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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08941

The Vantagepoint Funds

(Exact name of registrant as specified in charter)

777 North Capitol Street, NE., Suite 600, Washington D.C. 20002-4240

(Address of principal executive offices) (Zip code)

Angela Montez, Secretary of the Registrant

777 North Capitol Street, NE., Suite 600, Washington D.C. 20002-4240

(Name and address of agent for service)

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

Date of fiscal year end: 12/31/13

Date of reporting period: 01/01/13 - 06/30/13

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

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

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

Table of Contents

Vantagepoint Shareholder Expenses	1
Vantagepoint Funds Returns	3
Vantagepoint Funds Investment Objectives	5
Vantagepoint Funds Portfolio Holdings	16
Vantagepoint Funds
Statements of Assets and Liabilities	19
Statements of Operations	26
Statements of Changes in Net Assets	33
Financial Highlights	48
Notes to Financial Statements	82
Schedules of Investments	139

Shareholder Expenses

As a shareholder of a Vantagepoint Fund, you incur ongoing expenses, such as advisory fees and other fund expenses. The following example is intended to help you understand your ongoing expenses (in dollars and cents) of investing in a fund and to compare these expenses with the ongoing expenses of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2013 to June 30, 2013.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

ACTUAL								HYPOTHETICAL
Beginning Account Value 1/01/13	Ending Account Value 6/30/13		2013 Annualized Expense Ratio(a)		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 1/01/13		Ending Account Value 6/30/13		2013 Annualized Expense Ratio(a)		Expenses Paid During Period*
$1,000.00	$	995.40		0.63%	$	3.12	Low Duration Bond Investor Shares	$	1,000.00	$	1,021.67		0.63%	$	3.16
$1,000.00	$	993.30		0.40%	$	1.33	Low Duration Bond T Shares(b)	$	1,000.00	$	1,015.38		0.40%	$	1.35
$1,000.00	$	924.30		0.63%	$	3.01	Inflation Protected Securities Investor Shares	$	1,000.00	$	1,021.67		0.63%	$	3.16
$1,000.00	$	931.20		0.40%	$	1.26	Inflation Protected Securities T Shares(b)	$	1,000.00	$	1,015.41		0.40%	$	1.31
$1,000.00	$	1,134.30		0.81%	$	4.29	Equity Income Investor Shares	$	1,000.00	$	1,020.78		0.81%	$	4.06
$1,000.00	$	1,063.40		0.57%	$	1.97	Equity Income T Shares(b)	$	1,000.00	$	1,014.81		0.57%	$	1.92
$1,000.00	$	1,145.70		0.78%	$	4.15	Growth & Income Investor Shares	$	1,000.00	$	1,020.93		0.78%	$	3.91
$1,000.00	$	1,073.40		0.54%	$	1.87	Growth & Income T Shares(b)	$	1,000.00	$	1,014.91		0.54%	$	1.82
$1,000.00	$	1,104.90		0.77%	$	4.02	Growth Investor Shares	$	1,000.00	$	1,020.98		0.77%	$	3.86
$1,000.00	$	1,046.70		0.53%	$	1.81	Growth T Shares(b)	$	1,000.00	$	1,014.94		0.53%	$	1.78
$1,000.00	$	1,155.30		0.98%	$	5.24	Select Value Investor Shares	$	1,000.00	$	1,019.93		0.98%	$	4.91
$1,000.00	$	1,055.00		0.74%	$	2.54	Select Value T Shares(b)	$	1,000.00	$	1,014.24		0.74%	$	2.49
$1,000.00	$	1,152.90		0.82%	$	4.38	Aggressive Opportunities Investor Shares	$	1,000.00	$	1,020.73		0.82%	$	4.11
$1,000.00	$	1,066.10		0.60%	$	2.07	Aggressive Opportunities T Shares(b)	$	1,000.00	$	1,014.71		0.60%	$	2.02
$1,000.00	$	1,149.80		0.97%	$	5.17	Discovery Investor Shares	$	1,000.00	$	1,019.98		0.97%	$	4.86
$1,000.00	$	1,062.30		0.72%	$	2.48	Discovery T Shares(b)	$	1,000.00	$	1,014.30		0.72%	$	2.42
$1,000.00	$	1,023.90		0.97%	$	4.87	International Investor Shares	$	1,000.00	$	1,019.98		0.97%	$	4.86
$1,000.00	$	1,002.00		0.75%	$	2.51	International T Shares(b)	$	1,000.00	$	1,014.21		0.75%	$	2.52
$1,000.00	$	1,013.80		0.64%	$	3.20	Diversifying Strategies T Shares(c)	$	1,000.00	$	1,021.62		0.64%	$	3.21
$1,000.00	$	972.50		0.40%	$	1.96	Core Bond Index Class I	$	1,000.00	$	1,022.81		0.40%	$	2.01
$1,000.00	$	973.80		0.20%	$	0.98	Core Bond Index Class II	$	1,000.00	$	1,023.80		0.20%	$	1.00
$1,000.00	$	976.80		0.16%	$	0.53	Core Bond Index T Shares(b)	$	1,000.00	$	1,016.18		0.16%	$	0.54
$1,000.00	$	1,135.20		0.41%	$	2.17	500 Stock Index Class I	$	1,000.00	$	1,022.76		0.41%	$	2.06
$1,000.00	$	1,138.00		0.21%	$	1.11	500 Stock Index Class II	$	1,000.00	$	1,023.75		0.21%	$	1.05
$1,000.00	$	1,067.20		0.16%	$	0.55	500 Stock Index T Shares(b)	$	1,000.00	$	1,016.18		0.16%	$	0.54
$1,000.00	$	1,138.20		0.40%	$	2.12	Broad Market Index Class I	$	1,000.00	$	1,022.81		0.40%	$	2.01

(continued)

1

ACTUAL								HYPOTHETICAL
Beginning Account Value 1/01/13	Ending Account Value 6/30/13		2013 Annualized Expense Ratio(a)		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 1/01/13		Ending Account Value 6/30/13		2013 Annualized Expense Ratio(a)		Expenses Paid During Period*
$1,000.00	$	1,139.60		0.20%	$	1.06	Broad Market Index Class II	$	1,000.00	$	1,023.80		0.20%	$	1.00
$1,000.00	$	1,067.40		0.16%	$	0.55	Broad Market Index T Shares(b)	$	1,000.00	$	1,016.18		0.16%	$	0.54
$1,000.00	$	1,158.90		0.41%	$	2.19	Mid/Small Company Index Class I	$	1,000.00	$	1,022.76		0.41%	$	2.06
$1,000.00	$	1,159.70		0.21%	$	1.12	Mid/Small Company Index Class II	$	1,000.00	$	1,023.75		0.21%	$	1.05
$1,000.00	$	1,075.10		0.17%	$	0.59	Mid/Small Company Index T Shares(b)	$	1,000.00	$	1,016.14		0.17%	$	0.57
$1,000.00	$	1,032.00		0.54%	$	2.72	Overseas Equity Index Class I	$	1,000.00	$	1,022.12		0.54%	$	2.71
$1,000.00	$	1,033.30		0.34%	$	1.71	Overseas Equity Index Class II	$	1,000.00	$	1,023.11		0.34%	$	1.71
$1,000.00	$	1,004.60		0.31%	$	1.04	Overseas Equity Index T Shares(b)	$	1,000.00	$	1,015.68		0.31%	$	1.04
$1,000.00	$	1,033.70		0.85%	$	4.29	Model Portfolio Conservative Growth Investor M Shares**	$	1,000.00	$	1,020.58		0.85%	$	4.26
$1,000.00	$	1,009.00		0.61%	$	2.05	Model Portfolio Conservative Growth TM Shares**(b)	$	1,000.00	$	1,014.67		0.61%	$	2.05
$1,000.00	$	1,061.50		0.87%	$	4.45	Model Portfolio Traditional Growth Investor M Shares**	$	1,000.00	$	1,020.48		0.87%	$	4.36
$1,000.00	$	1,024.00		0.64%	$	2.16	Model Portfolio Traditional Growth TM Shares**(b)	$	1,000.00	$	1,014.57		0.64%	$	2.15
$1,000.00	$	1,081.10		0.90%	$	4.64	Model Portfolio Long-Term Growth Investor M Shares**	$	1,000.00	$	1,020.33		0.90%	$	4.51
$1,000.00	$	1,033.10		0.68%	$	2.31	Model Portfolio Long-Term Growth TM Shares**(b)	$	1,000.00	$	1,014.44		0.68%	$	2.29
$1,000.00	$	1,112.00		0.97%	$	5.08	Model Portfolio All-Equity Growth Investor M Shares**	$	1,000.00	$	1,019.98		0.97%	$	4.86
$1,000.00	$	1,047.60		0.75%	$	2.57	Model Portfolio All-Equity Growth TM Shares**(b)	$	1,000.00	$	1,014.21		0.75%	$	2.52
$1,000.00	$	1,014.20		0.84%	$	4.20	Milestone Retirement Income Investor M Shares**	$	1,000.00	$	1,020.63		0.84%	$	4.21
$1,000.00	$	999.10		0.60%	$	2.00	Milestone Retirement Income TM Shares**(b)	$	1,000.00	$	1,014.71		0.60%	$	2.02
$1,000.00	$	1,033.80		0.87%	$	4.39	Milestone 2010 Investor M Shares**	$	1,000.00	$	1,020.48		0.87%	$	4.36
$1,000.00	$	1,009.20		0.64%	$	2.15	Milestone 2010 TM Shares**(b)	$	1,000.00	$	1,014.57		0.64%	$	2.15
$1,000.00	$	1,046.00		0.86%	$	4.36	Milestone 2015 Investor M Shares**	$	1,000.00	$	1,020.53		0.86%	$	4.31
$1,000.00	$	1,015.20		0.62%	$	2.09	Milestone 2015 TM Shares**(b)	$	1,000.00	$	1,014.64		0.62%	$	2.09
$1,000.00	$	1,060.30		0.85%	$	4.34	Milestone 2020 Investor M Shares**	$	1,000.00	$	1,020.58		0.85%	$	4.26
$1,000.00	$	1,024.70		0.60%	$	2.03	Milestone 2020 TM Shares**(b)	$	1,000.00	$	1,014.71		0.60%	$	2.02
$1,000.00	$	1,072.50		0.85%	$	4.37	Milestone 2025 Investor M Shares**	$	1,000.00	$	1,020.58		0.85%	$	4.26
$1,000.00	$	1,030.80		0.60%	$	2.04	Milestone 2025 TM Shares**(b)	$	1,000.00	$	1,014.71		0.60%	$	2.02
$1,000.00	$	1,083.40		0.87%	$	4.49	Milestone 2030 Investor M Shares**	$	1,000.00	$	1,020.48		0.87%	$	4.36
$1,000.00	$	1,036.40		0.62%	$	2.11	Milestone 2030 TM Shares**(b)	$	1,000.00	$	1,014.64		0.62%	$	2.09
$1,000.00	$	1,094.60		0.88%	$	4.57	Milestone 2035 Investor M Shares**	$	1,000.00	$	1,020.43		0.88%	$	4.41
$1,000.00	$	1,042.40		0.64%	$	2.18	Milestone 2035 TM Shares**(b)	$	1,000.00	$	1,014.57		0.64%	$	2.15
$1,000.00	$	1,102.20		0.89%	$	4.64	Milestone 2040 Investor M Shares**	$	1,000.00	$	1,020.38		0.89%	$	4.46
$1,000.00	$	1,045.90		0.64%	$	2.19	Milestone 2040 TM Shares**(b)	$	1,000.00	$	1,014.57		0.64%	$	2.15
$1,000.00	$	1,105.10		0.97%	$	5.06	Milestone 2045 Investor M Shares**	$	1,000.00	$	1,019.98		0.97%	$	4.86
$1,000.00	$	1,047.40		0.71%	$	2.43	Milestone 2045 TM Shares**(b)	$	1,000.00	$	1,014.34		0.71%	$	2.39
$1,000.00	$	1,104.40		1.10%	$	5.74	Milestone 2050 Investor M Shares**	$	1,000.00	$	1,019.34		1.10%	$	5.51
$1,000.00	$	1,046.20		0.85%	$	2.91	Milestone 2050 TM Shares**(b)	$	1,000.00	$	1,013.87		0.85%	$	2.86

* Expenses are calculated using each fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value over the period, multiplied by [number of days in most recent fiscal half year divided by total number of days in fiscal year e.g. 181/365] (to reflect the one-half year period).

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

(a) Net of waivers, if any.

(b) T Shares and TM Shares commenced operations on March 1, 2013.

(c) On March 1, 2013, all outstanding shares were renamed T Shares.

2

Vantagepoint Funds Returns*

As of June 30, 2013

	Year to Date through 6/30/2013			1 Year			3 Years			5 Years			10 Years			Since Inception			Inception Date
Actively Managed Funds1
Vantagepoint Low Duration Bond Fund Investor Shares		–0.46	%		1.39	%		1.98	%		3.10	%		3.26	%		—		12/00
Vantagepoint Low Duration Bond Fund T Shares		–0.37	%		1.48	%		2.02	%		3.12	%		3.27	%		—		3/13
Vantagepoint Inflation Protected Securities Fund		–7.57	%		–5.11	%		3.75	%		4.01	%		3.96	%		—		7/92
Investor Shares
Vantagepoint Inflation Protected Securities Fund T Shares		–7.51	%		–5.05	%		3.77	%		4.03	%		3.97	%		—		3/13
Vantagepoint Equity Income Fund Investor Shares		13.43	%		21.05	%		15.95	%		6.40	%		7.88	%		—		4/94
Vantagepoint Equity Income Fund T Shares		13.54	%		21.16	%		15.98	%		6.42	%		7.89	%		—		3/13
Vantagepoint Growth & Income Fund Investor Shares		14.57	%		22.65	%		17.63	%		7.27	%		7.22	%		—		10/98
Vantagepoint Growth & Income Fund T Shares		14.66	%		22.75	%		17.66	%		7.29	%		7.23	%		—		3/13
Vantagepoint Growth Fund Investor Shares		10.49	%		16.66	%		14.98	%		3.33	%		4.68	%		—		4/83
Vantagepoint Growth Fund T Shares		10.60	%		16.77	%		15.02	%		3.35	%		4.69	%		—		3/13
Vantagepoint Select Value Fund Investor Shares		15.53	%		25.61	%		18.45	%		9.53	%		—			5.81	%	10/07
Vantagepoint Select Value Fund T Shares		15.62	%		25.71	%		18.48	%		9.54	%		—			5.83	%	3/13
Vantagepoint Aggressive Opportunities Fund Investor Shares		15.29	%		22.39	%		13.57	%		7.33	%		9.20	%		—		10/94
Vantagepoint Aggressive Opportunities Fund T Shares		15.39	%		22.50	%		13.60	%		7.35	%		9.21	%		—		3/13
Vantagepoint Discovery Fund Investor Shares		14.98	%		21.92	%		17.82	%		7.93	%		—			4.18	%	10/07
Vantagepoint Discovery Fund T Shares		15.08	%		22.03	%		17.85	%		7.95	%		—			4.20	%	3/13
Vantagepoint International Fund Investor Shares		2.39	%		15.57	%		11.09	%		–0.23	%		7.36	%		—		10/94
Vantagepoint International Fund T Shares		2.49	%		15.69	%		11.13	%		–0.21	%		7.37	%		—		3/13
Vantagepoint Diversifying Strategies Fund T Shares		1.38	%		3.91	%		3.41	%		1.70	%		—			1.64	%	10/07
Index Funds1
Vantagepoint Core Bond Index Fund Class I		–2.75	%		–1.18	%		3.03	%		4.68	%		4.06	%		—		6/97
Vantagepoint Core Bond Index Fund Class II		–2.62	%		–0.95	%		3.26	%		4.91	%		4.27	%		—		4/99
Vantagepoint Core Bond Index Fund T Shares		–2.64	%		–1.07	%		3.07	%		4.70	%		4.08	%		—		3/13
Vantagepoint 500 Stock Index Fund Class I		13.52	%		20.04	%		18.00	%		6.62	%		6.86	%		—		6/97
Vantagepoint 500 Stock Index Fund Class II		13.80	%		20.43	%		18.23	%		6.84	%		7.07	%		—		4/99
Vantagepoint 500 Stock Index Fund T Shares		13.69	%		20.23	%		18.06	%		6.65	%		6.88	%		—		3/13
Vantagepoint Broad Market Index Fund Class I		13.82	%		20.82	%		18.13	%		6.97	%		7.65	%		—		10/94
Vantagepoint Broad Market Index Fund Class II		13.96	%		21.07	%		18.39	%		7.19	%		7.87	%		—		4/99
Vantagepoint Broad Market Index Fund T Shares		13.90	%		20.90	%		18.16	%		6.99	%		7.66	%		—		3/13
Vantagepoint Mid/Small Company Index Fund Class I		15.89	%		25.77	%		19.42	%		8.77	%		10.32	%		—		6/97
Vantagepoint Mid/Small Company Index Fund Class II		15.97	%		26.02	%		19.65	%		8.99	%		10.54	%		—		4/99
Vantagepoint Mid/Small Company Index Fund T Shares		16.02	%		25.91	%		19.46	%		8.79	%		10.33	%		—		3/13
Vantagepoint Overseas Equity Index Fund Class I		3.20	%		18.07	%		10.16	%		–0.80	%		7.24	%		—		6/97
Vantagepoint Overseas Equity Index Fund Class II		3.33	%		18.16	%		10.38	%		–0.61	%		7.48	%		—		4/99
Vantagepoint Overseas Equity Index Fund T Shares		3.30	%		18.18	%		10.20	%		–0.79	%		7.25	%		—		3/13

3

	Year to Date through 6/30/2013			1 Year			3 Years			5 Years			10 Years			Since Inception			Inception Date
Model Portfolio Funds1
Vantagepoint Conservative Growth Fund Investor M Shares		3.37	%		7.95	%		7.85	%		4.56	%		5.27	%		—		4/96
Vantagepoint Conservative Growth Fund TM Shares		3.46	%		8.03	%		7.88	%		4.58	%		5.28	%		—		3/13
Vantagepoint Traditional Growth Fund Investor M Shares		6.15	%		12.05	%		10.42	%		4.97	%		6.07	%		—		4/96
Vantagepoint Traditional Growth Fund TM Shares		6.24	%		12.15	%		10.45	%		4.98	%		6.07	%		—		3/13
Vantagepoint Long-Term Growth Fund Investor M Shares		8.11	%		15.06	%		12.18	%		5.09	%		6.80	%		—		4/96
Vantagepoint Long-Term Growth Fund TM Shares		8.20	%		15.16	%		12.22	%		5.11	%		6.81	%		—		3/13
Vantagepoint All-Equity Growth Fund Investor M Shares		11.20	%		19.88	%		15.17	%		5.15	%		7.29	%		—		10/00
Vantagepoint All-Equity Growth Fund TM Shares		11.29	%		19.98	%		15.21	%		5.17	%		7.30	%		—		3/13
Milestone Funds1,2
Vantagepoint Milestone Retirement Income Fund Investor M Shares		1.42	%		5.09	%		5.97	%		4.08	%		—			4.12	%	1/05
Vantagepoint Milestone Retirement Income Fund TM Shares		1.51	%		5.19	%		6.00	%		4.10	%		—			4.14	%	3/13
Vantagepoint Milestone 2010 Fund Investor M Shares		3.38	%		8.20	%		8.57	%		4.63	%		—			4.65	%	1/05
Vantagepoint Milestone 2010 Fund TM Shares		3.47	%		8.30	%		8.60	%		4.65	%		—			4.66	%	3/13
Vantagepoint Milestone 2015 Fund Investor M Shares		4.60	%		9.91	%		9.69	%		4.67	%		—			4.85	%	1/05
Vantagepoint Milestone 2015 Fund TM Shares		4.69	%		10.01	%		9.72	%		4.69	%		—			4.87	%	3/13
Vantagepoint Milestone 2020 Fund Investor M Shares		6.03	%		12.08	%		10.78	%		4.76	%		—			4.96	%	1/05
Vantagepoint Milestone 2020 Fund TM Shares		6.12	%		12.17	%		10.81	%		4.78	%		—			4.97	%	3/13
Vantagepoint Milestone 2025 Fund Investor M Shares		7.25	%		13.87	%		11.91	%		4.88	%		—			5.09	%	1/05
Vantagepoint Milestone 2025 Fund TM Shares		7.34	%		13.96	%		11.94	%		4.90	%		—			5.10	%	3/13
Vantagepoint Milestone 2030 Fund Investor M Shares		8.34	%		15.56	%		13.04	%		5.01	%		—			5.20	%	1/05
Vantagepoint Milestone 2030 Fund TM Shares		8.43	%		15.66	%		13.07	%		5.03	%		—			5.21	%	3/13
Vantagepoint Milestone 2035 Fund Investor M Shares		9.46	%		17.44	%		14.23	%		5.23	%		—			5.35	%	1/05
Vantagepoint Milestone 2035 Fund TM Shares		9.55	%		17.54	%		14.26	%		5.25	%		—			5.36	%	3/13
Vantagepoint Milestone 2040 Fund Investor M Shares		10.22	%		18.68	%		14.92	%		5.47	%		—			5.46	%	1/05
Vantagepoint Milestone 2040 Fund TM Shares		10.30	%		18.78	%		14.96	%		5.49	%		—			5.47	%	3/13
Vantagepoint Milestone 2045 Fund Investor M Shares		10.51	%		19.07	%		14.95	%		—			—			10.58	%	1/10
Vantagepoint Milestone 2045 Fund TM Shares		10.59	%		19.16	%		14.98	%		—			—			10.61	%	3/13
Vantagepoint Milestone 2050 Fund Investor M Shares		10.44	%		—			—			—			—			13.38	%	9/12
Vantagepoint Milestone 2050 Fund TM Shares		10.54	%		—			—			—			—			13.48	%	3/13

* 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. Current performance is available by calling 800-669-7400 or at www.icmarc.org/vpperformance.

¹  Prior to March 1, 2013, only the Index Funds offered more than one class of shares. In the above table, performance information for the T Shares of the Actively Managed Funds, for the TM Shares of the Model Portfolio Funds and Milestone Funds, and T Shares for the Index Funds is based on the single share class offered before March 1, 2013, the inception date for the T Shares and TM Shares, except that the performance information for the T Shares of the Index Funds was based on Class I of those Funds. This prior performance has not been adjusted to reflect the actual fees and expenses paid by the T Shares or TM Shares. Performance of the Model Portfolio Funds and Milestone Funds is dependent upon the performance of the underlying funds in which each Model Portfolio Fund and Milestone Fund invests. On March 1, 2013, all outstanding shares of the Diversifying Strategies Fund were renamed T Shares.

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

4

Vantagepoint Funds Investment Objectives

Fund ticker symbols are included in parentheses after fund names. Total net assets presented are as of June 30, 2013.

ACTIVELY MANAGED FUNDS

Other than the Vantagepoint Diversifying Strategies Fund, Investor Shares and T Shares ticker symbols are listed. For the Vantagepoint Diversifying Strategies Fund, the T Shares ticker symbol is listed. Inception date listed is for the fund and not for the respective classes.

Low Duration Bond Fund (VPIPX/VQIPX)	Year of Inception: 2000	Total Net Assets: $560 million
Investment Objective:	To seek total return that is consistent with preservation of capital.
Investment Subadvisers:	Payden & Rygel STW Fixed Income Management LLC
Market Index:	BofA Merrill Lynch 1-3 Year US Corporate & Government Index
Peer Group:	Morningstar Short-Term Bond Funds Average
Inflation Protected Securities Fund (VPTSX/VQTSX)	Year of Inception: 1992	Total Net Assets: $575 million
Investment Objective:	To offer current income.
Investment Subadvisers:	BlackRock Financial Management, Inc. Pacific Investment Management Company, LLC
Market Index:	Barclays U.S. TIPS Index (Series - L)
Peer Group:	Morningstar Inflation-Protected Bond Funds Average
Equity Income Fund (VPEIX/VQEIX)	Year of Inception: 1994	Total Net Assets: $2,168 million
Investment Objective:	To offer long-term capital growth with consistency derived from dividend yield.
Investment Subadvisers:	Barrow, Hanley, Mewhinney & Strauss, LLC Southeastern Asset Management, Inc. T. Rowe Price Associates, Inc.
Market Index:	Russell 1000 Value Index
Peer Group:	Morningstar Large Value Funds Average
Growth & Income Fund (VPGIX/VQGIX)	Year of Inception: 1998	Total Net Assets: $1,422 million
Investment Objective:	To offer long-term capital growth and current income.
Investment Subadvisers:	Fiduciary Management, Inc. T. Rowe Price Associates, Inc. Wellington Management Company, LLP
Market Index:	S&P 500 Index
Peer Group:	Morningstar Large Blend Funds Average
Growth Fund (VPGRX/VQGRX)	Year of Inception: 1983	Total Net Assets: $2,010 million
Investment Objective:	To offer long-term capital growth.
Investment Subadvisers:	Atlanta Capital Management Company, LLC Columbus Circle Investors Victory Capital Management Inc. Westfield Capital Management Company, L.P.
Market Index:	Russell 1000 Growth Index
Peer Group:	Morningstar Large Growth Funds Average

5

Select Value Fund (VPSVX/VQSVX)	Year of Inception: 2007	Total Net Assets: $417 million
Investment Objective:	To offer long-term growth from dividend income and capital appreciation.
Investment Subadvisers:	Artisan Partners Limited Partnership Systematic Financial Management, L.P. WEDGE Capital Management L.L.P.
Market Index:	Russell Midcap Value Index
Peer Group:	Morningstar Mid-Cap Value Funds Average
Aggressive Opportunities Fund (VPAOX/VQAOX)	Year of Inception: 1994	Total Net Assets: $1,071 million
Investment Objective:	To offer high long-term capital appreciation.
Investment Subadvisers:	Southeastern Asset Management, Inc. SSgA Funds Management, Inc. TimesSquare Capital Management, LLC Wells Capital Management Inc.
Market Index:	Russell Midcap Growth Index
Peer Group:	Morningstar Mid-Cap Growth Funds Average
Discovery Fund (VPDSX/VQDSX)	Year of Inception: 2007	Total Net Assets: $232 million
Investment Objective:	To offer long-term capital growth.
Investment Subadvisers:	Payden & Rygel Wellington Management Company, LLP
Market Index:	Russell 2000 Index
Peer Group:	Morningstar Small Blend Funds Average
International Fund (VPINX/VQINX)	Year of Inception: 1994	Total Net Assets: $1,215 million
Investment Objective:	To offer long-term capital growth and diversification by country.
Investment Subadvisers:	Artisan Partners Limited Partnership GlobeFlex Capital, LP Mondrian Investment Partners Limited Walter Scott & Partners Limited
Market Index:	MSCI Europe Australasia Far East (EAFE) Index (Net)
Peer Group:	Morningstar Foreign Large Blend Funds Average
Diversifying Strategies Fund (VPDAX)	Year of Inception: 2007	Total Net Assets: $999 million
Investment Objective:	To offer long-term capital growth.
Investment Subadvisers:	Calamos Advisors LLC Mellon Capital Management Corporation Payden & Rygel Shenkman Capital Management, Inc.
Market Index:	Barclays U.S. Intermediate Aggregate Bond Index

6

INDEX FUNDS

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

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

Core Bond Index Fund (VPCIX/VPCDX/VQCIX)	Year of Inception: 1997	Total Net Assets: $1,246 million
Investment Objective:	To offer current income by approximating the performance of the Barclays U.S. Aggregate Bond Index.
Market Index:	Barclays U.S. Aggregate Bond Index
500 Stock Index Fund (VPFIX/VPSKX/VQFIX)	Year of Inception: 1997	Total Net Assets: $571 million
Investment Objective:	To offer long-term capital growth by approximating the performance of the S&P 500 Index.
Market Index:	S&P 500 Index
Broad Market Index Fund (VPMIX/VPBMX/VQMIX)	Year of Inception: 1994	Total Net Assets: $625 million
Investment Objective:	To offer long-term capital growth by approximating the performance of the Russell 3000® Index.*
Market Index:	Russell 3000® Index
Mid/Small Company Index Fund (VPSIX/VPMSX/VQSIX)	Year of Inception: 1997	Total Net Assets: $583 million
Investment Objective:	To offer long-term capital growth by approximating the performance of the Russell 2500™ Index.**
Market Index:	Russell 2500™ Index
Overseas Equity Index Fund (VPOIX/VPOEX/VQOIX)	Year of Inception: 1997	Total Net Assets: $245 million
Investment Objective:	To offer long-term capital growth and diversification by approximating the performance of the MSCI EAFE Index (Net).
Market Index:	MSCI EAFE Index (Net)

* On May 1, 2013, the Vantagepoint Broad Market Index Fund changed its benchmark index from the Wilshire 5000 Total Market Index to the Russell 3000 Index. The Vantagepoint Broad Market Index Fund made this index change in response to investor preferences, and in an effort to lower trading costs and improve operational efficiencies.

** On May 1, 2013, the Vantagepoint Mid/Small Company Index Fund changed its benchmark index from the Wilshire 4500 Completion Index to the Russell 2500 Index. The Vantagepoint Mid/Small Company Index Fund made this index change in response to investor preferences, and in an effort to lower trading costs and improve operational efficiencies.

7

MODEL PORTFOLIO FUNDS

Investor M Shares and TM Shares ticker symbols are listed. Inception date listed is for the fund and not for the respective classes. As of March 1, 2013, the Model Portfolio Funds invest in T Shares of the underlying Vantagepoint Funds.

Model Portfolio Conservative Growth Fund (VPCGX/VQCGX)	Year of Inception: 1996	Total Net Assets: $625 million
Investment Objective:	To offer reasonable current income and capital preservation, with modest potential for capital growth.
Allocation Ranges:	FIXED INCOME FUNDS
	Vantagepoint Low Duration Bond Fund	14% – 24%
	Vantagepoint Core Bond Index Fund	7% – 17%
	Vantagepoint Inflation Protected Securities Fund	5% – 15%
	EQUITY FUNDS
	Vantagepoint Equity Income Fund	6% – 16%
	Vantagepoint Growth & Income Fund	4% – 14%
	Vantagepoint Growth Fund	1% – 11%
	Vantagepoint Select Value Fund	0% – 8%
	Vantagepoint Aggressive Opportunities Fund	0% – 8%
	Vantagepoint International Fund	2% – 12%
	Third Party Emerging Markets Exchange-Traded Fund	0% – 5%
	MULTI-STRATEGY FUND
	Vantagepoint Diversifying Strategies Fund	17% – 21%
Market Index:	Barclays U.S. Intermediate Aggregate Bond Index
Peer Group:	Morningstar Conservative Allocation Funds Average
Model Portfolio Traditional Growth Fund (VPTGX/VQTGX)	Year of Inception: 1996	Total Net Assets: $1,538 million
Investment Objective:	To offer moderate capital growth and reasonable current income.
Allocation Ranges:	FIXED INCOME FUNDS
	Vantagepoint Low Duration Bond Fund	3% – 13%
	Vantagepoint Core Bond Index Fund	8% – 18%
	Vantagepoint Inflation Protected Securities Fund	0% – 9%
	EQUITY FUNDS
	Vantagepoint Equity Income Fund	7% – 17%
	Vantagepoint Growth & Income Fund	7% – 17%
	Vantagepoint Growth Fund	5% – 15%
	Vantagepoint Select Value Fund	1% – 11%
	Vantagepoint Aggressive Opportunities Fund	1% – 11%
	Vantagepoint Discovery Fund	0% – 8%
	Vantagepoint International Fund	6% – 16%
	Third Party Emerging Markets Exchange-Traded Fund	0% – 5%
	MULTI-STRATEGY FUND
	Vantagepoint Diversifying Strategies Fund	13% – 17%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Moderate Allocation Funds Average

8

Model Portfolio Long-Term Growth Fund (VPLGX/VQLGX)	Year of Inception: 1996	Total Net Assets: $1,976 million
Investment Objective:	To offer high long-term capital growth and modest current income.
Allocation Ranges:	FIXED INCOME FUNDS
	Vantagepoint Core Bond Index Fund	8% – 18%
	EQUITY FUNDS
	Vantagepoint Equity Income Fund	8% – 18%
	Vantagepoint Growth & Income Fund	8% – 18%
	Vantagepoint Growth Fund	7% – 17%
	Vantagepoint Select Value Fund	4% – 14%
	Vantagepoint Aggressive Opportunities Fund	4% – 14%
	Vantagepoint Discovery Fund	0% – 10%
	Vantagepoint International Fund	9% – 19%
	Third Party Emerging Markets Exchange-Traded Fund	0% – 5%
	MULTI-STRATEGY FUND
	Vantagepoint Diversifying Strategies Fund	10% – 14%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Aggressive Allocation Funds Average
Model Portfolio All-Equity Growth Fund (VPAGX/VQAGX)	Year of Inception: 2000	Total Net Assets: $784 million
Investment Objective:	To offer high long-term capital growth.
Allocation Ranges:	EQUITY FUNDS
	Vantagepoint Equity Income Fund	13% – 23%
	Vantagepoint Growth & Income Fund	12% – 22%
	Vantagepoint Growth Fund	12% – 22%
	Vantagepoint Select Value Fund	5% – 15%
	Vantagepoint Aggressive Opportunities Fund	5% – 15%
	Vantagepoint Discovery Fund	4% – 14%
	Vantagepoint International Fund	12% – 22%
	Third Party Emerging Markets Exchange-Traded Fund	0% – 5%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Large Blend Funds Average

9

VANTAGEPOINT MILESTONE FUNDS

Investor M Shares and TM Shares ticker symbols are listed. Inception date listed is for the fund and not for the respective classes. As of March 1, 2013, the Milestone Funds invest in T Shares of the underlying Vantagepoint Funds.

Milestone Retirement Income Fund (VPRRX/VQRRX)	Year of Inception: 2005	Total Net Assets: $315 million
Investment Objective:	To seek to offer current income and opportunities for capital growth that have limited risk.
Allocation Ranges:	FIXED INCOME FUNDS
	Vantagepoint Low Duration Bond Fund	26% – 36%
	Vantagepoint Core Bond Index Fund	4% – 14%
	Vantagepoint Inflation Protected Securities Fund	10% – 20%
	EQUITY FUNDS
	Vantagepoint Equity Income Fund	5% – 15%
	Vantagepoint Growth & Income Fund	5% – 15%
	Vantagepoint International Fund	0% – 9%
	Third Party Emerging Markets Exchange-Traded Fund	0% – 5%
	MULTI-STRATEGY FUND
	Vantagepoint Diversifying Strategies Fund	15% – 25%
Market Index:	Barclays U.S. Intermediate Aggregate Bond Index
Peer Group:	Morningstar Retirement Income Funds Average
Milestone 2010 Fund (VPRQX/VQRQX)	Year of Inception: 2005	Total Net Assets: $273 million
Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	FIXED INCOME FUNDS
	Vantagepoint Low Duration Bond Fund	12% – 22%
	Vantagepoint Core Bond Index Fund	2% – 12%
	Vantagepoint Inflation Protected Securities Fund	10% – 20%
	EQUITY FUNDS
	Vantagepoint Equity Income Fund	12% – 22%
	Vantagepoint Growth & Income Fund	6% – 16%
	Vantagepoint Growth Fund	1% – 11%
	Vantagepoint International Fund	3% – 13%
	Third Party Emerging Markets Exchange-Traded Fund	0% – 5%
	MULTI-STRATEGY FUND
	Vantagepoint Diversifying Strategies Fund	13% – 23%
Market Index:	Barclays U.S. Intermediate Aggregate Bond Index
Peer Group:	Morningstar Target Date 2000–2010 Funds Average

10

Milestone 2015 Fund (VPRPX/VQRPX)	Year of Inception: 2005	Total Net Assets: $507 million
Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	FIXED INCOME FUNDS
	Vantagepoint Low Duration Bond Fund	7% – 17%
	Vantagepoint Core Bond Index Fund	3% – 13%
	Vantagepoint Inflation Protected Securities Fund	7% – 17%
	EQUITY FUNDS
	Vantagepoint Equity Income Fund	14% – 24%
	Vantagepoint Growth & Income Fund	6% – 16%
	Vantagepoint Growth Fund	3% – 13%
	Vantagepoint Mid/Small Company Index Fund	0% – 8%
	Vantagepoint International Fund	4% – 14%
	Third Party Emerging Markets Exchange-Traded Fund	0% – 5%
	MULTI-STRATEGY FUND
	Vantagepoint Diversifying Strategies Fund	12% – 22%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Target Date 2011–2015 Funds Average
Milestone 2020 Fund (VPROX/VQROX)	Year of Inception: 2005	Total Net Assets: $558 million
Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	FIXED INCOME FUNDS
	Vantagepoint Low Duration Bond Fund	3% – 13%
	Vantagepoint Core Bond Index Fund	7% – 17%
	Vantagepoint Inflation Protected Securities Fund	0% – 10%
	EQUITY FUNDS
	Vantagepoint Equity Income Fund	15% – 25%
	Vantagepoint Growth & Income Fund	6% – 16%
	Vantagepoint Growth Fund	3% – 13%
	Vantagepoint Mid/Small Company Index Fund	3% – 13%
	Vantagepoint International Fund	5% – 15%
	Third Party Emerging Markets Exchange-Traded Fund	0% – 5%
	MULTI-STRATEGY FUND
	Vantagepoint Diversifying Strategies Fund	11% – 21%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Target Date 2016–2020 Funds Average

11

Milestone 2025 Fund (VPRNX/VQRNX)	Year of Inception: 2005	Total Net Assets: $454 million
Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	FIXED INCOME FUNDS
	Vantagepoint Low Duration Bond Fund	0% – 9%
	Vantagepoint Core Bond Index Fund	9% – 19%
	EQUITY FUNDS
	Vantagepoint Equity Income Fund	17% – 27%
	Vantagepoint Growth & Income Fund	7% – 17%
	Vantagepoint Growth Fund	4% – 14%
	Vantagepoint Mid/Small Company Index Fund	5% – 15%
	Vantagepoint International Fund	7% – 17%
	Third Party Emerging Markets Exchange-Traded Fund	0% – 5%
	MULTI-STRATEGY FUND
	Vantagepoint Diversifying Strategies Fund	9% – 19%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Target Date 2021–2025 Funds Average
Milestone 2030 Fund (VPRMX/VQRMX)	Year of Inception: 2005	Total Net Assets: $358 million
Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	FIXED INCOME FUNDS
	Vantagepoint Low Duration Bond Fund	0% – 7%
	Vantagepoint Core Bond Index Fund	6% – 16%
	EQUITY FUNDS
	Vantagepoint Equity Income Fund	19% – 29%
	Vantagepoint Growth & Income Fund	9% – 19%
	Vantagepoint Growth Fund	5% – 15%
	Vantagepoint Mid/Small Company Index Fund	8% – 18%
	Vantagepoint International Fund	8% – 18%
	Third Party Emerging Markets Exchange-Traded Fund	0% – 5%
	MULTI-STRATEGY FUND
	Vantagepoint Diversifying Strategies Fund	7% – 17%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Target Date 2026–2030 Funds Average

12

Milestone 2035 Fund (VPRLX/VQRLX)	Year of Inception: 2005	Total Net Assets: $243 million
Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	FIXED INCOME FUNDS
	Vantagepoint Low Duration Bond Fund	0% – 6%
	Vantagepoint Core Bond Index Fund	2% – 12%
	EQUITY FUNDS
	Vantagepoint Equity Income Fund	20% – 30%
	Vantagepoint Growth & Income Fund	10% – 20%
	Vantagepoint Growth Fund	6% – 16%
	Vantagepoint Mid/Small Company Index Fund	1% – 21%
	Vantagepoint International Fund	9% – 19%
	Third Party Emerging Markets Exchange-Traded Fund	0% – 5%
	MULTI- STRATEGY FUND
	Vantagepoint Diversifying Strategies Fund	3% – 13%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Target Date 2031–2035 Funds Average
Milestone 2040 Fund (VPRKX/VQRKX)	Year of Inception: 2005	Total Net Assets: $237 million
Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	FIXED INCOME FUNDS
	Vantagepoint Core Bond Index Fund	0% – 10%
	EQUITY FUNDS
	Vantagepoint Equity Income Fund	22% – 32%
	Vantagepoint Growth & Income Fund	10% – 20%
	Vantagepoint Growth Fund	7% – 17%
	Vantagepoint Mid/Small Company Index Fund	14% – 24%
	Vantagepoint International Fund	10% – 20%
	Third Party Emerging Markets Exchange-Traded Fund	0% – 5%
	MULTI-STRATEGY FUND
	Vantagepoint Diversifying Strategies Fund	0% – 8%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Target Date 2036–2040 Funds Average
Milestone 2045 Fund (VPRJX/VQRJX)	Year of Inception: 2010	Total Net Assets: $70 million
Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	FIXED INCOME FUNDS
	Vantagepoint Core Bond Index Fund	0% – 10%
	EQUITY FUNDS
	Vantagepoint Equity Income Fund	22% – 32%
	Vantagepoint Growth & Income Fund	11% – 21%
	Vantagepoint Growth Fund	8% – 18%
	Vantagepoint Mid/Small Company Index Fund	15% – 25%
	Vantagepoint International Fund	11% – 21%
	Third Party Emerging Markets Exchange-Traded Fund	0% – 5%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Target Date 2041–2045 Funds Average

13

Milestone 2050 Fund (VPRHX/VQRHX)	Year of Inception: 2012	Total Net Assets: $11 million
Investment Objective:	To offer high total return consistent with the Fund’s current asset allocation.
Allocation Ranges:	FIXED INCOME FUNDS
	Vantagepoint Core Bond Index Fund	0% – 10%
	EQUITY FUNDS
	Vantagepoint Equity Income Fund	22% – 32%
	Vantagepoint Growth & Income Fund	11% – 21%
	Vantagepoint Growth Fund	8% – 18%
	Vantagepoint Mid/Small Company Index Fund	15% – 25%
	Vantagepoint International Fund	11% – 21%
	Third Party Emerging Markets Exchange-Traded Fund	0% – 5%
Market Index:	S&P 500 Index
Peer Group:	Morningstar Target Date 2046–2050 Funds Average

14

Comparative Benchmark Indexes

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

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

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

Barclays U.S. Treasury Inflation Protected Securities (“TIPS”) Index (Series-L) — consists of all U.S. Treasury inflation protected securities rated investment grade or better, having at least one year to final maturity, and at least $250 million par amount outstanding. The Series L reference identifies this index as the former Lehman Brothers U.S. Treasury Inflation Protected Securities (TIPS) Index.

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

MSCI Europe Australasia Far East (“EAFE”) Index (Net) — is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada, and approximates the minimum possible dividend reinvestment after deduction of withholding tax according to MSCI Barra’s methodology.

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

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

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

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

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

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

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

Russell 2500™ Index — measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000 Index, and includes approximately 2,500 of the smallest securities in the Russell 3000 Index, based on a combination of their market capitalization and current index membership.

Russell 3000^® Index — measures the performance of the largest 3000 U.S. publicly traded companies based on market capitalization, representing a substantial portion of the investable U.S. equity market.

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

Wilshire 5000 Total Market Index — consists of all U.S. equity securities with readily available price data (which includes common stocks, interests in real estate investment trusts and limited partnership interests of U.S. companies, that have their primary market listing in the U.S.) and is calculated using a float-adjusted market capitalization weighting. The float-adjusted methodology adjusts an individual stock’s market capitalization to account for (by excluding) shares that may be restricted or otherwise unavailable for purchase.

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

15

Vantagepoint Funds Portfolio Holdings (as of June 30, 2013)

Fixed Income Funds’ Sector Allocation (% of Net Assets)

	Asset- backed			Mortgage- backed			Corpo- rates			U.S. Treasury			U.S. Treasury Inflation Protected			U.S. Government Agency			Non-U.S. Government Agency
Low Duration Bond Fund		6.7	%		5.5	%		69.2	%		11.1	%		0.0	%		0.6	%		0.2	%
Inflation Protected Securities Fund		0.5	%		0.5	%		1.4	%		2.8	%		92.7	%		0.2	%		0.4	%
Core Bond Index Fund		0.4	%		31.1	%		21.8	%		35.9	%		0.0	%		4.6	%		1.3	%

	Sovereign			Supranational			U.S. Municipal			Non-U.S. Regional Authority			Cash/Cash Equivalents1
Low Duration Bond Fund		0.4	%		1.0	%		1.4	%		0.0	%		3.9	%
Inflation Protected Securities Fund		0.0	%		0.0	%		0.0	%		0.0	%		1.4	%
Core Bond Index Fund		1.6	%		1.2	%		1.0	%		0.4	%		0.7	%

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

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

	Stocks			Cash/Cash Equivalents1
Equity Income Fund		92.2	%		7.8	%
500 Stock Index Fund		98.5	%		1.5	%
Growth & Income Fund		95.6	%		4.4	%
Broad Market Index Fund		99.4	%		0.6	%
Growth Fund		96.5	%		3.5	%
Select Value Fund		95.2	%		4.8	%
Aggressive Opportunities Fund		97.0	%		3.0	%
Mid/Small Company Index Fund		98.0	%		2.0	%

Equity Funds’ Sector Allocation (% of Total Investments)

	Consumer Discretionary			Consumer Staples			Energy			Financials			Health Care			Industrials			Information Technology			Materials			Telecomm Services			Utilities			Other
Equity Income Fund		10.1	%		6.4	%		14.7	%		25.9	%		10.3	%		13.1	%		7.9	%		3.2	%		6.3	%		2.1	%		0.0	%
500 Stock Index Fund		12.1	%		10.5	%		10.5	%		16.7	%		12.8	%		10.2	%		17.8	%		3.3	%		2.8	%		3.3	%		0.0	%
Growth & Income Fund		14.2	%		7.4	%		9.4	%		20.8	%		10.9	%		15.5	%		14.9	%		4.8	%		1.2	%		1.0	%		0.0	%
Broad Market Index Fund		13.0	%		9.2	%		9.6	%		17.6	%		12.5	%		11.3	%		17.2	%		3.6	%		2.6	%		3.3	%		0.0	%
Growth Fund		19.2	%		6.7	%		6.0	%		7.7	%		15.8	%		12.3	%		26.1	%		5.8	%		0.4	%		0.0	%		0.0	%
Select Value Fund		12.4	%		4.0	%		9.4	%		27.0	%		6.0	%		15.7	%		15.0	%		4.1	%		0.0	%		6.4	%		0.0	%
Aggressive Opportunities Fund		18.7	%		4.9	%		7.0	%		12.4	%		9.9	%		20.5	%		18.9	%		4.2	%		3.2	%		0.3	%		0.0	%
Mid/Small Company Index Fund		15.2	%		3.3	%		5.7	%		23.5	%		10.2	%		15.5	%		14.1	%		6.4	%		1.2	%		5.0	%		0.1	%

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

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

16

Vantagepoint Funds Portfolio Holdings (continued)

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

	Stocks			Bonds			Cash/Cash Equivalents1
Discovery Fund*		97.7	%		48.3	%		3.9	%

^*  For the Discovery Fund, portfolio exposures represent the market value of physical securities and a measurement of the exposure through the derivative instruments held by the Fund as a percent of the Fund’s net assets. For the purpose of displaying this allocation information, exposure through derivatives is measured based on the value of the underlying assets, rate or index represented by the derivative. This measurement is different from the valuation used for the purposes of calculating the Fund’s net asset value, is intended to reflect the “economic exposure” of the derivative, and results in a total percentage reflected in the chart that exceeds 100%.

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

	Asset- backed			Mortgage- backed			Corporates			U.S. Treasury			U.S. Treasury Inflation Protected			U.S. Government Agency			Non-U.S. Government Agency
Discovery Fund*		6.5	%		4.8	%		51.5	%		26.3	%		0.0	%		5.0	%		0.4	%

	Sovereign			Supranational			U.S. Municipal			Non-U.S. Regional Authority			Cash/Cash Equivalents1
Discovery Fund*		0.1	%		0.0	%		0.3	%		0.0	%		5.1	%

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

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

	Consumer Discretionary			Consumer Staples			Energy			Financials			Health Care
Discovery Fund*		15.1	%		2.6	%		6.2	%		20.6	%		14.2	%

	Industrials			Information Technology			Materials			Telecomm Services			Utilities			Other
Discovery Fund*		17.1	%		15.7	%		5.2	%		0.3	%		2.9	%		0.0	%

^* For the Discovery Fund, the equity sector allocations were calculated using the actual equity securities held by the Fund and blending them with the sectors represented in the Russell 2000 Index futures held by this Fund. This represents the portion of the Fund classified as stocks above and due to rounding, the allocations may not add up to 100%.

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

	Australia			Canada			France			Germany			Hong Kong			Italy			Japan			Netherlands
International Fund		4.3	%		3.0	%		7.6	%		8.3	%		4.3	%		1.2	%		16.9	%		3.6	%
Overseas Equity Index Fund		7.9	%		0.0	%		9.1	%		8.5	%		2.9	%		1.9	%		22.3	%		4.4	%

	Singapore			Spain			Sweden			Switzerland			United Kingdom			Cash/Cash Equivalents1			Other**
International Fund		1.8	%		2.2	%		0.7	%		7.6	%		15.4	%		3.0	%		20.1	%
Overseas Equity Index Fund		1.6	%		2.8	%		3.0	%		9.6	%		18.9	%		1.2	%		5.9	%

^** Other represents countries not listed with under a 2.3% individual weighting.

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

17

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

	Low Duration Bond Fund			Core Bond Index Fund			Inflation Protected Securities Fund			Equity Income Fund			Growth & Income Fund			Growth Fund			Select Value Fund
Model Portfolio Conservative Growth Fund		19.0	%		12.0	%		10.0	%		11.0	%		9.0	%		6.0	%		3.0	%
Model Portfolio Traditional Growth Fund		8.0	%		13.0	%		4.0	%		12.0	%		12.0	%		10.0	%		5.5	%
Model Portfolio Long-Term Growth Fund		0.0	%		13.0	%		0.0	%		13.0	%		13.0	%		11.5	%		8.5	%
Model Portfolio All-Equity Growth Fund		0.0	%		0.0	%		0.0	%		18.0	%		17.0	%		17.0	%		9.5	%
Milestone Retirement Income Fund		31.0	%		9.0	%		15.0	%		10.0	%		10.0	%		0.0	%		0.0	%
Milestone 2010 Fund		16.7	%		6.6	%		15.0	%		17.3	%		11.0	%		6.5	%		0.0	%
Milestone 2015 Fund		12.0	%		8.6	%		11.3	%		19.0	%		11.0	%		7.5	%		0.0	%
Milestone 2020 Fund		8.0	%		12.9	%		3.8	%		20.4	%		11.4	%		8.0	%		0.0	%
Milestone 2025 Fund		4.1	%		14.0	%		0.0	%		22.5	%		12.5	%		9.0	%		0.0	%
Milestone 2030 Fund		1.6	%		10.6	%		0.0	%		23.9	%		13.8	%		10.1	%		0.0	%
Milestone 2035 Fund		0.6	%		6.6	%		0.0	%		25.3	%		14.7	%		11.4	%		0.0	%
Milestone 2040 Fund		0.0	%		5.0	%		0.0	%		26.7	%		15.5	%		12.3	%		0.0	%
Milestone 2045 Fund		0.0	%		5.0	%		0.0	%		27.4	%		16.0	%		12.6	%		0.0	%
Milestone 2050 Fund		0.0	%		5.0	%		0.0	%		27.4	%		16.0	%		12.6	%		0.0	%

	Mid/Small Company Index Fund			Aggressive Opportunities Fund			Discovery Fund			International Fund			Third Party Emerging Markets ETF			Diversifying Strategies Fund
Model Portfolio Conservative Growth Fund		0.0	%		3.0	%		0.0	%		7.0	%		1.0	%		19.0	%
Model Portfolio Traditional Growth Fund		0.0	%		5.5	%		3.0	%		11.0	%		1.0	%		15.0	%
Model Portfolio Long-Term Growth Fund		0.0	%		8.5	%		4.5	%		14.0	%		2.0	%		12.0	%
Model Portfolio All-Equity Growth Fund		0.0	%		9.5	%		9.0	%		17.0	%		3.0	%		0.0	%
Milestone Retirement Income Fund		0.0	%		0.0	%		0.0	%		4.0	%		1.0	%		20.0	%
Milestone 2010 Fund		0.0	%		0.0	%		0.0	%		7.8	%		1.0	%		18.1	%
Milestone 2015 Fund		3.4	%		0.0	%		0.0	%		8.8	%		1.5	%		16.9	%
Milestone 2020 Fund		8.0	%		0.0	%		0.0	%		10.0	%		2.0	%		15.6	%
Milestone 2025 Fund		10.5	%		0.0	%		0.0	%		11.7	%		2.0	%		13.8	%
Milestone 2030 Fund		13.3	%		0.0	%		0.0	%		13.5	%		2.0	%		11.3	%
Milestone 2035 Fund		16.9	%		0.0	%		0.0	%		14.1	%		3.0	%		7.5	%
Milestone 2040 Fund		19.5	%		0.0	%		0.0	%		15.5	%		3.0	%		2.5	%
Milestone 2045 Fund		20.0	%		0.0	%		0.0	%		16.0	%		3.0	%		0.0	%
Milestone 2050 Fund		20.0	%		0.0	%		0.0	%		16.0	%		3.0	%		0.0	%

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

	Stocks						Bonds						Cash						Currencies
	Long			Short			Long			Short			Long			Short			Long			Short
Diversifying Strategies Fund***		7	%		–1	%		90	%		–5	%		5	%		0	%		4	%		–5	%

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

18

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2013 (Unaudited)

	Low Duration Bond			Inflation Protected Securities			Equity Income
ASSETS:
Investment in securities, at value†	$	573,283,104		$	575,767,573		$	2,177,048,149
Cash		53,216			16			120,091
Cash denominated in foreign currencies		24,008			200,440			—
Receivables:
Dividends		1,871			565			2,740,402
Interest		3,232,990			2,881,204			—
Security lending income		1,762			—			5,932
Investments sold		4,256,638			9,970,197			5,220,458
Fund shares sold		635,173			932,955			1,857,115
Due from broker—swap agreements collateral		—			6,000			—
Due from broker—futures contracts collateral		—			269,000			—
Swap agreements, at value		—			14,203,901			—
Unrealized appreciation on forward foreign currency exchange contracts		50,548			—			—
Total Assets		581,539,310			604,231,851			2,186,992,147
LIABILITIES:
Payables:
Investments purchased		5,138,193			12,922,627			8,046,563
Distributions		612,375			—			—
Fund shares redeemed		366,002			236,095			243,464
Variation margin on futures contracts		1,099			118,923			—
Variation margin on swap agreements		—			113,602			—
Collateral for securities loaned		15,078,515			—			8,692,529
Swap agreements, at value		—			14,394,169			—
Written Options, at value (Premium $0, $392,729 and $0)		—			845,719			—
Unrealized depreciation on forward foreign currency exchange contracts		89,842			—			—
Accrued Expenses:
Advisory fees		46,352			48,398			180,569
Subadviser fees		201,276			227,308			1,795,364
Fund services fees		55,254			56,251			191,589
Administration fees		7,278			7,278			7,278
Directors’ fees and expenses		4,451			3,956			15,457
Other accrued expenses		66,156			59,084			223,407
Total Liabilities		21,666,793			29,033,410			19,396,220
NET ASSETS	$	559,872,517		$	575,198,441		$	2,167,595,927
NET ASSETS REPRESENTED BY:
Paid-in capital	$	556,425,229		$	567,775,456		$	1,670,069,274
Undistributed net investment income (loss)		(153,886	)		(602,904	)		17,368,121
Accumulated net realized gain on investments, futures contracts, foreign currency transactions, written options and swap agreements		1,727,357			9,239,020			63,263,452
Net unrealized appreciation (depreciation) on investments, futures contracts, foreign currency transactions, written options and swap agreements		1,873,817			(1,213,131	)		416,895,080
NET ASSETS	$	559,872,517		$	575,198,441		$	2,167,595,927
CAPITAL SHARES:
Net Assets—Investor Shares	$	42,950,044		$	36,425,149		$	52,540,559
Shares Outstanding—Investor Shares		4,259,202			3,333,202			5,140,270
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.08		$	10.93		$	10.22
Net Assets—T Shares	$	516,922,473		$	538,773,292		$	2,115,055,368
Shares Outstanding—T Shares		51,265,111			49,292,169			206,750,426
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.08		$	10.93		$	10.23
Cost of investments	$	571,480,259		$	576,090,967		$	1,760,149,819
Cost of cash denominated in foreign currencies	$	24,453		$	212,417		$	—
† Includes securities on loan with values of (Note 7):	$	14,761,260		$	—		$	8,406,864

See Notes to Financial Statements

19

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2013 (Unaudited)

	Growth & Income		Growth			Select Value		Aggressive Opportunities
ASSETS:
Investment in securities, at value†	$	1,430,672,437	$	2,030,662,490		$	415,958,150	$	1,120,614,772
Cash		—		692,087			—		83
Receivables:
Dividends		1,780,875		1,495,669			665,895		427,883
Security lending income		2,321		23,315			592		34,520
Investments sold		6,951,009		27,984,831			4,201,894		68,931,846
Fund shares sold		540,011		477,113			607,580		162,441
Recoverable foreign taxes		648		—			—		7,196
Total Assets		1,439,947,301		2,061,335,505			421,434,111		1,190,178,741
LIABILITIES:
Payables:
Investments purchased		11,434,905		21,173,921			3,404,886		73,007,203
Fund shares redeemed		457,997		447,700			—		416
Collateral for securities loaned		4,919,230		27,793,362			—		45,237,391
Accrued Expenses:
Advisory fees		118,016		167,148			33,972		88,357
Subadviser fees		1,109,858		1,513,157			489,371		933,587
Fund services fees		125,150		172,645			35,409		93,903
Administration fees		7,278		7,269			7,278		7,278
Directors’ fees and expenses		9,967		15,702			2,816		10,058
Other accrued expenses		142,452		206,200			69,943		93,782
Total Liabilities		18,324,853		51,497,104			4,043,675		119,471,975
NET ASSETS	$	1,421,622,448	$	2,009,838,401		$	417,390,436	$	1,070,706,766
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,003,997,394	$	1,936,010,607		$	312,003,354	$	827,873,438
Undistributed net investment income		9,022,448		5,587,637			3,123,119		6,741,477
Accumulated net realized gain (loss) on investments and foreign currency transactions,		73,960,133		(291,119,467	)		28,640,492		68,088,917
Net unrealized appreciation on investments and foreign currency transactions		334,642,473		359,359,624			73,623,471		168,002,934
NET ASSETS	$	1,421,622,448	$	2,009,838,401		$	417,390,436	$	1,070,706,766
CAPITAL SHARES:
Net Assets—Investor Shares	$	33,972,669	$	26,409,466		$	7,208,052	$	26,967,553
Shares Outstanding—Investor Shares		2,769,573		2,508,763			569,842		2,292,547
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	12.27	$	10.53		$	12.65	$	11.76
Net Assets—T Shares	$	1,387,649,779	$	1,983,428,935		$	410,182,384	$	1,043,739,213
Shares Outstanding—T Shares		113,030,839		188,250,190			32,402,973		88,654,936
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	12.28	$	10.54		$	12.66	$	11.77
Cost of investments	$	1,096,029,956	$	1,671,302,866		$	342,334,679	$	952,611,498
†Includes securities on loan with values of (Note 7):	$	4,834,251	$	27,215,356		$	—	$	44,100,227

See Notes to Financial Statements

20

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2013 (Unaudited)

	Discovery		International			Diversifying Strategies(1)
ASSETS:
Investment in securities, at value†	$	246,189,076	$	1,251,408,131		$	996,964,127
Cash		4,412		10,324			95,453
Cash denominated in foreign currencies		35		4,657,184			242,840
Receivables:
Dividends		114,133		3,453,185			45,124
Interest		434,463		—			4,021,709
Security lending income		31,534		94,812			—
Investments sold		1,409,051		933,749			5,679,163
Fund shares sold		22,163		2,183,639			103,139
Recoverable foreign taxes		—		895,103			80,137
Variation margin on purchased options on Euro-Bund futures contracts		—		—			4
Due from broker—forward foreign currency exchange contracts collateral		—		—			150,000
Unrealized appreciation on forward foreign currency exchange contracts		15,752		1,180,281			380,716
Total Assets		248,220,619		1,264,816,408			1,007,762,412
LIABILITIES:
Payables:
Investments purchased		963,090		4,914,950			7,175,368
Fund shares redeemed		18,094		389			60,760
Variation margin on futures contracts		217,993		—			5,517
Foreign taxes		—		106,354			—
Collateral for securities loaned		14,399,847		42,503,295			—
Written Options, at value (Premium $0, $0 and $102,510)		—		—			96,019
Unrealized depreciation on forward foreign currency exchange contracts		14,458		126,842			292,126
Accrued Expenses:
Advisory fees		19,190		100,622			82,582
Subadviser fees		244,290		1,567,840			815,155
Fund services fees		19,801		103,679			82,585
Administration fees		7,278		7,278			7,278
Directors’ fees and expenses		1,785		10,074			7,123
Other accrued expenses		82,147		291,547			168,745
Total Liabilities		15,987,973		49,732,870			8,793,258
NET ASSETS	$	232,232,646	$	1,215,083,538		$	998,969,154
NET ASSETS REPRESENTED BY:
Paid-in capital	$	187,743,390	$	1,174,942,861		$	967,727,665
Undistributed net investment income		393,230		33,455,492			3,269,866
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, purchased options on Euro-Bund Futures and written options		24,085,341		(93,722,287	)		9,805,896
Net unrealized appreciation on investments, futures contracts, foreign currency transactions, purchased options on Euro-Bund Futures and written options		20,010,685		100,407,472			18,165,727
NET ASSETS	$	232,232,646	$	1,215,083,538		$	998,969,154
CAPITAL SHARES:
Net Assets—Investor Shares	$	2,753,580	$	14,545,973		$	—
Shares Outstanding—Investor Shares		252,653		1,475,204			—
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.90	$	9.86		$	—
Net Assets—T Shares	$	229,479,066	$	1,200,537,565		$	998,969,154
Shares Outstanding—T Shares		21,038,587		121,605,910			96,985,105
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.91	$	9.87		$	10.30
Cost of investments	$	225,123,371	$	1,151,825,395		$	978,586,851
Cost of cash denominated in foreign currencies	$	36	$	4,729,937		$	243,135
†Includes securities on loan with values of (Note 7):	$	13,818,704	$	40,479,477		$	—

(1) Formerly Diversified Assets Fund.

