Industries, Inc.		5,746		256,559
Ferro Corp.	*	20,271		99,125
Flotek Industries, Inc.	*†	11,454		114,082
Georgia Gulf Corp.	*	3,528		68,761
H.B. Fuller Co.		12,649		292,318
Huntsman Corp.		27,831		278,310
Intrepid Potash, Inc.	*	4,761		107,742
Koppers Holdings, Inc.		3,348		115,037
Kronos Worldwide, Inc.		3,735		67,379
Landec Corp.	*†	8,822		48,698
LSB Industries, Inc.	*	5,477		153,520
Material Sciences Corp.	*	2,565		20,930
Minerals Technologies, Inc.		1,872		105,824
NewMarket Corp.		1,651		327,080
Olin Corp.		8,990		176,654
OM Group, Inc.	*	7,720		172,851
Omnova Solutions, Inc.	*	3,769		17,375
Penford Corp.	*	2,075		10,562
PolyOne Corp.		16,034		185,193

		Shares		Value
Quaker Chemical Corp.	†	1,303	$	50,674
Rockwood Holdings, Inc.	*	11,141		438,621
RPM International, Inc.		25,982		637,858
Scotts Miracle-Gro Co. (The), Class A	†	7,848		366,423
Sensient Technologies Corp.		11,108		420,993
Solutia, Inc.	*	16,061		277,534
Spartech Corp.	*	2,131		10,080
Stepan Co.		1,197		95,952
Tredegar Corp.		2,467		54,817
Valhi, Inc.		3,920		237,042
Valspar Corp.		20,186		786,648
W.R. Grace & Co.	*	13,453		617,762
Westlake Chemical Corp.		4,325		174,038
Zep, Inc.		2,287		31,972
Zoltek Cos., Inc.	*†	17,218		131,201
				10,218,904
Commercial Banks—4.3%
1st Source Corp.		850		21,530
Ameris Bancorp	*	3,095		31,817
Arrow Financial Corp.	†	2,391		56,045
Associated Banc-Corp		36,019		402,332
BancFirst Corp.		1,092		40,994
Bancorp, Inc. (The)/Delaware	*†	4,479		32,383
BancorpSouth, Inc.		19,643		216,466
BancTrust Financial Group, Inc.	*	4,800		5,952
Bank of Hawaii Corp.		11,079		492,905
Bank of the Ozarks, Inc.	†	10,632		315,026
Banner Corp.		383		6,568
BBCN Bancorp, Inc./California	*	33,598		317,501
BOK Financial Corp.		2,311		126,943
Boston Private Financial Holdings, Inc.		12,410		98,535
Bryn Mawr Bank Corp.		4,411		85,970
Camden National Corp.	†	1,411		45,999
Capital Bank Corp.	*†	1,781		3,580
Capital City Bank Group, Inc.		1,576		15,051
CapitalSource, Inc.		69,445		465,282
Cardinal Financial Corp.		5,028		54,001
Cascade Bancorp	*†	479		2,098
Cathay General Bancorp		18,966		283,162
Catskill Litigation Trust	*‡d	583		—
Central Pacific Financial Corp.	*	336		4,341
Chemical Financial Corp.		2,317		49,398
CIT Group, Inc.	*	24,906		868,472
Citizens Republic Bancorp, Inc.	*	16,394		186,892
City Holding Co.	†	1,962		66,492
City National Corp./California		6,918		305,637
CoBiz Financial, Inc.		3,329		19,208
Columbia Banking System, Inc.		9,767		188,210
Commerce Bancshares, Inc./Missouri		12,773		486,907
Community Bank System, Inc.		8,019		222,928
Community Trust Bancorp, Inc.	†	1,658		48,778
Cullen/Frost Bankers, Inc.		11,710		619,576
CVB Financial Corp.		13,723		137,642
East West Bancorp, Inc.		31,285		617,879

See accompanying notes to financial statements.

291

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Eastern Virginia Bankshares, Inc.	*	701	$	1,416
Fidelity Southern Corp.		6,861		41,715
Financial Institutions, Inc.		2,448		39,511
First BanCorp. (Puerto Rico)	*†	1,114		3,888
First Bancorp/North Carolina		2,459		27,418
First Busey Corp.		2,491		12,455
First Citizens BancShares, Inc./North Carolina, Class A		634		110,944
First Commonwealth Financial Corp.		23,677		124,541
First Financial Bancorp		6,617		110,107
First Financial Bankshares, Inc.	†	2,590		86,584
First Merchants Corp.		2,436		20,633
First Midwest Bancorp, Inc./Illinois		9,549		96,731
First Niagara Financial Group, Inc.		70,463		608,096
First of Long Island Corp. (The)		1,432		37,690
FirstMerit Corp.		18,310		277,030
FNB Corp./Pennsylvania	†	25,897		292,895
Fulton Financial Corp.		38,381		376,518
Glacier Bancorp, Inc.	†	21,753		261,689
Great Southern Bancorp, Inc.	†	1,809		42,674
Green Bankshares, Inc.	*	2,129		2,683
Guaranty Bancorp	*	20,379		29,957
Hancock Holding Co.		13,641		436,103
Hanmi Financial Corp.	*	8,189		60,599
Heritage Commerce Corp.	*	5,846		27,710
Heritage Financial Corp./Washington		972		12,208
IBERIABANK Corp.		6,270		309,111
Independent Bank Corp./Massachusetts	†	3,125		85,281
Independent Bank Corp./Michigan	*†	389		537
International Bancshares Corp.		6,833		125,283
Investors Bancorp, Inc.	*	16,332		220,155
Lakeland Financial Corp.	†	4,180		108,137
Macatawa Bank Corp.	*	1,599		3,646
MainSource Financial Group, Inc.		3,185		28,124
MB Financial, Inc.		3,847		65,784
Merchants Bancshares, Inc.		1,298		37,902
MidSouth Bancorp, Inc.		3,651		47,500
MidWestOne Financial Group, Inc.		4,566		66,755
National Penn Bancshares, Inc.		8,522		71,926
NBT Bancorp, Inc.		4,152		91,884
Old National Bancorp/Indiana		30,830		359,169
Old Second Bancorp, Inc.	*†	1,975		2,627
Oriental Financial Group, Inc. (Puerto Rico)		19,202		232,536
Pacific Capital Bancorp NA	*	906		25,585
Pacific Premier Bancorp, Inc.	*	977		6,194
PacWest Bancorp		2,392		45,328
Park National Corp.	†	1,146		74,559
Peapack Gladstone Financial Corp.		1,086		11,664
Peoples Bancorp, Inc./Ohio	†	1,235		18,290
Peoples Financial Corp./Mississippi		3,749		38,652

		Shares		Value
Pinnacle Financial Partners, Inc.	*	2,764	$	44,639
Popular, Inc. (Puerto Rico)	*	174,906		243,119
Preferred Bank/Los Angeles CA	*	894		6,705
PrivateBancorp, Inc.		12,737		139,852
Prosperity Bancshares, Inc.	†	9,550		385,343
Renasant Corp.	†	2,924		43,860
Republic Bancorp, Inc./Kentucky, Class A	†	2,055		47,059
Royal Bancshares of Pennsylvania, Inc., Class A	*	11,522		15,324
S&T Bancorp, Inc.		2,764		54,036
Sandy Spring Bancorp, Inc.		2,239		39,294
Seacoast Banking Corp. of Florida	*	2,998		4,557
Shore Bancshares, Inc.		5,419		27,908
Sierra Bancorp		5,758		50,670
Signature Bank/New York	*	5,410		324,546
Simmons First National Corp., Class A		2,377		64,631
Southwest Bancorp, Inc./Oklahoma	*	2,739		16,324
State Bancorp, Inc./New York		3,354		40,919
Sterling Bancorp/New York	†	3,135		27,086
Sterling Financial Corp./Washington	*	59		985
Suffolk Bancorp	*	1,614		17,415
Susquehanna Bancshares, Inc.		13,514		113,247
SVB Financial Group	*	6,536		311,702
SY Bancorp, Inc.		2,543		52,208
Synovus Financial Corp.		85,830		121,020
TCF Financial Corp.		16,152		166,689
Texas Capital Bancshares, Inc.	*	6,292		192,598
Tompkins Financial Corp.	†	1,087		41,860
TowneBank/Virginia	†	2,280		27,907
Trustmark Corp.	†	7,243		175,932
UMB Financial Corp.		5,083		189,342
Umpqua Holdings Corp.		15,160		187,832
Union First Market Bankshares Corp.		2,131		28,321
United Bankshares, Inc.	†	5,447		153,987
United Community Banks, Inc./Georgia	*†	5,391		37,683
Valley National Bancorp	†	41,646		515,161
Virginia Commerce Bancorp, Inc.	*	10,179		78,684
Washington Trust Bancorp, Inc.		2,413		57,574
Webster Financial Corp.		19,943		406,638
WesBanco, Inc.		2,340		45,560
West Coast Bancorp/Oregon	*	1,663		25,943
Westamerica Bancorporation		5,748		252,337
Western Alliance Bancorp	*	35,451		220,860
Wilshire Bancorp, Inc.	*	17,149		62,251
Wintrust Financial Corp.		5,057		141,849
				17,362,381
Commercial Services & Supplies—1.5%
ABM Industries, Inc.		7,480		154,238
ACCO Brands Corp.	*	10,589		102,184
American Reprographics Co.	*	15,235		69,929
Asset Acceptance Capital Corp.	*	3,797		14,846
Asta Funding, Inc.		1,791		14,292
Brink’s Co. (The)		6,600		177,408
Casella Waste Systems, Inc., Class A	*†	5,820		37,248

See accompanying notes to financial statements.

292

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Cenveo, Inc.	*	10,269	$	34,915
Clean Harbors, Inc.	*	5,992		381,870
Consolidated Graphics, Inc.	*	699		33,748
Copart, Inc.	*	9,938		475,931
Corrections Corp. of America	*	24,625		501,611
Courier Corp.	†	1,904		22,334
Covanta Holding Corp.		32,749		448,334
Deluxe Corp.		6,902		157,089
EnergySolutions, Inc.	*	17,158		53,018
Ennis, Inc.		2,217		29,553
G&K Services, Inc., Class A		1,576		45,877
Geo Group, Inc. (The)	*	18,885		316,324
Healthcare Services Group, Inc.		6,684		118,240
Herman Miller, Inc.		5,018		92,582
HNI Corp.		4,666		121,783
Interface, Inc., Class A		5,624		64,901
Intersections, Inc.		1,900		21,071
Kimball International, Inc., Class B	†	4,445		22,536
Knoll, Inc.		4,910		72,913
McGrath Rentcorp		2,460		71,315
Metalico, Inc.	*†	1,513		4,978
Mine Safety Appliances Co.		2,725		90,252
Mobile Mini, Inc.	*	3,320		57,934
Multi-Color Corp.		1,912		49,196
NL Industries, Inc.		412		5,344
Perma-Fix Environmental Services, Inc.	*	25,765		39,936
Portfolio Recovery Associates, Inc.	*	1,413		95,406
Rollins, Inc.	†	17,041		378,651
Standard Register Co. (The)		1,650		3,844
Steelcase, Inc., Class A		19,006		141,785
Sykes Enterprises, Inc.	*	3,519		55,107
Team, Inc.	*	1,659		49,355
Tetra Tech, Inc.	*	6,841		147,697
TRC Cos., Inc.	*	11,036		66,326
Unifirst Corp.		605		34,328
United Stationers, Inc.		4,110		133,822
US Ecology, Inc.		11,022		206,993
Viad Corp.	†	1,978		34,575
Virco Mfg. Corp.		1,859		2,993
Waste Connections, Inc.		22,161		734,416
				5,989,028
Communications Equipment—1.5%
Acme Packet, Inc.	*	10,066		311,140
ADTRAN, Inc.		11,372		342,979
Alliance Fiber Optic Products, Inc.	*	963		7,377
Anaren, Inc.	*	2,003		33,290
Arris Group, Inc.	*	18,691		202,237
Aruba Networks, Inc.	*	21,257		393,680
Aviat Networks, Inc.	*	4,485		8,207
Black Box Corp.		1,414		39,648
Blonder Tongue Laboratories, Inc.	*	2,285		2,765
Blue Coat Systems, Inc.	*	9,599		244,294
Brocade Communications Systems, Inc.	*	59,993		311,364
CalAmp Corp.	*	7,372		31,331
Ciena Corp.	*†	20,644		249,792

		Shares		Value
Comtech Telecommunications Corp.		4,419	$	126,472
Digi International, Inc.	*†	2,517		28,090
Ditech Networks, Inc.	*	3,980		3,741
EchoStar Corp., Class A	*	8,362		175,100
Emcore Corp.	*†	6,178		5,327
Emulex Corp.	*	15,840		108,662
Extreme Networks, Inc.	*†	9,940		29,025
Finisar Corp.	*†	16,126		270,030
Globecomm Systems, Inc.	*	5,067		69,317
Harmonic, Inc.	*	19,391		97,731
Infinera Corp.	*†	10,202		64,068
InterDigital, Inc.	†	7,655		333,528
Ixia	*	5,492		57,721
KVH Industries, Inc.	*†	3,755		29,214
Loral Space & Communications, Inc.	*	1,513		98,163
NETGEAR, Inc.	*	3,773		126,660
Network Engines, Inc.	*	1,330		1,280
Network Equipment Technologies, Inc.	*	20,690		24,000
Numerex Corp., Class A	*	1,800		14,814
Oclaro, Inc.	*†	9,084		25,617
Oplink Communications, Inc.	*	1,808		29,778
Optical Cable Corp.		241		769
ORBCOMM, Inc.	*	3,512		10,501
Parkervision, Inc.	*†	2,943		2,501
Performance Technologies, Inc.	*	794		1,429
Plantronics, Inc.	†	9,656		344,140
Polycom, Inc.	*	30,575		498,372
Powerwave Technologies, Inc.	*	6,812		14,169
Riverbed Technology, Inc.	*	24,824		583,364
Sonus Networks, Inc.	*	107,679		258,430
Sycamore Networks, Inc.	*	1,477		26,438
Symmetricom, Inc.	*	6,110		32,933
Tekelec	*	12,588		137,587
Tellabs, Inc.		59,542		240,550
UTStarcom Holdings Corp. (China)	*	76,536		105,620
Viasat, Inc.	*	2,822		130,151
Westell Technologies, Inc., Class A	*	3,671		8,150
Zoom Technologies, Inc. (China)	*†	542		558
				6,292,104
Computers & Peripherals—0.5%
3D Systems Corp.	*†	5,464		78,682
Avid Technology, Inc.	*	2,658		22,673
Concurrent Computer Corp.	*	759		2,877
Cray, Inc.	*	4,598		29,749
Dataram Corp.	*†	1,175		952
Diebold, Inc.		12,962		389,767
Dot Hill Systems Corp.	*	3,866		5,142
Electronics for Imaging, Inc.	*	3,912		55,746
Hutchinson Technology, Inc.	*†	2,054		3,081
iGO, Inc.	*	2,804		2,165
Imation Corp.	*	18,494		105,971
Immersion Corp.	*	5,977		30,961
Intermec, Inc.	*	5,471		37,531
Intevac, Inc.	*†	3,891		28,793
NCR Corp.	*	20,810		342,533
Novatel Wireless, Inc.	*	10,536		32,978
Overland Storage, Inc.	*	9,851		24,627

See accompanying notes to financial statements.

293

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Presstek, Inc.	*	6,107	$	3,298
QLogic Corp.	*	23,188		347,820
Quantum Corp.	*	58,778		141,067
Rimage Corp.		924		10,395
Silicon Graphics International Corp.	*†	4,183		47,937
STEC, Inc.	*	14,855		127,604
Stratasys, Inc.	*	1,962		59,664
Synaptics, Inc.	*†	5,067		152,770
TransAct Technologies, Inc.	*	889		6,454
				2,091,237
Construction & Engineering—0.8%
AECOM Technology Corp.	*	23,093		475,023
Aegion Corp.	*	2,980		45,713
Comfort Systems USA, Inc.	†	3,803		40,768
Dycom Industries, Inc.	*	13,213		276,416
EMCOR Group, Inc.		10,329		276,921
Furmanite Corp.	*†	4,100		25,871
Granite Construction, Inc.		5,631		133,567
KBR, Inc.		23,912		666,428
Layne Christensen Co.	*	1,813		43,875
MasTec, Inc.	*	11,328		196,767
Northwest Pipe Co.	*	1,025		23,432
Orion Marine Group, Inc.	*	17,265		114,812
Pike Electric Corp.	*†	1,369		9,843
Shaw Group, Inc. (The)	*	12,959		348,597
Sterling Construction Co., Inc.	*	1,751		18,858
Tutor Perini Corp.	*	5,845		72,127
URS Corp.	*	9,779		343,439
				3,112,457
Construction Materials—0.1%
Eagle Materials, Inc.		6,632		170,177
Headwaters, Inc.	*	14,630		32,479
Martin Marietta Materials, Inc.	†	3,598		271,325
Texas Industries, Inc.	†	3,011		92,678
				566,659
Consumer Finance—0.3%
Advance America Cash Advance Centers, Inc.		18,116		162,138
Cash America International, Inc.		6,335		295,401
CompuCredit Holdings Corp.	*	1,291		4,777
DFC Global Corp.	*	10,439		188,528
Ezcorp, Inc., Class A	*	7,391		194,901
First Cash Financial Services, Inc.	*	7,544		264,719
First Marblehead Corp. (The)	*	4,118		4,818
Nelnet, Inc., Class A		4,517		110,531
World Acceptance Corp.	*	1,219		89,596
				1,315,409
Containers & Packaging—1.1%
AEP Industries, Inc.	*	1,109		31,218
AptarGroup, Inc.		8,229		429,307
Crown Holdings, Inc.	*	29,102		977,245
Graphic Packaging Holding Co.	*	52,944		225,542
Greif, Inc., Class A		4,197		191,173
Myers Industries, Inc.		4,506		55,604

		Shares		Value
Packaging Corp. of America		19,693	$	497,051
Rock-Tenn Co., Class A		10,108		583,232
Silgan Holdings, Inc.		9,969		385,202
Sonoco Products Co.		14,585		480,722
Temple-Inland, Inc.		17,877		566,880
				4,423,176
Distributors—0.2%
LKQ Corp.	*	22,164		666,693
Pool Corp.		4,626		139,243
VOXX International Corp.	*	2,945		24,885
				830,821
Diversified Consumer Services—0.9%
American Public Education, Inc.	*†	2,444		105,776
Ascent Capital Group, Inc., Class A	*	2,424		122,945
Capella Education Co.	*	3,229		116,405
Career Education Corp.	*	11,632		92,707
Coinstar, Inc.	*†	3,501		159,786
Corinthian Colleges, Inc.	*†	17,447		37,860
Education Management Corp.	*†	12,017		336,356
Grand Canyon Education, Inc.	*†	8,434		134,607
Hillenbrand, Inc.		8,605		192,064
ITT Educational Services, Inc.	*†	4,939		280,980
K12, Inc.	*	8,049		144,399
Learning Tree International, Inc.	*	4,044		28,389
Matthews International Corp., Class A		4,455		140,021
Regis Corp.	†	10,952		181,256
School Specialty, Inc.	*	1,184		2,960
Service Corp. International		41,199		438,769
Sotheby’s		8,625		246,071
Steiner Leisure Ltd. (Bahamas)	*	1,645		74,666
Stewart Enterprises, Inc., Class A	†	11,267		64,898
Strayer Education, Inc.	†	944		91,747
Universal Technical Institute, Inc.	*†	4,524		57,817
Weight Watchers International, Inc.	†	7,607		418,461
				3,468,940
Diversified Financial Services—0.3%
Interactive Brokers Group, Inc., Class A		11,762		175,724
MarketAxess Holdings, Inc.		8,655		260,602
MSCI, Inc., Class A	*	19,794		651,817
PHH Corp.	*	11,809		126,356
PICO Holdings, Inc.	*	1,955		40,234
Resource America, Inc., Class A		1,547		7,364
				1,262,097
Diversified Telecommunication Services—0.5%
8x8, Inc.	*†	33,730		106,924
AboveNet, Inc.	*	2,364		153,684
Alaska Communications Systems Group, Inc.	†	8,744		26,320
Atlantic Tele-Network, Inc.		1,034		40,378
Cbeyond, Inc.	*	5,638		45,160
Cincinnati Bell, Inc.	*	76,144		230,716
Cogent Communications Group, Inc.	*	3,453		58,321

See accompanying notes to financial statements.