See Notes to Financial Statements

21

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2013 (Unaudited)

	Core Bond Index			500 Stock Index			Broad Market Index		Mid/Small Company Index		Overseas Equity Index
ASSETS:
Investment in securities, at value†	$	1,351,140,758		$	588,664,870		$	632,692,351	$	617,982,055	$	255,642,271
Cash		170,753			380,267			144,594		410,853		46,330
Cash denominated in foreign currencies		—			—			—		—		810,526
Receivables:
Dividends		8,515			670,342			757,656		623,335		540,998
Interest		7,607,556			—			—		—		—
Security lending income		2,198			1,651			9,817		53,372		13,599
Investments sold		18,452,614			79,597			8,535,738		68,034,619		2,070
Fund shares sold		4,425,541			1,508,741			309,597		469,548		343,601
Due from investment adviser		49,592			21,998			24,371		22,773		9,671
Recoverable foreign taxes		—			—			—		—		246,479
Variation margin on futures contracts		—			—			—		—		2,474
Unrealized appreciation on forward foreign currency exchange contracts		—			—			—		—		55,549
Total Assets		1,381,857,527			591,327,466			642,474,124		687,596,555		257,713,568
LIABILITIES:
Payables:
Investments purchased		107,783,019			19,288,666			8,602,085		68,403,940		5,336,755
Distributions		2,699,488			—			—		—		—
Fund shares redeemed		100,330			—			293,433		—		—
Variation margin on futures contracts		—			27,375			14,980		23,644		—
Collateral for securities loaned		25,143,492			1,253,341			8,702,377		36,180,113		7,047,816
Unrealized depreciation on forward foreign currency exchange contracts		—			—			—		—		191,244
Accrued Expenses:
Advisory fees		51,695			23,096			25,984		23,825		10,147
Subadviser fees		32,197			13,445			29,116		22,034		25,715
Fund services fees		107,643			50,433			56,920		51,286		21,857
Administration fees		7,278			7,278			7,278		7,278		7,278
Directors’ fees and expenses		7,982			2,671			4,268		3,322		1,754
Other accrued expenses		130,195			58,534			48,460		43,889		83,801
Total Liabilities		136,063,319			20,724,839			17,784,901		104,759,331		12,726,367
NET ASSETS	$	1,245,794,208		$	570,602,627		$	624,689,223	$	582,837,224	$	244,987,201
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,244,459,895		$	360,188,036		$	350,264,842	$	422,520,609	$	250,403,673
Undistributed net investment income (loss)		(3,915,450	)		5,193,367			11,817,908		5,543,494		3,589,825
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(15,106,558	)		(3,261,606	)		11,172,205		45,875,234		(5,513,934	)
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency transactions		20,356,321			208,482,830			251,434,268		108,897,887		(3,492,363	)
NET ASSETS	$	1,245,794,208		$	570,602,627		$	624,689,223	$	582,837,224	$	244,987,201
CAPITAL SHARES:
Net Assets—Class I	$	25,042,230		$	26,017,074		$	30,209,576	$	22,560,539	$	9,355,200
Shares Outstanding—Class I		2,474,545			2,023,989			2,170,516		1,242,333		854,644
Net Asset Value—Class I offering and redemption price per share (net assets divided by shares outstanding)	$	10.12		$	12.85		$	13.92	$	18.16	$	10.95
Net Assets—Class II	$	25,493,915		$	944,537		$	8,972,177	$	3,486,963	$	2,068,913
Shares Outstanding—Class II		2,504,514			77,963			687,077		203,463		202,060
Net Asset Value—Class II offering and redemption price per share (net assets divided by shares outstanding)	$	10.18		$	12.12		$	13.06	$	17.14	$	10.24
Net Assets—T Shares	$	1,195,258,063		$	543,641,016		$	585,507,470	$	556,789,722	$	233,563,088
Shares Outstanding—T Shares		118,146,724			42,256,055			42,033,003		30,634,690		21,319,391
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.12		$	12.87		$	13.93	$	18.18	$	10.96
Cost of investments	$	1,330,784,437		$	380,224,837		$	381,243,158	$	509,126,907	$	258,976,175
Cost of cash denominated in foreign currencies	$	—		$	—		$	—	$	—	$	817,387
†Includes securities on loan with values of (Note 7):	$	24,664,111		$	1,211,522		$	8,432,852	$	35,046,461	$	6,658,677

See Notes to Financial Statements

22

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2013 (Unaudited)

	Model Portfolio Funds
	Conservative Growth			Traditional Growth			Long-Term Growth		All-Equity Growth
ASSETS:
Investment in securities, at value	$	6,300,744		$	15,535,145		$	38,950,576	$	23,332,208
Investments in securities of affiliated Mutual Funds, at value(a)		618,695,493			1,522,545,976			1,936,917,862		760,677,171
Receivables:
Dividends		293,731			562,407			543,362		91
Investments sold		65,542			127,714			152,268		93,013
Fund shares sold		596,105			344,288			1,130,336		761,337
Total Assets		625,951,615			1,539,115,530			1,977,694,404		784,863,820
LIABILITIES:
Payables:
Investments purchased		863,987			622,026			1,531,339		588,032
Fund shares redeemed		—			282,398			—		32,653
Accrued Expenses:
Advisory fees		52,497			118,109			148,192		64,707
Fund services fees		20,013			23,198			20,252		8,537
Administration fees		6,059			6,059			6,059		6,059
Directors’ fees and expenses		4,759			12,265			15,292		5,961
Other accrued expenses		61,720			142,226			195,565		77,199
Total Liabilities		1,009,035			1,206,281			1,916,699		783,148
NET ASSETS	$	624,942,580		$	1,537,909,249		$	1,975,777,705	$	784,080,672
NET ASSETS REPRESENTED BY:
Paid-in capital	$	563,779,485		$	1,352,923,858		$	1,689,294,526	$	661,572,142
Undistributed net investment income		1,735,696			3,284,687			3,056,926		4,080,063
Accumulated net realized gain (loss) on investments		(7,070,041	)		(8,608,952	)		16,755,492		(10,823,912	)
Net unrealized appreciation on investments		66,497,440			190,309,656			266,670,761		129,252,379
NET ASSETS	$	624,942,580		$	1,537,909,249		$	1,975,777,705	$	784,080,672
CAPITAL SHARES:
Net Assets—Investor M Shares	$	94,084,516		$	109,081,771		$	94,650,700	$	40,211,700
Shares Outstanding—Investor M Shares		3,656,277			4,420,551			3,943,087		1,694,795
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	25.73		$	24.68		$	24.00	$	23.73
Net Assets—TM Shares	$	530,858,064		$	1,428,827,478		$	1,881,127,005	$	743,868,972
Shares Outstanding—TM Shares		20,612,704			57,854,953			78,300,336		31,325,627
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	25.75		$	24.70		$	24.02	$	23.75
Cost of investments	$	7,008,208		$	17,280,023		$	43,526,831	$	26,043,853
Cost of securities of affiliated Mutual Funds	$	551,490,589		$	1,330,491,442		$	1,665,670,846	$	628,713,147

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

See Notes to Financial Statements

23

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2013 (Unaudited)

	Milestone Funds
	Milestone Retirement Income		Milestone 2010		Milestone 2015			Milestone 2020			Milestone 2025
ASSETS:
Investment in securities, at value	$	3,288,766	$	2,735,980	$	7,474,565		$	11,539,447		$	9,655,664
Investments in securities of affiliated Mutual Funds, at value(a)		311,366,123		270,277,843		499,458,271			546,535,998			444,487,375
Receivables:
Dividends		169,876		90,166		162,432			205,062			158,737
Investments sold		39,778		241,679		58,229			60,278			48,835
Fund shares sold		106,366		31,641		559,872			1,044,836			713,893
Total Assets		314,970,909		273,377,309		507,713,369			559,385,621			455,064,504
LIABILITIES:
Payables:
Investments purchased		196,877		92,021		638,319			984,668			872,576
Fund shares redeemed		78,336		237,368		—			—			—
Accrued Expenses:
Advisory fees		27,003		23,567		43,475			47,564			38,661
Fund services fees		16,993		14,112		20,933			19,149			15,396
Administration fees		6,059		6,059		6,059			6,059			6,059
Directors’ fees and expenses		1,847		243		2,175			3,284			2,741
Other accrued expenses		35,547		34,440		43,337			43,633			43,507
Total Liabilities		362,662		407,810		754,298			1,104,357			978,940
NET ASSETS	$	314,608,247	$	272,969,499	$	506,959,071		$	558,281,264		$	454,085,564
NET ASSETS REPRESENTED BY:
Paid-in capital	$	304,645,460	$	253,459,184	$	461,621,460		$	497,330,313		$	396,356,527
Undistributed net investment income		968,901		505,788		905,400			1,051,837			742,029
Accumulated net realized gain (loss) on investments		567,807		3,203,639		(3,679,394	)		(2,681,957	)		(1,938,641	)
Net unrealized appreciation on investments		8,426,079		15,800,888		48,111,605			62,581,071			58,925,649
NET ASSETS	$	314,608,247	$	272,969,499	$	506,959,071		$	558,281,264		$	454,085,564
CAPITAL SHARES:
Net Assets—Investor M Shares	$	79,362,578	$	65,580,476	$	97,713,818		$	89,606,119		$	72,259,851
Shares Outstanding—Investor M Shares		7,398,141		5,957,792		8,596,834			7,725,549			6,179,824
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.73	$	11.01	$	11.37		$	11.60		$	11.69
Net Assets—TM Shares	$	235,245,669	$	207,389,023	$	409,245,253		$	468,675,145		$	381,825,713
Shares Outstanding—TM Shares		21,911,476		18,824,417		35,976,025			40,374,149			32,627,213
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.74	$	11.02	$	11.38		$	11.61		$	11.70
Cost of investments	$	3,654,390	$	3,054,853	$	8,353,701		$	12,833,021		$	10,691,023
Cost of securities of affiliated Mutual Funds	$	302,574,420	$	254,158,082	$	450,467,530		$	482,661,353		$	384,526,367

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

See Notes to Financial Statements

24

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

June 30, 2013 (Unaudited)

	Milestone Funds
	Milestone 2030			Milestone 2035		Milestone 2040		Milestone 2045			Milestone 2050
ASSETS:
Investment in securities, at value	$	7,577,700		$	7,800,675	$	7,648,890	$	2,418,604		$	379,193
Investments in securities of affiliated Mutual Funds, at value(a)		350,894,864			235,004,267		229,265,959		67,638,760			10,983,458
Receivables:
Dividends		89,161			36,312		25,813		7,581			1,232
Investments sold		39,178			27,455		26,389		8,745			—
Fund shares sold		777,281			619,026		555,447		217,899			61,623
Due from investment adviser		—			—		—		—			5,839
Total Assets		359,378,184			243,487,735		237,522,498		70,291,589			11,431,345
LIABILITIES:
Payables:
Investments purchased		848,682			612,497		578,705		218,458			39,128
Fund shares redeemed		—			963		1,632		7,007			30,445
Accrued Expenses:
Advisory fees		30,571			20,625		20,168		5,892			—
Fund services fees		12,793			9,771		9,049		3,800			926
Administration fees		6,059			6,059		6,059		6,234			2,766
Directors’ fees and expenses		2,457			1,051		2,207		552			107
Other accrued expenses		39,999			32,396		35,897		26,069			18,081
Total Liabilities		940,561			683,362		653,717		268,012			91,453
NET ASSETS	$	358,437,623		$	242,804,373	$	236,868,781	$	70,023,577		$	11,339,892
NET ASSETS REPRESENTED BY:
Paid-in capital	$	304,631,686		$	202,969,187	$	190,960,770	$	59,090,638		$	10,547,900
Undistributed net investment income (loss)		358,393			108,508		81,060		(16,960	)		(9,553	)
Accumulated net realized gain (loss) on investments		(1,128,981	)		481,169		2,101,392		3,497,867			116,093
Net unrealized appreciation on investments		54,576,525			39,245,509		43,725,559		7,452,032			685,452
NET ASSETS	$	358,437,623		$	242,804,373	$	236,868,781	$	70,023,577		$	11,339,892
CAPITAL SHARES:
Net Assets—Investor M Shares	$	60,154,167		$	45,882,898	$	42,734,956	$	18,033,453		$	4,393,912
Shares Outstanding—Investor M Shares		5,032,938			3,815,147		3,473,611		1,361,107			388,050
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	11.95		$	12.03	$	12.30	$	13.25		$	11.32
Net Assets—TM Shares	$	298,283,456		$	196,921,475	$	194,133,825	$	51,990,124		$	6,945,980
Shares Outstanding—TM Shares		24,935,333			16,360,391		15,766,391		3,920,741			612,903
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	11.96		$	12.04	$	12.31	$	13.26		$	11.33
Cost of investments	$	8,402,811		$	8,636,684	$	8,471,233	$	2,648,882		$	418,531
Cost of securities of affiliated Mutual Funds	$	295,493,228		$	194,922,749	$	184,718,057	$	59,956,450		$	10,258,668

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

See Notes to Financial Statements

25

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2013 to June 30, 2013 (Unaudited)

	Low Duration Bond			Inflation Protected Securities			Equity Income
INVESTMENT INCOME:
Dividends	$	17,947		$	12,306		$	23,852,615
Interest		5,428,094			3,099,778			—
Security lending income		9,368			—			292,793
Foreign taxes withheld on dividends		—			—			(142,478	)
Total investment income		5,455,409			3,112,084			24,002,930
EXPENSES:
Advisory (Note 4)		288,990			316,538			1,071,990
Subadviser		401,862			468,650			3,689,644
Fund services Class Investor		393,981			426,891			1,258,221
Fund services Class T		176,409			194,566			712,530
Custodian		33,987			12,988			36,420
Administration		8,902			8,902			8,902
Fund accounting		10,637			10,637			39,230
Legal		34,852			27,673			87,536
Audit		13,376			13,376			13,376
Directors		5,323			7,320			18,764
State license fees and memberships		15,183			20,549			24,930
Other expenses		24,127			28,170			62,911
Total expenses		1,407,629			1,536,260			7,024,454
Less waivers (Note 4)		—			—			(44,103	)
Net Expenses		1,407,629			1,536,260			6,980,351
NET INVESTMENT INCOME		4,047,780			1,575,824			17,022,579
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		1,817,585			6,856,225			78,644,761
Forward contracts and foreign currency transactions		30,076			(923	)		(133	)
Futures contracts		(117,784	)		1,084,856			—
Written options		—			7,093			—
Swap agreements		—			52,067			—
Net realized gain		1,729,877			7,999,318			78,644,628
Net change in unrealized appreciation (depreciation) on:
Investments		(7,611,800	)		(55,799,988	)		175,052,983
Forward contracts and foreign currency transactions		(42,314	)		(9,421	)		(4,087	)
Futures contracts		24,644			(330,105	)		—
Written options		—			(441,370	)		—
Swap agreements		—			(524,324	)		—
Net change in unrealized appreciation (depreciation)		(7,629,470	)		(57,105,208	)		175,048,896
NET GAIN (LOSS)		(5,899,593	)		(49,105,890	)		253,693,524
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,851,813	)	$	(47,530,066	)	$	270,716,103

See Notes to Financial Statements

26

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2013 to June 30, 2013 (Unaudited)

	Growth & Income			Growth			Select Value			Aggressive Opportunities
INVESTMENT INCOME:
Dividends	$	12,984,635		$	11,025,486		$	4,015,415		$	4,332,705
Interest		—			—			—			—
Security lending income		52,736			241,292			10,511			581,983
Foreign taxes withheld on dividends		(20,462	)		(37,330	)		(4,878	)		(39,045	)
Total investment income		13,016,909			11,229,448			4,021,048			4,875,643
EXPENSES:
Advisory (Note 4)		693,613			993,272			193,968			527,863
Subadviser		2,155,938			3,029,912			961,939			1,879,805
Fund services Class Investor		811,686			1,140,108			220,563			625,034
Fund services Class T		461,723			667,556			130,956			349,297
Custodian		23,099			8,503			5,617			23,896
Administration		8,902			8,902			8,902			8,902
Fund accounting		25,360			34,470			12,478			22,360
Legal		56,590			81,265			15,734			43,957
Audit		13,377			13,377			13,376			13,377
Directors		12,119			17,386			3,379			9,344
State license fees and memberships		20,892			23,792			12,348			19,458
Other expenses		36,624			54,644			9,719			33,602
Total expenses		4,319,923			6,073,187			1,588,979			3,556,895
Less waivers (Note 4)		(26,108	)		—			—			—
Net Expenses		4,293,815			6,073,187			1,588,979			3,556,895
NET INVESTMENT INCOME		8,723,094			5,156,261			2,432,069			1,318,748
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		84,700,537			80,254,229			30,965,026			64,644,601
Forward contracts and foreign currency transactions		336			—			—			154
Net realized gain		84,700,873			80,254,229			30,965,026			64,644,755
Net change in unrealized appreciation (depreciation) on:
Investments		93,476,453			111,783,017			21,309,302			84,802,809
Forward contracts and foreign currency transactions		(8	)		—			—			(101	)
Net change in unrealized appreciation		93,476,445			111,783,017			21,309,302			84,802,708
NET GAIN		178,177,318			192,037,246			52,274,328			149,447,463
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	186,900,412		$	197,193,507		$	54,706,397		$	150,766,211

See Notes to Financial Statements

27

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2013 to June 30, 2013 (Unaudited)

	Discovery			International			Diversifying Strategies(1)
INVESTMENT INCOME:
Dividends	$	800,093		$	26,873,074		$	746,296
Interest		845,201			—			8,640,580
Security lending income		304,535			692,477			—
Foreign taxes withheld on dividends		(5,833	)		(2,051,100	)		(47,096	)
Total investment income		1,943,996			25,514,451			9,339,780
EXPENSES:
Advisory (Note 4)		113,990			661,900			494,076
Subadviser		496,013			3,165,837			1,858,321
Fund services Class Investor		131,644			777,075			—
Fund services Class T		76,381			439,897			893,708
Custodian		24,298			180,162			95,601
Administration		8,902			8,902			8,902
Fund accounting		17,640			28,390			24,080
Legal		9,491			55,643			41,037
Audit		13,872			56,272			13,872
Directors		2,020			11,930			8,759
State license fees and memberships		10,741			20,778			17,598
Other expenses		6,566			39,989			41,229
Total expenses		911,558			5,446,775			3,497,183
Less waivers (Note 4)		—			—			(316,765	)
Net Expenses		911,558			5,446,775			3,180,418
NET INVESTMENT INCOME		1,032,438			20,067,676			6,159,362
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		3,208,408			64,015,520			11,189,310
Forward contracts and foreign currency transactions		(13,920	)		(568,909	)		(822,807	)
Futures contracts		18,367,370			—			2,059,233
Written options		—			—			(828,765	)
Purchased options on Euro Bond futures contracts		—			—			(30,861	)
Net realized gain		21,561,858			63,446,611			11,566,110
Net change in unrealized appreciation (depreciation) on:
Investments		10,955,972			(42,923,709	)(a)		(4,861,475	)
Forward contracts and foreign currency transactions		1,606			1,071,020			435,278
Futures contracts		(1,658,626	)		—			244,147
Written options		—			—			(33,209	)
Purchased options on Euro-Bund futures contracts		—			—			(115,424	)
Net change in unrealized appreciation (depreciation)		9,298,952			(41,852,689	)		(4,330,683	)
NET GAIN		30,860,810			21,593,922			7,235,427
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	31,893,248		$	41,661,598		$	13,394,789

(1) Formerly Diversified Assets Fund.

(a) Net of increase in deferred foreign tax of $24,683.

See Notes to Financial Statements

28

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2013 to June 30, 2013 (Unaudited)

	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index			Overseas Equity Index
INVESTMENT INCOME:
Dividends	$	58,219		$	5,317,946		$	6,167,592		$	4,288,107		$	4,999,970
Interest		14,972,084			119			124			76			79
Security lending income		72,720			16,481			99,803			414,183			154,084
Foreign taxes withheld on dividends		—			(1,264	)		(1,581	)		(4,396	)		(372,871	)
Total investment income		15,103,023			5,333,282			6,265,938			4,697,970			4,781,262
EXPENSES:
Advisory (Note 4)		313,210			125,409			151,903			135,204			57,838
Subadviser		69,829			27,556			47,727			45,686			52,953
Fund services Class I		470,317			80,466			93,500			170,237			36,170
Fund services Class II		62,657			58,158			76,133			34,816			28,594
Fund services Class T		406,985			165,838			196,505			178,846			75,025
Custodian		92,100			11,559			16,823			26,684			35,995
Administration		8,902			8,902			8,902			8,902			8,902
Fund accounting		21,870			10,637			10,637			10,637			10,637
Legal		51,908			19,792			24,599			22,159			9,589
Audit		13,376			13,376			13,376			13,376			35,691
Directors		11,062			4,210			5,229			4,606			1,982
State license fees and memberships		25,319			44,593			17,421			23,051			55,462
Other expenses		48,286			15,345			16,126			18,790			24,627
Total expenses		1,595,821			585,841			678,881			692,994			433,465
Less waivers (Note 4)		(203,493	)		(82,919	)		(98,253	)		(89,423	)		(37,513	)
Net Expenses		1,392,328			502,922			580,628			603,571			395,952
NET INVESTMENT INCOME		13,710,695			4,830,360			5,685,310			4,094,399			4,385,310
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		1,800,667			5,266,690			7,989,699			42,827,657			1,667,624
Forward contracts and foreign currency transactions		—			—			—			—			(142,834	)
Futures contracts		—			848,311			1,506,613			1,007,925			27,133
Net realized gain		1,800,667			6,115,001			9,496,312			43,835,582			1,551,923
Net change in unrealized appreciation (depreciation) on:
Investments		(49,033,147	)		50,063,222			62,548,829			30,058,690			581,494
Forward contracts and foreign currency transactions		—			—			—			—			(175,628	)
Futures contracts		—			54,841			(32,243	)		5,312			20,361
Net change in unrealized appreciation (depreciation)		(49,033,147	)		50,118,063			62,516,586			30,064,002			426,227
NET GAIN (LOSS)		(47,232,480	)		56,233,064			72,012,898			73,899,584			1,978,150
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(33,521,785	)	$	61,063,424		$	77,698,208		$	77,993,983		$	6,363,460

See Notes to Financial Statements

29

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2013 to June 30, 2013 (Unaudited)

	Model Portfolio Funds
	Conservative Growth			Traditional Growth			Long-Term Growth			All-Equity Growth
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	2,114,664		$	3,831,253		$	3,463,647		$	—
Dividend income from non-affiliates		76,371			188,006			485,538			289,645
Total investment income		2,191,035			4,019,259			3,949,185			289,645
EXPENSES:
Advisory (Note 4)		306,457			690,547			862,114			369,012
Fund services Class Investor M		77,910			89,737			78,135			33,013
Custodian		1,086			1,086			1,086			1,086
Administration		7,417			7,417			7,417			7,417
Fund accounting		8,869			20,930			41,960			13,575
Legal		25,678			63,766			81,148			30,939
Audit		10,046			10,046			10,047			10,047
Directors		5,531			13,667			17,424			6,664
State license fees and memberships		15,423			22,398			24,712			16,170
Other expenses		19,682			45,305			56,890			16,769
Total expenses		478,099			964,899			1,180,933			504,692
NET INVESTMENT INCOME (LOSS)		1,712,936			3,054,360			2,768,252			(215,047	)
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(4,116	)		(7,448	)		(20,284	)		(18,397	)
Investments with affiliates		758,915			6,157,571			13,537,679			(3,909,287	)
Net realized gain (loss)		754,799			6,150,123			13,517,395			(3,927,684	)
Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		(707,464	)		(1,744,878	)		(4,576,255	)		(2,711,645	)
Investments with affiliates		19,380,810			85,679,071			142,746,213			86,784,376
Net change in unrealized appreciation on investments		18,673,346			83,934,193			138,169,958			84,072,731
NET GAIN		19,428,145			90,084,316			151,687,353			80,145,047
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,141,081		$	93,138,676		$	154,455,605		$	79,930,000

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

See Notes to Financial Statements

30

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2013 to June 30, 2013 (Unaudited)

	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	1,190,384		$	711,872		$	1,209,851		$	1,329,503		$	968,575
Dividend income from non-affiliates		39,588			34,357			93,435			137,727			114,279
Total investment income		1,229,972			746,229			1,303,286			1,467,230			1,082,854
EXPENSES:
Advisory (Note 4)		141,257			129,453			240,323			260,946			212,395
Fund services Class Investor M		62,589			55,622			81,099			73,445			58,742
Custodian		181			181			181			181			181
Administration		7,417			7,417			7,417			7,417			7,417
Fund accounting		6,181			6,181			6,181			6,181			6,181
Legal		10,093			9,804			18,663			20,296			16,607
Audit		10,047			10,047			10,047			10,047			10,047
Directors		2,209			2,114			4,040			4,379			3,587
State license fees and memberships		13,015			12,989			14,206			14,419			12,537
Other expenses		8,082			6,633			15,729			19,969			17,688
Total expenses		261,071			240,441			397,886			417,280			345,382
NET INVESTMENT INCOME		968,901			505,788			905,400			1,049,950			737,472
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(5,814	)		(5,189	)		(3,799	)		—			—
Investments with affiliates		1,615,894			4,298,492			3,778,484			4,461,652			2,890,097
Net realized gain		1,610,080			4,293,303			3,774,685			4,461,652			2,890,097
Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		(365,624	)		(318,873	)		(879,136	)		(1,293,574	)		(1,035,359	)
Investments with affiliates		596,016			3,493,894			16,216,493			24,777,526			25,945,790
Net change in unrealized appreciation on investments		230,392			3,175,021			15,337,357			23,483,952			24,910,431
NET GAIN		1,840,472			7,468,324			19,112,042			27,945,604			27,800,528
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,809,373		$	7,974,112		$	20,017,442		$	28,995,554		$	28,538,000

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

See Notes to Financial Statements

31

THE VANTAGEPOINT FUNDS

Statement of Operations

For the Period from January 1, 2013 to June 30, 2013 (Unaudited)

	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040			Milestone 2045			Milestone 2050
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	545,753		$	219,894		$	156,505		$	44,611		$	6,761
Dividend income from non-affiliates		90,201			91,725			90,406			26,511			4,308
Total investment income		635,954			311,619			246,911			71,122			11,069
EXPENSES:
Advisory (Note 4)		168,635			112,793			110,334			31,229			4,690
Fund services Class Investor M		48,933			37,375			34,448			14,221			3,417
Custodian		181			181			181			349			18
Administration		7,417			7,417			7,417			7,439			1,119
Fund accounting		6,181			6,181			6,181			6,188			905
Legal		13,191			8,810			8,633			2,379			4,456
Audit		10,047			10,047			10,047			10,047			10,046
Directors		2,850			1,907			1,908			736			71
State license fees and memberships		11,240			10,626			10,601			10,009			23,781
Other expenses		14,176			10,106			9,561			5,485			5,523
Total expenses		282,851			205,443			199,311			88,082			54,026
Less reimbursements/waivers (Note 4)		—			—			—			—			(33,404	)
Net Expenses		282,851			205,443			199,311			88,082			20,622
NET INVESTMENT INCOME (LOSS)		353,103			106,176			47,600			(16,960	)		(9,553	)
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(5,190	)		—			(9,214	)		(853	)		(707	)
Investments with affiliates		2,154,495			2,703,651			4,721,625			1,223,377			108,834
Net realized gain		2,149,305			2,703,651			4,712,411			1,222,524			108,127
Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		(825,111	)		(836,009	)		(822,343	)		(230,278	)		(39,338	)
Investments with affiliates		24,285,312			17,469,389			16,716,141			4,857,373			735,845
Net change in unrealized appreciation on investments		23,460,201			16,633,380			15,893,798			4,627,095			696,507
NET GAIN		25,609,506			19,337,031			20,606,209			5,849,619			804,634
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	25,962,609		$	19,443,207		$	20,653,809		$	5,832,659		$	795,081

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

See Notes to Financial Statements

32

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Low Duration Bond						Inflation Protected Securities
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	4,047,780		$	8,838,699		$	1,575,824		$	9,029,538
Net realized gain		1,729,877			2,366,080			7,999,318			18,362,110
Net change in unrealized appreciation (depreciation)		(7,629,470	)		10,839,794			(57,105,208	)		15,011,485
Net increase (decrease) in net assets resulting from operations		(1,851,813	)		22,044,573			(47,530,066	)		42,403,133
Distributions to shareholders from:
Net investment income—Investor Shares		(1,428,661	)		(9,195,945	)		(123,251	)		(9,370,228	)
Net investment income—T Shares		(2,647,974	)		—			(2,055,477	)		—
Net realized gain—Investor Shares		—			—			—			(23,995,221	)
Total distributions		(4,076,635	)		(9,195,945	)		(2,178,728	)		(33,365,449	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		32,277,656	(a)		74,689,158			26,261,544	(a)		113,074,031
Proceeds from sale of shares—T Shares		620,273,513	(b)		—			661,186,953	(b)		—
Reinvestment of distributions—Investor Shares		1,428,661	(a)		9,195,945			123,251	(a)		33,365,449
Reinvestment of distributions—T Shares		2,647,974	(b)		—			2,055,477	(b)		—
Value of shares redeemed—Investor Shares		(582,983,182	)(a)		(28,934,930	)		(651,781,872	)(a)		(70,332,779	)
Value of shares redeemed—T Shares		(100,105,335	)(b)		—			(82,273,996	)(b)		—
Net increase (decrease) from capital share transactions		(26,460,713	)		54,950,173			(44,428,643	)		76,106,701
Total increase (decrease) in net assets		(32,389,161	)		67,798,801			(94,137,437	)		85,144,385
NET ASSETS at beginning of period		592,261,678			524,462,877			669,335,878			584,191,493
NET ASESTS at end of period	$	559,872,517		$	592,261,678		$	575,198,441		$	669,335,878
Accumulated net investment loss included in net assets at end of period	$	(153,886	)	$	(125,031	)	$	(602,904	)	$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		3,165,257	(a)		7,394,386			2,235,054	(a)		9,419,976
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		140,200	(a)		908,506			10,640	(a)		2,793,474
Number of shares redeemed—Investor Shares		(57,166,365	)(a)		(2,857,768	)		(55,342,224	)(a)		(5,809,873	)
Net increase (decrease) in shares outstanding—Investor Shares		(53,860,908	)		5,445,124			(53,096,530	)		6,403,577
Number of shares sold—T Shares		60,822,044	(b)		—			56,165,243	(b)		—
Number of shares issued through reinvestment of dividends and distributions—T Shares		260,474	(b)		—			177,152	(b)		—
Number of shares redeemed—T Shares		(9,817,407	)(b)		—			(7,050,226	)(b)		—
Net increase in shares outstanding—T Shares		51,265,111			—			49,292,169			—

(a) On March 1, 2013 all outstanding shares were renamed Investor Shares.

(b) T Shares commenced operations on March 1, 2013.

See Notes to Financial Statements

33

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

		Equity Income						Growth & Income
		For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income		$	17,022,579		$	32,040,619		$	8,723,094		$	16,644,174
Net realized gain			78,644,628			75,277,866			84,700,873			49,270,103
Net change in unrealized appreciation			175,048,896			150,843,642			93,476,445			124,758,582
Net increase in net assets resulting from operations			270,716,103			258,162,127			186,900,412			190,672,859
Distributions to shareholders from:
Net investment income—Investor Shares			—			(34,190,956	)		—			(21,868,329	)
Net realized gain—Investor Shares			—			(61,060,518	)		—			(19,147,346	)
Total distributions			—			(95,251,474	)		—			(41,015,675	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares			11,922,889	(a)		102,361,335			12,146,532	(a)		67,838,551
Proceeds from sale of shares—T Shares			2,116,140,605	(b)		—			1,381,265,898	(b)		—
Reinvestment of distributions—Investor Shares			—	(a)		95,250,056			—	(a)		41,014,805
Value of shares redeemed—Investor Shares			(2,120,442,103	)(a)		(157,774,830	)		(1,374,352,179	)(a)		(115,488,486	)
Value of shares redeemed—T Shares			(131,046,071	)(b)		—			(89,842,317	)(b)		—
	��
Net increase (decrease) from capital share transactions			(123,424,680	)		39,836,561			(70,782,066	)		(6,635,130	)
Total increase in net assets			147,291,423			202,747,214			116,118,346			143,022,054
NET ASSETS at beginning of period			2,020,304,504			1,817,557,290			1,305,504,102			1,162,482,048
NET ASSETS at end of period		$	2,167,595,927		$	2,020,304,504		$	1,421,622,448		$	1,305,504,102
Accumulated net investment income included in net assets at end of period		$	17,368,121		$	345,542		$	9,022,448		$	299,354
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares			1,243,285	(a)		11,427,458			1,064,942	(a)		6,455,591
Number of shares issued through reinvestment of dividends and distributions—Investor Shares			—	(a)		10,654,369			—	(a)		3,876,635
Number of shares redeemed—Investor Shares			(220,381,841	)(a)		(17,564,208	)		(120,139,217	)(a)		(10,937,516	)
Net increase (decrease) in shares outstanding—Investor Shares			(219,138,556	)		4,517,619			(119,074,275	)		(605,290	)
Number of shares sold—T Shares			219,712,099	(b)		—			120,586,663	(b)		—
Number of shares redeemed—T Shares			(12,961,673	)(b)		—			(7,555,824	)(b)		—
Net increase in shares outstanding—T Shares			206,750,426			—			113,030,839			—

(a) On March 1, 2013 all outstanding shares were renamed Investor Shares.

(b) T Shares commenced operations on March 1, 2013.

See Notes to Financial Statements

34

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Growth						Select Value
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,156,261		$	10,742,413		$	2,432,069		$	5,978,461
Net realized gain		80,254,229			155,001,081			30,965,026			20,361,611
Net change in unrealized appreciation		111,783,017			88,427,325			21,309,302			26,243,397
Net increase in net assets resulting from operations		197,193,507			254,170,819			54,706,397			52,583,469
Distributions to shareholders from:
Net investment income—Investor Shares		—			(11,011,407	)		—			(5,605,375	)
Net realized gain—Investor Shares		—			—			—			(6,532,872	)
Total distributions		—			(11,011,407	)		—			(12,138,247	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		9,481,212	(a)		63,823,414			7,689,925	(a)		23,846,471
Proceeds from sale of shares—T Shares		1,965,651,725	(b)		—			419,688,825	(b)		—
Reinvestment of distributions—Investor Shares		—	(a)		11,011,407			—	(a)		12,138,247
Value of shares redeemed—Investor Shares		(1,972,352,312	)(a)		(188,140,810	)		(390,492,715	)(a)		(40,858,911	)
Value of shares redeemed—T Shares		(71,064,600	)(b)		—			(29,792,214	)(b)		—
Net increase (decrease) from capital share transactions		(68,283,975	)		(113,305,989	)		7,093,821			(4,874,193	)
Total increase in net assets		128,909,532			129,853,423			61,800,218			35,571,029
NET ASSETS at beginning of period		1,880,928,869			1,751,075,446			355,590,218			320,019,189
NET ASSETS at end of period	$	2,009,838,401		$	1,880,928,869		$	417,390,436		$	355,590,218
Accumulated net investment income included in net assets at end of period	$	5,587,637		$	431,376		$	3,123,119		$	691,050
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		945,279	(a)		6,923,599			634,332	(a)		2,257,052
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		—	(a)		1,171,947			—	(a)		1,119,598
Number of shares redeemed—Investor Shares		(195,798,530	)(a)		(20,167,715	)		(32,542,988	)(a)		(3,780,155	)
Net decrease in shares outstanding—Investor Shares		(194,853,251	)		(12,072,169	)		(31,908,656	)		(403,505	)
Number of shares sold—T Shares		195,052,665	(b)		—			34,796,573	(b)		—
Number of shares redeemed—T Shares		(6,802,475	)(b)		—			(2,393,600	)(b)		—
Net increase in shares outstanding—T Shares		188,250,190			—			32,402,973			—

(a) On March 1, 2013 all outstanding shares were renamed Investor Shares.

(b) T Shares commenced operations on March 1, 2013.

See Notes to Financial Statements

35

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Aggressive Opportunities						Discovery
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,318,748		$	6,127,736		$	1,032,438		$	2,577,818
Net realized gain		64,644,755			78,790,503			21,561,858			21,333,068
Net change in unrealized appreciation		84,802,708			58,962,020			9,298,952			6,110,932
Net increase in net assets resulting from operations		150,766,211			143,880,259			31,893,248			30,021,818
Distributions to shareholders from:
Net investment income—Investor Shares		—			(2,217,223	)		—			(3,314,675	)
Net realized gain—Investor Shares		—			(43,171,399	)		—			(9,858,896	)
Total distributions		—			(45,388,622	)		—			(13,173,571	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		4,985,115	(a)		28,827,592			5,311,731	(a)		18,557,402
Proceeds from sale of shares—T Shares		1,044,515,579	(b)		—			233,907,404	(b)		—
Reinvestment of distributions—Investor Shares		—	(a)		45,388,622			—	(a)		13,173,571
Value of shares redeemed—Investor Shares		(1,055,138,491	)(a)		(136,249,782	)		(233,296,080	)(a)		(29,578,107	)
Value of shares redeemed—T Shares		(68,150,476	)(b)		—			(18,456,452	)(b)		—
Net increase (decrease) from capital share transactions		(73,788,273	)		(62,033,568	)		(12,533,397	)		2,152,866
Total increase in net assets		76,977,938			36,458,069			19,359,851			19,001,113
NET ASSETS at beginning of period		993,728,828			957,270,759			212,872,795			193,871,682
NET ASSETS at end of period	$	1,070,706,766		$	993,728,828		$	232,232,646		$	212,872,795
Accumulated net investment income (loss) included in net assets at end of period	$	6,741,477		$	5,422,729		$	393,230		$	(639,208	)
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		454,632	(a)		2,843,708			526,874	(a)		1,934,581
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		—	(a)		4,504,812			—	(a)		1,413,473
Number of shares redeemed—Investor Shares		(95,605,517	)(a)		(13,311,635	)		(22,729,066	)(a)		(3,073,906	)
Net increase (decrease) in shares outstanding—Investor Shares		(95,150,885	)		(5,963,115	)		(22,202,192	)		274,148
Number of shares sold—T Shares		94,598,573	(b)		—			22,769,691	(b)		—
Number of shares redeemed—T Shares		(5,943,637	)(b)		—			(1,731,104	)(b)		—
Net increase in shares outstanding—T Shares		88,654,936			—			21,038,587			—

(a) On March 1, 2013 all outstanding shares were renamed Investor Shares.

(b) T Shares commenced operations on March 1, 2013.

See Notes to Financial Statements

36

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	International						Diversifying Strategies(1)
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	20,067,676		$	28,819,042		$	6,159,362		$	10,416,670
Net realized gain		63,446,611			18,493,004			11,566,110			6,534,965
Net change in unrealized appreciation (depreciation)		(41,852,689	)		165,118,811			(4,330,683	)		13,734,042
Net increase in net assets resulting from operations		41,661,598			212,430,857			13,394,789			30,685,677
Distributions to shareholders from:
Net investment income		—			(31,260,095	)		—			—
Net investment income—T Shares		—			—			—			(16,028,376	)
Net realized gain—T Shares		—			—			—			(2,847,974	)
Total distributions		—			(31,260,095	)		—			(18,876,350	)
Capital share transactions:
Proceeds from sale of shares—Investor Shares		32,034,112	(a)		89,461,948			—			—
Proceeds from sale of shares—T Shares		1,381,682,663	(b)		—			99,212,625	(c)		105,861,883
Reinvestment of distributions—Investor Shares		—	(a)		31,260,095			—			—
Reinvestment of distributions—T Shares		—	(b)		—			—	(c)		18,876,350
Value of shares redeemed—Investor Shares		(1,353,007,450	)(a)		(136,346,319	)		—			—
Value of shares redeemed—T Shares		(192,797,530	)(b)		—			(78,412,002	)(c)		(21,550,584	)
Net increase (decrease) from capital share transactions		(132,088,205	)		(15,624,276	)		20,800,623			103,187,649
Total increase (decrease) in net assets		(90,426,607	)		165,546,486			34,195,412			114,996,976
NET ASSETS at beginning of period		1,305,510,145			1,139,963,659			964,773,742			849,776,766
NET ASSETS at end of period	$	1,215,083,538		$	1,305,510,145		$	998,969,154		$	964,773,742
Accumulated net investment income (loss) included in net assets at end of period	$	33,455,492		$	13,387,816		$	3,269,866		$	(2,889,496	)
SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		3,247,176	(a)		10,120,707			—			—
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		—	(a)		3,294,004			—			—
Number of shares redeemed—Investor Shares		(137,313,275	)(a)		(14,870,811	)		—			—
Net decrease in shares outstanding		(134,066,099	)		(1,456,100	)		—			—
Number of shares sold—T Shares		140,149,251	(b)		—			9,633,765	(c)		10,340,064
Number of shares issued through reinvestment of dividends and distributions—T Shares		—	(b)		—			—	(c)		1,856,104
Number of shares redeemed—T Shares		(18,543,341	)(b)		—			(7,615,542	)(c)		(2,113,189	)
Net increase in shares outstanding—T Shares		121,605,910			—			2,018,223			10,082,979

(1) Formerly Diversified Assets Fund.

(a) On March 1, 2013 all outstanding shares were renamed Investor Shares.

(b) T Shares commenced operations on March 1, 2013.

(c) On March 1, 2013 all outstanding shares were renamed T Shares.

See Notes to Financial Statements

37

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Core Bond Index						500 Stock Index
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	13,710,695		$	29,602,613		$	4,830,360		$	8,945,898
Net realized gain		1,800,667			13,542,146			6,115,001			7,716,196
Net change in unrealized appreciation (depreciation)		(49,033,147	)		3,036,355			50,118,063			44,847,156
Net increase (decrease) in net assets resulting from operations		(33,521,785	)		46,181,114			61,063,424			61,509,250
Distributions to shareholders from:
Net investment income—Class I		(4,209,641	)		(27,044,821	)		—			(1,890,180	)
Net investment income—Class II		(1,785,011	)		(10,930,787	)		—			(6,894,722	)
Net investment income—T Shares		(11,616,248	)		—			—			—
Total distributions		(17,610,900	)		(37,975,608	)		—			(8,784,902	)
Capital share transactions:
Proceeds from sale of shares—Class I		36,460,868			125,028,027			6,189,692			14,459,474
Proceeds from sale of shares—Class II		12,390,197			47,202,200			6,528,474			47,596,437
Proceeds from sale of shares—T Shares		1,281,686,598	(a)		—			520,725,459	(a)		—
Reinvestment of distributions—Class I		4,209,641			27,044,821			—			1,889,425
Reinvestment of distributions—Class II		1,785,011			10,930,787			—			6,894,722
Reinvestment of distributions—T Shares		11,616,248	(a)		—			—	(a)		—
Value of shares redeemed—Class I		(913,838,332	)		(65,957,493	)		(100,330,254	)		(11,998,451	)
Value of shares redeemed—Class II		(323,105,088	)		(43,568,322	)		(369,676,889	)		(39,854,238	)
Value of shares redeemed—T Shares		(57,403,854	)(a)		—			(6,878,451	)(a)		—
Net increase from capital share transactions		53,801,289			100,680,020			56,558,031			18,987,369
Total increase in net assets		2,668,604			108,885,526			117,621,455			71,711,717
NET ASSETS at beginning of period		1,243,125,604			1,134,240,078			452,981,172			381,269,455
NET ASSETS at end of period	$	1,245,794,208		$	1,243,125,604		$	570,602,627		$	452,981,172
Accumulated net investment income (loss) included in net assets at end of period	$	(3,915,450	)	$	(15,245	)	$	5,193,367		$	363,007
SHARE TRANSACTIONS:
Number of shares sold—Class I		3,481,712			11,916,165			500,156			1,313,072
Number of shares issued through reinvestment of dividends and distributions—Class I		403,035			2,564,393			—			166,488
Number of shares redeemed—Class I		(87,355,487	)		(6,249,159	)		(8,320,991	)		(1,091,486	)
Net increase (decrease) in shares outstanding—Class I		(83,470,740	)		8,231,399			(7,820,835	)		388,074
Number of shares sold—Class II		1,178,659			4,455,403			584,353			4,624,818
Number of shares issued through reinvestment of dividends and distributions—Class II		170,026			1,030,560			—			645,041
Number of shares redeemed—Class II		(30,701,411	)		(4,102,957	)		(32,563,850	)		(3,785,518	)
Net increase (decrease) in shares outstanding—Class II		(29,352,726	)		1,383,006			(31,979,497	)		1,484,341
Number of shares sold—T Shares		122,543,919	(a)		—			42,807,413	(a)		—
Number of shares issued through reinvestment of dividends and distributions—T Shares		1,122,125	(a)		—			—	(a)		—
Number of shares redeemed—T Shares		(5,519,320	)(a)		—			(551,358	)(a)		—
Net increase in shares outstanding—T Shares		118,146,724			—			42,256,055			—

(a) T Shares commenced operations on March 1, 2013.

See Notes to Financial Statements

38

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Broad Market Index						Mid/Small Company Index
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,685,310		$	11,072,458		$	4,094,399		$	9,044,196
Net realized gain		9,496,312			9,394,023			43,835,582			20,083,974
Net change in unrealized appreciation		62,516,586			57,592,159			30,064,002			45,030,225
Net increase in net assets resulting from operations		77,698,208			78,058,640			77,993,983			74,158,395
Distributions to shareholders from:
Net investment income—Class I		—			(2,166,992	)		—			(4,730,696	)
Net investment income—Class II		—			(8,699,581	)		—			(3,711,943	)
Net realized gain—Class I		—			(1,045,053	)		—			(10,544,555	)
Net realized gain—Class II		—			(3,740,641	)		—			(7,396,025	)
Total distributions		—			(15,652,267	)		—			(26,383,219	)
Capital share transactions:
Proceeds from sale of shares—Class I		5,899,453			12,310,831			6,787,735			43,397,455
Proceeds from sale of shares—Class II		9,362,788			28,629,139			7,272,290			31,228,368
Proceeds from sale of shares—T Shares		574,937,893	(a)		—			530,992,753	(a)		—
Reinvestment of distributions—Class I		—			3,212,045			—			15,274,349
Reinvestment of distributions—Class II		—			12,440,222			—			11,107,968
Value of shares redeemed—Class I		(112,883,379	)		(17,799,369	)		(306,298,431	)		(37,977,127	)
Value of shares redeemed—Class II		(457,464,390	)		(50,603,222	)		(214,324,132	)		(27,094,717	)
Value of shares redeemed—T Shares		(27,162,824	)(a)		—			(11,739,872	)(a)		—
Net increase (decrease) from capital share transactions		(7,310,459	)		(11,810,354	)		12,690,343			35,936,296
Total increase in net assets		70,387,749			50,596,019			90,684,326			83,711,472
NET ASSETS at beginning of period		554,301,474			503,705,455			492,152,898			408,441,426
NET ASSETS at end of period	$	624,689,223		$	554,301,474		$	582,837,224		$	492,152,898
Accumulated net investment income included in net assets at end of period	$	11,817,908		$	6,132,598		$	5,543,494		$	1,449,095
SHARE TRANSACTIONS:
Number of shares sold—Class I		443,587			1,026,718			396,924			2,815,097
Number of shares issued through reinvestment of dividends and distributions—Class I		—			261,994			—			996,796
Number of shares redeemed—Class I		(8,643,786	)		(1,487,554	)		(18,128,843	)		(2,503,348	)
Net increase (decrease) in shares outstanding—Class I		(8,200,199	)		(198,842	)		(17,731,919	)		1,308,545
Number of shares sold—Class II		775,697			2,519,512			462,810			2,137,836
Number of shares issued through reinvestment of dividends and distributions—Class II		—			1,082,700			—			768,552
Number of shares redeemed—Class II		(37,375,990	)		(4,495,362	)		(13,441,026	)		(1,841,487	)
Net increase (decrease) in shares outstanding—Class II		(36,600,293	)		(893,150	)		(12,978,216	)		1,064,901
Number of shares sold—T Shares		43,982,455	(a)		—			31,298,467	(a)		—
Number of shares redeemed—T Shares		(1,949,452	)(a)		—			(663,777	)(a)		—
Net increase in shares outstanding—T Shares		42,033,003			—			30,634,690			—

(a) T Shares commenced operations on March 1, 2013.

See Notes to Financial Statements

39

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Overseas Equity Index
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	4,385,310		$	6,349,858
Net realized gain		1,551,923			39,555
Net change in unrealized appreciation		426,227			29,402,054
Net increase in net assets resulting from operations		6,363,460			35,791,467
Distributions to shareholders from:
Net investment income—Class I		—			(1,426,695	)
Net investment income—Class II		—			(5,187,054	)
Total distributions		—			(6,613,749	)
Capital share transactions:
Proceeds from sale of shares—Class I		870,264			7,660,129
Proceeds from sale of shares—Class II		1,884,388			31,420,598
Proceeds from sale of shares—T Shares		237,724,274	(a)		—
Reinvestment of distributions—Class I		—			1,426,695
Reinvestment of distributions—Class II		—			5,187,054
Value of shares redeemed—Class I		(48,462,889	)		(5,761,884	)
Value of shares redeemed—Class II		(178,149,027	)		(18,205,185	)
Value of shares redeemed—T Shares		(3,932,373	)(a)		—
Net increase from capital share transactions		9,934,637			21,727,407
Total increase in net assets		16,298,097			50,905,125
NET ASSETS at beginning of period		228,689,104			177,783,979
NET ASSETS at end of period	$	244,987,201		$	228,689,104
Accumulated net investment income (loss) included in net assets at end of period	$	3,589,825		$	(795,485	)
SHARE TRANSACTIONS:
Number of shares sold—Class I		77,935			778,774
Number of shares issued through reinvestment of dividends and distributions—Class I		—			135,104
Number of shares redeemed—Class I		(4,439,848	)		(585,466	)
Net increase (decrease) in shares outstanding—Class I		(4,361,913	)		328,412
Number of shares sold—Class II		183,145			3,426,664
Number of shares issued through reinvestment of dividends and distributions—Class II		—			525,537
Number of shares redeemed—Class II		(17,468,798	)		(1,911,367	)
Net increase (decrease) in shares outstanding—Class II		(17,285,653	)		2,040,834
Number of shares sold—T Shares		21,674,058	(a)		—
Number of shares redeemed—T Shares		(354,667	)(a)		—
Net increase in shares outstanding—T Shares		21,319,391			—

(a) T Shares commenced operations on March 1, 2013.

See Notes to Financial Statements

40

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio Funds
	Conservative Growth						Traditional Growth
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,712,936		$	9,847,375		$	3,054,360		$	24,231,669
Net realized gain		754,799			5,350,725			6,150,123			22,693,852
Net change in unrealized appreciation		18,673,346			34,557,925			83,934,193			105,912,759
Net increase in net assets resulting from operations		21,141,081			49,756,025			93,138,676			152,838,280
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(11,072,837	)		—			(24,263,241	)
Net realized gain—Investor M Shares		—			(4,460,716	)		—			(18,255,201	)
Total distributions		—			(15,533,553	)		—			(42,518,442	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		26,152,685	(a)		49,678,988			25,522,954	(a)		73,465,717
Proceeds from sale of shares—TM Shares		561,571,677	(b)		—			1,475,116,485	(b)		—
Reinvestment of distributions—Investor M Shares		—	(a)		15,527,586			—	(a)		42,512,679
Value of shares redeemed—Investor M Shares		(555,914,587	)(a)		(47,781,283	)		(1,468,992,047	)(a)		(98,727,759	)
Value of shares redeemed—TM Shares		(35,819,982	)(b)		—			(80,555,057	)(b)		—
Net increase (decrease) from capital share transactions		(4,010,207	)		17,425,291			(48,907,665	)		17,250,637
Total increase in net assets		17,130,874			51,647,763			44,231,011			127,570,475
NET ASSETS at beginning of period		607,811,706			556,163,943			1,493,678,238			1,366,107,763
NET ASSETS at end of period	$	624,942,580		$	607,811,706		$	1,537,909,249		$	1,493,678,238
Accumulated net investment income included in net assets at end of period	$	1,735,696		$	22,760		$	3,284,687		$	230,327
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		1,020,611	(a)		2,012,063			1,053,353	(a)		3,201,885
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—	(a)		623,848			—	(a)		1,828,502
Number of shares redeemed—Investor M Shares		(21,784,708	)(a)		(1,922,911	)		(60,890,344	)(a)		(4,267,774	)
Net increase (decrease) in shares outstanding—Investor M Shares		(20,764,097	)		713,000			(59,836,991	)		762,613
Number of shares sold—TM Shares		21,997,102	(b)		—			61,123,561	(b)		—
Number of shares redeemed—TM Shares		(1,384,398	)(b)		—			(3,268,608	)(b)		—
Net increase in shares outstanding—TM Shares		20,612,704			—			57,854,953			—

(a) On March 1, 2013 all outstanding shares were renamed Investor M Shares.

(b) TM Shares commenced operations on March 1, 2013.

See Notes to Financial Statements

41

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio Funds
	Long-Term Growth						All-Equity Growth
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	2,768,252		$	30,300,513		$	(215,047	)	$	9,634,777
Net realized gain (loss)		13,517,395			40,945,544			(3,927,684	)		4,660,440
Net change in unrealized appreciation		138,169,958			149,978,316			84,072,731			86,562,999
Net increase in net assets resulting from operations		154,455,605			221,224,373			79,930,000			100,858,216
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(30,205,709	)		—			(6,229,845	)
Net realized gain—Investor M Shares		—			(31,564,539	)		—			(4,893,466	)
Total distributions		—			(61,770,248	)		—			(11,123,311	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		17,128,142	(a)		78,109,011			11,156,540	(a)		48,246,562
Proceeds from sale of shares—TM Shares		1,913,786,842	(b)		—			732,495,311	(b)		—
Reinvestment of distributions—Investor M Shares		—	(a)		61,770,248			—	(a)		11,123,311
Value of shares redeemed—Investor M Shares		(1,911,741,228	)(a)		(114,749,215	)		(726,153,472	)(a)		(89,600,456	)
Value of shares redeemed—TM Shares		(94,663,939	)(b)		—			(22,677,538	)(b)		—
Net increase (decrease) from capital share transactions		(75,490,183	)		25,130,044			(5,179,159	)		(30,230,583	)
Total increase in net assets		78,965,422			184,584,169			74,750,841			59,504,322
NET ASSETS at beginning of period		1,896,812,283			1,712,228,114			709,329,831			649,825,509
NET ASSETS at end of period	$	1,975,777,705		$	1,896,812,283		$	784,080,672		$	709,329,831
Accumulated net investment income included in net assets at end of period	$	3,056,926		$	288,674		$	4,080,063		$	4,295,110
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		736,270	(a)		3,580,777			493,664	(a)		2,358,603
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—	(a)		2,782,443			—	(a)		521,242
Number of shares redeemed—Investor M Shares		(82,220,529	)(a)		(5,211,374	)		(32,038,853	)(a)		(4,404,229	)
Net increase (decrease) in shares outstanding—Investor M Shares		(81,484,259	)		1,151,846			(31,545,189	)		(1,524,384	)
Number of shares sold—TM Shares		82,269,523	(b)		—			32,290,758	(b)		—
Number of shares redeemed—TM Shares		(3,969,187	)(b)		—			(965,131	)(b)		—
Net increase in shares outstanding—TM Shares		78,300,336			—			31,325,627			—

(a) On March 1, 2013 all outstanding shares were renamed Investor M Shares.

(b) TM Shares commenced operations on March 1, 2013.

See Notes to Financial Statements

42

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone Retirement Income						Milestone 2010
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	968,901		$	3,819,949		$	505,788		$	3,668,401
Net realized gain		1,610,080			4,670,798			4,293,303			6,541,786
Net change in unrealized appreciation		230,392			7,308,088			3,175,021			10,575,970
Net increase in net assets resulting from operations		2,809,373			15,798,835			7,974,112			20,786,157
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(3,808,078	)		—			(3,657,537	)
Net realized gain—Investor M Shares		—			(3,414,215	)		—			(5,079,056	)
Total distributions		—			(7,222,293	)		—			(8,736,593	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		37,405,845	(a)		29,712,090			8,474,006	(a)		22,369,356
Proceeds from sale of shares—TM Shares		244,605,222	(b)		—			217,693,656	(b)		—
Reinvestment of distributions—Investor M Shares		—	(a)		7,222,293			—	(a)		8,736,593
Value of shares redeemed—Investor M Shares		(199,602,817	)(a)		(27,415,547	)		(183,391,000	)(a)		(31,407,381	)
Value of shares redeemed—TM Shares		(8,767,302	)(b)		—			(11,804,068	)(b)		—
Net increase (decrease) from capital share transactions		73,640,948			9,518,836			30,972,594			(301,432	)
Total increase in net assets		76,450,321			18,095,378			38,946,706			11,748,132
NET ASSETS at beginning of period		238,157,926			220,062,548			234,022,793			222,274,661
NET ASSETS at end of period	$	314,608,247		$	238,157,926		$	272,969,499		$	234,022,793
Accumulated net investment income included in net assets at end of period	$	968,901		$	—		$	505,788		$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		3,459,158	(a)		2,792,687			772,532	(a)		2,097,640
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—	(a)		682,636			—	(a)		820,338
Number of shares redeemed—Investor M Shares		(18,571,291	)(a)		(2,583,551	)		(16,796,123	)(a)		(2,934,016	)
Net increase (decrease) in shares outstanding—Investor M Shares		(15,112,133	)		891,772			(16,023,591	)		(16,038	)
Number of shares sold—TM Shares		22,717,750	(b)		—			19,882,331	(b)		—
Number of shares redeemed—TM Shares		(806,274	)(b)		—			(1,057,914	)(b)		—
Net increase in shares outstanding—TM Shares		21,911,476			—			18,824,417			—

(a) On March 1, 2013 all outstanding shares were renamed Investor M Shares.

(b) TM Shares commenced operations on March 1, 2013.

See Notes to Financial Statements

43

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2015						Milestone 2020
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	905,400		$	6,963,262		$	1,049,950		$	7,905,069
Net realized gain		3,774,685			7,040,623			4,461,652			4,305,341
Net change in unrealized appreciation		15,337,357			26,079,472			23,483,952			32,885,504
Net increase in net assets resulting from operations		20,017,442			40,083,357			28,995,554			45,095,914
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(6,931,087	)		—			(7,863,109	)
Net realized gain—Investor M Shares		—			(5,906,820	)		—			(4,527,980	)
Total distributions		—			(12,837,907	)		—			(12,391,089	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		21,868,410	(a)		48,957,538			25,137,253	(a)		69,703,195
Proceeds from sale of shares—TM Shares		413,362,150	(b)		—			464,387,290	(b)		—
Reinvestment of distributions—Investor M Shares		—	(a)		12,837,907			—	(a)		12,391,089
Value of shares redeemed—Investor M Shares		(373,386,959	)(a)		(36,258,178	)		(425,123,324	)(a)		(30,461,850	)
Value of shares redeemed—TM Shares		(9,540,149	)(b)		—			(5,779,755	)(b)		—
Net increase from capital share transactions		52,303,452			25,537,267			58,621,464			51,632,434
Total increase in net assets		72,320,894			52,782,717			87,617,018			84,337,259
NET ASSETS at beginning of period		434,638,177			381,855,460			470,664,246			386,326,987
NET ASSETS at end of period	$	506,959,071		$	434,638,177		$	558,281,264		$	470,664,246
Accumulated net investment income included in net assets at end of period	$	905,400		$	—		$	1,051,837		$	1,887
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		1,946,468	(a)		4,538,870			2,209,225	(a)		6,464,854
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—	(a)		1,181,040			—	(a)		1,132,641
Number of shares redeemed—Investor M Shares		(33,318,432	)(a)		(3,351,540	)		(37,507,461	)(a)		(2,811,250	)
Net increase (decrease) in shares outstanding—Investor M Shares		(31,371,964	)		2,368,370			(35,298,236	)		4,786,245
Number of shares sold—TM Shares		36,808,941	(b)		—			40,873,680	(b)		—
Number of shares redeemed—TM Shares		(832,916	)(b)		—			(499,531	)(b)		—
Net increase in shares outstanding—TM Shares		35,976,025			—			40,374,149			—

(a) On March 1, 2013 all outstanding shares were renamed Investor M Shares.

(b) TM Shares commenced operations on March 1, 2013.

See Notes to Financial Statements

44

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2025						Milestone 2030
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	737,472		$	6,478,423		$	353,103		$	4,992,955
Net realized gain		2,890,097			2,631,701			2,149,305			2,559,714
Net change in unrealized appreciation		24,910,431			29,869,079			23,460,201			25,744,393
Net increase in net assets resulting from operations		28,538,000			38,979,203			25,962,609			33,297,062
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(6,440,201	)		—			(4,958,210	)
Net realized gain—Investor M Shares		—			(3,500,724	)		—			(3,048,097	)
Total distributions		—			(9,940,925	)		—			(8,006,307	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		20,814,390	(a)		60,708,794			16,059,528	(a)		50,506,476
Proceeds from sale of shares—TM Shares		375,679,685	(b)		—			292,973,620	(b)		—
Reinvestment of distributions—Investor M Shares		—	(a)		9,940,925			—	(a)		8,006,307
Value of shares redeemed—Investor M Shares		(349,810,168	)(a)		(17,516,434	)		(277,019,742	)(a)		(15,178,840	)
Value of shares redeemed—TM Shares		(4,582,535	)(b)		—			(4,615,570	)(b)		—
Net increase from capital share transactions		42,101,372			53,133,285			27,397,836			43,333,943
Total increase in net assets		70,639,372			82,171,563			53,360,445			68,624,698
NET ASSETS at beginning of period		383,446,192			301,274,629			305,077,178			236,452,480
NET ASSETS at end of period	$	454,085,564		$	383,446,192		$	358,437,623		$	305,077,178
Accumulated net investment income included in net assets at end of period	$	742,029		$	4,557		$	358,393		$	5,290
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		1,829,723	(a)		5,681,571			1,384,935	(a)		4,674,073
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—	(a)		912,011			—	(a)		725,866
Number of shares redeemed—Investor M Shares		(30,827,287	)(a)		(1,633,111	)		(24,004,424	)(a)		(1,398,751	)
Net increase (decrease) in shares outstanding—Investor M Shares		(28,997,564	)		4,960,471			(22,619,489	)		4,001,188
Number of shares sold—TM Shares		33,018,370	(b)		—			25,319,540	(b)		—
Number of shares redeemed—TM Shares		(391,157	)(b)		—			(384,207	)(b)		—
Net increase in shares outstanding—TM Shares		32,627,213			—			24,935,333			—

(a) On March 1, 2013 all outstanding shares were renamed Investor M Shares.

(b) TM Shares commenced operations on March 1, 2013.

See Notes to Financial Statements

45

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2035						Milestone 2040
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	106,176		$	3,202,658		$	47,600		$	3,108,813
Net realized gain		2,703,651			2,111,874			4,712,411			4,883,349
Net change in unrealized appreciation		16,633,380			18,030,907			15,893,798			16,035,152
Net increase in net assets resulting from operations		19,443,207			23,345,439			20,653,809			24,027,314
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(3,176,280	)		—			(3,024,927	)
Net realized gain—Investor M Shares		—			(2,144,702	)		—			(642,204	)
Total distributions		—			(5,320,982	)		—			(3,667,131	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		11,292,916	(a)		38,485,630			11,122,055	(a)		36,970,041
Proceeds from sale of shares—TM Shares		191,982,608	(b)		—			188,860,759	(b)		—
Reinvestment of distributions—Investor M Shares		—	(a)		5,320,982			—	(a)		3,667,131
Value of shares redeemed—Investor M Shares		(180,197,695	)(a)		(9,654,080	)		(178,442,909	)(a)		(9,653,377	)
Value of shares redeemed—TM Shares		(2,365,270	)(b)		—			(2,701,283	)(b)		—
Net increase from capital share transactions		20,712,559			34,152,532			18,838,622			30,983,795
Total increase in net assets		40,155,766			52,176,989			39,492,431			51,343,978
NET ASSETS at beginning of period		202,648,607			150,471,618			197,376,350			146,032,372
NET ASSETS at end of period	$	242,804,373		$	202,648,607		$	236,868,781		$	197,376,350
Accumulated net investment income included in net assets at end of period	$	108,508		$	2,332		$	81,060		$	33,460
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		973,383	(a)		3,583,774			938,673	(a)		3,428,611
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—	(a)		484,166			—	(a)		328,596
Number of shares redeemed—Investor M Shares		(15,595,502	)(a)		(894,994	)		(15,152,760	)(a)		(887,216	)
Net increase (decrease) in shares outstanding—Investor M Shares		(14,622,119	)		3,172,946			(14,214,087	)		2,869,991
Number of shares sold—TM Shares		16,558,026	(b)		—			15,985,233	(b)		—
Number of shares redeemed—TM Shares		(197,635	)(b)		—			(218,842	)(b)		—
Net increase in shares outstanding—TM Shares		16,360,391			—			15,766,391			—

(a) On March 1, 2013 all outstanding shares were renamed Investor M Shares.

(b) TM Shares commenced operations on March 1, 2013.

See Notes to Financial Statements

46

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2045						Milestone 2050
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31, 2012			For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Period from September 10, 2012* to December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	(16,960	)	$	881,339		$	(9,553	)	$	9,240
Net realized gain		1,222,524			2,540,955			108,127			9,385
Net change in unrealized appreciation (depreciation)		4,627,095			2,733,334			696,507			(11,055	)
Net increase in net assets resulting from operations		5,832,659			6,155,628			795,081			7,570
Distributions to shareholders from:
Net investment income—Investor M Shares		—			(874,188	)		—			(9,717	)
Net realized gain—Investor M Shares		—			(774,787	)		—			(942	)
Total distributions		—			(1,648,975	)		—			(10,659	)
Capital share transactions:
Proceeds from sale of shares—Investor M Shares		7,583,197	(a)		23,702,921			3,217,336	(a)		6,761,657
Proceeds from sale of shares—TM Shares		52,122,153	(b)		—			7,414,657	(b)		—
Reinvestment of distributions—Investor M Shares		—	(a)		1,648,975			—	(a)		10,659
Value of shares redeemed—Investor M Shares		(47,157,694	)(a)		(9,468,094	)		(6,154,722	)(a)		(292	)
Value of shares redeemed—TM Shares		(2,180,846	)(b)		—			(701,395	)(b)		—
Net increase from capital share transactions		10,366,810			15,883,802			3,775,876			6,772,024
Total increase in net assets		16,199,469			20,390,455			4,570,957			6,768,935
NET ASSETS at beginning of period		53,824,108			33,433,653			6,768,935			—
NET ASSETS at end of period	$	70,023,577		$	53,824,108		$	11,339,892		$	6,768,935
Accumulated net investment loss included in net assets at end of period	$	(16,960	)	$	—		$	(9,553	)	$	—
SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		595,210	(a)		2,008,411			296,275	(a)		659,208
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		—	(a)		137,529			—	(a)		1,040
Number of shares redeemed—Investor M Shares		(3,722,600	)(a)		(779,357	)		(568,445	)(a)		(28	)
Net increase (decrease) in shares outstanding—Investor M Shares		(3,127,390	)		1,366,583			(272,170	)		660,220
Number of shares sold—TM Shares		4,087,175	(b)		—			675,008	(b)		—
Number of shares redeemed—TM Shares		(166,434	)(b)		—			(62,105	)(b)		—
Net increase in shares outstanding—TM Shares		3,920,741			—			612,903			—

* Commencement of operations

(a) On March 1, 2013 all outstanding shares were renamed Investor M Shares.

(b) TM Shares commenced operations on March 1, 2013.

See Notes to Financial Statements

47

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Low Duration Bond Investor Shares(1)
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	10.19		$	9.96		$	10.04		$	9.95		$	9.28		$	9.83
Income from investment operations:
Net investment income		0.05			0.16			0.19			0.25			0.32			0.37
Net realized and unrealized gain (loss)		(0.10	)		0.23			(0.08	)		0.10			0.65			(0.51	)
Total from investment operations		(0.05	)		0.39			0.11			0.35			0.97			(0.14	)
Less distributions:
Net investment income		(0.06	)		(0.16	)		(0.19	)		(0.26	)		(0.30	)		(0.41	)
Realized gains		—			—			—			—			—			—
Total distributions		(0.06	)		(0.16	)		(0.19	)		(0.26	)		(0.30	)		(0.41	)
Net Asset Value, end of period	$	10.08		$	10.19		$	9.96		$	10.04		$	9.95		$	9.28
Total return		(0.46	)%††		3.97	%		1.14	%		3.58	%		10.63	%		(1.52	)%
Ratios to Average Net Assets:
Expenses		0.63	%†		0.63	%		0.62	%		0.64	%		0.66	%		0.66	%
Net investment income		1.31	%†		1.55	%		1.93	%		2.51	%		3.27	%		3.82	%
Supplemental Data:
Net assets, end of period (000)	$	42,950		$	592,262		$	524,463		$	537,709		$	517,659		$	394,704
Portfolio turnover		36	%††		63	%		66	%		70	%		63	%		91	%
	Low Duration Bond T Shares(1)
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	10.20
Income from investment operations:
Net investment income		0.05
Net realized and unrealized loss		(0.12	)
Total from investment operations		(0.07	)
Less distributions:
Net investment income		(0.05	)
Realized gains		—
Total distributions		(0.05	)
Net Asset Value, end of period	$	10.08
Total return		(0.67	)%††
Ratios to Average Net Assets:
Expenses		0.40	%†
Net investment income		1.46	%†
Supplemental Data:
Net assets, end of period (000)	$	516,922
Portfolio turnover		36	%††

(1) Formerly Short-Term Bond Fund.

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

48

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Inflation Protected Securities Investor Shares(1)
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	11.86		$	11.68		$	10.99		$	10.72		$	9.88		$	10.46
Income from investment operations:
Net investment income (loss)		(0.18	)^		0.17			0.34			0.19			0.11			0.57
Net realized and unrealized gain (loss)		(0.72	)		0.62			0.91			0.44			0.85			(0.59	)
Total from investment operations		(0.90	)		0.79			1.25			0.63			0.96			(0.02	)
Less distributions:
Net investment income		(0.03	)		(0.17	)		(0.36	)		(0.19	)		(0.12	)		(0.46	)
Realized gains		—			(0.44	)		(0.20	)		(0.17	)		—			—
From capital		—			—			—			—			—			(0.10	)
Total distributions		(0.03	)		(0.61	)		(0.56	)		(0.36	)		(0.12	)		(0.56	)
Net Asset Value, end of period	$	10.93		$	11.86		$	11.68		$	10.99		$	10.72		$	9.88
Total return		(7.57	)%††		6.84	%		11.53	%		5.95	%		9.75	%		(0.40	)%
Ratios to Average Net Assets:
Expenses		0.63	%†		0.63	%		0.64	%		0.65	%		0.67	%		0.67	%
Net investment income (loss)		(3.07	)%†		1.39	%		2.94	%		1.73	%		1.13	%		4.64	%
Supplemental Data:
Net assets, end of period (000)	$	36,425		$	669,336		$	584,191		$	492,002		$	338,790		$	300,148
Portfolio turnover		35	%††		73	%		109	%		97	%		105	%		149	%
	Inflation Protected Securities T Shares(1)
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	11.78
Income from investment operations:
Net investment income		0.11	^
Net realized and unrealized loss		(0.92	)
Total from investment operations		(0.81	)
Less distributions:
Net investment income		(0.04	)
Realized gains		—
Total distributions		(0.04	)
Net Asset Value, end of period	$	10.93
Total return		(6.88	)%††
Ratios to Average Net Assets:
Expenses		0.40	%†
Net investment income		2.74	%†
Supplemental Data:
Net assets, end of period (000)	$	538,773
Portfolio turnover		35	%††

(1) Formerly US Government Securities Fund.

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

49

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Equity Income Investor Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	9.01		$	8.27		$	8.64		$	7.70		$	5.79		$	9.78
Income from investment operations:
Net investment income		0.08	^		0.15			0.12			0.08			0.09			0.13
Net realized and unrealized gain (loss)		1.13			1.03			(0.13	)		0.94			1.95			(3.96	)
Total from investment operations		1.21			1.18			(0.01	)		1.02			2.04			(3.83	)
Less distributions:
Net investment income		—			(0.16	)		(0.22	)		(0.08	)		(0.13	)		—
Realized gains		—			(0.28	)		(0.14	)		—			—			(0.16	)
Total distributions		—			(0.44	)		(0.36	)		(0.08	)		(0.13	)		(0.16	)
Net Asset Value, end of period	$	10.22		$	9.01		$	8.27		$	8.64		$	7.70		$	5.79
Total return		13.43	%††		14.33	%		0.04	%		13.28	%		35.28	%		(39.19	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.81	%†		0.82	%		0.84	%		0.85	%		0.88	%		0.88	%
Expenses net of reimbursements/waivers, if any		0.81	%†		0.82	%		0.83	%		0.85	%		0.88	%		0.88	%
Net Investment Income before reimbursements/waivers		1.73	%†		1.64	%		1.32	%		1.19	%		1.49	%		1.74	%
Net Investment Income net of reimbursements/waivers, if any		1.74	%†		1.64	%		1.32	%		1.19	%		1.49	%		1.74	%
Supplemental Data:
Net assets, end of period (000)	$	52,541		$	2,020,305		$	1,817,557		$	1,867,505		$	1,516,199		$	1,102,032
Portfolio turnover		8	%††		15	%		18	%		18	%		22	%		29	%
	Equity Income T Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	9.62
Income from investment operations:
Net investment income		0.05	^
Net realized and unrealized gain		0.56
Total from investment operations		0.61
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	10.23
Total return		6.34	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.57	%†
Expenses net of reimbursements/waivers, if any		0.57	%†
Net Investment Income before reimbursements/waivers		1.51	%†
Net Investment Income net of reimbursements/waivers, if any		1.51	%†
Supplemental Data:
Net assets, end of period (000)	$	2,115,055
Portfolio turnover		8	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

50

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Growth & Income Investor Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	10.71		$	9.49		$	9.67		$	8.49		$	6.43		$	10.56
Income from investment operations:
Net investment income		0.05	^		0.14			0.11			0.08			0.10			0.10
Net realized and unrealized gain (loss)		1.51			1.42			(0.18	)		1.18			2.06			(4.13	)
Total from investment operations		1.56			1.56			(0.07	)		1.26			2.16			(4.03	)
Less distributions:
Net investment income		—			(0.18	)		(0.11	)		(0.08	)		(0.10	)		(0.07	)
Realized gains		—			(0.16	)		—			—			—			(0.03	)
Total distributions		—			(0.34	)		(0.11	)		(0.08	)		(0.10	)		(0.10	)
Net Asset Value, end of period	$	12.27		$	10.71		$	9.49		$	9.67		$	8.49		$	6.43
Total return		14.57	%††		16.53	%		(0.69	)%		14.81	%		33.61	%		(38.16	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.78	%†		0.78	%		0.78	%		0.79	%		0.82	%		0.81	%
Expenses net of reimbursements/waivers, if any		0.78	%†		0.78	%		0.78	%		0.79	%		0.81	%		0.80	%
Net Investment Income before reimbursements/waivers		0.94	%†		1.32	%		1.12	%		0.91	%		1.39	%		1.20	%
Net Investment Income net of reimbursements/waivers, if any		0.94	%†		1.32	%		1.12	%		0.91	%		1.39	%		1.21	%
Supplemental Data:
Net assets, end of period (000)	$	33,973		$	1,305,504		$	1,162,482		$	1,228,122		$	1,023,636		$	747,032
Portfolio turnover		16	%††		25	%		40	%		46	%		111	%		58	%
	Growth & Income T Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	11.44
Income from investment operations:
Net investment income		0.06	^
Net realized and unrealized gain		0.78
Total from investment operations		0.84
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	12.28
Total return		7.34	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.54	%†
Expenses net of reimbursements/waivers, if any		0.54	%†
Net Investment Income before reimbursements/waivers		1.41	%†
Net Investment Income net of reimbursements/waivers, if any		1.41	%†
Supplemental Data:
Net assets, end of period (000)	$	1,387,650
Portfolio turnover		16	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

51

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Growth Investor Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010				2009			2008
Net Asset Value, beginning of period	$	9.53		$	8.36		$	8.78		$	7.70			$	5.91		$	10.45
Income from investment operations:
Net investment income		0.02	^		0.05			0.04			0.05				0.04			0.06
Net realized and unrealized gain (loss)		0.98			1.18			(0.42	)		1.09				1.79			(4.54	)
Total from investment operations		1.00			1.23			(0.38	)		1.14				1.83			(4.48	)
Less distributions:
Net investment income		—			(0.06	)		(0.04	)		(0.06	)			(0.04	)		(0.06	)
Realized gains		—			—			—			—				—			—
Total distributions		—			(0.06	)		(0.04	)		(0.06	)			(0.04	)		(0.06	)
Net Asset Value, end of period	$	10.53		$	9.53		$	8.36		$	8.78		��	$	7.70		$	5.91
Total return		10.49	%††		14.67	%		(4.27	)%		14.76	%			31.02	%		(42.89	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.77	%†		0.78	%		0.83	%		0.86	%			0.86	%		0.88	%
Expenses net of reimbursements/waivers, if any		0.77	%†		0.78	%		0.81	%		0.84	%			0.84	%		0.87	%
Net Investment Income before reimbursements/waivers		0.32	%†		0.57	%		0.47	%		0.64	%			0.64	%		0.63	%
Net Investment Income net of reimbursements/waivers, if any		0.32	%†		0.57	%		0.49	%		0.66	%			0.66	%		0.64	%
Supplemental Data:
Net assets, end of period (000)	$	26,409		$	1,880,929		$	1,751,075		$	1,971,807			$	1,814,533		$	1,427,675
Portfolio turnover		29	%††		87	%		70	%		117	%			89	%		175	%
	Growth T Shares
	For the Period from March 1, 2013* to June 30,  2013 (Unaudited)
Net Asset Value, beginning of period	$	10.07
Income from investment operations:
Net investment income		0.02	^
Net realized and unrealized gain		0.45
Total from investment operations		0.47
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	10.54
Total return		4.67	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.53	%†
Expenses net of reimbursements/waivers, if any		0.53	%†
Net Investment Income before reimbursements/waivers		0.61	%†
Net Investment Income net of reimbursements/waivers, if any		0.61	%†
Supplemental Data:
Net assets, end of period (000)	$	1,983,429
Portfolio turnover		29	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

52

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Select Value Investor Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	10.95		$	9.73		$	9.84		$	8.25		$	6.07		$	9.38
Income from investment operations:
Net investment income		0.05	^		0.19			0.10			0.09			0.10			0.12
Net realized and unrealized gain (loss)		1.65			1.42			(0.12	)		1.59			2.14			(3.31	)
Total from investment operations		1.70			1.61			(0.02	)		1.68			2.24			(3.19	)
Less distributions:
Net investment income		—			(0.18	)		(0.09	)		(0.09	)		(0.06	)		(0.12	)
Realized gains		—			(0.21	)		—			—			—			—
Total distributions		—			(0.39	)		(0.09	)		(0.09	)		(0.06	)		(0.12	)
Net Asset Value, end of period	$	12.65		$	10.95		$	9.73		$	9.84		$	8.25		$	6.07
Total return		15.53	%††		16.55	%		(0.16	)%		20.34	%		36.99	%		(33.96	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.98	%†		0.99	%		0.99	%		1.00	%		1.04	%		1.01	%
Expenses net of reimbursements/waivers, if any		0.98	%†		0.99	%		0.99	%		1.00	%		1.04	%		0.98	%
Net Investment Income before reimbursements/waivers		0.83	%†		1.73	%		0.96	%		1.01	%		1.42	%		1.65	%
Net Investment Income net of reimbursements/waivers, if any		0.83	%†		1.73	%		0.96	%		1.01	%		1.42	%		1.68	%
Supplemental Data:
Net assets, end of period (000)	$	7,208		$	355,590		$	320,019		$	338,336		$	295,800		$	220,955
Portfolio turnover		39	%††		51	%		60	%		68	%		85	%		211	%
	Select Value T Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	12.00
Income from investment operations:
Net investment income		0.06	^
Net realized and unrealized gain		0.60
Total from investment operations		0.66
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	12.66
Total return		5.50	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.74	%†
Expenses net of reimbursements/waivers, if any		0.74	%†
Net Investment Income before reimbursements/waivers		1.46	%†
Net Investment Income net of reimbursements/waivers, if any		1.46	%†
Supplemental Data:
Net assets, end of period (000)	$	410,182
Portfolio turnover		39	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

53

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Aggressive Opportunities Investor Shares
	For the Period January 1, 2013 to June 30,  2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	10.20		$	9.26		$	11.34		$	9.52		$	6.32		$	11.26
Income from investment operations:
Net investment income		0.00	#^		0.07			0.03			0.01			0.00	#		0.03
Net realized and unrealized gain (loss)		1.56			1.35			(1.23	)		1.81			3.22			(4.68	)
Total from investment operations		1.56			1.42			(1.20	)		1.82			3.22			(4.65	)
Less distributions:
Net investment income		—			(0.02	)		(0.04	)		—			(0.02	)		(0.01	)
Realized gains		—			(0.46	)		(0.84	)		—			—			(0.28	)
Total distributions		—			(0.48	)		(0.88	)		—			(0.02	)		(0.29	)
Net Asset Value, end of period	$	11.76		$	10.20		$	9.26		$	11.34		$	9.52		$	6.32
Total return		15.29	%††		15.44	%		(10.42	)%		19.12	%		50.95	%		(41.29	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.82	%†		0.90	%		0.91	%		0.93	%		0.99	%		1.01	%
Expenses net of reimbursements/waivers, if any		0.82	%†		0.90	%		0.91	%		0.93	%		0.98	%		0.96	%
Net Investment income (loss) before reimbursements/waivers		(0.02	)%†		0.61	%		0.21	%		0.05	%		(0.02	)%		0.25	%
Net Investment Income (Loss) net of reimbursements/waivers, if any		(0.02	)%†		0.61	%		0.21	%		0.05	%		(0.02	)%		0.30	%
Supplemental Data:
Net assets, end of period (000)	$	26,968		$	993,729		$	957,271		$	1,147,570		$	1,010,098		$	668,403
Portfolio turnover		28	%††		94	%		53	%		96	%		53	%		57	%
	Aggressive Opportunities T Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	11.04
Income from investment operations:
Net investment income		0.01	^
Net realized and unrealized gain		0.72
Total from investment operations		0.73
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	11.77
Total return		6.61	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.60	%†
Expenses net of reimbursements/waivers, if any		0.60	%†
Net Investment Income before reimbursements/waivers		0.39	%†
Net Investment Income net of reimbursements/waivers, if any		0.39	%†
Supplemental Data:
Net assets, end of period (000)	$	1,043,739
Portfolio turnover		28	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

†† Not annualized

† Annualized

# Rounds to less than $0.01

See Notes to Financial Statements

54

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Discovery Investor Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	9.48		$	8.74		$	9.42		$	7.54		$	5.46		$	9.25
Income from investment operations:
Net investment income		0.04	^		0.12			0.10			0.08			0.08			0.20
Net realized and unrealized gain (loss)		1.38			1.25			(0.68	)		1.89			2.07			(3.77	)
Total from investment operations		1.42			1.37			(0.58	)		1.97			2.15			(3.57	)
Less distributions:
Net investment income		—			(0.16	)		(0.10	)		(0.09	)		(0.07	)		(0.17	)
Realized gains		—			(0.47	)		—			—			—			—
From capital		—			—			—			—			—			(0.05	)
Total distributions		—			(0.63	)		(0.10	)		(0.09	)		(0.07	)		(0.22	)
Net Asset Value, end of period	$	10.90		$	9.48		$	8.74		$	9.42		$	7.54		$	5.46
Total return		14.98	%††		15.74	%		(6.15	)%		26.08	%		39.32	%		(38.51	)%
Ratios to Average Net Assets:
Expenses		0.97	%†		0.97	%		0.95	%		0.98	%		0.99	%		0.99	%
Net investment income		0.79	%†		1.25	%		1.05	%		0.97	%		1.35	%		2.12	%
Supplemental Data:
Net assets, end of period (000)	$	2,754		$	212,873		$	193,872		$	212,770		$	178,174		$	126,382
Portfolio turnover		43	%††		81	%		86	%		73	%		85	%		111	%
	Discovery T Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	10.27
Income from investment operations:
Net investment income		0.03	^
Net realized and unrealized gain		0.61
Total from investment operations		0.64
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	10.91
Total return		6.23	%††
Ratios to Average Net Assets:
Expenses		0.72	%†
Net investment income		0.96	%†
Supplemental Data:
Net assets, end of period (000)	$	229,479
Portfolio turnover		43	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

55

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	International Investor Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012				2011			2010			2009			2008
Net Asset Value, beginning of period	$	9.63		$	8.32			$	9.34		$	8.85		$	6.94		$	12.19
Income from investment operations:
Net investment income		0.03	^		0.22				0.20			0.15			0.12			0.17
Net realized and unrealized gain (loss)		0.20			1.32				(1.01	)		0.52			1.96			(5.29	)
Total from investment operations		0.23			1.54				(0.81	)		0.67			2.08			(5.12	)
Less distributions:
Net investment income		—			(0.23	)			(0.21	)		(0.18	)		(0.17	)		(0.02	)
Realized gains		—			—				—			—			—			(0.11	)
Total distributions		—			(0.23	)			(0.21	)		(0.18	)		(0.17	)		(0.13	)
Net Asset Value, end of period	$	9.86		$	9.63			$	8.32		$	9.34		$	8.85		$	6.94
Total return		2.39	%††		18.57	%			(8.57	)%		7.61	%		29.97	%		(42.03	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.97	%†		0.98	%			0.97	%		0.98	%		1.05	%		1.07	%
Expenses net of reimbursements/waivers, if any		0.97	%†		0.98	%			0.95	%		0.98	%		1.05	%		1.07	%
Net Investment Income before reimbursements/waivers		0.60	%†		2.32	%			2.25	%		1.95	%		1.70	%		1.95	%
Net Investment Income net of reimbursements/waivers, if any		0.60	%†		2.32	%			2.26	%		1.95	%		1.70	%		1.95	%
Supplemental Data:
Net assets, end of period (000)	$	14,546		$	1,305,510			$	1,139,964		$	1,218,763		$	1,015,627		$	766,210
Portfolio turnover		28	%††		49	%			50	%		53	%		164	%		59	%
	International T Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	9.85
Income from investment operations:
Net investment income		0.14	^
Net realized and unrealized loss		(0.12	)
Total from investment operations		0.02
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	9.87
Total return		0.20	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.75	%†
Expenses net of reimbursements/waivers, if any		0.75	%†
Net Investment Income before reimbursements/waivers		4.26	%†
Net Investment Income net of reimbursements/waivers, if any		4.26	%†
Supplemental Data:
Net assets, end of period (000)	$	1,200,538
Portfolio turnover		28	%††				��

^ Calculated based upon average shares outstanding.

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

56

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Diversifying Strategies T Shares(1)
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	10.16		$	10.01		$	10.16		$	9.85		$	9.28		$	9.95
Income from investment operations:
Net investment income		0.06			0.12			0.10			0.06			0.09			0.28
Net realized and unrealized gain (loss)		0.08			0.23			(0.09	)		0.44			0.53			(0.95	)
Total from investment operations		0.14			0.35			0.01			0.50			0.62			(0.67	)
Less distributions:
Net investment income		—			(0.17	)		(0.02	)		(0.19	)		(0.05	)		—
Realized gains		—			(0.03	)		(0.14	)		—			—			(0.00	)#
Total distributions		—			(0.20	)		(0.16	)		(0.19	)		(0.05	)		(0.00	)#
Net Asset Value, end of period	$	10.30		$	10.16		$	10.01		$	10.16		$	9.85		$	9.28
Total return		1.38	%††		3.53	%		0.10	%		5.04	%		6.64	%		(6.73	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.71	%†		0.89	%		0.91	%		0.91	%		0.96	%		1.00	%
Expenses net of reimbursements/waivers, if any		0.64	%†		0.80	%		0.85	%		0.91	%		0.95	%		0.99	%
Net Investment Income before reimbursements/waivers		1.18	%†		1.04	%		0.93	%		1.06	%		1.05	%		2.30	%
Net Investment Income net of reimbursements/waivers, if any		1.25	%†		1.12	%		1.00	%		1.06	%		1.06	%		2.31	%
Supplemental Data:
Net assets, end of period (000)	$	998,969		$	964,774		$	849,777		$	870,591		$	453,196		$	338,090
Portfolio turnover		38	%††		71	%		73	%		63	%		129	%		89	%

(1) Formerly Diversified Assets Fund.

# Rounds to less than $0.01

† Annualized

†† Not annualized

See Notes to Financial Statements

57

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Core Bond Index Class I
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	10.54		$	10.47		$	10.10		$	9.89		$	9.81		$	9.87
Income from investment operations:
Net investment income		0.12	^		0.25			0.31			0.34			0.40			0.46
Net realized and unrealized gain (loss)		(0.41	)		0.14			0.42			0.26			0.13			(0.02	)
Total from investment operations		(0.29	)		0.39			0.73			0.60			0.53			0.44
Less distributions:
Net investment income		(0.13	)		(0.32	)		(0.36	)		(0.39	)		(0.45	)		(0.50	)
Realized gains		—			—			—			—			—			—
Total distributions		(0.13	)		(0.32	)		(0.36	)		(0.39	)		(0.45	)		(0.50	)
Net Asset Value, end of period	$	10.12		$	10.54		$	10.47		$	10.10		$	9.89		$	9.81
Total return		(2.75	)%††		3.80	%		7.41	%		6.13	%		5.57	%		4.63	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.40	%†		0.41	%		0.41	%		0.42	%		0.42	%		0.44	%
Expenses net of reimbursements/waivers, if any		0.40	%†		0.41	%		0.41	%		0.42	%		0.42	%		0.44	%
Net Investment Income before reimbursements/waivers		2.23	%†		2.38	%		3.00	%		3.31	%		3.99	%		4.70	%
Net Investment Income net of reimbursements/waivers, if any		2.23	%†		2.38	%		3.00	%		3.31	%		3.99	%		4.70	%
Supplemental Data:
Net assets, end of period (000)	$	25,042		$	905,486		$	813,431		$	824,963		$	857,504		$	656,279
Portfolio turnover		56	%††		64	%		57	%		85	%		60	%		49	%
	Core Bond Index Class II
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	10.60		$	10.53		$	10.16		$	9.94		$	9.86		$	9.92
Income from investment operations:
Net investment income		0.13	^		0.27			0.33			0.36			0.42			0.48	^
Net realized and unrealized gain (loss)		(0.40	)		0.14			0.43			0.27			0.13			(0.02	)
Total from investment operations		(0.27	)		0.41			0.76			0.63			0.55			0.46
Less distributions:
Net investment income		(0.15	)		(0.34	)		(0.39	)		(0.41	)		(0.47	)		(0.52	)
Realized gains		—			—			—			—			—			—
Total distributions		(0.15	)		(0.34	)		(0.39	)		(0.41	)		(0.47	)		(0.52	)
Net Asset Value, end of period	$	10.18		$	10.60		$	10.53		$	10.16		$	9.94		$	9.86
Total return		(2.62	)%††		3.98	%		7.57	%		6.41	%		5.74	%		4.82	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.20	%†		0.21	%		0.21	%		0.22	%		0.22	%		0.24	%
Expenses net of reimbursements/waivers, if any		0.20	%†		0.21	%		0.21	%		0.22	%		0.22	%		0.24	%
Net Investment Income before reimbursements/waivers		2.41	%†		2.59	%		3.15	%		3.51	%		4.21	%		4.90	%
Net Investment Income net of reimbursements/waivers, if any		2.41	%†		2.59	%		3.15	%		3.51	%		4.21	%		4.90	%
Supplemental Data:
Net assets, end of period (000)	$	25,494		$	337,639		$	320,809		$	282,359		$	238,193		$	220,355
Portfolio turnover		56	%††		64	%		57	%		85	%		60	%		49	%

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

58

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Core Bond Index T Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	10.46
Income from investment operations:
Net investment income		0.07	^
Net realized and unrealized loss		(0.31	)
Total from investment operations		(0.24	)
Less distributions:
Net investment income		(0.10	)
Realized gains		—
Total distributions		(0.10	)
Net Asset Value, end of period	$	10.12
Total return		(2.32	)%††
Ratios to Average Net Assets:
Expenses		0.21	%†
Expenses before reimbursements/waivers		0.21	%†
Expenses net of reimbursements/waivers, if any		0.16	%†
Net investment income		2.14	%†
Net Investment Income before reimbursements/waivers		2.09	%†
Net Investment Income net of reimbursements/waivers, if any		2.14	%†
Supplemental Data:
Net assets, end of period (000)	$	1,195,258
Portfolio turnover		56	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

59

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	500 Stock Index Class I
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	11.32		$	9.96		$	9.95		$	8.81		$	7.12		$	11.63
Income from investment operations:
Net investment income		0.11	^		0.20			0.17			0.15			0.16			0.18
Net realized and unrealized gain (loss)		1.42			1.36			0.00	#		1.13			1.70			(4.52	)
Total from investment operations		1.53			1.56			0.17			1.28			1.86			(4.34	)
Less distributions:
Net investment income		—			(0.20	)		(0.16	)		(0.14	)		(0.17	)		(0.17	)
Realized gains		—			—			—			—			—			—
Total distributions		—			(0.20	)		(0.16	)		(0.14	)		(0.17	)		(0.17	)
Net Asset Value, end of period	$	12.85		$	11.32		$	9.96		$	9.95		$	8.81		$	7.12
Total return		13.52	%††		15.62	%		1.72	%		14.56	%		26.13	%		(37.31	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.41	%†		0.42	%		0.42	%		0.43	%		0.44	%		0.46	%
Expenses net of reimbursements/waivers, if any		0.41	%†		0.42	%		0.42	%		0.43	%		0.44	%		0.46	%
Net Investment Income before reimbursements/waivers		1.83	%†		1.89	%		1.65	%		1.63	%		2.19	%		1.92	%
Net Investment Income net of reimbursements/waivers, if any		1.83	%†		1.89	%		1.65	%		1.63	%		2.19	%		1.92	%
Supplemental Data:
Net assets, end of period (000)	$	26,017		$	111,410		$	94,197		$	102,642		$	85,772		$	59,748
Portfolio turnover		2	%††		3	%		3	%		3	%		15	%		7	%
	500 Stock Index Class II
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	10.65	**	$	9.39		$	9.39		$	8.32		$	6.73		$	11.01
Income from investment operations:
Net investment income		0.12	^		0.22			0.18			0.16			0.19			0.19	^
Net realized and unrealized gain (loss)		1.35			1.26			0.00	#		1.07			1.58			(4.28	)
Total from investment operations		1.47			1.48			0.18			1.23			1.77			(4.09	)
Less distributions:
Net investment income		—			(0.22	)		(0.18	)		(0.16	)		(0.18	)		(0.19	)
Realized gains		—			—			—			—			—			—
Total distributions		—			(0.22	)		(0.18	)		(0.16	)		(0.18	)		(0.19	)
Net Asset Value, end of period	$	12.12		$	10.65	**	$	9.39		$	9.39		$	8.32		$	6.73
Total return		13.80	%††**		15.74	%**		1.97	%		14.78	%		26.35	%		(37.15	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.21	%†		0.22	%		0.22	%		0.23	%		0.24	%		0.26	%
Expenses net of reimbursements/waivers, if any		0.21	%†		0.22	%		0.22	%		0.23	%		0.24	%		0.26	%
Net Investment Income before reimbursements/waivers		2.12	%†		2.09	%		1.86	%		1.84	%		2.40	%		2.13	%
Net Investment Income net of reimbursements/waivers, if any		2.12	%†		2.09	%		1.86	%		1.84	%		2.40	%		2.13	%
Supplemental Data:
Net assets, end of period (000)	$	945		$	341,571		$	287,072		$	281,443		$	237,743		$	200,989
Portfolio turnover		2	%††		3	%		3	%		3	%		15	%		7	%

^ Calculated based upon average shares outstanding.

# Rounds to less than $0.01

** Financial reporting includes trade date activity as of December 31, 2012. The inclusion of this activity caused the Fund’s NAV to round down to $10.65 (the adjusted price) from $10.66 (the stated price for December 31, 2012, prior to the inclusion of that day’s activity).

†† Not annualized

† Annualized

See Notes to Financial Statements

60

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	500 Stock Index T Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	12.06
Income from investment operations:
Net investment income		0.08	^
Net realized and unrealized gain		0.73
Total from investment operations		0.81
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	12.87
Total return		6.72	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.21	%†
Expenses net of reimbursements/waivers, if any		0.16	%†
Net Investment Income before reimbursements/waivers		1.82	%†
Net Investment Income net of reimbursements/waivers, if any		1.87	%†
Supplemental Data:
Net assets, end of period (000)	$	543,641
Portfolio turnover		2	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

61

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Broad Market Index Class I
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	12.23		$	10.85		$	10.92		$	9.47		$	7.53		$	12.25
Income from investment operations:
Net investment income		0.11^			0.24			0.20			0.16			0.17			0.21
Net realized and unrealized gain (loss)		1.58			1.45			(0.11	)		1.43			1.92			(4.75	)
Total from investment operations		1.69			1.69			0.09			1.59			2.09			(4.54	)
Less distributions:
Net investment income		—			(0.21	)		(0.16	)		(0.14	)		(0.15	)		(0.18	)
Realized gains		—			(0.10	)		—			—			—			—
Total distributions		—			(0.31	)		(0.16	)		(0.14	)		(0.15	)		(0.18	)
Net Asset Value, end of period	$	13.92		$	12.23		$	10.85		$	10.92		$	9.47		$	7.53
Total return		13.82	%††		15.64	%		0.85	%		16.84	%		27.78	%		(37.06	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.40	%†		0.42	%		0.41	%		0.42	%		0.43	%		0.44	%
Expenses net of reimbursements/waivers, if any		0.40	%†		0.42	%		0.41	%		0.42	%		0.43	%		0.44	%
Net Investment Income before reimbursements/waivers		1.73	%†		1.89	%		1.56	%		1.55	%		2.05	%		1.81	%
Net Investment Income net of reimbursements/waivers, if any		1.73	%†		1.89	%		1.56	%		1.55	%		2.05	%		1.81	%
Supplemental Data:
Net assets, end of period (000)	$	30,210		$	126,835		$	114,674		$	131,673		$	119,777		$	94,710
Portfolio turnover		6	%††		3	%		1	%		6	%		7	%		4	%

	Broad Market Index Class II
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	11.46		$	10.19		$	10.27		$	8.91		$	7.09		$	11.57
Income from investment operations:
Net investment income		0.12^			0.24			0.19			0.16			0.18			0.20^
Net realized and unrealized gain (loss)		1.48			1.37			(0.09	)		1.36			1.81			(4.48	)
Total from investment operations		1.60			1.61			0.10			1.52			1.99			(4.28	)
Less distributions:
Net investment income		—			(0.24	)		(0.18	)		(0.16	)		(0.17	)		(0.20	)
Realized gains		—			(0.10	)		—			—			—			—
Total distributions		—			(0.34	)		(0.18	)		(0.16	)		(0.17	)		(0.20	)
Net Asset Value, end of period	$	13.06		$	11.46		$	10.19		$	10.27		$	8.91		$	7.09
Total return		13.96	%††		15.82	%		1.07	%		17.12	%		28.04	%		(36.97	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.20	%†		0.22	%		0.21	%		0.22	%		0.23	%		0.24	%
Expenses net of reimbursements/waivers, if any		0.20	%†		0.22	%		0.21	%		0.22	%		0.23	%		0.24	%
Net Investment Income before reimbursements/waivers		1.98	%†		2.09	%		1.77	%		1.75	%		2.26	%		2.03	%
Net Investment Income net of reimbursements/waivers, if any		1.98	%†		2.09	%		1.77	%		1.75	%		2.26	%		2.03	%
Supplemental Data:
Net assets, end of period (000)	$	8,972		$	427,467		$	389,031		$	406,029		$	358,250		$	295,297
Portfolio turnover		6	%††		3	%		1	%		6	%		7	%		4	%

^ Calculated based upon average shares outstanding.

†† Not annualized

† Annualized

See Notes to Financial Statements

62

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Broad Market Index T Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	13.05
Income from investment operations:
Net investment income		0.09	^
Net realized and unrealized gain		0.79
Total from investment operations		0.88
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	13.93
Total return		6.74	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.21	%†
Expenses net of reimbursements/waivers, if any		0.16	%†
Net Investment Income before reimbursements/waivers		1.80	%†
Net Investment Income net of reimbursements/waivers, if any		1.85	%†
Supplemental Data:
Net assets, end of period (000)	$	585,507
Portfolio turnover		6	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

63

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Mid/Small Company Index Class I
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	15.67		$	14.02		$	15.39		$	12.35		$	9.17		$	16.23
Income from investment operations:
Net investment income		0.09	^		0.28			0.16			0.13			0.13			0.18
Net realized and unrealized gain (loss)		2.40			2.21			(0.78	)		3.31			3.19			(6.46	)
Total from investment operations		2.49			2.49			(0.62	)		3.44			3.32			(6.28	)
Less distributions:
Net investment income		—			(0.26	)		(0.15	)		(0.12	)		(0.14	)		(0.18	)
Realized gains		—			(0.58	)		(0.60	)		(0.28	)		—			(0.59	)
From capital		—			—			—			—			—			(0.01	)
Total distributions		—			(0.84	)		(0.75	)		(0.40	)		(0.14	)		(0.78	)
Net Asset Value, end of period	$	18.16		$	15.67		$	14.02		$	15.39		$	12.35		$	9.17
Total return		15.89	%††		17.89	%		(3.91	)%		27.93	%		36.19	%		(38.57	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.41	%†		0.43	%		0.43	%		0.45	%		0.48	%		0.50	%
Expenses net of reimbursements/waivers, if any		0.41	%†		0.43	%		0.43	%		0.45	%		0.48	%		0.50	%
Net Investment Income before reimbursements/waivers		1.04	%†		1.87	%		1.11	%		1.16	%		1.46	%		1.47	%
Net Investment Income net of reimbursements/waivers, if any		1.04	%†		1.87	%		1.11	%		1.16	%		1.46	%		1.47	%
Supplemental Data:
Net assets, end of period (000)	$	22,561		$	297,378		$	247,732		$	243,794		$	134,165		$	82,628
Portfolio turnover		36	%††		14	%		15	%		14	%		25	%		15	%
	Mid/Small Company Index Class II
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	14.78		$	13.26		$	14.60		$	11.73		$	8.71		$	15.48
Income from investment operations:
Net investment income		0.09	^		0.30			0.19			0.15			0.17			0.23	^
Net realized and unrealized gain (loss)		2.27			2.09			(0.76	)		3.14			3.00			(6.20	)
Total from investment operations		2.36			2.39			(0.57	)		3.29			3.17			(5.97	)
Less distributions:
Net investment income		—			(0.29	)		(0.17	)		(0.14	)		(0.15	)		(0.20	)
Realized gains		—			(0.58	)		(0.60	)		(0.28	)		—			(0.59	)
From capital		—			—			—			—			—			(0.01	)
Total distributions		—			(0.87	)		(0.77	)		(0.42	)		(0.15	)		(0.80	)
Net Asset Value, end of period	$	17.14		$	14.78		$	13.26		$	14.60		$	11.73		$	8.71
Total return		15.97	%††		18.17	%		(3.70	)%		28.15	%		36.47	%		(38.44	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.21	%†		0.23	%		0.23	%		0.25	%		0.28	%		0.30	%
Expenses net of reimbursements/waivers, if any		0.21	%†		0.23	%		0.23	%		0.25	%		0.28	%		0.30	%
Net Investment Income before reimbursements/waivers		1.21	%†		2.07	%		1.30	%		1.35	%		1.66	%		1.63	%
Net Investment Income net of reimbursements/waivers, if any		1.21	%†		2.07	%		1.30	%		1.35	%		1.66	%		1.63	%
Supplemental Data:
Net assets, end of period (000)	$	3,487		$	194,775		$	160,710		$	161,178		$	97,453		$	71,965
Portfolio turnover		36	%††		14	%		15	%		14	%		25	%		15	%

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

64

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Mid/Small Company Index T Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	16.91
Income from investment operations:
Net investment income		0.15	^
Net realized and unrealized gain		1.12
Total from investment operations		1.27
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	18.18	**
Total return		7.51	%**††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.22	%†
Expenses net of reimbursements/waivers, if any		0.17	%†
Net Investment Income before reimbursements/waivers		1.67	%†
Net Investment Income net of reimbursements/waivers, if any		1.72	%†
Supplemental Data:
Net assets, end of period (000)	$	556,790
Portfolio turnover		36	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

** Financial reporting includes trade date activity as of June 28, 2013. The inclusion of this activity caused the Fund’s NAV to round up to $18.18 (the adjusted price) from $18.17 (the stated price for June 28, 2013, prior to the inclusion of that day’s activity).

† Annualized

†† Not annualized

See Notes to Financial Statements

65

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Overseas Equity Index Class I
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	10.61		$	9.19		$	10.82		$	10.30		$	8.20		$	14.80
Income from investment operations:
Net investment income		0.12	^		0.29			0.33			0.23			0.22			0.39
Net realized and unrealized gain (loss)		0.22			1.41			(1.68	)		0.52			2.12			(6.61	)
Total from investment operations		0.34			1.70			(1.35	)		0.75			2.34			(6.22	)
Less distributions:
Net investment income		—			(0.28	)		(0.28	)		(0.23	)		(0.24	)		(0.32	)
Realized gains		—			—			—			—			—			(0.06	)
Total distributions		—			(0.28	)		(0.28	)		(0.23	)		(0.24	)		(0.38	)
Net Asset Value, end of period	$	10.95		$	10.61		$	9.19		$	10.82		$	10.30		$	8.20
Total return		3.20	%††		18.51	%		(12.42	)%		7.37	%		28.63	%		(42.05	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.54	%†		0.55	%		0.54	%		0.56	%		0.59	%		0.63	%
Expenses net of reimbursements/waivers, if any		0.54	%†		0.55	%		0.54	%		0.56	%		0.59	%		0.63	%
Net Investment Income before reimbursements/waivers		2.13	%†		2.92	%		2.93	%		2.27	%		2.61	%		3.07	%
Net Investment Income net of reimbursements/waivers, if any		2.13	%†		2.92	%		2.93	%		2.27	%		2.61	%		3.07	%
Supplemental Data:
Net assets, end of period (000)	$	9,355		$	55,335		$	44,911		$	57,649		$	52,937		$	36,021
Portfolio turnover		10	%††		6	%		2	%		2	%		5	%		6	%
	Overseas Equity Index Class II
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	9.91		$	8.60		$	10.16		$	9.69		$	7.72		$	13.98
Income from investment operations:
Net investment income		0.08	^		0.29			0.31			0.23			0.23			0.39
Net realized and unrealized gain (loss)		0.25			1.32			(1.57	)		0.50			2.00			(6.25	)
Total from investment operations		0.33			1.61			(1.26	)		0.73			2.23			(5.86	)
Less distributions:
Net investment income		—			(0.30	)		(0.30	)		(0.26	)		(0.26	)		(0.34	)
Realized gains		—			—			—			—			—			(0.06	)
Total distributions		—			(0.30	)		(0.30	)		(0.26	)		(0.26	)		(0.40	)
Net Asset Value, end of period	$	10.24		$	9.91		$	8.60		$	10.16		$	9.69		$	7.72
Total return		3.33	%††		18.74	%		(12.28	)%		7.54	%		28.94	%		(41.90	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.34	%†		0.35	%		0.34	%		0.36	%		0.39	%		0.43	%
Expenses net of reimbursements/waivers, if any		0.34	%†		0.35	%		0.34	%		0.36	%		0.39	%		0.43	%
Net Investment Income before reimbursements/waivers		1.49	%†		3.10	%		3.11	%		2.45	%		2.83	%		3.27	%
Net Investment Income net of reimbursements/waivers, if any		1.49	%†		3.10	%		3.11	%		2.45	%		2.83	%		3.27	%
Supplemental Data:
Net assets, end of period (000)	$	2,069		$	173,354		$	132,873		$	149,208		$	128,002		$	92,719
Portfolio turnover		10	%††		6	%		2	%		2	%		5	%		6	%

^ Calculated based upon average shares outstanding.

† Annualized

†† Not annualized

See Notes to Financial Statements

66

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Overseas Equity Index T Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	10.91
Income from investment operations:
Net investment income		0.19	^
Net realized and unrealized loss		(0.14	)
Total from investment operations		0.05
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	10.96
Total return		0.46	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.36	%†
Expenses net of reimbursements/waivers, if any		0.31	%†
Net Investment Income before reimbursements/waivers		4.89	%†
Net Investment Income net of reimbursements/waivers, if any		4.94	%†
Supplemental Data:
Net assets, end of period (000)	$	233,563
Portfolio turnover		10	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

67

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Conservative Growth Investor M Shares
	For the Period January 1, 2013 to June 30,  2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	24.89		$	23.46		$	23.62		$	22.13		$	19.04		$	24.62
Income from investment operations:
Net investment income		0.16			0.46			0.43			0.40			0.44			0.58
Net realized and unrealized gain (loss)		0.68			1.62			(0.16	)		1.50			3.08			(4.92	)
Total from investment operations		0.84			2.08			0.27			1.90			3.52			(4.34	)
Less distributions:
Net investment income		—			(0.51	)		(0.43	)		(0.41	)		(0.43	)		(0.53	)
Realized gains		—			(0.14	)		—			—			—			(0.71	)
Total distributions		—			(0.65	)		(0.43	)		(0.41	)		(0.43	)		(1.24	)
Net Asset Value, end of period	$	25.73		$	24.89		$	23.46		$	23.62		$	22.13		$	19.04
Total return		3.37	%††		8.88	%		1.15	%		8.60	%		18.50	%		(17.56	)%
Ratios to Average Net Assets:
Expenses		0.18	%†		0.13	%		0.12	%		0.13	%		0.15	%		0.15	%
Net investment income		0.43	%†		1.66	%		1.67	%		1.80	%		2.20	%		2.40	%
Supplemental Data:
Net assets, end of period (000)	$	94,085		$	607,812		$	556,164		$	586,912		$	528,183		$	449,433
Portfolio turnover		7	%††		7	%		14	%		23	%		13	%		19	%
	Model Portfolio Conservative Growth TM Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	25.52
Income from investment operations:
Net investment income		0.06
Net realized and unrealized gain		0.17
Total from investment operations		0.23
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	25.75
Total return		0.90	%††
Ratios to Average Net Assets:
Expenses		0.13	%†
Net investment income		0.63	%†
Supplemental Data:
Net assets, end of period (000)	$	530,858
Portfolio turnover		7	%††

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

68

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Traditional Growth Investor M Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	23.25		$	21.52		$	22.17		$	20.28		$	16.65		$	24.04
Income from investment operations:
Net investment income		0.25			0.42			0.38			0.33			0.33			0.38
Net realized and unrealized gain (loss)		1.18			1.99			(0.50	)		1.89			3.62			(6.53	)
Total from investment operations		1.43			2.41			(0.12	)		2.22			3.95			(6.15	)
Less distributions:
Net investment income		—			(0.42	)		(0.48	)		(0.33	)		(0.30	)		(0.30	)
Realized gains		—			(0.26	)		(0.05	)		—			(0.02	)		(0.94	)
Total distributions		—			(0.68	)		(0.53	)		(0.33	)		(0.32	)		(1.24	)
Net Asset Value, end of period	$	24.68		$	23.25		$	21.52		$	22.17		$	20.28		$	16.65
Total return		6.15	%††		11.20	%		(0.56	)%		10.95	%		23.72	%		(25.39	)%
Ratios to Average Net Assets:
Expenses		0.14	%†		0.11	%		0.11	%		0.12	%		0.13	%		0.13	%
Net investment income		0.32	%†		1.66	%		1.52	%		1.57	%		1.86	%		1.74	%
Supplemental Data:
Net assets, end of period (000)	$	109,082		$	1,493,678		$	1,366,108		$	1,495,757		$	1,353,050		$	1,072,076
Portfolio turnover		3	%††		7	%		13	%		15	%		8	%		20	%
	Model Portfolio Traditional Growth TM Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	24.12
Income from investment operations:
Net investment income		0.04
Net realized and unrealized gain		0.54
Total from investment operations		0.58
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	24.70
Total return		2.40	%††
Ratios to Average Net Assets:
Expenses		0.12	%†
Net investment income		0.44	%†
Supplemental Data:
Net assets, end of period (000)	$	1,428,827
Portfolio turnover		3	%††

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

69

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio Long-Term Growth Investor M Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	22.20		$	20.32		$	21.41		$	19.30		$	15.35		$	24.26
Income from investment operations:
Net investment income		0.26			0.38			0.35			0.27			0.26			0.24
Net realized and unrealized gain (loss)		1.54			2.24			(0.77	)		2.15			3.99			(7.81	)
Total from investment operations		1.80			2.62			(0.42	)		2.42			4.25			(7.57	)
Less distributions:
Net investment income		—			(0.38	)		(0.40	)		(0.31	)		(0.21	)		(0.21	)
Realized gains		—			(0.36	)		(0.27	)		—			(0.09	)		(1.13	)
Total distributions		—			(0.74	)		(0.67	)		(0.31	)		(0.30	)		(1.34	)
Net Asset Value, end of period	$	24.00		$	22.20		$	20.32		$	21.41		$	19.30		$	15.35
Total return		8.11	%††		12.93	%		(1.98	)%		12.54	%		27.67	%		(30.99	)%
Ratios to Average Net Assets:
Expenses		0.13	%†		0.11	%		0.11	%		0.12	%		0.13	%		0.13	%
Net investment income		0.22	%†		1.65	%		1.42	%		1.40	%		1.63	%		1.16	%
Supplemental Data:
Net assets, end of period (000)	$	94,651		$	1,896,812		$	1,712,228		$	1,848,430		$	1,621,102		$	1,203,596
Portfolio turnover		4	%††		7	%		11	%		10	%		5	%		14	%
	Model Portfolio Long-Term Growth TM Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	23.25
Income from investment operations:
Net investment income		0.03
Net realized and unrealized gain		0.74
Total from investment operations		0.77
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	24.02
Total return		3.31	%††
Ratios to Average Net Assets:
Expenses		0.12	%†
Net investment income		0.32	%†
Supplemental Data:
Net assets, end of period (000)	$	1,881,127
Portfolio turnover		4	%††

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

70

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Model Portfolio All-Equity Growth Investor M Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	21.34		$	18.69		$	19.81		$	17.38		$	13.07		$	24.63
Income from investment operations:
Net investment income (loss)		(0.01	)^		0.32			0.28			0.16			0.18			0.11
Net realized and unrealized gain (loss)		2.40			2.67			(1.12	)		2.43			4.41			(10.01	)
Total from investment operations		2.39			2.99			(0.84	)		2.59			4.59			(9.90	)
Less distributions:
Net investment income		—			(0.22	)		(0.28	)		(0.16	)		(0.15	)		(0.12	)
Realized gains		—			(0.12	)		—			—			(0.13	)		(1.54	)
Total distributions		—			(0.34	)		(0.28	)		(0.16	)		(0.28	)		(1.66	)
Net Asset Value, end of period	$	23.73		$	21.34		$	18.69		$	19.81		$	17.38		$	13.07
Total return		11.20	%††		16.00	%		(4.23	)%		14.93	%		35.07	%		(39.86	)%
Ratios to Average Net Assets:
Expenses		0.14	%†		0.12	%		0.12	%		0.13	%		0.14	%		0.15	%
Net investment income (loss)		(0.13	)%†		1.37	%		1.24	%		0.95	%		1.30	%		0.57	%
Supplemental Data:
Net assets, end of period (000)	$	40,212		$	709,330		$	649,826		$	715,090		$	591,533		$	385,657
Portfolio turnover		5	%††		9	%		9	%		6	%		3	%		7	%
	Model Portfolio All-Equity Growth TM Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	22.67
Income from investment operations:
Net investment income		0.00	#^
Net realized and unrealized gain		1.08
Total from investment operations		1.08
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	23.75
Total return		4.76	%††
Ratios to Average Net Assets:
Expenses		0.13	%†
Net investment loss		(0.02	)%†
Supplemental Data:
Net assets, end of period (000)	$	743,869
Portfolio turnover		5	%††

^ Calculated based upon average shares outstanding.

* Commencement of operations

# Rounds to less than $0.01

†† Not annualized

† Annualized

See Notes to Financial Statements

71

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone Retirement Income Investor M Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	10.58		$	10.18		$	10.33		$	9.81		$	8.56		$	10.61
Income from investment operations:
Net investment income		0.05			0.20			0.20			0.12			0.16			0.29
Net realized and unrealized gain (loss)		0.10			0.53			0.05			0.56			1.26			(1.76	)
Total from investment operations		0.15			0.73			0.25			0.68			1.42			(1.47	)
Less distributions:
Net investment income		—			(0.20	)		(0.20	)		(0.15	)		(0.15	)		(0.29	)
Realized gains		—			(0.13	)		(0.20	)		(0.01	)		(0.02	)		(0.29	)
Total distributions		—			(0.33	)		(0.40	)		(0.16	)		(0.17	)		(0.58	)
Net Asset Value, end of period	$	10.73		$	10.58		$	10.18		$	10.33		$	9.81		$	8.56
Total return		1.42	%††		7.18	%		2.37	%		6.93	%		16.53	%		(13.76	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.24	%†		0.14	%		0.15	%		0.18	%		0.25	%		0.27	%
Expenses net of reimbursements/waivers, if any		0.24	%†		0.14	%		0.15	%		0.18	%		0.20	%		0.07	%
Net Investment Income before reimbursements/waivers		0.53	%†		1.66	%		1.79	%		2.49	%		2.29	%		2.55	%
Net Investment Income net of reimbursements/waivers, if any		0.53	%†		1.66	%		1.79	%		2.49	%		2.34	%		2.74	%
Supplemental Data:
Net assets, end of period (000)	$	79,363		$	238,158		$	220,063		$	215,961		$	76,683		$	43,323
Portfolio turnover		4	%††		8	%		19	%		25	%		14	%		36	%
	Milestone Retirement Income TM Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	10.75
Income from investment operations:
Net investment income		0.03
Net realized and unrealized loss		(0.04	)
Total from investment operations		(0.01	)
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	10.74
Total return		(0.09	)%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.14	%†
Expenses net of reimbursements/waivers, if any		0.14	%†
Net Investment Income before reimbursements/waivers		0.82	%†
Net Investment Income net of reimbursements/waivers, if any		0.82	%†
Supplemental Data:
Net assets, end of period (000)	$	235,246
Portfolio turnover		4	%††

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

72

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2010 Investor M Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	10.65		$	10.10		$	10.24		$	9.56		$	8.27		$	10.65
Income from investment operations:
Net investment income		0.03			0.20			0.19			0.10			0.18			0.23
Net realized and unrealized gain (loss)		0.33			0.76			(0.04	)		0.71			1.29			(2.09	)
Total from investment operations		0.36			0.96			0.15			0.81			1.47			(1.86	)
Less distributions:
Net investment income		—			(0.20	)		(0.21	)		(0.13	)		(0.14	)		(0.23	)
Realized gains		—			(0.21	)		(0.08	)		—			(0.04	)		(0.29	)
Total distributions		—			(0.41	)		(0.29	)		(0.13	)		(0.18	)		(0.52	)
Net Asset Value, end of period	$	11.01		$	10.65		$	10.10		$	10.24		$	9.56		$	8.27
Total return		3.38	%††		9.53	%		1.41	%		8.51	%		17.71	%		(17.34	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.23	%†		0.14	%		0.15	%		0.18	%		0.22	%		0.23	%
Expenses net of reimbursements/waivers, if any		0.23	%†		0.14	%		0.15	%		0.18	%		0.19	%		0.13	%
Net Investment Income before reimbursements/waivers		0.25	%†		1.58	%		1.75	%		2.11	%		2.15	%		2.31	%
Net Investment Income net of reimbursements/waivers, if any		0.25	%†		1.58	%		1.75	%		2.11	%		2.17	%		2.41	%
Supplemental Data:
Net assets, end of period (000)	$	65,580		$	234,023		$	222,275		$	217,770		$	90,790		$	65,043
Portfolio turnover		9	%††		11	%		22	%		33	%		20	%		27	%
	Milestone 2010 TM Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	10.92
Income from investment operations:
Net investment income		0.02
Net realized and unrealized gain		0.08
Total from investment operations		0.10
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	11.02
Total return		0.92	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.15	%†
Expenses net of reimbursements/waivers, if any		0.15	%†
Net Investment Income before reimbursements/waivers		0.51	%†
Net Investment Income net of reimbursements/waivers, if any		0.51	%†
Supplemental Data:
Net assets, end of period (000)	$	207,389
Portfolio turnover		9	%††

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

73

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2015 Investor M Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	10.87		$	10.16		$	10.35		$	9.53		$	7.96		$	11.13
Income from investment operations:
Net investment income		0.03			0.20			0.18			0.12			0.16			0.17
Net realized and unrealized gain (loss)		0.47			0.84			(0.10	)	��	0.85			1.58			(2.80	)
Total from investment operations		0.50			1.04			0.08			0.97			1.74			(2.63	)
Less distributions:
Net investment income		—			(0.20	)		(0.21	)		(0.14	)		(0.11	)		(0.18	)
Realized gains		—			(0.13	)		(0.06	)		(0.01	)		(0.06	)		(0.36	)
Total distributions		—			(0.33	)		(0.27	)		(0.15	)		(0.17	)		(0.54	)
Net Asset Value, end of period	$	11.37		$	10.87		$	10.16		$	10.35		$	9.53		$	7.96
Total return		4.60	%††		10.25	%		0.70	%		10.20	%		21.84	%		(23.54	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.21	%†		0.13	%		0.14	%		0.15	%		0.18	%		0.19	%
Expenses net of reimbursements/waivers, if any		0.21	%†		0.13	%		0.14	%		0.15	%		0.17	%		0.14	%
Net Investment Income before reimbursements/waivers		0.25	%†		1.68	%		1.72	%		1.96	%		2.06	%		1.81	%
Net Investment Income net of reimbursements/waivers, if any		0.25	%†		1.68	%		1.72	%		1.96	%		2.07	%		1.85	%
Supplemental Data:
Net assets, end of period (000)	$	97,714		$	434,638		$	381,855		$	363,144		$	185,989		$	120,249
Portfolio turnover		5	%††		8	%		20	%		15	%		12	%		21	%
	Milestone 2015 TM Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	11.21
Income from investment operations:
Net investment income		0.02
Net realized and unrealized gain		0.15
Total from investment operations		0.17
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	11.38
Total return		1.52	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.13	%†
Expenses net of reimbursements/waivers, if any		0.13	%†
Net Investment Income before reimbursements/waivers		0.48	%†
Net Investment Income net of reimbursements/waivers, if any		0.48	%†
Supplemental Data:
Net assets, end of period (000)	$	409,245
Portfolio turnover		5	%††

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

74

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2020 Investor M Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	10.94		$	10.10		$	10.34		$	9.43		$	7.83		$	11.38
Income from investment operations:
Net investment income		0.04			0.21			0.18			0.14			0.16			0.13
Net realized and unrealized gain (loss)		0.62			0.92			(0.20	)		0.92			1.68			(3.20	)
Total from investment operations		0.66			1.13			(0.02	)		1.06			1.84			(3.07	)
Less distributions:
Net investment income		—			(0.20	)		(0.18	)		(0.14	)		(0.16	)		(0.14	)
Realized gains		—			(0.09	)		(0.04	)		(0.01	)		(0.08	)		(0.34	)
Total distributions		—			(0.29	)		(0.22	)		(0.15	)		(0.24	)		(0.48	)
Net Asset Value, end of period	$	11.60		$	10.94		$	10.10		$	10.34		$	9.43		$	7.83
Total return		6.03	%††		11.25	%		(0.26	)%		11.27	%		23.43	%		(26.86	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.20	%†		0.13	%		0.13	%		0.15	%		0.18	%		0.19	%
Expenses net of reimbursements/waivers, if any		0.20	%†		0.13	%		0.13	%		0.15	%		0.17	%		0.15	%
Net Investment Income before reimbursements/waivers		0.29	%†		1.81	%		1.73	%		1.93	%		2.16	%		1.50	%
Net Investment Income net of reimbursements/waivers, if any		0.29	%†		1.81	%		1.73	%		1.93	%		2.17	%		1.54	%
Supplemental Data:
Net assets, end of period (000)	$	89,606		$	470,664		$	386,327		$	344,033		$	186,148		$	112,440
Portfolio turnover		5	%††		7	%		16	%		10	%		7	%		12	%
	Milestone 2020 TM Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	11.33
Income from investment operations:
Net investment income		0.02
Net realized and unrealized gain		0.26
Total from investment operations		0.28
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	11.61
Total return		2.47	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.13	%†
Expenses net of reimbursements/waivers, if any		0.13	%†
Net Investment Income before reimbursements/waivers		0.48	%†
Net Investment Income net of reimbursements/waivers, if any		0.48	%†
Supplemental Data:
Net assets, end of period (000)	$	468,675
Portfolio turnover		5	%††

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

75

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2025 Investor M Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	10.90		$	9.97		$	10.27		$	9.28		$	7.58		$	11.55
Income from investment operations:
Net investment income		0.04			0.20			0.17			0.13			0.14			0.10
Net realized and unrealized gain (loss)		0.75			1.02			(0.26	)		1.00			1.78			(3.57	)
Total from investment operations		0.79			1.22			(0.09	)		1.13			1.92			(3.47	)
Less distributions:
Net investment income		—			(0.20	)		(0.17	)		(0.12	)		(0.14	)		(0.11	)
Realized gains		—			(0.09	)		(0.04	)		(0.02	)		(0.08	)		(0.39	)
Total distributions		—			(0.29	)		(0.21	)		(0.14	)		(0.22	)		(0.50	)
Net Asset Value, end of period	$	11.69		$	10.90		$	9.97		$	10.27		$	9.28		$	7.58
Total return		7.25	%††		12.24	%		(0.85	)%		12.25	%		25.40	%		(29.90	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.20	%†		0.14	%		0.14	%		0.16	%		0.19	%		0.21	%
Expenses net of reimbursements/waivers, if any		0.20	%†		0.14	%		0.14	%		0.14	%		0.18	%		0.15	%
Net Investment Income before reimbursements/waivers		0.26	%†		1.85	%		1.71	%		1.77	%		2.03	%		1.17	%
Net Investment Income net of reimbursements/waivers, if any		0.26	%†		1.85	%		1.71	%		1.77	%		2.04	%		1.22	%
Supplemental Data:
Net assets, end of period (000)	$	72,260		$	383,446		$	301,275		$	267,155		$	146,397		$	81,317
Portfolio turnover		6	%††		5	%		15	%		7	%		5	%		11	%
	Milestone 2025 TM Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	11.35
Income from investment operations:
Net investment income		0.02
Net realized and unrealized gain		0.33
Total from investment operations		0.35
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	11.70
Total return		3.08	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.13	%†
Expenses net of reimbursements/waivers, if any		0.13	%†
Net Investment Income before reimbursements/waivers		0.41	%†
Net Investment Income net of reimbursements/waivers, if any		0.41	%†
Supplemental Data:
Net assets, end of period (000)	$	381,826
Portfolio turnover		6	%††

* Commencement of operations

† Annualized

†† Not annualized

See Notes to Financial Statements

76

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2030 Investor M Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	11.03		$	10.00		$	10.34		$	9.26		$	7.45		$	11.75
Income from investment operations:
Net investment income		0.02			0.20			0.17			0.12			0.13			0.08
Net realized and unrealized gain (loss)		0.90			1.13			(0.32	)		1.09			1.90			(3.92	)
Total from investment operations		0.92			1.33			(0.15	)		1.21			2.03			(3.84	)
Less distributions:
Net investment income		—			(0.20	)		(0.17	)		(0.12	)		(0.13	)		(0.09	)
Realized gains		—			(0.10	)		(0.02	)		(0.01	)		(0.09	)		(0.37	)
Total distributions		—			(0.30	)		(0.19	)		(0.13	)		(0.22	)		(0.46	)
Net Asset Value, end of period	$	11.95		$	11.03		$	10.00		$	10.34		$	9.26		$	7.45
Total return		8.34	%††		13.28	%		(1.46	)%		13.11	%		27.33	%		(32.54	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.21	%†		0.14	%		0.15	%		0.16	%		0.20	%		0.23	%
Expenses net of reimbursements/waivers, if any		0.21	%†		0.14	%		0.15	%		0.16	%		0.19	%		0.16	%
Net Investment Income before reimbursements/waivers		0.12	%†		1.81	%		1.65	%		1.53	%		1.89	%		1.01	%
Net Investment Income net of reimbursements/waivers, if any		0.12	%†		1.81	%		1.65	%		1.53	%		1.90	%		1.07	%
Supplemental Data:
Net assets, end of period (000)	$	60,154		$	305,077		$	236,452		$	211,155		$	121,219		$	66,183
Portfolio turnover		6	%††		5	%		14	%		7	%		4	%		10	%
	Milestone 2030 TM Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	11.54
Income from investment operations:
Net investment income		0.01
Net realized and unrealized gain		0.41
Total from investment operations		0.42
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	11.96
Total return		3.64	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.14	%†
Expenses net of reimbursements/waivers, if any		0.14	%†
Net Investment Income before reimbursements/waivers		0.27	%†
Net Investment Income net of reimbursements/waivers, if any		0.27	%†
Supplemental Data:
Net assets, end of period (000)	$	298,283
Portfolio turnover		6	%††

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

77

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2035 Investor M Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	10.99		$	9.86		$	10.28		$	9.10		$	7.21		$	11.83
Income from investment operations:
Net investment income		0.00	#		0.20			0.16			0.10			0.13			0.08
Net realized and unrealized gain (loss)		1.04			1.23			(0.39	)		1.20			1.98			(4.23	)
Total from investment operations		1.04			1.43			(0.23	)		1.30			2.11			(4.15	)
Less distributions:
Net investment income		—			(0.20	)		(0.16	)		(0.10	)		(0.13	)		(0.08	)
Realized gains		—			(0.10	)		(0.03	)		(0.02	)		(0.09	)		(0.39	)
Total distributions		—			(0.30	)		(0.19	)		(0.12	)		(0.22	)		(0.47	)
Net Asset Value, end of period	$	12.03		$	10.99		$	9.86		$	10.28		$	9.10		$	7.21
Total return		9.46	%††		14.47	%		(2.24	)%		14.33	%		29.22	%		(34.91	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.23	%†		0.15	%		0.17	%		0.19	%		0.25	%		0.31	%
Expenses net of reimbursements/waivers, if any		0.23	%†		0.15	%		0.17	%		0.19	%		0.22	%		0.19	%
Net Investment Income before reimbursements/waivers		0.00	%**†		1.78	%		1.62	%		1.35	%		1.92	%		0.90	%
Net Investment Income net of reimbursements/waivers, if any		0.00	%**†		1.78	%		1.62	%		1.35	%		1.95	%		1.03	%
Supplemental Data:
Net assets, end of period (000)	$	45,883		$	202,649		$	150,472		$	133,121		$	76,875		$	37,375
Portfolio turnover		7	%††		5	%		13	%		7	%		4	%		9	%
	Milestone 2035 TM Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	11.55
Income from investment operations:
Net investment income		0.01
Net realized and unrealized gain		0.48
Total from investment operations		0.49
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	12.04
Total return		4.24	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.15	%†
Expenses net of reimbursements/waivers, if any		0.15	%†
Net Investment Income before reimbursements/waivers		0.17	%†
Net Investment Income net of reimbursements/waivers, if any		0.17	%†
Supplemental Data:
Net assets, end of period (000)	$	196,921
Portfolio turnover		7	%††

# Rounds to less than $0.01

* Commencement of operations

** Rounds to less than 0.01%

† Annualized

†† Not annualized

See Notes to Financial Statements

78

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2040 Investor M Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,
				2012			2011			2010			2009			2008
Net Asset Value, beginning of period	$	11.16		$	9.86		$	10.30		$	9.07		$	7.10		$	11.85
Income from investment operations:
Net investment income		0.00	#		0.20			0.17			0.10			0.13			0.08
Net realized and unrealized gain (loss)		1.14			1.31			(0.44	)		1.25			2.05			(4.38	)
Total from investment operations		1.14			1.51			(0.27	)		1.35			2.18			(4.30	)
Less distributions:
Net investment income		—			(0.19	)		(0.17	)		(0.10	)		(0.13	)		(0.08	)
Realized gains		—			(0.02	)		—			(0.02	)		(0.08	)		(0.37	)
Total distributions		—			(0.21	)		(0.17	)		(0.12	)		(0.21	)		(0.45	)
Net Asset Value, end of period	$	12.30		$	11.16		$	9.86		$	10.30		$	9.07		$	7.10
Total return		10.22	%††		15.33	%		(2.61	)%		14.91	%		30.70	%		(36.13	)%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.23	%†		0.16	%		0.17	%		0.18	%		0.23	%		0.32	%
Expenses net of reimbursements/waivers, if any		0.23	%†		0.16	%		0.17	%		0.18	%		0.21	%		0.19	%
Net Investment income (loss) before reimbursements/waivers		(0.05	)%†		1.77	%		1.67	%		1.20	%		2.05	%		0.92	%
Net Investment Income (Loss) net of reimbursements/waivers, if any		(0.05	)%†		1.77	%		1.67	%		1.20	%		2.06	%		1.05	%
Supplemental Data:
Net assets, end of period (000)	$	42,735		$	197,376		$	146,032		$	132,306		$	91,348		$	38,001
Portfolio turnover		6	%††		4	%		14	%		21	%		4	%		11	%
	Milestone 2040 TM Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	11.77
Income from investment operations:
Net investment income		0.00	#
Net realized and unrealized gain		0.54
Total from investment operations		0.54
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	12.31
Total return		4.59	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.15	%†
Expenses net of reimbursements/waivers, if any		0.15	%†
Net Investment Income before reimbursements/waivers		0.12	%†
Net Investment Income net of reimbursements/waivers, if any		0.12	%†
Supplemental Data:
Net assets, end of period (000)	$	194,134
Portfolio turnover		6	%††

# Rounds to less than $0.01

* Commencement of operations

†† Not annualized

† Annualized

See Notes to Financial Statements

79

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2045 Investor M Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Year Ended December 31,						For the Period from January 4, 2010* to December 31, 2010
				2012			2011
Net Asset Value, beginning of period	$	11.99		$	10.71		$	11.33		$	10.00
Income from investment operations:
Net investment income (loss)		(0.02	)		0.22			0.17			0.10
Net realized and unrealized gain (loss)		1.28			1.43			(0.49	)		1.36
Total from investment operations		1.26			1.65			(0.32	)		1.46
Less distributions:
Net investment income		—			(0.22	)		(0.17	)		(0.10	)
Realized gains		—			(0.15	)		(0.13	)		(0.03	)
Total distributions		—			(0.37	)		(0.30	)		(0.13	)
Net Asset Value, end of period	$	13.25		$	11.99		$	10.71		$	11.33
Total return		10.51	%††		15.49	%		(2.81	)%		14.62	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.34	%†		0.25	%		0.36	%		0.87	%†
Expenses net of reimbursements/waivers, if any		0.34	%†		0.25	%		0.35	%		0.34	%†
Net Investment income (loss) before reimbursements/waivers		(0.16	)%†		1.91	%		1.68	%		1.67	%†
Net Investment Income (Loss) net of reimbursements/waivers, if any		(0.16	)%†		1.91	%		1.69	%		2.19	%†
Supplemental Data:
Net assets, end of period (000)	$	18,033		$	53,824		$	33,434		$	22,363
Portfolio turnover		9	%††		18	%		14	%		8	%††
	Milestone 2045 TM Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	12.66
Income from investment operations:
Net investment income		0.00	#
Net realized and unrealized gain		0.60
Total from investment operations		0.60
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	13.26
Total return		4.74	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.23	%†
Expenses net of reimbursements/waivers, if any		0.23	%†
Net Investment Income before reimbursements/waivers		0.04	%†
Net Investment Income net of reimbursements/waivers, if any		0.04	%†
Supplemental Data:
Net assets, end of period (000)	$	51,990
Portfolio turnover		9	%††

* Commencement of operations

# Rounds to less than $0.01

†† Not annualized

† Annualized

See Notes to Financial Statements

80

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)

	Milestone 2050 Investor M Shares
	For the Period January 1, 2013 to June 30, 2013 (Unaudited)			For the Period from September 10, 2012* to December 31, 2012
Net Asset Value, beginning of period	$	10.25		$	10.00
Income from investment operations:
Net investment income (loss)		(0.02	)		0.02
Net realized and unrealized gain		1.09			0.25
Total from investment operations		1.07			0.27
Less distributions:
Net investment income		—			(0.02	)
Realized gains		—			—
Total distributions		—			(0.02	)
Net Asset Value, end of period	$	11.32		$	10.25
Total return		10.44	%††		2.66	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		1.18	%†		9.98	%†
Expenses net of reimbursements/waivers, if any		0.50	%†		0.36	%†
Net Investment Loss before reimbursements/waivers		(0.98	)%†		(6.43	)%†
Net Investment Income (Loss) net of reimbursements/waivers, if any		(0.29	)%†		3.19	%†
Supplemental Data:
Net assets, end of period (000)	$	4,394		$	6,769
Portfolio turnover		19	%††		1	%††
	Milestone 2050 TM Shares
	For the Period from March 1, 2013* to June 30, 2013 (Unaudited)
Net Asset Value, beginning of period	$	10.83
Income from investment operations:
Net investment income		0.00	#
Net realized and unrealized gain		0.50
Total from investment operations		0.50
Less distributions:
Net investment income		—
Realized gains		—
Total distributions		—
Net Asset Value, end of period	$	11.33
Total return		4.62	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		1.11	%†
Expenses net of reimbursements/waivers, if any		0.37	%†
Net Investment Loss before reimbursements/waivers		(0.83	)%†
Net Investment Loss net of reimbursements/waivers, if any		(0.09	)%†
Supplemental Data:
Net assets, end of period (000)	$	6,946
Portfolio turnover		19	%††

* Commencement of operations

# Rounds to less than $0.01

† Annualized

†† Not annualized

See Notes to Financial Statements

81

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization

The Vantagepoint Funds (the “Company”) was organized as a Delaware statutory trust on July 28, 1998 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company consisted of the following series on June 30, 2013:

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 Conservative Growth Fund
Milestone 2010 Fund	Model Portfolio Traditional Growth Fund
Milestone 2015 Fund	Model Portfolio Long-Term Growth Fund
Milestone 2020 Fund	Model Portfolio All-Equity Growth Fund
Milestone 2025 Fund
Milestone 2030 Fund
Milestone 2035 Fund
Milestone 2040 Fund
Milestone 2045 Fund
Milestone 2050 Fund

Through February 28, 2013, each Fund, other than the Index Funds, only offered a single share class, and the Index Funds only offered two share classes: Class I and Class II Shares. Beginning March 1, 2013, the outstanding shares of the Actively Managed Funds (other than the Diversifying Strategies Fund) were renamed “Investor Shares,” the outstanding shares of the Model Portfolio Funds and Milestone Funds were renamed “Investor M Shares,” and the outstanding shares of the Diversifying Strategies Fund were renamed “T Shares.” In addition, beginning March 1, 2013, the Index Funds and the Actively Managed Funds (other than the Diversifying Strategies Fund) each offer a new share class, called “T Shares,” and the Model Portfolio Funds and Milestone Funds each offer a new share class, called “TM Shares.”