294

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Consolidated Communications Holdings, Inc.		13,175	$	250,984
General Communication, Inc., Class A	*†	3,847		37,662
HickoryTech Corp.		2,286		25,329
IDT Corp., Class B		2,274		21,330
Integrated Telecom Express, Inc.	*‡d	1,103		—
Level 3 Communications, Inc.	*	28,997		492,659
Lumos Networks Corp.		1,551		23,792
Neutral Tandem, Inc.	*	13,265		141,803
Premiere Global Services, Inc.	*	5,642		47,788
Superior TeleCom, Inc.	*‡d	2,014		—
SureWest Communications		6,213		74,742
tw telecom inc.	*	20,524		397,755
				2,175,347
Electric Utilities—1.4%
Allete, Inc.		5,454		228,959
Central Vermont Public Service Corp.		6,116		214,672
Cleco Corp.		9,591		365,417
El Paso Electric Co.		6,402		221,765
Empire District Electric Co. (The)		15,918		335,711
Great Plains Energy, Inc.		19,050		414,909
Hawaiian Electric Industries, Inc.		19,153		507,171
IDACORP, Inc.		8,759		371,469
ITC Holdings Corp.		6,901		523,648
MGE Energy, Inc.		4,750		222,158
NV Energy, Inc.		29,607		484,074
Otter Tail Corp.		2,897		63,792
PNM Resources, Inc.		13,928		253,907
Portland General Electric Co.		11,420		288,812
UIL Holdings Corp.	†	7,355		260,146
Unisource Energy Corp.		10,080		372,154
Unitil Corp.		1,689		47,934
Westar Energy, Inc.		13,513		388,904
				5,565,602
Electrical Equipment—1.3%
A123 Systems, Inc.	*†	39,421		63,468
Active Power, Inc.	*†	28,492		18,805
Acuity Brands, Inc.	†	3,756		199,068
American Superconductor Corp.	*†	6,746		24,893
AMETEK, Inc.		28,325		1,192,482
AZZ, Inc.	†	1,134		51,529
Babcock & Wilcox Co. (The)	*	19,772		477,296
Belden, Inc.		7,758		258,186
Brady Corp., Class A		7,763		245,078
Capstone Turbine Corp.	*†	79,299		91,987
Encore Wire Corp.		1,693		43,849
EnerSys	*	11,416		296,474
Franklin Electric Co., Inc.		3,929		171,147
FuelCell Energy, Inc.	*†	9,197		8,020
General Cable Corp.	*	7,507		187,750
GrafTech International Ltd.	*	22,518		307,371
Hubbell, Inc., Class B		6,770		452,642
II-VI, Inc.	*	3,964		72,779

		Shares		Value
LSI Industries, Inc.		3,003	$	18,018
Magnetek, Inc.	*	458		3,943
Orbit International Corp.	*	2,812		10,039
Plug Power, Inc.	*†	893		1,822
Polypore International, Inc.	*†	3,591		157,968
Powell Industries, Inc.	*	1,046		32,719
PowerSecure International, Inc.	*	2,650		13,117
Regal-Beloit Corp.		5,997		305,667
Thomas & Betts Corp.	*	11,859		647,501
Ultralife Corp.	*	3,672		14,761
Universal Security Instruments, Inc.	*	266		1,404
Valence Technology, Inc.	*†	4,773		4,678
Vicor Corp.		3,481		27,709
				5,402,170
Electronic Equipment, Instruments & Components—2.1%
Agilysys, Inc.	*	2,266		18,015
Anixter International, Inc.	*	5,818		346,986
Arrow Electronics, Inc.	*	15,039		562,609
Avnet, Inc.	*	23,170		720,355
AVX Corp.		13,236		168,891
Badger Meter, Inc.	†	4,287		126,166
Benchmark Electronics, Inc.	*	14,600		196,662
Brightpoint, Inc.	*	13,208		142,118
Checkpoint Systems, Inc.	*	3,624		39,647
Cognex Corp.		3,335		119,360
Coherent, Inc.	*	3,191		166,794
CTS Corp.		4,578		42,118
Daktronics, Inc.	†	3,564		34,107
Dolby Laboratories, Inc., Class A	*	6,100		186,111
DTS, Inc.	*	1,605		43,720
Echelon Corp.	*†	3,748		18,253
Electro Rent Corp.		2,563		43,955
Electro Scientific Industries, Inc.	*	3,685		53,359
FARO Technologies, Inc.	*	1,212		55,752
FEI Co.	*	7,016		286,112
Frequency Electronics, Inc.	*	822		6,297
ID Systems, Inc.	*	2,437		11,527
Identive Group, Inc.	*	1,494		3,332
Ingram Micro, Inc., Class A	*	30,748		559,306
Insight Enterprises, Inc.	*	2,944		45,014
IPG Photonics Corp.	*	6,852		232,077
Iteris, Inc.	*	4,264		5,543
Itron, Inc.	*	9,037		323,253
LeCroy Corp.	*	3,916		32,934
Lightpath Technologies, Inc., Class A	*†	17,646		18,881
Littelfuse, Inc.	†	2,845		122,278
LoJack Corp.	*	1,880		5,772
LRAD Corp.	*	3,686		5,492
Maxwell Technologies, Inc.	*†	3,381		54,907
Measurement Specialties, Inc.	*	3,063		85,641
Mercury Computer Systems, Inc.	*	2,443		32,467
Mesa Laboratories, Inc.		1,200		49,728
Methode Electronics, Inc.	†	16,111		133,560
Microvision, Inc.	*†	114,459		41,217
MTS Systems Corp.		1,818		74,083
National Instruments Corp.		17,107		443,927
Newport Corp.	*	3,015		41,034
OSI Systems, Inc.	*	2,179		106,292
Park Electrochemical Corp.		1,950		49,959
PC Connection, Inc.		2,755		30,553

See accompanying notes to financial statements.

295

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Planar Systems, Inc.	*	8,504	$	16,498
Plexus Corp.	*	4,416		120,910
Power-One, Inc.	*	40,825		159,626
Pulse Electronics Corp.		7,988		22,366
Radisys Corp.	*	2,757		13,950
Research Frontiers, Inc.	*	2,932		9,910
Rofin-Sinar Technologies, Inc.	*	3,102		70,881
Rogers Corp.	*	1,417		52,231
Sanmina-SCI Corp.	*	9,115		84,861
ScanSource, Inc.	*	1,798		64,728
Sigmatron International, Inc.	*	283		934
SYNNEX Corp.	*	4,002		121,901
Tech Data Corp.	*	9,988		493,507
Trimble Navigation Ltd.	*	16,777		728,122
TTM Technologies, Inc.	*	9,216		101,007
Universal Display Corp.	*†	3,507		128,672
Vishay Intertechnology, Inc.	*	19,798		177,984
Vishay Precision Group, Inc.	*	7,543		120,537
Wayside Technology Group, Inc.		1,787		21,712
X-Rite, Inc.	*†	2,441		11,326
Zygo Corp.	*	2,489		43,931
				8,451,758
Energy Equipment & Services—2.1%
Atwood Oceanics, Inc.	*	7,768		309,089
Basic Energy Services, Inc.	*	5,491		108,173
Bolt Technology Corp.		3,477		39,777
Bristow Group, Inc.		5,164		244,722
Cal Dive International, Inc.	*	45,231		101,770
CARBO Ceramics, Inc.	†	2,127		262,323
Complete Production Services, Inc.	*	15,650		525,214
Dawson Geophysical Co.	*	930		36,763
Dresser-Rand Group, Inc.	*	13,863		691,902
Dril-Quip, Inc.	*	3,953		260,186
Exterran Holdings, Inc.	*	10,606		96,515
Gulfmark Offshore, Inc., Class A	*	3,758		157,874
Helix Energy Solutions Group, Inc.	*	10,795		170,561
Hercules Offshore, Inc.	*	42,310		187,856
Hornbeck Offshore Services, Inc.	*†	4,277		132,673
ION Geophysical Corp.	*	22,870		140,193
Key Energy Services, Inc.	*	31,716		490,646
Lufkin Industries, Inc.		5,305		357,080
Matrix Service Co.	*	2,410		22,750
McDermott International, Inc.	*	32,280		371,543
Mitcham Industries, Inc.	*	3,707		80,961
Natural Gas Services Group, Inc.	*†	2,837		41,023
Newpark Resources, Inc.	*	17,228		163,666
Oceaneering International, Inc.		12,244		564,816
Oil States International, Inc.	*	5,243		400,408
OYO Geospace Corp.	*	550		42,531
Parker Drilling Co.	*	15,606		111,895
Patterson-UTI Energy, Inc.		35,480		708,890
PHI, Inc.	*	1,283		31,883
Pioneer Drilling Co.	*	16,802		162,643
RPC, Inc.	†	16,792		306,454
SEACOR Holdings, Inc.	*	2,817		250,600

		Shares		Value
Superior Energy Services, Inc.	*	11,934	$	339,403
Tetra Technologies, Inc.	*	8,961		83,696
Tidewater, Inc.		5,295		261,043
Unit Corp.	*	6,849		317,794
Vantage Drilling Co.	*†	35,506		41,187
				8,616,503
Food & Staples Retailing—0.4%
Andersons, Inc. (The)		1,795		78,370
Arden Group, Inc., Class A	†	391		35,194
Casey’s General Stores, Inc.		7,327		377,414
Nash Finch Co.		1,190		34,843
Pantry, Inc. (The)	*	2,139		25,604
Pricesmart, Inc.		531		36,952
Rite Aid Corp.	*	203,564		256,491
Ruddick Corp.	†	6,610		281,850
Spartan Stores, Inc.		3,490		64,565
United Natural Foods, Inc.	*	4,444		177,804
Village Super Market, Inc., Class A		2,777		79,006
Weis Markets, Inc.		1,103		44,054
Winn-Dixie Stores, Inc.	*	11,232		105,356
				1,597,503
Food Products—1.8%
B&G Foods, Inc.		15,178		365,334
Bridgford Foods Corp.	*†	1,169		11,409
Bunge Ltd.		23,951		1,369,997
Calavo Growers, Inc.	†	2,244		57,626
Cal-Maine Foods, Inc.		6,514		238,217
Chiquita Brands International, Inc.	*	9,802		81,749
Corn Products International, Inc.		10,796		567,762
Darling International, Inc.	*	17,587		233,731
Diamond Foods, Inc.	†	4,466		144,118
Dole Food Co., Inc.	*†	12,165		105,227
Farmer Bros. Co.	†	930		7,105
Flowers Foods, Inc.		29,847		566,496
Fresh Del Monte Produce, Inc.		9,319		233,068
Green Mountain Coffee Roasters, Inc.	*†	17,672		792,589
Griffin Land & Nurseries, Inc.	†	2,039		53,952
Hain Celestial Group, Inc. (The)	*	9,137		334,962
Inventure Foods, Inc.	*	9,182		34,341
J&J Snack Foods Corp.		1,866		99,421
John B. Sanfilippo & Son, Inc.	*	1,899		14,318
Lancaster Colony Corp.	†	2,437		168,982
Omega Protein Corp.	*	1,515		10,802
Ralcorp Holdings, Inc.	*	7,841		670,406
Sanderson Farms, Inc.	†	1,537		77,050
Smart Balance, Inc.	*	15,817		84,779
Smithfield Foods, Inc.	*	18,538		450,103
Snyders-Lance, Inc.		3,688		82,980
Tootsie Roll Industries, Inc.		3,161		74,821
TreeHouse Foods, Inc.	*	7,389		483,093
				7,414,438
Gas Utilities—1.1%
Atmos Energy Corp.		15,421		514,290
Chesapeake Utilities Corp.	†	2,965		128,533
Delta Natural Gas Co., Inc.		3,757		129,053
Laclede Group, Inc. (The)		1,902		76,974

See accompanying notes to financial statements.

296

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
National Fuel Gas Co.		11,592	$	644,283
New Jersey Resources Corp.		6,561		322,801
Northwest Natural Gas Co.	†	3,667		175,759
Piedmont Natural Gas Co., Inc.	†	16,155		548,947
Questar Corp.		29,569		587,240
South Jersey Industries, Inc.		3,110		176,679
Southwest Gas Corp.		7,750		329,298
UGI Corp.		16,949		498,301
WGL Holdings, Inc.		6,648		293,975
				4,426,133
Health Care Equipment & Supplies—2.3%
Abaxis, Inc.	*	1,864		51,577
ABIOMED, Inc.	*	3,940		72,772
Accuray, Inc.	*	3,768		15,939
Alere, Inc.	*	9,884		228,221
Align Technology, Inc.	*	7,897		187,356
Analogic Corp.		1,287		73,771
AngioDynamics, Inc.	*	14,132		209,295
Atrion Corp.	†	308		73,991
Biolase Technology, Inc.	*†	21,860		56,179
Cantel Medical Corp.		4,511		125,992
Cerus Corp.	*	16,123		45,144
Conceptus, Inc.	*	2,419		30,576
CONMED Corp.	*	9,592		246,227
Cooper Cos., Inc. (The)		6,675		470,721
CryoLife, Inc.	*	4,037		19,378
Cutera, Inc.	*	3,098		23,080
Cyberonics, Inc.	*	2,993		100,265
Cynosure, Inc., Class A	*	772		9,079
DexCom, Inc.	*	11,213		104,393
Endologix, Inc.	*	14,422		165,564
Gen-Probe, Inc.	*	7,280		430,394
Greatbatch, Inc.	*	2,283		50,454
Haemonetics Corp.	*	3,839		235,024
Hill-Rom Holdings, Inc.		8,394		282,794
Hologic, Inc.	*	51,211		896,705
ICU Medical, Inc.	*	1,366		61,470
IDEXX Laboratories, Inc.	*	4,638		356,940
Insulet Corp.	*	2,068		38,940
Integra LifeSciences Holdings Corp.	*	2,236		68,936
Invacare Corp.		4,378		66,940
IRIS International, Inc.	*	2,570		24,029
Kensey Nash Corp.	*	1,683		32,297
MAKO Surgical Corp.	*†	679		17,118
Masimo Corp.	*	5,620		105,010
Medical Action Industries, Inc.	*†	7,146		37,374
Meridian Bioscience, Inc.	†	4,370		82,331
Merit Medical Systems, Inc.	*	3,136		41,960
Natus Medical, Inc.	*	15,518		146,335
Neogen Corp.	*	2,463		75,466
NuVasive, Inc.	*	6,151		77,441
NxStage Medical, Inc.	*	9,600		170,688
OraSure Technologies, Inc.	*	4,328		39,428
Orthofix International NV (Netherlands Antilles)	*	2,888		101,744
Palomar Medical Technologies, Inc.	*	2,762		25,687
Quidel Corp.	*†	14,799		223,909
ResMed, Inc.	*	25,007		635,178
Rochester Medical Corp.	*	5,305		43,978

		Shares		Value
RTI Biologics, Inc.	*	7,464	$	33,140
Sirona Dental Systems, Inc.	*	9,020		397,241
SonoSite, Inc.	*	1,320		71,095
Spectranetics Corp.	*	3,376		24,375
Staar Surgical Co.	*	13,188		138,342
STERIS Corp.		9,627		287,077
SurModics, Inc.	*	1,932		28,323
Synovis Life Technologies, Inc.	*	4,579		127,434
Teleflex, Inc.		5,710		349,966
Theragenics Corp.	*	5,822		9,781
ThermoGenesis Corp.	*	1,079		766
Thoratec Corp.	*	9,579		321,471
Urologix, Inc.	*	25,612		27,661
Vision-Sciences, Inc.	*	27,178		51,366
Volcano Corp.	*	5,711		135,865
West Pharmaceutical Services, Inc.		4,069		154,418
Wright Medical Group, Inc.	*	3,907		64,465
Young Innovations, Inc.		677		20,059
Zoll Medical Corp.	*	6,431		406,311
				9,327,246
Health Care Providers & Services—2.7%
Alliance HealthCare Services, Inc.	*	10,817		13,629
Almost Family, Inc.	*	2,502		41,483
Amedisys, Inc.	*	2,921		31,868
American Dental Partners, Inc.	*	4,922		92,681
AMERIGROUP Corp.	*	4,801		283,643
AMN Healthcare Services, Inc.	*†	3,864		17,118
Amsurg Corp.	*	3,079		80,177
Bio-Reference Labs, Inc.	*	11,461		186,471
BioScrip, Inc.	*	3,476		18,979
Brookdale Senior Living, Inc.	*	23,328		405,674
Capital Senior Living Corp.	*	9,966		79,130
CardioNet, Inc.	*	8,331		19,744
Catalyst Health Solutions, Inc.	*	6,266		325,832
Centene Corp.	*	7,045		278,912
Chemed Corp.		2,102		107,643
Chindex International, Inc.	*	1,527		13,010
Community Health Systems, Inc.	*	12,136		211,773
Cross Country Healthcare, Inc.	*	2,631		14,602
Emeritus Corp.	*	5,975		104,622
Ensign Group, Inc. (The)	†	3,393		83,129
Five Star Quality Care, Inc.	*	23,205		69,615
Gentiva Health Services, Inc.	*	3,767		25,427
Hanger Orthopedic Group, Inc.	*	7,988		149,296
HCA Holdings, Inc.	*	7,601		167,450
Health Management Associates, Inc., Class A	*	38,960		287,135
Health Net, Inc.	*	15,676		476,864
HealthSouth Corp.	*	20,125		355,609
Healthspring, Inc.	*	9,544		520,530
Healthways, Inc.	*	3,517		24,127
Henry Schein, Inc.	*	13,916		896,608
HMS Holdings Corp.	*	13,299		425,302
IPC The Hospitalist Co., Inc.	*	4,870		222,656
Kindred Healthcare, Inc.	*	6,873		80,895
Landauer, Inc.		923		47,535
LHC Group, Inc.	*	8,598		110,312
LifePoint Hospitals, Inc.	*	8,109		301,249
Lincare Holdings, Inc.		19,141		492,115
Magellan Health Services, Inc.	*	4,963		245,520

See accompanying notes to financial statements.

297

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Mednax, Inc.	*	8,920	$	642,329
Molina Healthcare, Inc.	*	3,366		75,163
MWI Veterinary Supply, Inc.	*	1,472		97,800
National Healthcare Corp.	†	1,078		45,168
National Research Corp.		1,250		48,513
Omnicare, Inc.		15,436		531,770
Owens & Minor, Inc.	†	8,595		238,855
PDI, Inc.	*	864		5,573
PharMerica Corp.	*	5,445		82,655
Providence Service Corp. (The)	*	3,898		53,637
PSS World Medical, Inc.	*	14,310		346,159
Psychemedics Corp.		902		8,208
Skilled Healthcare Group, Inc., Class A	*	10,902		59,525
Sun Healthcare Group, Inc.	*†	7,309		28,359
Sunrise Senior Living, Inc.	*†	17,453		113,095
Team Health Holdings, Inc.	*	2,035		44,912
Triple-S Management Corp., Class B (Puerto Rico)	*	7,729		154,735
U.S. Physical Therapy, Inc.		2,083		40,993
Universal American Corp.		10,462		132,972
Universal Health Services, Inc., Class B		10,922		424,429
Vanguard Health Systems, Inc.	*	3,023		30,895
VCA Antech, Inc.	*	11,415		225,446
WellCare Health Plans, Inc.	*	5,753		302,033
				11,041,589
Health Care Technology—0.4%
Allscripts Healthcare Solutions, Inc.	*	35,462		671,650
athenahealth, Inc.	*	3,145		154,482
Authentidate Holding Corp.	*	41,599		28,287
Computer Programs & Systems, Inc.		3,593		183,638
MedAssets, Inc.	*	10,517		97,282
Medidata Solutions, Inc.	*	11,494		249,995
Mediware Information Systems, Inc.	*	1,191		15,269
Merge Healthcare, Inc.	*	9,619		46,652
Omnicell, Inc.	*	7,892		130,376
Quality Systems, Inc.		4,710		174,223
				1,751,854
Hotels, Restaurants & Leisure—3.0%
AFC Enterprises, Inc.	*	5,988		88,024
Ambassadors Group, Inc.		2,796		12,610
Ameristar Casinos, Inc.		3,664		63,351
Bally Technologies, Inc.	*	6,636		262,520
Benihana, Inc.	*	680		6,956
Biglari Holdings, Inc.	*	109		40,138
Bluegreen Corp.	*	1,800		5,058
Bob Evans Farms, Inc.		2,925		98,105
Boyd Gaming Corp.	*†	9,758		72,795
Brinker International, Inc.		6,508		174,154
Buffalo Wild Wings, Inc.	*†	4,069		274,698
CEC Entertainment, Inc.		2,926		100,801
Cheesecake Factory, Inc. (The)	*	8,701		255,374
Choice Hotels International, Inc.		6,229		237,014
Churchill Downs, Inc.		1,567		81,688
Cosi, Inc.	*	16,495		11,629

			Shares		Value
Cracker Barrel Old Country Store, Inc.	†		2,879	$	145,130
DineEquity, Inc.	*		1,467		61,922
Domino’s Pizza, Inc.	*		12,378		420,233
Dover Downs Gaming & Entertainment, Inc.			1,687		3,610
Dover Motorsports, Inc.	*		1,645		1,711
Gaylord Entertainment Co.	*†		5,614		135,522
Great Wolf Resorts, Inc.	*		3,072		8,909
Hyatt Hotels Corp., Class A	*		8,122		305,712
International Speedway Corp., Class A			3,250		82,388
Interval Leisure Group, Inc.	*†		2,598		35,359
Isle of Capri Casinos, Inc.	*		1,251		5,842
Jack in the Box, Inc.	*		8,142		170,168
Jamba, Inc.	*		31,424		41,165
Krispy Kreme Doughnuts, Inc.	*		23,022		150,564
Las Vegas Sands Corp.	*		83,691		3,576,116
Life Time Fitness, Inc.	*		4,455		208,271
Luby’s, Inc.	*		14,427		65,066
Marcus Corp.	†		1,805		22,761
Marriott Vacations Worldwide Corp.	*		4,601		78,953
McCormick & Schmick’s Seafood Restaurants, Inc.	*		5,172		45,203
MGM Resorts International	*		59,481		620,387
Monarch Casino & Resort, Inc.	*		6,897		70,280
Morgans Hotel Group Co.	*		7,052		41,607
MTR Gaming Group, Inc.	*		4,525		8,462
Multimedia Games Holding Co., Inc.	*		2,902		23,042
O’Charleys, Inc.	*		3,157		17,332
Orient-Express Hotels Ltd., Class A (Bermuda)	*		13,651		101,973
P.F. Chang’s China Bistro, Inc.			7,791		240,820
Panera Bread Co., Class A	*		3,669		518,980
Papa John’s International, Inc.	*		2,356		88,774
Peet’s Coffee & Tea, Inc.	*†		2,241		140,466
Penn National Gaming, Inc.	*		13,863		527,764
Pinnacle Entertainment, Inc.	*		22,133		224,871
Red Robin Gourmet Burgers, Inc.	*		1,203		33,323
Royal Caribbean Cruises Ltd.		��	20,951		518,956
Ruby Tuesday, Inc.	*		20,841		143,803
Scientific Games Corp., Class A	*		13,630		132,211
Shuffle Master, Inc.	*		6,463		75,746
Six Flags Entertainment Corp.			2,764		113,987
Sonic Corp.	*		13,814		92,968
Speedway Motorsports, Inc.			1,680		25,754
Texas Roadhouse, Inc.			22,121		329,603
Vail Resorts, Inc.	†		4,618		195,619
Wendy’s Co. (The)			64,355		344,943
WMS Industries, Inc.	*		4,326		88,770
					12,069,961
Household Durables—1.0%
American Greetings Corp., Class A			7,214		90,247
Bassett Furniture Industries, Inc.			610		4,569
Beazer Homes USA, Inc.	*†		42,835		106,231
Blyth, Inc.			877		49,814
Cavco Industries, Inc.	*†		1,216		48,713
CSS Industries, Inc.	†		1,140		22,709

See accompanying notes to financial statements.

298

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Ethan Allen Interiors, Inc.		3,468	$	82,226
Furniture Brands International, Inc.	*	9,746		11,988
Helen of Troy Ltd. (Bermuda)	*	3,893		119,515
Hooker Furniture Corp.		3,953		45,341
Hovnanian Enterprises, Inc., Class A	*†	48,421		70,210
Jarden Corp.		13,859		414,107
KB Home	†	20,796		139,749
Kid Brands, Inc.	*	1,157		3,656
La-Z-Boy, Inc.	*	13,087		155,735
M/I Homes, Inc.	*	1,741		16,714
MDC Holdings, Inc.		5,581		98,393
Meritage Homes Corp.	*	4,845		112,355
Mohawk Industries, Inc.	*	6,587		394,232
NVR, Inc.	*	724		496,664
Ryland Group, Inc. (The)		13,131		206,945
Sealy Corp.	*†	6,171		10,614
Skyline Corp.		918		3,993
Standard Pacific Corp.	*†	29,234		92,964
Tempur-Pedic International, Inc.	*†	7,158		376,010
Toll Brothers, Inc.	*	13,312		271,831
Tupperware Brands Corp.		8,397		469,980
Universal Electronics, Inc.	*	3,125		52,719
				3,968,224
Household Products—0.5%
Central Garden and Pet Co., Class A	*	2,770		23,047
Church & Dwight Co., Inc.		23,288		1,065,659
Energizer Holdings, Inc.	*	10,457		810,208
WD-40 Co.		2,756		111,370
				2,010,284
Independent Power Producers & Energy Traders—0.4%
Calpine Corp.	*	75,224		1,228,408
Dynegy, Inc.	*	14,760		40,885
Genie Energy Ltd., Class B		2,274		18,033
GenOn Energy, Inc.	*	76,798		200,443
Ormat Technologies, Inc.	†	9,093		163,947
Tegal Corp.	*	62		207
				1,651,923
Industrial Conglomerates—0.2%
Carlisle Cos., Inc.		9,558		423,419
Raven Industries, Inc.		5,412		335,003
Seaboard Corp.	*	43		87,548
Standex International Corp.		1,584		54,125
				900,095
Insurance—4.5%
Alleghany Corp.	*†	565		161,189
Allied World Assurance Co. Holdings AG (Switzerland)		7,319		460,585
Alterra Capital Holdings Ltd. (Bermuda)		13,003		307,261
American Financial Group, Inc.		19,300		711,977
American National Insurance Co.		3,374		246,403
American Safety Insurance Holdings Ltd.	*	8,481		184,462

		Shares		Value
AMERISAFE, Inc.	*	5,765	$	134,036
Amtrust Financial Services, Inc.		10,931		259,611
Arch Capital Group Ltd. (Bermuda)	*	21,151		787,452
Argo Group International Holdings Ltd. (Bermuda)		3,031		87,778
Arthur J. Gallagher & Co.		19,079		638,002
Aspen Insurance Holdings Ltd. (Bermuda)		16,805		445,332
Assured Guaranty Ltd. (Bermuda)		15,420		202,619
Axis Capital Holdings Ltd. (Bermuda)		23,436		749,015
Baldwin & Lyons, Inc., Class B		1,316		28,689
Brown & Brown, Inc.		22,389		506,663
Citizens, Inc.	*	28,808		279,150
CNA Financial Corp.		8,930		238,877
CNO Financial Group, Inc.	*	33,835		213,499
Crawford & Co., Class B		3,543		21,825
Delphi Financial Group, Inc., Class A		5,179		229,430
eHealth, Inc.	*	9,146		134,446
EMC Insurance Group, Inc.		1,041		21,413
Employers Holdings, Inc.		8,216		148,627
Endurance Specialty Holdings Ltd. (Bermuda)		9,153		350,102
Enstar Group Ltd. (Bermuda)	*	626		61,473
Erie Indemnity Co., Class A		3,864		302,010
Everest Re Group Ltd. (Bermuda)		7,051		592,919
FBL Financial Group, Inc., Class A		2,268		77,157
Fidelity National Financial, Inc., Class A		32,112		511,544
First American Financial Corp.		13,864		175,657
Flagstone Reinsurance Holdings SA (Luxembourg)		11,279		93,503
Greenlight Capital Re Ltd., Class A (Cayman Islands)	*	4,754		112,527
Hanover Insurance Group, Inc. (The)		4,762		166,432
Harleysville Group, Inc.		1,963		111,047
HCC Insurance Holdings, Inc.		18,265		502,288
Hilltop Holdings, Inc.	*	18,258		154,280
Horace Mann Educators Corp.		11,211		153,703
Independence Holding Co.	†	5,932		48,227
Infinity Property & Casualty Corp.		1,280		72,627
Kansas City Life Insurance Co.	†	1,203		39,482
Kemper Corp.		11,715		342,195
Markel Corp.	*	1,119		464,016
MBIA, Inc.	*†	12,247		141,943
Meadowbrook Insurance Group, Inc.		24,397		260,560
Mercury General Corp.		5,146		234,761
Montpelier Re Holdings Ltd. (Bermuda)		15,659		277,947
National Financial Partners Corp.	*†	9,598		129,765
Navigators Group, Inc. (The)	*	1,745		83,202
Old Republic International Corp.		33,631		311,759
OneBeacon Insurance Group Ltd., Class A		6,290		96,803

See accompanying notes to financial statements.

299

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
PartnerRe Ltd. (Bermuda)		9,324	$	598,694
Phoenix Cos., Inc. (The)	*†	29,424		49,432
Platinum Underwriters Holdings Ltd. (Bermuda)		10,542		359,588
Presidential Life Corp.		2,568		25,654
ProAssurance Corp.		3,102		247,602
Protective Life Corp.		9,843		222,058
Reinsurance Group of America, Inc.		11,745		613,676
RenaissanceRe Holdings Ltd. (Bermuda)		6,822		507,352
RLI Corp.	†	1,980		144,263
Safety Insurance Group, Inc.		1,536		62,177
SeaBright Holdings, Inc.		3,141		24,029
Selective Insurance Group, Inc.		9,573		169,729
StanCorp Financial Group, Inc.		9,728		357,504
State Auto Financial Corp.		2,585		35,130
Stewart Information Services Corp.		1,684		19,450
Symetra Financial Corp.		15,274		138,535
Tower Group, Inc.		3,847		77,594
Transatlantic Holdings, Inc.		4,297		235,175
United Fire & Casualty Co.		2,592		52,307
Validus Holdings Ltd. (Bermuda)		14,426		454,419
W.R. Berkley Corp.		22,306		767,103
White Mountains Insurance Group Ltd.		706		320,143
				18,547,884
Internet & Catalog Retail—0.5%
1-800-Flowers.com, Inc., Class A	*	2,113		4,648
Blue Nile, Inc.	*†	2,444		99,911
dELiA*s, Inc.	*	2,555		2,606
Geeknet, Inc.	*	661		11,270
Groupon, Inc., Class A	*†	5,455		112,536
Hollywood Media Corp.	*	10,671		13,552
HSN, Inc.		5,319		192,867
Liberty Interactive Corp., Series A	*	77,943		1,263,846
Nutrisystem, Inc.	†	5,029		65,025
Overstock.com, Inc.	*	3,326		26,076
Shutterfly, Inc.	*†	8,472		192,823
Valuevision Media, Inc., Class A	*	6,193		11,643
				1,996,803
Internet Software & Services—1.4%
AOL, Inc.	*	14,126		213,303
Autobytel, Inc.	*	4,755		3,328
comScore, Inc.	*	2,914		61,777
Constant Contact, Inc.	*†	8,587		199,304
Crexendo, Inc.	†	1,043		2,952
DealerTrack Holdings, Inc.	*	4,113		112,120
Digital River, Inc.	*	5,786		86,906
Earthlink, Inc.		42,332		272,618
Equinix, Inc.	*	5,548		562,567
IAC/InterActiveCorp		15,997		681,472
InfoSpace, Inc.	*	11,869		130,440
Internap Network Services Corp.	*	12,216		72,563
Ipass, Inc.	*†	6,163		8,567

		Shares		Value
j2 Global, Inc.	†	5,821	$	163,803
Keynote Systems, Inc.		3,262		67,001
Limelight Networks, Inc.	*	3,711		10,985
LinkedIn Corp., Class A	*†	1,220		76,872
LivePerson, Inc.	*	6,309		79,178
LogMeIn, Inc.	*†	6,170		237,853
Looksmart Ltd.	*	4,010		5,173
LoopNet, Inc.	*	13,367		244,349
Marchex, Inc., Class B	†	2,710		16,937
Move, Inc.	*	14,314		90,464
NIC, Inc.		10,696		142,364
OpenTable, Inc.	*†	4,703		184,028
Openwave Systems, Inc.	*	21,687		34,265
Perficient, Inc.	*	2,090		20,921
Rackspace Hosting, Inc.	*†	12,978		558,184
RealNetworks, Inc.	†	2,695		20,213
RightNow Technologies, Inc.	*	8,593		367,179
Saba Software, Inc.	*†	3,576		28,215
Stamps.com, Inc.	*	3,772		98,562
support.com, Inc.	*	4,962		11,165
United Online, Inc.		18,915		102,898
ValueClick, Inc.	*	13,525		220,322
Vertro, Inc.	*	1,316		1,355
Vocus, Inc.	*	2,731		60,328
Web.com Group, Inc.	*	1,785		20,438
WebMD Health Corp.	*	6,687		251,097
WebMediaBrands, Inc.	*	4,020		1,829
XO Group, Inc.	*	3,458		28,840
Zix Corp.	*	18,330		51,691
				5,604,426
IT Services—2.0%
Acxiom Corp.	*	9,001		109,902
Alliance Data Systems Corp.	*	7,049		731,968
Broadridge Financial Solutions, Inc.		24,753		558,180
CACI International, Inc., Class A	*	4,046		226,252
Cass Information Systems, Inc.	†	1,334		48,541
Ciber, Inc.	*	14,012		54,086
Convergys Corp.	*	30,359		387,684
CoreLogic, Inc.	*	15,057		194,687
CSG Systems International, Inc.	*	3,644		53,603
DST Systems, Inc.		9,362		426,158
Edgewater Technology, Inc.	*	2,568		7,062
Euronet Worldwide, Inc.	*	6,728		124,333
Forrester Research, Inc.	*	1,573		53,388
Gartner, Inc.	*	18,144		630,867
Genpact Ltd. (Bermuda)	*	33,812		505,489
Global Cash Access Holdings, Inc.	*	27,153		120,831
Global Payments, Inc.		12,347		585,001
Hackett Group, Inc. (The)	*	7,902		29,554
Heartland Payment Systems, Inc.		6,660		162,238
Higher One Holdings, Inc.	*†	896		16,522
iGATE Corp.	*	2,997		47,143
Jack Henry & Associates, Inc.		12,750		428,528
Lender Processing Services, Inc.		11,943		179,981
Lionbridge Technologies, Inc.	*	18,369		42,065
Management Network Group, Inc.	*	320		486
Mantech International Corp., Class A		3,037		94,876

See accompanying notes to financial statements.

300

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
MAXIMUS, Inc.		4,986	$	206,171
ModusLink Global Solutions, Inc.		3,461		18,689
MoneyGram International, Inc.	*	3,640		64,610
NCI, Inc., Class A	*†	1,956		22,787
NeuStar, Inc., Class A	*	16,328		557,928
Online Resources Corp.	*	2,780		6,728
Pfsweb, Inc.	*	1,209		3,978
Sapient Corp.		25,306		318,856
StarTek, Inc.	*	1,875		3,600
Syntel, Inc.		3,095		144,753
TeleTech Holdings, Inc.	*	4,611		74,698
TNS, Inc.	*	6,651		117,856
Unisys Corp.	*	7,450		146,840
VeriFone Systems, Inc.	*	12,855		456,610
Wright Express Corp.	*	4,601		249,742
				8,213,271
Leisure Equipment & Products—0.3%
Arctic Cat, Inc.	*	1,738		39,192
Brunswick Corp.		10,281		185,675
Callaway Golf Co.	†	18,335		101,393
Eastman Kodak Co.	*†	13,983		9,082
Jakks Pacific, Inc.		3,922		55,339
Leapfrog Enterprises, Inc.	*	19,865		111,045
Nautilus, Inc.	*	2,480		4,340
Polaris Industries, Inc.		7,116		398,354
Smith & Wesson Holding Corp.	*	46,824		204,153
Steinway Musical Instruments, Inc.	*	1,536		38,461
Sturm Ruger & Co., Inc.		2,146		71,805
				1,218,839
Life Sciences Tools & Services—0.8%
Affymetrix, Inc.	*	21,563		88,193
Albany Molecular Research, Inc.	*	2,944		8,626
Bio-Rad Laboratories, Inc., Class A	*	2,830		271,793
Bruker Corp.	*	19,689		244,537
Cambrex Corp.	*	2,958		21,238
Charles River Laboratories International, Inc.	*	11,766		321,565
Covance, Inc.	*	7,186		328,544
Enzo Biochem, Inc.	*	6,306		14,125
eResearchTechnology, Inc.	*	6,233		29,233
Furiex Pharmaceuticals, Inc.	*	1,473		24,614
Illumina, Inc.	*	23,166		706,100
Luminex Corp.	*	4,012		85,175
Mettler-Toledo International, Inc.	*	3,252		480,353
PAREXEL International Corp.	*	8,690		180,231
Sequenom, Inc.	*†	27,582		122,740
Techne Corp.		4,152		283,415
				3,210,482
Machinery—3.9%
Actuant Corp., Class A		12,782		290,024
AGCO Corp.	*	12,948		556,376
Albany International Corp., Class A		5,145		118,952
Ampco-Pittsburgh Corp.		986		19,069

		Shares		Value
Astec Industries, Inc.	*	1,849	$	59,556
Barnes Group, Inc.		11,835		285,342
Blount International, Inc.	*	10,859		157,673
Briggs & Stratton Corp.		9,174		142,105
Cascade Corp.		779		36,745
Chart Industries, Inc.	*	2,690		145,448
CIRCOR International, Inc.		1,935		68,325
CLARCOR, Inc.		11,689		584,333
Colfax Corp.	*†	7,548		214,967
Columbus McKinnon Corp.	*	4,765		60,468
Commercial Vehicle Group, Inc.	*	6,660		60,206
Crane Co.		12,831		599,336
Donaldson Co., Inc.		13,187		897,771
Dynamic Materials Corp.	†	9,575		189,394
EnPro Industries, Inc.	*	5,844		192,735
ESCO Technologies, Inc.		2,714		78,109
Federal Signal Corp.	*	19,708		81,788
Flow International Corp.	*†	9,896		34,636
FreightCar America, Inc.	*	2,798		58,618
Gardner Denver, Inc.		9,936		765,668
Gorman-Rupp Co. (The)		2,362		64,128
Graco, Inc.		13,302		543,919
Graham Corp.		882		19,792
Greenbrier Cos., Inc.	*	1,812		43,995
Harsco Corp.		14,896		306,560
Hurco Cos., Inc.	*	1,248		26,208
IDEX Corp.		15,415		572,051
ITT Corp.		14,806		286,200
John Bean Technologies Corp.		5,724		87,978
Kadant, Inc.	*	1,553		35,113
Kaydon Corp.		6,909		210,725
Kennametal, Inc.		13,046		476,440
L.B. Foster Co., Class A		951		26,904
Lincoln Electric Holdings, Inc.		10,014		391,748
Lindsay Corp.		969		53,188
Lydall, Inc.	*	2,150		20,403
Manitowoc Co., Inc. (The)		19,361		177,928
Meritor, Inc.	*	20,436		108,720
Middleby Corp.	*	2,361		222,028
Mueller Industries, Inc.		5,751		220,953
Mueller Water Products, Inc., Class A	†	30,046		73,312
NACCO Industries, Inc., Class A		310		27,658
Navistar International Corp.	*	7,196		272,584
NN, Inc.	*	6,804		40,824
Nordson Corp.		7,420		305,556
Oshkosh Corp.	*	13,390		286,278
Pentair, Inc.		16,606		552,814
RBC Bearings, Inc.	*	6,724		280,391
Robbins & Myers, Inc.		7,886		382,865
Sauer-Danfoss, Inc.	*	5,746		208,063
SPX Corp.		5,152		310,511
Tecumseh Products Co., Class A	*†	1,703		8,004
Tennant Co.	†	1,394		54,185
Terex Corp.	*	22,188		299,760
Timken Co.		14,936		578,173
Titan International, Inc.		9,793		190,572
Toro Co. (The)		5,158		312,884
Trinity Industries, Inc.		7,537		226,562
Valmont Industries, Inc.		3,340		303,239
Wabash National Corp.	*	10,878		85,284

See accompanying notes to financial statements.

301

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
WABCO Holdings, Inc.	*	11,505	$	499,317
Wabtec Corp.		9,239		646,268
Watts Water Technologies, Inc., Class A		6,104		208,818
Woodward, Inc.		6,281		257,081
				16,003,628
Marine—0.2%
Alexander & Baldwin, Inc.		4,742		193,568
Eagle Bulk Shipping, Inc.	*†	41,794		39,374
Excel Maritime Carriers Ltd. (Greece)	*†	20,382		29,554
Genco Shipping & Trading Ltd.	*†	24,517		165,735
International Shipholding Corp.	†	724		13,532
Kirby Corp.	*	8,425		554,702
				996,465
Media—2.6%
A.H. Belo Corp., Class A		3,861		18,340
AMC Networks, Inc., Class A	*	11,748		441,490
Arbitron, Inc.		3,649		125,562
Belo Corp., Class A		21,860		137,718
Carmike Cinemas, Inc.	*	6,117		42,085
Charter Communications, Inc., Class A	*	7,269		413,897
Cinemark Holdings, Inc.		14,316		264,703
Clear Channel Outdoor Holdings, Inc., Class A	*	16,925		212,409
Crown Media Holdings, Inc., Class A	*†	4,399		5,323
Cumulus Media, Inc., Class A	*	13,454		44,936
Digital Generation, Inc.	*	2,455		29,264
DISH Network Corp., Class A		34,076		970,484
DreamWorks Animation SKG, Inc., Class A	*†	11,561		191,855
E.W. Scripps Co., (The), Class A	*	13,465		107,855
Emmis Communications Corp., Class A	*	4,461		2,944
Entercom Communications Corp., Class A	*	1,873		11,519
Entravision Communications Corp., Class A		4,930		7,691
Gray Television, Inc.	*	3,878		6,282
Harris Interactive, Inc.	*	6,590		3,685
Harte-Hanks, Inc.		4,646		42,232
John Wiley & Sons, Inc., Class A		5,504		244,378
Journal Communications, Inc., Class A	*	3,220		14,168
Lamar Advertising Co., Class A	*	8,776		241,340
Liberty Global, Inc., Series A	*	24,077		987,879
Liberty Media Corp.—Liberty Capital, Class A	*	18,645		1,455,242
LIN TV Corp., Class A	*	2,390		10,110
Live Nation Entertainment, Inc.	*	27,818		231,168
Madison Square Garden Co. (The), Class A	*	14,922		427,366
Martha Stewart Living Omnimedia, Class A	†	20,003		88,013
McClatchy Co. (The), Class A	*†	3,506		8,379
Media General, Inc., Class A	*†	1,595		6,492

		Shares		Value
Meredith Corp.	†	8,290	$	270,669
Morningstar, Inc.		5,535		329,056
National CineMedia, Inc.		13,811		171,256
Navarre Corp.	*	6,720		10,349
New Frontier Media, Inc.	*	6,104		6,348
New York Times Co. (The), Class A	*†	11,654		90,085
Radio Unica Communications Corp.	*‡d	1,900		—
Regal Entertainment Group, Class A	†	22,336		266,692
Salem Communications Corp., Class A	*	850		2,184
Scholastic Corp.	†	2,095		62,787
Sinclair Broadcast Group, Inc., Class A		7,563		85,689
Sirius XM Radio, Inc.	*†	676,489		1,231,210
Valassis Communications, Inc.	*	8,118		156,109
Value Line, Inc.	†	573		5,890
Virgin Media, Inc.		43,275		925,219
World Wrestling Entertainment, Inc., Class A	†	4,170		38,864
				10,447,216
Metals & Mining—1.7%
Allied Nevada Gold Corp.	*	16,240		491,747
AMCOL International Corp.		2,631		70,642
Carpenter Technology Corp.		4,339		223,372
Century Aluminum Co.	*	15,081		128,339
Coeur d’Alene Mines Corp.	*	19,535		471,575
Commercial Metals Co.		11,670		161,396
Compass Minerals International, Inc.		3,923		270,099
Globe Specialty Metals, Inc.		11,348		151,950
Haynes International, Inc.		1,057		57,712
Hecla Mining Co.		44,607		233,295
Horsehead Holding Corp.	*	13,896		125,203
Kaiser Aluminum Corp.		2,084		95,614
Materion Corp.	*	2,925		71,019
Molycorp, Inc.	*†	11,171		267,881
Olympic Steel, Inc.		3,361		78,378
Reliance Steel & Aluminum Co.		9,657		470,199
Royal Gold, Inc.		8,379		564,996
RTI International Metals, Inc.	*	3,141		72,903
Schnitzer Steel Industries, Inc., Class A		2,485		105,066
Southern Copper Corp.		34,877		1,052,588
Steel Dynamics, Inc.		48,394		636,381
Stillwater Mining Co.	*	15,722		164,452
Universal Stainless & Alloy Products, Inc.	*	2,058		76,887
Walter Energy, Inc.		9,631		583,253
Worthington Industries, Inc.		8,883		145,503
				6,770,450
Multiline Retail—0.3%
99 Cents Only Stores	*	11,763		258,198
Dillard’s, Inc., Class A	†	6,475		290,598
Dollar General Corp.	*	7,288		299,828
Fred’s, Inc., Class A	†	5,995		87,407
Saks, Inc.	*†	24,378		237,686
Tuesday Morning Corp.	*	1,816		6,265
				1,179,982

See accompanying notes to financial statements.