In addition, at a meeting held on January 18, 2013, VIA recommended and the Board approved the liquidation and termination of the Model Portfolio Savings Oriented Fund. This liquidation and termination occurred on March 22, 2013.

The Model Portfolio Funds Structure

As of June 30, 2013, the Model Portfolio Funds invest in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs” and together with other Vantagepoint Funds “underlying funds”). Subject to the supervision of the Company’s Board of Directors (“Board”), Vantagepoint Investment Advisers, LLC (“VIA” or the “Adviser”) may make changes to the underlying fund allocations for the Model Portfolios based on its periodic analysis to identify the allocation of assets among the different underlying fund allocations for the Model Portfolio Funds that it believes is appropriate 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.

82

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

The underlying funds of each Model Portfolio Fund and the target investment allocation to each underlying fund as of June 30, 2013 were as follows:

	Model Portfolio Funds
Fund	Conservative Growth			Traditional Growth			Long- Term Growth			All-Equity Growth
Fixed Income—%
Low Duration Bond		19.00	%		8.00	%		0.00	%		0.00	%
Core Bond Index		12.00	%		13.00	%		13.00	%		0.00	%
Inflation Protected Securities		10.00	%		4.00	%		0.00	%		0.00	%
Total Fixed Income—%		41.00	%		25.00	%		13.00	%		0.00	%
Equity—%
Equity Income		11.00	%		12.00	%		13.00	%		18.00	%
Growth & Income		9.00	%		12.00	%		13.00	%		17.00	%
Growth		6.00	%		10.00	%		11.50	%		17.00	%
Select Value		3.00	%		5.50	%		8.50	%		9.50	%
Aggressive Opportunities		3.00	%		5.50	%		8.50	%		9.50	%
Discovery		0.00	%		3.00	%		4.50	%		9.00	%
International		7.00	%		11.00	%		14.00	%		17.00	%
Third Party Emerging Markets ETF		1.00	%		1.00	%		2.00	%		3.00	%
Total Equity—%		40.00	%		60.00	%		75.00	%		100.00	%
Multi-Strategy—%
Diversifying Strategies		19.00	%		15.00	%		12.00	%		0.00	%
Total Multi-Strategy—%		19.00	%		15.00	%		12.00	%		0.00	%
Total—%		100.00	%		100.00	%		100.00	%		100.00	%

The Milestone Funds Structure

As of June 30, 2013, the Milestone Funds invest entirely in underlying funds. Subject to the supervision of the Board, VIA may make changes to the underlying fund allocations for the Milestone Funds based on its periodic analysis to identify the allocation of assets among the different underlying funds that it believes is appropriate 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 and the Milestone 2050 Fund have not yet been adjusted because of their long remaining time horizon. Each Milestone Fund has a different degree of potential risk and reward and is diversified among various

83

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

underlying funds in differing allocations. The underlying funds of each Milestone Fund and the target investment allocation to each underlying fund as of June 30, 2013, were as follows:

	Milestone Funds
Fund	Retirement Income			2010			2015			2020			2025
Fixed Income—%
Low Duration Bond		31.00	%		16.68	%		12.00	%		8.01	%		4.13	%
Core Bond Index		9.00	%		6.58	%		8.61	%		12.89	%		14.00	%
Inflation Protected Securities		15.00	%		15.00	%		11.25	%		3.75	%		0.00	%
Total Fixed Income—%		55.00	%		38.26	%		31.86	%		24.65	%		18.13	%
Equity—%
Equity Income		10.00	%		17.33	%		19.04	%		20.38	%		22.45	%
Growth & Income		10.00	%		11.00	%		11.03	%		11.39	%		12.48	%
Growth		0.00	%		6.50	%		7.52	%		8.00	%		8.98	%
Mid/Small Company		0.00	%		0.00	%		3.37	%		7.98	%		10.48	%
International		4.00	%		7.78	%		8.80	%		9.97	%		11.73	%
Third Party Emerging Markets ETF		1.00	%		1.00	%		1.50	%		2.00	%		2.00	%
Total Equity—%		25.00	%		43.61	%		51.26	%		59.72	%		68.12	%
Multi-Strategy—%
Diversifying Strategies		20.00	%		18.13	%		16.88	%		15.63	%		13.75	%
Total Multi-Strategy—%		20.00	%		18.13	%		16.88	%		15.63	%		13.75	%
Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%

	Milestone Funds
Fund	2030			2035			2040			2045			2050
Fixed Income—%
Low Duration Bond		1.63	%		0.56	%		0.00	%		0.00	%		0.00	%
Core Bond Index		10.61	%		6.59	%		5.00	%		5.00	%		5.00	%
Inflation Protected Securities		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Total Fixed Income—%		12.24	%		7.15	%		5.00	%		5.00	%		5.00	%
Equity—%
Equity Income		23.92	%		25.32	%		26.72	%		27.40	%		27.40	%
Growth & Income		13.77	%		14.67	%		15.52	%		16.00	%		16.00	%
Growth		10.08	%		11.35	%		12.31	%		12.60	%		12.60	%
Mid/Small Company Index		13.29	%		16.87	%		19.45	%		20.00	%		20.00	%
International		13.45	%		14.14	%		15.50	%		16.00	%		16.00	%
Third Party Emerging Markets ETF		2.00	%		3.00	%		3.00	%		3.00	%		3.00	%
Total Equity—%		76.51	%		85.35	%		92.50	%		95.00	%		95.00	%
Multi-Strategy—%
Diversifying Strategies		11.25	%		7.50	%		2.50	%		0.00	%		0.00	%
Total Multi-Strategy—%		11.25	%		7.50	%		2.50	%		0.00	%		0.00	%
Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%

84

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Since the Model Portfolio Funds and Milestone Funds invested entirely in underlying funds during the six month period ended June 30, 2013, investment earnings for this period 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.

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 and liabilities, including the disclosure of contingent assets and liabilities at the date of the financial statements as well as changes in net assets resulting from operations during the reporting period. Actual results could differ from those estimates and those differences could be material.

Fair Value Measurements

The Board has established procedures for valuing portfolio securities and other assets (the “Valuation Procedures”). Pursuant to the Valuation Procedures, if market quotations are not readily available (or otherwise reliable) for a particular security or other asset, a Fund must use the fair value of the asset, as determined in good faith by the Board (or its appointee). The Valuation Procedures include guidelines for making fair value determinations (the “Guidelines”). The Board has appointed a pricing committee (the “Pricing Committee”) for the purpose of implementing the Guidelines. The Pricing Committee includes representatives from VIA and officers of the Company. When applicable under the Valuation Procedures, the Pricing Committee is authorized to make all necessary determinations of the fair value of portfolio securities and other assets for which market quotations are not readily available (or otherwise reliable), based on the Guidelines, and reports such determinations to the Board.

The types of securities or other assets for which such fair value pricing may be necessary include, but are not limited to: certain foreign securities, securities of an issuer that has entered into a restructuring; securities whose trading has been halted or suspended; fixed income securities for which there is no current market value quotation; and securities that are restricted as to transfer or resale; and certain derivatives. The need to fair value a Fund’s portfolio securities or other assets may also result from low trading volume in foreign markets or thinly traded domestic securities, such as certain small cap securities. Securities or other assets may also be priced using fair value pricing methods when their closing prices do not reflect their market values at the time a Fund calculates its NAV because an event has occurred since the closing prices were established on the domestic or foreign exchange or market but before the Fund’s NAV calculation.

In making a fair value determination for a given security or asset, the Pricing Committee considers one or more of the following factors regarding the security or other asset, as appropriate: fundamental analytical data relating to the investment in the security; nature and duration of any restriction on the disposition of the security; evaluation of the forces that influence the market in which the security is purchased and sold; type of security or asset; financial statements of issuer; cost at date of purchase; size of holding; discount from market value of unrestricted securities of the same class at the time of purchase; special reports prepared by analysts; information as to any transactions or offers with respect to the security or asset; existence of merger proposals or tender offers affecting the security or asset; price and extent of public trading in similar securities or other instruments of the issuer or comparable companies and other relevant matters; most recent closing market prices; existence of shelf registration for restricted securities; existence of any undertaking to register the security; other acceptable methods of valuing securities or other assets based on: (a) multiple earnings; (b) a discount from market of a similar freely traded security or other instrument; (c) yield to maturity with respect to debt issues; or (d) a combination of these methods; the value of other financial instruments, including derivative securities, traded on other markets or among dealers; trading volumes on markets, exchanges, or among dealers; values of baskets of securities or other instruments traded on other markets, exchanges, or among dealers; changes in interest rates; observations from financial institutions; government (domestic or foreign) actions or

85

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

pronouncements; other news events and factors; with respect to securities or other instruments traded on foreign markets: (a) the value of foreign securities traded on other foreign markets; (b) ADR trading; (c) closed-end fund trading; (d) foreign currency exchange activity; and (e) the trading prices of financial products that are tied to baskets of foreign securities or other assets; with respect to an emergency or other unusual situation, an evaluation of (a) the nature and duration of the event; (b) the forces influencing the operation of the financial markets; (c) the factors relating to the event that precipitated the problem; (d) whether the event is likely to recur; (e) whether the effects of the event are isolated or whether they affect entire markets, countries, or regions; quotations obtained from one or more broker-dealers of the prices at which they would be willing to buy the security or other asset; and Black-Scholes model for valuing rights, warrants and financial contracts (and similarly structured instruments).

The Pricing Committee reviews its previous fair value determinations on a monthly basis or more frequently as necessary. Fair value processes and controls, and fair value determinations, are subject to review by the Chief Compliance Officer of the Company and by the Board.

Valuing securities or other assets at fair value involves greater reliance on judgment than valuing securities that have readily available (and otherwise reliable) market quotations. There can be no assurance that the Fund could obtain the fair value assigned to a security or instrument if it were to sell the security or other asset at approximately the time at which the Fund determines its NAV per share. As a result, the Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.

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)

The significant unobservable inputs used in the fair value measurement of the Fund’s investments include the probability of default, loss severity in the event of default, increases in market interest rates, downgrades to the issuer’s credit rating, potential for insolvency, government actions or pronouncements, and other financial and non-financial news. Significant changes in any of those inputs in isolation would result in a significantly lower or higher fair value measurement. Generally, a change in the inputs used for fair valuations are accompanied by directionally similar changes in the assumption used for fair valuation determinations.

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

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which the security is primarily traded, and are categorized as Level 1 in the fair value 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 fair value 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 fair value hierarchy. All equity securities not traded on a national securities exchange (“OTC Equities”) normally will be priced at the last reported sale price in the over-the-counter market and are generally categorized as Level 1 in the fair value 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 fair value hierarchy. Short-term debt instruments, such as commercial paper, bankers’ 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 fair value 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 fair value 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 or Level 3 in the fair value 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 the Guidelines and is generally categorized as Level 2 or Level 3 in the fair value 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 fair value 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 fair value 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 fair value 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 fair value hierarchy.

The valuation techniques used by the funds to measure fair value during the six month period ended June 30, 2013 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.

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The following is a summary of the inputs used as of June 30, 2013, in valuing each fund’s investments carried at value:

Investment Type	Level 1			Level 2			Level 3		Total
Low Duration Bond Fund
Investments in Securities:
Corporate Obligations	$	—		$	386,202,829		$	—	$	386,202,829
Floating Rate Loans		—			1,304,044			—		1,304,044
Mortgage-Backed Securities		—			30,627,055			—		30,627,055
U.S. Treasury Obligations		—			62,040,606			—		62,040,606
Government Related Obligations		—			20,068,295			—		20,068,295
Asset-Backed Securities		—			37,574,669			—		37,574,669
Money Market Funds		35,465,606			—			—		35,465,606
Total Investments in Securities	$	35,465,606		$	537,817,498		$	—	$	573,283,104
Derivative Instruments:
Assets:
Forward Currency Contracts		—			50,548			—		50,548
Futures		110,725			—			—		110,725
Total Assets	$	110,725		$	50,548		$	—	$	161,273
Liabilities:
Forward Currency Contracts		—			(89,842	)		—		(89,842	)
Total Liabilities	$	—		$	(89,842	)	$	—	$	(89,842	)
Total Derivative Instruments	$	110,725		$	(39,294	)	$	—	$	71,431
Inflation Protected Securities Fund
Investments in Securities:
Corporate Obligations	$	—		$	8,344,780		$	—	$	8,344,780
Mortgage-Backed Securities		—			2,924,062			—		2,924,062
U.S. Treasury Obligations		—			549,391,992			—		549,391,992
Government Related Obligations		—			3,470,404			—		3,470,404
Asset-Backed Securities		—			2,835,335			—		2,835,335
Purchased Options		316,500			—			—		316,500
Certificates of Deposits		—			701,400			—		701,400
Money Market Funds		7,783,100			—			—		7,783,100
Total Investments in Securities	$	8,099,600		$	567,667,973		$	—	$	575,767,573
Derivative Instruments:
Assets:
Swap Agreements		—			24,935			—		24,935
Futures		389,661			—			—		389,661
Total Assets	$	389,661		$	24,935		$	—	$	414,596
Liabilities:
Written Options		(210,000	)		(635,719	)		—		(845,719	)
Futures		(475,894	)		—			—		(475,894	)
Swap Agreements		—			(363,472	)		—		(363,472	)
Total Liabilities	$	(685,894	)	$	(999,191	)	$	—	$	(1,685,085	)
Total Derivative Instruments	$	(296,233	)	$	(974,256	)	$	—	$	(1,270,489	)

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Investment Type	Level 1		Level 2		Level 3		Total
Equity Income Fund
Investments in Securities:
Common Stocks	$	1,987,147,018	$	6,243,372	$	—	$	1,993,390,390
Convertible Preferred Stocks		—		4,756,913		—		4,756,913
Money Market Funds		178,900,846		—		—		178,900,846
Total Investments in Securities	$	2,166,047,864	$	11,000,285	$	—	$	2,177,048,149
Growth & Income Fund
Investments in Securities:
Common Stocks	$	1,357,215,845	$	2,225,693	$	—	$	1,359,441,538
Money Market Funds		71,230,899		—		—		71,230,899
Total Investments in Securities	$	1,428,446,744	$	2,225,693	$	—	$	1,430,672,437
Growth Fund
Investments in Securities:
Common Stocks	$	1,939,949,042	$	—	$	—	$	1,939,949,042
Money Market Funds		90,713,448		—		—		90,713,448
Total Investments in Securities	$	2,030,662,490	$	—	$	—	$	2,030,662,490
Select Value Fund
Investments in Securities:
Common Stocks	$	397,216,481	$	—	$	—	$	397,216,481
Money Market Funds		18,741,669		—		—		18,741,669
Total Investments in Securities	$	415,958,150	$	—	$	—	$	415,958,150
Aggressive Opportunities Fund
Investments in Securities:
Common Stocks	$	1,030,046,380	$	7,862,184	$	—	$	1,037,908,564
Money Market Funds		82,706,208		—		—		82,706,208
Total Investments in Securities	$	1,112,752,588	$	7,862,184	$	—	$	1,120,614,772
Discovery Fund
Investments in Securities:
Common Stocks	$	108,575,395	$	2,609,725	$	—	$	111,185,120
Corporate Obligations		—		59,206,056		—		59,206,056
Mortgage-Backed Securities		—		6,714,716		—		6,714,716
Convertible Debt Obligations		—		1,196		—		1,196
U.S. Treasury Obligations		—		30,848,733		—		30,848,733
Government Related Obligations		—		6,891,513		—		6,891,513
Asset-Backed Securities		—		7,318,065		—		7,318,065
Warrants		—		13,944		—		13,944
Money Market Funds		24,009,733		—		—		24,009,733
Total Investments in Securities	$	132,585,128	$	113,603,948	$	—	$	246,189,076

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Investment Type	Level 1			Level 2			Level 3		Total
Derivative Instruments:
Assets:
Forward Currency Contracts	$	—		$	15,752		$	—	$	15,752
Total Assets	$	—		$	15,752		$	—	$	15,752
Liabilities:
Futures		(1,056,057	)		—			—		(1,056,057	)
Forward Currency Contracts		—			(14,458	)		—		(14,458	)
Total Liabilities	$	(1,056,057	)	$	(14,458	)	$	—	$	(1,070,515	)
Total Derivative Instruments	$	(1,056,057	)	$	1,294		$	—	$	(1,054,763	)
International Fund
Investments in Securities:
Common Stocks	$	129,701,395		$	1,041,387,879		$	—	$	1,171,089,274
Preferred Stocks		—			7,871,025			—		7,871,025
Money Market Funds		72,447,832			—			—		72,447,832
Total Investments in Securities	$	202,149,227		$	1,049,258,904		$	—	$	1,251,408,131
Derivative Instruments:
Assets:
Forward Currency Contracts		—			1,180,281			—		1,180,281
Total Assets	$	—		$	1,180,281		$	—	$	1,180,281
Liabilities:
Forward Currency Contracts		—			(126,842	)		—		(126,842	)
Total Liabilities	$	—		$	(126,842	)	$	—	$	(126,842	)
Total Derivative Instruments	$	—		$	1,053,439		$	—	$	1,053,439
Diversifying Strategies Fund
Investments in Securities:
Common Stocks	$	13,658,680		$	14,968,354		$	—	$	28,627,034
Convertible Preferred Stocks		11,608,156			5,895,674			—		17,503,830
Corporate Obligations		—			343,594,204			—		343,594,204
Floating Rate Loans		—			1,192,872			—		1,192,872
Mortgage-Backed Securities		—			52,629,881			—		52,629,881
Convertible Debt Obligations		—			344,144,718			—		344,144,718
U.S. Treasury Obligations		—			100,289,418			—		100,289,418
Government Related Obligations		—			22,060,886			—		22,060,886
Asset-Backed Securities		—			48,632,859			—		48,632,859
Purchased Options		1,042,031			106,118			—		1,148,149
Commercial Paper		—			824,076			—		824,076
Money Market Funds		36,316,200			—			—		36,316,200
Total Investments in Securities	$	62,625,067		$	934,339,060		$	—	$	996,964,127

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Investment Type	Level 1			Level 2			Level 3		Total
Derivative Instruments:
Assets:
Forward Currency Contracts	$	—		$	380,716		$	—	$	380,716
Futures		846,172			—			—		846,172
Total Assets	$	846,172		$	380,716		$	—	$	1,226,888
Liabilities:
Purchased Option on Euro-Bund Future		(29,547	)		—			—		(29,547	)
Written Options		—			(96,019	)		—		(96,019	)
Futures		(1,133,238	)		—			—		(1,133,238	)
Forward Currency Contracts		—			(292,126	)		—		(292,126	)
Total Liabilities	$	(1,162,785	)	$	(388,145	)	$	—	$	(1,550,930	)
Total Derivative Instruments	$	(316,613	)	$	(7,429	)	$	—	$	(324,042	)
Core Bond Index Fund
Investments in Securities:
Corporate Obligations	$	—		$	271,922,435		$	—	$	271,922,435
Mortgage-Backed Securities		—			387,814,152			—		387,814,152
U.S. Treasury Obligations		—			446,844,760			—		446,844,760
Government Related Obligations		—			125,190,343			—		125,190,343
Asset-Backed Securities		—			4,915,854			—		4,915,854
Money Market Funds		114,453,214			—			—		114,453,214
Total Investments in Securities	$	114,453,214		$	1,236,687,544		$	—	$	1,351,140,758
500 Stock Index Fund
Investments in Securities:
Common Stocks	$	562,228,201		$	—		$	—	$	562,228,201
U.S. Treasury Obligations		—			244,992			—		244,992
Money Market Funds		26,191,677			—			—		26,191,677
Total Investments in Securities	$	588,419,878		$	244,992		$	—	$	588,664,870
Derivative Instruments:
Assets:
Futures		42,797			—			—		42,797
Total Assets	$	42,797		$	—		$	—	$	42,797
Total Derivative Instruments	$	42,797		$	—		$	—	$	42,797
Broad Market Index Fund
Investments in Securities:
Common Stocks	$	621,116,447		$	—		$	—	$	621,116,447
U.S. Treasury Obligations		—			214,994			—		214,994
Rights		—			—			—		—
Warrants		—			—			—		—
Money Market Funds		11,360,910			—			—		11,360,910
Total Investments in Securities	$	632,477,357		$	214,994		$	—	$	632,692,351

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Investment Type	Level 1			Level 2			Level 3		Total
Derivative Instruments:
Assets:
Futures	$	3,084		$	—		$	—	$	3,084
Total Assets	$	3,084		$	—		$	—	$	3,084
Liabilities:
Futures		(18,009	)		—			—		(18,009	)
Total Liabilities	$	(18,009	)	$	—		$	—	$	(18,009	)
Total Derivative Instruments	$	(14,925	)	$	—		$	—	$	(14,925	)
Mid/Small Company Index Fund
Investments in Securities:
Common Stocks	$	571,045,962		$	—		$	—	$	571,045,962
U.S. Treasury Obligations		—			474,986			—		474,986
Rights		—			—			—		—
Warrants		—			—			—		—
Money Market Funds		46,461,107			—			—		46,461,107
Total Investments in Securities	$	617,507,069		$	474,986		$	—	$	617,982,055
Derivative Instruments:
Assets:
Futures		42,739			—			—		42,739
Total Assets	$	42,739		$	—		$	—	$	42,739
Total Derivative Instruments	$	42,739		$	—		$	—	$	42,739
Overseas Equity Index Fund
Investments in Securities:
Common Stocks	$	15,120		$	240,604,002		$	—	$	240,619,122
Preferred Stocks		—			1,482,343			—		1,482,343
U.S. Treasury Obligations		—			184,994			—		184,994
Rights		—			15,704			—		15,704
Money Market Funds		13,340,108			—			—		13,340,108
Total Investments in Securities	$	13,355,228		$	242,287,043		$	—	$	255,642,271
Derivative Instruments:
Assets:
Forward Currency Contracts		—			55,549			—		55,549
Futures		23,663			—			—		23,663
Total Assets	$	23,663		$	55,549		$	—	$	79,212
Liabilities:
Futures		(9,556	)		—			—		(9,556	)
Forward Currency Contracts		—			(191,244	)		—		(191,244	)
Total Liabilities	$	(9,556	)	$	(191,244	)	$	—	$	(200,800	)
Total Derivative Instruments	$	14,107		$	(135,695	)	$	—	$	(121,588	)

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

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As of June 30, 2013 the funds did not hold any significant investments in Level 3. Additionally, there were no transfers in and out of Levels 1 and 2.

When Issued Securities

The funds may purchase securities on a when-issued basis. The purchase price and the interest rate payable, if any, on the securities are fixed on the purchase commitment date or at the time the settlement date is fixed. The value of the securities is subject to market fluctuation beginning on the purchase commitment date. Typically, no income accrues on securities that a fund has committed to purchase prior to the time delivery of the securities is made, although the fund may earn income on securities it has segregated to cover these positions.

To Be Announced (“TBA”) Securities

A TBA is a forward mortgage-backed securities trade. Pass-through securities issued by Freddie Mac, Fannie Mae and Ginnie Mae trade in the TBA market. The term TBA is derived from the fact that the actual mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made. The securities are “to be announced” 48 hours prior to the established trade settlement date. The fund also relies on the seller to complete the transaction. The seller’s failure to do so may cause a fund to miss a price or yield considered advantageous to the fund, and a fund bears the risk of loss in the event of the default or bankruptcy of the seller.

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 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.

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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	MFM	— Meff Renta Variable Exchange
CME	— Chicago Mercantile Exchange	MIL	— Milan Stock Exchange
EOE	— Dutch Options Exchange	MSE	— Montreal Exchange
EOP	— NYSE — Liffe Exchange	NYF	— New York Futures Exchange
EUX	— Eurex Deutschland Exchange	SFE	— Sydney Futures Exchange
HKG	— Hong Kong Futures Exchange	SGX	— Singapore Exchange
LIF	— Liffe Exchange	TSE	— Tokyo Stock 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 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.

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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. Paydown gains and losses are recorded as an adjustment to interest income. Inflation adjustments to the principal amount of inflation-indexed bonds are reflected as interest income.

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 may 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, distribution reclassifications, and adjustments relating to income received from, or dispositions of, swaps, securities with special dividends, or any real estate investment trust, passive foreign investment company, publicly traded partnership, contingent payment debt instruments, and mutual fund company securities. These reclassifications have no effect on net assets or net asset values per share, and they do not affect the net investment income per share calculations presented in the Financial Highlights.

Federal Income Taxes

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

The FASB issued Interpretation ASC 740, “Income Taxes,” (“ASC 740”) which establishes guidelines for recognizing, measuring, and disclosing tax return positions in financial statements. Management has evaluated the Company’s tax positions and determined that the application of ASC 740 had no material impact on the Company’s financial statements. Accordingly, no adjustments for unrecognized tax benefits or related interest or penalties were required as of June 30, 2013. 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”) 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.

95

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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.

	Low Duration Bond Fund		Inflation Protected Securities Fund		Discovery Fund		Diversifying Strategies Fund
Futures Contracts:
Average Notional Balance Long	$	—	$	34,563,602	$	112,879,994	$	61,458,253
Average Notional Balance Short		9,761,212		33,831,705		1,814,329		71,968,527
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—Deliver USD	$	197,481	$	—	$	83,601	$	78,304,055
Average Settlement Value—Receive USD		6,544,836		—		318,706		78,244,687
Exchange-Traded Options:
Average Market Value Purchased	$	—	$	97,071	$	—	$	511,804
Average Market Value Written		—		—		—		—
Average Market Value Purchased Options on Euro-Bund futures		—		—		—		716,136
Over the Counter Options:
Average Market Value Purchased	$	—	$	—	$	—	$	82,968
Average Market Value Written		—		—		—		312,301
Swaptions:
Average Notional Balance Purchased	$	—	$	—	$	—	$	—
Average Notional Balance Written		—		51,385,714		—		—
Inflation Linked Swaps
Average Notional Balance—Pays Fixed Rate	$	—	$	13,700,000	$	—	$	—
Average Notional Balance—Receives Fixed Rate		—		—		—		—
Interest Rate Swaps:
Average Notional Balance—Pays Fixed Rate	$	—	$	2,471,428	$	—	$	—
Average Notional Balance—Receives Fixed Rate		—		—		—		—

	500 Stock Index Fund		Broad Market Index Fund		Mid/Small Company Index Fund		Overseas Equity Index Fund
Futures Contracts:
Average Notional Balance Long	$	8,288,502	$	9,276,086	$	7,449,296	$	5,051,834
Average Notional Balance Short		—		—		—		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—Deliver USD	$	—	$	—	$	—	$	16,250,222
Average Settlement Value—Receive USD		—		—		—		12,010,769

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	International Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—Deliver USD	$	932,500
Average Settlement Value—Receive USD		11,679,305

Futures Contracts (“Futures”)

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

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

Certain funds may use futures to seek to increase portfolio value, by increasing or decreasing their exposure to changes in the market value of the specific underlying security, foreign currency, or index.

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 inability of the future to correlate perfectly, or at all, with the value of the underlying asset, reference rate, or index it

97

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

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 six month period ended June 30, 2013, the following funds purchased and/or sold futures contracts: Low Duration Bond Fund, Inflation Protected Securities Fund, Discovery Fund, Diversifying Strategies Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, and Overseas Equity Index Fund.

As of June 30, 2013, the following funds had open futures contracts outstanding:

Low Duration Bond Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Sold
	47	CBT	U.S. 5 Year Treasury Note	September 2013	$	5,689,203	$	110,725

Inflation Protected Securities Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	191	CBT	U.S. 10 Year Treasury Note	September 2013	$	24,173,437	$	(475,894	)
	11	CBT	U.S. 5 Year Treasury Note	September 2013		1,331,516		10,365
							$	(465,529	)
	Sold
	93	CBT	U.S. 2 Year Treasury Note	September 2013	$	20,460,000	$	36,672
	5	CBT	U.S. Long Bond	September 2013		679,219		24,272
	94	CBT	U.S. Ultra Bond	September 2013		13,847,375		318,352
							$	379,296
							$	(86,233	)

Discovery Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Depreciation
	Purchased
	1,190	NYF	E-MINI Russell 2000 Index	September 2013	$	115,989,300	$	(1,056,057	)

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Diversifying Strategies Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	25	EOE	Amsterdam Index	July 2013	$	2,244,045	$	(37,369	)
	40	SFE	Australian Government 10 Year Bond	September 2013		4,330,943		(103,970	)
	52	EUX	DAX Index	September 2013		13,480,473		(419,942	)
	94	LIF	FTSE 100 Index	September 2013		8,809,053		(234,053	)
	12	MIL	FTSE/MIB Index	September 2013		1,191,947		(64,146	)
	17	HKG	Hang Seng Index	July 2013		2,271,730		47,427
	21	SFE	SPI 200 Index	September 2013		2,289,782		(2,766	)
	18	TSE	TOPIX Index	September 2013		2,052,632		110,963
	96	CBT	U.S. 10 Year Treasury Note	September 2013		12,150,000		(249,473	)
							$	(953,329	)
	Sold
	181	SGX	10 Year Mini-JGB	September 2013	$	26,025,822	$	74,960
	86	EOP	CAC40 10 Euro Future	July 2013		4,180,470		22,940
	56	MSE	Canadian Government 10 Year Bond	September 2013		6,997,205		262,513
	57	CME	E-MINI S&P 500 Index	September 2013		4,558,005		83,835
	65	EUX	Euro-Bund Futures	September 2013		11,973,618		33,672
	25	MFM	IBEX 35 Index	July 2013		2,495,556		115,467
	23	MSE	S&P/TSX 60 Index	September 2013		3,030,218		(21,519	)
	24	CBT	U.S. 5 Year Treasury Note	September 2013		2,905,125		56,567
	5	LIF	UK Gilt Long Bond	September 2013		850,972		37,828
							$	666,263
							$	(287,066	)

500 Stock Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	85	CME	E-MINI S&P 500 Index	September 2013	$	6,797,025	$	42,797

Broad Market Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	4	NYF	E-MINI Russell 2000 Index	September 2013	$	389,880	$	2,091
	36	CME	E-MINI S&P 500 Index	September 2013		2,878,740		(18,009	)
	3	CME	E-MINI S&P MidCap 400 Index	September 2013		347,370		993
							$	(14,925	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Mid/Small Company Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	63	NYF	E-MINI Russell 2000 Index	September 2013	$	6,140,610	$	25,204
	45	CME	E-MINI S&P MidCap 400 Index	September 2013		5,210,550		17,535
							$	42,739

Overseas Equity Index Fund

Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	23	EUX	DJ Euro STOXX 50	September 2013	$	777,788	$	(5,903	)
	7	LIF	FTSE 100 Index	September 2013		655,993		(3,653	)
	2	SFE	SPI 200 Index	September 2013		218,074		1,019
	5	TSE	TOPIX Index	September 2013		570,176		22,644
							$	14,107

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 (Unaudited) — (Continued)

Risks of entering into forward currency contracts include the possibility that a fund may lose money. For example, foreign currency values may change unfavorably relative to the U.S. dollar, there may be an illiquid market or a change in the value of the contracts may not correlate with changes in the value of the underlying currency. The use of over-the-counter forward currency contracts includes counterparty risk, which is the risk that the other party to a contract may not fulfill its obligations.

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

During the six month period ended June 30, 2013, the following funds purchased and/or sold forward foreign currency exchange contracts: Low Duration Bond Fund, Discovery Fund, International Fund, Diversifying Strategies Fund, and Overseas Equity Index Fund.

As of June 30, 2013, 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 June 30, 2013		Net Unrealized Appreciation/ (Depreciation)
Purchase	Citibank NA	USD		JPY		08/02/2013	$	1,382,369	$	1,348,216	$	(34,153	)
Sale	Citibank NA	EUR		USD		07/09/2013	$	441,059	$	438,666	$	2,393
Sale	HSBC Bank plc	GBP		USD		07/09/2013		1,053,018		1,040,278		12,740
Sale	JPMorgan Chase Bank NA	GBP		USD		08/02/2013		8,329,007		8,384,696		(55,689	)
Sale	Citibank NA	JPY		USD		08/02/2013		1,383,631		1,348,216		35,415
											$	(5,141	)
											$	(39,294	)

Discovery Fund

Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at June 30, 2013		Net Unrealized Appreciation/ (Depreciation)
Purchase	Citibank NA	USD		JPY		08/02/2013	$	585,206	$	570,748	$	(14,458	)
Sale	Citibank NA	EUR		USD		07/09/2013	$	140,039	$	139,279	$	760
Sale	Citibank NA	JPY		USD		08/02/2013		585,741		570,749		14,992
											$	15,752
											$	1,294

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

International Fund

Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at June 30, 2013		Net Unrealized Appreciation/ (Depreciation)
Purchase	JPMorgan Chase Bank NA	USD		AUD		07/31/2013	$	1,448,656	$	1,321,814	$	(126,842	)
Sale	JPMorgan Chase Bank NA	AUD		USD		07/31/2013	$	11,033,882	$	9,853,601	$	1,180,281
											$	1,053,439

Diversifying Strategies Fund

Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at June 30, 2013		Net Unrealized Appreciation/ (Depreciation)
Purchase	JPMorgan Chase Bank NA	USD		MXN		07/30/2013	$	2,735,691	$	2,581,058	$	(154,633	)
Purchase	Deutsche Bank AG	USD		NOK		07/12/2013		2,026,069		2,034,860		8,791
Purchase	Deutsche Bank AG	USD		NZD		07/12/2013		7,077,261		7,003,802		(73,459	)
Purchase	Deutsche Bank AG	USD		SEK		07/12/2013		10,297,769		10,323,971		26,202
											$	(193,099	)
Sale	Deutsche Bank AG	AUD		USD		07/12/2013	$	5,373,005	$	5,276,485	$	96,520
Sale	Deutsche Bank AG	CAD		USD		07/12/2013		2,678,973		2,667,701		11,272
Sale	Deutsche Bank AG	CHF		USD		07/12/2013		183,233		182,808		425
Sale	JPMorgan Chase Bank NA	EUR		USD		07/09/2013		1,733,149		1,723,424		9,725
Sale	Deutsche Bank AG	EUR		USD		07/12/2013		24,554,746		24,581,371		(26,625	)
Sale	JPMorgan Chase Bank NA	GBP		USD		07/09/2013		1,610,913		1,590,835		20,078
Sale	JPMorgan Chase Bank NA	GBP		USD		08/02/2013		5,594,966		5,632,375		(37,409	)
Sale	Deutsche Bank AG	GBP		USD		07/12/2013		5,822,450		5,773,641		48,809
Sale	Deutsche Bank AG	JPY		USD		07/12/2013		595,018		584,541		10,477
Sale	JPMorgan Chase Bank NA	MXN		USD		07/30/2013		2,729,475		2,581,058		148,417
											$	281,689
											$	88,590

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (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 June 30, 2013		Net Unrealized Appreciation/ (Depreciation)
Purchase	Bank of America NA	USD		AUD		09/18/2013	$	290,255		$	286,167	$	(4,088	)
Purchase	Citibank NA	USD		AUD		09/18/2013		619,579			590,843		(28,736	)
Purchase	Bank of America NA	USD		EUR		09/18/2013		747,891			744,328		(3,563	)
Purchase	Citibank NA	USD		EUR		09/18/2013		1,679,904			1,639,991		(39,913	)
Purchase	Bank of America NA	USD		GBP		09/18/2013		661,586	��		658,049		(3,537	)
Purchase	Citibank NA	USD		GBP		09/18/2013		197,101			192,298		(4,803	)
Purchase	Credit Suisse International	USD		GBP		09/18/2013		1,526,347			1,480,143		(46,204	)
Purchase	Bank of America NA	USD		JPY		09/18/2013		541,745			534,114		(7,631	)
Purchase	Citibank NA	USD		JPY		09/18/2013		1,236,293			1,185,682		(50,611	)
												$	(189,086	)
Sale	Citibank NA	AUD		USD		09/18/2013	$	750,782		$	737,204	$	13,578
Sale	Bank of America NA	EUR		USD		09/18/2013		33,114			33,074		40
Sale	Citibank NA	EUR		USD		09/18/2013		1,958,817			1,960,975		(2,158	)
Sale	Citibank NA	GBP		USD		09/18/2013		1,926,003			1,909,608		16,395
Sale	Citibank NA	JPY		USD		09/18/2013		1,448,226			1,422,690		25,536
												$	53,391
												$	(135,695	)

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.

103

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (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 six month period ended June 30, 2013, the following funds purchased and/or sold put and/or call options: Inflation Protected Securities Fund and Diversifying Strategies Fund.

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Written option activity for the six month period ended June 30, 2013 was as follows:

	Call Options						Put Options						Total
Inflation Protected Securities Fund	Number of Contracts			Premium			Number of Contracts			Premium			Number of Contracts			Premium
Beginning balance as of 12/31/2012		71		$	44,231			41		$	8,245			112		$	52,476
Written		103			67,847			247			183,335			350			251,182
Closed		(103	)		(67,847	)		(192	)		(113,778	)		(295	)		(181,625	)
Expired		(71	)		(44,231	)		—			—			(71	)		(44,231	)
Ending balance as of 06/30/2013		—		$	—			96		$	77,802			96		$	77,802
	Call Options						Put Options						Total
Diversifying Strategies Fund	Number of Contracts			Premium			Number of Contracts			Premium			Number of Contracts			Premium
Beginning balance as of 12/31/2012		1,010		$	154,502			—		$	—			1,010		$	154,502
Written		1,320			287,251			—			—			1,320			287,251
Closed		(1,950	)		(339,243	)		—			—			(1,950	)		(339,243	)
Expired		—			—			—			—			—			—
Ending balance as of 06/30/2013		380		$	102,510			—		$	—			380		$	102,510

As of June 30, 2013, 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 Put	U.S. Long Bond		48		132.00		8/23/2013	$	(20,349	)
Written Put	U.S. Long Bond		48		138.00		8/23/2013	$	(111,849	)
								$	(132,198	)
Diversifying Strategies Fund
Option Type	Description	# Contracts		Strike Price		Expiration Date		Unrealized Gain/(Loss)
Written Call	Swiss Market Index		380		706.00		9/20/2013	$	6,491
Option Type	Description	# Contracts		Strike Price		Expiration Date		Unrealized Gain/(Loss)
Purchased Call	Euro-Bund		6		EUR 120.00		8/23/2013	$	(29,547	)

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 change in value of a “notional amount”, i.e. the predetermined dollar amount on which the dollar amount of gross returns are calculated.

105

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Swap Agreements are privately negotiated in the OTC market and may be entered into as bilateral contract or cleared through a central clearinghouse such as a registered exchange. For centrally cleared swaps, a fund has no credit exposure to the counterparty as the central clearinghouse stands between the fund and the counterparty.

Swap contract provisions and underlying assets are varied and may be 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		*		*		*		*

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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

During the six month period ended June 30, 2013, the Inflation Protected Securities Fund participated in interest rate and inflation linked swaps. As of June 30, 2013 the following swaps were outstanding:

Inflation Protected Securities Fund

Centrally Cleared Interest Rate Swaps
Rates Exchanged				Net Unrealized
Payments Made By The Fund	Payments Received By The Fund	Termination Date	Notional Amount	Appreciation (Depreciation)
2.75%	3 Month Libor	06/19/2043	USD 800,000	$24,935

Inflation Protected Securities Fund

Inflation Linked Swaps
	Rates Exchanged							Net Unrealized
Swap Counterparty	Payments Made By The Fund	Payments Received By The Fund		Termination Date		Notional Amount		Appreciation/ (Depreciation)
BNP Paribas SA	2.25%		CPI Urban Consumers NSA		07/15/2017		USD 5,100,000	$	(117,098	)
BNP Paribas SA	2.50%		CPI Urban Consumers NSA		07/15/2022		USD 3,700,000		(132,594	)
Deutsche Bank AG	2.50%		CPI Urban Consumers NSA		07/15/2022		USD 700,000		(19,992	)
Royal Bank of Scotland plc	2.25%		CPI Urban Consumers NSA		07/15/2017		USD 4,200,000		(93,788	)
								$	(363,472	)

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		To Certain Assets or Asset Classes
Low Duration Bond		*		*		*
Inflation Protected Securities		*		*		*
Discovery		*		*		*
Diversifying Strategies		*		*		*

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

107

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

written options at value 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.

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 that 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 six month period ended June 30, 2013, the Inflation Protected Securities Fund participated in interest rate swaptions.

Written swaption activity for the six month period ended June 30, 2013 was as follows:

	Call Swaptions						Put Swaptions						Total
Inflation Protected Securities Fund	Notional Amount			Premium			Notional Amount			Premium			Notional Amount			Premium
Beginning balance as of
12/31/2012	$	21,300,000		$	142,061		$	21,600,000		$	218,680		$	42,900,000		$	360,741
Written		33,600,000			72,700			53,800,000			337,485			87,400,000			410,185
Closed		(28,300,000	)		(145,065	)		(37,300,000	)		(283,836	)		(65,600,000	)		(428,901	)
Expired		(3,900,000	)		(7,815	)		(3,900,000	)		(19,283	)		(7,800,000	)		(27,098	)
Ending balance as of 06/30/2013	$	22,700,000		$	61,881		$	34,200,000		$	253,046		$	56,900,000		$	314,927

As of June 30, 2013, the following fund had open written swaption contracts outstanding:

Inflation Protected Securities Fund

Exchange	Counterparty	Contract	Notional Amount		Strike Rate		Expiration Date		Net Unrealized Appreciation/ (Depreciation)
OTC	Morgan Stanley Capital Services	Put—Interest Rate Swaption	$	8,700,000		2.90%		9/30/2013	$	—
OTC	Goldman Sachs	Put—Interest Rate Swaption		8,100,000		1.60%		7/02/2013		(132,738	)
OTC	Goldman Sachs	Call—Interest Rate Swaption		8,100,000		1.60%		7/02/2013		14,580
OTC	Goldman Sachs	Call—Interest Rate Swaption		6,100,000		1.80%		7/29/2013		27,116
OTC	Morgan Stanley Capital Services	Put—Interest Rate Swaption		5,200,000		1.45%		9/03/2013		(46,942	)
OTC	Goldman Sachs	Put—Interest Rate Swaption		5,000,000		1.50%		10/28/2013		(74,713	)
OTC	Morgan Stanley Capital Services	Call—Interest Rate Swaption	��	3,800,000		0.75%		9/03/2013		1,999
OTC	Morgan Stanley Capital Services	Put—Interest Rate Swaption		3,800,000		1.25%		9/03/2013		(71,831	)
OTC	Morgan Stanley Capital Services	Call—Interest Rate Swaption		3,100,000		1.80%		7/29/2013		14,275

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Exchange	Counterparty	Contract	Notional Amount		Strike Rate		Expiration Date		Net Unrealized Appreciation/ (Depreciation)
OTC	Deutsche Bank AG	Put—Interest Rate Swaption	$	1,300,000		1.40%		9/03/2013	$	(16,159	)
OTC	Royal Bank of Scotland plc	Call—Interest Rate Swaption		600,000		1.90%		9/03/2013		1,769
OTC	Royal Bank of Scotland plc	Put—Interest Rate Swaption		600,000		2.40%		9/03/2013		(17,981	)
OTC	Deutsche Bank AG	Call—Interest Rate Swaption		500,000		0.75%		9/03/2013		336
OTC	Goldman Sachs	Put—Interest Rate Swaption		500,000		2.65%		7/29/2013		(6,576	)
OTC	Deutsche Bank AG	Put—Interest Rate Swaption		500,000		1.25%		9/03/2013		(9,375	)
OTC	Royal Bank of Scotland plc	Put—Interest Rate Swaption		500,000		2.65%		7/29/2013		(6,088	)
OTC	Royal Bank of Scotland plc	Call—Interest Rate Swaption		500,000		1.80%		7/29/2013		1,536
									$	(320,792	)

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 (primary risks to which a fund is exposed as a result of holding the derivative contract) as of June 30, 2013. Note that the risk exposure listed below are not indicative of the intended purpose of the related derivative (e.g., managing risk or obtaining or adjusting investment exposure, as discussed elsewhere in this report).

	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	$	110,725	*	Payable for variation margin on futures contracts	$	—
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		50,548		Unrealized depreciation on forward foreign currency exchange contracts		89,842
Total		$	161,273			$	89,842
Inflation Protected Securities Fund
Interest rate	Investment in Securities, at value—purchased options, swap agreements, at value and receivable for variation margin on futures contracts	$	14,910,062	*	Payable for variation margin on futures contracts, written options at value and unrealized depreciation on swap agreements, at value	$	15,715,782	*
Total		$	14,910,062			$	15,715,782
Discovery Fund
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	15,752		Unrealized depreciation on forward foreign currency exchange contracts	$	14,458
Stock market	Receivable for variation margin on futures contracts		—		Payable for variation margin on futures contracts		1,056,057	*
Total		$	15,752			$	1,070,515

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

	Asset Derivatives				Liability Derivatives
Risk Exposure	Statement of Assets and Liabilities Location	Value			Statement of Assets and Liabilities Location	Value
International Fund
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	1,180,281		Unrealized depreciation on forward foreign currency exchange contracts	$	126,842
Total		$	1,180,281			$	126,842
Diversifying Strategies Fund
Interest rate	Investment in Securities, at value—purchased options and receivable for variation margin on futures contracts	$	1,613,689	*	Payable for variation margin on futures contracts and for variation margin for options on Euro-Bund futures contracts	$	382,990	*^
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		380,716		Unrealized depreciation on forward foreign currency exchange contracts		292,126
Stock market	Receivable for variation margin on futures contracts		380,632	*	Payable for variation margin on futures contracts and written option at value		875,814	*
Total		$	2,375,037			$	1,550,930
500 Stock Index Fund
Stock market	Receivable for variation margin on futures contracts	$	42,797	*	Payable for variation margin on futures contracts	$	—	*
Total		$	42,797			$	—
Broad Market Index Fund
Stock market	Receivable for variation margin on futures contracts	$	3,084	*	Payable for variation margin on futures contracts	$	18,009	*
Total		$	3,084			$	18,009
Mid/Small Company Index Fund
Stock market	Receivable for variation margin on futures contracts	$	42,739	*	Payable for variation margin on futures contracts	$	—	*
Total		$	42,739			$	—
Overseas Equity Index Fund
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	55,549		Unrealized depreciation on forward foreign currency exchange contracts	$	191,244
Stock market	Receivable for variation margin on futures contracts		23,663	*	Payable for variation margin on futures contracts		9,556	*
Total		$	79,212			$	200,800

110

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

* 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.

The following tables reflect the funds’ gains (losses) related to derivative activities by certain risk exposure types (primary risks to which a fund is exposed as a result of holding the derivative contract) for the six month period ended June 30, 2013, 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. Note that the risk exposure listed below are not indicative of the intended purpose of the related derivative (e.g., managing risk or obtaining or adjusting investment exposure, as discussed elsewhere in this report).

Low Duration Bond Fund1
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	(117,784	)	$	—		$	—		$	(117,784	)
Foreign currency		—			—			28,884			—			28,884
Total	$	—		$	(117,784	)	$	28,884		$	—		$	(88,900	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	24,644		$	—		$	—		$	24,644
Foreign currency		—			—			(36,744	)		—			(36,744	)
Total	$	—		$	24,644		$	(36,744	)	$	—		$	(12,100	)
Inflation Protected Securities Fund2
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	72,686	**	$	1,084,856		$	—		$	52,067		$	1,209,609
Foreign currency		—			—			—			—			—
Total	$	72,686	**	$	1,084,856		$	—		$	52,067		$	1,209,609
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	(191,387	)**	$	(330,105	)	$	—		$	(524,324	)	$	(1,045,816	)
Foreign currency		—			—			—			—			—
Total	$	(191,387	)**	$	(330,105	)	$	—		$	(524,324	)	$	(1,045,816	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Discovery Fund3
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—		$	(26,754	)	$	—		$	—	$	(26,754	)
Foreign currency		—			—			(23,243	)		—		(23,243	)
Stock market		—			18,394,124			—			—		18,394,124
Total	$	—		$	18,367,370		$	(23,243	)	$	—	$	18,344,127
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	—		$	(24,594	)	$	—		$	—	$	(24,594	)
Foreign currency		—			—			1,851			—		1,851
Stock market		—			(1,634,032	)		—			—		(1,634,032	)
Total	$	—		$	(1,658,626	)	$	1,851		$	—	$	(1,656,775	)
International Fund4
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—		$	—		$	175,108		$	—	$	175,108
Stock market		—			—			—			—		—
Total	$	—			—		$	175,108		$	—	$	175,108
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—		$	—		$	1,153,991		$	—	$	1,153,991
Stock market		—			—			—			—		—
Total	$	—		$	—		$	1,153,991		$	—	$	1,153,991
Diversifying Strategies Fund5
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	(102,440	)**	$	964,297		$	—		$	—	$	861,857
Foreign currency		—			—			(880,448	)		—		(880,448	)
Stock market		(1,168,008	)		1,094,936			—			—		(73,072	)
Total	$	(1,270,448	)**	$	2,059,233		$	(880,448	)	$	—	$	(91,663	)
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	(350,836	)**	$	(33,716	)	$	—		$	—	$	(384,552	)
Foreign currency		—			—			501,829			—		501,829
Stock market		(104,520	)**		277,863			—			—		173,343
Total	$	(455,356	)**	$	244,147		$	501,829		$	—	$	290,620

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

500 Stock Index Fund6
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	848,311		$	—		$	—	$	848,311
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	54,841		$	—		$	—	$	54,841
Broad Market Index Fund7
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	1,506,613		$	—		$	—	$	1,506,613
Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	(32,243	)	$	—		$	—	$	(32,243	)
Mid/Small Company Index Fund8
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	1,007,925		$	—		$	—	$	1,007,925
Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—	$	5,312		$	—		$	—	$	5,312
Overseas Equity Index Fund9
Realized Gain (Loss)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—	$	—		$	68,438		$	—	$	68,438
Stock market		—		27,133			—			—		27,133
Total	$	—	$	27,133		$	68,438		$	—	$	95,571
	Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures			Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—	$	—		$	(140,160	)	$	—	$	(140,160	)
Stock market		—		20,361			—			—		20,361
Total	$	—	$	20,361		$	(140,160	)	$	—	$	(119,799	)

** 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.

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(1) The Low Duration Bond Fund used futures to manage interest rate risk inherent in its fixed income securities and to obtain or adjust investment exposure based on the subadvisers’ views on interest rates and yield curves. The fund used forward currency contracts to manage foreign currency risk inherent in its foreign fixed income holdings.

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

(3) The Discovery Fund used Russell 2000 Index futures to obtain or adjust investment exposure to U.S. common stocks and used bond futures to manage interest rate risk inherent in its fixed income securities and to seek to obtain investment exposure based on anticipated changes in interest rates. 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 manage foreign currency risk and to obtain and adjust investment exposure to foreign currencies to facilitate the trading of the foreign securities in the fund.

(5) The Diversifying Strategies Fund used (1) foreign currency contracts to obtain and adjust investment exposure to foreign currencies; (2) futures to obtain or adjust investment exposure to stocks and to fixed income securities; and (3) options and options on futures to obtain and adjust investment exposure to stocks and to fixed income securities.

(6) The 500 Stock Index Fund used futures to obtain or adjust investment exposure to stocks 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 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 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 foreign currency risk inherent in the fund’s foreign equity securities. The fund used futures to obtain or adjust investment exposure to foreign equity issues, when it was believed that using futures would be more efficient or cost effective than trading in the securities directly.

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11: Disclosures about Offsetting Assets and Liabilities (“netting”) on the Statements of Assets and Liabilities that are subject to master netting arrangements or similar agreements. ASU No. 2013-01 was issued in January 2013 to clarify which investments and transactions are subject to the netting disclosure. The scope of the disclosure requirements is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. This information will enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position. The ASU is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. The Funds adopted the disclosure requirement on netting for the current reporting period.

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statement of Assets and Liabilities.

Low Duration Bond
						Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Financial Instruments		Cash Collateral Pledged(a)		Net Amount
Futures Contracts	$	110,725	$	—		$	—	$	—	$	110,725
Forward Currency Contracts		50,548		(89,842	)		—		—		(39,294	)
Total derivatives not subject to a master netting arrangement or similar arrangement		161,273		(89,842	)		—		—		71,431
Total derivatives	$	161,273	$	(89,842	)	$	—	$	—	$	71,431

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral received from or pledged to the counterparty.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Inflation Protected Securities
						Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Financial Instruments		Cash Collateral Pledged(a)		Net Amount
Futures Contracts	$	389,661	$	(475,894	)	$	—	$	86,233	$	—
Written Options		—		(845,719	)		—		—		(845,719	)
Swap agreements		14,203,901		(14,394,169	)		—		6,000		(184,268	)
Total derivatives subject to a master netting arrangement or similar arrangement		14,203,901		(14,394,169	)		—		6,000		(184,268	)
Total derivatives not subject to a master netting arrangement on similar arrangement		389,661		(1,321,613	)		—		86,233		(845,719	)
Total derivatives	$	14,593,562	$	(15,715,782	)	$	—	$	92,233	$	(1,029,987	)

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral received from or pledged to the counterparty. Total additional collateral pledged was $182,767.

Discovery
						Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Financial Instruments		Cash Collateral Pledged(a)		Net Amount
Futures Contracts	$	—	$	(1,056,057	)	$	—	$	1,056,057	$	—
Forward Foreign Currency Contracts		15,752		(14,458	)		—		—		1,294
Total derivatives not subject to a master netting arrangement or similar arrangement		15,752		(1,070,515	)		—		1,056,057		1,294
Total derivatives	$	15,752	$	(1,070,515	)	$	—	$	1,056,057	$	1,294

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral received from or pledged to the counterparty. Total additional collateral pledged was $5,489,801.

International
						Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Financial Instruments		Cash Collateral Pledged(a)		Net Amount
Forward Foreign Currency Contracts	$	1,180,281	$	(126,842	)	$	—	$	—	$	1,053,439
Total derivatives subject to a master netting arrangement or similar arrangement		1,180,281		(126,842	)		—		—		1,053,439
Total derivatives	$	1,180,281	$	(126,842	)	$	—	$	—	$	1,053,439

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral received from or pledged to the counterparty.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Diversifying Strategies
						Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Financial Instruments		Cash Collateral Pledged(a)		Net Amount
Futures Contracts	$	846,172	$	(1,133,238	)	$	—	$	89,523	$	(197,543	)
Forward Currency Contracts		380,716		(292,126	)		—		—		88,590
Written Options		—		(96,019	)		—		—		(96,019	)
Purchased Option on Euro-Bund Future		—		(29,547	)		—		—		(29,547	)
Total derivatives subject to a master netting arrangement or similar arrangement		380,716		(388,145	)		—		—		(7,429	)
Total derivatives not subject to a master netting arrangement or similar arrangement		846,172		(1,162,785	)		—		89,523		(227,090	)
Total derivatives	$	1,226,888	$	(1,550,930	)	$	—	$	89,523	$	(234,519	)

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral received from or pledged to the counterparty.

500 Stock Index
					Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities		Financial Instruments		Cash Collateral Pledged(a)		Net Amount
Futures Contracts	$	42,797	$	—	$	—	$	—	$	42,797
Total derivatives not subject to a master netting arrangement or similar arrangement		42,797		—		—		—		42,797
Total derivatives	$	42,797	$	—	$	—	$	—	$	42,797

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral received from or pledged to the counterparty.

Broad Market Index
						Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Financial Instruments		Cash Collateral Pledged(a)		Net Amount
Futures Contracts	$	3,084	$	(18,009	)	$	—	$	14,925	$	—
Total derivatives not subject to a master netting arrangement or similar arrangement		3,084		(18,009	)		—		14,925		—
Total derivatives	$	3,084	$	(18,009	)	$	—	$	14,925	$	—

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral received from or pledged to the counterparty. Total additional collateral pledged was $200,066.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Mid/Small Company Index
					Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities		Financial Instruments		Cash Collateral Pledged(a)		Net Amount
Futures Contracts	$	42,739	$	—	$	—	$	—	$	42,739
Total derivatives not subject to a master netting arrangement or similar arrangement		42,739		—		—		—		42,739
Total derivatives	$	42,739	$	—	$	—	$	—	$	42,739

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral received from or pledged to the counterparty.

Overseas Equity Index
						Gross Amounts Not Offset in the Statement of Assets &  Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Financial Instruments		Cash Collateral Pledged(a)		Net Amount
Futures Contracts	$	23,663	$	(9,556	)	$	—	$	—	$	14,107
Forward Foreign Currency Contracts		55,549		(191,244	)		—		—		(135,695	)
Total derivatives not subject to a master netting arrangement or similar arrangement		79,212		(200,800	)		—		—		(121,588	)
Total derivatives	$	79,212	$	(200,800	)	$	—	$	—	$	(121,588	)

(a) Per GAAP disclosure requirements, the table above does not include the additional collateral received from or pledged to the counterparty.

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 $9,786,984 in the aggregate for the six month period ended June 30, 2013.

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. Effective March 1, 2013, VTA receives 0.35% of the average daily net assets for the Investor share class of the Actively Managed Funds, 0.10% for the T share class of the Actively Managed Funds, 0.30% of the average daily net assets of Class I shares of the Index Funds, 0.10% of the average daily net assets of the Class II and T shares of the Index Funds, and 0.25% of the average daily net assets for the Investor M share class of the Model Portfolio and Milestone Funds. VTA has contractually agreed to waive 0.05% of its 0.10% VTA fee on

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

T Shares of the Index Funds from March 1, 2013 through April 30, 2014. Prior to March 1, 2013, VTA received 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 $14,897,641 in the aggregate for the six month period ended June 30, 2013.

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 Mellon Capital Management Corporation for the Diversifying Strategies Fund are calculated based on the average net asset value of the fund’s assets allocated and assigned to it by VIA. The fee structure for many of the Subadvisers provides for a range of fees so that as average net assets under management increases the rate of fee paid to the Subadviser decreases. Other Subadvisers charge one fee no matter what amount of assets they have under management. Additional information about each Subadviser’s fee is presented in the Company’s prospectus and statement of additional information. Fees paid by each fund to Subadvisers during the six month period ended June 30, 2013 are presented in the “Additional Information” section of these Notes. The Subadviser’s fees during the six month period ended June 30, 2013 are shown here as an annual percentage of average net assets under management, except the subadvisory fees for 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 it by VIA.

Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)
Low Duration Bond	Payden & Rygel		0.10	%
	STW Fixed Income Management LLC		0.18	%
Inflation Protected Securities	Pacific Investment Management Company, LLC		0.20	%
	BlackRock Financial Management, Inc.		0.10	%
Equity Income	Barrow, Hanley, Mewhinney & Strauss, LLC		0.21	%
	T. Rowe Price Associates, Inc.		0.32	%
	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	Atlanta Capital Management Company, LLC		0.30	%
	Columbus Circle Investors		0.33	%
	Victory Capital Management, Inc.		0.26	%
	Westfield Capital Management Company, L.P.		0.33	%
Select Value	Artisan Partners Limited Partnership		0.55	%
	Systematic Financial Management, L.P.		0.41	%
	WEDGE Capital Management LLP		0.51	%
Aggressive Opportunities	Southeastern Asset Management, Inc.		0.58	%
	SSgA Funds Management, Inc.		0.03	%
	TimesSquare Capital Management, LLC		0.50	%
	Wells Capital Management Inc.		0.43	%
Discovery	Payden & Rygel		0.15	%
	Wellington Management Company, LLP		0.73	%
International	Artisan Partners Limited Partnership		0.64	%
	GlobeFlex Capital, LP		0.40	%
	Mondrian Investment Partners Limited		0.43	%
	Walter Scott & Partners Limited		0.54	%

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Fund	Subadviser	Actual Fee as a Percentage of Average Daily Net Assets (net of any subadviser fee waivers)
Diversifying Strategies	Calamos Advisors LLC		0.53	%
	Mellon Capital Management Corporation (1)		0.33	%
	Payden & Rygel (Enhanced Cash Management)		0.10	%
	Payden & Rygel (Low Duration-Plus Fixed Income)		0.09	%
	Shenkman Capital Management, Inc.		0.38	%
Core Bond Index	Mellon Capital Management Corporation (2)		0.01	%
500 Stock Index	Mellon Capital Management Corporation (2)		0.01	%
Broad Market Index	Mellon Capital Management Corporation (2)		0.02	%
Mid/Small Company Index	Mellon Capital Management Corporation (2)		0.02	%
Overseas Equity Index	Mellon Capital Management Corporation (2)		0.04	%

(1) Effective May 1, 2011, Mellon Capital Management Corporation contractually agreed to reduce its subadvisory fee through April 30, 2014.

(2) Effective January 18, 2013, the fee schedules charged by Mellon Capital Management Corporation for the Index Funds were amended and the percentages shown above represent a blended rate of the previous fee schedules and the new fee schedules.

Expenses

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

Fee Waivers

VIA will waive its management fee or reimburse expenses to the extent necessary as a result of any increase in subadvisory fees payable by the Growth Fund that would cause the aggregate management and subadvisory fees of the Growth Fund to exceed 0.54% as a result of subadvisory changes. This commitment will continue until such time as shareholders approve an increase in this limit. For the six month period ended June 30, 2013 no waiver or reimbursement was required.

From January 4, 2010 through April 30, 2011, from May 1, 2011 through April 30, 2012, and from May 1, 2012 through April 30, 2013, VIA contractually agreed to limit the Milestone 2045 Fund expense ratio to 1.10%. For the period ended June 30, 2013, no waiver or reimbursement was required. From September 10, 2012 through April 30, 2014 VIA contractually agreed to limit the Milestone 2050 Fund expense ratio to 1.10% on the existing share class. For the six month period ended June 30, 2013, the waiver or reimbursement was $33,404.

For the Index Funds VTA has contractually agreed to waive 0.05% of daily net assets of the T shares beginning March 1, 2013 through April 30, 2014. For the six-month period ended June 30, 2013 the amount of this waiver for the Core Bond Index Fund was $203,493, 500 Stock Index Fund was $82,919, Broad Market index Fun $98,253, Mid/Small Index Fund was $89,423, and Overseas Equity Index Fund $37,513.

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

first $500 million in total assets provided the total amount of assets managed by T. Rowe Price is between $250 and $500 million and a 5% waiver on total assets above $500 million. For the six month period ended June 30, 2013, the fee waiver for the Growth & Income Fund totaled $26,108 and the fee waiver for the Equity Income Fund totaled $44,103. Effective May 1, 2011, Mellon Capital Management Corporation (“Mellon Capital Management”) agreed to reduce 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 $316,765 for the six month period ended June 30, 2013.

5. Investment Portfolio Transactions

Purchases and sales of investments, exclusive of short-term securities, for each fund for the six month period ended June 30, 2013 were as follows:

	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Low Duration Bond	$	54,099,091	$	47,746,496	$	145,367,738	$	165,489,105
Inflation Protected Securities		194,792,722		200,405,665		17,263,373		24,038,047
Equity Income		—		—		153,783,276		345,751,653
Growth & Income		—		—		219,008,653		312,368,555
Growth		—		—		551,008,629		628,649,270
Select Value		—		—		146,121,861		143,281,624
Aggressive Opportunities		—		—		286,166,297		370,880,224
Discovery		27,246,090		20,583,994		70,024,771		72,996,711
International		—		—		358,112,957		489,439,248
Diversifying Strategies		87,282,335		47,871,865		300,328,472		301,865,136
Core Bond Index		199,715,195		188,750,022		556,860,675		514,220,900
500 Stock Index		—		—		70,205,536		11,643,719
Broad Market Index		—		—		39,413,442		37,555,268
Mid/Small Company Index		—		—		200,264,780		191,775,125
Overseas Equity Index		—		—		37,978,712		23,885,025
Model Portfolio Conservative Growth		—		—	��	41,514,107		44,073,783
Model Portfolio Traditional Growth		—		—		50,014,726		96,491,919
Model Portfolio Long-Term Growth		—		—		70,777,649		145,152,986
Model Portfolio All-Equity Growth		—		—		41,226,766		47,728,189
Milestone Retirement Income		—		—		86,544,950		12,109,997
Milestone 2010		—		—		54,781,137		23,418,876
Milestone 2015		—		—		79,338,720		26,462,282
Milestone 2020		—		—		85,583,254		27,097,290
Milestone 2025		—		—		65,934,353		23,606,937
Milestone 2030		—		—		47,104,177		19,818,433
Milestone 2035		—		—		34,993,863		14,816,660
Milestone 2040		—		—		32,642,837		14,322,683
Milestone 2045		—		—		15,747,800		5,589,147
Milestone 2050		—		—		5,498,283		1,771,456

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

6. Tax Basis Unrealized Appreciation (Depreciation)

As of June 30, 2013, 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	$	571,484,018	$	5,335,774	$	3,536,688	$	1,799,086
Inflation Protected Securities		578,462,187		12,693,533		15,388,147		(2,694,614	)
Equity Income		1,805,190,630		445,034,766		73,177,247		371,857,519
Growth & Income		1,105,615,135		346,836,448		21,779,146		325,057,302
Growth		1,682,505,392		360,959,816		12,802,718		348,157,098
Select Value		345,412,618		76,437,449		5,891,917		70,545,532
Aggressive Opportunities		957,170,245		183,741,760		20,297,233		163,444,527
Discovery		226,103,424		25,011,998		4,926,346		20,085,652
International		1,158,364,492		156,374,609		63,330,970		93,043,639
Diversifying Strategies		990,051,525		16,011,247		9,098,645		6,912,602
Core Bond Index		1,340,085,645		30,822,143		19,767,030		11,055,113
500 Stock Index		384,885,946		228,524,760		24,745,836		203,778,924
Broad Market Index		383,233,030		292,050,054		42,590,733		249,459,321
Mid/Small Company Index		508,251,621		136,181,577		26,451,143		109,730,434
Overseas Equity Index		261,476,302		33,743,880		39,577,911		(5,834,031	)
Model Portfolio Conservative Growth		571,904,841		54,478,888		1,387,492		53,091,396
Model Portfolio Traditional Growth		1,378,630,279		161,195,720		1,744,878		159,450,842
Model Portfolio Long-Term Growth		1,729,439,340		251,005,353		4,576,255		246,429,098
Model Portfolio All-Equity Growth		669,904,026		116,816,998		2,711,645		114,105,353
Milestone Retirement Income		308,958,668		8,848,841		3,152,620		5,696,221
Milestone 2010		260,362,295		15,083,148		2,431,620		12,651,528
Milestone 2015		470,608,450		40,753,585		4,429,199		36,324,386
Milestone 2020		507,890,571		54,281,386		4,096,512		50,184,874
Milestone 2025		404,870,542		51,551,299		2,278,802		49,272,497
Milestone 2030		311,595,914		48,565,115		1,688,465		46,876,650
Milestone 2035		209,005,488		35,051,268		1,251,814		33,799,454
Milestone 2040		199,552,727		38,473,876		1,111,754		37,362,122
Milestone 2045		62,608,048		7,799,503		350,187		7,449,316
Milestone 2050		10,678,759		744,474		60,582		683,892

7. Portfolio Securities Loaned

Certain funds lend securities to approved borrowers to seek to earn additional income. As of June 30, 2013 certain funds had loaned securities, which were collateralized by cash or other forms of collateral at least equal to the market value of the securities loaned as provided for in the Company’s Securities Lending Agency Agreement with JPMorgan Chase Bank, N.A. 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.

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The funds will be indemnified by the 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 June 30, 2013, were as follows:

Fund	Securities on Loan		Collateral		Collateralization
Low Duration Bond	$	14,761,260	$	15,078,515		102	%
Equity Income		8,406,864		8,692,529		103	%
Growth & Income		4,834,251		4,919,230		102	%
Growth		27,215,356		27,793,362		102	%
Aggressive Opportunities		44,100,227		45,237,391		103	%
Discovery		13,818,704		14,399,847		104	%
International		40,479,477		42,503,295		105	%
Core Bond Index		24,664,111		25,143,492		102	%
500 Stock Index		1,211,522		1,253,341		103	%
Broad Market Index		8,432,852		8,702,377		103	%
Mid/Small Company Index		35,046,461		36,180,113		103	%
Overseas Equity Index		6,658,677		7,047,816		106	%

8. Floating Rate Loans

Floating rate loans are debt securities or other interests issued by companies or other entities with floating interest rates that reset periodically. Most floating rate loans are secured by specific collateral of the borrower and are senior to most other securities of the borrower (e.g., common stock or debt instruments) in the event of bankruptcy. Floating rate loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancings. Floating rate loans are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the floating rate loan. Floating rate loans may be acquired from a lender or through the agent as an assignment from another lender who holds a floating rate loan, or as a participation interest in another lender’s floating rate loan or portion thereof. Investments in floating rate loans have risks that are similar to those of fixed income securities. In addition, floating rate loans carry the risk of impairment of collateral. The value of the collateral securing a floating rate loan can decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. As such a floating rate loan may not be fully collateralized and can decline significantly in value. Floating rate loans may also carry liquidity risk. Floating rate loans generally are subject to legal or contractual restrictions on resale. Therefore, the liquidity of floating rate loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual floating rate loans. If the credit quality of a floating rate loan suffers a significant decline, the secondary trading market for that same loan may also decline, making it more difficult to sell and to value. Difficulty in selling a floating rate loan can result in a loss.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

9. Transactions with Affiliated Funds

As of June 30, 2013, the Model Portfolio Funds and Milestone Funds held investments in a number of the other Vantagepoint 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:

Vantagepoint Fund	Model Portfolio Conservative Growth			Model Portfolio Traditional Growth			Model Portfolio Long-Term Growth			Model Portfolio All-Equity Growth			Milestone Retirement Income
Low Duration Bond		21.24	%		21.84	%		0.00	%		0.00	%		17.45	%
Inflation Protected Securities		10.50	%		10.12	%		0.00	%		0.00	%		8.11	%
Equity Income		3.18	%		8.57	%		11.85	%		6.49	%		1.45	%
Growth and Income		4.02	%		13.24	%		18.39	%		9.45	%		2.22	%
Growth		1.89	%		7.75	%		11.39	%		6.63	%		0.00	%
Select Value		4.57	%		20.59	%		40.76	%		17.99	%		0.00	%
Aggressive Opportunities		1.79	%		8.10	%		16.01	%		7.04	%		0.00	%
Discovery		0.00	%		20.47	%		39.16	%		30.90	%		0.00	%
International		3.56	%		13.57	%		22.29	%		10.71	%		1.03	%
Diversifying Strategies		11.95	%		23.12	%		23.62	%		0.00	%		6.31	%
Core Bond Index Class T		5.98	%		15.75	%		20.09	%		0.00	%		2.27	%
Vantagepoint Fund	Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025			Milestone 2030
Low Duration Bond		8.20	%		10.92	%		8.00	%		3.35	%		1.04	%
Inflation Protected Securities		6.94	%		9.72	%		3.62	%		0.00	%		0.00	%
Equity Income		2.19	%		4.46	%		5.23	%		4.69	%		3.94	%
Growth and Income		2.13	%		3.97	%		4.48	%		3.98	%		3.46	%
Growth		0.89	%		1.91	%		2.22	%		2.02	%		1.79	%
International		1.72	%		3.64	%		4.56	%		4.37	%		3.96	%
Diversifying Strategies		4.99	%		8.59	%		8.72	%		6.24	%		4.04	%
Core Bond Index Class T		1.45	%		3.50	%		5.76	%		5.10	%		3.05	%
Mid/Small Index Class T		0.00	%		2.98	%		7.74	%		8.21	%		8.20	%
Vantagepoint Fund	Milestone 2035			Milestone 2040			Milestone 2045			Milestone 2050
Low Duration Bond		0.24	%		0.00	%		0.00	%		0.00	%
Equity Income		2.82	%		2.91	%		0.88	%		0.14	%
Growth and Income		2.49	%		2.58	%		0.78	%		0.13	%
Growth		1.37	%		1.45	%		0.44	%		0.07	%
International		2.82	%		3.01	%		0.92	%		0.15	%
Diversifying Strategies		1.83	%		0.59	%		0.00	%		0.00	%
Core Bond Index Class T		1.28	%		0.95	%		0.28	%		0.05	%
Mid/Small Index Class T		7.04	%		7.90	%		2.40	%		0.39	%

10. 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, LLC (“Trust Company”), 777 N. Capitol Street, N.E. 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 company, has the power to vote the shares of the Funds directly held by VantageTrust, and pursuant to the proxy voting policies adopted by the Funds’ Adviser, the Fund’s Adviser generally will seek instructions from the board of directors of the Trust Company on how to vote the shares of the underlying Funds held by the Model Portfolio Funds and the Milestone Funds, and will cast such votes in accordance with the instructions received. The Trust Company therefore, directly or indirectly, has the power to vote

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

more than 25% of each Fund’s voting securities and is therefore considered a “control person” of the Funds for purposes of the 1940 Act. Both the Trust Company and the funds’ Adviser are wholly owned subsidiaries of ICMA-RC. As a control person of each fund, the Trust Company has the ability to control the outcome of matters submitted to the vote of shareholders. The following represents the percentage of total shares outstanding in each of the funds held, directly or indirectly, by VantageTrust as of June 30, 2013:

Fund	% owned by VantageTrust
Low Duration Bond		77.06	%
Inflation Protected Securities		85.19	%
Equity Income		90.24	%
Growth & Income		89.74	%
Growth		94.74	%
Select Value		93.24	%
Aggressive Opportunities		95.51	%
Discovery		93.90	%
International Fund		90.84	%
Diversifying Strategies		87.45	%
Core Bond Index		88.62	%
500 Stock Index		95.26	%
Broad Market Index		93.63	%
Mid/ Small Co Index		87.46	%
Overseas Index		95.28	%
Model Portfolio Conservative Growth		84.93	%
Model Portfolio Traditional Growth		92.90	%
Model Portfolio Long-Term Growth		95.21	%
Model Portfolio All-Equity Growth		94.87	%
Milestone Retirement Income		74.76	%
Milestone 2010		75.96	%
Milestone 2015		80.71	%
Milestone 2020		83.94	%
Milestone 2025		84.08	%
Milestone 2030		83.21	%
Milestone 2035		81.09	%
Milestone 2040		81.95	%
Milestone 2045		74.23	%
Milestone 2050		61.23	%

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Principal Holders. Below are the names, addresses, and percentage of ownership of each person (or entity) that owns of record or is known to own beneficially 5% or more of any class of any Fund’s outstanding shares as of June 30, 2013:

Name	Address	Fund and Class	Percentage Owned
VantageTrust	777 N. Capitol Street, NE Washington, DC 20002	Low Duration Bond Fund—T Shares	83.46%
		Inflation Protected Securities Fund—T Shares	90.95%
		Equity Income Fund—T Shares	92.49%
		Growth & Income Fund—T Shares	91.93%
		Growth Fund—T Shares	96.01%
		Select Value Fund—T Shares	94.88%
		Aggressive Opportunities Fund—T Shares	97.98%
		Discovery Fund—T Shares	95.02%
		International Fund—T Shares	91.94%
		Diversifying Strategies Fund—T Shares	87.45%
		Core Bond Index Fund—T Shares	92.36%
		500 Stock Index Fund—T Shares	100.00%
		Broad Market Index Fund—T Shares	100.00%
		Mid/Small Company Index Fund—T Shares	91.59%
		Overseas Index Fund—T Shares	100.00%
		Model Portfolio Conservative Growth Fund—TM Shares	100.00%
		Model Portfolio Traditional Growth Fund—TM Shares	100.00%
		Model Portfolio Long-Term Growth Fund—TM Shares	100.00%
		Model Portfolio All-Equity Growth Fund—TM Shares	100.00%
		Milestone Retirement Income Fund—TM Shares	100.00%
		Milestone 2010 Fund—TM Shares	100.00%
		Milestone 2015 Fund—TM Shares	100.00%
		Milestone 2020 Fund—TM Shares	100.00%
		Milestone 2025 Fund—TM Shares	100.00%
		Milestone 2030 Fund—TM Shares	100.00%
		Milestone 2035 Fund—TM Shares	100.00%
		Milestone 2040 Fund—TM Shares	100.00%
		Milestone 2045 Fund—TM Shares	100.00%
		Milestone 2050 Fund—TM Shares	100.00%

Below are the names, addresses, and percentage of ownership of each person (or entity) that owns of record or is known to own beneficially 5% or more of any class of any Fund’s outstanding shares as of June 30, 2013:

Name	Address	Fund and Class	Percentage Owned
State College Borough General Employees Pension Plan	243 South Allen Street State College, PA 16801	International Fund—Investor Shares Growth Fund—Investor Shares Growth & Income Fund—Investor Shares Equity Income Fund—Investor Shares Broad Market Index Fund—Class II Core Bond Index Fund—Class II	7.68% 12.69% 9.86% 6.38% 24.90% 35.06%
State College Borough Police Pension Plan	243 South Allen Street State College, PA 16801	International Fund—Investor Shares Growth Fund—Investor Shares Growth & Income Fund—Investor Shares Equity Income Fund—Investor Shares Broad Market Index Fund—Class II Core Bond Index Fund—Class II	8.82% 14.58% 11.33% 7.33% 28.61% 40.27%

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Name	Address	Fund and Class	Percentage Owned
ICMA Retirement Corporation	777 N. Capitol Street, NE Washington, DC 20002	Milestone 2050 Fund—Investor M Shares	12.91%
ICMA Retirement Corporation Retirement Savings Plan and Trust	777 N. Capitol Street, NE Washington, DC 20002	Aggressive Opportunities Fund—Investor Shares International Fund—Investor Shares Growth & Income Fund—Investor Shares Equity Income Fund—Investor Shares Broad Market Index Fund—Class I Discovery Fund—Investor Shares Select Value Fund—Investor Shares Inflation Protected Securities Fund—Investor Shares	8.83% 10.33% 6.53% 7.07% 12.70% 22.07% 17.80% 6.53%
County of Sacramento	700 H Street Suite 4667 Sacramento, CA 95814	Milestone 2020 Fund—Investor M Shares Milestone 2025 Fund—Investor M Shares Milestone 2030 Fund—Investor M Shares Milestone 2035 Fund—Investor M Shares Milestone 2040 Fund—Investor M Shares Milestone 2045 Fund—Investor M Shares	7.32% 9.13% 13.17% 16.61% 16.14% 30.30%
County of Orange	333 NW. Santa Anna Blvd. 2nd Floor Santa Ana, CA 92701	Select Value Fund—Investor Shares Discovery Fund—Investor Shares Overseas Equity Index Fund—Class II Mid/Small Company Index Fund—Class II 500 Stock Index Fund—Class II Milestone 2025 Fund—Investor M Shares Milestone 2030 Fund—Investor M Shares Milestone 2035 Fund—Investor M Shares Milestone 2040 Fund—Investor M Shares	5.49% 10.90% 18.95% 49.81% 9.70% 6.02% 6.31% 5.97% 5.33%
Orange County Library District	101 East Central Blvd. Orlando, FL 32801	Core Bond Index Fund—Class II Overseas Equity Index Fund—Class II Mid/Small Company Index Fund—Class II Broad Market Index Fund—Class II	5.12% 77.58% 47.96% 34.70%
City of St. Charles	200 North Second Street St. Charles, MO 63301	Core Bond Index Fund—Class II	7.83%
Lancaster County	555 S. 10th Street Ste. 110 Lincoln, NE	Milestone Retirement Income Fund—Investor M Shares	5.07%
City of San Ramon	2226 Camino Ramon San Ramon, CA 94582	Model Portfolio Conservative Growth Fund—Investor M Shares Model Portfolio Long-Term Growth Fund—Investor M Shares	7.57% 8.26%
City of San Pablo	1 Alvarado Square San Pablo, CA 94086	Model Portfolio Long-Term Growth Fund—Investor M Shares	6.42%
Delta Charter Township	7710 W. Saginaw Hwy Lansing, MI 48197	Model Portfolio Conservative Growth Fund—Investor M Shares	7.58%

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NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

11. 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 six month period ended June 30, 2013, the funds recaptured the following amounts of brokerage commissions:

Fund	Recaptured Brokerage Commissions
Equity Income	$	10,978
Growth & Income		21,004
Growth		126,474
Select Value		39,609
Aggressive Opportunities		48,616
Discovery		1,633
International		123,357
Diversifying Strategies		614

12. Subsequent Events

Management has evaluated events or transactions that may have occurred since June 30, 2013, 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.

13. 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.

14. Tax Disclosure

The Company received updated information concerning the tax character of distributions made by certain issuers during 2012, and as a result, pursuant to Section 852 of the Internal Revenue Code, has modified its reported designation of capital gain dividends for the year ended December 31, 2012, as follows:

Fund	Long Term Capital Gain Dividend
Growth & Income	$	21,592,950
Diversifying Strategies		2,847,974
Mid/Small Company Index		16,455,322
Model Portfolio Conservative Growth		3,646,788
Model Portfolio Traditional Growth		16,923,609
Model Portfolio Long-Term Growth		30,487,806
Milestone Retirement Income		2,904,601
Milestone 2010		4,514,649
Milestone 2015		5,042,114
Milestone 2020		3,974,669
Milestone 2025		3,154,682
Milestone 2030		2,741,511
Milestone 2035		1,914,115
Milestone 2040		342,369
Milestone 2045		701,884
Milestone 2050		812

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Additional Information (Unaudited)

A. Subadviser Fees

Presented below are the fees paid by each fund to subadvisers during the six month period ended June 30, 2013. Fees are shown as an annual percentage of average net assets under management except that the subadvisory fees for 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 it by VIA. The total dollars below represent amounts paid to subadvisers for services performed during the period July 1, 2012 through March 31, 2013.)

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%	$	142,399
	STW Fixed Income Management LLC		0.18%		265,163
Inflation Protected Securities	Pacific Investment Management Company, LLC		0.20%		331,269
	BlackRock Financial Management, Inc.		0.10%		242,316
Equity Income	Barrow, Hanley, Mewhinney & Strauss, LLC		0.21%		740,032
	T. Rowe Price Associates, Inc.		0.32%		1,052,327
	Southeastern Asset Management, Inc.		0.52%		1,773,028
Growth & Income	Fiduciary Management, Inc.		0.29%		664,623
	T. Rowe Price Associates, Inc.		0.38%		635,553
	Wellington Management Company, LLP		0.27%		715,862
Growth	Atlanta Capital Management Company, LLC		0.30%		856,492
	Columbus Circle Investors		0.33%		800,395
	Victory Capital Management, Inc.		0.26%		613,433
	Westfield Capital Management Company, L.P.		0.33%		941,411
Select Value	Artisan Partners Limited Partnership		0.55%		333,325
	Systematic Financial Management, L.P		0.41%		250,357
	WEDGE Capital Management LLP		0.51%		319,277
Aggressive Opportunities	Southeastern Asset Management, Inc.		0.58%		441,497
	SSgA Funds Management, Inc.		0.03%		59,060
	TimesSquare Capital Management, LLC		0.50%		758,341
	Wells Capital Management Inc.		0.43%		550,181
Discovery	Payden & Rygel		0.15%		81,588
	Wellington Management Company, LLP		0.73%		393,569
International	Artisan Partners Limited Partnership		0.64%		741,434
	GlobeFlex Capital, LP		0.40%		789,117
	Mondrian Investment Partners Limited		0.43%		982,674
	Walter Scott & Partners Limited		0.54%		627,339
Diversifying Strategies	Calamos Advisors LLC		0.53%		510,655
	Mellon Capital Management Corporation (1)		0.33%		341,515
	Payden & Rygel (Enhanced Cash)		0.10%		87,136
	Payden & Rygel (Low Duration)		0.09%		159,462
	Shenkman Capital Management, Inc.		0.38%		434,276

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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
Core Bond Index	Mellon Capital Management Corporation (2)		0.01%		99,439
500 Stock Index	Mellon Capital Management Corporation (2)		0.01%		35,884
Broad Market Index	Mellon Capital Management Corporation (2)		0.02%		55,122
Mid/Small Company Index	Mellon Capital Management Corporation (2)		0.02%		59,059
Overseas Equity Index	Mellon Capital Management Corporation (2)		0.04%		65,604

(1) Effective May 1, 2011, Mellon Capital Management Corporation contractually agreed to reduce its subadvisory fee through April 30, 2014.

(2) Effective January 18, 2013, the fee schedules charged by Mellon Capital Management Corporation for the Index Funds were amended and the percentages shown above represent a blended rate of the previous fee schedules and the new fee schedules.

B. Directors’ Considerations of Investment Advisory and Subadvisory Agreements

The following relates to the consideration by the Board of Directors (“Directors” or “Board”) of the Company, during the period beginning January 1, 2013 through June 30, 2013, of the approval of the Master Investment Advisory Agreements (“Advisory Agreement” or “Advisory Agreements”) between VIA and each series of the Company, except the Milestone 2050 Fund (each series, a “Fund” and collectively, the “Funds”), and certain Investment Subadvisory Agreements (“Subadvisory Agreement” or “Subadvisory Agreements”) for the Funds.

Annual Consideration of the Investment Advisory Agreements and Certain Subadvisory Agreements

At a meeting held on January 18, 2013 (“January Meeting”), the Board, including a majority of the Directors who are not “interested persons” as defined in the Investment Company Act of 1940 (“Independent Directors”), approved the continuance of the Advisory Agreements between VIA and each Fund. In addition, the Board, including a majority of the Independent Directors, approved the continuance of the Subadvisory Agreements with respect to the following subadvisers and Funds (may be referred to collectively as the “Sub-Advised Funds”): Artisan Partners Limited Partnership (International and Select Value Funds); Atlanta Capital Management Company, LLC (“Atlanta Capital”) (Growth Fund); Barrow, Hanley, Mewhinney & Strauss LLC (Equity Income Fund); BlackRock Financial Management, Inc. (Inflation Protected Securities Fund); Calamos Advisors LLC (Diversifying Strategies Fund); Columbus Circle Investors (Growth Fund); Fiduciary Management, Inc. (Growth & Income Fund); GlobeFlex Capital, LP (International Fund); Mellon Capital Management Corporation (“Mellon”) (Diversifying Strategies and Index Funds)¹; Mondrian Investment Partners Limited (International Fund); Pacific Investment Management Company, LLC (“PIMCO”) (Inflation Protected Securities Fund); Payden & Rygel (Low Duration Bond, Discovery and Diversifying Strategies Funds); Shenkman Capital Management, Inc. (Diversifying Strategies Fund); Southeastern Asset Management Inc. (Aggressive Opportunities and Equity Income Funds); STW Fixed Income Management, LLC (Low Duration Bond Fund); Systematic Financial Management L.P. (Select Value Fund); TimesSquare Capital Management, LLC (Aggressive Opportunities Fund); T. Rowe Price Associates, Inc. (Equity Income and Growth & Income Funds); Victory Capital Management Inc. (Growth Fund); Walter Scott & Partners Limited (“Walter Scott”) (International Fund); WEDGE Capital Management LLP (Select Value Fund); Wellington Management Company, LLP (Growth & Income and Discovery Funds); and Westfield Capital Management Company, L.P. (Growth Fund).

¹  For purposes of this discussion, the term “Index Funds” refers to the Core Bond Index Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund and Overseas Equity Index Fund.

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

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

In considering the information and materials described above, the Independent Directors received assistance from, and met separately with, their independent legal counsel and were provided with a written description of their statutory responsibilities and the legal standards that are applicable to approvals of advisory agreements. Although the Advisory Agreements and Subadvisory Agreements for all of the Funds were considered at the same Board meeting, the Directors considered each Fund separately. In view of the broad scope and variety of factors and information, the Directors did not find it practicable to, and did not, assign relative weights to the specific factors considered in reaching their conclusions and determinations to approve the Advisory Agreements and Subadvisory Agreements for an additional year. Rather, the approval determinations were made on the basis of each Director’s business judgment after consideration of all of the factors taken in their entirety. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decisions to approve the Advisory Agreements and Subadvisory Agreements.³

Nature, Extent and Quality of Services

In examining the nature, extent and quality of the services to be provided by VIA, the Directors considered the qualifications, experience and capability of VIA’s management and other personnel and the extent of care and conscientiousness with which VIA performs its duties. In this regard, the Directors considered, among other matters: (a) the asset allocation services provided, and the monitoring of the performance of the underlying funds

²  With respect to the Index Funds, at the request of VIA, only other passively managed (pure) index funds were included in each Fund’s Lipper peer group.

³  With respect to the Model Portfolio Savings Oriented Fund, the Directors considered VIA’s recommendation at the January Meeting that the Board approve the liquidation and termination of the Fund, effective in or around March 2013. At the January Meeting, the Board approved VIA’s recommendation to liquidate and terminate the Model Portfolio Savings Oriented Fund. The Model Portfolio Savings Oriented Fund was liquidated on March 22, 2013.

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performed, by VIA with respect to the Model Portfolio Funds⁴ and the Milestone Funds⁵; (b) the subadviser selection process and fee negotiation process whereby VIA seeks to achieve an appropriate and competitive level of fee and fee structure, and VIA’s on-going monitoring of the appropriateness and competitiveness of each subadvisory fee and fee structure; (c) the process by which VIA evaluates and monitors the subadvisers, including with respect to portfolio security brokerage and trading practices; (d) VIA’s process for identifying instances where there may be a need to replace a subadviser, reallocate assets, or both, and its process with regard to the efficient and economical implementation of such changes; (e) the cash management services provided to the Sub-Advised Funds; and (f) the nature of the non-investment advisory services provided to the Funds, such as the supervision of the Funds’ other third-party service providers by VIA or its affiliates.

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

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

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

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

Investment Performance

The Board placed emphasis on the investment performance of each of the Funds. While consideration was given to performance reports and discussions held at prior Board or Investment Committee meetings, as applicable, particular attention was given to the performance reports provided specifically in connection with the January Meeting. In particular, the Directors reviewed the performance of each Fund over a ten-year period ending June 30, 2012, or shorter period, as applicable, relative to its stated investment objective, benchmark and Lipper peer group. The Directors also considered updated performance information for each Fund relative to its benchmark and, with respect to applicable Funds, its Morningstar, Inc. (“Morningstar”) peer category (“Morningstar peer group”), through October 31, 2012.

In reviewing the performance of the Funds, the Directors considered that for each of the one-, three-, five- and ten-year cumulative periods ended June 30, 2012, or shorter period, as applicable, the performance of each of the following Funds was in one of the first three quintiles of its Lipper peer group for all of the periods reviewed: Low Duration Bond Fund; Growth & Income Fund; Select Value Fund; Discovery Fund; International Fund; 500 Stock Index Fund; Broad Market Index Fund (Class II); Mid/Small Company Index Fund (Class II); Overseas Equity Index Fund; Model Portfolio Long-Term Growth Fund; Model Portfolio All-Equity Growth Fund; Milestone 2030 Fund; Milestone 2035 Fund; Milestone 2040 Fund; and Milestone 2045 Fund. In addition, the Directors considered that for the one-, three-, five- and ten-year cumulative periods ended June 30, 2012, or shorter period, as applicable, the

⁴  For purposes of this discussion, the term “Model Portfolio Funds” refers to the Model Portfolio Savings Oriented Fund, Model Portfolio Conservative Growth Fund, Model Portfolio Traditional Growth Fund, Model Portfolio Long-Term Growth Fund and Model Portfolio All-Equity Growth Fund.

⁵  For purposes of this discussion, the term “Milestone Funds” refers to the 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.

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performance of each of the following Funds was in one of the first three quintiles of its Lipper peer group for all but one of those periods: Aggressive Opportunities Fund; Diversifying Strategies Fund; Broad Market Index Fund (Class I); Model Portfolio Traditional Growth Fund; Milestone 2010 Fund; Milestone 2015 Fund; and Milestone 2025 Fund.

With regard to the performance of the Inflation Protected Securities Fund relative to its Lipper peer group, the Directors considered that the Fund’s performance was in the third and second quintiles for the one- and five-year periods ended June 30, 2012, respectively, and in the first quintile for the calendar year-to-date period ended June 30, 2012. The Directors also considered that the Fund outperformed its Morningstar peer group median for the calendar year-to-date, and the one- and five-year periods, ended October 31, 2012.

With regard to the performance of the Equity Income Fund relative to its Lipper peer group, the Directors considered that the Fund’s performance was in the third quintile for the three- and ten-year periods ended June 30, 2012, and in the second quintile for the calendar year-to-date period ended June 30, 2012. In addition, the Directors considered VIA’s explanation that the Fund’s Lipper peer group does not have a market capitalization size restriction, and the manner in which the constituent funds in the Lipper peer group achieve their investment objectives may vary widely. The Directors also considered that the Fund outperformed its Morningstar peer group median for the three-, five- and ten-year periods ended October 31, 2012.

With regard to the performance of the Growth Fund relative to its Lipper peer group, the Board considered that, in order to improve the Fund’s performance, VIA recommended, and the Board approved, changes to the subadvisory structure of the Fund, which were implemented in January 2012 and resulted in (i) the termination of three subadvisers, (ii) the hiring of two replacement subadvisers, and (iii) the reallocation of the Fund’s assets among the two remaining subadvisers and the two new subadvisers. The Directors noted that VIA considered these changes to have been beneficial to the Growth Fund since their implementation through November 28, 2012, based on the Fund’s performance versus its Morningstar peer group and benchmark during this period.

With regard to the performance of the Core Bond Index Fund and the Mid/Small Company Index Fund (Class I) relative to their respective Lipper peer groups, the Directors considered VIA’s explanation regarding the impact on the relative performance of the Class I shares of each Index Fund of including institutional share classes, which typically have lower fees, in each Fund’s Lipper peer group, as index fund performance rankings are largely driven by fees. With respect to the performance of the Core Bond Index Fund relative to its Lipper peer group, the Directors also considered that the Class II performance of the Fund was in the third quintile of its Lipper peer group for the one-year period ended June 30, 2012. With respect to the performance of the Mid/Small Company Index Fund (Class I) relative to its Lipper peer group, the Directors considered that the Class I performance of the Fund was in the first quintile for the calendar year-to-date period ended June 30, 2012, and in the second quintile of its Lipper peer group for the one- and ten-year periods ended June 30, 2012. In addition, the Board took into consideration VIA’s assessment that each of the Index Funds performed as expected relative to its benchmark when taking into account fees and expenses of the Fund.

With respect to the performance of the Model Portfolio Conservative Growth Fund relative to its Lipper peer group, the Directors considered that the Fund’s performance was in the third quintile of its Lipper peer group for the ten-year period ended June 30, 2012. The Directors also considered VIA’s explanation that the Model Portfolio Conservative Growth Fund’s performance relative to its Lipper peer group over the other periods was likely due to characteristics within the asset classes in which the Fund was invested. In addition, the Directors considered that VIA is reviewing the Model Portfolio Funds to seek to improve their risk/return profiles in order to position each Fund for improved performance on an absolute and relative basis going forward.

With respect to the Milestone Retirement Income Fund, the Directors considered that the Fund’s performance relative to its Lipper peer group was in the third quintile for the five-year and since-inception (April 2006) periods through June 30, 2012. The Directors also considered VIA’s explanation that the Milestone Retirement Income Fund’s performance relative to its Lipper peer group over the other periods was likely due to characteristics within the asset classes in which the Fund was invested.

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With respect to the Milestone 2020 Fund, the Directors considered that the Fund’s performance relative to its Lipper peer group was in the third quintile for the calendar year-to-date period ended June 30, 2012, and ranked in the second and first quintiles for the five-year and since-inception (April 2006) periods through June 30, 2012, respectively.

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

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

Management Fees and Expenses. The Board considered the fees payable under each Advisory Agreement and under each Subadvisory Agreement for the Sub-Advised Funds. The Board reviewed the information compiled by Lipper comparing each Fund’s contractual management fee rate (at common asset levels based on the Fund’s total net assets as of June 30, 2012) and actual management fee rate (which includes the effect of any fee waivers) as a percentage of total assets—these fee rates include advisory, subadvisory and administrative service fees—to other funds in its Lipper expense group.⁶ Based on the data provided on management fee rates, on a Fund-by-Fund basis, the Board noted that: (i) each Fund’s contractual management fee rate at a common asset level, was at or lower than the median of its Lipper expense group, except for the 500 Stock Index Fund (Class I) and the Mid/Small Company Index Fund (Class I); and (ii) the actual management fee rate of each Fund was at or lower than the median of its Lipper expense group, except for the Inflation Protected Securities Fund, Select Value Fund, Core Bond Index Fund (Class I), 500 Stock Index Fund, Broad Market Index Fund (Class I), Mid/Small Company Index Fund (Class I), and each of the Milestone Funds (other than the Milestone 2040 Fund). With respect to the Inflation Protected Securities Fund, Select Value Fund, Core Bond Index Fund, 500 Stock Index Fund, Broad Market Index Fund and Mid-Small Company Index Fund, as well as the other Sub-Advised Funds, the Directors considered that, based on the data provided, each Fund’s actual adviser fee (advisory and subadvisory fee) as a percentage of average net assets for the latest fiscal year was either at or below the median of its Lipper expense group. With respect to the Milestone Funds, the Directors noted that most of the constituent funds in the Milestone Funds’ Lipper expense group waive a portion of their management fees. In addition, the Board considered that each Fund’s actual total expense ratio was at or lower than the median of its Lipper expense group and noted VIA’s view that it is more relevant to focus on fees at the total expense level because of disparities across the funds comprising the Lipper expense groups in terms of the classification of certain fees and expenses.

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

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

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

With respect to the Core Bond Index Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund and the Overseas Equity Index Fund, the Directors considered that Mellon had agreed to,

⁶  All Lipper expense data for the Funds was based on the June 30, 2012 unaudited semi-annual report data, and actual expense data for the Funds was annualized to reflect a fiscal year end of December 31, 2012. With respect to the Sub-Advised Funds, the Lipper expense group referred to in this discussion was not limited to funds with subadvisory arrangements.

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and the Board was being asked to approve at the January Meeting, an amendment to the fee schedule of each Index Fund’s Subadvisory Agreement with Mellon that would reduce the effective subadvisory fees paid to Mellon by the Index Funds at current asset levels, effective upon Board approval. In considering the amended fee schedules with Mellon, the Board took into consideration that Mellon had represented to VIA that the revised fee schedules would not affect the nature, quality or scope of the services Mellon provides to the Index Funds.

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

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

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

Economies of Scale. With respect to whether economies of scale are realized by VIA as a Fund’s assets increase and whether management fee levels reflect these economies of scale for the benefit of Fund investors, the Board considered, on a Fund-by-Fund basis, the current level of management fee charged and fee structure and concluded that VIA’s fee structure with respect to each Fund was appropriate at this time. With regard to each Sub-Advised Fund, the Directors considered that the fee schedule relating to each Subadvisory Agreement that the Board was being asked to approve (except for the Subadvisory Agreements with PIMCO (Inflation Protected Securities Fund), Atlanta Capital (Growth Fund), and Mellon (Diversifying Strategies Fund, and the amended fee schedules with Mellon for the Core Bond Index Fund and 500 Stock Index Fund)) includes breakpoints, and these Sub-Advised Funds and their shareholders will benefit from reduced subadvisory fee rates as the assets managed by the relevant subadviser increase, and that this generally represents a recognition that economies are being passed on by the subadviser to the Fund’s shareholders. The Directors also considered that each Subadvisory Agreement was the product of arm’s-length negotiations. The Directors further considered the appropriateness of each subadvisory fee structure in light of VIA’s assessment that each subadvisory fee reflects the lowest available fee schedule from the respective subadviser for like accounts.

“Fall Out” or Ancillary Benefits. The Board considered whether there were any “fall-out” or ancillary benefits that may accrue to VIA and its affiliates and the subadvisers as a result of their relationships with the Funds. The Directors considered VIA’s explanation that fall-out benefits may accrue to VIA or its affiliates as a result of research conducted and advisory services provided to the Funds, including through exposure to the Funds’ subadvisers and their investment research, insight, management styles, investment strategies, resources and personnel. The Directors also considered VIA’s explanation that the knowledge, experience and exposure gained working for the Funds and working with the subadvisers may improve the quality of advisory services provided by VIA to clients of VIA’s parent company and may enhance the experience, skills and reputations of VIA and its investment professionals within the investment management industry. With regard to the subadvisers, the Board considered that certain subadvisers may experience benefits due to their relationships with the Funds, which include reputational and marketing benefits, and may direct Fund brokerage transactions to certain brokers to obtain research and other services. However, the Directors noted that the subadvisers are required to select brokers that meet the Funds’ requirements for seeking best execution, and that VIA monitors and evaluates the subadvisers’ trade execution with respect to the Funds’ brokerage transactions on a regular basis and provides reports to the Board in this regard. The Board concluded that the benefits accruing to VIA and its affiliates and to the subadvisers by virtue of their relationships to the Funds appeared to be reasonable.

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

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

Vantagepoint Low Duration Bond Fund

At the January Meeting, the Board, including a majority of the Independent Directors, also approved a new subadvisory agreement (“New STW Subadvisory Agreement”) with STW Fixed Income Management, LLC (“STW”), one of the subadvisers of the Low Duration Bond Fund. On December 17, 2012, STW announced that it had entered into a purchase agreement with Schroder U.S. Holdings Inc. (“Schroder US”), a subsidiary of Schroders plc, pursuant to which Schroder US agreed to acquire 100% of the outstanding interests in STW around the end of the first quarter of 2013 (the “Transaction”). Upon completion of the Transaction, STW would be wholly owned by Schroder US, resulting in a “change of control” of STW under applicable provisions of the Investment Company Act of 1940 (“1940 Act”). The 1940 Act provides that a “change of control” of a fund’s adviser or subadviser results in an “assignment,” and a consequent automatic termination, of the investment advisory agreement between the fund and the adviser or subadviser, as the case may be. Accordingly, as a result of the Transaction, the investment subadvisory agreement then in effect, among VIA, the Company and STW (“Current STW Subadvisory Agreement”) would immediately terminate. The Directors were informed that after the Transaction was completed, STW would continue to operate initially as a separate legal entity, but that STW’s operations eventually would be integrated into Schroder Investment Management North America Inc. (“SIMNA”), a registered investment advisory subsidiary of Schroder US. VIA recommended that the Directors approve at the January Meeting the New STW Subadvisory Agreement, to be effective at the closing of the Transaction, and the Directors consider at a subsequent meeting of the Board, in or around June 2013, the approval of SIMNA as a new subadviser for a Low Duration Bond Fund.

At the January Meeting, in anticipation of the Transaction and consequent immediate termination of the Current STW Subadvisory Agreement, the Board, including a majority of the Independent Directors, approved the New STW Subadvisory Agreement, with terms substantially similar to the terms of the Current STW Subadvisory Agreement. Before approving the New STW Subadvisory Agreement, the Board considered the recommendations of, and information presented by, VIA.

With respect to the Board’s consideration of the New STW Subadvisory Agreement, the Directors received written information in advance of the January Meeting from VIA, which included: (1) the factors considered by VIA, and conclusions reached by VIA as a result of the due diligence it conducted to date, relating to the Transaction and in recommending the Board approve the New STW Subadvisory Agreement; (2) the nature, extent and quality of services that STW currently provides and is expected to continue to provide after the Transaction, to the Low Duration Bond Fund; (3) STW’s experience, personnel and operations; (4) STW’s brokerage and trading policies and practices; (5) the level of the subadvisory fees to be charged to the Low Duration Bond Fund by STW and a comparison of those fees to: (a) STW’s fee schedule for managing other advisory accounts with an investment objective similar to the Fund; and (b) the fees charged to accounts with assets comparable to the amount of assets allocated to STW by a group of U.S. separate account investment managers that utilize a short duration fixed income mandate; (6) STW’s compliance program; (7) STW’s investment performance as a subadviser to the Low Duration Bond Fund as compared to a relevant benchmark and peer group; (8) STW’s representation that the pending change of control is not expected to affect the nature, scope or quality of the services STW provides to the Low Duration Bond Fund; and (9) financial information for SIMNA and Schroder US.

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.

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In determining whether to approve the New STW Subadvisory Agreement, the Directors considered the information received in advance of the January Meeting, the presentations made by, and discussions held with, the personnel of VIA, and discussions with representatives of STW and Schroder 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 STW Subadvisory Agreement.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the investment advisory services to be provided by STW to the Low Duration Bond Fund following the Transaction, the Directors considered STW’s investment management process in managing its portion of the Low Duration Bond Fund’s assets allocated to it, including the experience and capability of STW’s management and other personnel responsible for the portfolio management of the Low Duration Bond Fund. The Directors also considered STW’s representations that (i) the Transaction is not expected to adversely affect STW’s operations or investment process; (ii) the key investment advisory personnel of STW will continue to have day-to-day responsibility for the Fund; and (iii) STW intends to continue managing the Low Duration Bond Fund in the same manner as it currently does with the benefit of additional research and support resources available to the investment team as a result of the Transaction. The Directors considered that key management personnel have been offered long-term economic incentives related to the success of the integrated business for several years after the closing of the Transaction. The Directors also considered representations from STW and SIMNA that they do not expect the nature, quality or scope of services to be provided to the Low Duration Bond Fund to be affected as a result of the Transaction, and that there would be no changes to the fee charged by STW to the Low Duration Bond Fund as a result of the Transaction. Based on the information considered, the Directors concluded that the Low Duration Bond Fund was likely to continue to benefit from the nature, extent and quality of STW’s services, and that STW would have the ability to continue to provide these services after the Transaction.

Investment Performance. The Directors considered the historical data provided regarding STW’s investment performance with respect to managing the assets of the Low Duration Bond Fund versus a relevant benchmark and peer group, and VIA’s favorable assessment of such performance. The Directors concluded that the investment performance record of STW supported approval of the New STW 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 New STW Subadvisory Agreement is the same as the subadvisory fee payable under the Current STW Subadvisory Agreement. The Directors also considered VIA’s assessment in connection with the Directors’ consideration of the annual approval of the Current STW Subadvisory Agreement, which was based in part on information provided by STW, that STW’s subadvisory fee for the Low Duration Bond Fund reflects the lowest available fee schedule from STW for “like accounts.” For this purpose, the term “like accounts” was used by VIA generally to describe other accounts that are managed in the same investment style, with similar service requirements and with similar asset levels as the portion of the Fund’s portfolio being managed by STW. Additionally, the Directors considered that the nature of the subadvisory services that STW was to provide to the Low Duration Bond Fund following the Transaction appeared to be comparable to those that STW currently provides to its other advisory clients, except that STW performs certain services for the Fund that it does not perform when advising unregistered funds or separate accounts. 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 allocated to STW by a group of U.S. separate account investment managers that utilize a short duration fixed income mandate. According to the information provided, the effective fee rate to be paid by the Low Duration Bond Fund to STW at asset levels as of December 31, 2012 (0.1806%) is slightly higher than the median fee charged by such managers (0.18%). The Directors considered VIA’s explanation that it believed that the fee schedule for STW is competitive and reasonable given STW’s performance for the Fund and VIA’s expectations. The foregoing comparisons assisted the Directors in considering the New STW Subadvisory Agreement by providing them with a basis for evaluating STW’s fee on a relative basis. Based on this information, the Directors concluded that STW’s subadvisory fee appeared to be within a reasonable range for the services to be provided.

The Directors also reviewed the information provided regarding the estimated profits to be realized with respect to STW’s relationship with the Low Duration Bond Fund. In considering the extent to which economies of scale may be realized by STW as the assets of the Low Duration Bond Fund to be managed by STW grow, and whether the

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Additional Information (Unaudited) — (Continued)

proposed fee levels reflect these economies, the Directors noted that the proposed fee schedule in the New STW Subadvisory Agreement includes breakpoints, whereby the Low Duration Bond Fund and its shareholders will benefit from reduced subadvisory fee rates as the assets managed by STW increase.

Other Considerations. The Directors considered the factors that VIA took into account, and the conclusions reached by VIA as a result of the due diligence it conducted to date, in deciding to recommend that the Board approve the New STW Subadvisory Agreement. The Directors also considered VIA’s assessment that the proposed fee to be paid to STW for its services to the Low Duration Bond Fund is competitive and reasonable given STW’s performance for the Fund and VIA’s expectations. The Directors concluded that VIA’s recommendations and conclusions supported approval of the New STW Subadvisory Agreement.

In considering the potential “fall-out” or ancillary benefits that may accrue to STW due to its relationship with the Low Duration Bond Fund, the Directors noted that STW does not anticipate any such benefits due to its relationship with the Low Duration Bond Fund.

Conclusion. After full consideration of the foregoing factors, with no single factor identified as being of paramount importance, the Directors, including a majority of the Independent Directors, concluded that the approval of the New STW Subadvisory Agreement was in the best interests of the Low Duration Bond Fund and its shareholders, and approved the New STW Subadvisory Agreement with STW.

Vantagepoint International Fund

At a meeting held on March 29, 2013 (“March Meeting”), VIA recommended and the Board approved an increase in the International Fund’s assets allocated to Walter Scott, a current subadviser to the Fund, in order to implement and fund a new dedicated emerging markets strategy. At the March Meeting, in connection with the implementation of the emerging markets strategy, the Board, including a majority of the Independent Directors, approved an amendment to the Subadvisory Agreement with Walter Scott (“Amended Subadvisory Agreement”), which clarified the fee schedule under the Subadvisory Agreement (as discussed below) but did not affect the rate of subadvisory fee payable to Walter Scott under the Agreement.

In considering the emerging markets strategy and the Amended Subadvisory Agreement, among other things, the Directors considered the specific investment process to be employed by Walter Scott in managing the assets of the International Fund pursuant to an emerging markets equity strategy and the information provided by VIA regarding Walter Scott’s performance record as compared to a relevant benchmark and peer group; and VIA’s review process and favorable assessment as to the nature, quality and extent of the subadvisory services expected to be provided by Walter Scott with respect to employing an emerging markets equity strategy on behalf of the International Fund. The Directors acknowledged that Walter Scott has experienced portfolio management personnel with respect to implementing an emerging markets equity strategy for the International Fund and a favorable investment performance record with respect to its emerging markets equity strategy. The Directors concluded that the nature, extent and quality of the subadvisory services expected to be provided by Walter Scott with respect to the emerging markets equity strategy were appropriate for the International Fund and Walter Scott’s historical investment performance record with respect to its emerging markets equity strategy was favorable.

With regard to the fee schedule under the Amended Subadvisory Agreement, the Directors considered the comparative fee information provided by VIA with respect to emerging markets equity mandates and VIA’s statement that it negotiated the lowest subadvisory fee schedule available from Walter Scott for like accounts (accounts of similar size and mandate) and its conclusion that the fee schedule under the Amended Subadvisory Agreement is competitive and reasonable for such a mandate. The Directors also considered that the only difference between the fee schedule under the Amended Subadvisory Agreement and the current fee schedule with Walter Scott was that language had been added to clarify that the fee schedule is applicable to all of the International Fund’s assets allocated to Walter Scott and all strategies employed by Walter Scott on behalf of the International Fund (i.e., the current international developed markets strategy and the new emerging markets strategy).

137

THE VANTAGEPOINT FUNDS

Additional Information (Unaudited) — (Continued)

C. Householding

Only one copy of this Semi-Annual Report may be mailed to households, even if more than one person in a household is a shareholder of record, unless the Company has received instructions to the contrary. If you need additional copies of this Semi-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 Semi-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.

D. Other Available Information

A description of the Company’s proxy voting policies and procedures and the proxy voting record for the six month period ended June 30, 2013 are available without charge, upon request by calling 800-669-7400, online 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.

Standard & Poor’s Marks and Indexes. “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.

Russell Investment Group Marks and Indexes. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Russell Investment Group.

1) The Vantagepoint Aggressive Opportunities Fund, Vantagepoint Broad Market Index Fund, and Vantagepoint Mid/Small Company Index Fund are not promoted, sponsored or endorsed by, nor in any way affiliated with Russell Investments (“Russell”). Russell is not responsible for and has not reviewed these Funds nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

2) Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

3) Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY, OR GUARANTEE AS TO THE ACCURACY, COMPLETENESS, RELIABILITY, OR OTHERWISE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED IN THE RUSSELL INDEXES. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE, OR THE RESULTS OF USE, OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITY (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEXES OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN

138

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—69.0%
Aerospace & Defense—0.2%
United Technologies Corp.
0.775%		06/01/2015	#	$	1,285,000	$	1,293,347
Auto Components—0.5%
Johnson Controls, Inc.
1.750%		03/01/2014			3,000,000		3,022,578
Automobiles—1.1%
Daimler Finance North America LLC
2.300%		01/09/2015	^		1,290,000		1,310,341
1.875%		09/15/2014	^		760,000		766,932
1.250%		01/11/2016	^		650,000		646,163
Nissan Motor Acceptance Corp.
1.950%		09/12/2017	^		650,000		646,419
1.000%		03/15/2016	^		1,115,000		1,103,532
Volkswagen International Finance NV (Netherlands)
1.625%		03/22/2015	^		1,400,000		1,416,939
							5,890,326
Beverages—0.4%
Anheuser-Busch InBev Worldwide, Inc.
0.800%		07/15/2015			610,000		610,157
Heineken NV (Netherlands)
0.800%		10/01/2015	^		250,000		248,853
SABMiller Holdings, Inc.
2.450%		01/15/2017	^		720,000		732,043
1.850%		01/15/2015	^		590,000		598,813
							2,189,866
Biotechnology—0.4%
Amgen, Inc.
2.300%		06/15/2016			700,000		719,386
1.875%		11/15/2014			860,000		873,279
Gilead Sciences, Inc.
2.400%		12/01/2014			370,000		378,357
							1,971,022
Building Products—0.1%
Masco Corp.
4.800%		06/15/2015			465,000		478,950
Capital Markets—1.8%
Bank of New York Mellon Corp. (The) MTN
1.200%		02/20/2015			300,000		302,549
E*TRADE Financial Corp.
6.000%		11/15/2017			525,000		532,875
Goldman Sachs Group, Inc. (The)
1.273%		02/07/2014	#		1,430,000		1,433,940
ING Bank NV (Netherlands)
3.750%		03/07/2017	^		1,200,000		1,257,047
Morgan Stanley
1.556%		04/25/2018	#		1,610,000		1,580,865
1.523%		02/25/2016	#		1,150,000		1,147,499
Nomura Holdings, Inc. MTN (Japan)
1.722%		09/13/2016	#		1,310,000		1,309,404
TD Ameritrade Holding Corp.
4.150%		12/01/2014			1,140,000		1,194,015
WT Finance Aust Pty Ltd./Westfield Capital/WEA Finance LLC (Australia)
5.125%		11/15/2014	^		1,170,000		1,244,425
							10,002,619

Coupon Rate	Maturity Date			Face		Value
Chemicals—0.4%
Airgas, Inc.
2.850%	10/01/2013		$	460,000	$	462,399
Ashland, Inc.
3.000%	03/15/2016	^		900,000		909,000
Dow Chemical Co. (The)
2.500%	02/15/2016			690,000		712,053
Ecolab, Inc.
2.375%	12/08/2014			290,000		295,869
						2,379,321
Commercial Banks—10.8%
ANZ New Zealand Int’l Ltd. (New Zealand)
1.125%	03/24/2016	^		710,000		704,926
Australia & New Zealand Banking Group Ltd. (Australia)
0.835%	05/15/2018	#†		1,380,000		1,375,726
Banco Bradesco SA (Brazil)
2.374%	05/16/2014	#^		300,000		302,856
Banco do Brasil SA (Brazil)
4.500%	01/22/2015	^†		1,180,000		1,208,025
Bancolombia SA (Colombia)
4.250%	01/12/2016	†		260,000		267,800
Bank of Ceylon (Sri Lanka)
6.875%	05/03/2017	^		840,000		851,550
Bank of Montreal MTN (Canada)
0.879%	04/09/2018	#		680,000		679,208
0.800%	11/06/2015			1,020,000		1,019,357
Bank of Nova Scotia (Canada)
1.850%	01/12/2015			950,000		964,695
0.750%	10/09/2015			1,440,000		1,434,577
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan)
0.723%	02/26/2016	#^		1,250,000		1,252,797
Barclays Bank plc (United Kingdom)
3.900%	04/07/2015			2,590,000		2,710,668
BB&T Corp.
0.976%	04/28/2014	#		350,000		351,416
BB&T Corp. MTN
1.600%	08/15/2017			420,000		411,143
BBVA Banco Continental SA (Peru)
2.250%	07/29/2016	^		600,000		585,000
Canadian Imperial Bank of Commerce (Canada)
0.900%	10/01/2015			1,300,000		1,301,521
CIT Group, Inc.
4.750%	02/15/2015	^		700,000		713,125
Corpbanca SA (Chile)
3.125%	01/15/2018			1,010,000		962,130
Credit Agricole SA/London (France)
1.438%	04/15/2016	#^		1,080,000		1,085,459
Danske Bank A/S (Denmark)
1.327%	04/14/2014	#^		1,450,000		1,456,486
Discover Bank
2.000%	02/21/2018			1,710,000		1,656,889
HSBC Bank plc (United Kingdom)
0.915%	05/15/2018	#^		1,340,000		1,341,587
KeyBank NA, Bank Note
4.950%	09/15/2015			520,000		560,467
KeyCorp MTN
3.750%	08/13/2015			560,000		590,070
National Australia Bank Ltd. (Australia)
0.900%	01/20/2016	†		1,500,000		1,490,584
National Bank of Canada (Canada)
1.500%	06/26/2015			780,000		789,672
Nordea Bank AB (Sweden)
0.875%	05/13/2016	^		1,490,000		1,474,617

See accompanying notes to financial statements

139

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Oversea-Chinese Banking Corp. Ltd. (Singapore)
1.625%		03/13/2015	^	$	700,000	$	709,409
Regions Financial Corp.
2.000%		05/15/2018			920,000		870,682
Royal Bank of Scotland Group plc (United Kingdom)
2.550%		09/18/2015			445,000		452,700
Royal Bank of Scotland plc (The) (United Kingdom)
4.375%		03/16/2016			274,000		290,219
3.950%		09/21/2015			4,990,000		5,214,550
Santander US Debt SAU (Spain)
3.781%		10/07/2015	^		900,000		917,853
SpareBank 1 Boligkreditt AS (Norway)
1.250%		05/02/2018	^†		1,000,000		956,693
Standard Chartered plc (United Kingdom)
3.200%		05/12/2016	^		3,800,000		3,978,509
Sumitomo Mitsui Banking Corp. (Japan)
0.900%		01/18/2016	†		480,000		475,580
Svenska Handelsbanken AB (Sweden)
0.722%		03/21/2016	#		1,500,000		1,501,028
Toronto-Dominion Bank (The) MTN (Canada)
2.500%		07/14/2016			3,850,000		3,993,921
1.400%		04/30/2018			170,000		165,194
Union Bank NA, Bank Note
2.125%		12/16/2013			1,380,000		1,388,912
US Bancorp
4.200%		05/15/2014			1,300,000		1,342,615
US Bank NA, Bank Note
0.557%		10/14/2014	#		690,000		691,454
Wachovia Bank NA, Bank Note
4.800%		11/01/2014			1,385,000		1,458,253
Wells Fargo & Co.
0.906%		04/23/2018	#		250,000		249,005
Wells Fargo & Co. MTN
2.100%		05/08/2017			6,500,000		6,529,250
Westpac Banking Corp. MTN (Australia)
0.950%		01/12/2016			1,460,000		1,455,671
							60,183,849
Communications Equipment—0.1%
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%		12/15/2017			370,000		364,504
Computers & Peripherals—2.3%
Apple, Inc.
1.000%		05/03/2018			685,000		658,576
0.523%		05/03/2018	#		1,410,000		1,405,630
0.450%		05/03/2016			610,000		603,873
Hewlett-Packard Co.
3.000%		09/15/2016			4,436,000		4,558,952
2.650%		06/01/2016			750,000		765,010
2.350%		03/15/2015			1,100,000		1,116,235
1.550%		05/30/2014	†		3,660,000		3,677,579
							12,785,855
Consumer Finance—6.2%
Ally Financial, Inc.
4.625%		06/26/2015			1,300,000		1,333,170
American Express Co.
0.863%		05/22/2018	#		1,410,000		1,409,846

Coupon Rate	Maturity Date			Face		Value
American Express Credit Corp. MTN
5.125%	08/25/2014		$	3,177,000	$	3,330,678
2.750%	09/15/2015			2,500,000		2,594,547
1.750%	06/12/2015			2,975,000		3,016,805
American Honda Finance Corp.
1.450%	02/27/2015	^		1,190,000		1,202,705
0.648%	05/26/2016	#^		200,000		199,827
Capital One Financial Corp.
7.375%	05/23/2014			3,630,000		3,837,222
2.125%	07/15/2014			860,000		870,301
Caterpillar Financial Services Corp.
0.700%	11/06/2015			1,270,000		1,268,023
Ford Motor Credit Co. LLC
3.875%	01/15/2015			1,280,000		1,319,844
1.525%	05/09/2016	#		690,000		695,307
General Motors Financial Co., Inc.
4.750%	08/15/2017	^		990,000		1,019,700
2.750%	05/15/2016	^		500,000		492,813
HSBC Finance Corp.
0.705%	06/01/2016	#		5,347,000		5,304,957
HSBC USA, Inc.
2.375%	02/13/2015			595,000		608,260
Hyundai Capital America
1.625%	10/02/2015	^		580,000		578,440
International Lease Finance Corp.
4.875%	04/01/2015			690,000		703,800
2.224%	06/15/2016	#		1,295,000		1,291,763
John Deere Capital Corp. MTN
2.950%	03/09/2015			1,210,000		1,256,154
PACCAR Financial Corp. MTN
1.050%	06/05/2015			280,000		282,044
0.800%	02/08/2016			300,000		297,554
RCI Banque SA (France)
2.148%	04/11/2014	#^		1,900,000		1,904,294
						34,818,054
Diversified Financial Services—10.4%
Bank of America Corp.
6.500%	08/01/2016			6,600,000		7,446,404
3.700%	09/01/2015			635,000		662,278
Bank of America Corp. MTN
1.343%	03/22/2018	#		1,480,000		1,466,236
1.250%	01/11/2016			790,000		779,538
Bank of America Corp., Series L MTN
5.650%	05/01/2018			1,650,000		1,835,072
Bank of America Corp., Series 1
3.750%	07/12/2016			520,000		545,497
Citigroup, Inc.
6.010%	01/15/2015			2,370,000		2,531,918
6.000%	12/13/2013			2,004,000		2,050,781
4.450%	01/10/2017			1,545,000		1,655,723
1.300%	04/01/2016			2,189,000		2,164,481
1.064%	04/01/2016	#		1,320,000		1,324,126
CNH Capital LLC, Series WI
3.875%	11/01/2015			1,035,000		1,045,350
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
3.375%	01/19/2017			7,887,000		8,290,081
ERAC USA Finance LLC
2.250%	01/10/2014	^		550,000		554,191
1.400%	04/15/2016	^		230,000		228,445
GE Capital UK Funding MTN (Ireland)
0.659%	03/20/2017	#		GBP 700,000		1,033,869

See accompanying notes to financial statements

140

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
General Electric Capital Corp.
5.900%		05/13/2014		$	680,000	$	712,262
2.150%		01/09/2015			1,290,000		1,315,863
1.625%		07/02/2015			1,350,000		1,366,451
0.659%		01/09/2015	#		2,082,000		2,086,572
General Electric Capital Corp. MTN
1.145%		05/09/2016	#†		5,675,000		5,750,994
General Electric Capital Corp., Series A
3.750%		11/14/2014			1,130,000		1,174,693
Harley-Davidson Financial Services, Inc.
1.150%		09/15/2015	^		420,000		419,479
Hutchison Whampoa International 12 II Ltd. (Cayman Islands)
2.000%		11/08/2017	^		480,000		467,255
JPMorgan Chase & Co.
3.150%		07/05/2016			8,090,000		8,408,301
1.176%		01/25/2018	#		750,000		749,180
JPMorgan Chase & Co. MTN
1.875%		03/20/2015			1,230,000		1,244,933
NASDAQ OMX Group, Inc. (The)
4.000%		01/15/2015			1,040,000		1,072,731
							58,382,704
Diversified Telecommunication Services—5.6%
AT&T, Inc.
0.900%		02/12/2016			7,869,000		7,814,704
0.875%		02/13/2015			620,000		620,572
0.660%		02/12/2016	#		1,170,000		1,164,298
British Telecommunications plc (United Kingdom)
1.625%		06/28/2016			320,000		321,637
Deutsche Telekom International Finance BV (Netherlands)
3.125%		04/11/2016	^		5,195,000		5,423,419
Telecom Italia Capital SA (Luxembourg)
5.250%		11/15/2013			280,000		283,535
5.250%		10/01/2015			1,986,000		2,087,234
Telefonica Emisiones SAU (Spain)
4.949%		01/15/2015			4,000,000		4,180,908
Verizon Communications, Inc.
1.250%		11/03/2014			1,680,000		1,690,735
0.886%		03/28/2014	#		3,595,000		3,606,253
0.700%		11/02/2015			2,630,000		2,613,841
Vivendi SA (France)
2.400%		04/10/2015	^		360,000		366,812
Windstream Corp.
8.125%		08/01/2013			190,000		190,997
7.875%		11/01/2017			880,000		970,200
							31,335,145
Electric Utilities—1.7%
Enel Finance International NV (Netherlands)
3.875%		10/07/2014	^		6,034,000		6,180,602
Georgia Power Co.
1.300%		09/15/2013			1,100,000		1,101,948
0.593%		03/15/2016	#		1,394,000		1,395,697
NextEra Energy Capital Holdings, Inc.
1.611%		06/01/2014			520,000		524,384
1.200%		06/01/2015			210,000		211,162
							9,413,793