302

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Multi-Utilities—1.2%
Alliant Energy Corp.		16,688	$	736,108
Avista Corp.		12,443		320,407
Black Hills Corp.		8,743		293,590
CH Energy Group, Inc.		1,512		88,271
MDU Resources Group, Inc.		38,677		830,008
NorthWestern Corp.		9,001		322,146
NSTAR		18,989		891,723
OGE Energy Corp.		12,977		735,926
Vectren Corp.		16,240		490,935
				4,709,114
Office Electronics—0.1%
Zebra Technologies Corp., Class A	*	7,185		257,079
Oil, Gas & Consumable Fuels—5.3%
Abraxas Petroleum Corp.	*†	30,906		101,990
Adams Resources & Energy, Inc.		1,462		42,369
Apco Oil and Gas International, Inc.		2,488		203,319
Approach Resources, Inc.	*	11,314		332,745
Arch Coal, Inc.		39,295		570,170
ATP Oil & Gas Corp.	*†	8,607		63,348
Berry Petroleum Co., Class A		6,599		277,290
Bill Barrett Corp.	*	5,963		203,159
Blue Dolphin Energy Co.	*†	521		2,183
BP Prudhoe Bay Royalty Trust		2,101		239,430
BPZ Resources, Inc.	*†	15,708		44,611
Callon Petroleum Co.	*†	20,318		100,980
Carrizo Oil & Gas, Inc.	*	8,019		211,301
Cheniere Energy, Inc.	*†	12,363		107,434
Cimarex Energy Co.		10,870		672,853
Clayton Williams Energy, Inc.	*	1,241		94,167
Cloud Peak Energy, Inc.	*	12,175		235,221
Comstock Resources, Inc.	*†	8,107		124,037
Concho Resources, Inc.	*	14,234		1,334,437
Contango Oil & Gas Co.	*	2,731		158,890
Continental Resources, Inc.	*†	10,476		698,854
CREDO Petroleum Corp.	*	5,377		55,383
Cross Timbers Royalty Trust		833		40,709
Crosstex Energy, Inc.		7,011		88,619
CVR Energy, Inc.	*	15,751		295,016
DHT Holdings, Inc. (Jersey, Channel Islands)		19,677		14,561
Energen Corp.		12,142		607,100
Energy XXI Bermuda Ltd. (Bermuda)	*	10,852		345,962
EXCO Resources, Inc.		39,666		414,510
Forest Oil Corp.	*	19,596		265,526
FX Energy, Inc.	*	12,608		60,518
GMX Resources, Inc.	*†	17,772		22,215
Goodrich Petroleum Corp.	*†	9,150		125,629
Gulfport Energy Corp.	*	2,712		79,868
Harvest Natural Resources, Inc.	*†	4,175		30,812
HollyFrontier Corp.		25,820		604,188
Hugoton Royalty Trust		8,143		153,577
James River Coal Co.	*†	10,211		70,660
Kinder Morgan, Inc.	†	117,341		3,774,860
Kodiak Oil & Gas Corp.	*†	51,668		490,846
Magnum Hunter Resources Corp.	*	29,727		160,229

		Shares		Value
McMoRan Exploration Co.	*†	18,272	$	265,858
Northern Oil and Gas, Inc.	*†	3,099		74,314
Oasis Petroleum, Inc.	*†	6,511		189,405
Overseas Shipholding Group, Inc.	†	3,627		39,643
Pacific Ethanol, Inc.	*†	1,422		1,507
Patriot Coal Corp.	*	28,282		239,549
Penn Virginia Corp.		4,723		24,985
Petroleum Development Corp.	*	3,828		134,401
Petroquest Energy, Inc.	*†	13,685		90,321
Plains Exploration & Production Co.	*	22,577		829,027
PostRock Energy Corp.	*	295		829
Quicksilver Resources, Inc.	*†	22,131		148,499
Rentech, Inc.	*	80,188		105,046
REX American Resources Corp.	*	1,034		22,862
Rosetta Resources, Inc.	*	8,720		379,320
SandRidge Energy, Inc.	*	63,115		515,018
SemGroup Corp., Class A	*	1,587		41,357
Ship Finance International Ltd. (Bermuda)	†	12,947		120,925
SM Energy Co.		8,055		588,821
Southern Union Co.		20,819		876,688
Stone Energy Corp.	*	10,027		264,512
Swift Energy Co.	*	4,183		124,319
Syntroleum Corp.	*	9,066		8,703
Teekay Corp. (Canada)	†	8,465		226,269
Tengasco, Inc.	*	9,394		6,629
Toreador Resources Corp. (France)	*	3,690		19,004
Tri-Valley Corp.	*†	10,477		1,490
Ultra Petroleum Corp.	*	27,652		819,329
Uranium Resources, Inc.	*†	5,500		3,993
USEC, Inc.	*†	30,878		35,201
Vaalco Energy, Inc.	*	28,928		174,725
Verenium Corp.	*†	149		325
W&T Offshore, Inc.		9,297		197,189
Warren Resources, Inc.	*	8,229		26,827
Western Refining, Inc.	*	19,287		256,324
Westmoreland Coal Co.	*	2,951		37,625
Whiting Petroleum Corp.	*	15,198		709,595
World Fuel Services Corp.		8,067		338,653
				21,458,663
Paper & Forest Products—0.4%
Buckeye Technologies, Inc.		10,964		366,636
Clearwater Paper Corp.	*	3,863		137,561
Deltic Timber Corp.		1,046		63,168
Domtar Corp. (Canada)		4,889		390,924
Louisiana-Pacific Corp.	*	14,060		113,464
Neenah Paper, Inc.		2,110		47,095
P.H. Glatfelter Co.		15,913		224,692
Schweitzer-Mauduit International, Inc.		1,838		122,154
Wausau Paper Corp.	†	30,223		249,642
				1,715,336
Personal Products—0.5%
Elizabeth Arden, Inc.	*	2,728		101,045
Herbalife Ltd. (Cayman Islands)		17,345		896,216
Mannatech, Inc.	*	2,631		1,079
Medifast, Inc.	*†	7,859		107,826
Nu Skin Enterprises, Inc., Class A	†	11,061		537,233

See accompanying notes to financial statements.

303

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Prestige Brands Holdings, Inc.	*	21,896	$	246,768
Reliv International, Inc.		3,018		3,923
USANA Health Sciences, Inc.	*†	2,706		82,181
				1,976,271
Pharmaceuticals—1.0%
Alexza Pharmaceuticals, Inc.	*†	102,706		85,246
Auxilium Pharmaceuticals, Inc.	*	12,905		257,197
AVANIR Pharmaceuticals, Inc., Class A	*†	61,519		126,114
Cadence Pharmaceuticals, Inc.	*†	9,924		39,200
Columbia Laboratories, Inc.	*	5,940		14,850
Depomed, Inc.	*	27,228		141,041
Durect Corp.	*	7,330		8,649
Emisphere Technologies, Inc.	*	3,412		733
Endo Pharmaceuticals Holdings, Inc.	*	20,105		694,226
Heska Corp.	*	446		3,256
Hi-Tech Pharmacal Co., Inc.	*	2,404		93,491
Impax Laboratories, Inc.	*†	8,295		167,310
Jazz Pharmaceuticals, Inc.	*	1,251		48,326
KV Pharmaceutical Co., Class A	*†	32,504		45,506
Medicines Co. (The)	*	9,190		171,302
Medicis Pharmaceutical Corp., Class A		6,138		204,088
Nektar Therapeutics	*†	9,644		53,958
Obagi Medical Products, Inc.	*	2,119		21,529
Optimer Pharmaceuticals, Inc.	*†	5,641		69,046
Pain Therapeutics, Inc.	*	10,298		39,132
Par Pharmaceutical Cos., Inc.	*	7,244		237,096
Pozen, Inc.	*	1,922		7,592
Questcor Pharmaceuticals, Inc.	*	13,110		545,114
Salix Pharmaceuticals Ltd.	*	7,992		382,417
Santarus, Inc.	*	11,760		38,926
Viropharma, Inc.	*	10,938		299,592
Vivus, Inc.	*†	32,230		314,242
XenoPort, Inc.	*	3,786		14,425
				4,123,604
Professional Services—1.2%
Acacia Research—Acacia Technologies	*	6,992		255,278
Advisory Board Co. (The)	*	1,300		96,473
Barrett Business Services, Inc.		3,976		79,361
CBIZ, Inc.	*†	32,523		198,716
CDI Corp.		2,129		29,401
Corporate Executive Board Co. (The)		6,168		235,001
CoStar Group, Inc.	*†	1,557		103,899
CRA International, Inc.	*	1,427		28,312
Exponent, Inc.	*	1,790		82,286
FTI Consulting, Inc.	*†	9,264		392,979
Heidrick & Struggles International, Inc.	†	2,178		46,914
Hudson Highland Group, Inc.	*†	10,844		51,943
Huron Consulting Group, Inc.	*	2,888		111,881
ICF International, Inc.	*	8,590		212,860
IHS, Inc., Class A	*	6,570		566,071
Insperity, Inc.	†	2,357		59,750
Kelly Services, Inc., Class A		2,431		33,256
Kforce, Inc.	*†	3,398		41,897
Korn/Ferry International	*	8,421		143,662

		Shares		Value
Manpower, Inc.		8,866	$	316,959
Mastech Holdings, Inc.	*	357		1,332
Navigant Consulting, Inc.	*	11,220		128,020
Odyssey Marine Exploration, Inc.	*†	24,771		67,873
On Assignment, Inc.	*	3,093		34,580
RCM Technologies, Inc.	*	13,065		67,677
Resources Connection, Inc.		3,825		40,507
Towers Watson & Co., Class A		12,067		723,175
TrueBlue, Inc.	*	7,619		105,752
Verisk Analytics, Inc., Class A	*	19,772		793,450
				5,049,265
Real Estate Investment Trusts (REITs)—9.2%
Acadia Realty Trust REIT		16,088		324,012
Agree Realty Corp. REIT		2,037		49,662
Alexander’s, Inc. REIT		319		118,040
Alexandria Real Estate Equities, Inc. REIT		7,841		540,794
American Assets Trust, Inc. REIT		996		20,428
American Campus Communities, Inc. REIT		17,073		716,383
American Capital Agency Corp. REIT		36,448		1,023,460
Annaly Capital Management, Inc. REIT		180,284		2,877,333
Anworth Mortgage Asset Corp. REIT		44,342		278,468
Apollo Commercial Real Estate Finance, Inc. REIT		5,200		68,276
Arbor Realty Trust, Inc. REIT	*	6,648		23,401
ARMOUR Residential REIT, Inc. REIT		8,789		61,962
Ashford Hospitality Trust, Inc. REIT		19,635		157,080
Associated Estates Realty Corp. REIT		18,657		297,579
BioMed Realty Trust, Inc. REIT		16,790		303,563
Brandywine Realty Trust REIT		23,412		222,414
BRE Properties, Inc. REIT		9,388		473,906
BRT Realty Trust REIT	*	9,712		61,574
Camden Property Trust REIT		9,302		578,956
Capital Trust, Inc., Class A REIT	*	4,198		9,445
CapLease, Inc. REIT		35,097		141,792
Capstead Mortgage Corp. REIT		28,246		351,380
CBL & Associates Properties, Inc. REIT		33,587		527,316
Cedar Realty Trust, Inc. REIT		4,496		19,378
Chimera Investment Corp. REIT		109,899		275,846
Cogdell Spencer, Inc. REIT		46,163		196,193
Colonial Properties Trust REIT	†	17,084		356,372
CommonWealth REIT REIT		8,590		142,938
Corporate Office Properties Trust REIT		12,130		257,884
Cousins Properties, Inc. REIT		43,575		279,316
CubeSmart REIT		37,992		404,235
CYS Investments, Inc. REIT	†	27,199		357,395
DCT Industrial Trust, Inc. REIT		18,769		96,097
DDR Corp. REIT		24,698		300,575

See accompanying notes to financial statements.

304

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
DiamondRock Hospitality Co. REIT		34,477	$	332,358
Digital Realty Trust, Inc. REIT	†	15,523		1,034,918
Douglas Emmett, Inc. REIT		13,379		244,033
Duke Realty Corp. REIT		33,895		408,435
DuPont Fabros Technology, Inc. REIT		12,750		308,805
EastGroup Properties, Inc. REIT		7,357		319,882
Education Realty Trust, Inc. REIT		33,387		341,549
Entertainment Properties Trust REIT		9,895		432,510
Equity Lifestyle Properties, Inc. REIT		6,813		454,359
Equity One, Inc. REIT		22,306		378,756
Essex Property Trust, Inc. REIT		4,738		665,736
Extra Space Storage, Inc. REIT		24,311		589,056
Federal Realty Investment Trust REIT		10,111		917,573
FelCor Lodging Trust, Inc. REIT	*	33,618		102,535
First Industrial Realty Trust, Inc. REIT	*	10,948		111,998
First Potomac Realty Trust REIT		7,225		94,286
Franklin Street Properties Corp. REIT	†	16,006		159,260
General Growth Properties, Inc. REIT		85,087		1,278,007
Getty Realty Corp. REIT	†	1,935		26,993
Glimcher Realty Trust REIT		17,380		159,896
Government Properties Income Trust REIT		14,341		323,390
Gramercy Capital Corp. REIT	*	3,048		7,620
Hatteras Financial Corp. REIT		12,401		327,014
Healthcare Realty Trust, Inc. REIT		18,697		347,577
Hersha Hospitality Trust REIT		37,283		181,941
Highwoods Properties, Inc. REIT	†	11,752		348,682
Home Properties, Inc. REIT		5,587		321,644
Hospitality Properties Trust REIT		18,862		433,449
Inland Real Estate Corp. REIT		22,433		170,715
Invesco Mortgage Capital, Inc. REIT		10,442		146,710
Investors Real Estate Trust REIT	†	13,985		102,021
iStar Financial, Inc. REIT	*†	17,809		94,210
Kilroy Realty Corp. REIT		7,577		288,456
Kite Realty Group Trust REIT		13,680		61,697
LaSalle Hotel Properties REIT		11,043		267,351
Lexington Realty Trust REIT	†	15,470		115,870
Liberty Property Trust REIT		14,859		458,846
LTC Properties, Inc. REIT		6,423		198,214
Macerich Co. (The) REIT		20,550		1,039,830
Mack-Cali Realty Corp. REIT		10,597		282,834
Medical Properties Trust, Inc. REIT		26,987		266,362
MFA Financial, Inc. REIT		35,167		236,322

		Shares		Value
Mid-America Apartment Communities, Inc. REIT		6,728	$	420,836
Mission West Properties, Inc. REIT		7,471		67,388
Monmouth Real Estate Investment Corp., Class A REIT		9,567		87,538
MPG Office Trust, Inc. REIT	*†	10,479		20,853
National Health Investors, Inc. REIT		2,715		119,406
National Retail Properties, Inc. REIT		11,298		298,041
Newcastle Investment Corp. REIT		20,499		95,320
NorthStar Realty Finance Corp. REIT	†	20,272		96,697
Omega Healthcare Investors, Inc. REIT		19,310		373,648
Parkway Properties, Inc. REIT	†	3,135		30,911
Pennsylvania Real Estate Investment Trust REIT		5,599		58,454
PennyMac Mortgage Investment Trust REIT		9,827		163,325
Piedmont Office Realty Trust, Inc., Class A REIT	†	28,141		479,523
PMC Commercial Trust REIT		2,035		14,225
Post Properties, Inc. REIT		7,637		333,890
Potlatch Corp. REIT		9,789		304,536
PS Business Parks, Inc. REIT		2,662		147,555
RAIT Financial Trust REIT	†	25,884		122,949
Ramco-Gershenson Properties Trust REIT		14,636		143,872
Rayonier, Inc. REIT		20,728		925,091
Realty Income Corp. REIT	†	17,777		621,484
Redwood Trust, Inc. REIT		23,999		244,310
Regency Centers Corp. REIT		11,350		426,987
Resource Capital Corp. REIT	†	31,183		174,937
Sabra Healthcare REIT, Inc. REIT		1,477		17,857
Saul Centers, Inc. REIT		1,310		46,400
Senior Housing Properties Trust REIT		23,395		524,984
SL Green Realty Corp. REIT		12,420		827,669
Sovran Self Storage, Inc. REIT		8,547		364,700
Starwood Property Trust, Inc. REIT		20,884		386,563
Strategic Hotels & Resorts, Inc. REIT	*	29,212		156,868
Sun Communities, Inc. REIT	†	3,803		138,924
Sunstone Hotel Investors, Inc. REIT	*	15,570		126,896
Tanger Factory Outlet Centers, Inc. REIT		19,842		581,767
Taubman Centers, Inc. REIT		8,030		498,663
UDR, Inc. REIT		30,811		773,356
Universal Health Realty Income Trust REIT		2,198		85,722
Urstadt Biddle Properties, Inc., Class A REIT		9,838		177,871
Washington Real Estate Investment Trust REIT		13,703		374,777
Weingarten Realty Investors REIT		18,571		405,219
Winthrop Realty Trust REIT		3,054		31,059
				37,586,224

See accompanying notes to financial statements.

305

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Real Estate Management & Development—0.5%
Altisource Portfolio Solutions SA (Luxembourg)	*	1,020	$	51,184
Brookfield Office Properties, Inc.		55,336		865,455
Consolidated-Tomoka Land Co.		530		14,347
Forest City Enterprises, Inc., Class A	*	33,533		396,360
Forestar Group, Inc.	*	8,367		126,593
Grubb & Ellis Co.	*	2,553		327
Howard Hughes Corp. (The)	*	4,367		192,890
Jones Lang LaSalle, Inc.		4,729		289,698
St. Joe Co. (The)	*†	9,635		141,249
Tejon Ranch Co.	*	2,983		73,024
Thomas Properties Group, Inc.		2,396		7,979
				2,159,106
Road & Rail—1.3%
Amerco, Inc.		547		48,355
Arkansas Best Corp.		2,819		54,322
Avis Budget Group, Inc.	*	13,648		146,307
Celadon Group, Inc.	†	11,882		140,326
Con-way, Inc.		6,152		179,392
Dollar Thrifty Automotive Group, Inc.	*	5,942		417,485
Genesee & Wyoming, Inc., Class A	*	6,946		420,789
Heartland Express, Inc.		15,449		220,766
Hertz Global Holdings, Inc.	*	22,711		266,173
J.B. Hunt Transport Services, Inc.		19,847		894,504
Kansas City Southern	*	16,425		1,117,064
Knight Transportation, Inc.		11,218		175,450
Landstar System, Inc.		9,491		454,809
Old Dominion Freight Line, Inc.	*	8,482		343,775
PAM Transportation Services, Inc.	*	1,139		10,821
Quality Distribution, Inc.	*	5,838		65,678
Saia, Inc.	*	1,522		18,995
Swift Transportation Co.	*	21,197		174,663
Werner Enterprises, Inc.		11,650		280,765
YRC Worldwide, Inc.	*	17		169
				5,430,608
Semiconductors & Semiconductor Equipment—3.2%
Advanced Analogic Technologies, Inc.	*	36,317		209,912
Advanced Energy Industries, Inc.	*	9,964		106,914
Aetrium, Inc.	*	614		448
Amkor Technology, Inc.	*†	26,356		114,912
Anadigics, Inc.	*	15,184		33,253
Applied Micro Circuits Corp.	*	11,626		78,127
Atmel Corp.	*	90,250		731,025
ATMI, Inc.	*	3,386		67,822
Axcelis Technologies, Inc.	*	20,883		27,774
AXT, Inc.	*	5,871		24,482
Brooks Automation, Inc.		5,831		59,884
Cabot Microelectronics Corp.	*	5,893		278,444
Cavium, Inc.	*	11,274		320,520

		Shares		Value
Ceva, Inc.	*	3,801	$	115,018
Cirrus Logic, Inc.	*	16,788		266,090
Cohu, Inc.		1,889		21,440
Cree, Inc.	*†	14,245		313,960
Cymer, Inc.	*	2,731		135,895
Cypress Semiconductor Corp.	*	21,129		356,869
Diodes, Inc.	*	3,326		70,844
DSP Group, Inc.	*	4,251		22,148
Energy Conversion Devices, Inc.	*†	23,101		4,666
Entegris, Inc.	*	30,372		264,996
Exar Corp.	*†	3,475		22,588
Fairchild Semiconductor International, Inc.	*	10,376		124,927
Formfactor, Inc.	*	11,437		57,871
FSI International, Inc.	*	4,280		15,665
GigOptix, Inc.	*	828		1,490
GT Advanced Technologies, Inc.	*†	28,398		205,602
Hittite Microwave Corp.	*	6,713		331,488
Integrated Device Technology, Inc.	*	48,629		265,514
Integrated Silicon Solution, Inc.	*	2,930		26,780
International Rectifier Corp.	*	7,620		147,980
Intersil Corp., Class A		27,625		288,405
IXYS Corp.	*	3,270		35,414
Kopin Corp.	*†	5,031		19,520
Kulicke & Soffa Industries, Inc.	*	11,993		110,935
Lam Research Corp.	*	17,348		642,223
Lattice Semiconductor Corp.	*	16,642		98,853
LTX-Credence Corp.	*	8,847		47,331
Marvell Technology Group Ltd. (Bermuda)	*	79,842		1,105,812
Mattson Technology, Inc.	*	4,081		5,632
Maxim Integrated Products, Inc.		39,272		1,022,643
Micrel, Inc.		11,121		112,433
Microsemi Corp.	*	13,240		221,770
Mindspeed Technologies, Inc.	*†	9,324		42,704
MIPS Technologies, Inc.	*	15,340		68,416
MKS Instruments, Inc.		4,420		122,964
Monolithic Power Systems, Inc.	*	2,918		43,974
MoSys, Inc.	*†	3,592		15,086
Netlogic Microsystems, Inc.	*	15,345		760,652
NVE Corp.	*	771		42,814
Omnivision Technologies, Inc.	*	8,046		98,443
ON Semiconductor Corp.	*	62,204		480,215
PDF Solutions, Inc.	*†	9,022		62,883
Pericom Semiconductor Corp.	*	2,254		17,153
Photronics, Inc.	*†	8,274		50,306
PLX Technology, Inc.	*	2,950		8,467
PMC—Sierra, Inc.	*	56,477		311,188
Power Integrations, Inc.		4,153		137,714
QuickLogic Corp.	*†	14,701		38,223
Rambus, Inc.	*†	13,734		103,692
Ramtron International Corp.	*	1,920		3,744
RF Micro Devices, Inc.	*†	21,336		115,214
Rudolph Technologies, Inc.	*	2,516		23,298
Semtech Corp.	*	9,874		245,073
Sigma Designs, Inc.	*	8,818		52,908
Silicon Image, Inc.	*	8,359		39,287
Silicon Laboratories, Inc.	*†	8,366		363,252
Skyworks Solutions, Inc.	*	30,058		487,541
Spire Corp.	*	1,921		1,191
Standard Microsystems Corp.	*	2,548		65,662
SunPower Corp.	*†	2,843		17,712

See accompanying notes to financial statements.

306

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Supertex, Inc.	*	815	$	15,387
Tessera Technologies, Inc.	*	6,777		113,515
Transwitch Corp.	*	429		1,373
Trident Microsystems, Inc.	*	5,092		917
TriQuint Semiconductor, Inc.	*	34,569		168,351
Ultra Clean Holdings, Inc.	*	6,562		40,094
Ultratech, Inc.	*	2,462		60,491
Veeco Instruments, Inc.	*†	4,306		89,565
Volterra Semiconductor Corp.	*	3,597		92,119
				12,937,907
Software—4.0%
Accelrys, Inc.	*	6,341		42,612
ACI Worldwide, Inc.	*	3,078		88,154
Activision Blizzard, Inc.		82,863		1,020,872
Actuate Corp.	*	6,674		39,110
Advent Software, Inc.	*	3,638		88,622
American Software, Inc., Class A		7,072		66,830
ANSYS, Inc.	*	12,310		705,117
Ariba, Inc.	*	13,047		366,360
Aspen Technology, Inc.	*	3,461		60,048
Blackbaud, Inc.		6,583		182,349
Bottomline Technologies, Inc.	*	7,908		183,228
BroadSoft, Inc.	*†	689		20,808
Cadence Design Systems, Inc.	*	53,095		552,188
Callidus Software, Inc.	*	14,237		91,402
CommVault Systems, Inc.	*	10,616		453,516
Compuware Corp.	*	23,815		198,141
Concur Technologies, Inc.	*	6,460		328,103
Datawatch Corp.	*	3,500		19,985
Ebix, Inc.	†	3,924		86,720
EPIQ Systems, Inc.	†	7,191		86,436
Evergreen Energy, Inc.	*†	373		22
Evolving Systems, Inc.		1,123		8,411
Factset Research Systems, Inc.		5,983		522,196
Fair Isaac Corp.		8,755		313,779
FalconStor Software, Inc.	*†	4,054		10,459
Fortinet, Inc.	*	15,380		335,438
Informatica Corp.	*	14,190		524,037
Interactive Intelligence Group, Inc.	*	1,644		37,680
JDA Software Group, Inc.	*	8,151		264,011
Kenexa Corp.	*	4,449		118,788
Magma Design Automation, Inc.	*	19,146		137,468
Manhattan Associates, Inc.	*	2,125		86,020
Mentor Graphics Corp.	*	32,274		437,635
MICROS Systems, Inc.	*	9,995		465,567
MicroStrategy, Inc., Class A	*	791		85,681
Netscout Systems, Inc.	*	3,784		66,598
NetSuite, Inc.	*	1,387		56,243
Nuance Communications, Inc.	*	45,217		1,137,660
Parametric Technology Corp.	*	25,649		468,351
Pegasystems, Inc.	†	2,142		62,975
Progress Software Corp.	*	6,994		135,334
PROS Holdings, Inc.	*†	1,506		22,409
QAD, Inc., Class B	*	136		1,408
QLIK Technologies, Inc.	*	3,402		82,328
Quest Software, Inc.	*	11,892		221,191
Rovi Corp.	*	17,899		439,957
S1 Corp.	*	7,603		72,761

		Shares		Value
Scientific Learning Corp.	*	3,146	$	8,022
SeaChange International, Inc.	*	3,359		23,614
Smith Micro Software, Inc.	*	2,612		2,952
SolarWinds, Inc.	*	12,598		352,114
Solera Holdings, Inc.		14,309		637,323
Sonic Foundry, Inc.	*	1,155		8,743
Sourcefire, Inc.	*	584		18,910
SuccessFactors, Inc.	*	16,293		649,602
Synchronoss Technologies, Inc.	*	9,776		295,333
Synopsys, Inc.	*	27,041		735,515
Take-Two Interactive Software, Inc.	*†	21,301		288,629
Taleo Corp., Class A	*	9,614		371,966
TeleCommunication Systems, Inc., Class A	*	11,295		26,543
THQ, Inc.	*†	12,835		9,755
TIBCO Software, Inc.	*	28,166		673,449
TiVo, Inc.	*	33,178		297,607
Tyler Technologies, Inc.	*	9,640		290,260
Ultimate Software Group, Inc.	*	1,966		128,026
VASCO Data Security International, Inc.	*	4,225		27,547
Versant Corp.	*	1,264		11,705
VirnetX Holding Corp.	*†	1,128		28,166
VMware, Inc., Class A	*	8,590		714,602
Websense, Inc.	*	4,024		75,370
				16,470,761
Specialty Retail—3.2%
Aaron’s, Inc.		17,708		472,449
Advance Auto Parts, Inc.		8,246		574,169
Aeropostale, Inc.	*	8,619		131,440
American Eagle Outfitters, Inc.		21,971		335,937
America’s Car-Mart, Inc.	*	1,569		61,473
ANN, Inc.	*	10,541		261,206
Asbury Automotive Group, Inc.	*	5,664		122,116
Ascena Retail Group, Inc.	*	9,594		285,134
Barnes & Noble, Inc.	*†	3,301		47,798
Bebe Stores, Inc.		9,951		82,892
Big 5 Sporting Goods Corp.		2,416		25,223
Brown Shoe Co., Inc.		5,385		47,926
Buckle, Inc. (The)	†	3,569		145,865
Build-A-Bear Workshop, Inc.	*	5,570		47,122
Cabela’s, Inc.	*	10,417		264,800
Cache, Inc.	*	2,130		13,185
Casual Male Retail Group, Inc.	*	2,471		8,451
Cato Corp. (The), Class A		4,713		114,055
Charming Shoppes, Inc.	*	28,295		138,646
Chico’s FAS, Inc.		19,873		221,385
Children’s Place Retail Stores, Inc. (The)	*†	5,092		270,487
Christopher & Banks Corp.		9,394		21,982
Citi Trends, Inc.	*	8,340		73,225
Coldwater Creek, Inc.	*	47,132		55,616
Collective Brands, Inc.	*	8,152		117,144
Cost Plus, Inc.	*	2,725		26,569
Destination Maternity Corp.		1,368		22,873
Dick’s Sporting Goods, Inc.		10,213		376,655
DSW, Inc., Class A		5,945		262,828
Finish Line, Inc. (The), Class A		6,338		122,228
Foot Locker, Inc.		16,865		402,062
Genesco, Inc.	*	2,452		151,386
Group 1 Automotive, Inc.		2,367		122,611
Guess?, Inc.		9,795		292,087

See accompanying notes to financial statements.

307

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Haverty Furniture Cos., Inc.		2,301	$	25,265
Hibbett Sports, Inc.	*	3,546		160,208
Hot Topic, Inc.		22,025		145,585
JOS A. Bank Clothiers, Inc.	*	3,491		170,221
Kirkland’s, Inc.	*	2,193		29,167
Lithia Motors, Inc., Class A		3,558		77,778
Lumber Liquidators Holdings, Inc.	*†	10,206		180,238
MarineMax, Inc.	*	3,026		19,730
Men’s Wearhouse, Inc. (The)		3,813		123,579
Midas, Inc.	*	5,745		49,350
Monro Muffler Brake, Inc.	†	5,955		230,994
Office Depot, Inc.	*	24,187		52,002
OfficeMax, Inc.	*†	6,942		31,517
Pacific Sunwear of California, Inc.	*	18,790		32,131
Penske Automotive Group, Inc.		10,147		195,330
Pep Boys-Manny, Moe & Jack (The)		13,868		152,548
PetSmart, Inc.		20,170		1,034,519
Pier 1 Imports, Inc.	*	24,617		342,915
RadioShack Corp.	†	19,631		190,617
Rent-A-Center, Inc.		12,187		450,919
Sally Beauty Holdings, Inc.	*	21,071		445,230
Select Comfort Corp.	*	10,528		228,352
Shoe Carnival, Inc.	*	1,098		28,219
Signet Jewelers Ltd. (Bermuda)		14,589		641,332
Sonic Automotive, Inc., Class A	†	8,013		118,673
Stage Stores, Inc.		8,324		115,620
Stein Mart, Inc.	*	3,731		25,408
Systemax, Inc.	*	1,358		22,285
Talbots, Inc.	*†	64,120		170,559
Tractor Supply Co.		9,450		662,918
Trans World Entertainment Corp.	*	1,932		4,869
Ulta Salon Cosmetics & Fragrance, Inc.	*	10,623		689,645
Vitamin Shoppe, Inc.	*	507		20,219
West Marine, Inc.	*	6,841		79,561
Wet Seal, Inc. (The), Class A	*	48,869		159,313
Williams-Sonoma, Inc.		8,120		312,620
Zale Corp.	*†	12,363		47,103
				13,185,564
Textiles, Apparel & Luxury Goods—1.2%
Carter’s, Inc.	*	7,568		301,282
Charles & Colvard Ltd.	*	693		1,781
Cherokee, Inc.	†	2,054		23,970
Columbia Sportswear Co.		1,447		67,358
Crocs, Inc.	*	18,713		276,391
Culp, Inc.	*	888		7,566
Deckers Outdoor Corp.	*	6,528		493,321
Forward Industries, Inc.	*†	3,751		6,264
Fossil, Inc.	*	7,208		572,027
Hallwood Group, Inc. (The)	*	100		908
Hanesbrands, Inc.	*	16,070		351,290
Iconix Brand Group, Inc.	*	10,540		171,697
Jones Group, Inc. (The)		7,884		83,176
Kenneth Cole Productions, Inc., Class A	*	4,620		48,926
K-Swiss, Inc., Class A	*†	2,909		8,494
Liz Claiborne, Inc.	*†	16,691		144,043

		Shares		Value
Maidenform Brands, Inc.	*	2,034	$	37,222
Movado Group, Inc.		1,527		27,746
Oxford Industries, Inc.	†	3,507		158,236
PVH Corp.		7,616		536,852
Quiksilver, Inc.	*	7,789		28,118
Skechers U.S.A., Inc., Class A	*	7,438		90,149
Steven Madden Ltd.	*	6,035		208,208
True Religion Apparel, Inc.	*	2,947		101,907
Under Armour, Inc., Class A	*	4,428		317,886
Unifi, Inc.	*	3,223		24,495
Warnaco Group, Inc. (The)	*	5,608		280,624
Wolverine World Wide, Inc.		11,160		397,742
				4,767,679
Thrifts & Mortgage Finance—1.0%
Apollo Residential Mortgage, Inc.		5,328		81,305
Astoria Financial Corp.		12,205		103,620
Bank Mutual Corp.		5,557		17,671
BankAtlantic Bancorp, Inc., Class A	*	6,764		22,862
BankUnited, Inc.		4,652		102,297
Beneficial Mutual Bancorp, Inc.	*	4,733		39,568
Brookline Bancorp, Inc.		10,999		92,832
Capitol Federal Financial, Inc.		17,972		207,397
CFS Bancorp, Inc.		2,085		9,028
Dime Community Bancshares, Inc.		3,549		44,717
Doral Financial Corp. (Puerto Rico)	*	70,932		67,811
ESSA Bancorp, Inc.		5,953		62,328
Federal Agricultural Mortgage Corp., Class C		4,576		82,459
Federal Home Loan Mortgage Corp.	*†	43,895		9,306
Federal National Mortgage Association	*	66,437		13,367
First Financial Holdings, Inc.		3,864		34,505
First Financial Northwest, Inc.	*†	3,255		19,172
Flagstar Bancorp, Inc.	*†	49,751		25,124
Flushing Financial Corp.		2,981		37,650
Kearny Financial Corp.	†	3,008		28,576
MGIC Investment Corp.	*	12,237		45,644
NASB Financial, Inc.	*	529		5,666
New York Community Bancorp, Inc.		58,422		722,680
Northfield Bancorp, Inc.	†	6,837		96,812
Northwest Bancshares, Inc.		17,417		216,667
OceanFirst Financial Corp.	†	2,108		27,552
Ocwen Financial Corp.	*	23,494		340,193
Oritani Financial Corp.		20,044		255,962
Parkvale Financial Corp.		1,077		26,473
Provident Financial Services, Inc.	†	16,334		218,712
Provident New York Bancorp		5,681		37,722
Radian Group, Inc.		23,028		53,885
Riverview Bancorp, Inc.	*	2,602		6,167
TFS Financial Corp.	*	13,499		120,951
Tree.com, Inc.	*	5,006		27,984
Triad Guaranty, Inc.	*†	5,663		623
Trustco Bank Corp.		7,080		39,719
United Financial Bancorp, Inc.		5,398		86,854
ViewPoint Financial Group		6,157		80,103
Washington Federal, Inc.		22,826		319,336

See accompanying notes to financial statements.

308

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Westfield Financial, Inc.		8,596	$	63,267
WSFS Financial Corp.		1,929		69,367
				3,963,934
Tobacco—0.1%
Alliance One International, Inc.	*†	28,423		77,311
Universal Corp.		3,751		172,396
Vector Group Ltd.	†	19,974		354,738
				604,445
Trading Companies & Distributors—0.8%
Aceto Corp.		3,385		23,357
Air Lease Corp.	*†	12,769		302,753
Aircastle Ltd.		10,414		132,466
Applied Industrial Technologies, Inc.		8,348		293,599
Beacon Roofing Supply, Inc.	*†	14,827		299,950
GATX Corp.		9,644		421,057
H&E Equipment Services, Inc.	*	1,490		19,996
Houston Wire & Cable Co.		6,215		85,891
Interline Brands, Inc.	*	6,176		96,160
Kaman Corp.		2,736		74,748
MSC Industrial Direct Co., Inc., Class A		5,515		394,598
RSC Holdings, Inc.	*	8,975		166,037
Rush Enterprises, Inc., Class A	*	3,897		81,525
United Rentals, Inc.	*†	9,145		270,235
Watsco, Inc.		5,736		376,626
WESCO International, Inc.	*	5,516		292,403
Willis Lease Finance Corp.	*	1,234		14,685
				3,346,086
Water Utilities—0.5%
American States Water Co.		3,697		129,025
American Water Works Co., Inc.		24,820		790,765
Aqua America, Inc.		28,761		634,180
California Water Service Group		13,226		241,507
Connecticut Water Service, Inc.		3,803		103,175
Middlesex Water Co.		2,861		53,386
SJW Corp.	†	5,096		120,470
				2,072,508
Wireless Telecommunication Services—1.0%
Clearwire Corp., Class A	*†	23,621		45,825
Crown Castle International Corp.	*	49,830		2,232,384
FiberTower Corp.	*†	657		136
Leap Wireless International, Inc.	*†	16,479		153,090
NII Holdings, Inc.	*	25,758		548,646
NTELOS Holdings Corp.		1,551		31,609
SBA Communications Corp., Class A	*	21,041		903,921
Shenandoah Telecommunications Co.	†	2,133		22,354
Telephone & Data Systems, Inc.	†	8,952		231,767
United States Cellular Corp.	*	1,375		59,991
USA Mobility, Inc.		3,582		49,682
				4,279,405
TOTAL COMMON STOCKS
(Cost $371,308,595)				405,066,552

Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.013%	05/24/2012	‡‡	$	110,000	$	109,985
0.009%	03/29/2012	‡‡		250,000		249,989
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $359,989)						359,974
				Shares		Value
RIGHTS—0.0%
Biotechnology—0.0%
Ligand Pharmaceuticals, Inc., Expires 12/31/2011		*‡d		4,683		—
Machinery—0.0%
Gerber Scientific, Inc. CVR		*‡d		3,478		—
Pharmaceuticals—0.0%
Forest Laboratories, Inc.		*‡d		2,916		—
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., Strike $1.00		*‡d		200		—
Oil, Gas & Consumable Fuels—0.0%
Magnum Hunter Resources Corp., Expires 10/14/2013, Strike $1.00		*†‡d		2,972		—
TOTAL WARRANTS
(Cost $—)						—
MONEY MARKET FUNDS—9.0%
Institutional Money Market Funds—9.0%
Dreyfus Institutional Cash Advantage Fund, 0.06%		††¥		5,600,000		5,600,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%		¥		3,202,926		3,202,926
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%		††¥		5,680,955		5,680,955
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17%		††¥		5,600,000		5,600,000

See accompanying notes to financial statements.

309

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Mid/Small Company Index Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Short-Term Investments Trust Liquid Assets Portfolio, 0.16%	††¥	5,600,000	$	5,600,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††¥	5,600,000		5,600,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	5,600,000		5,600,000
TOTAL MONEY MARKET FUNDS
(Cost $36,883,881)				36,883,881
TOTAL INVESTMENTS—108.3%
(Cost $408,552,465)				442,310,407
Other assets less liabilities—(8.3%)				(33,868,981	)
NET ASSETS—100.0%			$	408,441,426

Notes to the Schedule of Investments:

CVR	Contingent Value Rights
REIT	Real Estate Investment Trust
*	Non-income producing.
†	Denotes all or a portion of the security on loan.
d	Security has no market value at December 31, 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.
¥	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements.

310

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—96.5%
Australia—8.3%
AGL Energy Ltd.		8,054	$	117,845
Alumina Ltd.		43,731		50,066
Amcor Ltd.		22,424		165,077
AMP Ltd.		51,387		213,544
Asciano Ltd.		18,139		83,355
ASX Ltd.		3,174		99,075
Australia & New Zealand Banking Group Ltd.		47,867		1,002,569
Bendigo and Adelaide Bank Ltd.		6,445		52,750
BHP Billiton Ltd.		58,695		2,071,854
Boral Ltd.		13,708		50,335
Brambles Ltd.		26,625		194,396
Caltex Australia Ltd.	†	2,904		34,870
Campbell Brothers Ltd.	†	1,108		55,483
CFS Retail Property Trust REIT	†	37,176		64,013
Coca-Cola Amatil Ltd.		10,055		118,141
Cochlear Ltd.	†	961		61,034
Commonwealth Bank of Australia	†	28,309		1,422,001
Computershare Ltd.	†	7,579		61,951
Crown Ltd.		8,054		66,435
CSL Ltd.		9,922		323,485
Dexus Property Group REIT	†	86,134		72,995
Echo Entertainment Group Ltd.	*	13,011		47,709
Fairfax Media Ltd.	†	41,888		30,858
Fortescue Metals Group Ltd.	†	23,363		102,202
Goodman Group REIT		126,334		73,455
GPT Group REIT		31,828		99,758
Harvey Norman Holdings Ltd.		10,998		20,531
Iluka Resources Ltd.	†	7,565		119,822
Incitec Pivot Ltd.		31,076		98,654
Insurance Australia Group Ltd.		38,050		115,917
Leighton Holdings Ltd.		2,521		49,007
Lend Lease Group		9,706		71,077
Lynas Corp. Ltd.	*†	27,782		29,685
Macquarie Group Ltd.	†	6,443		156,456
Metcash Ltd.	†	14,473		59,675
Mirvac Group REIT		58,020		69,905
National Australia Bank Ltd.		40,063		954,362
Newcrest Mining Ltd.		14,117		430,217
OneSteel Ltd.		24,172		17,283
Orica Ltd.		6,618		163,756
Origin Energy Ltd.		19,451		265,246
OZ Minerals Ltd.		5,881		60,158
Qantas Airways Ltd.	*	18,484		27,513
QBE Insurance Group Ltd.	†	19,219		254,352
QR National Ltd.	†	30,950		108,117
Ramsay Health Care Ltd.		2,124		41,805
Rio Tinto Ltd.	†	8,039		495,598
Santos Ltd.	†	17,065		213,561
Sonic Healthcare Ltd.		7,094		81,767
SP AusNet		20,280		19,461
Stockland REIT	†	44,711		146,062
Suncorp Group Ltd.		23,911		204,370
Sydney Airport		13,260		36,042
Tabcorp Holdings Ltd.		13,011		36,242
Tatts Group Ltd.	†	25,228		62,886
Telstra Corp. Ltd.		77,637		264,045

		Shares		Value
Toll Holdings Ltd.		11,926	$	51,351
Transurban Group		23,600		135,546
Wesfarmers Ltd.		18,560		559,097
Westfield Group REIT	†	39,727		316,957
Westfield Retail Trust REIT		51,614		131,538
Westpac Banking Corp.		55,023		1,123,253
Woodside Petroleum Ltd.		11,538		361,175
Woolworths Ltd.		22,447		576,178
WorleyParsons Ltd.		3,580		93,746
				14,757,669
Austria—0.2%
Erste Group Bank AG		3,421		60,054
IMMOFINANZ AG	*	17,662		52,936
OMV AG		2,952		89,422
Raiffeisen Bank International AG	†	930		24,073
Telekom Austria AG		6,206		74,245
Verbund AG		1,308		35,074
Vienna Insurance Group AG Wiener Versicherung Gruppe		618		24,409
Voestalpine AG		2,136		59,846
				420,059
Belgium—0.9%
Ageas		40,792		63,021
Anheuser-Busch InBev NV		14,523		886,386
Anheuser-Busch InBev NV STRIP VVPR	*‡	4,872		6
Belgacom SA	†	2,808		87,861
Colruyt SA		1,280		48,357
Delhaize Group SA		1,850		103,698
Groupe Bruxelles Lambert SA		1,525		101,450
Groupe Bruxelles Lambert SA STRIP VVPR	*d	127		—
KBC Groep NV		2,865		35,823
Mobistar SA		586		30,591
NV Bekaert SA	†	755		24,110
Solvay SA		1,122		92,111
UCB SA		1,717		72,034
Umicore SA		1,995		81,939
				1,627,387
Bermuda—0.1%
Seadrill Ltd.		5,956		198,627
China—0.0%
Foxconn International Holdings Ltd.	*†	41,000		26,366
Yangzijiang Shipbuilding Holdings Ltd.		34,000		23,796
				50,162
Denmark—1.0%
A.P. Moller—Maersk A/S, Class A		10		62,113
A.P. Moller—Maersk A/S, Class B		24		157,864
Carlsberg A/S, Class B		1,998		140,686
Coloplast A/S, Class B		394		56,539
Danske Bank A/S	*	11,830		149,484
DSV A/S		3,821		68,281
Novo Nordisk A/S, Class B		7,717		886,554
Novozymes A/S, Class B		4,195		129,240
TDC A/S		6,100		48,851

See accompanying notes to financial statements.