Coupon Rate	Maturity Date			Face		Value
Electronic Equipment, Instruments & Components—0.3%
Tech Data Corp.
3.750%	09/21/2017		$	1,440,000	$	1,464,257
Energy Equipment & Services—0.1%
National Oilwell Varco, Inc.
1.350%	12/01/2017			830,000		809,470
Food & Staples Retailing—1.0%
Kroger Co. (The)
2.200%	01/15/2017			650,000		653,135
Tesco plc (United Kingdom)
5.500%	11/15/2017	^		2,300,000		2,588,588
2.000%	12/05/2014	^		1,300,000		1,317,068
Walgreen Co.
1.000%	03/13/2015			570,000		572,037
0.772%	03/13/2014	#		320,000		320,355
Woolworths Ltd. (Australia)
2.550%	09/22/2015	^		58,000		59,920
						5,511,103
Food Products—0.8%
ConAgra Foods, Inc.
1.350%	09/10/2015			200,000		201,478
1.300%	01/25/2016			300,000		300,684
Ingredion, Inc.
3.200%	11/01/2015			310,000		324,135
Kraft Foods Group, Inc.
1.625%	06/04/2015			440,000		444,902
Mondelez International, Inc.
5.250%	10/01/2013			340,000		344,008
Want Want China Finance Ltd. (Cayman Islands)
1.875%	05/14/2018	^		680,000		638,105
Wm. Wrigley Jr. Co.
3.700%	06/30/2014	^		2,190,000		2,248,179
						4,501,491
Gas Utilities—0.2%
Sabine Pass LNG LP
7.500%	11/30/2016			1,010,000		1,092,063
Health Care Equipment & Supplies—0.4%
Baxter International, Inc.
0.950%	06/01/2016			260,000		258,965
Covidien International Finance SA (Luxembourg)
1.350%	05/29/2015			350,000		353,186
DENTSPLY International, Inc.
1.775%	08/15/2013	#		800,000		801,079
Stryker Corp.
3.000%	01/15/2015			680,000		704,264
						2,117,494
Health Care Providers & Services—2.1%
Express Scripts Holding Co., Series WI
2.750%	11/21/2014			1,300,000		1,329,048
HCA, Inc.
6.750%	07/15/2013			225,000		225,470
Quest Diagnostics, Inc.
1.123%	03/24/2014	#		410,000		411,648
UnitedHealth Group, Inc.
1.400%	10/15/2017			270,000		265,371
0.850%	10/15/2015			1,358,000		1,360,540

See accompanying notes to financial statements

141

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
WellPoint, Inc.
5.000%		12/15/2014		$	2,000,000	$	2,115,550
2.375%		02/15/2017			5,430,000		5,482,128
1.250%		09/10/2015			550,000		551,216
							11,740,971
Hotels, Restaurants & Leisure—0.0%
Carnival Corp. (Panama)
1.875%		12/15/2017			280,000		270,744
Household Durables—0.1%
Lennar Corp.
4.750%		12/15/2017			300,000		301,500
Independent Power Producers & Energy Traders—1.0%
Exelon Generation Co. LLC
5.350%		01/15/2014			5,345,000		5,474,386
Insurance—3.0%
Aflac, Inc.
3.450%		08/15/2015	†		2,937,000		3,089,395
Allstate Corp. (The)
6.200%		05/16/2014			800,000		838,877
American International Group, Inc.
3.000%		03/20/2015			700,000		721,701
2.375%		08/24/2015			400,000		406,521
Hartford Financial Services Group, Inc.
4.000%		03/30/2015			510,000		533,474
MetLife, Inc.
2.375%		02/06/2014			450,000		454,994
Principal Life Global Funding II
1.000%		12/11/2015	^		660,000		660,521
Prudential Covered Trust, Series 2012-1
2.997%		09/30/2015	^		2,047,500		2,114,003
Prudential Financial, Inc. MTN
6.100%		06/15/2017			2,500,000		2,852,890
3.875%		01/14/2015			1,951,000		2,033,332
Prudential Financial, Inc., Series B MTN
4.750%		04/01/2014			820,000		844,470
Prudential Financial, Inc., Series C MTN
4.750%		06/13/2015			2,290,000		2,444,067
							16,994,245
Internet & Catalog Retail—0.2%
Amazon.com, Inc.
0.650%		11/27/2015	†		1,150,000		1,147,073
Internet Software & Services—0.1%
Baidu, Inc. (Cayman Islands)
2.250%		11/28/2017			500,000		487,645
IT Services—0.3%
Computer Sciences Corp.
2.500%		09/15/2015			270,000		275,423
Fidelity National Information Services, Inc.
2.000%		04/15/2018			380,000		367,174
Total System Services, Inc.
2.375%		06/01/2018			1,320,000		1,280,344
							1,922,941
Life Sciences Tools & Services—0.3%
Agilent Technologies, Inc.
2.500%		07/15/2013			470,000		470,363

Coupon Rate	Maturity Date			Face		Value
Life Technologies Corp.
3.500%	01/15/2016		$	1,300,000	$	1,353,850
						1,824,213
Machinery—0.1%
Eaton Corp.
0.950%	11/02/2015	^		560,000		558,107
Tyco Electronics Group SA (Luxembourg)
1.600%	02/03/2015			270,000		272,040
						830,147
Marine—0.1%
Far East Capital Ltd. SA (Luxembourg)
8.000%	05/02/2018	^		600,000		555,000
Media—2.1%
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.750%	10/01/2014			560,000		586,205
3.125%	02/15/2016			500,000		519,207
DISH DBS Corp.
4.625%	07/15/2017			1,000,000		1,010,000
NBCUniversal Enterprise, Inc.
0.965%	04/15/2018	#^		600,000		605,930
Time Warner Cable, Inc.
8.250%	02/14/2014			2,200,000		2,301,178
6.200%	07/01/2013			5,500,000		5,500,770
Time Warner, Inc.
3.150%	07/15/2015			440,000		459,837
Viacom, Inc.
4.375%	09/15/2014			700,000		730,016
						11,713,143
Metals & Mining—4.1%
Anglo American Capital plc (United Kingdom)
2.625%	09/27/2017	^		2,150,000		2,098,224
ArcelorMittal (Luxembourg)
4.250%	08/05/2015	†		1,000,000		1,013,750
Barrick Gold Corp. (Canada)
1.750%	05/30/2014			510,000		510,637
Barrick North America Finance LLC
6.800%	09/15/2018			4,056,000		4,299,182
BHP Billiton Finance USA Ltd. (Australia)
0.544%	02/18/2014	#		2,704,000		2,709,508
FMG Resources August 2006 Pty Ltd. (Australia)
6.000%	04/01/2017	^†		720,000		703,800
Freeport-McMoRan Copper & Gold, Inc.
2.150%	03/01/2017			270,000		264,504
1.400%	02/13/2015			300,000		298,730
Rio Tinto Finance USA Ltd. (Australia)
8.950%	05/01/2014			2,875,000		3,064,425
1.875%	11/02/2015			3,435,000		3,486,748
Rio Tinto Finance USA plc (United Kingdom)
1.125%	03/20/2015			700,000		700,226
Xstrata Finance Canada Ltd. (Canada)
2.850%	11/10/2014	^		1,765,000		1,797,402
2.700%	10/25/2017	^		2,220,000		2,155,096
						23,102,232
Multi-Utilities—0.5%
Sempra Energy
1.033%	03/15/2014	#		2,661,000		2,670,210
Oil, Gas & Consumable Fuels—3.6%
BP Capital Markets plc (United Kingdom)
3.875%	03/10/2015			700,000		735,523

See accompanying notes to financial statements

142

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
1.375%		05/10/2018		$	4,280,000	$	4,130,264
0.785%		05/10/2018	#		240,000		234,531
0.700%		11/06/2015			1,070,000		1,066,603
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
1.125%		05/09/2016			620,000		610,381
ConocoPhillips
4.600%		01/15/2015			455,000		482,613
CONSOL Energy, Inc.
8.000%		04/01/2017			200,000		211,500
Enterprise Products Operating LLC
1.250%		08/13/2015			280,000		281,065
Marathon Oil Corp.
0.900%		11/01/2015			630,000		626,863
Murphy Oil Corp.
2.500%		12/01/2017			430,000		424,542
Petrohawk Energy Corp.
7.875%		06/01/2015			1,000,000		1,021,750
Phillips 66
1.950%		03/05/2015			270,000		274,300
Phillips 66, Series WI
2.950%		05/01/2017			270,000		278,518
Plains Exploration & Production Co.
6.500%		11/15/2020			615,000		652,765
Rockies Express Pipeline LLC
3.900%		04/15/2015	^		680,000		676,600
Sinopec Capital 2013 Ltd. (Virgin Islands, British)
1.250%		04/24/2016	^		630,000		623,636
Statoil ASA (Norway)
1.200%		01/17/2018			1,400,000		1,363,083
0.565%		05/15/2018	#		2,285,000		2,288,855
Tesoro Corp.
4.250%		10/01/2017			700,000		721,000
TransCanada PipeLines Ltd. (Canada)
3.400%		06/01/2015			550,000		576,666
0.953%		06/30/2016	#		1,960,000		1,964,684
WPX Energy, Inc.
5.250%		01/15/2017			990,000		1,019,700
							20,265,442
Pharmaceuticals—1.6%
AbbVie, Inc.
1.750%		11/06/2017	^		1,450,000		1,422,065
1.033%		11/06/2015	#^		4,100,000		4,141,582
Merck & Co., Inc.
0.634%		05/18/2018	#		1,120,000		1,119,188
Mylan, Inc.
1.800%		06/24/2016	^		200,000		198,000
Novartis Capital Corp.
4.125%		02/10/2014			1,170,000		1,195,784
Valeant Pharmaceuticals International
6.500%		07/15/2016	^		720,000		745,200
							8,821,819
Professional Services—0.0%
Equifax, Inc.
4.450%		12/01/2014			240,000		250,820
Real Estate Investment Trusts (REITs)—0.9%
Digital Realty Trust LP
4.500%		07/15/2015			550,000		577,274

Coupon Rate	Maturity Date			Face		Value
Duke Realty LP
5.400%	08/15/2014		$	560,000	$	585,701
HCP, Inc.
2.700%	02/01/2014			1,410,000		1,424,283
Health Care REIT, Inc.
6.000%	11/15/2013			810,000		825,353
3.625%	03/15/2016			440,000		461,665
Simon Property Group LP
4.200%	02/01/2015			210,000		218,823
Vornado Realty LP
4.250%	04/01/2015			1,080,000		1,124,756
						5,217,855
Road & Rail—0.8%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%	11/15/2017	^†		760,000		767,600
JB Hunt Transport Services, Inc.
3.375%	09/15/2015			850,000		886,664
Kansas City Southern de Mexico SA de CV (Mexico)
2.350%	05/15/2020	^		570,000		552,317
Penske Truck Leasing Co. Lp/PTL Finance Corp.
3.125%	05/11/2015	^		800,000		827,015
2.500%	03/15/2016	^		620,000		631,062
Ryder System, Inc. MTN
2.500%	03/01/2017			540,000		542,434
						4,207,092
Semiconductors & Semiconductor Equipment—0.1%
TSMC Global Ltd. (Virgin Islands, British)
1.625%	04/03/2018	^		410,000		395,177
Software—0.1%
Autodesk, Inc.
1.950%	12/15/2017			430,000		419,960
Thrifts & Mortgage Finance—0.1%
Astoria Financial Corp.
5.000%	06/19/2017			690,000		725,761
Tobacco—1.2%
Altria Group, Inc.
8.500%	11/10/2013			5,319,000		5,465,187
BAT International Finance plc (United Kingdom)
1.400%	06/05/2015	^		800,000		806,731
Reynolds American, Inc.
1.050%	10/30/2015			290,000		290,084
						6,562,002
Trading Companies & Distributors—0.7%
Aviation Capital Group Corp.
4.625%	01/31/2018	^		430,000		423,753
Glencore Funding LLC
2.500%	01/15/2019	^		2,636,000		2,387,837
1.574%	01/15/2019	#^		1,230,000		1,144,681
						3,956,271
Transportation Infrastructure—0.6%
Heathrow Funding Ltd. (Jersey, Channel Islands)
2.500%	06/25/2015	^		3,500,000		3,557,432
Wireless Telecommunication Services—0.5%
America Movil SAB de CV (Mexico)
3.625%	03/30/2015			300,000		311,132
SBA Communications Corp.
5.625%	10/01/2019	^		430,000		427,313

See accompanying notes to financial statements

143

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Softbank Corp. (Japan)
4.625%		04/15/2020	^	EUR	300,000	$	387,444
4.500%		04/15/2020	^	$	460,000		443,440
Vodafone Group plc (United Kingdom)
0.659%		02/19/2016	#		1,210,000		1,211,608
							2,780,937
TOTAL CORPORATE OBLIGATIONS
(Cost $383,769,794)							386,202,829
FLOATING RATE LOANS—0.2%**
H.J. Heinz Co. 1st Lien Term Loan B2
3.500%		03/27/2020			260,000		260,281
Leap Wireless Inc. Term Loan C
4.750%		01/01/2020			1,050,000		1,043,763
TOTAL FLOATING RATE LOANS
(Cost $1,314,479)							1,304,044
MORTGAGE-BACKED SECURITIES—5.5%
Non-Agency Mortgage-Backed Securities— 3.5%
Banc of America Mortgage Trust, Series 2004-L, Class 1A1
3.112%		01/25/2035	#		533,616		528,053
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%		04/25/2043	#^		1,506,358		1,435,253
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR3, Class A3
1.550%		05/25/2043	#^		747,919		733,105
Fosse Master Issuer plc, Series 2012-1A, Class 2A2 (United Kingdom)
1.677%		10/18/2054	#^		2,250,000		2,281,839
GSAMP Trust, Series 2004-SEA2, Class M1
0.843%		03/25/2034	#		1,500,000		1,486,594
HarborView Mortgage Loan Trust, Series 2005-14, Class 3A1A
2.933%		12/19/2035	#		2,067,900		1,710,393
JP Morgan Mortgage Trust, Series 2013-1, Class 2A2
2.500%		03/25/2043	#^		1,024,653		1,030,750
MLCC Mortgage Investors Trust, Series 2004-1, Class 2A2
2.266%		12/25/2034	#		1,171,246		1,190,749
Provident Funding Mortgage Loan Trust, Series 2004-1, Class 1A1
2.587%		04/25/2034	#		172,644		170,654
Sequoia Mortgage Trust, Series 2012-1, Class 1A1
2.865%		01/25/2042	#		1,399,835		1,383,071
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%		04/25/2042	#		1,226,366		1,209,557
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%		02/25/2043	#		1,243,345		1,200,751
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%		04/25/2043	#		1,081,271		1,081,633

Coupon Rate	Maturity Date			Face		Value
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%	12/25/2059	#^	$	928,206	$	933,310
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%	06/25/2058	#^		1,529,128		1,533,007
Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 2A1
2.086%	10/19/2034	#		503,174		303,408
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.798%	03/25/2044	#		458,236		453,437
Wells Fargo Mortgage Backed Securities Trust, Series 2004-S, Class B1
2.626%	09/25/2034	#		1,085,543		891,117
						19,556,681
U.S. Government Agency Mortgage-Backed Securities—2.0%
Federal Deposit Insurance Corporation Structured Sale Guaranteed Notes, Series 2010-S1, Class 2A
3.250%	04/25/2038	^		1,115,113		1,159,717
Federal National Mortgage Association
3.145%	07/01/2041	#		2,942,244		3,077,091
3.028%	06/01/2041	#		1,762,405		1,842,072
2.606%	10/01/2034	#		1,047,430		1,114,548
2.543%	09/01/2034	#		106,211		112,048
2.540%	09/01/2034	#		144,385		152,481
2.419%	10/01/2034	#		189,013		201,322
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%	10/07/2020			243,835		244,445
National Credit Union Administration Guaranteed Notes, Series 2010-R3, Class 1A
0.753%	12/08/2020	#		3,154,976		3,166,650
						11,070,374
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $31,328,421)						30,627,055
U.S. TREASURY OBLIGATIONS—11.1%
U.S. Treasury Notes—11.1%
U.S. Treasury Note
1.250%	10/31/2015			7,020,000		7,149,982
0.875%	11/30/2016			22,450,000		22,467,533
0.500%	06/15/2016			2,755,000		2,743,592
0.375%	03/15/2016	‡‡		1,115,000		1,109,164
0.375%	06/30/2015-
	01/15/2016			11,300,000		11,263,426
0.250%	05/15/2016	†		4,000,000		3,957,812
0.250%	04/30/2014-
	04/15/2016			13,405,000		13,349,097
						62,040,606
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $62,280,674)						62,040,606
GOVERNMENT RELATED OBLIGATIONS—3.6%
U.S. Government Agencies—0.6%
Federal National Mortgage Association
0.500%	03/30/2016			3,210,000		3,194,184

See accompanying notes to financial statements

144

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Low Duration Bond Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Non-U.S. Government Agencies—0.2%
IPIC Ltd. MTN (Cayman Islands)
3.125%		11/15/2015	^	$	500,000	$	515,625
Petrobras International Finance Co. (Cayman Islands)
2.875%		02/06/2015			410,000		414,720
							930,345
Sovereign Debt—0.4%
Panama Government International Bond (Panama)
7.250%		03/15/2015			393,000		430,335
Qatar Government International Bond (Qatar)
3.125%		01/20/2017	^		780,000		810,225
South Africa Government International Bond (South Africa)
6.500%		06/02/2014			880,000		920,920
							2,161,480
Supranational—1.0%
European Investment Bank
1.125%		04/15/2015			5,555,000		5,620,477
U.S. Municipal Bonds—1.4%
California General Obligation Bonds (California)
5.450%		04/01/2015			3,635,000		3,911,987
5.250%		04/01/2014			1,655,000		1,714,216
1.050%		02/01/2016			755,000		755,763
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds (Florida)
2.995%		07/01/2020			1,040,000		975,562
1.298%		07/01/2016			810,000		804,281
							8,161,809
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $19,656,003)							20,068,295
ASSET-BACKED SECURITIES—6.7%
Automobiles—2.8%
Ally Master Owner Trust Series 2013-2, Class A
0.642%		04/15/2018	#		1,600,000		1,593,083
Ally Master Owner Trust Series 2013-1, Class A1
0.642%		02/15/2018	#		1,300,000		1,295,036
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%		10/22/2018			330,000		324,077
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%		04/20/2018			330,000		326,122
Enterprise Fleet Financing LLC Series 2012-1, Class A2
1.140%		11/20/2017	^		2,349,129		2,352,004
Ford Credit Auto Owner Trust Series 2013-A, Class A3
0.550%		07/15/2017			3,500,000		3,494,533
Ford Credit Auto Owner Trust Series 2009-D, Class A4
2.980%		08/15/2014			194,257		194,662
Honda Auto Receivables Owner Trust Series 2011-1, Class A3
1.130%		10/15/2014			429,889		430,269

Coupon Rate	Maturity Date			Face		Value
Nissan Auto Receivables Owner Trust Series 2011-A, Class A4
1.940%	09/15/2017		$	1,491,000	$	1,514,807
Nissan Master Owner Trust Receivables Series 2013-A, Class A
0.493%	02/15/2018	#		3,150,000		3,135,452
World Omni Master Owner Trust Series 2013-1, Class A
0.542%	02/15/2018	#^		950,000		945,867
						15,605,912
Credit Card—3.3%
American Express Credit Account Master Trust Series 2008-5, Class A
0.992%	03/15/2016	#		4,550,000		4,553,761
Chase Issuance Trust Series 2006-A2
5.160%	04/16/2018			2,114,000		2,344,669
Citibank Credit Card Issuance Trust Series 2008-A2, Class A2
1.343%	01/23/2020	#		3,300,000		3,418,988
Citibank Credit Card Issuance Trust Series 2006-A3, Class A3
5.300%	03/15/2018			960,000		1,070,513
Discover Card Execution Note Trust Series 2012-A1, Class A1
0.810%	08/15/2017			1,450,000		1,453,060
GE Capital Credit Card Master Note Trust Series 2012-1, Class A
1.030%	01/15/2018			2,000,000		2,009,214
Gracechurch Card Funding plc (United Kingdom) Series 2012-1A, Class A1
0.893%	02/15/2017	#^		2,700,000		2,704,424
Penarth Master Issuer plc (United Kingdom) Series 2012-1A, Class A1
0.763%	03/18/2014	#^		780,000		781,506
						18,336,135
Other—0.6%
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%	04/15/2018			2,057,949		2,060,134
Great America Leasing Receivables Series 2013-1, Class C
1.830%	06/17/2019	^		250,000		246,488
MMAF Equipment Finance LLC Series 2011-AA, Class A3
1.270%	09/15/2015	^		1,323,438		1,326,000
						3,632,622
TOTAL ASSET-BACKED SECURITIES
(Cost $37,665,282)						37,574,669
				Shares		Value
MONEY MARKET FUNDS—6.3%
Institutional Money Market Funds—6.3%
Dreyfus Institutional Cash Advantage Fund, 0.04%		††¥		2,500,000		2,500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%		¥		20,387,091		20,387,091

See accompanying notes to financial statements

145

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Low Duration Bond Fund
		Shares		Value
MONEY MARKET FUNDS—(Continued)
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	††¥	2,578,515	$	2,578,515
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.08%	††¥	2,500,000		2,500,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.09%	††¥	2,500,000		2,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.10%	††¥	2,500,000		2,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥	2,500,000		2,500,000
TOTAL MONEY MARKET FUNDS
(Cost $35,465,606)				35,465,606
TOTAL INVESTMENTS—102.4%
(Cost $571,480,259)				573,283,104
Other assets less liabilities—(2.4%)				(13,410,587	)
NET ASSETS—100.0%			$	559,872,517

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 $104,905,329, which represents 18.7% of Net Assets. The illiquid 144A securities represented 0.4% of Net Assets, and 2.3% 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.
**	Floating Rate Loan positions may involve multiple underlying tranches. In those instances, the position presented reflects the aggregate of those respective underlying tranches and the rate presented reflects their weighted average rate.

See accompanying notes to financial statements

146

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Inflation Protected Securities Fund
Coupon Rate	Maturity Date				Face		Value
CORPORATE OBLIGATIONS—1.4%
Capital Markets—0.0%
Bear Stearns Cos. LLC (The), Series CPI MTN
3.270%		03/10/2014		#	$	380,000	$	383,317
Consumer Finance—1.4%
HSBC Finance Corp.
0.527%		01/15/2014		#		4,900,000		4,895,963
SLM Corp. MTN
6.250%		01/25/2016				2,400,000		2,553,000
5.050%		11/14/2014				500,000		512,500
								7,961,463
TOTAL CORPORATE OBLIGATIONS
(Cost $8,135,711)								8,344,780
MORTGAGE-BACKED SECURITIES—0.5%
U.S. Government Agency Mortgage-Backed Securities— 0.5%
Federal National Mortgage Association TBA
3.000%		08/25/2043
(Cost $2,873,437)						3,000,000		2,924,062
U.S. TREASURY OBLIGATIONS—95.5%
U.S. Treasury Bills—0.3%
U.S. Treasury Bill
0.123%		05/01/2014				1,400,000		1,398,625
0.061%		05/29/2014				200,000		199,776
0.000%		06/26/2014				100,000		99,859
								1,698,260
U.S. Treasury Inflation Protected Securities Bonds—34.0%
U.S. Treasury Bond
3.875%		04/15/2029				8,340,000		17,033,417
3.625%		04/15/2028				7,975,000		15,941,973
3.375%		04/15/2032				869,100		1,602,772
2.500%		01/15/2029				13,590,000		18,184,435
2.375%		01/15/2025 01/15/2027	-			45,712,400		66,537,316
2.125%		02/15/2041				5,895,300		7,642,585
2.120%		02/15/2040				4,449,800		5,831,497
2.000%		01/15/2026				18,385,000		24,917,454
1.750%		01/15/2028				16,020,000		19,959,620
0.750%		02/15/2042				9,544,500		8,677,176
0.625%		02/15/2043				10,515,000		8,974,002
								195,302,247
U.S. Treasury Inflation Protected Securities Notes—58.7%
U.S. Treasury Note
2.625%		07/15/2017				19,000,000		24,199,840
2.500%		07/15/2016				7,124,800		9,073,354
2.375%		01/15/2017				10,000		12,789
2.125%		01/15/2019				1,992,600		2,442,515
2.000%		07/15/2014 01/15/2016	-			14,813,500		18,765,070
1.875%		07/15/2015 07/15/2019	-			15,191,900		19,033,379

Coupon Rate	Maturity Date				Face		Value
1.625%	01/15/2015 01/15/2018	-		$	6,400,000	$	8,103,534
1.375%	07/15/2018 01/15/2020	-			7,889,800		9,265,477
1.250%	04/15/2014 07/15/2020	-			27,115,000		31,197,173
1.125%	01/15/2021				26,890,000		30,604,762
0.625%	07/15/2021				20,299,500		21,642,658
0.500%	04/15/2015				16,626,700		18,296,048
0.125%	04/15/2016 01/15/2023	-			141,387,300		145,158,063
							337,794,662
U.S. Treasury Notes—2.5%
U.S. Treasury Note
2.000%	02/15/2023				5,700,000		5,486,250
1.250%	04/15/2014				100,000		100,853
1.000%	05/15/2014				500,000		503,574
0.250%	03/31/2014 04/30/2014	-			8,500,000		8,506,146
							14,596,823
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $550,341,412)							549,391,992
GOVERNMENT RELATED OBLIGATIONS—0.6%
U.S. Government Agencies—0.2%
Federal Home Loan Bank
0.070%	08/09/2013				300,000		299,977
New Valley Generation I, Series 2000-1
7.299%	03/15/2019				661,818		771,890
							1,071,867
Non-U.S. Government Agencies—0.4%
Export-Import Bank of Korea (Korea, Republic of)
4.000%	01/29/2021				1,200,000		1,196,050
Petrobras International Finance Co. (Cayman Islands)
3.875%	01/27/2016				900,000		930,443
							2,126,493
Supranational—0.0%
International Bank for Reconstruction & Development, Series CPI
2.063%	12/10/2013		#		275,000		272,044
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $3,447,273)							3,470,404
ASSET-BACKED SECURITIES—0.5%
Home Equity—0.2%
Argent Securities, Inc. Series 2005-W2, Class A2B1
0.393%	10/25/2035		#		128,563		127,119
First Franklin Mortgage Loan Asset Backed Certificates Series 2005-FF11, Class A2D
0.533%	11/25/2035		#		1,134,783		1,092,818
Saxon Asset Securities Trust Series 2003-1, Class AF7
4.034%	06/25/2033				106,803		108,543
							1,328,480

See accompanying notes to financial statements

147

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Inflation Protected Securities Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Manufactured Housing—0.1%
Conseco Finance Securitizations Corp. Series 2002-1, Class A
6.681%		12/01/2033	#	$	477,129	$	490,408
Other—0.0%
Park Place Securities, Inc. Series 2004-WWF1, Class M2
1.213%		12/25/2034	#		180,972		180,771
Student Loan—0.2%
North Carolina State Education Assistance Authority Series 2011-2, Class A1
0.726%		10/26/2020	#		269,410		269,655
South Carolina Student Loan Corp. Series 2010-1, Class A1
0.726%		01/25/2021	#		565,354		566,021
							835,676
TOTAL ASSET-BACKED SECURITIES
(Cost $2,683,935)							2,835,335
					Contracts		Value
PURCHASED OPTIONS—0.1%
Put—U.S. Long Bond, Expires 08/23/2013, Strike $142.00
(Cost $126,099)					48		316,500
Coupon Rate		Maturity Date			Face		Value
CERTIFICATES OF DEPOSITS—0.1%
Commercial Banks—0.1%
Dexia Credit Local S.A., Series YCD (France)
1.650%		09/12/2013
(Cost $700,000)				$	700,000		701,400

		Shares		Value
MONEY MARKET FUNDS—1.4%
Institutional Money Market Fund—1.4%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	¥
(Cost $7,783,100)		7,783,100	$	7,783,100
TOTAL INVESTMENTS—100.1%
(Cost $576,090,967)				575,767,573
Other assets less liabilities—(0.1%)				(569,132	)
NET ASSETS—100.0%			$	575,198,441

Notes to the Schedule of Investments:

MTN	Medium Term Note
TBA	Security is subject to delayed delivery.
#	Rate is subject to change. Rate shown reflects current rate.
¥	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

148

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—92.0%
Aerospace & Defense—2.9%
Boeing Co. (The)			73,900	$	7,570,316
General Dynamics Corp.			125,600		9,838,248
Honeywell International, Inc.			377,000		29,911,180
Lockheed Martin Corp.			32,100		3,481,566
Raytheon Co.			183,700		12,146,244
					62,947,554
Air Freight & Logistics—2.4%
FedEx Corp.			446,200		43,986,396
United Parcel Service, Inc., Class B			86,500		7,480,520
					51,466,916
Airlines—0.3%
United Continental Holdings, Inc.	*		205,600		6,433,224
Auto Components—0.7%
Delphi Automotive plc (United Kingdom)			205,400		10,411,726
Johnson Controls, Inc.			117,700		4,212,483
					14,624,209
Automobiles—0.2%
Ford Motor Co.			277,500		4,292,925
Beverages—0.3%
PepsiCo, Inc.			82,700		6,764,033
Building Products—0.3%
Masco Corp.			199,500		3,888,255
USG Corp.	*		85,900		1,979,995
					5,868,250
Capital Markets—3.5%
Bank of New York Mellon Corp. (The)			1,489,100		41,769,255
Legg Mason, Inc.			174,700		5,417,447
Northern Trust Corp.			123,000		7,121,700
Och-Ziff Capital Management Group LLC, Class A			38,300		399,852
State Street Corp.			326,000		21,258,460
					75,966,714
Chemicals—0.4%
E.I. Du Pont de Nemours & Co.			72,946		3,829,665
Mosaic Co. (The)			109,113		5,871,371
					9,701,036
Commercial Banks—4.0%
PNC Financial Services Group, Inc. (The)			383,000		27,928,360
Regions Financial Corp.			303,800		2,895,214
SunTrust Banks, Inc.			210,300		6,639,171
U.S. Bancorp			335,600		12,131,940
Wells Fargo & Co.			923,400		38,108,718
					87,703,403
Communications Equipment—0.7%
Cisco Systems, Inc.			291,700		7,091,227
Harris Corp.			120,300		5,924,775
Nokia Oyj ADR (Finland)	*†		406,500		1,520,310
					14,536,312

		Shares		Value
Computers & Peripherals—1.6%
Apple, Inc.		15,200	$	6,020,416
Dell, Inc.		2,165,200		28,905,420
Hewlett-Packard Co.		33,800		838,240
				35,764,076
Construction Materials—1.6%
Cemex SAB de CV ADR (Mexico)	*	1,883,500		19,927,430
Vulcan Materials Co.		320,767		15,528,330
				35,455,760
Consumer Finance—3.4%
American Express Co.		427,900		31,989,804
Capital One Financial Corp.		399,000		25,061,190
SLM Corp.		758,000		17,327,880
				74,378,874
Containers & Packaging—0.2%
MeadWestvaco Corp.		109,100		3,721,401
Distributors—0.2%
Genuine Parts Co.		53,652		4,188,612
Diversified Financial Services—4.0%
Bank of America Corp.		1,740,006		22,376,477
Citigroup, Inc.		379,399		18,199,770
JPMorgan Chase & Co.		782,500		41,308,175
McGraw Hill Financial, Inc.		105,600		5,616,864
				87,501,286
Diversified Telecommunication Services—5.1%
AT&T, Inc.		724,942		25,662,947
CenturyLink, Inc.		114,190		4,036,616
Level 3 Communications, Inc.	*	1,097,599		23,137,387
Telefonica SA (Spain)		145,874		1,876,728
tw telecom inc.	*	1,062,800		29,907,192
Verizon Communications, Inc.		535,941		26,979,270
				111,600,140
Electric Utilities—1.4%
Duke Energy Corp.		128,323		8,661,802
Entergy Corp.		105,700		7,365,176
Exelon Corp.		193,500		5,975,280
FirstEnergy Corp.		102,300		3,819,882
Xcel Energy, Inc.		160,300		4,542,902
				30,365,042
Electrical Equipment—1.4%
Eaton Corp. plc (Ireland)		60,375		3,973,279
Emerson Electric Co.		464,300		25,322,922
				29,296,201
Electronic Equipment, Instruments & Components—0.3%
Corning, Inc.		414,300		5,895,489
Energy Equipment & Services—0.9%
Diamond Offshore Drilling, Inc.	†	75,900		5,221,161
National Oilwell Varco, Inc.		109,900		7,572,110
Schlumberger Ltd.		90,500		6,485,230
				19,278,501

See accompanying notes to financial statements

149

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Equity Income Fund	Shares		Value
COMMON STOCKS—(Continued)
Food & Staples Retailing—0.9%
Walgreen Co.		422,500	$	18,674,500
Food Products—2.6%
Archer-Daniels-Midland Co.		205,100		6,954,941
Campbell Soup Co.		163,900		7,341,081
McCormick & Co., Inc. (Non-Voting Shares)		45,400		3,194,344
Mondelez International, Inc., Class A		1,326,600		37,847,898
				55,338,264
Health Care Equipment & Supplies—2.0%
Abbott Laboratories		644,262		22,471,859
Medtronic, Inc.		408,400		21,020,348
				43,492,207
Health Care Providers & Services—2.1%
Quest Diagnostics, Inc.		60,200		3,649,926
UnitedHealth Group, Inc.		337,500		22,099,500
WellPoint, Inc.		248,900		20,369,976
				46,119,402
Hotels, Restaurants & Leisure—0.8%
Carnival Corp.		480,300		16,469,487
Household Durables—0.0%
Whirlpool Corp.		5,500		628,980
Household Products—0.3%
Clorox Co. (The)		89,500		7,441,030
Independent Power Producers & Energy Traders—0.1%
AES Corp. (The)		213,800		2,563,462
Industrial Conglomerates—3.3%
3M Co.		75,800		8,288,730
General Electric Co.		1,380,900		32,023,071
Koninklijke Philips NV NYRS (Netherlands)		1,165,400		31,687,226
				71,999,027
Insurance—8.5%
Allstate Corp. (The)		367,000		17,660,040
Aon plc (United Kingdom)		594,141		38,232,974
Chubb Corp. (The)		40,000		3,386,000
Fairfax Financial Holdings Ltd. (Canada)		91,500		35,694,150
Lincoln National Corp.		119,690		4,365,094
Loews Corp.		865,300		38,419,320
Marsh & McLennan Cos., Inc.		210,500		8,403,160
Sun Life Financial, Inc. (Canada)		91,500		2,710,230
Travelers Cos., Inc. (The)		406,300		32,471,496
Willis Group Holdings plc (United Kingdom)		82,800		3,376,584
				184,719,048
IT Services—1.2%
Computer Sciences Corp.		104,500		4,573,965
International Business Machines Corp.		96,400		18,423,004
Western Union Co. (The)		165,700		2,835,127
				25,832,096

		Shares		Value
Leisure Equipment & Products—0.5%
Hasbro, Inc.	†	48,300	$	2,165,289
Mattel, Inc.		181,100		8,205,641
				10,370,930
Life Sciences Tools & Services—0.2%
Agilent Technologies, Inc.		62,200		2,659,672
Thermo Fisher Scientific, Inc.		13,700		1,159,431
				3,819,103
Machinery—2.6%
Illinois Tool Works, Inc.		460,400		31,845,868
Joy Global, Inc.		68,300		3,314,599
Stanley Black & Decker, Inc.		245,500		18,977,150
Xylem, Inc.		73,500		1,980,090
				56,117,707
Media—3.1%
Cablevision Systems Corp., Class A		202,400		3,404,368
Comcast Corp., Class A		89,100		3,731,508
DIRECTV	*	656,900		40,478,178
Madison Square Garden Co. (The), Class A	*	58,100		3,442,425
New York Times Co. (The), Class A	*	187,500		2,073,750
Time Warner, Inc.		143,533		8,299,078
Walt Disney Co. (The)		71,400		4,508,910
WPP plc (United Kingdom)		107,797		1,842,555
				67,780,772
Metals & Mining—0.4%
Cliffs Natural Resources, Inc.	†	62,600		1,017,250
Newmont Mining Corp.		88,700		2,656,565
Nucor Corp.		138,300		5,991,156
				9,664,971
Multiline Retail—1.5%
Kohl’s Corp.		405,500		20,481,805
Macy’s, Inc.		102,800		4,934,400
Target Corp.		108,500		7,471,310
				32,887,515
Multi-Utilities—0.4%
NiSource, Inc.		267,600		7,664,064
TECO Energy, Inc.		39,800		684,162
				8,348,226
Oil, Gas & Consumable Fuels—12.7%
Anadarko Petroleum Corp.		87,800		7,544,654
Apache Corp.		143,900		12,063,137
BP plc ADR (United Kingdom)		500,698		20,899,134
Chesapeake Energy Corp.		2,153,400		43,886,292
Chevron Corp.		147,058		17,402,844
ConocoPhillips		317,900		19,232,950
CONSOL Energy, Inc.		1,156,900		31,351,990
Exxon Mobil Corp.		159,360		14,398,176
Hess Corp.		110,500		7,347,145
Marathon Oil Corp.		590,200		20,409,116
Murphy Oil Corp.		696,600		42,415,974
Occidental Petroleum Corp.		201,300		17,961,999
Phillips 66		136,200		8,023,542
Royal Dutch Shell plc, Class A ADR (Netherlands)		159,481		10,174,888
Talisman Energy, Inc. (Canada)		96,500		1,102,995
				274,214,836

See accompanying notes to financial statements

150

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Paper & Forest Products—0.4%
International Paper Co.			220,400	$	9,765,924
Personal Products—0.3%
Avon Products, Inc.			279,800		5,884,194
Pharmaceuticals—5.2%
Bristol-Myers Squibb Co.			162,000		7,239,780
Hospira, Inc.	*		75,100		2,877,081
Johnson & Johnson			348,800		29,947,968
Merck & Co., Inc.			589,600		27,386,920
Pfizer, Inc.			1,102,687		30,886,263
Teva Pharmaceutical Industries Ltd. ADR (Israel)			351,300		13,770,960
					112,108,972
Real Estate Investment Trusts (REITs)—0.2%
Weyerhaeuser Co. REIT			180,437		5,140,650
Road & Rail—0.4%
Norfolk Southern Corp.			110,500		8,027,825
Semiconductors & Semiconductor Equipment—2.0%
Analog Devices, Inc.			114,200		5,145,852
Applied Materials, Inc.			347,800		5,185,698
Intel Corp.			488,400		11,829,048
Texas Instruments, Inc.			579,800		20,217,626
					42,378,224
Software—1.6%
CA, Inc.			69,200		1,981,196
Microsoft Corp.			951,800		32,865,654
					34,846,850
Specialty Retail—0.7%
Lowe’s Cos., Inc.			198,100		8,102,290
Staples, Inc.			365,900		5,803,174
Tiffany & Co.			5,500		400,620
					14,306,084
Tobacco—1.5%
Altria Group, Inc.			237,800		8,320,622
Imperial Tobacco Group plc ADR (United Kingdom)	†		104,500		7,282,605
Philip Morris International, Inc.			192,800		16,700,336
					32,303,563
Wireless Telecommunication Services—0.7%
Vodafone Group plc (United Kingdom)			880,800		2,524,089
Vodafone Group plc ADR (United Kingdom)			413,100		11,872,494
					14,396,583
TOTAL COMMON STOCKS
(Cost $1,576,336,461)					1,993,390,390
CONVERTIBLE PREFERRED STOCKS—0.2%
Automobiles—0.2%
General Motors Co., Series B 4.750%			91,200		4,392,192

		Shares		Value
Real Estate Investment Trusts (REITs)—0.0%
Weyerhaeuser Co., Series A 6.375%	*	7,150	$	364,721
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $4,912,512)				4,756,913
MONEY MARKET FUNDS—8.2%
Institutional Money Market Funds—8.2%
Dreyfus Institutional Cash Advantage Fund, 0.04%	††¥	1,500,000		1,500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	¥	170,208,317		170,208,317
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	††¥	1,192,529		1,192,529
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.08%	††¥	1,500,000		1,500,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.09%	††¥	1,500,000		1,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.10%	††¥	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 $178,900,846)				178,900,846
TOTAL INVESTMENTS—100.4%
(Cost $1,760,149,819)				2,177,048,149
Other assets less liabilities—(0.4%)				(9,452,222	)
NET ASSETS—100.0%			$	2,167,595,927

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

151

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—95.6%
Aerospace & Defense—2.6%
Boeing Co. (The)			48,900	$	5,009,316
Honeywell International, Inc.			33,900		2,689,626
Precision Castparts Corp.			34,400		7,774,744
Spirit Aerosystems Holdings, Inc., Class A	*		471,000		10,117,080
United Technologies Corp.			116,800		10,855,392
					36,446,158
Air Freight & Logistics—1.1%
Expeditors International of Washington, Inc.			394,000		14,975,940
FedEx Corp.			14,000		1,380,120
					16,356,060
Airlines—0.2%
Delta Air Lines, Inc.	*		33,100		619,301
United Continental Holdings, Inc.	*		71,500		2,237,235
					2,856,536
Automobiles—0.2%
Harley-Davidson, Inc.			37,600		2,061,232
Tesla Motors, Inc.	*†		13,200		1,418,076
					3,479,308
Beverages—1.0%
Anheuser-Busch InBev NV ADR (Belgium)			60,300		5,442,678
Coca-Cola Co. (The)			11,100		445,221
Constellation Brands, Inc., Class A	*		2,800		145,936
Diageo plc ADR (United Kingdom)			48,500		5,575,075
Monster Beverage Corp.	*		14,300		869,011
PepsiCo, Inc.			15,200		1,243,208
					13,721,129
Biotechnology—2.8%
Alexion Pharmaceuticals, Inc.	*		30,500		2,813,320
Amgen, Inc.			74,600		7,360,036
Biogen Idec, Inc.	*		32,400		6,972,480
Celgene Corp.	*		47,800		5,588,298
Gilead Sciences, Inc.	*		175,700		8,997,597
Onyx Pharmaceuticals, Inc.	*		400		34,728
Regeneron Pharmaceuticals, Inc.	*		11,300		2,541,144
Vertex Pharmaceuticals, Inc.	*		74,300		5,934,341
					40,241,944
Capital Markets—5.1%
Ameriprise Financial, Inc.			11,800		954,384
Bank of New York Mellon Corp. (The)			771,750		21,647,588
BlackRock, Inc.			32,000		8,219,200
Credit Suisse Group AG ADR (Switzerland)	*		298,301		7,893,044
Franklin Resources, Inc.			32,400		4,407,048
Goldman Sachs Group, Inc. (The)			52,600		7,955,750
Invesco Ltd.			419,600		13,343,280
Morgan Stanley			92,000		2,247,560
Northern Trust Corp.			21,000		1,215,900

		Shares		Value
State Street Corp.		46,800	$	3,051,828
TD Ameritrade Holding Corp.		60,300		1,464,687
				72,400,269
Chemicals—3.3%
Dow Chemical Co. (The)		235,300		7,569,601
Ecolab, Inc.		43,500		3,705,765
Monsanto Co.		26,800		2,647,840
Mosaic Co. (The)		94,000		5,058,140
Potash Corp. of Saskatchewan, Inc. (Canada)		478,300		18,237,579
Praxair, Inc.		41,900		4,825,204
Sherwin-Williams Co. (The)		27,900		4,927,140
				46,971,269
Commercial Banks—4.0%
BB&T Corp.		208,800		7,074,144
Comerica, Inc.		452,150		18,009,134
PNC Financial Services Group, Inc. (The)		180,100		13,132,892
U.S. Bancorp		30,300		1,095,345
Wells Fargo & Co.		442,700		18,270,229
				57,581,744
Commercial Services & Supplies—0.9%
Cintas Corp.		294,000		13,388,760
Communications Equipment—1.7%
Cisco Systems, Inc.		754,700		18,346,757
Juniper Networks, Inc.	*	25,200		486,612
QUALCOMM, Inc.		95,100		5,808,708
				24,642,077
Computers & Peripherals—1.5%
Apple, Inc.		18,500		7,327,480
EMC Corp.		566,400		13,378,368
				20,705,848
Consumer Finance—1.5%
American Express Co.		281,200		21,022,512
Diversified Financial Services—4.2%
Citigroup, Inc.		457,800		21,960,666
IntercontinentalExchange, Inc.	*	51,500		9,154,640
JPMorgan Chase & Co.		542,508		28,638,997
				59,754,303
Diversified Telecommunication Services—0.7%
AT&T, Inc.		261,906		9,271,472
Electric Utilities—0.5%
Edison International		109,300		5,263,888
PPL Corp.		78,600		2,378,436
				7,642,324
Electrical Equipment—0.9%
Eaton Corp. plc (Ireland)		155,400		10,226,874
Roper Industries, Inc.		16,200		2,012,364
				12,239,238
Electronic Equipment, Instruments & Components—1.4%
Amphenol Corp., Class A		1,000		77,940
TE Connectivity Ltd. (Switzerland)		442,150		20,135,511
				20,213,451

See accompanying notes to financial statements

152

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Energy Equipment & Services—2.6%
Cameron International Corp.	*		25,400	$	1,553,464
FMC Technologies, Inc.	*		6,500		361,920
Halliburton Co.			200,400		8,360,688
Noble Corp. (Switzerland)			152,000		5,712,160
Schlumberger Ltd.			295,625		21,184,488
					37,172,720
Food & Staples Retailing—2.8%
Costco Wholesale Corp.			12,800		1,415,296
CVS Caremark Corp.			29,700		1,698,246
Kroger Co. (The)			10,600		366,124
Sysco Corp.			400,825		13,692,182
Wal-Mart Stores, Inc.			252,400		18,801,276
Whole Foods Market, Inc.			64,400		3,315,312
					39,288,436
Food Products—2.7%
Danone SA ADR (France)			957,625		14,364,375
Green Mountain Coffee Roasters, Inc.	*†		34,800		2,612,088
Kraft Foods Group, Inc.			138,200		7,721,234
Nestle SA ADR (Switzerland)			198,700		13,070,486
					37,768,183
Health Care Equipment & Supplies—2.5%
Baxter International, Inc.			106,800		7,398,036
Becton Dickinson and Co.			1,400		138,362
Covidien plc (Ireland)			415,125		26,086,455
Edwards Lifesciences Corp.	*		1,900		127,680
Stryker Corp.			17,900		1,157,772
					34,908,305
Health Care Providers & Services—1.9%
Aetna, Inc.			6,400		406,656
AmerisourceBergen Corp.			278,975		15,575,174
Express Scripts Holding Co.	*		42,000		2,590,980
Henry Schein, Inc.	*		1,400		134,050
McKesson Corp.			53,700		6,148,650
UnitedHealth Group, Inc.			24,700		1,617,356
					26,472,866
Hotels, Restaurants & Leisure—1.4%
Carnival Corp.			26,500		908,685
Chipotle Mexican Grill, Inc.	*		8,600		3,133,410
Las Vegas Sands Corp.			82,400		4,361,432
Marriott International, Inc., Class A			34,971		1,411,779
Starbucks Corp.			107,200		7,020,528
Starwood Hotels & Resorts Worldwide, Inc.			59,200		3,740,848
					20,576,682
Household Durables—0.5%
D.R. Horton, Inc.			6,400		136,192
Lennar Corp., Class A			6,600		237,864
Newell Rubbermaid, Inc.			269,300		7,069,125
					7,443,181
Household Products—0.1%
Procter & Gamble Co. (The)			20,700		1,593,693

			Shares		Value
Industrial Conglomerates—4.8%
3M Co.			303,325	$	33,168,589
Danaher Corp.			163,200		10,330,560
General Electric Co.			645,100		14,959,869
Koninklijke Philips NV NYRS (Netherlands)			344,400		9,364,236
					67,823,254
Insurance—4.4%
ACE Ltd. (Switzerland)			82,200		7,355,256
Berkshire Hathaway, Inc., Class B	*		244,300		27,342,056
Marsh & McLennan Cos., Inc.			257,900		10,295,368
Principal Financial Group, Inc.			180,600		6,763,470
Willis Group Holdings plc (United Kingdom)			266,675		10,875,006
					62,631,156
Internet & Catalog Retail—1.9%
Amazon.com, Inc.	*		56,900		15,800,561
Netflix, Inc.	*		2,800		591,052
priceline.com, Inc.	*		13,100		10,835,403
TripAdvisor, Inc.	*		8,400		511,308
					27,738,324
Internet Software & Services—3.0%
Akamai Technologies, Inc.	*		19,800		842,490
Baidu, Inc. ADR (China)	*	��	23,600		2,230,908
eBay, Inc.	*		124,100		6,418,452
Facebook, Inc., Class A	*		92,600		2,302,036
Google, Inc., Class A	*		29,500		25,970,915
LinkedIn Corp., Class A	*		13,900		2,478,370
Tencent Holdings Ltd. (China)			57,000		2,225,693
					42,468,864
IT Services—3.1%
Accenture plc, Class A (Ireland)			286,900		20,645,324
Alliance Data Systems Corp.	*†		9,500		1,719,785
Cognizant Technology Solutions Corp., Class A	*		35,500		2,222,655
Fiserv, Inc.	*		18,800		1,643,308
Mastercard, Inc., Class A			18,900		10,858,050
Visa, Inc., Class A			34,700		6,341,425
					43,430,547
Life Sciences Tools & Services—0.2%
Thermo Fisher Scientific, Inc.			41,600		3,520,608
Machinery—3.4%
Illinois Tool Works, Inc.			331,000		22,895,270
Ingersoll-Rand plc (Ireland)			104,700		5,812,944
PACCAR, Inc.			254,575		13,660,495
Stanley Black & Decker, Inc.			70,400		5,441,920
					47,810,629
Media—4.8%
CBS Corp., Class B			135,500		6,621,885
Discovery Communications, Inc., Class C	*		65,250		4,545,315
News Corp., Class A			14,100		459,660
Omnicom Group, Inc.			335,150		21,070,881
Thomson Reuters Corp.			219,700		7,155,629
Time Warner Cable, Inc.			80,100		9,009,648
Time Warner, Inc.			282,250		16,319,695

See accompanying notes to financial statements

153

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Twenty-First Century Fox, Inc.			5,100	$	147,849
Walt Disney Co. (The)			45,900		2,898,585
					68,229,147
Metals & Mining—0.6%
Barrick Gold Corp. (Canada)			184,900		2,910,326
Steel Dynamics, Inc.			375,700		5,601,687
					8,512,013
Multiline Retail—1.1%
Dollar General Corp.	*		141,700		7,145,931
Dollar Tree, Inc.	*		24,100		1,225,244
Nordstrom, Inc.			111,900		6,707,286
					15,078,461
Multi-Utilities—0.5%
National Grid plc ADR (United Kingdom)			122,400		6,936,408
Oil, Gas & Consumable Fuels—6.3%
Anadarko Petroleum Corp.			81,000		6,960,330
Cabot Oil & Gas Corp.			4,600		326,692
Chevron Corp.			149,600		17,703,664
Concho Resources, Inc.	*		1,000		83,720
Devon Energy Corp.			374,925		19,451,109
EOG Resources, Inc.			73,100		9,625,808
EQT Corp.			25,900		2,055,683
Marathon Oil Corp.			240,500		8,316,490
Occidental Petroleum Corp.			68,300		6,094,409
Petroleo Brasileiro SA ADR (Brazil)			324,000		4,348,080
Phillips 66			24,900		1,466,859
Pioneer Natural Resources Co.			25,700		3,720,075
Range Resources Corp.			29,800		2,304,136
Southwestern Energy Co.	*		197,700		7,221,981
					89,679,036
Paper & Forest Products—0.7%
International Paper Co.			219,200		9,712,752
Personal Products—0.0%
Estee Lauder Cos., Inc. (The), Class A			1,600		105,232
Pharmaceuticals—3.1%
Allergan, Inc.			13,900		1,170,936
GlaxoSmithKline plc ADR (United Kingdom)			303,325		15,157,150
Merck & Co., Inc.			217,740		10,114,023
Perrigo Co.			2,200		266,200
Roche Holding AG ADR (Switzerland)			145,800		9,019,917
Teva Pharmaceutical Industries Ltd. ADR (Israel)			180,400		7,071,680
Valeant Pharmaceuticals International, Inc.	*		7,700		662,816
					43,462,722
Professional Services—0.1%
IHS, Inc., Class A	*		11,300		1,179,494
Verisk Analytics, Inc., Class A	*		1,300		77,610
					1,257,104

		Shares		Value
Real Estate Investment Trusts (REITs)—0.5%
American Tower Corp. REIT		94,900	$	6,943,833
Road & Rail—0.7%
J.B. Hunt Transport Services, Inc.		8,300		599,592
Kansas City Southern		26,500		2,807,940
Norfolk Southern Corp.		500		36,325
Union Pacific Corp.		45,200		6,973,456
				10,417,313
Semiconductors & Semiconductor Equipment—1.3%
Broadcom Corp., Class A		77,200		2,606,272
Intel Corp.		402,700		9,753,394
Xilinx, Inc.		168,200		6,662,402
				19,022,068
Software—2.2%
Autodesk, Inc.	*	10,400		352,976
Citrix Systems, Inc.	*	1,500		90,495
Intuit, Inc.		1,100		67,133
Microsoft Corp.		692,650		23,917,205
Red Hat, Inc.	*	41,200		1,970,184
Salesforce.com, Inc.	*	85,100		3,249,118
Symantec Corp.		89,400		2,008,818
				31,655,929
Specialty Retail—2.0%
AutoZone, Inc.	*	21,200		8,982,228
Home Depot, Inc. (The)		47,000		3,641,090
L Brands, Inc.		40,100		1,974,925
Lowe’s Cos., Inc.		211,700		8,658,530
O’Reilly Automotive, Inc.	*	28,300		3,187,146
Ross Stores, Inc.		23,600		1,529,516
Tiffany & Co.		2,800		203,952
Tractor Supply Co.		5,500		646,855
				28,824,242
Textiles, Apparel & Luxury Goods—1.5%
Fossil Group, Inc.	*	24,500		2,531,095
Lululemon Athletica, Inc. (Canada)	*†	21,600		1,415,232
Michael Kors Holdings Ltd. (Hong Kong)	*	17,500		1,085,350
NIKE, Inc., Class B		35,300		2,247,904
PVH Corp.		88,500		11,066,925
Ralph Lauren Corp.		18,400		3,196,816
				21,543,322
Tobacco—0.5%
Imperial Tobacco Group plc ADR (United Kingdom)		109,900		7,658,931
Trading Companies & Distributors—0.3%
Fastenal Co.		55,900		2,563,015
W.W. Grainger, Inc.		4,700		1,185,246
				3,748,261
Wireless Telecommunication Services—0.5%
Vodafone Group plc ADR (United Kingdom)		246,100		7,072,914
TOTAL COMMON STOCKS
(Cost $1,024,799,057)				1,359,441,538

See accompanying notes to financial statements

154

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Growth & Income Fund		Shares		Value
MONEY MARKET FUNDS—5.0%
Institutional Money Market Funds—5.0%
Dreyfus Institutional Cash Advantage Fund, 0.04%	††¥		750,000	$	750,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	¥		66,311,669		66,311,669
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	††¥		1,169,230		1,169,230
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.08%	††¥		750,000		750,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.09%	††¥		750,000		750,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.10%	††¥		750,000		750,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		750,000		750,000
TOTAL MONEY MARKET FUNDS
(Cost $71,230,899)					71,230,899
TOTAL INVESTMENTS—100.6%
(Cost $1,096,029,956)					1,430,672,437
Other assets less liabilities—(0.6%)					(9,049,989	)
NET ASSETS—100.0%				$	1,421,622,448

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

155

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—96.5%
Aerospace & Defense—2.1%
Honeywell International, Inc.			108,818	$	8,633,620
Precision Castparts Corp.			86,501		19,550,091
United Technologies Corp.			153,160		14,234,691
					42,418,402
Airlines—0.4%
Delta Air Lines, Inc.	*		381,742		7,142,393
Auto Components—0.3%
BorgWarner, Inc.	*		79,530		6,851,509
Beverages—1.1%
Coca-Cola Co. (The)			548,105		21,984,492
Biotechnology—6.1%
Alexion Pharmaceuticals, Inc.	*		118,000		10,884,320
Biogen Idec, Inc.	*		139,881		30,102,391
Celgene Corp.	*		303,165		35,443,020
Gilead Sciences, Inc.	*		786,661		40,284,910
Pharmacyclics, Inc.	*		24,725		1,964,896
Regeneron Pharmaceuticals, Inc.	*		19,407		4,364,246
					123,043,783
Building Products—0.3%
Masco Corp.			356,365		6,945,554
Capital Markets—2.9%
Affiliated Managers Group, Inc.	*		120,230		19,710,506
Charles Schwab Corp. (The)			615,500		13,067,065
Goldman Sachs Group, Inc. (The)			63,443		9,595,754
State Street Corp.			154,610		10,082,118
T. Rowe Price Group, Inc.			67,499		4,937,552
					57,392,995
Chemicals—5.2%
Ecolab, Inc.			157,542		13,421,003
FMC Corp.			125,130		7,640,438
LyondellBasell Industries NV, Class A (Netherlands)			105,165		6,968,233
Monsanto Co.			605,712		59,844,345
PPG Industries, Inc.			80,690		11,813,823
Sherwin-Williams Co. (The)			30,775		5,434,865
					105,122,707
Commercial Banks—0.4%
Wells Fargo & Co.			200,082		8,257,384
Communications Equipment—3.6%
Cisco Systems, Inc.			695,739		16,913,415
Juniper Networks, Inc.	*		295,646		5,708,924
QUALCOMM, Inc.			816,767		49,888,129
					72,510,468
Computers & Peripherals—5.7%
Apple, Inc.			222,215		88,014,917
EMC Corp.			796,950		18,823,959
SanDisk Corp.	*		132,510		8,096,361
					114,935,237
Consumer Finance—1.4%
American Express Co.			88,975		6,651,771

		Shares		Value
Discover Financial Services			315,791	$	15,044,283
SLM Corp.			247,573		5,659,519
					27,355,573
Diversified Financial Services—1.7%
Citigroup, Inc.			155,150		7,442,545
CME Group, Inc.			114,000		8,661,720
IntercontinentalExchange, Inc.	*		50,585		8,991,990
JPMorgan Chase & Co.			181,980		9,606,724
					34,702,979
Energy Equipment & Services—2.9%
Cameron International Corp.	*		439,157		26,858,842
Halliburton Co.			229,520		9,575,574
National Oilwell Varco, Inc.			184,392		12,704,609
Schlumberger Ltd.			132,877		9,521,966
					58,660,991
Food & Staples Retailing—2.1%
Costco Wholesale Corp.			206,438		22,825,850
CVS Caremark Corp.			231,314		13,226,535
Whole Foods Market, Inc.			137,080		7,056,878
					43,109,263
Food Products—1.5%
Hershey Co. (The)			135,180		12,068,871
Kraft Foods Group, Inc.			112,106		6,263,362
Mondelez International, Inc., Class A			383,400		10,938,402
					29,270,635
Health Care Equipment & Supplies—0.8%
Cooper Cos., Inc. (The)			99,990		11,903,809
Varian Medical Systems, Inc.	*		63,235		4,265,201
					16,169,010
Health Care Providers & Services—2.3%
Cardinal Health, Inc.			243,300		11,483,760
Catamaran Corp.	*		233,000		11,351,760
DaVita HealthCare Partners, Inc.	*		25,193		3,043,314
Express Scripts Holding Co.	*		231,979		14,310,785
UnitedHealth Group, Inc.			93,633		6,131,089
					46,320,708
Health Care Technology—0.7%
Cerner Corp.	*		142,700		13,712,043
Hotels, Restaurants & Leisure—4.1%
Chipotle Mexican Grill, Inc.	*		26,500		9,655,275
Las Vegas Sands Corp.			257,373		13,622,753
McDonald’s Corp.			86,075		8,521,425
Panera Bread Co., Class A	*		11,042		2,053,149
Starbucks Corp.			751,712		49,229,619
					83,082,221
Household Durables—0.7%
Lennar Corp., Class A			210,830		7,598,313
Whirlpool Corp.			53,989		6,174,182
					13,772,495
Household Products—0.5%
Procter & Gamble Co. (The)			130,843		10,073,603

See accompanying notes to financial statements

156

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Industrial Conglomerates—1.8%
Danaher Corp.			296,094	$	18,742,750
General Electric Co.			752,040		17,439,808
					36,182,558
Insurance—0.8%
American International Group, Inc.	*		262,210		11,720,787
Marsh & McLennan Cos., Inc.			129,101		5,153,712
					16,874,499
Internet & Catalog Retail—4.4%
Amazon.com, Inc.	*		156,072		43,339,634
priceline.com, Inc.	*		53,959		44,631,107
					87,970,741
Internet Software & Services—7.0%
eBay, Inc.	*		717,141		37,090,533
Google, Inc., Class A	*		98,374		86,605,518
LinkedIn Corp., Class A	*		97,154		17,322,558
					141,018,609
IT Services—4.1%
Alliance Data Systems Corp.	*		58,000		10,499,740
Cognizant Technology Solutions Corp., Class A	*		26,265		1,644,452
Mastercard, Inc., Class A			26,966		15,491,967
Visa, Inc., Class A			301,287		55,060,199
					82,696,358
Life Sciences Tools & Services—0.8%
Thermo Fisher Scientific, Inc.			179,880		15,223,244
Machinery—1.6%
Cummins, Inc.			192,266		20,853,171
PACCAR, Inc.			120,270		6,453,688
Stanley Black & Decker, Inc.			58,080		4,489,584
					31,796,443
Media—3.2%
Comcast Corp., Class A			676,505		28,332,029
Sirius XM Radio, Inc.	†		2,100,434		7,036,454
Viacom, Inc., Class B			147,390		10,029,889
Walt Disney Co. (The)			295,637		18,669,477
					64,067,849
Oil, Gas & Consumable Fuels—2.8%
Cabot Oil & Gas Corp.			101,653		7,219,396
Noble Energy, Inc.			212,160		12,738,086
Occidental Petroleum Corp.			124,185		11,081,028
Pioneer Natural Resources Co.			56,355		8,157,386
Suncor Energy, Inc. (Canada)			240,540		7,093,525
Valero Energy Corp.			304,750		10,596,157
					56,885,578
Paper & Forest Products—0.3%
International Paper Co.			157,960		6,999,208

		Shares		Value
Personal Products—0.6%
Avon Products, Inc.			244,003	$	5,131,383
Estee Lauder Cos., Inc. (The), Class A			96,923		6,374,626
					11,506,009
Pharmaceuticals—4.8%
Actavis, Inc.	*		159,291		20,105,710
Allergan, Inc.			70,584		5,945,996
Bristol-Myers Squibb Co.			310,530		13,877,586
Merck & Co., Inc.			290,900		13,512,305
Perrigo Co.			48,889		5,915,569
Pfizer, Inc.			759,934		21,285,751
Valeant Pharmaceuticals International, Inc.	*		127,627		10,986,132
Zoetis, Inc.			135,651		4,190,267
					95,819,316
Professional Services—0.4%
Nielsen Holdings NV			256,960		8,631,286
Real Estate Investment Trusts (REITs)—0.3%
American Tower Corp. REIT			70,390		5,150,436
Road & Rail—4.5%
Canadian Pacific Railway Ltd. (Canada)	†		179,693		21,811,136
CSX Corp.			358,320		8,309,441
Hertz Global Holdings, Inc.	*		860,650		21,344,120
J.B. Hunt Transport Services, Inc.			208,000		15,025,920
Union Pacific Corp.			149,462		23,058,997
					89,549,614
Semiconductors & Semiconductor Equipment—0.9%
Broadcom Corp., Class A			221,609		7,481,520
Cree, Inc.	*		83,282		5,318,388
Texas Instruments, Inc.			146,063		5,093,217
					17,893,125
Software—3.4%
Citrix Systems, Inc.	*		428,210		25,833,909
Informatica Corp.	*		107,487		3,759,895
Microsoft Corp.			465,487		16,073,266
Oracle Corp.			181,250		5,568,000
Salesforce.com, Inc.	*		399,739		15,262,035
VMware, Inc., Class A	*		42,623		2,855,315
					69,352,420
Specialty Retail—3.2%
Bed Bath & Beyond, Inc.	*		78,638		5,575,434
Home Depot, Inc. (The)			306,767		23,765,239
Lowe’s Cos., Inc.			220,520		9,019,268
Ross Stores, Inc.			49,964		3,238,167
Tiffany & Co.			29,300		2,134,212
Tractor Supply Co.			134,400		15,806,784
Urban Outfitters, Inc.	*		114,672		4,612,108
					64,151,212
Textiles, Apparel & Luxury Goods—2.8%
Coach, Inc.			129,767		7,408,398
Michael Kors Holdings Ltd. (Hong Kong)	*		371,183		23,020,770
NIKE, Inc., Class B			396,453		25,246,127
					55,675,295