311

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Tryg A/S		491	$	27,198
Vestas Wind Systems A/S	*	3,587		38,579
William Demant Holding A/S	*	358		29,693
				1,795,082
Finland—0.8%
Elisa Oyj		2,334		48,596
Fortum Oyj		8,280		176,348
Kesko Oyj, Class B		1,238		41,501
Kone Oyj, Class B		2,839		146,976
Metso Oyj		2,339		86,386
Neste Oil Oyj		2,068		20,799
Nokia Oyj		69,083		333,037
Nokian Renkaat Oyj		1,862		59,784
Orion Oyj, Class B		1,592		30,933
Pohjola Bank plc, Class A		2,462		23,856
Sampo Oyj, Class A		7,657		189,404
Sanoma Oyj	†	1,243		14,226
Stora Enso Oyj (Registered), Class R		11,073		65,950
UPM-Kymmene Oyj		9,762		106,978
Wartsila Oyj Abp		2,858		82,204
				1,426,978
France—8.3%
Accor SA		2,627		66,204
Aeroports de Paris		565		38,649
Air Liquide SA		5,222		644,800
Alcatel-Lucent	*	41,043		63,782
Alstom SA		3,861		116,640
Arkema SA		910		63,945
AtoS		801		34,995
AXA SA		31,749		410,394
BNP Paribas SA		17,525		682,413
Bouygues SA		3,534		111,147
Bureau Veritas SA		936		67,987
Cap Gemini SA		2,683		83,415
Carrefour SA		10,576		240,623
Casino Guichard Perrachon SA		967		81,315
Christian Dior SA		1,015		119,808
Cie de Saint-Gobain		7,379		282,068
Cie Generale de Geophysique-Veritas	*	2,451		56,893
Cie Generale des Etablissements Michelin, Class B		3,178		187,252
Cie Generale d’Optique Essilor International SA		3,730		262,934
CNP Assurances		2,704		33,472
Credit Agricole SA		17,899		100,284
Danone SA		10,760		675,216
Dassault Systemes SA		1,058		84,516
Edenred		3,055		74,939
EDF SA		4,433		107,566
Eiffage SA		649		15,637
Eurazeo		610		21,623
Eutelsat Communications SA		1,875		73,033
Fonciere Des Regions REIT		530		33,908
France Telecom SA		34,197		535,239
GDF Suez		22,805		619,683
Gecina SA REIT		340		28,494
Groupe Eurotunnel SA		8,928		60,570
ICADE REIT		448		35,106
Iliad SA		312		38,402

		Shares		Value
Imerys SA		725	$	33,253
JCDecaux SA	*	1,204		27,644
Klepierre REIT		1,610		45,745
Lafarge SA		3,740		130,927
Lagardere SCA		2,073		54,577
Legrand SA		4,026		128,955
L’Oreal SA		4,431		461,488
LVMH Moet Hennessy Louis Vuitton SA		4,614		649,949
Natixis		15,994		39,966
Neopost SA	†	600		40,349
Pernod-Ricard SA		3,678		340,432
Peugeot SA		2,753		42,887
PPR		1,415		201,976
Publicis Groupe SA		2,581		118,453
Renault SA		3,588		123,906
Safran SA		2,985		89,270
Sanofi		20,838		1,523,210
Schneider Electric SA		8,968		468,859
SCOR SE		3,095		72,166
Societe BIC SA		451		39,899
Societe Generale SA		11,713		258,572
Societe Television Francaise 1		2,108		20,505
Sodexo		1,672		119,668
Suez Environnement Co.		4,703		54,032
Technip SA		1,743		163,406
Thales SA		1,765		55,556
Total SA	†	38,643		1,971,870
Unibail-Rodamco SE (Paris Exchange) REIT		1,697		303,718
Vallourec SA		2,068		133,586
Veolia Environnement SA		6,165		67,546
Vinci SA		8,142		354,409
Vivendi SA		22,828		498,324
Wendel SA		539		35,779
				14,823,834
Germany—7.1%
Adidas AG		3,895		253,070
Allianz SE (Registered)		8,296		792,303
Axel Springer AG	†	720		30,897
BASF SE		16,787		1,168,684
Bayer AG		15,114		965,232
Bayerische Motoren Werke AG		6,016		402,158
Beiersdorf AG		1,762		99,851
Brenntag AG		596		55,423
Celesio AG		1,532		24,233
Commerzbank AG	*	65,572		110,364
Continental AG	*	1,411		87,621
Daimler AG (Registered)		16,607		727,528
Deutsche Bank AG (Registered)		17,056		646,438
Deutsche Boerse AG	*	3,551		185,852
Deutsche Lufthansa AG (Registered)		4,312		51,289
Deutsche Post AG (Registered)		15,403		236,809
Deutsche Telekom AG (Registered)		51,397		589,569
E.ON AG		33,170		714,818
Fraport AG Frankfurt Airport Services Worldwide		637		31,306
Fresenius Medical Care AG & Co. KGaA		3,779		256,686
Fresenius SE & Co. KGaA		1,989		183,927
GEA Group AG		3,093		87,318

See accompanying notes to financial statements.

312

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Hannover Rueckversicherung AG (Registered)		1,141	$	56,537
HeidelbergCement AG		2,572		108,936
Henkel AG & Co. KGaA		2,276		110,115
Hochtief AG		816		47,116
Infineon Technologies AG		19,414		145,809
K+S AG		3,089		139,319
Kabel Deutschland Holding AG	*	1,605		81,366
Lanxess AG		1,585		81,860
Linde AG		3,063		455,200
MAN SE		1,157		102,769
Merck KGaA		1,191		118,605
Metro AG		2,425		88,423
Muenchener Rueckversicherungs AG (Registered)		3,292		403,411
RWE AG		8,183		287,251
Salzgitter AG		718		35,812
SAP AG		16,706		883,608
Siemens AG (Registered)		15,036		1,438,582
Suedzucker AG		1,160		36,953
ThyssenKrupp AG		6,947		159,383
United Internet AG (Registered)		2,186		38,966
Volkswagen AG		542		72,560
Wacker Chemie AG	†	270		21,688
				12,615,645
Greece—0.1%
Coca Cola Hellenic Bottling Co. SA	*	3,300		56,530
Hellenic Telecommunications Organization SA		4,058		15,074
National Bank of Greece SA	*	17,188		35,531
OPAP SA		4,010		35,289
				142,424
Guernsey, Channel Islands—0.1%
Resolution Ltd.		25,527		99,510
Hong Kong—2.6%
AIA Group Ltd.		152,800		475,654
ASM Pacific Technology Ltd.	†	3,500		39,201
Bank of East Asia Ltd.	†	27,320		103,086
BOC Hong Kong Holdings Ltd.		68,000		160,456
Cathay Pacific Airways Ltd.		23,000		39,325
Cheung Kong Holdings Ltd.		25,000		296,560
Cheung Kong Infrastructure Holdings Ltd.		7,000		40,928
CLP Holdings Ltd.		36,000		305,851
First Pacific Co. Ltd.		34,000		35,278
Galaxy Entertainment Group Ltd.	*†	20,000		36,356
Hang Lung Group Ltd.	†	16,000		87,563
Hang Lung Properties Ltd.		46,000		130,575
Hang Seng Bank Ltd.	†	14,300		169,389
Henderson Land Development Co. Ltd.		17,000		84,214
Hong Kong & China Gas Co. Ltd.		85,426		197,793

		Shares		Value
Hong Kong Exchanges and Clearing Ltd.	†	18,600	$	295,963
Hopewell Holdings Ltd.		11,000		28,098
Hutchison Whampoa Ltd.		39,000		325,449
Hysan Development Co. Ltd.		12,000		39,295
Kerry Properties Ltd.		12,500		41,304
Li & Fung Ltd.		103,200		190,158
Lifestyle International Holdings Ltd.		11,000		24,212
Link (The) REIT	†	42,000		154,463
MTR Corp.		26,500		85,643
New World Development Co. Ltd.		72,900		58,534
Noble Group Ltd.		67,309		58,482
NWS Holdings Ltd.		26,500		38,964
Orient Overseas International Ltd.		3,700		21,509
PCCW Ltd.		84,000		28,823
Power Assets Holdings Ltd.		25,500		188,548
Shangri-La Asia Ltd.		24,000		41,342
Sino Land Co. Ltd.		55,000		78,157
SJM Holdings Ltd.		25,000		40,569
Sun Hung Kai Properties Ltd.		26,000		324,920
Swire Pacific Ltd., Class A		13,500		162,655
Wharf Holdings Ltd.		27,637		124,579
Wheelock & Co. Ltd.		17,000		42,036
Wing Hang Bank Ltd.		3,000		24,544
Yue Yuen Industrial Holdings Ltd.		14,000		44,179
				4,664,655
Ireland—0.8%
CRH plc (Dublin Exchange)		13,178		260,885
Elan Corp. plc	*	9,085		125,940
Experian plc		18,705		254,249
Irish Bank Resolution Corp. Ltd.	*‡d	11,206		—
James Hardie Industries SE CDI		7,989		55,696
Kerry Group plc, Class A		2,615		95,727
Shire plc		10,469		363,841
WPP plc		23,355		244,930
				1,401,268
Israel—0.6%
Bank Hapoalim BM		19,111		62,493
Bank Leumi Le-Israel BM		21,883		62,841
Bezeq Israeli Telecommunication Corp. Ltd.		33,542		61,550
Cellcom Israel Ltd.		826		13,857
Delek Group Ltd.		66		12,452
Elbit Systems Ltd.		388		15,976
Israel Chemicals Ltd.		8,215		85,554
Israel Corp. Ltd. (The)		39		24,425
Israel Discount Bank Ltd., Class A	*	16,376		21,980
Mizrahi Tefahot Bank Ltd.		2,045		16,239
NICE Systems Ltd.	*	1,032		35,469
Partner Communications Co. Ltd.		1,419		12,602
Teva Pharmaceutical Industries Ltd.		17,247		696,211
				1,121,649

See accompanying notes to financial statements.

313

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Italy—2.1%
A2A SpA	†	17,876	$	16,752
Assicurazioni Generali SpA		21,168		317,760
Atlantia SpA		5,652		90,214
Autogrill SpA		2,307		22,426
Banca Carige SpA	†	12,736		24,330
Banca Monte dei Paschi di Siena SpA		68,562		22,267
Banco Popolare SC	†	28,197		36,377
Enel Green Power SpA		31,577		65,805
Enel SpA		121,525		492,995
ENI SpA		44,295		913,258
Exor SpA		1,270		25,462
Fiat Industrial SpA	*	13,899		118,411
Fiat SpA	†	13,899		63,436
Finmeccanica SpA	†	7,024		25,863
Intesa Sanpaolo SpA		184,364		307,061
Intesa Sanpaolo SpA RSP		17,138		21,258
Luxottica Group SpA		1,959		54,778
Mediaset SpA		13,265		36,589
Mediobanca SpA		9,302		53,391
Pirelli & C. SpA		4,877		40,883
Prysmian SpA		3,602		44,505
Saipem SpA		4,845		204,962
Snam Rete Gas SpA		29,013		127,789
Telecom Italia SpA		174,969		187,017
Telecom Italia SpA RSP		110,811		99,155
Terna Rete Elettrica Nazionale SpA		23,458		78,945
UniCredit SpA		24,600		202,904
Unione di Banche Italiane ScpA	†	14,166		57,821
				3,752,414
Japan—21.0%
ABC-Mart, Inc.		600		22,793
Advantest Corp.		2,800		26,591
Aeon Co. Ltd.		11,100		152,050
Aeon Credit Service Co. Ltd.		1,400		22,060
Aeon Mall Co. Ltd.		1,400		29,701
Air Water, Inc.		3,000		38,076
Aisin Seiki Co. Ltd.		3,400		96,356
Ajinomoto Co., Inc.		12,000		144,055
Alfresa Holdings Corp.		700		29,464
All Nippon Airways Co. Ltd.	†	15,000		41,913
Amada Co. Ltd.		7,000		44,307
Aozora Bank Ltd.		11,000		30,266
Asahi Breweries Ltd.	†	7,100		155,752
Asahi Glass Co. Ltd.	†	18,000		150,478
Asahi Kasei Corp.		23,000		138,610
Asics Corp.		3,000		33,720
Astellas Pharma, Inc.		8,075		327,904
Bank of Kyoto Ltd. (The)		6,000		51,586
Bank of Yokohama Ltd. (The)		23,000		108,514
Benesse Holdings, Inc.		1,300		62,844
Bridgestone Corp.		11,900		269,513
Brother Industries Ltd.		4,600		56,302
Canon, Inc.		20,900		919,753
Casio Computer Co. Ltd.	†	4,500		27,230
Central Japan Railway Co.		27		227,861
Chiba Bank Ltd. (The)		14,000		90,011
Chiyoda Corp.		3,000		30,459
Chubu Electric Power Co., Inc.		11,900		222,684

		Shares		Value
Chugai Pharmaceutical Co. Ltd.		3,800	$	62,637
Chugoku Bank Ltd. (The)		3,000		41,745
Chugoku Electric Power Co., Inc. (The)		5,500		96,370
Citizen Holdings Co. Ltd.		4,700		27,240
Coca-Cola West Holdings Co. Ltd.		1,200		20,797
Cosmo Oil Co. Ltd.		12,000		33,496
Credit Saison Co. Ltd.		3,100		61,910
Dai Nippon Printing Co. Ltd.		10,000		95,998
Daicel Corp.		5,000		30,371
Daido Steel Co. Ltd.		6,000		37,457
Daihatsu Motor Co. Ltd.		4,000		71,131
Dai-ichi Life Insurance Co. Ltd. (The)		162		159,035
Daiichi Sankyo Co. Ltd.		12,202		241,662
Daikin Industries Ltd.		4,400		120,107
Dainippon Sumitomo Pharma Co. Ltd.		3,000		34,143
Daito Trust Construction Co. Ltd.		1,400		119,877
Daiwa House Industry Co. Ltd.		9,000		107,592
Daiwa Securities Group, Inc.		31,000		96,390
Dena Co. Ltd.		1,800		53,922
Denki Kagaku Kogyo K.K.		8,000		29,480
Denso Corp.		9,000		247,238
Dentsu, Inc.		3,100		94,306
East Japan Railway Co.		6,200		395,178
Eisai Co. Ltd.		4,700		194,397
Electric Power Development Co. Ltd.		2,140		56,908
Elpida Memory, Inc.	*†	3,300		15,268
FamilyMart Co. Ltd.		1,200		48,459
FANUC Corp.		3,500		533,863
Fast Retailing Co. Ltd.		1,000		181,905
Fuji Electric Co. Ltd.		10,000		27,383
Fuji Heavy Industries Ltd.		11,000		65,976
FUJIFILM Holdings Corp.		8,600		202,880
Fujitsu Ltd.		35,000		181,473
Fukuoka Financial Group, Inc.		14,000		58,658
Furukawa Electric Co. Ltd.		12,000		27,533
Gree, Inc.		1,500		51,564
GS Yuasa Corp.	†	6,000		32,137
Gunma Bank Ltd. (The)		8,000		43,862
Hachijuni Bank Ltd. (The)		8,000		45,575
Hakuhodo DY Holdings, Inc.		480		27,520
Hamamatsu Photonics KK		1,100		38,352
Hino Motors Ltd.		5,000		30,274
Hirose Electric Co. Ltd.		530		46,357
Hiroshima Bank Ltd. (The)		10,000		46,382
Hisamitsu Pharmaceutical Co., Inc.		1,200		50,863
Hitachi Chemical Co. Ltd.		1,700		29,758
Hitachi Construction Machinery Co. Ltd.	†	1,800		30,194
Hitachi High-Technologies Corp.		1,100		23,829
Hitachi Ltd.		82,000		426,562
Hitachi Metals Ltd.		3,000		32,556
Hokkaido Electric Power Co., Inc.		3,400		48,330
Hokuhoku Financial Group, Inc.		23,000		44,722
Hokuriku Electric Power Co.		3,200		59,762

See accompanying notes to financial statements.

314

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Honda Motor Co. Ltd.		30,000	$	913,827
HOYA Corp.		7,900		169,843
Ibiden Co. Ltd.		2,200		43,314
Idemitsu Kosan Co. Ltd.		400		41,223
IHI Corp.		26,000		63,036
INPEX Corp.		40		251,849
Isetan Mitsukoshi Holdings Ltd.		7,040		73,548
Isuzu Motors Ltd.		21,000		96,674
ITOCHU Corp.		27,000		273,765
Itochu Techno-Solutions Corp.		600		26,913
Iyo Bank Ltd. (The)		4,000		39,416
J. Front Retailing Co. Ltd.		8,600		41,457
Japan Petroleum Exploration Co.		500		19,511
Japan Prime Realty Investment Corp. REIT		12		28,200
Japan Real Estate Investment Corp. REIT		9		70,071
Japan Retail Fund Investment Corp. REIT		31		45,857
Japan Steel Works Ltd. (The)		6,000		41,621
Japan Tobacco, Inc.		82		385,606
JFE Holdings, Inc.		8,600		155,488
JGC Corp.		4,000		96,035
Joyo Bank Ltd. (The)		11,000		48,544
JS Group Corp.		4,500		86,247
JSR Corp.		3,000		55,291
JTEKT Corp.		3,700		36,161
Jupiter Telecommunications Co. Ltd.		33		33,403
JX Holdings, Inc.		41,810		252,306
Kajima Corp.		14,000		42,966
Kamigumi Co. Ltd.		5,000		43,157
Kaneka Corp.		6,000		31,840
Kansai Electric Power Co., Inc. (The)		13,900		213,520
Kansai Paint Co. Ltd.		4,000		35,626
Kao Corp.		9,600		261,946
Kawasaki Heavy Industries Ltd.		25,000		62,022
Kawasaki Kisen Kaisha Ltd.		12,000		21,608
KDDI Corp.		54		346,804
Keikyu Corp.		8,000		71,847
Keio Corp.		11,000		77,586
Keisei Electric Railway Co. Ltd.		6,000		44,114
Keyence Corp.		793		191,145
Kikkoman Corp.		3,000		34,411
Kinden Corp.		2,000		16,860
Kintetsu Corp.	†	28,000		109,366
Kirin Holdings Co. Ltd.		15,000		182,261
Kobe Steel Ltd.		46,000		71,094
Koito Manufacturing Co. Ltd.		2,000		27,955
Komatsu Ltd.		17,200		401,068
Konami Corp.		1,600		47,846
Konica Minolta Holdings, Inc.		9,000		66,922
Kubota Corp.		21,000		175,739
Kuraray Co. Ltd.		6,100		86,569
Kurita Water Industries Ltd.		2,100		54,512
Kyocera Corp.		2,800		224,542
Kyowa Hakko Kirin Co. Ltd.	†	5,000		61,034
Kyushu Electric Power Co., Inc.		6,900		98,841
Lawson, Inc.		1,100		68,536
Mabuchi Motor Co. Ltd.		400		16,613
Makita Corp.		2,100		67,749

		Shares		Value
Marubeni Corp.		31,000	$	188,690
Marui Group Co. Ltd.		4,000		31,095
Maruichi Steel Tube Ltd.		1,000		22,239
Mazda Motor Corp.	*†	28,000		49,232
McDonald’s Holdings Co. Japan Ltd.	†	1,000		26,927
Medipal Holdings Corp.		2,800		29,234
MEIJI Holdings Co. Ltd.		1,302		53,923
Miraca Holdings, Inc.		900		35,881
Mitsubishi Chemical Holdings Corp.		24,000		131,530
Mitsubishi Corp.		25,600		515,962
Mitsubishi Electric Corp.		35,000		335,434
Mitsubishi Estate Co. Ltd.		23,000		342,962
Mitsubishi Gas Chemical Co., Inc.		7,000		38,815
Mitsubishi Heavy Industries Ltd.		54,000		229,349
Mitsubishi Logistics Corp.		2,000		22,149
Mitsubishi Materials Corp.		21,000		56,776
Mitsubishi Motors Corp.	*	72,000		84,840
Mitsubishi Tanabe Pharma Corp.		4,000		63,192
Mitsubishi UFJ Financial Group, Inc.		234,440		992,497
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,180		46,705
Mitsui & Co. Ltd.		32,100		497,526
Mitsui Chemicals, Inc.		15,000		45,545
Mitsui Fudosan Co. Ltd.		15,000		218,726
Mitsui OSK Lines Ltd.		21,000		80,973
Mizuho Financial Group, Inc.		414,780		561,657
MS&AD Insurance Group Holdings		10,074		185,952
Murata Manufacturing Co. Ltd.		3,800		194,605
Nabtesco Corp.		1,500		27,286
Namco Bandai Holdings, Inc.		3,350		47,545
NEC Corp.	*	47,000		95,123
NGK Insulators Ltd.		5,000		59,198
NGK Spark Plug Co. Ltd.		3,000		37,077
NHK Spring Co. Ltd.		3,000		26,515
Nidec Corp.		2,000		173,652
Nikon Corp.		6,200		137,395
Nintendo Co. Ltd.		1,800		247,126
Nippon Building Fund, Inc. REIT		10		81,839
Nippon Electric Glass Co. Ltd.		6,500		63,988
Nippon Express Co. Ltd.		16,000		62,197
Nippon Meat Packers, Inc.		3,000		37,174
Nippon Paper Group, Inc.	†	1,900		41,487
Nippon Sheet Glass Co. Ltd.		16,000		29,819
Nippon Steel Corp.		93,000		231,345
Nippon Telegraph & Telephone Corp.		8,800		448,007
Nippon Yusen K.K.		29,000		73,917
Nishi-Nippon City Bank Ltd. (The)		11,000		31,553
Nissan Motor Co. Ltd.		45,100		403,875
Nisshin Seifun Group, Inc.		3,200		38,739
Nisshin Steel Co. Ltd.		15,000		22,951
Nissin Foods Holdings Co. Ltd.		1,100		43,128
Nitori Holdings Co. Ltd.		700		65,637

See accompanying notes to financial statements.

315

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Nitto Denko Corp.		3,100	$	110,268
NKSJ Holdings, Inc.		6,475		126,664
NOK Corp.		2,000		34,118
Nomura Holdings, Inc.		64,100		192,988
Nomura Real Estate Holdings, Inc.		1,700		25,225
Nomura Real Estate Office Fund, Inc. REIT		5		25,660
Nomura Research Institute Ltd.		1,650		37,224
NSK Ltd.		8,000		51,674
NTN Corp.		9,000		36,101
NTT Data Corp.		23		73,237
NTT DoCoMo, Inc.		279		512,250
NTT Urban Development Corp.		24		16,321
Obayashi Corp.		11,000		48,912
Odakyu Electric Railway Co. Ltd.	†	11,000		106,343
OJI Paper Co. Ltd.	†	15,000		77,012
Olympus Corp.		4,000		52,580
Omron Corp.		3,800		76,277
Ono Pharmaceutical Co. Ltd.		1,500		84,125
Oracle Corp. Japan		600		19,834
Oriental Land Co. Ltd.	†	900		95,017
ORIX Corp.		1,960		161,585
Osaka Gas Co. Ltd.		35,000		138,281
Otsuka Corp.		300		20,645
Otsuka Holdings Co. Ltd.		4,600		129,103
Panasonic Corp.		40,500		341,807
Rakuten, Inc.	†	133		143,088
Resona Holdings, Inc.		33,700		148,348
Ricoh Co. Ltd.		12,000		104,380
Rinnai Corp.		600		42,963
Rohm Co. Ltd.		1,800		83,702
Sankyo Co. Ltd.		900		45,502
Sanrio Co. Ltd.		700		35,904
Santen Pharmaceutical Co. Ltd.		1,400		57,816
SBI Holdings, Inc.		383		27,961
Secom Co. Ltd.		3,900		179,339
Sega Sammy Holdings, Inc.		3,548		76,649
Seiko Epson Corp.		2,400		31,722
Sekisui Chemical Co. Ltd.		8,000		65,901
Sekisui House Ltd.		11,000		97,750
Seven & I Holdings Co. Ltd.		13,940		388,504
Seven Bank Ltd.		9,000		17,612
Sharp Corp.		18,000		156,907
Shikoku Electric Power Co., Inc.		3,200		91,801
Shimadzu Corp.		4,000		33,732
Shimamura Co. Ltd.		400		40,870
Shimano, Inc.	†	1,200		58,406
Shimizu Corp.		10,000		42,029
Shin-Etsu Chemical Co. Ltd.		7,600		373,311
Shinsei Bank Ltd.		16,000		16,543
Shionogi & Co. Ltd.		5,500		70,557
Shiseido Co. Ltd.		6,400		117,522
Shizuoka Bank Ltd. (The)	†	11,000		115,723
Showa Denko K.K.	†	26,000		52,474
Showa Shell Sekiyu K.K.		2,900		19,499
SMC Corp.		1,000		160,886
Softbank Corp.		16,100		472,826
Sojitz Corp.	†	21,200		32,743
Sony Corp.		18,500		333,573
Sony Financial Holdings, Inc.		3,400		50,144
Square Enix Holdings Co. Ltd.		1,000		19,599
Stanley Electric Co. Ltd.		2,500		36,637

		Shares		Value
Sumco Corp.	*	1,900	$	13,986
Sumitomo Chemical Co. Ltd.		29,000		105,294
Sumitomo Corp.		20,900		282,508
Sumitomo Electric Industries Ltd.		13,400		145,078
Sumitomo Heavy Industries Ltd.		10,000		58,363
Sumitomo Metal Industries Ltd.		61,000		110,627
Sumitomo Metal Mining Co. Ltd.		10,000		128,022
Sumitomo Mitsui Financial Group, Inc.		24,700		685,000
Sumitomo Mitsui Trust Holdings, Inc.		57,740		169,325
Sumitomo Realty & Development Co. Ltd.		6,500		113,569
Sumitomo Rubber Industries Ltd.		3,000		36,025
Suruga Bank Ltd.		4,000		35,702
Suzuken Co. Ltd.		1,260		34,890
Suzuki Motor Corp.		6,300		129,717
Sysmex Corp.		1,200		39,014
T&D Holdings, Inc.		9,700		90,316
Taisei Corp.		20,000		50,697
Taisho Pharmaceutical Holdings Co. Ltd.	*	690		53,249
Taiyo Nippon Sanso Corp.		5,000		34,771
Takashimaya Co. Ltd.		5,000		36,014
Takeda Pharmaceutical Co. Ltd.		14,320		629,013
TDK Corp.		2,300		101,438
Teijin Ltd.		16,000		49,088
Terumo Corp.		3,000		141,029
THK Co. Ltd.		2,100		41,365
Tobu Railway Co. Ltd.		18,000		91,844
Toho Co. Ltd.		1,800		32,054
Toho Gas Co. Ltd.		7,000		44,572
Tohoku Electric Power Co., Inc.		7,600		73,017
Tokio Marine Holdings, Inc.		13,100		290,084
Tokyo Electric Power Co., Inc. (The)	*†	26,300		63,116
Tokyo Electron Ltd.		3,200		162,136
Tokyo Gas Co. Ltd.		47,000		216,603
Tokyu Corp.		21,000		103,416
Tokyu Land Corp.		9,000		33,963
TonenGeneral Sekiyu K.K.	†	5,000		54,519
Toppan Printing Co. Ltd.		10,000		73,416
Toray Industries, Inc.		26,000		186,020
Toshiba Corp.		73,000		297,916
Tosoh Corp.		9,000		23,916
TOTO Ltd.		5,000		38,595
Toyo Seikan Kaisha Ltd.		2,500		34,023
Toyo Suisan Kaisha Ltd.		2,000		48,399
Toyoda Gosei Co. Ltd.		1,200		19,004
Toyota Boshoku Corp.		1,400		14,574
Toyota Industries Corp.		3,300		89,284
Toyota Motor Corp.		50,400		1,666,583
Toyota Tsusho Corp.		4,200		74,033
Trend Micro, Inc.	†	1,800		53,675
Tsumura & Co.		1,000		29,480
Ube Industries Ltd.		19,000		51,933
Unicharm Corp.		2,100		103,539
Ushio, Inc.		1,900		27,308
USS Co. Ltd.		350		31,632
West Japan Railway Co.		3,000		130,354
Yahoo! Japan Corp.		271		87,185

See accompanying notes to financial statements.

316

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Yakult Honsha Co. Ltd.		1,900	$	59,733
Yamada Denki Co. Ltd.		1,510		102,860
Yamaguchi Financial Group, Inc.		4,000		38,115
Yamaha Corp.		2,700		24,660
Yamaha Motor Co. Ltd.	†	4,500		56,915
Yamato Holdings Co. Ltd.		7,000		117,815
Yamato Kogyo Co. Ltd.		700		20,035
Yamazaki Baking Co. Ltd.	†	2,000		26,278
Yaskawa Electric Corp.		4,000		33,875
Yokogawa Electric Corp.	*	4,300		38,611
				37,301,895
Luxembourg—0.4%
ArcelorMittal		15,855		288,093
Millicom International Cellular SA SDR	†	1,436		143,456
SES SA, Class A FDR		5,651		135,379
Tenaris SA		8,640		158,900
				725,828
Macau—0.1%
Sands China Ltd.	*	42,494		119,221
Wynn Macau Ltd.		27,256		68,041
				187,262
Malta—0.0%
BGP Holdings plc	*‡d	142,647		—
Mauritius—0.0%
Essar Energy plc	*	5,270		14,038
Mexico—0.1%
Fresnillo plc		3,383		80,159
Netherlands—5.0%
Aegon NV	*	31,176		124,601
Akzo Nobel NV		4,164		200,661
ASML Holding NV		7,753		323,854
Corio NV REIT		1,147		49,666
Delta Lloyd NV		1,244		20,841
European Aeronautic Defence and Space Co. NV		7,463		232,391
Fugro NV CVA		1,311		75,888
Heineken Holding NV		2,198		89,825
Heineken NV		4,624		213,833
ING Groep NV CVA	*	70,662		505,346
Koninklijke Ahold NV		21,671		291,271
Koninklijke Boskalis Westminster NV		1,198		43,879
Koninklijke DSM NV		2,899		133,996
Koninklijke KPN NV		27,055		322,960
Koninklijke Philips Electronics NV		18,217		382,224
Koninklijke Vopak NV		1,384		72,982
Qiagen NV	*	4,093		56,354
Randstad Holding NV		2,045		60,159
Reed Elsevier NV		12,525		145,734
Royal Dutch Shell plc, Class A		65,965		2,420,209
Royal Dutch Shell plc, Class B		49,267		1,874,012
SBM Offshore NV		3,035		62,214
TNT Express NV		6,778		50,482

		Shares		Value
Unilever NV CVA		30,014	$	1,031,988
Wolters Kluwer NV		5,403		93,175
				8,878,545
New Zealand—0.1%
Auckland International Airport Ltd.		15,775		30,898
Contact Energy Ltd.	*	5,175		21,235
Fletcher Building Ltd.		12,180		58,162
Sky City Entertainment Group Ltd.		12,302		32,867
Telecom Corp of New Zealand Ltd.		37,806		60,575
				203,737
Norway—0.7%
Aker Solutions ASA		2,745		28,773
DnB ASA		17,840		173,882
Gjensidige Forsikring ASA		3,287		38,047
Norsk Hydro ASA	†	16,520		76,259
Orkla ASA		14,553		108,370
Statoil ASA		20,231		518,122
Telenor ASA		13,756		225,100
Yara International ASA		3,544		141,475
				1,310,028
Portugal—0.2%
Banco Espirito Santo SA (Registered)		9,862		17,174
Cimpor Cimentos de Portugal SGPS SA		4,428		30,415
EDP—Energias de Portugal SA		36,083		111,438
Galp Energia SGPS SA, Class B		3,992		58,652
Jeronimo Martins SGPS SA	*	4,265		70,447
Portugal Telecom SGPS SA (Registered)	†	12,095		69,660
				357,786
Singapore—1.6%
Ascendas Real Estate Investment Trust REIT		28,786		40,646
CapitaLand Ltd.		46,500		79,136
CapitaMall Trust REIT		41,000		53,681
CapitaMalls Asia Ltd.		23,000		20,030
City Developments Ltd.		10,000		68,532
ComfortDelGro Corp. Ltd.		37,000		40,372
Cosco Corp. Singapore Ltd.		18,000		12,113
DBS Group Holdings Ltd.		31,500		279,603
Fraser and Neave Ltd.		18,000		85,928
Genting Singapore plc	*	114,000		132,650
Global Logistic Properties Ltd.	*	33,000		44,612
Golden Agri-Resources Ltd.		119,320		65,744
Hutchison Port Holdings Trust		96,000		59,390
Jardine Cycle & Carriage Ltd.		2,000		74,207
Keppel Corp. Ltd.		26,400		188,967
Keppel Land Ltd.		12,000		20,512
Neptune Orient Lines Ltd.		17,000		14,701
Olam International Ltd.		24,672		40,442
Oversea-Chinese Banking Corp. Ltd.		45,600		275,007
SembCorp Industries Ltd.		18,340		57,203
SembCorp Marine Ltd.		14,000		41,144
Singapore Airlines Ltd.		9,400		73,560
Singapore Exchange Ltd.		15,000		70,900

See accompanying notes to financial statements.

317

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Singapore Press Holdings Ltd.		27,500	$	78,167
Singapore Technologies Engineering Ltd.		31,000		64,302
Singapore Telecommunications Ltd.		144,159		343,351
StarHub Ltd.		8,730		19,587
United Overseas Bank Ltd.		23,000		270,676
UOL Group Ltd.		8,000		24,643
Wilmar International Ltd.		36,000		138,780
				2,778,586
Spain—3.2%
Abertis Infraestructuras SA		6,948		110,416
Acciona SA		445		38,245
Acerinox SA	†	1,819		23,251
ACS Actividades de Construccion y Servicios SA	†	2,634		77,771
Amadeus IT Holding SA, Class A		5,166		83,422
Banco Bilbao Vizcaya Argentaria SA		83,195		716,658
Banco de Sabadell SA	†	19,878		75,274
Banco Popular Espanol SA		16,000		72,671
Banco Santander SA		153,986		1,163,310
Bankia SA	*	15,810		73,420
Bankinter SA	†	4,095		25,057
CaixaBank	†	14,001		68,423
Distribuidora Internacional de Alimentacion SA	*	10,576		47,612
EDP Renovaveis SA	*	3,747		22,882
Enagas SA		3,155		58,250
Ferrovial SA		6,816		81,967
Fomento de Construcciones y Contratas SA	†	1,109		28,632
Gas Natural SDG SA	†	5,822		99,782
Grifols SA	*†	2,792		46,782
Iberdrola SA		69,993		437,207
Inditex SA		4,047		330,376
Indra Sistemas SA	†	1,576		19,980
Mapfre SA		13,416		42,435
Red Electrica Corp. SA		1,889		80,665
Repsol YPF SA	†	14,401		440,603
Telefonica SA		75,067		1,293,266
Zardoya Otis SA	†	2,829		38,687
				5,597,044
Sweden—2.9%
Alfa Laval AB		5,944		112,255
Assa Abloy AB, Class B		5,854		146,383
Atlas Copco AB, Class A		12,472		267,231
Atlas Copco AB, Class B		7,327		138,702
Boliden AB		5,215		75,657
Electrolux AB, Series B		4,438		70,516
Getinge AB, Class B		3,677		92,979
Hennes & Mauritz AB, Class B		18,866		605,220
Hexagon AB, Class B		4,884		72,707
Holmen AB, Class B		1,079		30,900
Husqvarna AB, Class B		7,817		35,890
Industrivarden AB, Class C		1,904		22,631
Investor AB, Class B	†	8,353		155,355
Kinnevik Investment AB, Class B		4,060		78,912

		Shares		Value
Lundin Petroleum AB	*	3,653	$	89,472
Modern Times Group AB, Class B		977		46,535
Nordea Bank AB		48,123		370,915
Ratos AB, Class B		3,896		45,595
Sandvik AB		18,697		228,580
Scania AB, Class B		5,968		88,095
Securitas AB, Class B		5,360		46,104
Skandinaviska Enskilda Banken AB, Class A		25,092		145,584
Skanska AB, Class B		7,363		121,525
SKF AB, Class B		7,152		150,768
SSAB AB, Class A		3,099		27,138
Svenska Cellulosa AB, Class B		10,399		153,512
Svenska Handelsbanken AB, Class A		9,095		238,340
Swedbank AB, Class A		14,641		188,936
Swedish Match AB		3,922		138,931
Tele2 AB, Class B		5,766		111,743
Telefonaktiebolaget LM Ericsson, Class B		55,600		563,818
TeliaSonera AB		39,665		268,769
Volvo AB, Class B		25,507		277,873
				5,207,571
Switzerland—8.8%
ABB Ltd. (Registered)	*	40,070		752,766
Actelion Ltd. (Registered)	*	1,903		65,096
Adecco SA (Registered)	*	2,316		96,522
Aryzta AG		1,539		74,246
Baloise Holding AG (Registered)		934		63,899
Barry Callebaut AG	*	30		29,515
Compagnie Financiere Richemont SA (A Bearer Shares)		9,473		476,518
Credit Suisse Group AG (Registered)	*	20,765		486,694
GAM Holding AG	*	3,736		40,459
Geberit AG (Registered)	*	710		136,477
Givaudan SA (Registered)	*	147		139,684
Glencore International plc		13,654		83,370
Holcim Ltd. (Registered)	*	4,553		242,698
Julius Baer Group Ltd.	*	3,656		142,410
Kuehne + Nagel International AG (Registered)		1,003		112,315
Lindt & Spruengli AG (Participation Certificates)		17		50,512
Lindt & Spruengli AG (Registered)		2		66,718
Lonza Group AG (Registered)	*	854		50,320
Nestle SA (Registered)		60,490		3,473,549
Novartis AG (Registered)		42,562		2,429,996
Pargesa Holding SA (Bearer)		467		30,505
Partners Group Holding AG		219		38,152
Roche Holding AG (Genusschein)		12,840		2,171,480
Schindler Holding AG (Participation Certificates)		842		97,874
Schindler Holding AG (Registered)		416		48,202
SGS SA (Registered)		102		168,233
Sika AG		39		73,331
Sonova Holding AG (Registered)	*	846		88,138
STMicroelectronics NV		11,906		70,482

See accompanying notes to financial statements.

318

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Straumann Holding AG (Registered)		152	$	26,179
Sulzer AG (Registered)		394		41,956
Swatch Group AG (The) (Bearer)		565		210,303
Swatch Group AG (The) (Registered)		843		55,903
Swiss Life Holding AG (Registered)	*	529		48,450
Swiss Re AG	*	6,402		325,476
Swisscom AG (Registered)		416		157,343
Syngenta AG (Registered)	*	1,715		503,954
Transocean Ltd.		5,812		223,693
UBS AG (Registered)	*	66,517		789,070
Wolseley plc		5,343		176,721
Xstrata plc		37,914		577,247
Zurich Financial Services AG (Registered)	*	2,688		605,626
				15,542,082
United Kingdom—19.3%
3i Group plc		18,002		50,541
Admiral Group plc		3,873		51,348
Aggreko plc		4,645		145,346
AMEC plc		6,200		87,317
Anglo American plc		24,285		897,092
Antofagasta plc		7,392		139,802
ARM Holdings plc		24,195		223,331
Associated British Foods plc		6,436		110,557
AstraZeneca plc (London Exchange)		24,580		1,135,400
Aviva plc		52,084		242,260
Babcock International Group plc		6,821		77,818
BAE Systems plc		62,132		274,550
Balfour Beatty plc		12,983		53,366
Barclays plc		210,894		577,573
BG Group plc		62,246		1,329,801
BHP Billiton plc		38,582		1,127,971
BP plc		345,313		2,459,764
British American Tobacco plc		36,101		1,712,645
British Land Co. plc REIT		16,013		114,931
British Sky Broadcasting Group plc		20,764		236,238
BT Group plc		140,863		417,544
Bunzl plc		6,330		86,857
Burberry Group plc		8,125		149,400
Cairn Energy plc	*	25,400		104,427
Capita Group plc (The)		10,792		105,240
Capital Shopping Centres Group plc REIT		9,366		45,380
Carnival plc		3,197		105,380
Centrica plc		95,276		427,932
Cobham plc		19,426		55,314
Compass Group plc		34,973		331,851
Diageo plc		45,774		1,000,166
Eurasian Natural Resources Corp. plc		4,297		42,379
G4S plc		26,041		109,921
GKN plc		25,510		72,441
GlaxoSmithKline plc		92,721		2,112,734
Hammerson plc REIT		13,557		75,704
HSBC Holdings plc (London Exchange)		325,005		2,481,104

		Shares		Value
ICAP plc		10,418	$	56,116
Imperial Tobacco Group plc		18,514		700,580
Inmarsat plc		7,983		49,996
Intercontinental Hotels Group plc		5,494		98,781
International Consolidated Airlines Group SA	*	16,243		36,422
International Power plc		28,027		146,552
Intertek Group plc		3,046		96,190
Invensys plc		15,349		50,195
Investec plc		8,651		45,527
ITV plc		71,294		75,318
J. Sainsbury plc		21,858		102,766
Johnson Matthey plc		3,984		113,512
Kazakhmys plc		3,673		53,034
Kingfisher plc		43,308		168,295
Land Securities Group plc REIT		14,369		141,721
Legal & General Group plc		109,976		175,750
Lloyds Banking Group plc	*	753,005		302,467
London Stock Exchange Group plc		2,311		28,422
Lonmin plc		3,101		47,248
Man Group plc		31,778		62,016
Marks & Spencer Group plc		28,835		139,267
Meggitt plc		12,758		69,835
National Grid plc		64,564		624,062
Next plc		3,175		134,697
Old Mutual plc		99,250		208,756
Pearson plc		15,141		284,177
Petrofac Ltd.		4,520		101,091
Prudential plc		46,972		464,749
Randgold Resources Ltd.		1,649		168,592
Reckitt Benckiser Group plc		11,380		561,262
Reed Elsevier plc		22,119		178,061
Rexam plc		15,419		84,385
Rio Tinto plc		25,569		1,248,958
Rolls-Royce Holdings plc	*	33,691		390,080
Rolls-Royce Holdings plc, Class C	*‡	2,324,679		3,610
Royal Bank of Scotland Group plc	*	311,005		98,031
RSA Insurance Group plc		63,018		102,881
SABMiller plc		17,546		616,857
Sage Group plc (The)		23,751		108,527
Schroders plc		1,968		40,125
Segro plc REIT		12,863		41,650
Serco Group plc		9,142		67,266
Severn Trent plc		4,129		95,817
Smith & Nephew plc		15,739		152,745
Smiths Group plc		7,181		101,911
SSE plc		16,772		335,730
Standard Chartered plc (London Exchange)		42,931		939,009
Standard Life plc		40,542		129,896
Subsea 7 SA	*	5,160		95,254
Tate & Lyle plc		7,672		83,874
Tesco plc		147,837		924,992
TUI Travel plc		9,107		23,490
Tullow Oil plc		16,087		349,541
Unilever plc		23,676		793,953
United Utilities Group plc		12,299		115,649
Vedanta Resources plc		2,170		34,237
Vodafone Group plc		928,102		2,587,648

See accompanying notes to financial statements.