See accompanying notes to financial statements

157

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Tobacco—0.7%
Philip Morris International, Inc.			156,459	$	13,552,479
Trading Companies & Distributors—0.8%
Fastenal Co.			338,505		15,520,454
Wireless Telecommunication Services—0.5%
Crown Castle International Corp.	*		69,700		5,045,583
Vodafone Group plc ADR (United Kingdom)			193,190		5,552,281
					10,597,864
TOTAL COMMON STOCKS
(Cost $1,580,589,418)					1,939,949,042
MONEY MARKET FUNDS—4.5%
Institutional Money Market Funds—4.5%
Dreyfus Institutional Cash Advantage Fund, 0.04%	††¥		4,600,000		4,600,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	¥		62,920,085		62,920,086
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	††¥		4,793,362		4,793,362
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.08%	††¥		4,600,000		4,600,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.09%	††¥		4,600,000		4,600,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.10%	††¥		4,600,000		4,600,000

		Shares		Value
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		4,600,000	$	4,600,000
TOTAL MONEY MARKET FUNDS
(Cost $90,713,448)					90,713,448
TOTAL INVESTMENTS—101.0%
(Cost $1,671,302,866)					2,030,662,490
Other assets less liabilities—(1.0%)					(20,824,089	)
NET ASSETS—100.0%				$	2,009,838,401

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

158

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—95.2%
Aerospace & Defense—3.2%
Huntington Ingalls Industries, Inc.			47,200	$	2,665,856
L-3 Communications Holdings, Inc.			23,400		2,006,316
Northrop Grumman Corp.			17,900		1,482,120
Rockwell Collins, Inc.			32,400		2,054,484
TransDigm Group, Inc.			28,119		4,408,215
Triumph Group, Inc.			9,125		722,244
					13,339,235
Airlines—0.5%
Delta Air Lines, Inc.	*		101,175		1,892,984
Auto Components—1.6%
Delphi Automotive plc (United Kingdom)			53,800		2,727,122
Lear Corp.			9,300		562,278
Magna International, Inc. (Canada)			30,400		2,165,088
TRW Automotive Holdings Corp.	*		16,800		1,116,192
					6,570,680
Biotechnology—0.2%
Myriad Genetics, Inc.	*		31,925		857,825
Capital Markets—1.1%
Evercore Partners, Inc., Class A			24,975		981,018
Invesco Ltd.			60,175		1,913,565
Northern Trust Corp.			28,300		1,638,570
					4,533,153
Chemicals—0.6%
Axiall Corp.			28,625		1,218,853
Huntsman Corp.			72,900		1,207,224
					2,426,077
Commercial Banks—4.8%
City National Corp./California			41,111		2,605,204
Fifth Third Bancorp			147,650		2,665,083
KeyCorp			140,550		1,551,672
M&T Bank Corp.			39,100		4,369,425
Regions Financial Corp.			430,875		4,106,239
TCF Financial Corp.			196,402		2,784,980
Zions Bancorporation			71,275		2,058,422
					20,141,025
Commercial Services & Supplies—1.2%
Avery Dennison Corp.			13,100		560,156
Republic Services, Inc.			46,900		1,591,786
Steelcase, Inc., Class A			200,900		2,929,122
					5,081,064
Communications Equipment—0.3%
Comtech Telecommunications Corp.			51,000		1,371,390
Computers & Peripherals—0.5%
Lexmark International, Inc., Class A			61,700		1,886,169
Construction & Engineering—2.2%
EMCOR Group, Inc.			43,025		1,748,966

		Shares		Value
Jacobs Engineering Group, Inc.	*		62,400	$	3,440,112
URS Corp.			84,900		4,008,978
					9,198,056
Consumer Finance—0.4%
Discover Financial Services			32,975		1,570,929
Containers & Packaging—1.9%
Bemis Co., Inc.			104,600		4,094,044
Sonoco Products Co.			116,517		4,027,993
					8,122,037
Diversified Consumer Services—0.7%
H&R Block, Inc.			103,800		2,880,450
Diversified Financial Services—1.2%
NYSE Euronext			80,900		3,349,260
PHH Corp.	*		74,400		1,516,272
					4,865,532
Electric Utilities—2.7%
Cleco Corp.			47,550		2,207,746
Edison International			44,900		2,162,384
Great Plains Energy, Inc.			121,100		2,729,594
Pinnacle West Capital Corp.			72,300		4,010,481
					11,110,205
Electrical Equipment—0.9%
Generac Holdings, Inc.			40,650		1,504,456
Hubbell, Inc., Class B			24,600		2,435,400
					3,939,856
Electronic Equipment, Instruments & Components—3.3%
Arrow Electronics, Inc.	*		75,200		2,996,720
Avnet, Inc.	*		153,900		5,171,040
FLIR Systems, Inc.			112,800		3,042,216
Ingram Micro, Inc., Class A	*		145,600		2,764,944
					13,974,920
Energy Equipment & Services—2.7%
Ensco plc, Class A (United Kingdom)			44,657		2,595,465
McDermott International, Inc.	*		174,000		1,423,320
Patterson-UTI Energy, Inc.			224,275		4,340,842
SEACOR Holdings, Inc.			35,100		2,915,055
					11,274,682
Food & Staples Retailing—2.3%
Harris Teeter Supermarkets, Inc.			61,065		2,861,506
Kroger Co. (The)			167,325		5,779,405
Sysco Corp.			29,300		1,000,888
					9,641,799
Food Products—1.1%
Hillshire Brands Co.			36,570		1,209,736
Ingredion, Inc.			14,100		925,242
J.M. Smucker Co. (The)			8,000		825,200
Tyson Foods, Inc., Class A			59,825		1,536,306
					4,496,484
Gas Utilities—0.3%
UGI Corp.			33,500		1,310,185
Health Care Equipment & Supplies—1.3%
Becton Dickinson and Co.			35,175		3,476,345

See accompanying notes to financial statements

159

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—(Continued)
Boston Scientific Corp.	*		150,800	$	1,397,916
CareFusion Corp.	*		19,850		731,473
					5,605,734
Health Care Providers & Services—2.7%
Aetna, Inc.			32,425		2,060,284
Cigna Corp.			54,600		3,957,954
HCA Holdings, Inc.			70,700		2,549,442
Omnicare, Inc.			46,625		2,224,479
Tenet Healthcare Corp.	*		8,675		399,918
					11,192,077
Hotels, Restaurants & Leisure—2.3%
Darden Restaurants, Inc.			76,500		3,861,720
International Game Technology			61,850		1,033,514
MGM Resorts International	*		38,200		564,596
Wyndham Worldwide Corp.			69,400		3,971,762
					9,431,592
Household Durables—1.6%
Mohawk Industries, Inc.	*		15,175		1,707,036
Newell Rubbermaid, Inc.			51,750		1,358,437
Ryland Group, Inc. (The)			53,025		2,126,303
Whirlpool Corp.			13,645		1,560,442
					6,752,218
Independent Power Producers & Energy Traders—1.2%
AES Corp. (The)			167,750		2,011,323
NRG Energy, Inc.			106,650		2,847,555
					4,858,878
Industrial Conglomerates—0.9%
Carlisle Cos., Inc.			61,900		3,856,989
Insurance—11.3%
Alleghany Corp.	*		8,910		3,415,292
Allied World Assurance Co. Holdings AG (Switzerland)			17,400		1,592,274
Allstate Corp. (The)			206,525		9,937,983
Aon plc (United Kingdom)			34,949		2,248,968
Arch Capital Group Ltd. (Bermuda)	*		54,300		2,791,563
Endurance Specialty Holdings Ltd. (Bermuda)			59,700		3,071,565
HCC Insurance Holdings, Inc.			103,175		4,447,874
Lincoln National Corp.			242,862		8,857,177
Loews Corp.			50,100		2,224,440
Progressive Corp. (The)			112,000		2,847,040
Torchmark Corp.			33,200		2,162,648
Unum Group			58,850		1,728,425
Validus Holdings Ltd. (Bermuda)			49,784		1,798,198
					47,123,447
Internet & Catalog Retail—0.3%
Liberty Interactive Corp., Series A	*		60,200		1,385,202
IT Services—3.8%
Broadridge Financial Solutions, Inc.			67,800		1,802,124
Computer Sciences Corp.			122,467		5,360,381
Convergys Corp.			145,700		2,539,551

		Shares		Value
CoreLogic, Inc.	*		42,450	$	983,566
Fidelity National Information Services, Inc.			27,050		1,158,822
SAIC, Inc.			82,600		1,150,618
Western Union Co. (The)			169,800		2,905,278
					15,900,340
Leisure Equipment & Products—1.8%
Brunswick Corp.			167,919		5,365,012
Mattel, Inc.			48,700		2,206,597
					7,571,609
Life Sciences Tools & Services—1.1%
ICON plc (Ireland)	*		42,075		1,490,717
Life Technologies Corp.	*		39,700		2,938,197
					4,428,914
Machinery—1.9%
AGCO Corp.			31,700		1,591,023
Dover Corp.			33,700		2,617,142
Joy Global, Inc.			21,900		1,062,807
Terex Corp.	*		47,325		1,244,647
Trinity Industries, Inc.			37,050		1,424,202
					7,939,821
Media—0.8%
Gannett Co., Inc.			41,250		1,008,975
Omnicom Group, Inc.			40,000		2,514,800
					3,523,775
Metals & Mining—0.9%
Kinross Gold Corp. (Canada)			349,900		1,784,490
Nucor Corp.			43,950		1,903,914
					3,688,404
Multiline Retail—0.7%
Nordstrom, Inc.			48,900		2,931,066
Multi-Utilities—2.0%
CMS Energy Corp.			81,375		2,210,959
NiSource, Inc.			55,300		1,583,792
PG&E Corp.			91,500		4,184,295
SCANA Corp.			8,400		412,440
					8,391,486
Office Electronics—0.4%
Xerox Corp.			178,350		1,617,635
Oil, Gas & Consumable Fuels—6.6%
Chesapeake Energy Corp.			50,250		1,024,095
Cimarex Energy Co.			45,200		2,937,548
Energen Corp.			57,350		2,997,111
Hess Corp.			57,200		3,803,228
Murphy Oil Corp.			64,200		3,909,138
Newfield Exploration Co.	*		43,525		1,039,812
Peabody Energy Corp.			83,200		1,218,048
QEP Resources, Inc.			96,400		2,677,992
SM Energy Co.			31,100		1,865,378
Southwestern Energy Co.	*		52,900		1,932,437
Tesoro Corp.			18,125		948,300
Valero Energy Corp.			22,175		771,025
Whiting Petroleum Corp.	*		48,700		2,244,583
					27,368,695

See accompanying notes to financial statements

160

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—(Continued)
Paper & Forest Products—0.3%
International Paper Co.			27,650	$	1,225,172
Pharmaceuticals—0.4%
Jazz Pharmaceuticals plc (Ireland)	*		24,000		1,649,520
Professional Services—2.2%
Dun & Bradstreet Corp. (The)			17,400		1,695,630
Manpowergroup, Inc.			37,100		2,033,080
Towers Watson & Co., Class A			64,000		5,244,160
					8,972,870
Real Estate Investment Trusts (REITs)—6.6%
Annaly Capital Management, Inc. REIT			80,700		1,014,399
BioMed Realty Trust, Inc. REIT			100,275		2,028,563
Brandywine Realty Trust REIT			195,200		2,639,104
Capstead Mortgage Corp. REIT			78,400		948,640
CBL & Associates Properties, Inc. REIT			191,025		4,091,756
Corrections Corp. of America REIT			46,000		1,558,020
Duke Realty Corp. REIT			349,732		5,452,322
EPR Properties REIT			24,400		1,226,588
Hatteras Financial Corp. REIT			89,600		2,207,744
Kilroy Realty Corp. REIT			57,325		3,038,798
Liberty Property Trust REIT			54,575		2,017,092
MFA Financial, Inc. REIT			146,000		1,233,700
					27,456,726
Real Estate Management & Development—0.4%
CBRE Group, Inc., Class A	*		77,425		1,808,648
Road & Rail—1.9%
Ryder System, Inc.			64,475		3,919,435
Werner Enterprises, Inc.			169,800		4,104,066
					8,023,501
Semiconductors & Semiconductor Equipment—4.4%
Analog Devices, Inc.			73,000		3,289,380
Applied Materials, Inc.			10,500		156,555
Atmel Corp.	*		150,175		1,103,786
KLA-Tencor Corp.			42,100		2,346,233
Lam Research Corp.	*		109,925		4,874,074
Micron Technology, Inc.	*		148,925		2,134,095
NXP Semiconductor NV (Netherlands)	*		83,375		2,582,958
Skyworks Solutions, Inc.	*		90,475		1,980,498
					18,467,579
Software—1.2%
Autodesk, Inc.	*		33,700		1,143,778
Open Text Corp. (Canada)			34,400		2,355,368
Synopsys, Inc.	*		36,900		1,319,175
					4,818,321
Specialty Retail—1.5%
Aaron’s, Inc.			15,600		436,956
Abercrombie & Fitch Co., Class A			28,675		1,297,544
Bed Bath & Beyond, Inc.	*		37,400		2,651,660
GNC Holdings, Inc., Class A			20,425		902,989

		Shares		Value
Staples, Inc.			69,725	$	1,105,838
					6,394,987
Textiles, Apparel & Luxury Goods—0.6%
Coach, Inc.			46,200		2,637,558
Tobacco—0.4%
Lorillard, Inc.			39,125		1,708,980
TOTAL COMMON STOCKS
(Cost $323,593,010)					397,216,481
MONEY MARKET FUNDS—4.5%
Institutional Money Market Fund—4.5%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	¥
(Cost $18,741,669)			18,741,669		18,741,669
TOTAL INVESTMENTS—99.7%
(Cost $342,334,679)					415,958,150
Other assets less liabilities—0.3%					1,432,286
NET ASSETS—100.0%				$	417,390,436

Notes to the Schedule of Investments:

REIT	Real Estate Investment Trust
*	Non-income producing.
¥	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

161

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—97.0%
Aerospace & Defense—2.4%
B/E Aerospace, Inc.	*		10,357	$	653,319
DigitalGlobe, Inc.	*		102,262		3,171,145
Hexcel Corp.	*		18,200		619,710
Huntington Ingalls Industries, Inc.			11,100		626,928
L-3 Communications Holdings, Inc.			44,300		3,798,282
Rockwell Collins, Inc.			62,746		3,978,724
Spirit Aerosystems Holdings, Inc., Class A	*		30,731		660,102
Textron, Inc.			1,200		31,260
TransDigm Group, Inc.			53,274		8,351,765
Triumph Group, Inc.			49,524		3,919,824
					25,811,059
Air Freight & Logistics—1.0%
C.H. Robinson Worldwide, Inc.			11,522		648,804
Expeditors International of Washington, Inc.			17,559		667,417
FedEx Corp.			100,100		9,867,858
					11,184,079
Airlines—1.0%
Alaska Air Group, Inc.	*		11,800		613,600
Allegiant Travel Co.			29,492		3,125,857
Copa Holdings SA, Class A (Panama)			40,304		5,284,661
Delta Air Lines, Inc.	*		35,592		665,926
Southwest Airlines Co.			48,160		620,782
United Continental Holdings, Inc.	*		21,107		660,438
					10,971,264
Auto Components—1.1%
Allison Transmission Holdings, Inc.			28,442		656,441
BorgWarner, Inc.	*		91,666		7,897,026
Delphi Automotive plc (United Kingdom)			13,066		662,316
Gentex Corp.			29,044		669,464
Goodyear Tire & Rubber Co. (The)	*		43,752		668,968
Lear Corp.			10,500		634,830
Visteon Corp.	*		10,355		653,608
					11,842,653
Automobiles—0.2%
Harley-Davidson, Inc.			12,839		703,834
Tesla Motors, Inc.	*†		7,101		762,861
Thor Industries, Inc.			14,018		689,405
					2,156,100
Beverages—1.1%
Brown-Forman Corp., Class B			9,512		642,536
Coca-Cola Enterprises, Inc.			18,566		652,780
Constellation Brands, Inc., Class A	*		107,900		5,623,748
Dr. Pepper Snapple Group, Inc.			14,630		671,956

		Shares		Value
Monster Beverage Corp.	*		62,080	$	3,772,602
					11,363,622
Biotechnology—3.0%
Achillion Pharmaceuticals, Inc.	*		139,200		1,138,656
Alexion Pharmaceuticals, Inc.	*		7,291		672,522
Alkermes plc (Ireland)	*		71,400		2,047,752
Alnylam Pharmaceuticals, Inc.	*		54,600		1,693,146
Ariad Pharmaceuticals, Inc.	*		134,432		2,351,216
BioMarin Pharmaceutical, Inc.	*		57,968		3,234,035
Cepheid, Inc.	*		98,217		3,380,629
Cubist Pharmaceuticals, Inc.	*		82,262		3,973,254
Incyte Corp. Ltd.	*†		33,620		739,640
Isis Pharmaceuticals, Inc.	*		51,700		1,389,179
Medivation, Inc.	*		13,814		679,649
Myriad Genetics, Inc.	*		25,155		675,915
Onyx Pharmaceuticals, Inc.	*		50,865		4,416,099
Orexigen Therapeutics, Inc.	*		22,329		130,624
Pharmacyclics, Inc.	*		7,600		603,972
Quintiles Transnational Holdings, Inc.	*		13,800		587,328
Regeneron Pharmaceuticals, Inc.	*		200		44,976
Seattle Genetics, Inc.	*		20,300		638,638
Synageva BioPharma Corp.	*		13,100		550,200
Theravance, Inc.	*†		47,600		1,834,028
United Therapeutics Corp.	*		10,206		671,759
Vertex Pharmaceuticals, Inc.	*		8,709		695,588
					32,148,805
Building Products—0.9%
A.O. Smith Corp.			16,800		609,504
Armstrong World Industries, Inc.	*		13,659		652,764
Fortune Brands Home & Security, Inc.			125,307		4,854,393
Lennox International, Inc.			10,772		695,225
Masco Corp.			33,358		650,147
Owens Corning, Inc.	*		63,400		2,477,672
					9,939,705
Capital Markets—2.0%
Affiliated Managers Group, Inc.	*		26,209		4,296,703
Ameriprise Financial, Inc.			7,800		630,864
Artisan Partners Asset Management, Inc.	*		11,200		558,992
Bank of New York Mellon Corp. (The)			320,000		8,976,000
Carlyle Group LP (The)			109,000		2,801,300
Eaton Vance Corp.			16,510		620,611
Federated Investors, Inc., Class B	†		24,506		671,709
Lazard Ltd., Class A (Bermuda)			19,960		641,714
LPL Financial Holdings, Inc.			17,733		669,598
SEI Investments Co.			23,911		679,790
T. Rowe Price Group, Inc.			9,066		663,178
Waddell & Reed Financial, Inc., Class A			15,003		652,631
					21,863,090

See accompanying notes to financial statements

162

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Chemicals—2.5%
Airgas, Inc.			59,388	$	5,669,179
Albemarle Corp.			10,401		647,878
Celanese Corp., Series A			14,121		632,621
CF Industries Holdings, Inc.			200		34,300
Eastman Chemical Co.			9,114		638,071
Ecolab, Inc.			60,900		5,188,071
FMC Corp.			10,377		633,620
International Flavors & Fragrances, Inc.			8,441		634,426
Intrepid Potash, Inc.			1,800		34,290
Mosaic Co. (The)			71,600		3,852,796
NewMarket Corp.	†		2,449		643,009
PPG Industries, Inc.			200		29,282
Rockwood Holdings, Inc.			10,467		670,202
RPM International, Inc.			20,654		659,689
Scotts Miracle-Gro Co. (The), Class A	†		13,528		653,538
Sherwin-Williams Co. (The)			3,734		659,424
Sigma-Aldrich Corp.			7,967		640,228
Valspar Corp. (The)			10,006		647,088
W.R. Grace & Co.	*		37,560		3,156,542
Westlake Chemical Corp.			6,890		664,265
					26,388,519
Commercial Banks—0.4%
Signature Bank/New York	*		8,101		672,545
Texas Capital Bancshares, Inc.	*		73,400		3,256,024
					3,928,569
Commercial Services & Supplies—2.0%
Avery Dennison Corp.			14,700		628,572
Cintas Corp.			14,323		652,269
Clean Harbors, Inc.	*		169,258		8,552,607
Copart, Inc.	*		118,222		3,641,238
Covanta Holding Corp.			1,700		34,034
Iron Mountain, Inc.			23,910		636,245
KAR Auction Services, Inc.			27,800		635,786
Pitney Bowes, Inc.	†		45,760		671,757
R.R. Donnelley & Sons Co.			47,100		659,871
Rollins, Inc.			26,255		680,004
Stericycle, Inc.	*		36,206		3,998,229
Waste Connections, Inc.			16,228		667,620
					21,458,232
Communications Equipment—0.4%
EchoStar Corp., Class A	*		800		31,288
F5 Networks, Inc.	*		9,075		624,360
Harris Corp.			13,322		656,108
JDS Uniphase Corp.	*		43,700		628,406
Juniper Networks, Inc.	*		32,700		631,437
Motorola Solutions, Inc.			11,000		635,030
Palo Alto Networks, Inc.	*		15,560		656,010
Riverbed Technology, Inc.	*		40,648		632,483
					4,495,122
Computers & Peripherals—1.1%
3D Systems Corp.	*		14,100		618,990
Dell, Inc.			456,500		6,094,275
Diebold, Inc.			1,100		37,059
Fusion-io, Inc.	*†		2,100		29,904
NCR Corp.	*		19,960		658,480

		Shares		Value
NetApp, Inc.	*		17,264	$	652,234
SanDisk Corp.	*		10,400		635,440
Stratasys Ltd.	*		39,201		3,282,692
Western Digital Corp.			700		43,463
					12,052,537
Construction & Engineering—1.7%
ACS Actividades de Construccion y Servicios SA (Spain)			297,200		7,862,184
AECOM Technology Corp.	*		20,500		651,695
Chicago Bridge & Iron Co. NV (Netherlands)			11,022		657,573
Fluor Corp.			10,237		607,156
Quanta Services, Inc.	*		150,600		3,984,876
URS Corp.			99,000		4,674,780
					18,438,264
Construction Materials—0.8%
Cemex SAB de CV ADR (Mexico)	*		420,875		4,452,858
Eagle Materials, Inc.			9,300		616,311
Headwaters, Inc.	*		270,304		2,389,487
Martin Marietta Materials, Inc.			6,340		623,983
					8,082,639
Containers & Packaging—0.6%
AptarGroup, Inc.			12,032		664,287
Ball Corp.			14,449		600,211
Bemis Co., Inc.			15,900		622,326
Crown Holdings, Inc.	*		16,553		680,825
Greif, Inc., Class A			12,000		632,040
Owens-Illinois, Inc.	*		23,688		658,290
Packaging Corp. of America			13,351		653,665
Rock-Tenn Co., Class A			6,291		628,345
Sealed Air Corp.			26,100		625,095
Silgan Holdings, Inc.			13,838		649,832
					6,414,916
Distributors—0.7%
Genuine Parts Co.			8,422		657,506
LKQ Corp.	*		106,675		2,746,881
Pool Corp.			68,000		3,563,880
					6,968,267
Diversified Consumer Services—0.2%
Apollo Group, Inc., Class A	*		2,000		35,440
H&R Block, Inc.			23,450		650,737
ITT Educational Services, Inc.	*†		2,500		61,000
Service Corp. International			35,400		638,262
Weight Watchers International, Inc.	†		14,963		688,298
					2,073,737
Diversified Financial Services—2.0%
CBOE Holdings, Inc.			15,391		717,836
IntercontinentalExchange, Inc.	*†		58,335		10,369,629
Leucadia National Corp.			25,113		658,463
McGraw Hill Financial, Inc.			70,522		3,751,065
Moody’s Corp.			11,034		672,302
MSCI, Inc.	*		20,232		673,119

See accompanying notes to financial statements

163

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
NASDAQ OMX Group, Inc. (The)			137,700	$	4,515,183
					21,357,597
Diversified Telecommunication Services—1.5%
Intelsat SA (Luxembourg)	*		30,200		604,000
Level 3 Communications, Inc.	*		432,601		9,119,229
tw telecom inc.	*		197,233		5,550,137
Windstream Corp.	†		81,593		629,082
					15,902,448
Electric Utilities—0.1%
ITC Holdings Corp.			7,677		700,910
Electrical Equipment—0.7%
AMETEK, Inc.			97,490		4,123,827
Babcock & Wilcox Co. (The)			22,067		662,672
Eaton Corp. plc (Ireland)			600		39,486
General Cable Corp.			1,000		30,750
Hubbell, Inc., Class B			6,607		654,093
Polypore International, Inc.	*†		800		32,240
Rockwell Automation, Inc.			7,987		664,039
Roper Industries, Inc.			5,380		668,304
SolarCity Corp.	*		17,800		672,306
					7,547,717
Electronic Equipment, Instruments & Components—1.3%
Amphenol Corp., Class A			8,428		656,878
Dolby Laboratories, Inc., Class A	†		19,414		649,398
FEI Co.			47,224		3,446,880
FLIR Systems, Inc.			25,082		676,461
IPG Photonics Corp.	†		75,120		4,562,038
Jabil Circuit, Inc.			1,800		36,684
National Instruments Corp.			24,155		674,891
Trimble Navigation Ltd.	*		107,416		2,793,890
					13,497,120
Energy Equipment & Services—1.2%
Atwood Oceanics, Inc.	*		12,036		626,474
Cameron International Corp.	*		82,632		5,053,773
CARBO Ceramics, Inc.	†		400		26,972
Dresser-Rand Group, Inc.	*		11,005		660,080
Dril-Quip, Inc.	*		6,800		613,972
Ensco plc, Class A (United Kingdom)			47,800		2,778,136
Era Group, Inc.	*		5,500		143,825
FMC Technologies, Inc.	*		11,708		651,901
Helmerich & Payne, Inc.			600		37,470
Oceaneering International, Inc.			9,099		656,948
Oil States International, Inc.	*		400		37,056
RPC, Inc.	†		47,697		658,696
SEACOR Holdings, Inc.			400		33,220
Seadrill Ltd. (Bermuda)			15,700		639,618
					12,618,141
Food & Staples Retailing—0.2%
Fresh Market, Inc. (The)	*		13,460		669,231
Kroger Co. (The)			19,280		665,931
Safeway, Inc.			28,236		668,064
Whole Foods Market, Inc.			12,866		662,342
					2,665,568

		Shares		Value
Food Products—2.7%
Annie’s, Inc.	*†		81,275	$	3,473,694
Boulder Brands, Inc.	*		114,149		1,375,495
Campbell Soup Co.			15,206		681,077
ConAgra Foods, Inc.			18,400		642,712
Dean Foods Co.	*		1,800		18,036
Flowers Foods, Inc.			30,115		664,025
Green Mountain Coffee Roasters, Inc.	*†		37,534		2,817,302
Hershey Co. (The)			46,137		4,119,111
Hillshire Brands Co.			19,589		648,004
Hormel Foods Corp.			16,477		635,683
Ingredion, Inc.			9,947		652,722
J.M. Smucker Co. (The)			6,100		629,215
McCormick & Co., Inc. (Non-Voting Shares)			9,252		650,971
Mead Johnson Nutrition Co.			8,214		650,795
Mondelez International, Inc., Class A			298,300		8,510,499
Pinnacle Foods, Inc.			24,900		601,335
WhiteWave Foods Co., Class A	*†		158,577		2,576,876
					29,347,552
Gas Utilities—0.1%
ONEOK, Inc.			15,551		642,412
Questar Corp.			28,019		668,253
					1,310,665
Health Care Equipment & Supplies—1.7%
Boston Scientific Corp.	*		354,500		3,286,215
C.R. Bard, Inc.			5,901		641,321
Cooper Cos., Inc. (The)			5,461		650,132
DENTSPLY International, Inc.			16,130		660,685
Edwards Lifesciences Corp.	*		9,682		650,630
HeartWare International, Inc.	*		14,500		1,379,095
Hologic, Inc.	*		31,100		600,230
IDEXX Laboratories, Inc.	*		7,384		662,936
ResMed, Inc.	†		13,345		602,260
Sirona Dental Systems, Inc.	*		44,943		2,960,845
St. Jude Medical, Inc.			14,615		666,882
Thoratec Corp.	*		35,816		1,121,399
Varian Medical Systems, Inc.	*		9,540		643,473
Wright Medical Group, Inc.	*		102,729		2,692,527
Zimmer Holdings, Inc.			8,592		643,884
					17,862,514
Health Care Providers & Services—2.9%
AmerisourceBergen Corp.			11,862		662,256
Brookdale Senior Living, Inc.	*		23,500		621,340
Catamaran Corp.	*		97,086		4,730,030
Cigna Corp.			8,700		630,663
Community Health Systems, Inc.			13,500		632,880
DaVita HealthCare Partners, Inc.	*		104,312		12,600,890
HCA Holdings, Inc.			16,872		608,404
Health Management Associates, Inc., Class A	*		107,700		1,693,044
Henry Schein, Inc.	*		6,883		659,047
Laboratory Corp. of America Holdings	*		6,472		647,847
MEDNAX, Inc.	*		7,000		641,060

See accompanying notes to financial statements

164

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Patterson Cos., Inc.			17,825	$	670,220
Quest Diagnostics, Inc.			10,702		648,862
Team Health Holdings, Inc.	*		95,360		3,916,435
Tenet Healthcare Corp.	*		15,440		711,784
Universal Health Services, Inc., Class B			9,822		657,681
					30,732,443
Health Care Technology—0.2%
athenahealth, Inc.	*		13,065		1,106,867
Cerner Corp.	*		6,843		657,544
					1,764,411
Hotels, Restaurants & Leisure—2.1%
Apollo Global Management LLC, Class A			135,800		3,272,780
Bally Technologies, Inc.	*		11,839		667,957
Brinker International, Inc.			16,860		664,790
Burger King Worldwide, Inc.			30,800		600,908
Chipotle Mexican Grill, Inc.	*		1,738		633,240
Choice Hotels International, Inc.	†		16,096		638,850
Darden Restaurants, Inc.			13,157		664,165
Domino’s Pizza, Inc.			10,600		616,390
Dunkin’ Brands Group, Inc.			15,613		668,549
International Game Technology			41,294		690,023
Marriott International, Inc., Class A			16,271		656,860
Norwegian Cruise Line Holdings Ltd.	*		21,700		657,727
Panera Bread Co., Class A	*		25,862		4,808,780
Penn National Gaming, Inc.	*		600		31,716
SeaWorld Entertainment, Inc.			16,300		572,130
Six Flags Entertainment Corp.			16,400		576,624
Starwood Hotels & Resorts Worldwide, Inc.			10,738		678,534
Wyndham Worldwide Corp.			82,375		4,714,321
Wynn Resorts Ltd.			4,942		632,576
					22,446,920
Household Durables—0.5%
D.R. Horton, Inc.			1,400		29,792
Garmin Ltd. (Switzerland)	†		1,000		36,160
Jarden Corp.	*		14,334		627,113
Newell Rubbermaid, Inc.			23,700		622,125
NVR, Inc.	*		733		675,826
PulteGroup, Inc.	*		32,600		618,422
Taylor Morrison Home Corp., Class A	*		24,400		594,872
Tempur Sealy International, Inc.	*		15,593		684,533
Tupperware Brands Corp.			8,357		649,255
Whirlpool Corp.			5,400		617,544
					5,155,642
Household Products—0.4%
Church & Dwight Co., Inc.			66,648		4,112,848
Clorox Co. (The)			7,740		643,504
					4,756,352
Independent Power Producers & Energy Traders—0.1%
Calpine Corp.	*		29,200		619,916

		Shares		Value
Industrial Conglomerates—0.7%
Carlisle Cos., Inc.			10,050	$	626,215
Koninklijke Philips NV NYRS (Netherlands)			256,200		6,966,078
					7,592,293
Insurance—5.5%
Allied World Assurance Co. Holdings AG (Switzerland)			7,432		680,102
American Financial Group, Inc.			12,800		626,048
Aon plc (United Kingdom)			137,869		8,871,870
Arch Capital Group Ltd. (Bermuda)	*		12,946		665,554
Arthur J. Gallagher & Co.			15,054		657,709
Assured Guaranty Ltd. (Bermuda)			162,600		3,586,956
Axis Capital Holdings Ltd. (Bermuda)			113,600		5,200,608
Brown & Brown, Inc.			20,530		661,887
Endurance Specialty Holdings Ltd. (Bermuda)			13,155		676,825
Erie Indemnity Co., Class A			9,044		720,716
Fairfax Financial Holdings Ltd. (Canada)			19,400		7,567,940
Hanover Insurance Group, Inc. (The)			13,705		670,586
Loews Corp.			221,400		9,830,160
Progressive Corp. (The)			25,000		635,500
RenaissanceRe Holdings Ltd. (Bermuda)			113,000		9,807,270
Travelers Cos., Inc. (The)			87,000		6,953,040
Validus Holdings Ltd. (Bermuda)			18,366		663,380
					58,476,151
Internet & Catalog Retail—0.9%
Expedia, Inc.			59,243		3,563,466
Groupon, Inc.	*		82,585		701,973
HomeAway, Inc.	*		20,654		667,950
Liberty Interactive Corp., Series A	*		29,353		675,413
Liberty Ventures, Series A	*		7,833		665,883
Netflix, Inc.	*		13,773		2,907,343
TripAdvisor, Inc.	*		10,771		655,631
					9,837,659
Internet Software & Services—1.8%
Akamai Technologies, Inc.	*		16,028		681,991
Angie’s List, Inc.	*†		88,360		2,345,958
AOL, Inc.	*		800		29,184
Cornerstone OnDemand, Inc.	*		66,300		2,870,127
CoStar Group, Inc.	*		29,854		3,853,256
Equinix, Inc.	*		3,579		661,113
Gogo, Inc.	*		78,546		1,097,288
IAC/InterActiveCorp			13,762		654,521
LinkedIn Corp., Class A	*		3,833		683,424
MercadoLibre, Inc. (Argentina)	†		24,868		2,679,776
Pandora Media, Inc.	*†		43,373		798,063
Rackspace Hosting, Inc.	*		17,133		649,169
VeriSign, Inc.	*		14,531		648,954
Zillow, Inc., Class A	*†		29,207		1,644,354
					19,297,178

See accompanying notes to financial statements

165

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
IT Services—6.0%
Alliance Data Systems Corp.	*		79,811	$	14,448,185
Amdocs Ltd.			164,600		6,105,014
Booz Allen Hamilton Holding Corp.			36,100		627,418
Broadridge Financial Solutions, Inc.			24,931		662,666
DST Systems, Inc.			9,639		629,716
Fidelity National Information Services, Inc.			14,400		616,896
Fiserv, Inc.	*		7,735		676,116
FleetCor Technologies, Inc.	*		43,556		3,541,103
Gartner, Inc.	*		113,056		6,443,062
Genpact Ltd. (Bermuda)			33,779		649,908
Global Payments, Inc.			84,418		3,910,242
Jack Henry & Associates, Inc.			13,680		644,739
Lender Processing Services, Inc.			20,655		668,189
NeuStar, Inc., Class A	*		170,840		8,316,491
Paychex, Inc.			17,512		639,538
SAIC, Inc.			2,500		34,825
Teradata Corp.	*		65,332		3,281,626
Total System Services, Inc.			27,558		674,620
Vantiv, Inc., Class A	*		403,656		11,140,906
VeriFone Systems, Inc.	*		1,600		26,896
Western Union Co. (The)			39,403		674,185
					64,412,341
Leisure Equipment & Products—0.4%
Hasbro, Inc.			14,557		652,590
LeapFrog Enterprises, Inc.	*†		277,289		2,728,524
Mattel, Inc.			14,620		662,432
Polaris Industries, Inc.			6,914		656,830
					4,700,376
Life Sciences Tools & Services—1.1%
Agilent Technologies, Inc.			15,061		644,008
Bruker Corp.	*		218,487		3,528,565
Charles River Laboratories International, Inc.	*		15,499		635,924
Covance, Inc.	*		8,521		648,789
Illumina, Inc.	*†		49,803		3,727,256
Life Technologies Corp.	*		8,845		654,618
Mettler-Toledo International, Inc.	*		3,213		646,456
Techne Corp.			9,372		647,418
Waters Corp.	*		6,517		652,026
					11,785,060
Machinery—4.1%
Chart Industries, Inc.	*		34,965		3,289,857
Colfax Corp.	*		68,227		3,555,309
Crane Co.			10,700		641,144
Donaldson Co., Inc.			18,669		665,736
Dover Corp.			7,900		613,514
Flowserve Corp.			12,138		655,573
Graco, Inc.			76,287		4,822,101
Harsco Corp.			27,300		633,087
IDEX Corp.			12,759		686,562
Ingersoll-Rand plc (Ireland)			11,758		652,804
ITT Corp.			22,400		658,784
Joy Global, Inc.			600		29,118

		Shares		Value
Lincoln Electric Holdings, Inc.			11,592	$	663,874
Manitowoc Co., Inc. (The)			37,178		665,858
Navistar International Corp.	*		22,700		630,152
Nordson Corp.			106,898		7,409,100
PACCAR, Inc.			12,351		662,755
Pall Corp.			41,413		2,751,066
Parker Hannifin Corp.			400		38,160
Proto Labs, Inc.	*		6,700		435,299
Snap-on, Inc.			7,318		654,083
SPX Corp.			400		28,792
Stanley Black & Decker, Inc.			8,100		626,130
Timken Co.			600		33,768
Toro Co. (The)			14,145		642,324
Valmont Industries, Inc.			4,710		673,954
WABCO Holdings, Inc.	*		72,095		5,384,776
Wabtec Corp.			95,206		5,086,857
Xylem, Inc.			24,981		672,988
					43,963,525
Marine—0.1%
Kirby Corp.	*		8,231		654,694
Matson, Inc.			1,400		35,000
					689,694
Media—3.1%
AMC Networks, Inc., Class A	*		81,343		5,320,646
Cablevision Systems Corp., Class A			43,386		729,753
Charter Communications, Inc., Class A	*		5,415		670,648
Cinemark Holdings, Inc.			23,204		647,856
Clear Channel Outdoor Holdings, Inc., Class A	*		87,458		652,437
DIRECTV	*		148,570		9,154,883
Discovery Communications, Inc., Class A	*		8,695		671,341
Discovery Communications, Inc., Class C	*		91,500		6,373,890
DISH Network Corp., Class A			16,079		683,679
Interpublic Group of Cos., Inc. (The)			45,691		664,804
John Wiley & Sons, Inc., Class A			900		36,081
Lamar Advertising Co., Class A	*		15,295		663,803
Liberty Global plc, Series A, Class A (United Kingdom)	*		600		44,448
Liberty Global plc, Series C (United Kingdom)	*		200		13,578
Liberty Media Corp.	*		300		38,028
Lions Gate Entertainment Corp.	*		21,600		593,352
Madison Square Garden Co. (The), Class A	*		11,136		659,808
Morningstar, Inc.			8,588		666,257
National CineMedia, Inc.			126,600		2,138,274
Omnicom Group, Inc.			10,389		653,156
Regal Entertainment Group, Class A	†		38,416		687,646
Scripps Networks Interactive, Inc., Class A			9,745		650,576
Sirius XM Radio, Inc.	†		11,100		37,185
Starz, Class A	*		29,513		652,237
					33,104,366

See accompanying notes to financial statements

166

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Metals & Mining—0.5%
Allied Nevada Gold Corp.	*		2,400	$	15,552
Carpenter Technology Corp.			700		31,549
Compass Minerals International, Inc.			7,812		660,349
Molycorp, Inc.	*†		6,600		40,920
Reliance Steel & Aluminum Co.			44,475		2,915,781
Royal Gold, Inc.			13,812		581,209
Steel Dynamics, Inc.			2,200		32,802
Tahoe Resources, Inc.	*		39,408		557,623
					4,835,785
Multiline Retail—0.4%
Big Lots, Inc.	*		20,171		635,992
Dillard’s, Inc., Class A			7,600		622,972
Dollar General Corp.	*		12,820		646,513
Dollar Tree, Inc.	*		13,053		663,614
Family Dollar Stores, Inc.			10,384		647,027
Kohl’s Corp.			800		40,408
Macy’s, Inc.			13,907		667,536
Nordstrom, Inc.			11,087		664,555
					4,588,617
Office Electronics—0.1%
Zebra Technologies Corp., Class A	*		14,481		629,055
Oil, Gas & Consumable Fuels—5.4%
Cabot Oil & Gas Corp.			9,511		675,471
Cheniere Energy, Inc.	*		24,396		677,233
Chesapeake Energy Corp.			607,200		12,374,736
Cobalt International Energy, Inc.	*		24,216		643,419
Concho Resources, Inc.	*		7,568		633,593
CONSOL Energy, Inc.			250,300		6,783,130
Continental Resources, Inc.	*		7,813		672,387
CVR Energy, Inc.			12,500		592,500
Denbury Resources, Inc.	*		204,900		3,548,868
EQT Corp.			7,700		611,149
Golar LNG Ltd. (Bermuda)	†		1,000		31,890
Gulfport Energy Corp.	*		80,322		3,780,757
Kosmos Energy Ltd. (Bermuda)	*		60,412		613,786
Laredo Petroleum Holdings, Inc.	*		32,044		658,825
Murphy Oil Corp.			129,400		7,879,166
Noble Energy, Inc.			10,880		653,235
Oasis Petroleum, Inc.	*		66,000		2,565,420
PBF Energy, Inc.	†		900		23,310
PDC Energy, Inc.	*		49,313		2,538,633
Pioneer Natural Resources Co.			4,477		648,046
QEP Resources, Inc.			21,700		602,826
Range Resources Corp.			8,337		644,617
SM Energy Co.			10,634		637,827
Southwestern Energy Co.	*		122,365		4,469,993
Whiting Petroleum Corp.	*		100,035		4,610,613
World Fuel Services Corp.			16,430		656,871
					58,228,301

		Shares		Value
Paper & Forest Products—0.1%
International Paper Co.			14,000	$	620,340
Personal Products—0.2%
Avon Products, Inc.			31,158		655,253
Coty, Inc., Class A	*		37,300		640,814
Herbalife Ltd. (Cayman Islands)	†		14,402		650,106
Nu Skin Enterprises, Inc., Class A			11,159		682,038
					2,628,211
Pharmaceuticals—1.1%
Actavis, Inc.	*		5,421		684,239
Endo Health Solutions, Inc.	*		17,279		635,694
Jazz Pharmaceuticals plc (Ireland)	*		9,100		625,443
Mylan, Inc.	*		21,119		655,322
Perrigo Co.			5,413		654,973
Salix Pharmaceuticals Ltd.	*		76,359		5,051,148
Santarus, Inc.	*		103,375		2,176,044
Warner Chilcott plc, Class A (Ireland)			34,292		681,725
Zoetis, Inc.			20,400		630,156
					11,794,744
Professional Services—2.7%
Advisory Board Co. (The)	*		72,030		3,936,440
Dun & Bradstreet Corp. (The)			6,838		666,363
Equifax, Inc.			72,357		4,263,998
IHS, Inc., Class A	*		40,130		4,188,769
Nielsen Holdings NV			238,207		8,001,373
Robert Half International, Inc.			19,812		658,353
Towers Watson & Co., Class A			35,100		2,876,094
Verisk Analytics, Inc., Class A	*		79,692		4,757,612
					29,349,002
Real Estate Investment Trusts (REITs)—1.1%
American Campus Communities, Inc. REIT			800		32,528
Apartment Investment & Management Co., Class A REIT			22,257		668,600
Boston Properties, Inc. REIT			6,323		666,887
BRE Properties, Inc. REIT			700		35,014
Camden Property Trust REIT			500		34,570
CBL & Associates Properties, Inc. REIT			29,200		625,464
Corrections Corp. of America REIT			18,600		629,982
Digital Realty Trust, Inc. REIT	†		11,073		675,453
Equity Lifestyle Properties, Inc. REIT			8,880		697,879
Essex Property Trust, Inc. REIT			200		31,784
Extra Space Storage, Inc. REIT			15,481		649,118
Federal Realty Investment Trust REIT			6,325		655,776
HCP, Inc. REIT			600		27,264
Home Properties, Inc. REIT			600		39,222
Kilroy Realty Corp. REIT			600		31,806
Mid-America Apartment Communities, Inc. REIT			500		33,885

See accompanying notes to financial statements

167

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Omega Healthcare Investors, Inc. REIT			20,800	$	645,216
Plum Creek Timber Co., Inc. REIT			14,220		663,648
Post Properties, Inc. REIT			700		34,643
Rayonier, Inc. REIT			12,348		683,956
Regency Centers Corp. REIT			13,879		705,192
Senior Housing Properties Trust REIT			24,800		643,064
Tanger Factory Outlet Centers, Inc. REIT			19,033		636,844
Taubman Centers, Inc. REIT			8,834		663,875
Ventas, Inc. REIT			9,400		652,924
Vornado Realty Trust REIT			7,800		646,230
Weyerhaeuser Co. REIT			23,504		669,629
					12,180,453
Real Estate Management & Development—0.6%
Alexander & Baldwin, Inc.	*		1,000		39,750
CBRE Group, Inc., Class A	*		194,091		4,533,966
Realogy Holdings Corp.	*		13,900		667,756
St. Joe Co. (The)	*†		31,970		672,968
					5,914,440
Road & Rail—2.1%
AMERCO			3,700		599,030
Avis Budget Group, Inc.	*		21,800		626,750
Con-way, Inc.			16,815		655,112
Genesee & Wyoming, Inc., Class A	*		7,300		619,332
Hertz Global Holdings, Inc.	*		398,541		9,883,817
J.B. Hunt Transport Services, Inc.			9,204		664,897
Kansas City Southern			78,923		8,362,681
Landstar System, Inc.			12,527		645,141
Old Dominion Freight Line, Inc.	*		14,500		603,490
					22,660,250
Semiconductors & Semiconductor Equipment—2.1%
Advanced Micro Devices, Inc.	*†		166,805		680,564
Altera Corp.			89,643		2,957,323
Analog Devices, Inc.			14,545		655,398
Applied Materials, Inc.			40,700		606,837
ASML Holding NV NYRS (Netherlands)			43,400		3,432,940
Atmel Corp.	*		88,309		649,071
Avago Technologies Ltd. (Singapore)			17,389		650,001
Cavium, Inc.	*		69,100		2,444,067
Cree, Inc.	*		10,000		638,600
Cypress Semiconductor Corp.	*†		3,100		33,263
Freescale Semiconductor Ltd.	*†		45,862		621,430
Lam Research Corp.	*		14,474		641,777
Linear Technology Corp.			17,938		660,836
LSI Corp.	*		92,542		660,750
Maxim Integrated Products, Inc.			139,279		3,869,171
Microchip Technology, Inc.			17,571		654,520
ON Semiconductor Corp.	*		78,500		634,280
Silicon Laboratories, Inc.	*		15,574		644,919
Skyworks Solutions, Inc.	*		30,397		665,390
Teradyne, Inc.	*		2,100		36,897

		Shares		Value
Xilinx, Inc.			16,566	$	656,179
					22,494,213
Software—5.1%
ACI Worldwide, Inc.	*		75,363		3,502,872
ANSYS, Inc.	*		8,907		651,102
Aspen Technology, Inc.	*		133,599		3,846,315
Autodesk, Inc.	*		18,748		636,307
BMC Software, Inc.	*		14,730		664,912
BroadSoft, Inc.	*		82,371		2,273,440
CA, Inc.			1,400		40,082
Cadence Design Systems, Inc.	*		45,154		653,830
Check Point Software Technologies Ltd. (Israel)	*		47,000		2,334,960
Citrix Systems, Inc.	*		66,303		4,000,060
CommVault Systems, Inc.	*		65,645		4,981,799
Compuware Corp.			2,800		28,980
Concur Technologies, Inc.	*†		8,489		690,835
Electronic Arts, Inc.	*		28,000		643,160
FactSet Research Systems, Inc.	†		6,452		657,717
Fortinet, Inc.	*		36,847		644,822
Guidewire Software, Inc.	*		86,000		3,616,300
Informatica Corp.	*		96,401		3,372,107
Intuit, Inc.			11,190		682,926
MICROS Systems, Inc.	*		15,074		650,443
NetSuite, Inc.	*		7,601		697,316
Nuance Communications, Inc.	*		1,700		31,246
Red Hat, Inc.	*		13,666		653,508
Rovi Corp.	*		27,582		629,973
ServiceNow, Inc.	*		94,690		3,824,529
SolarWinds, Inc.	*		93,381		3,624,117
Solera Holdings, Inc.			73,391		4,084,209
Splunk, Inc.	*		75,464		3,498,511
Symantec Corp.			27,847		625,722
Synopsys, Inc.	*		1,000		35,750
Tableau Software, Inc., Class A	*		11,100		615,162
TIBCO Software, Inc.	*		30,901		661,281
Workday, Inc., Class A	*		10,300		660,127
Zynga, Inc., Class A	*		10,200		28,356
					54,242,776
Specialty Retail—5.7%
Aaron’s, Inc.			22,925		642,129
Abercrombie & Fitch Co., Class A			13,400		606,350
Advance Auto Parts, Inc.			8,234		668,354
American Eagle Outfitters, Inc.			36,508		666,636
Ascena Retail Group, Inc.	*		37,231		649,681
AutoNation, Inc.	*		15,497		672,415
AutoZone, Inc.	*		1,570		665,193
Bed Bath & Beyond, Inc.	*		9,215		653,343
Best Buy Co., Inc.			22,900		625,857
Cabela’s, Inc.	*		9,200		595,792
CarMax, Inc.	*		14,574		672,736
Chico’s FAS, Inc.			208,047		3,549,282
Dick’s Sporting Goods, Inc.			13,003		650,930
DSW, Inc., Class A			58,191		4,275,293
Finish Line, Inc. (The), Class A			93,457		2,042,970
Foot Locker, Inc.			110,300		3,874,839
Gap, Inc. (The)			15,850		661,420

See accompanying notes to financial statements

168

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
GNC Holdings, Inc., Class A			217,101	$	9,598,035
L Brands, Inc.			12,727		626,805
Lumber Liquidators Holdings, Inc.	*		33,600		2,616,432
O’Reilly Automotive, Inc.	*		57,835		6,513,378
PetSmart, Inc.			9,550		639,755
Restoration Hardware Holdings, Inc.	*		33,976		2,548,200
Ross Stores, Inc.			10,125		656,201
Sally Beauty Holdings, Inc.	*		164,254		5,108,299
Signet Jewelers Ltd. (Bermuda)			9,200		620,356
Tiffany & Co.			43,194		3,146,251
Tractor Supply Co.			39,687		4,667,588
Ulta Salon Cosmetics & Fragrance, Inc.	*		7,006		701,721
Urban Outfitters, Inc.	*		16,323		656,511
Williams-Sonoma, Inc.			11,912		665,762
					60,938,514
Textiles, Apparel & Luxury Goods—2.2%
Carter’s, Inc.			9,075		672,185
Coach, Inc.			10,800		616,572
Deckers Outdoor Corp.	*		13,225		667,995
Fossil Group, Inc.	*		6,422		663,457
Hanesbrands, Inc.			89,416		4,597,771
Michael Kors Holdings Ltd. (Hong Kong)	*		10,923		677,444
Movado Group, Inc.			60,700		2,053,481
PVH Corp.			61,289		7,664,189
Ralph Lauren Corp.			3,840		667,162
Under Armour, Inc., Class A	*		77,552		4,630,630
V.F. Corp.			3,513		678,220
					23,589,106
Thrifts & Mortgage Finance—0.1%
Nationstar Mortgage Holdings, Inc.	*		16,500		617,760
Ocwen Financial Corp.	*		14,800		610,056
People’s United Financial, Inc.			2,600		38,740
					1,266,556
Tobacco—0.1%
Lorillard, Inc.			14,855		648,866
Trading Companies & Distributors—1.2%
Fastenal Co.			14,313		656,251
MRC Global, Inc.	*		173,777		4,799,721
MSC Industrial Direct Co., Inc., Class A			7,992		619,060
United Rentals, Inc.	*		71,768		3,581,941
W.W. Grainger, Inc.			14,482		3,652,071
					13,309,044
Water Utilities—0.1%
Aqua America, Inc.			21,716		679,494
Wireless Telecommunication Services—1.6%
Clearwire Corp., Class A	*		121,000		602,580
Crown Castle International Corp.	*		9,708		702,762

		Shares		Value
SBA Communications Corp., Class A	*		219,640	$	16,279,717
					17,585,059
TOTAL COMMON STOCKS
(Cost $869,905,290)					1,037,908,564
MONEY MARKET FUNDS—7.7%
Institutional Money Market Funds—7.7%
Dreyfus Institutional Cash Advantage Fund, 0.04%	††¥		7,300,000		7,300,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	¥		37,468,817		37,468,817
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	††¥		8,737,391		8,737,391
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.08%	††¥		7,300,000		7,300,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.09%	††¥		7,300,000		7,300,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.10%	††¥		7,300,000		7,300,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		7,300,000		7,300,000
TOTAL MONEY MARKET FUNDS
(Cost $82,706,208)					82,706,208
TOTAL INVESTMENTS—104.7%
(Cost $952,611,498)					1,120,614,772
Other assets less liabilities—(4.7%)					(49,908,006	)
NET ASSETS—100.0%				$	1,070,706,766

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

169

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Discovery Fund		Shares		Value
COMMON STOCKS—47.9%
Aerospace & Defense—1.4%
Astronics Corp.	*		35,500	$	1,450,885
Astronics Corp., Class B	*		6,375		259,144
DigitalGlobe, Inc.	*		46,495		1,441,810
					3,151,839
Auto Components—0.6%
Standard Motor Products, Inc.			38,277		1,314,432
Automobiles—0.3%
Tesla Motors, Inc.	*†		5,800		623,094
Biotechnology—2.7%
Arena Pharmaceuticals, Inc.	*†		179,658		1,383,367
Incyte Corp. Ltd.	*		62,400		1,372,800
Ironwood Pharmaceuticals, Inc.	*		88,600		881,570
NPS Pharmaceuticals, Inc.	*		117,500		1,774,250
Rigel Pharmaceuticals, Inc.	*		235,000		784,900
					6,196,887
Capital Markets—0.6%
Fifth Street Finance Corp.			124,300		1,298,935
Chemicals—1.2%
ADA-ES, Inc.	*		39,800		1,676,376
LSB Industries, Inc.	*		39,400		1,198,154
					2,874,530
Commercial Banks—0.6%
Hudson Valley Holding Corp.			88,589		1,504,241
Commercial Services & Supplies—0.5%
Performant Financial Corp.	*		104,600		1,212,314
Communications Equipment—3.8%
ARRIS Group, Inc.	*		98,400		1,412,040
Emulex Corp.	*		195,400		1,274,008
Extreme Networks, Inc.	*		333,500		1,150,575
Mitel Networks Corp. (Canada)	*		420,470		1,614,605
NETGEAR, Inc.	*		47,100		1,438,434
Parkervision, Inc.	*†		404,640		1,841,112
					8,730,774
Construction & Engineering—1.1%
EMCOR Group, Inc.			30,500		1,239,825
Michael Baker Corp.			48,300		1,309,413
					2,549,238
Consumer Finance—1.1%
DFC Global Corp.	*		77,800		1,074,418
Regional Management Corp.	*		60,699		1,517,475
					2,591,893
Containers & Packaging—0.1%
Myers Industries, Inc.			17,400		261,174
Diversified Consumer Services—0.6%
Steiner Leisure Ltd. (Bahamas)	*		28,000		1,480,080
Electric Utilities—1.3%
ALLETE, Inc.			21,000		1,046,850
UNS Energy Corp.			21,900		979,587

		Shares		Value
Westar Energy, Inc.		29,700	$	949,212
				2,975,649
Electronic Equipment, Instruments & Components—0.5%
TTM Technologies, Inc.	*	131,700		1,106,280
Energy Equipment & Services—0.7%
C&J Energy Services, Inc.	*	6,000		116,220
C&J Energy Services, Inc.	*^‡	76,100		1,474,057
				1,590,277
Food Products—0.6%
Darling International, Inc.	*	75,200		1,403,232
Health Care Equipment & Supplies—2.7%
Globus Medical, Inc., Class A	*†	110,443		1,862,069
Greatbatch, Inc.	*	41,400		1,357,506
ICU Medical, Inc.	*	18,000		1,297,080
Orthofix International NV (Netherlands Antilles)	*	45,800		1,232,020
PhotoMedex, Inc.	*†	38,950		620,863
				6,369,538
Health Care Providers & Services—1.7%
Amsurg Corp.	*	29,200		1,024,920
Ensign Group, Inc. (The)		35,800		1,260,876
LHC Group, Inc.	*	18,900		370,062
MEDNAX, Inc.	*	13,100		1,199,698
				3,855,556
Hotels, Restaurants & Leisure—1.9%
Del Frisco’s Restaurant Group, Inc.	*	79,000		1,691,390
Ignite Restaurant Group, Inc.	*	75,000		1,415,250
Red Robin Gourmet Burgers, Inc.	*	25,500		1,407,090
				4,513,730
Industrial Conglomerates—0.5%
Carlisle Cos., Inc.		18,900		1,177,659
Leisure Equipment & Products—0.8%
LeapFrog Enterprises, Inc.	*†	186,500		1,835,160
Machinery—2.6%
Altra Holdings, Inc.		47,900		1,311,502
John Bean Technologies Corp.		47,700		1,002,177
Luxfer Holdings plc ADR (United Kingdom)		78,692		1,247,268
Titan International, Inc.		59,700		1,007,139
Wabash National Corp.	*	138,200		1,406,876
				5,974,962
Metals & Mining—0.7%
New Gold, Inc. (Canada)	*†	153,800		987,396
Romarco Minerals, Inc. (Canada)	*	916,150		409,423
Universal Stainless & Alloy Products, Inc.	*	8,200		241,736
				1,638,555
Oil, Gas & Consumable Fuels—3.2%
BPZ Resources, Inc.	*†	979,000		1,752,410
Diamondback Energy, Inc.	*	42,100		1,402,772
EPL Oil & Gas, Inc.	*	49,000		1,438,640

See accompanying notes to financial statements

170

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Discovery Fund		Shares		Value
COMMON STOCKS—(Continued)
Karoon Gas Australia Ltd. (Australia)	*		244,040	$	1,135,668
Synergy Resources Corp.	*		216,500		1,584,780
					7,314,270
Pharmaceuticals—0.5%
Medicines Co. (The)	*		35,700		1,098,132
Professional Services—0.7%
RPX Corp.	*		97,400		1,636,320
Real Estate Investment Trusts (REITs)—3.6%
Armada Hoffler Properties, Inc. REIT			112,500		1,325,250
Capstead Mortgage Corp. REIT			77,200		934,120
Gladstone Commercial Corp. REIT			57,400		1,069,936
Medical Properties Trust, Inc. REIT			84,900		1,215,768
Pebblebrook Hotel Trust REIT			47,500		1,227,875
STAG Industrial, Inc. REIT			60,100		1,198,995
Summit Hotel Properties, Inc. REIT			135,900		1,284,255
					8,256,199
Road & Rail—0.3%
Quality Distribution, Inc.	*		85,400		754,936
Software—2.7%
Actuate Corp.	*		227,000		1,507,280
Allot Communications Ltd. (Israel)	*		118,000		1,617,780
Ebix, Inc.	†		124,000		1,148,240
Netscout Systems, Inc.	*		41,900		977,946
SeaChange International, Inc.	*		95,593		1,119,394
					6,370,640
Specialty Retail—2.5%
Cato Corp. (The), Class A			58,100		1,450,176
Destination Maternity Corp.			59,900		1,473,540
Finish Line, Inc. (The), Class A			74,700		1,632,942
Shoe Carnival, Inc.			56,250		1,350,562
					5,907,220
Textiles, Apparel & Luxury Goods—0.6%
Skechers U.S.A., Inc., Class A	*		56,500		1,356,565
Thrifts & Mortgage Finance—2.7%
EverBank Financial Corp.			98,900		1,637,784
Flushing Financial Corp.			80,917		1,331,085
Home Loan Servicing Solutions Ltd. (Cayman Islands)			77,000		1,845,690
WSFS Financial Corp.			29,700		1,555,983
					6,370,542
Trading Companies & Distributors—2.5%
CAI International, Inc.	*		64,400		1,517,908
Cervus Equipment Corp. (Canada)			4,900		92,763
H&E Equipment Services, Inc.			67,845		1,429,494
TAL International Group, Inc.	*		33,653		1,466,262

				Shares		Value
Textainer Group Holdings Ltd. (Bermuda)		†		36,000	$	1,383,840
						5,890,267
TOTAL COMMON STOCKS
(Cost $89,890,663)						111,185,120
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—25.5%
Aerospace & Defense—0.2%
United Technologies Corp.
0.775%	06/01/2015	#	$	545,000		548,540
Auto Components—0.1%
Johnson Controls, Inc.
0.683%	02/04/2014	#		290,000		290,395
Beverages—0.7%
Coca-Cola Enterprises, Inc.
1.125%	11/12/2013			530,000		531,189
PepsiCo, Inc.
0.700%	08/13/2015			1,000,000		1,000,268
						1,531,457
Biotechnology—0.2%
Amgen, Inc.
1.875%	11/15/2014			330,000		335,096
Gilead Sciences, Inc.
2.400%	12/01/2014			140,000		143,162
						478,258
Building Products—0.1%
Masco Corp.
4.800%	06/15/2015			165,000		169,950
Capital Markets—1.7%
Bank of New York Mellon Corp. (The) MTN
2.500%	01/15/2016			525,000		543,455
1.200%	02/20/2015			100,000		100,850
E*TRADE Financial Corp.
6.000%	11/15/2017			190,000		192,850
Goldman Sachs Group, Inc. (The)
1.273%	02/07/2014	#		570,000		571,570
ING Bank NV (Netherlands)
3.750%	03/07/2017	^		500,000		523,769
Morgan Stanley
1.556%	04/25/2018	#		620,000		608,781
1.523%	02/25/2016	#		450,000		449,021
Nomura Holdings, Inc. MTN (Japan)
1.722%	09/13/2016	#		500,000		499,773
TD Ameritrade Holding Corp.
4.150%	12/01/2014			410,000		429,427
						3,919,496
Chemicals—0.2%
Ashland, Inc.
3.000%	03/15/2016	^		400,000		404,000
Ecolab, Inc.
2.375%	12/08/2014			110,000		112,226
						516,226

See accompanying notes to financial statements

171

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Commercial Banks—3.0%
Australia & New Zealand Banking Group Ltd. (Australia)
0.835%	05/15/2018	#†	$	580,000	$	578,204
Banco Bradesco SA (Brazil)
2.374%	05/16/2014	#^		300,000		302,856
Bank of Ceylon (Sri Lanka)
6.875%	05/03/2017	^		200,000		202,750
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan)
0.723%	02/26/2016	#^		480,000		481,074
BB&T Corp. MTN
3.375%	09/25/2013			200,000		201,326
1.600%	08/15/2017			150,000		146,837
CIT Group, Inc.
4.750%	02/15/2015	^		270,000		275,063
Credit Agricole SA/London (France)
1.438%	04/15/2016	#^		440,000		442,224
Discover Bank
2.000%	02/21/2018			650,000		629,812
HSBC Bank plc (United Kingdom)
0.915%	05/15/2018	#^		560,000		560,663
KeyBank NA, Bank Note
4.950%	09/15/2015			200,000		215,564
KeyCorp MTN
3.750%	08/13/2015			230,000		242,350
Regions Financial Corp.
2.000%	05/15/2018			370,000		350,165
Royal Bank of Scotland Group plc (United Kingdom)
2.550%	09/18/2015			695,000		707,026
US Bancorp
4.200%	05/15/2014			500,000		516,391
US Bank NA, Bank Note
0.557%	10/14/2014	#		400,000		400,843
Wachovia Bank NA, Bank Note
4.800%	11/01/2014			545,000		573,825
Wells Fargo & Co.
0.906%	04/23/2018	#		170,000		169,323
						6,996,296
Communications Equipment—0.1%
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%	12/15/2017			130,000		128,069
Computers & Peripherals—0.6%
Apple, Inc.
1.000%	05/03/2018			280,000		269,199
0.523%	05/03/2018	#		575,000		573,218
0.450%	05/03/2016			250,000		247,489
Hewlett-Packard Co.
1.823%	09/19/2014	#		300,000		302,974
						1,392,880
Consumer Finance—2.7%
Ally Financial, Inc.
4.625%	06/26/2015			480,000		492,247
American Express Co.
0.863%	05/22/2018	#		590,000		589,936
American Express Credit Corp. MTN
5.125%	08/25/2014			300,000		314,512
1.750%	06/12/2015			100,000		101,405
Capital One Financial Corp.
2.125%	07/15/2014			340,000		344,073