319

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Overseas Equity Index Fund				Shares		Value
COMMON STOCKS—(Continued)
Weir Group plc (The)				4,025	$	127,044
Whitbread plc				3,280		79,634
Wm Morrison Supermarkets plc				40,967		207,211
						34,236,887
United States—0.1%
Sims Metal Management Ltd.				2,945		38,145
Synthes, Inc.		^		1,182		197,843
						235,988
TOTAL COMMON STOCKS
(Cost $204,978,883)						171,554,799
PREFERRED STOCKS—0.4%
Germany—0.4%
Bayerische Motoren Werke AG				922		43,531
Henkel AG & Co. KGaA				3,261		187,991
Porsche Automobil Holding SE				2,900		154,816
ProSiebenSat.1 Media AG				1,238		22,557
RWE AG				720		23,687
Volkswagen AG				2,691		402,335
TOTAL PREFERRED STOCKS
(Cost $761,496)						834,917
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.2%
U.S. Treasury Bills—0.2%
U.S. Treasury Bill
0.015%	03/22/2012	‡‡	$	345,000		344,989
0.000%	05/24/2012	‡‡		15,000		14,998
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $359,988)						359,987
				Shares		Value
RIGHTS—0.0%
Spain—0.0%
Grifols SA		*‡
(Cost $—)				279		3,033
MONEY MARKET FUNDS—4.7%
Institutional Money Market Funds—4.7%
Dreyfus Institutional Cash Advantage Fund, 0.06%		††¥		1,150,000		1,150,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%		¥		1,699,370		1,699,370
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.23%		††¥		852,718		852,718

		Shares		Value
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17%	††¥	1,150,000	$	1,150,000
Short-Term Investments Trust Liquid Assets Portfolio, 0.16%	††¥	1,150,000		1,150,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.11%	††¥	1,150,000		1,150,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	1,150,000		1,150,000
TOTAL MONEY MARKET FUNDS
(Cost $8,302,088)				8,302,088
TOTAL INVESTMENTS—101.8%
(Cost $214,402,455)				181,054,824
Other assets less liabilities—(1.8%)				(3,270,845	)
NET ASSETS—100.0%			$	177,783,979

Notes to the Schedule of Investments:

CDI	Chess Depository Interest
CVA	Dutch Certificate of Shares
FDR	Fiduciary Depository 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 December 31, 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. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of illiquid 144A securities was $197,843, which represented 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.
¥	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements.

320

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2011

Vantagepoint Overseas Equity Index Fund
Percentage of Portfolio by Industry (unaudited):
COMMON STOCKS
Commercial Banks	10.9%
Pharmaceuticals	8.3%
Oil, Gas & Consumable Fuels	8.0%
Metals & Mining	5.4%
Insurance	4.1%
Food Products	4.1%
Diversified Telecommunication Services	3.6%
Chemicals	3.5%
Automobiles	2.8%
Machinery	2.6%
Electric Utilities	2.3%
Food & Staples Retailing	2.3%
Wireless Telecommunication Services	2.3%
Beverages	2.2%
Tobacco	1.7%
Capital Markets	1.7%
Industrial Conglomerates	1.6%
Real Estate Management & Development	1.6%
Electrical Equipment	1.3%
Real Estate Investment Trusts (REITs)	1.3%
Trading Companies & Distributors	1.3%
Media	1.2%
Multi-Utilities	1.2%
Textiles, Apparel & Luxury Goods	1.2%
Electronic Equipment, Instruments & Components	1.1%
Diversified Financial Services	1.1%
Road & Rail	1.0%
Hotels, Restaurants & Leisure	1.0%
Specialty Retail	0.9%
Energy Equipment & Services	0.9%
Software	0.8%
Auto Components	0.8%
Aerospace & Defense	0.7%
Construction & Engineering	0.7%
Office Electronics	0.7%
Household Durables	0.7%
Health Care Equipment & Supplies	0.7%
Semiconductors & Semiconductor Equipment	0.6%
Commercial Services & Supplies	0.6%
Building Products	0.6%
Communications Equipment	0.5%
Gas Utilities	0.5%
Professional Services	0.5%
Construction Materials	0.5%
Personal Products	0.5%
Multiline Retail	0.4%
Transportation Infrastructure	0.4%
Household Products	0.4%
Health Care Providers & Services	0.4%
Computers & Peripherals	0.3%
Air Freight & Logistics	0.3%
Paper & Forest Products	0.3%
Marine	0.3%
Biotechnology	0.2%
Containers & Packaging	0.2%
Independent Power Producers & Energy Traders	0.2%
Leisure Equipment & Products	0.2%
Distributors	0.2%

IT Services	0.2%
Airlines	0.2%
Life Sciences Tools & Services	0.1%
Internet Software & Services	0.1%
Internet & Catalog Retail	0.1%
Water Utilities	0.1%
Consumer Finance	0.0%
Diversified Consumer Services	0.0%
	96.5%
PREFERRED STOCKS
Automobiles	0.3%
Household Products	0.1%
Media	0.0%
Multi-Utilities	0.0%
	0.4%
RIGHTS
Biotechnology	0.0%
TOTAL COMMON STOCKS/PREFERRED STOCKS/RIGHTS	96.9%
U.S. TREASURY OBLIGATIONS
U.S. Treasury Bills	0.2%
MONEY MARKET FUNDS
Institutional Money Market Funds	4.7%
TOTAL INVESTMENTS	101.8%
Other assets less liabilities	(1.8)%
TOTAL NET ASSETS	100.0%

See accompanying notes to financial statements.

321

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Model Portfolio Savings Oriented Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	2,484,129	$	26,008,834
Vantagepoint Diversifying Strategies Fund	5,763,173		57,689,365
Vantagepoint Equity Income Fund	3,520,880		29,117,677
Vantagepoint Growth & Income Fund	3,063,223		29,069,987
Vantagepoint Inflation Protected Securities Fund	3,687,254		43,067,122
Vantagepoint International Fund	1,725,302		14,354,512
Vantagepoint Low Duration Bond Fund	8,957,906		89,220,742
			288,528,239
TOTAL INVESTMENTS—100.0%
(Cost $274,057,453)			288,528,239
Other assets less liabilities—(0.0%)			(61,232	)
NET ASSETS—100.0%		$	288,467,007

See accompanying notes to financial statements.

322

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Model Portfolio Conservative Growth Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	1,821,202	$	16,864,334
Vantagepoint Core Bond Index Fund Class I	6,370,782		66,702,090
Vantagepoint Diversifying Strategies Fund	10,514,528		105,250,423
Vantagepoint Equity Income Fund	7,531,179		62,282,851
Vantagepoint Growth & Income Fund	5,328,550		50,567,938
Vantagepoint Growth Fund	3,980,553		33,277,425
Vantagepoint Inflation Protected Securities Fund	4,737,667		55,335,952
Vantagepoint International Fund	5,303,386		44,124,172
Vantagepoint Low Duration Bond Fund	10,536,398		104,942,525
Vantagepoint Select Value Fund	1,736,868		16,899,724
			556,247,434
TOTAL INVESTMENTS—100.0%
(Cost $542,981,265)			556,247,434
Other assets less liabilities—(0.0%)			(83,491	)
NET ASSETS—100.0%		$	556,163,943

See accompanying notes to financial statements.

323

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Model Portfolio Traditional Growth Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	8,108,288	$	75,082,748
Vantagepoint Core Bond Index Fund Class I	16,914,639		177,096,270
Vantagepoint Discovery Fund	4,791,909		41,881,288
Vantagepoint Diversifying Strategies Fund	20,344,181		203,645,253
Vantagepoint Equity Income Fund	20,201,435		167,065,866
Vantagepoint Growth & Income Fund	17,457,171		165,668,550
Vantagepoint Growth Fund	16,265,200		135,977,070
Vantagepoint Inflation Protected Securities Fund	4,648,629		54,295,988
Vantagepoint International Fund	19,366,837		161,132,082
Vantagepoint Low Duration Bond Fund	10,860,289		108,168,481
Vantagepoint Select Value Fund	7,837,466		76,258,545
			1,366,272,141
TOTAL INVESTMENTS—100.0%
(Cost $1,365,809,437)			1,366,272,141
Other assets less liabilities—(0.0%)			(164,378	)
NET ASSETS—100.0%		$	1,366,107,763

See accompanying notes to financial statements.

324

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Model Portfolio Long-Term Growth Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	15,717,024	$	145,539,639
Vantagepoint Core Bond Index Fund Class I	21,160,488		221,550,309
Vantagepoint Discovery Fund	8,999,761		78,657,912
Vantagepoint Diversifying Strategies Fund	20,348,157		203,685,050
Vantagepoint Equity Income Fund	27,395,902		226,564,111
Vantagepoint Growth & Income Fund	23,698,063		224,894,621
Vantagepoint Growth Fund	23,389,338		195,534,864
Vantagepoint International Fund	32,287,323		268,630,528
Vantagepoint Select Value Fund	15,145,342		147,364,178
			1,712,421,212
TOTAL INVESTMENTS—100.0%
(Cost $1,733,898,725)			1,712,421,212
Other assets less liabilities—(0.0%)			(193,098	)
NET ASSETS—100.0%		$	1,712,228,114

See accompanying notes to financial statements.

325

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Model Portfolio All-Equity Growth Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund	6,663,835	$	61,707,108
Vantagepoint Discovery Fund	6,779,178		59,250,016
Vantagepoint Equity Income Fund	14,301,334		118,272,030
Vantagepoint Growth & Income Fund	11,688,376		110,922,687
Vantagepoint Growth Fund	13,121,403		109,694,932
Vantagepoint International Fund	15,386,079		128,012,180
Vantagepoint Select Value Fund	6,377,986		62,057,808
			649,916,761
TOTAL INVESTMENTS—100.0%
(Cost $691,300,112)			649,916,761
Other assets less liabilities—(0.0%)			(91,252	)
NET ASSETS—100.0%		$	649,825,509

See accompanying notes to financial statements.

326

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Milestone Retirement Income Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	1,892,564	$	19,815,147
Vantagepoint Diversifying Strategies Fund	4,400,389		44,047,897
Vantagepoint Equity Income Fund	2,674,070		22,114,561
Vantagepoint Growth & Income Fund	2,326,416		22,077,690
Vantagepoint Inflation Protected Securities Fund	2,815,049		32,879,772
Vantagepoint International Fund	1,323,538		11,011,833
Vantagepoint Low Duration Bond Fund	6,844,333		68,169,555
			220,116,455
TOTAL INVESTMENTS—100.0%
(Cost $219,228,856)			220,116,455
Other assets less liabilities—(0.0%)			(53,907	)
NET ASSETS—100.0%		$	220,062,548

See accompanying notes to financial statements.

327

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Milestone 2010 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	1,379,141	$	14,439,602
Vantagepoint Diversifying Strategies Fund	3,940,226		39,441,666
Vantagepoint Equity Income Fund	4,959,529		41,015,305
Vantagepoint Growth & Income Fund	2,582,037		24,503,536
Vantagepoint Growth Fund	1,883,869		15,749,148
Vantagepoint Inflation Protected Securities Fund	2,848,566		33,271,253
Vantagepoint International Fund	2,440,283		20,303,156
Vantagepoint Low Duration Bond Fund	3,373,663		33,601,680
			222,325,346
TOTAL INVESTMENTS—100.0%
(Cost $220,275,449)			222,325,346
Other assets less liabilities—(0.0%)			(50,685	)
NET ASSETS—100.0%		$	222,274,661

See accompanying notes to financial statements.

328

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Milestone 2015 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	3,631,396	$	38,020,714
Vantagepoint Diversifying Strategies Fund	6,275,751		62,820,265
Vantagepoint Equity Income Fund	8,906,563		73,657,276
Vantagepoint Growth & Income Fund	4,454,139		42,269,784
Vantagepoint Growth Fund	3,413,078		28,533,331
Vantagepoint Inflation Protected Securities Fund	2,940,335		34,343,107
Vantagepoint International Fund	4,887,521		40,664,178
Vantagepoint Low Duration Bond Fund	4,105,617		40,891,948
Vantagepoint Mid/Small Company Index Fund Class I	1,477,264		20,711,236
			381,911,839
TOTAL INVESTMENTS—100.0%
(Cost $375,217,063)			381,911,839
Other assets less liabilities—(0.0%)			(56,379	)
NET ASSETS—100.0%		$	381,855,460

See accompanying notes to financial statements.

329

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Milestone 2020 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	5,224,991	$	54,705,655
Vantagepoint Diversifying Strategies Fund	5,867,762		58,736,293
Vantagepoint Equity Income Fund	9,964,382		82,405,439
Vantagepoint Growth & Income Fund	4,713,621		44,732,266
Vantagepoint Growth Fund	3,799,940		31,767,501
Vantagepoint Inflation Protected Securities Fund	496,678		5,801,205
Vantagepoint International Fund	5,757,998		47,906,547
Vantagepoint Low Duration Bond Fund	2,658,092		26,474,592
Vantagepoint Mid/Small Company Index Fund Class I	2,414,526		33,851,657
			386,381,155
TOTAL INVESTMENTS—100.0%
(Cost $380,169,540)			386,381,155
Other assets less liabilities—(0.0%)			(54,168	)
NET ASSETS—100.0%		$	386,326,987

See accompanying notes to financial statements.

330

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Milestone 2025 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	3,868,339	$	40,501,510
Vantagepoint Diversifying Strategies Fund	3,904,680		39,085,846
Vantagepoint Equity Income Fund	8,387,898		69,367,916
Vantagepoint Growth & Income Fund	4,100,981		38,918,311
Vantagepoint Growth Fund	3,334,013		27,872,349
Vantagepoint International Fund	5,146,765		42,821,088
Vantagepoint Low Duration Bond Fund	887,626		8,840,756
Vantagepoint Mid/Small Company Index Fund Class I	2,419,299		33,918,572
			301,326,348
TOTAL INVESTMENTS—100.0%
(Cost $297,180,209)			301,326,348
Other assets less liabilities—(0.0%)			(51,719	)
NET ASSETS—100.0%		$	301,274,629

See accompanying notes to financial statements.

331

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Milestone 2030 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	2,070,406	$	21,677,154
Vantagepoint Diversifying Strategies Fund	2,476,844		24,793,210
Vantagepoint Equity Income Fund	6,980,798		57,731,196
Vantagepoint Growth & Income Fund	3,512,647		33,335,018
Vantagepoint Growth Fund	2,940,943		24,586,286
Vantagepoint International Fund	4,522,463		37,626,890
Vantagepoint Low Duration Bond Fund	313,074		3,118,218
Vantagepoint Mid/Small Company Index Fund Class I	2,399,010		33,634,113
			236,502,085
TOTAL INVESTMENTS—100.0%
(Cost $231,130,154)			236,502,085
Other assets less liabilities—(0.0%)			(49,605	)
NET ASSETS—100.0%		$	236,452,480

See accompanying notes to financial statements.

332

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Milestone 2035 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	813,352	$	8,515,794
Vantagepoint Diversifying Strategies Fund	902,525		9,034,277
Vantagepoint Equity Income Fund	4,690,990		38,794,486
Vantagepoint Growth & Income Fund	2,358,033		22,377,729
Vantagepoint Growth Fund	2,113,804		17,671,405
Vantagepoint International Fund	3,194,539		26,578,565
Vantagepoint Low Duration Bond Fund	33,268		331,352
Vantagepoint Mid/Small Company Index Fund Class I	1,941,141		27,214,803
			150,518,411
TOTAL INVESTMENTS—100.0%
(Cost $145,937,189)			150,518,411
Other assets less liabilities—(0.0%)			(46,793	)
NET ASSETS—100.0%		$	150,471,618

See accompanying notes to financial statements.

333

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Milestone 2040 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I	698,124	$	7,309,356
Vantagepoint Diversifying Strategies Fund	145,686		1,458,320
Vantagepoint Equity Income Fund	4,804,231		39,730,987
Vantagepoint Growth & Income Fund	2,431,785		23,077,644
Vantagepoint Growth Fund	2,176,456		18,195,174
Vantagepoint International Fund	3,296,876		27,430,006
Vantagepoint Mid/Small Company Index Fund Class I	2,059,906		28,879,879
			146,081,366
TOTAL INVESTMENTS—100.0%
(Cost $134,284,757)			146,081,366
Other assets less liabilities—(0.0%)			(48,994	)
NET ASSETS—100.0%		$	146,032,372

See accompanying notes to financial statements.

334

SCHEDULE OF INVESTMENTS

December 31, 2011

Vantagepoint Milestone 2045 Fund	Shares		Value
AFFILIATED MUTUAL FUNDS—100.1%
Vantagepoint Core Bond Index Fund Class I	161,279	$	1,688,593
Vantagepoint Equity Income Fund	1,107,479		9,158,854
Vantagepoint Growth & Income Fund	563,662		5,349,152
Vantagepoint Growth Fund	503,969		4,213,181
Vantagepoint International Fund	766,734		6,379,230
Vantagepoint Mid/Small Company Index Fund Class I	476,900		6,686,132
			33,475,142
TOTAL INVESTMENTS—100.1%
(Cost $33,383,539)			33,475,142
Other assets less liabilities—(0.1%)			(41,489	)
NET ASSETS—100.0%		$	33,433,653

See accompanying notes to financial statements.

335

Item 2 (Code of Ethics):

Sub-item 2a. The board of directors of the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, and to persons performing similar functions.

Sub-item 2c. 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): Three members of the audit committee of the registrant have been determined by its board of directors to be audit committee financial experts. The audit committee financial experts of the registrant are Arthur Lynch, Anthony Calhoun and Timothy O’Brien, all of whom are independent under the applicable rules.

Item 4 (Principal Accountant Fees and Services):

Sub-item 4a (Audit Fees). The aggregate fees billed for professional services rendered by the registrant’s principal accountant, PricewaterhouseCoopers LLP, for audits of the registrant’s financial statements were $451,067 and $411,225 in 2011 and 2010, respectively.

Sub-item 4b (Audit Related Fees). Not applicable.

Sub-item 4c (Tax Fees). The aggregate fees billed for professional services rendered by PricewaterhouseCoopers LLP for tax compliance, tax advice and tax planning were $169,669 and $233,850 in 2011 and 2010, respectively. These services covered preparation of the registrant’s income tax and excise tax returns, and also included related consulting and tax provision work.

Sub-item 4d (All Other Fees). Not applicable.

Sub-item 4e (1). The registrant’s audit committee pre-approves all audit and non-audit services to be performed by the registrant’s accountant before they are engaged to perform such services.

Sub-item 4e (2). The registrant’s audit committee approved 100% of the services described in Sub-item 4c.

Sub-item 4f. Not applicable.

Sub-item 4g. Not applicable.

Sub-item 4h. Not applicable.

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

Item 6 (Investments):

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

Sub-item 6b. Not applicable; the registrant did not divest itself of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

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

Item 8 (Portfolio Managers of Closed-End Management Investment Companies): Not applicable to this registrant.

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

Item 10 (Submission of Matters to a Vote of Security Holders): Not applicable.

Item 11 (Controls and Procedures):

Sub-item 11a. The principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing of this report.

Sub-item 11b. There was no change in the registrant’s internal control over financial reporting that occurred during the most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to affect, the registrant’s internal control over financial reporting.

Item 12 (Exhibits):

Sub-item 12a(1). The code of ethics exhibit is attached.

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

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

The Vantagepoint Funds
By:	/s/ Joan McCallen
	Joan McCallen, Principal Executive Officer
Date:	March 7, 2012

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

By:	/s/ Joan McCallen
	Joan McCallen, Principal Executive Officer
Date:	March 7, 2012
By:	/s/ Elizabeth Glista
	Elizabeth Glista, Principal Financial Officer
Date:	March 7, 2012