Coupon Rate	Maturity Date			Face		Value
Caterpillar Financial Services Corp.
0.700%	11/06/2015		$	150,000	$	149,766
Caterpillar Financial Services Corp. MTN
1.375%	05/20/2014			360,000		363,098
Ford Motor Credit Co. LLC
3.875%	01/15/2015			470,000		484,630
1.525%	05/09/2016	#		280,000		282,154
General Motors Financial Co., Inc.
4.750%	08/15/2017	^		350,000		360,500
2.750%	05/15/2016	^		200,000		197,125
International Lease Finance Corp.
6.500%	09/01/2014	^		200,000		209,000
4.875%	04/01/2015			210,000		214,200
2.224%	06/15/2016	#		560,000		558,600
John Deere Capital Corp.
0.700%	09/04/2015			280,000		279,656
John Deere Capital Corp. MTN
1.600%	03/03/2014			270,000		272,239
PACCAR Financial Corp. MTN
1.550%	09/29/2014			210,000		212,596
1.050%	06/05/2015			90,000		90,657
RCI Banque SA (France)
2.148%	04/11/2014	#^		800,000		801,808
						6,318,202
Diversified Financial Services—3.1%
Bank of America Corp.
3.700%	09/01/2015			425,000		443,257
Bank of America Corp. MTN
1.343%	03/22/2018	#		590,000		584,513
1.250%	01/11/2016			190,000		187,484
Bank of America Corp., Series 1
3.750%	07/12/2016			130,000		136,374
Citigroup, Inc.
6.000%	12/13/2013			175,000		179,085
4.450%	01/10/2017			225,000		241,125
2.250%	08/07/2015			500,000		508,664
1.064%	04/01/2016	#		540,000		541,688
ERAC USA Finance LLC
2.250%	01/10/2014	^		400,000		403,048
General Electric Capital Corp.
5.900%	05/13/2014			260,000		272,335
2.150%	01/09/2015			240,000		244,812
1.625%	07/02/2015			400,000		404,874
General Electric Capital Corp. MTN
0.910%	04/07/2014	#		300,000		301,380
General Electric Capital Corp., Series A
3.750%	11/14/2014			390,000		405,425
Harley-Davidson Financial Services, Inc.
1.150%	09/15/2015	^		160,000		159,802
JPMorgan Chase & Co.
1.176%	01/25/2018	#		280,000		279,694
JPMorgan Chase & Co. MTN
1.875%	03/20/2015			105,000		106,275
1.100%	10/15/2015			250,000		248,614
1.075%	01/24/2014	#		540,000		542,167
NASDAQ OMX Group, Inc. (The)
4.000%	01/15/2015			460,000		474,477
National Rural Utilities Cooperative Finance Corp.
1.125%	11/01/2013			215,000		215,445
1.000%	02/02/2015			200,000		201,044
						7,081,582
Diversified Telecommunication Services—0.9%
AT&T, Inc.
0.875%	02/13/2015			780,000		780,720

See accompanying notes to financial statements

172

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Telecom Italia Capital SA (Luxembourg)
5.250%	11/15/2013		$	105,000	$	106,326
Verizon Communications, Inc.
0.700%	11/02/2015			210,000		208,710
0.474%	03/06/2015	#^		300,000		299,628
Vivendi SA (France)
2.400%	04/10/2015	^		280,000		285,298
Windstream Corp.
8.125%	08/01/2013			70,000		70,367
7.875%	11/01/2017			340,000		374,850
						2,125,899
Electric Utilities—0.3%
Georgia Power Co.
0.750%	08/10/2015			500,000		499,301
NextEra Energy Capital Holdings, Inc.
1.611%	06/01/2014			180,000		181,517
1.200%	06/01/2015			80,000		80,443
						761,261
Electronic Equipment, Instruments & Components—0.2%
Tech Data Corp.
3.750%	09/21/2017			540,000		549,096
Food & Staples Retailing—0.4%
Kroger Co. (The)
2.200%	01/15/2017			500,000		502,412
Walgreen Co.
1.000%	03/13/2015			210,000		210,751
0.772%	03/13/2014	#		120,000		120,133
Wal-Mart Stores, Inc.
0.600%	04/11/2016			120,000		119,280
						952,576
Food Products—1.1%
BRF SA (Brazil)
7.750%	05/22/2018	^	BRL	1,200,000		467,878
ConAgra Foods, Inc.
1.350%	09/10/2015			70,000		70,517
1.300%	01/25/2016			110,000		110,251
General Mills, Inc.
5.250%	08/15/2013			750,000		754,280
0.875%	01/29/2016			90,000		89,535
0.576%	01/29/2016	#		90,000		89,945
Kellogg Co.
1.125%	05/15/2015			350,000		351,667
Kraft Foods Group, Inc.
1.625%	06/04/2015			150,000		151,671
Mondelez International, Inc.
5.250%	10/01/2013			140,000		141,650
Want Want China Finance Ltd. (Cayman Islands)
1.875%	05/14/2018	^		290,000		272,133
						2,499,527
Gas Utilities—0.2%
Sabine Pass LNG LP
7.500%	11/30/2016			370,000		400,062
Health Care Equipment & Supplies—0.3%
Baxter International, Inc.
0.950%	06/01/2016			110,000		109,562

Coupon Rate	Maturity Date			Face		Value
DENTSPLY International, Inc.
1.775%	08/15/2013	#	$	280,000	$	280,377
Stryker Corp.
3.000%	01/15/2015			300,000		310,705
						700,644
Health Care Providers & Services—0.7%
Express Scripts Holding Co., Series WI
2.750%	11/21/2014			500,000		511,172
HCA, Inc.
6.750%	07/15/2013			80,000		80,167
Quest Diagnostics, Inc.
1.123%	03/24/2014	#		160,000		160,643
UnitedHealth Group, Inc.
1.400%	10/15/2017			100,000		98,286
WellPoint, Inc.
2.375%	02/15/2017			465,000		469,464
1.250%	09/10/2015			190,000		190,420
						1,510,152
Hotels, Restaurants & Leisure—0.1%
McDonald’s Corp. MTN
0.750%	05/29/2015			190,000		190,513
Household Durables—0.0%
Lennar Corp.
4.750%	12/15/2017			100,000		100,500
Insurance—0.9%
Allstate Corp. (The)
6.200%	05/16/2014			300,000		314,579
American International Group, Inc.
2.375%	08/24/2015			150,000		152,445
MetLife, Inc.
2.375%	02/06/2014			190,000		192,109
Metropolitan Life Global Funding I
1.029%	01/10/2014	#^		700,000		702,565
New York Life Global Funding
0.542%	04/04/2014	#^		500,000		501,260
Principal Life Global Funding II
1.000%	12/11/2015	^		230,000		230,181
						2,093,139
Internet & Catalog Retail—0.2%
Amazon.com, Inc.
0.650%	11/27/2015	†		400,000		398,982
Internet Software & Services—0.2%
Baidu, Inc. (Cayman Islands)
2.250%	11/28/2017			200,000		195,058
eBay, Inc.
0.700%	07/15/2015			220,000		220,368
						415,426
IT Services—0.6%
Computer Sciences Corp.
2.500%	09/15/2015			100,000		102,008
Fidelity National Information Services, Inc.
2.000%	04/15/2018			150,000		144,937
International Business Machines Corp.
0.550%	02/06/2015			610,000		609,738
Total System Services, Inc.
2.375%	06/01/2018			530,000		514,078
						1,370,761

See accompanying notes to financial statements

173

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date				Face		Value
CORPORATE OBLIGATIONS—(Continued)
Life Sciences Tools & Services—0.2%
Howard Hughes Medical Institute
3.450%	09/01/2014			$	400,000	$	413,372
Machinery—0.1%
Case New Holland, Inc.
7.750%	09/01/2013				200,000		201,750
		��
Marine—0.1%
Far East Capital Ltd. SA (Luxembourg)
8.000%	05/02/2018		^		250,000		231,250
Media—0.3%
DISH DBS Corp.
4.625%	07/15/2017				245,000		247,450
NBCUniversal Enterprise, Inc.
0.965%	04/15/2018		#^		240,000		242,372
Viacom, Inc.
4.375%	09/15/2014				200,000		208,576
							698,398
Metals & Mining—0.6%
ArcelorMittal (Luxembourg)
4.250%	08/05/2015				350,000		354,812
FMG Resources August 2006 Pty Ltd. (Australia)
6.000%	04/01/2017		^†		280,000		273,700
Freeport-McMoRan Copper & Gold, Inc.
1.400%	02/13/2015				100,000		99,577
Xstrata Finance Canada Ltd. (Canada)
2.700%	10/25/2017		^		800,000		776,611
							1,504,700
Multiline Retail—0.3%
Target Corp.
0.447%	07/18/2014		#		700,000		701,184
Oil, Gas & Consumable Fuels—1.1%
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
1.125%	05/09/2016				250,000		246,121
ConocoPhillips
4.750%	02/01/2014				53,000		54,294
CONSOL Energy, Inc.
8.000%	04/01/2017				100,000		105,750
Enterprise Products Operating LLC
1.250%	08/13/2015				100,000		100,380
Marathon Oil Corp.
0.900%	11/01/2015				220,000		218,905
Murphy Oil Corp.
2.500%	12/01/2017				250,000		246,827
Phillips 66
1.950%	03/05/2015				230,000		233,662
Plains Exploration & Production Co.
6.500%	11/15/2020				260,000		275,966
Rockies Express Pipeline LLC
3.900%	04/15/2015		^		290,000		288,550
Sinopec Capital 2013 Ltd. (Virgin Islands, British)
1.250%	04/24/2016		^		250,000		247,475
Tesoro Corp.
4.250%	10/01/2017				260,000		267,800
WPX Energy, Inc.
5.250%	01/15/2017		†		355,000		365,650
							2,651,380

Coupon Rate	Maturity Date			Face		Value
Pharmaceuticals—0.9%
AbbVie, Inc.
1.750%	11/06/2017	^	$	520,000	$	509,982
1.200%	11/06/2015	^		520,000		520,871
Merck & Co., Inc.
0.634%	05/18/2018	#		470,000		469,659
Mylan, Inc.
1.800%	06/24/2016	^		80,000		79,200
Valeant Pharmaceuticals International
6.500%	07/15/2016	^		400,000		414,000
						1,993,712
Professional Services—0.0%
Equifax, Inc.
4.450%	12/01/2014			80,000		83,607
Real Estate Investment Trusts (REITs)—1.1%
Digital Realty Trust LP
4.500%	07/15/2015			550,000		577,274
HCP, Inc.
2.700%	02/01/2014			570,000		575,774
Health Care REIT, Inc.
6.000%	11/15/2013			370,000		377,013
3.625%	03/15/2016			375,000		393,464
Simon Property Group LP
4.200%	02/01/2015			90,000		93,781
Vornado Realty LP
4.250%	04/01/2015			470,000		489,478
						2,506,784
Road & Rail—0.4%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%	11/15/2017	^†		270,000		272,700
Kansas City Southern de Mexico SA de CV (Mexico)
2.350%	05/15/2020	^		230,000		222,865
Penske Truck Leasing Co. Lp/PTL Finance Corp.
3.125%	05/11/2015	^		300,000		310,130
2.500%	03/15/2016	^		230,000		234,104
						1,039,799
Semiconductors & Semiconductor Equipment—0.3%
Texas Instruments, Inc.
0.450%	08/03/2015			420,000		418,202
TSMC Global Ltd. (Virgin Islands, British)
1.625%	04/03/2018	^		200,000		192,770
						610,972
Software—0.5%
Autodesk, Inc.
1.950%	12/15/2017			150,000		146,498
Microsoft Corp.
2.950%	06/01/2014			500,000		512,198
Oracle Corp.
3.750%	07/08/2014			480,000		495,851
						1,154,547
Textiles, Apparel & Luxury Goods—0.1%
VF Corp.
1.024%	08/23/2013	#		300,000		300,354
Thrifts & Mortgage Finance—0.1%
Astoria Financial Corp.
5.000%	06/19/2017			240,000		252,438

See accompanying notes to financial statements

174

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Tobacco—0.0%
Reynolds American, Inc.
1.050%	10/30/2015		$	100,000	$	100,029
Trading Companies & Distributors—0.3%
Aviation Capital Group Corp.
4.625%	01/31/2018	^		160,000		157,676
Glencore Funding LLC
1.574%	01/15/2019	#^		600,000		558,381
						716,057
Wireless Telecommunication Services—0.3%
America Movil SAB de CV (Mexico)
3.625%	03/30/2015			130,000		134,824
SBA Communications Corp.
5.625%	10/01/2019	^		150,000		149,062
Softbank Corp. (Japan)
4.625%	04/15/2020	^		EUR 100,000		129,148
4.500%	04/15/2020	^		200,000		192,800
						605,834
TOTAL CORPORATE OBLIGATIONS
(Cost $59,061,835)						59,206,056
MORTGAGE-BACKED SECURITIES—2.9%
Commercial Mortgage-Backed Securities— 0.2%
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A1
1.600%	10/29/2020			333,894		338,703
Non-Agency Mortgage-Backed Securities— 2.2%
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%	04/25/2043	#^		590,729		562,844
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR3, Class A3
1.550%	05/25/2043	#^		289,195		283,467
GSAMP Trust, Series 2004-SEA2, Class M1
0.843%	03/25/2034	#		600,000		594,638
HarborView Mortgage Loan Trust, Series 2005-14, Class 3A1A
2.933%	12/19/2035	#		604,649		500,115
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%	04/25/2042	#		471,679		465,214
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%	02/25/2043	#		414,448		400,251
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%	04/25/2043	#		436,476		436,622
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%	12/25/2059	#^		337,530		339,386
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%	06/25/2058	#^		624,705		626,289
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.798%	03/25/2044	#		885,228		875,958
WaMu Mortgage Pass Through Certificates, Series 2006-AR12, Class 1A1
2.727%	10/25/2036	#		93,197		77,055
						5,161,839

Coupon Rate	Maturity Date			Face		Value
U.S. Government Agency Mortgage-Backed Securities—0.5%
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.643%	10/07/2020	#	$	527,435	$	530,072
National Credit Union Administration Guaranteed Notes, Series 2011-R6, Class 1A
0.573%	05/07/2020	#		683,115		684,102
						1,214,174
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $6,844,582)						6,714,716
CONVERTIBLE DEBT OBLIGATIONS—0.0%
Real Estate Management & Development—0.0%
Grubb & Ellis Co.
7.950%	05/01/2015	^‡D
(Cost $284,618)				299,000		1,196
U.S. TREASURY OBLIGATIONS—13.3%
U.S. Treasury Notes—13.3%
U.S. Treasury Note
0.500%	06/15/2016			625,000		622,412
0.375%	11/15/2014	‡‡		6,590,000		6,603,898
0.375%	06/30/2015- 03/15/2016			10,475,000		10,432,870
0.250%	02/15/2015- 05/31/2015			10,824,000		10,814,866
0.250%	05/15/2016	†		2,400,000		2,374,687
						30,848,733
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $30,863,072)						30,848,733
GOVERNMENT RELATED OBLIGATIONS—3.0%
U.S. Government Agencies—2.3%
Federal Home Loan Mortgage Corp.
1.000%	07/30/2014	‡‡		2,000,000		2,017,246
Federal National Mortgage Association
1.125%	06/27/2014			2,000,000		2,018,574
0.500%	03/30/2016			1,140,000		1,134,383
National Credit Union Administration Guaranteed Notes, Series A2
1.400%	06/12/2015			180,000		182,911
						5,353,114
Non-U.S. Government Agencies—0.2%
IPIC Ltd. MTN (Cayman Islands)
3.125%	11/15/2015	^		250,000		257,813
Petrobras International Finance Co. (Cayman Islands)
2.875%	02/06/2015			160,000		161,842
						419,655
Sovereign Debt—0.1%
Panama Government International Bond (Panama)
7.250%	03/15/2015			150,000		164,250
U.S. Municipal Bonds—0.4%
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds (Florida)
1.298%	07/01/2016			330,000		327,670

See accompanying notes to financial statements

175

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Discovery Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Missouri Higher Education Loan Authority, Series 2012-1, Class A1 (Missouri)
1.023%	01/26/2026	#	$	620,790	$	626,824
						954,494
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $6,844,415)						6,891,513
ASSET-BACKED SECURITIES—3.1%
Automobiles—1.6%
Ally Master Owner Trust Series 2013-2, Class A
0.642%	04/15/2018	#		600,000		597,406
Ally Master Owner Trust Series 2013-1, Class A1
0.642%	02/15/2018	#		500,000		498,091
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%	10/22/2018			120,000		117,846
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%	04/20/2018			120,000		118,590
Enterprise Fleet Financing LLC Series 2012-1, Class A2
1.140%	11/20/2017	^		838,975		840,002
Nissan Master Owner Trust Receivables Series 2013-A, Class A
0.493%	02/15/2018	#		1,250,000		1,244,227
World Omni Master Owner Trust Series 2013-1, Class A
0.542%	02/15/2018	#^		325,000		323,586
						3,739,748
Credit Card—0.6%
Discover Card Execution Note Trust Series 2012-A1, Class A1
0.810%	08/15/2017			600,000		601,267
GE Capital Credit Card Master Note Trust Series 2012-1, Class A
1.030%	01/15/2018			750,000		753,455
						1,354,722
Other—0.6%
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%	04/15/2018			760,720		761,528
Great America Leasing Receivables Series 2013-1, Class C
1.830%	06/17/2019	^		100,000		98,595
MMAF Equipment Finance LLC Series 2011-AA, Class A3
1.270%	09/15/2015	^		492,048		493,000
						1,353,123

Coupon Rate	Maturity Date			Face		Value
Student Loan—0.3%
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.543%	12/07/2020	#	$	868,042	$	870,472
TOTAL ASSET-BACKED SECURITIES
(Cost $7,324,453)						7,318,065
				Shares		Value
WARRANTS—0.0%
Food Products—0.0%
Kulim Malaysia Berhad (Malaysia), Expires 02/27/2016, Strike MYR 3.85		*
(Cost $—)				60,350		13,944
MONEY MARKET FUNDS—10.3%
Institutional Money Market Funds—10.3%
Dreyfus Institutional Cash Advantage Fund, 0.04%		††¥		2,500,000		2,500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%		¥		9,609,886		9,609,886
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%		††¥		1,899,847		1,899,847
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.08%		††¥		2,500,000		2,500,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.09%		††¥		2,500,000		2,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.10%		††¥		2,500,000		2,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%		††¥		2,500,000		2,500,000
TOTAL MONEY MARKET FUNDS
(Cost $24,009,733)						24,009,733
TOTAL INVESTMENTS—106.0%
(Cost $225,123,371)						246,189,076
Other assets less liabilities—(6.0%)						(13,956,430	)
NET ASSETS—100.0%					$	232,232,646

See accompanying notes to financial statements

176

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
BRL	Brazilian Real
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 $19,386,507, which represents 8.3% of Net Assets. The illiquid 144A securities represented 0.6% of Net Assets, and 7.6% 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.
D	Security in default.

See accompanying notes to financial statements

177

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—96.4%
Australia—4.3%
AMP Ltd.	†		824,771	$	3,189,725
Beach Energy Ltd.	†		1,313,200		1,349,267
Brambles Ltd.			220,700		1,879,949
Caltex Australia Ltd.			113,700		1,870,159
Coca-Cola Amatil Ltd.			345,000		3,997,194
Cochlear Ltd.			29,000		1,627,593
CSL Ltd.			119,800		6,729,949
FlexiGroup Ltd.	†		425,200		1,700,435
Insurance Australia Group Ltd.			548,700		2,723,582
Nufarm Ltd.			269,500		1,143,049
Oil Search Ltd.			121,800		857,847
QBE Insurance Group Ltd.			562,135		7,783,043
REA Group Ltd.			89,600		2,257,922
Sigma Pharmaceuticals Ltd.			3,377,400		2,429,436
Telstra Corp. Ltd.			531,400		2,310,247
Woodside Petroleum Ltd.			122,000		3,885,444
Woolworths Ltd.			210,900		6,317,858
					52,052,699
Austria—0.4%
ams AG			25,914		1,913,986
CA Immobilien Anlagen AG	*		121,499		1,398,773
OMV AG			43,300		1,953,312
					5,266,071
Belgium—1.6%
Ageas			81,800		2,870,232
Anheuser-Busch InBev NV			68,987		6,211,122
Colruyt SA			86,700		4,562,064
Solvay SA			12,000		1,571,270
Telenet Group Holding NV			21,795		999,383
ThromboGenics NV	*†		42,900		1,647,921
UCB SA			26,285		1,411,000
					19,272,992
Brazil—1.8%
Banco do Brasil SA			76,700		760,005
BM&FBovespa SA			120,700		664,260
CCR SA			194,400		1,548,161
Cia Brasileira de Distribuicao Grupo Pao de Acucar (Preference) ADR			14,700		668,262
Cia de Bebidas das Americas (Preference) ADR			39,200		1,464,120
Cia Hering			47,100		665,123
Cielo SA			106,140		2,660,932
CPFL Energia SA ADR			103,400		1,891,186
EcoRodovias Infraestrutura e Logistica SA			196,200		1,372,569
Itausa—Investimentos Itau SA	*		13,745		50,265
Itausa—Investimentos Itau SA (Preference)			358,937		1,328,711
Natura Cosmeticos SA			38,000		831,237
Petroleo Brasileiro SA ADR			48,200		706,612
Petroleo Brasileiro SA ADR			186,400		2,732,624
Petroleo Brasileiro SA (Preference)			173,700		1,264,985
Souza Cruz SA			48,600		600,489

		Shares		Value
Vale SA ADR			23,100	$	303,765
Vale SA ADR			18,700		245,905
Vale SA Preferred ADR			172,600		2,098,816
					21,858,027
Canada—3.0%
Agrium, Inc.			23,200		2,011,387
Alimentation Couche Tard, Inc., Class B			32,900		1,952,040
Allied Properties Real Estate Investment Trust REIT			72,100		2,194,467
BCE, Inc.			104,100		4,268,130
Canadian Pacific Railway Ltd.	†		34,310		4,164,548
CGI Group, Inc., Class A	*		80,300		2,351,659
Home Capital Group, Inc.			51,800		2,735,052
Husky Energy, Inc.			71,000		1,891,623
Nevsun Resources Ltd.			584,900		1,729,618
Norbord, Inc.			64,100		1,854,676
Suncor Energy, Inc.			193,500		5,703,623
Superior Plus Corp.			224,600		2,628,911
Trinidad Drilling Ltd.			163,000		1,196,501
Westjet Airlines Ltd.			98,800		2,160,692
					36,842,927
Chile—0.2%
Enersis SA ADR			154,000		2,519,440
China—2.3%
AAC Technologies Holdings, Inc.			167,000		936,949
Baidu, Inc. ADR	*		73,480		6,946,064
China Shenhua Energy Co. Ltd., H Shares			1,468,366		3,732,698
CNOOC Ltd.			3,027,000		5,069,976
ENN Energy Holdings Ltd.			166,000		879,245
Hengan International Group Co. Ltd.	†		303,500		3,297,559
Mindray Medical International Ltd. ADR			92,600		3,467,870
Tencent Holdings Ltd.			99,000		3,865,677
					28,196,038
Denmark—1.5%
Chr Hansen Holding A/S			61,781		2,113,644
Coloplast A/S, Class B			57,155		3,200,340
Novo Nordisk A/S, Class B			38,382		5,966,960
Rockwool International A/S, Class B			4,290		599,266
Topdanmark A/S	*		126,137		3,210,383
Tryg A/S			30,891		2,544,984
					17,635,577
Finland—0.6%
Huhtamaki Oyj			133,500		2,475,893
Kone Oyj, Class B			36,000		2,855,500
Pohjola Bank plc, Class A			143,100		2,102,753
					7,434,146
France—7.6%
Air Liquide SA			16,900		2,087,149
Altarea REIT			10,085		1,641,199
AXA SA			173,700		3,424,099
Carrefour SA	†		228,386		6,273,006
Cie de Saint-Gobain			241,202		9,773,621

See accompanying notes to financial statements

178

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Cie Generale des Etablissements Michelin (Registered)			24,600	$	2,199,633
Cie Generale d’Optique Essilor International SA			38,900		4,144,325
Danone SA			57,300		4,312,880
European Aeronautic Defence and Space Co. NV			61,400		3,284,948
France Telecom SA			781,138		7,396,913
L’Oreal SA			24,500		4,027,420
LVMH Moet Hennessy Louis Vuitton SA			6,670		1,082,904
Pernod-Ricard SA			22,698		2,519,342
Safran SA			56,000		2,923,559
Sanofi			103,930		10,744,346
Schneider Electric SA			55,804		4,052,862
Societe Generale SA			69,232		2,382,655
Technip SA			15,500		1,575,300
Total SA	†		237,779		11,613,888
Unibail-Rodamco SE (Paris Exchange) REIT			13,864		3,228,999
Zodiac Aerospace			27,212		3,603,195
					92,292,243
Germany—7.7%
Adidas AG			41,900		4,529,343
Allianz SE (Registered)			18,937		2,764,070
BASF SE			27,418		2,445,510
Bayer AG			77,738		8,276,816
Beiersdorf AG			69,644		6,066,620
Brenntag AG			8,398		1,276,434
Daimler AG (Registered)			91,121		5,500,876
Deutsche Post AG (Registered)			190,480		4,727,341
Deutsche Telekom AG (Registered)			955,574		11,132,969
Duerr AG			67,904		4,090,644
Hannover Rueckversicherung SE (Registered)			24,690		1,775,389
HeidelbergCement AG			45,965		3,079,698
Kabel Deutschland Holding AG			50,217		5,513,895
Linde AG			47,278		8,810,136
Merck KGaA			15,678		2,384,308
Muenchener Rueckversicherungs AG (Registered)			39,417		7,241,406
RWE AG			159,289		5,077,821
SAP AG			58,900		4,301,058
Suedzucker AG			58,600		1,814,218
Volkswagen AG			15,741		3,060,447
					93,868,999
Greece—0.2%
Hellenic Telecommunications Organization SA	*		326,000		2,549,774
Hong Kong—4.3%
AIA Group Ltd.			1,989,600		8,382,187
ASM Pacific Technology Ltd.			93,300		1,024,225
Beijing Enterprises Holdings Ltd.			473,000		3,406,958

		Shares		Value
Belle International Holdings Ltd.	†		1,408,837	$	1,925,992
China Mobile Ltd.			874,234		9,054,315
China Resources Land Ltd.	†		848,000		2,303,887
China Resources Power Holdings Co. Ltd.			604,000		1,443,160
CLP Holdings Ltd.			372,500		3,011,225
Galaxy Entertainment Group Ltd.	*		675,000		3,278,769
Hang Lung Properties Ltd.			567,000		1,963,991
Henderson Land Development Co. Ltd.			305,800		1,816,109
Hong Kong & China Gas Co. Ltd.			1,949,893		4,757,852
Hongkong Land Holdings Ltd.			188,970		1,293,868
Hopewell Holdings Ltd.			269,000		892,798
Link (The) REIT			508,000		2,493,101
Sands China Ltd.			532,400		2,487,942
SJM Holdings Ltd.			946,000		2,295,765
					51,832,144
India—0.7%
Axis Bank Ltd. GDR			87,612		1,983,400
ICICI Bank Ltd. ADR			52,200		1,996,650
Infosys Ltd. ADR			35,200		1,449,888
Larsen & Toubro Ltd. GDR	†		85,294		1,999,394
Tata Motors Ltd. ADR			48,900		1,146,216
					8,575,548
Indonesia—1.0%
Astra International Tbk PT			2,085,500		1,466,075
Bank Mandiri Persero Tbk PT			2,500,500		2,255,293
Bank Rakyat Indonesia Persero Tbk PT			4,935,500		3,831,920
Bumitama Agri Ltd.			366,000		287,937
Perusahaan Gas Negara Persero Tbk PT			5,349,500		3,092,495
Semen Indonesia Persero Tbk PT			503,500		864,759
Telekomunikasi Indonesia Persero Tbk PT ADR			17,000		726,580
					12,525,059
Ireland—1.1%
Covidien plc			83,961		5,276,109
CRH plc (Dublin Exchange)			113,133		2,288,986
Shire plc			55,559		1,760,676
Smurfit Kappa Group plc			125,300		2,047,958
United Drug plc			486,700		2,298,847
					13,672,576
Israel—1.4%
Delek Group Ltd.			11,296		2,916,107
Israel Corp. Ltd. (The)	*		4,060		2,420,601
Teva Pharmaceutical Industries Ltd. ADR			279,700		10,964,240
					16,300,948
Italy—1.2%
Eni SpA			452,662		9,290,425
Exor SpA	†		87,200		2,582,452
Mediolanum SpA			436,200		2,704,023
					14,576,900

See accompanying notes to financial statements

179

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Japan—16.9%
Aeon Mall Co. Ltd.			114,100	$	2,830,590
Aiful Corp.	*†		434,500		3,637,943
Aisin Seiki Co. Ltd.			60,900		2,325,309
Aoyama Trading Co. Ltd.			85,500		2,274,890
Canon, Inc.			318,200		10,428,460
Chugai Pharmaceutical Co. Ltd.			167,200		3,460,928
Credit Saison Co. Ltd.			15,700		394,495
Daihatsu Motor Co. Ltd.			123,900		2,346,759
Daikin Industries Ltd.			98,000		3,961,141
Daito Trust Construction Co. Ltd.			71,100		6,699,023
Denso Corp.			88,200		4,146,563
FANUC Corp.			29,700		4,298,389
Fuji Oil Co. Ltd.			162,700		2,815,431
FUJIFILM Holdings Corp.			112,400		2,472,086
Honda Motor Co. Ltd.			289,200		10,743,615
IHI Corp.			406,000		1,536,109
INPEX Corp.			980		4,073,076
Japan Exchange Group, Inc.			20,200		2,040,340
Japan Tobacco, Inc.			187,900		6,632,410
JX Holdings, Inc.			206,000		994,653
Kao Corp.			269,400		9,170,789
KDDI Corp.			46,800		2,437,038
Keyence Corp.			13,892		4,426,141
Komatsu Ltd.			201,400		4,638,632
Komori Corp.			210,100		2,436,499
Kuroda Electric Co. Ltd.			181,900		2,421,828
Kyowa Exeo Corp.			191,400		2,149,985
Matsumotokiyoshi Holdings Co. Ltd.			84,900		2,451,054
Mitsubishi Estate Co. Ltd.			74,000		1,970,167
Mitsubishi Heavy Industries Ltd.			81,000		450,324
Mizuho Financial Group, Inc.			1,205,000		2,502,415
NEC Corp.			745,900		1,633,413
NET One Systems Co. Ltd.	†		178,500		1,375,740
NGK Insulators Ltd.			238,000		2,941,101
Nippon Paint Co. Ltd.			205,000		2,472,172
Nippon Telegraph & Telephone Corp.			66,527		3,467,446
Nissan Motor Co. Ltd.			215,000		2,154,861
NKSJ Holdings, Inc.			103,100		2,450,134
Ono Pharmaceutical Co. Ltd.			19,500		1,327,364
ORIX Corp.			23,900		326,157
Paltac Corp.			180,300		2,386,414
Resona Holdings, Inc.			551,900		2,687,861
Seven & I Holdings Co. Ltd.			273,600		10,020,149
Shimamura Co. Ltd.			27,000		3,277,588
Shin-Etsu Chemical Co. Ltd.			65,100		4,308,663
Tachi-S Co. Ltd.			104,100		1,389,488
Takeda Pharmaceutical Co. Ltd.			241,200		10,876,671
Tokai Rika Co. Ltd.			120,600		2,402,531
Tokio Marine Holdings, Inc.			410,500		12,953,315
Tokyo Electron Ltd.			101,400		5,126,735

		Shares		Value
Tokyo Gas Co. Ltd.			339,000	$	1,870,281
Toyoda Gosei Co. Ltd.			129,600		3,168,674
Toyota Motor Corp.			188,600		11,375,945
Warabeya Nichiyo Co. Ltd.			152,700		2,334,411
					205,494,196
Kazakhstan—0.1%
KazMunaiGas Exploration Production JSC GDR			79,138		1,195,313
Korea, Republic of—1.9%
Dongbu Insurance Co. Ltd.			36,000		1,518,184
Hyundai Marine & Fire Insurance Co. Ltd.			55,170		1,460,764
Hyundai Mobis			14,272		3,397,775
Hyundai Motor Co.			8,580		1,682,800
Korea Electric Power Corp.	*		101,780		2,341,044
Korea Gas Corp.			28,510		1,311,569
LG Display Co. Ltd.	*		105,550		2,518,406
Samsung Electronics Co. Ltd.			5,120		5,984,380
Samsung Electronics Co. Ltd. GDR			1,400		813,605
SK Holdings Co. Ltd.			12,290		1,817,697
					22,846,224
Luxembourg—0.1%
Millicom International Cellular SA SDR			10,000		720,223
Tenaris SA ADR			18,300		736,941
					1,457,164
Macau—0.2%
MGM China Holdings Ltd.			916,000		2,430,749
Malaysia—0.2%
AMMB Holdings Bhd			139,800		324,073
Astro Malaysia Holdings Bhd			377,500		361,074
Guinness Anchor Bhd			122,000		735,889
Top Glove Corp. Bhd			472,700		933,109
					2,354,145
Mexico—1.0%
America Movil SAB de CV, Series L ADR			82,100		1,785,675
Coca-Cola Femsa SAB de CV ADR			5,000		701,450
Fibra Uno Administracion SA de CV REIT	†		811,900		2,712,505
Grupo Financiero Santander Mexico SAB de CV, Class B ADR	*		5,300		75,313
Grupo Financiero Santander Mexico SAB de CV, Class B ADR	*		172,600		2,452,646
Grupo Mexico SAB de CV, Series B			771,196		2,230,719
Kimberly-Clark de Mexico SAB de CV, Class A			234,600		758,074
Wal-Mart de Mexico SAB de CV, Series V			302,200		850,804
					11,567,186
Netherlands—3.6%
Heineken Holding NV			35,800		2,006,472
Koninklijke Ahold NV			840,193		12,496,161

See accompanying notes to financial statements

180

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Koninklijke Vopak NV			25,437	$	1,501,379
Reed Elsevier NV			478,423		7,967,902
Royal Dutch Shell plc, Class A			278,988		8,914,739
Royal Dutch Shell plc, Class B			69,800		2,311,703
Unilever NV CVA			174,041		6,851,006
Ziggo NV			36,462		1,464,577
					43,513,939
Norway—0.3%
Statoil ASA			99,500		2,055,478
TGS Nopec Geophysical Co. ASA			52,800		1,534,349
					3,589,827
Peru—0.2%
Credicorp Ltd.			21,956		2,809,490
Philippines—0.3%
Jollibee Foods Corp.			237,000		810,339
Philippine Long Distance Telephone Co. ADR			35,900		2,436,174
					3,246,513
Russia—0.3%
Gazprom OAO ADR			270,036		1,773,279
Sberbank of Russia ADR			166,724		1,913,992
					3,687,271
Singapore—1.8%
DBS Group Holdings Ltd.			326,606		3,974,108
Global Logistic Properties Ltd.			524,000		1,133,449
Singapore Telecommunications Ltd.			1,668,000		4,940,310
SunVic Chemical Holdings Ltd.	*		6,704,200		2,287,173
United Overseas Bank Ltd.			457,236		7,140,249
Wing Tai Holdings Ltd.			1,347,800		2,172,750
					21,648,039
South Africa—0.0%
African Bank Investments Ltd.			257,300		424,668
Spain—2.2%
Gas Natural SDG SA	†		109,500		2,206,158
Grifols SA			31,521		1,158,060
Grifols SA, Class B			2,128		60,075
Grupo Catalana Occidente SA			95,400		2,112,357
Iberdrola SA	†		1,843,553		9,742,450
Inditex SA			32,600		4,021,058
Telefonica SA			616,390		7,930,106
					27,230,264
Sweden—0.7%
Hennes & Mauritz AB, Class B			130,300		4,287,050
Hexpol AB			39,300		2,550,976
Swedish Orphan Biovitrum AB	*		326,000		1,950,317
					8,788,343

		Shares		Value
Switzerland—7.6%
ABB Ltd. (Registered)	*		453,531	$	9,824,369
Actelion Ltd. (Registered)	*		6,214		374,317
Compagnie Financiere Richemont SA (A Bearer Shares)			35,806		3,157,670
Credit Suisse Group AG (Registered)	*		91,047		2,410,386
Holcim Ltd. (Registered)	*		38,688		2,692,929
Nestle SA			165,996		10,892,724
Novartis AG (Registered)			250,198		17,721,661
Roche Holding AG (Genusschein)			48,156		11,952,191
Schindler Holding AG (Registered)			14,608		1,978,430
SGS SA (Registered)			1,810		3,885,929
Swatch Group AG (The) (Bearer)			184		100,508
Swiss Life Holding AG (Registered)	*		17,431		2,829,438
Swiss Re AG	*		71,679		5,332,982
Syngenta AG (Registered)			14,861		5,795,178
UBS AG (Registered)	*		168,680		2,863,147
Zurich Insurance Group AG (Registered)	*		40,278		10,440,427
					92,252,286
Taiwan—0.8%
Taiwan Semiconductor Manufacturing Co. Ltd.			960,000		3,475,292
Taiwan Semiconductor Manufacturing Co. Ltd. ADR			330,100		6,047,432
					9,522,724
Thailand—0.5%
BEC World PCL	‡		356,300		674,129
Kasikornbank PCL NVDR			238,200		1,454,275
PTT Exploration & Production PCL	‡		183,200		931,812
PTT PCL	‡		269,600		2,899,217
					5,959,433
Turkey—0.5%
Tupras Turkiye Petrol Rafinerileri AS			95,970		2,343,404
Turk Telekomunikasyon AS			717,123		2,775,508
Turkiye Garanti Bankasi AS			308,614		1,345,244
					6,464,156
United Arab Emirates—0.2%
Dragon Oil plc			278,000		2,409,090
United Kingdom—15.4%
3i Group plc			400,100		2,054,399
AstraZeneca plc (London Exchange)			67,499		3,191,275
BAE Systems plc			381,200		2,219,913
Barclays plc			651,500		2,774,573
BG Group plc			274,100		4,658,072
BP plc			1,900,880		13,192,007
British American Tobacco plc			51,800		2,656,800
British Land Co. plc REIT			167,914		1,446,510

See accompanying notes to financial statements

181

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
British Sky Broadcasting Group plc			236,900	$	2,853,922
BT Group plc			461,480		2,166,535
Centrica plc			755,600		4,132,917
Compass Group plc			529,900		6,770,841
Diageo plc			38,303		1,098,389
easyJet plc			205,700		4,054,536
EnQuest plc	*		846,200		1,520,463
GlaxoSmithKline plc			393,915		9,846,392
Home Retail Group plc			1,156,000		2,354,709
HSBC Holdings plc (London Exchange)			828,900		8,580,897
Imperial Tobacco Group plc			114,950		3,985,848
InterContinental Hotels Group plc			29,449		809,324
Intertek Group plc			44,400		1,973,651
Johnson Matthey plc			60,364		2,411,841
Land Securities Group plc REIT			202,797		2,723,714
Liberty Global plc, Series A, Class A	*		31,905		2,363,522
Liberty Global plc, Series C	*		3,896		264,499
Lloyds Banking Group plc	*		3,760,500		3,611,253
Meggitt plc			281,145		2,215,053
National Grid plc			1,075,926		12,196,295
Pace plc			777,300		2,862,133
Prudential plc			74,865		1,222,005
Reckitt Benckiser Group plc			87,900		6,217,741
Rolls-Royce Holdings plc	*		299,344		5,154,222
SABMiller plc			104,167		4,994,118
SABMiller plc			66,105		3,202,630
Severn Trent plc			82,300		2,083,982
Smith & Nephew plc			394,900		4,422,826
Standard Chartered plc (Hong Kong Exchange)			40,000		871,885
Standard Chartered plc (London Exchange)			247,567		5,374,776
Tesco plc			2,845,470		14,329,264
TUI Travel plc			583,800		3,165,234
Unilever plc			280,579		11,358,452
Vodafone Group plc			2,926,875		8,387,481
William Hill plc			297,700		1,996,338
WPP plc			166,399		2,844,229
					186,615,466
United States—0.7%
Catamaran Corp.	*		34,800		1,693,840
Schlumberger Ltd.			51,019		3,656,022
Yum! Brands, Inc.			42,700		2,960,818
					8,310,680
TOTAL COMMON STOCKS
(Cost $1,072,554,048)					1,171,089,274
PREFERRED STOCKS—0.6%
Germany—0.6%
Draegerwerk AG & Co. KGaA	†		15,684		2,145,367
Henkel AG & Co. KGaA			60,484		5,680,039
					7,825,406

		Shares		Value
United Kingdom—0.0%
Rolls-Royce Holdings plc (Preference), Class C	*‡		29,993,474	$	45,619
TOTAL PREFERRED STOCKS
(Cost $6,823,515)					7,871,025
MONEY MARKET FUNDS—6.0%
Institutional Money Market Funds—6.0%
Dreyfus Institutional Cash Advantage Fund, 0.04%	††¥		7,000,000		7,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	¥		29,944,537		29,944,537
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	††¥		7,503,295		7,503,295
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.08%	††¥		7,000,000		7,000,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.09%	††¥		7,000,000		7,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.10%	††¥		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 $72,447,832)					72,447,832
TOTAL INVESTMENTS—103.0%
(Cost $1,151,825,395)					1,251,408,131
Other assets less liabilities—(3.0%)					(36,324,593	)
NET ASSETS—100.0%				$	1,215,083,538

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
CVA	Dutch Certificate of Shares
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
REIT	Real Estate Investment Trust
SDR	Swedish Depository Receipt
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
‡	Security valued at fair value as determined by policies approved by the Board of Directors.
††	Represents reinvestment of collateral received in conjunction with securities lending.
¥	The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

182

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint International Fund
Percentage of Portfolio by Industry:
COMMON STOCKS
Oil, Gas & Consumable Fuels	8.6%
Pharmaceuticals	8.2%
Insurance	7.3%
Commercial Banks	5.1%
Food & Staples Retailing	4.9%
Diversified Telecommunication Services	4.2%
Chemicals	3.5%
Automobiles	3.3%
Food Products	3.3%
Media	2.2%
Beverages	2.2%
Hotels, Restaurants & Leisure	2.2%
Machinery	2.1%
Semiconductors & Semiconductor Equipment	2.0%
Health Care Equipment & Supplies	1.9%
Personal Products	1.9%
Real Estate Management & Development	1.9%
Multi-Utilities	1.8%
Wireless Telecommunication Services	1.8%
Auto Components	1.6%
Aerospace & Defense	1.6%
Electric Utilities	1.6%
Real Estate Investment Trusts (REITs)	1.4%
Gas Utilities	1.4%
Specialty Retail	1.4%
Building Products	1.2%
Electrical Equipment	1.1%
Tobacco	1.1%
Biotechnology	1.0%
Internet Software & Services	0.9%
Diversified Financial Services	0.9%
Office Electronics	0.9%
Electronic Equipment, Instruments & Components	0.8%
Construction Materials	0.7%
Textiles, Apparel & Luxury Goods	0.7%
Energy Equipment & Services	0.7%
Capital Markets	0.6%
IT Services	0.6%
Household Products	0.6%
Health Care Providers & Services	0.5%
Consumer Finance	0.5%
Metals & Mining	0.5%
Professional Services	0.5%
Industrial Conglomerates	0.5%
Airlines	0.5%
Software	0.4%
Air Freight & Logistics	0.4%
Containers & Packaging	0.4%
Transportation Infrastructure	0.4%
Trading Companies & Distributors	0.3%
Construction & Engineering	0.3%
Road & Rail	0.3%
Communications Equipment	0.3%
Paper & Forest Products	0.2%
Thrifts & Mortgage Finance	0.2%
Commercial Services & Supplies	0.2%
Water Utilities	0.2%
Distributors	0.2%

Internet & Catalog Retail	0.2%
Independent Power Producers & Energy Traders	0.1%
Computers & Peripherals	0.1%
TOTAL COMMON STOCKS	96.4%
PREFERRED STOCKS
Household Products	0.4%
Health Care Equipment & Supplies	0.2%
Aerospace & Defense	0.0%
TOTAL PREFERRED STOCKS	0.6%
MONEY MARKET FUNDS
Institutional Money Market Funds	6.0%
TOTAL INVESTMENTS	103.0%
Other assets less liabilities	(3.0)%
TOTAL NET ASSETS	100.0%

See accompanying notes to financial statements

183

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Diversifying Strategies Fund		Shares		Value
COMMON STOCKS—2.9%
Automobiles—0.1%
Toyota Motor Corp. (Japan)			16,500	$	995,244
Beverages—0.1%
Cia de Bebidas das Americas (Preference) ADR (Brazil)			27,380		1,022,643
Capital Markets—0.3%
Franklin Resources, Inc.			14,800		2,013,096
T. Rowe Price Group, Inc.			12,000		877,800
					2,890,896
Communications Equipment—0.1%
Telefonaktiebolaget LM Ericsson, Class B (Sweden)			70,000		793,788
Computers & Peripherals—0.2%
Apple, Inc.			3,500		1,386,280
Catcher Technology Co. Ltd. (Taiwan)			185,000		956,388
					2,342,668
Diversified Financial Services—0.3%
Citigroup, Inc.			18,800		901,836
JPMorgan Chase & Co.			36,600		1,932,114
					2,833,950
Electrical Equipment—0.1%
ABB Ltd. (Registered) (Switzerland)	*		30,000		649,859
Energy Equipment & Services—0.3%
Schlumberger Ltd.			37,036		2,654,000
IT Services—0.1%
Accenture plc, Class A (Ireland)			12,850		924,686
Semiconductors & Semiconductor Equipment—0.5%
MediaTek, Inc. (Taiwan)			82,000		945,344
Samsung Electronics Co. Ltd. (Korea, Republic of)			2,100		2,454,531
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)			106,235		1,946,225
					5,346,100
Software—0.5%
SAP AG (Germany)			64,800		4,731,894
Textiles, Apparel & Luxury Goods—0.3%
Swatch Group AG (The) (Bearer) (Switzerland)			6,300		3,441,306
TOTAL COMMON STOCKS
(Cost $27,026,721)					28,627,034
CONVERTIBLE PREFERRED STOCKS—1.8%
Aerospace & Defense—0.3%
United Technologies Corp. 7.500%			47,500		2,819,600

				Shares		Value
Commercial Banks—0.2%
Fifth Third Bancorp, Perpetual, Series G 8.500%				11,875	$	1,850,956
Electric Utilities—0.5%
NextEra Energy, Inc. 5.599%		*		88,000		4,921,550
Insurance—0.3%
MetLife, Inc. 5.000%		*		54,050		2,961,400
Oil, Gas & Consumable Fuels—0.5%
Chesapeake Energy Corp., Perpetual 5.750%		^		4,776		4,950,324
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $16,728,197)						17,503,830
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—34.4%
Aerospace & Defense—0.1%
United Technologies Corp.
0.775%	06/01/2015	#§	$	1,055,000		1,061,853
Auto Components—0.2%
Goodyear Tire & Rubber Co. (The)
7.000%	05/15/2022			825,000		849,750
6.500%	03/01/2021			500,000		511,250
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.750%	01/15/2016	§		1,035,000		1,069,931
						2,430,931
Automobiles—1.0%
Daimler Finance North America LLC
2.300%	01/09/2015	^§		1,480,000		1,503,337
1.875%	09/15/2014	^		870,000		877,936
1.300%	07/31/2015	^§		910,000		912,469
1.250%	01/11/2016	^		740,000		735,632
0.879%	01/09/2015	#^§		780,000		782,765
Nissan Motor Acceptance Corp.
1.000%	03/15/2016	^§		1,920,000		1,900,253
Volkswagen International Finance NV (Netherlands)
1.625%	03/22/2015	^		1,600,000		1,619,358
1.022%	03/21/2014	#^§		1,250,000		1,255,130
						9,586,880
Beverages—0.9%
Anheuser-Busch InBev Finance, Inc.
0.800%	01/15/2016			1,700,000		1,691,544
Anheuser-Busch InBev Worldwide, Inc.
0.800%	07/15/2015	§		820,000		820,212
Constellation Brands, Inc.
6.000%	05/01/2022			750,000		808,125
Heineken NV (Netherlands)
0.800%	10/01/2015	^§		440,000		437,981
PepsiCo, Inc.
0.700%	08/13/2015	§		1,810,000		1,810,485
0.483%	02/26/2016	#		980,000		982,190
SABMiller Holdings, Inc.
2.450%	01/15/2017	^		810,000		823,548

See accompanying notes to financial statements

184

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
1.850%		01/15/2015	^§	$	1,870,000	$	1,897,932
							9,272,017
Biotechnology—0.2%
Amgen, Inc.
2.300%		06/15/2016			750,000		770,770
1.875%		11/15/2014			970,000		984,978
Gilead Sciences, Inc.
2.400%		12/01/2014			420,000		429,486
							2,185,234
Capital Markets—1.2%
Bank of New York Mellon Corp. (The) MTN
1.200%		02/20/2015			300,000		302,549
0.554%		01/31/2014	#§		1,000,000		1,001,545
E*TRADE Financial Corp.
6.000%		11/15/2017	§		585,000		593,775
ING Bank NV (Netherlands)
3.750%		03/07/2017	^		1,500,000		1,571,309
1.913%		09/25/2015	#^§		980,000		999,290
Morgan Stanley
1.556%		04/25/2018	#§		3,090,000		3,034,083
1.523%		02/25/2016	#§		1,990,000		1,985,672
Nomura Holdings, Inc. MTN (Japan)
1.722%		09/13/2016	#		1,510,000		1,509,313
TD Ameritrade Holding Corp.
4.150%		12/01/2014			760,000		796,010
WT Finance Aust Pty Ltd./Westfield Capital/WEA Finance LLC (Australia)
5.125%		11/15/2014	^		400,000		425,445
							12,218,991
Chemicals—0.3%
Airgas, Inc.
2.850%		10/01/2013	§		1,270,000		1,276,624
Ashland, Inc.
3.000%		03/15/2016	^		400,000		404,000
Ecolab, Inc.
2.375%		12/08/2014	§		600,000		612,143
1.000%		08/09/2015	§		230,000		229,870
EI du Pont de Nemours & Co.
0.693%		03/25/2014	#§		620,000		621,966
							3,144,603
Commercial Banks—7.4%
American Express Centurion Bank
0.725%		11/13/2015	#§		890,000		891,182
ANZ New Zealand Int’l Ltd. (New Zealand)
1.125%		03/24/2016	^§		1,220,000		1,211,281
Australia & New Zealand Banking Group Ltd. (Australia)
0.835%		05/15/2018	#§		2,570,000		2,562,041
Banco Bradesco SA (Brazil)
2.374%		05/16/2014	#^§		1,000,000		1,009,521
Banco del Estado de Chile (Chile)
2.000%		11/09/2017	^§		1,600,000		1,528,925
Banco do Brasil SA (Brazil)
4.500%		01/22/2015	^§		1,200,000		1,228,500
Banco do Nordeste do Brasil SA (Brazil)
3.625%		11/09/2015	^§		1,320,000		1,317,624

Coupon Rate	Maturity Date			Face		Value
Bancolombia SA (Colombia)
4.250%	01/12/2016	§	$	300,000	$	309,000
Bank of Ceylon (Sri Lanka)
6.875%	05/03/2017	^§		1,000,000		1,013,750
Bank of Montreal MTN (Canada)
0.879%	04/09/2018	#§		1,260,000		1,258,532
0.800%	11/06/2015			1,140,000		1,139,282
0.745%	09/11/2015	#§		930,000		934,772
Bank of Nova Scotia (Canada)
1.850%	01/12/2015			2,000,000		2,030,936
0.750%	10/09/2015	§		1,780,000		1,773,297
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan)
0.723%	02/26/2016	#^§		2,150,000		2,154,812
Barclays Bank plc (United Kingdom)
3.900%	04/07/2015			925,000		968,096
1.317%	01/13/2014	#§		2,010,000		2,019,692
BB&T Corp.
0.976%	04/28/2014	#		850,000		853,438
BB&T Corp. MTN
3.375%	09/25/2013			400,000		402,652
1.600%	08/15/2017			480,000		469,878
BBVA Banco Continental SA (Peru)
2.250%	07/29/2016	^§		770,000		750,750
Canadian Imperial Bank of Commerce (Canada)
0.900%	10/01/2015	§		2,280,000		2,282,668
CBQ Finance Ltd. (Bermuda)
5.000%	11/18/2014	^		750,000		783,301
CIT Group, Inc.
5.000%	08/15/2022			600,000		598,169
Corpbanca SA (Chile)
3.125%	01/15/2018	§		1,200,000		1,143,125
Credit Agricole SA/London (France)
1.438%	04/15/2016	#^		1,350,000		1,356,824
Credit Suisse (Switzerland)
1.237%	01/14/2014	#§		3,330,000		3,345,261
Discover Bank
2.000%	02/21/2018			1,980,000		1,918,503
Hana Bank (South Korea)
1.375%	02/05/2016	^		255,000		250,101
HSBC Bank plc (United Kingdom)
0.915%	05/15/2018	#^§		2,500,000		2,502,960
KeyBank NA, Bank Note
4.950%	09/15/2015			600,000		646,693
KeyCorp MTN
3.750%	08/13/2015			630,000		663,828
Macquarie Bank Ltd. (Australia)
3.450%	07/27/2015	^		1,210,000		1,254,574
Manufacturers & Traders Trust Co., Bank Note
0.574%	03/07/2016	#§		800,000		799,463
National Australia Bank Ltd. (Australia)
0.900%	01/20/2016			1,720,000		1,709,203
0.576%	01/22/2015	#^§		870,000		871,829
National Bank of Canada (Canada)
1.500%	06/26/2015			600,000		607,440
Nordea Bank AB (Sweden)
0.875%	05/13/2016	^		1,850,000		1,830,901
0.735%	05/13/2016	#^§		840,000		841,790
Oversea-Chinese Banking Corp. Ltd. (Singapore)
1.625%	03/13/2015	^		800,000		810,753
Regions Financial Corp.
2.000%	05/15/2018			1,150,000		1,088,352
Royal Bank of Canada MTN (Canada)
0.850%	03/08/2016	*		2,300,000		2,289,551
0.510%	01/06/2015	#§		850,000		850,706

See accompanying notes to financial statements

185

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Societe Generale SA (France)
1.592%		12/13/2013	#^	$	1,000,000	$	1,004,341
Sumitomo Mitsui Banking Corp. (Japan)
0.900%		01/18/2016	§		1,070,000		1,060,146
Svenska Handelsbanken AB (Sweden)
0.722%		03/21/2016	#§		2,580,000		2,581,767
Toronto-Dominion Bank (The) MTN (Canada)
2.500%		07/14/2016			1,000,000		1,037,382
1.400%		04/30/2018			210,000		204,064
Union Bank NA
1.224%		06/06/2014	#§		1,360,000		1,368,485
Union Bank NA, Bank Note
2.125%		12/16/2013			1,560,000		1,570,074
US Bancorp
4.200%		05/15/2014			800,000		826,225
US Bank NA, Bank Note
0.557%		10/14/2014	#§		1,500,000		1,503,160
Wachovia Bank NA, Bank Note
4.800%		11/01/2014			1,390,000		1,463,517
Wells Fargo & Co.
1.197%		06/26/2015	#§		1,000,000		1,011,568
0.906%		04/23/2018	#		1,040,000		1,035,859
Westpac Banking Corp. (Australia)
1.033%		09/25/2015	#§		2,540,000		2,568,943
Westpac Banking Corp. MTN (Australia)
0.950%		01/12/2016	§		2,520,000		2,512,528
							74,022,015
Communications Equipment—0.0%
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%		12/15/2017			430,000		423,613
Computers & Peripherals—0.7%
Apple, Inc.
1.000%		05/03/2018			850,000		817,211
0.523%		05/03/2018	#		1,750,000		1,744,577
0.450%		05/03/2016	§		1,170,000		1,158,247
0.323%		05/03/2016	#§		715,000		714,897
Hewlett-Packard Co.
2.350%		03/15/2015			1,200,000		1,217,711
1.823%		09/19/2014	#§		900,000		908,922
							6,561,565
Consumer Finance—3.2%
American Express Co.
0.863%		05/22/2018	#		1,770,000		1,769,807
American Express Credit Corp.
1.123%		06/24/2014	#		1,570,000		1,579,453
American Express Credit Corp. MTN
1.750%		06/12/2015	§		530,000		537,448
American Honda Finance Corp.
1.450%		02/27/2015	^§		2,410,000		2,435,732
0.648%		05/26/2016	#^		1,120,000		1,119,030
Banque PSA Finance SA (France)
2.174%		04/04/2014	#^		1,360,000		1,348,371
Capital One Financial Corp.
2.125%		07/15/2014	§		1,780,000		1,801,321
Caterpillar Financial Services Corp. MTN
0.625%		02/09/2015	#§		1,200,000		1,206,244
0.513%		02/26/2016	#§		800,000		799,914

Coupon Rate	Maturity Date			Face		Value
Caterpillar Financial Services Corp., Series G MTN
1.375%	05/20/2014		$	1,700,000	$	1,714,630
Ford Motor Credit Co. LLC
3.875%	01/15/2015	§		2,620,000		2,701,556
3.000%	06/12/2017	§		1,275,000		1,278,868
1.525%	05/09/2016	#§		1,270,000		1,279,769
General Motors Financial Co., Inc.
4.750%	08/15/2017	^§		1,130,000		1,163,900
2.750%	05/15/2016	^		620,000		611,087
HSBC Finance Corp.
0.527%	01/15/2014	#§		1,500,000		1,498,764
HSBC USA, Inc.
2.375%	02/13/2015			680,000		695,154
Hyundai Capital America
1.625%	10/02/2015	^§		1,010,000		1,007,284
International Lease Finance Corp.
6.500%	09/01/2014	^		600,000		627,000
John Deere Capital Corp. MTN
1.600%	03/03/2014	§		2,720,000		2,742,559
0.443%	06/16/2014	#§		850,000		851,095
PACCAR Financial Corp. MTN
1.050%	06/05/2015			320,000		322,336
0.750%	05/16/2016			380,000		374,773
0.700%	11/16/2015	§		910,000		909,633
0.523%	06/05/2014	#§		380,000		380,922
Toyota Motor Credit Corp.
0.875%	07/17/2015	§		810,000		813,239
						31,569,889
Containers & Packaging—0.0%
Bemis Co., Inc.
5.650%	08/01/2014			290,000		303,784
Diversified Financial Services—2.8%
Bank of America Corp.
4.500%	04/01/2015	§		600,000		629,621
3.700%	09/01/2015			1,370,000		1,428,852
1.500%	10/09/2015	§		360,000		359,381
Bank of America Corp. MTN
1.343%	03/22/2018	#§		1,700,000		1,684,190
1.250%	01/11/2016			570,000		562,452
1.093%	03/22/2016	#§		840,000		838,102
Bank of America Corp., Series 1
3.750%	07/12/2016			385,000		403,878
Citigroup, Inc.
6.000%	12/13/2013			475,000		486,088
4.450%	01/10/2017			675,000		723,374
2.275%	08/13/2013	#§		1,530,000		1,532,964
2.250%	08/07/2015	§		1,540,000		1,566,687
1.064%	04/01/2016	#§		2,420,000		2,427,565
CME Group, Inc.
5.750%	02/15/2014			1,000,000		1,031,077
ERAC USA Finance LLC
2.250%	01/10/2014	^		630,000		634,801
1.400%	04/15/2016	^		260,000		258,242
General Electric Capital Corp.
5.900%	05/13/2014			430,000		450,400
2.150%	01/09/2015	§		1,740,000		1,774,885
1.625%	07/02/2015			1,100,000		1,113,405
1.000%	12/11/2015	§		1,310,000		1,308,829
General Electric Capital Corp., Series A
3.750%	11/14/2014			750,000		779,663
Harley-Davidson Financial Services, Inc.
1.150%	09/15/2015	^§		915,000		913,865

See accompanying notes to financial statements

186

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Hutchison Whampoa International 12 II Ltd. (Cayman Islands)
2.000%		11/08/2017	^	$	530,000	$	515,927
JPMorgan Chase & Co.
5.250%		05/01/2015			1,335,000		1,425,221
1.176%		01/25/2018	#§		1,300,000		1,298,579
JPMorgan Chase & Co. MTN
1.100%		10/15/2015			780,000		775,675
0.893%		02/26/2016	#§		870,000		868,771
NASDAQ OMX Group, Inc. (The)
4.000%		01/15/2015			1,210,000		1,248,081
National Rural Utilities Cooperative Finance Corp.
1.000%		02/02/2015	§		470,000		472,455
National Rural Utilities Cooperative Finance Corp. MTN
0.532%		04/04/2014	#§		420,000		420,588
							27,933,618
Diversified Telecommunication Services—1.3%
AT&T, Inc.
0.875%		02/13/2015	§		3,410,000		3,413,147
British Telecommunications plc (United Kingdom)
1.625%		06/28/2016			430,000		432,200
1.397%		12/20/2013	#§		1,000,000		1,005,073
CenturyLink, Inc., Series T
5.800%		03/15/2022			650,000		645,125
Frontier Communications Corp.
8.500%		04/15/2020			1,080,000		1,196,100
Hughes Satellite Systems Corp.
7.625%		06/15/2021			1,290,000		1,377,075
Qtel International Finance Ltd. (Bermuda)
6.500%		06/10/2014	^		1,170,000		1,222,650
Telecom Italia Capital SA (Luxembourg)
5.250%		11/15/2013			280,000		283,535
Verizon Communications, Inc.
0.474%		03/06/2015	#^§		1,500,000		1,498,142
Vivendi SA (France)
2.400%		04/10/2015	^		650,000		662,300
Windstream Corp.
8.125%		08/01/2013			300,000		301,574
7.875%		11/01/2017	§		990,000		1,091,475
							13,128,396
Electric Utilities—0.7%
Duke Energy Corp.
3.950%		09/15/2014	§		290,000		300,647
Georgia Power Co.
1.300%		09/15/2013			1,260,000		1,262,231
0.593%		03/15/2016	#§		470,000		470,572
NextEra Energy Capital Holdings, Inc.
2.600%		09/01/2015			2,000,000		2,060,964
1.611%		06/01/2014	§		340,000		342,867
1.200%		06/01/2015	§		130,000		130,719
Northeast Utilities
1.022%		09/20/2013	#§		1,190,000		1,191,716
NSTAR Electric Co.
0.514%		05/17/2016	#§		720,000		720,099
Xcel Energy, Inc.
0.750%		05/09/2016	§		860,000		847,536
							7,327,351

Coupon Rate	Maturity Date			Face		Value
Electronic Equipment, Instruments & Components—0.2%
Tech Data Corp.
3.750%	09/21/2017	§	$	1,600,000	$	1,626,952
Energy Equipment & Services—0.3%
Cameron International Corp.
1.205%	06/02/2014	#§		1,010,000		1,014,701
National Oilwell Varco, Inc.
1.350%	12/01/2017			930,000		906,996
Precision Drilling Corp. (Canada)
6.625%	11/15/2020			925,000		943,500
						2,865,197
Food & Staples Retailing—0.4%
Kroger Co. (The)
2.200%	01/15/2017			750,000		753,618
Safeway, Inc.
1.774%	12/12/2013	#§		1,230,000		1,234,662
Walgreen Co.
1.000%	03/13/2015			650,000		652,322
0.772%	03/13/2014	#§		1,270,000		1,271,410
Wal-Mart Stores, Inc.
0.600%	04/11/2016	§		180,000		178,920
						4,090,932
Food Products—1.2%
ARAMARK Corp.
5.750%	03/15/2020	^		720,000		739,800
Campbell Soup Co.
0.574%	08/01/2014	#§		560,000		560,347
ConAgra Foods, Inc.
1.350%	09/10/2015			220,000		221,626
1.300%	01/25/2016	§		510,000		511,162
General Mills, Inc.
5.250%	08/15/2013			1,500,000		1,508,560
0.576%	01/29/2016	#§		240,000		239,852
Hawk Acquisition Sub, Inc.
4.250%	10/15/2020	^§		1,200,000		1,150,500
Ingredion, Inc.
3.200%	11/01/2015			350,000		365,959
Kellogg Co.
1.125%	05/15/2015			1,100,000		1,105,238
0.505%	02/13/2015	#§		270,000		270,200
Kraft Foods Group, Inc.
1.625%	06/04/2015			500,000		505,570
Mondelez International, Inc.
5.250%	10/01/2013			390,000		394,597
Unilever Capital Corp.
0.450%	07/30/2015			680,000		675,986
Want Want China Finance Ltd. (Cayman Islands)
1.875%	05/14/2018	^§		850,000		797,632
Wm. Wrigley Jr. Co.
3.700%	06/30/2014	^		2,510,000		2,576,681
						11,623,710
Gas Utilities—0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%	08/20/2019	§		800,000		808,000
Sabine Pass LNG LP
7.500%	11/30/2016	§		1,140,000		1,232,625
						2,040,625
Health Care Equipment & Supplies—0.3%
Baxter International, Inc.
0.950%	06/01/2016			350,000		348,607

See accompanying notes to financial statements

187

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Covidien International Finance SA (Luxembourg)
1.350%		05/29/2015		$	400,000	$	403,642
DENTSPLY International, Inc.
1.775%		08/15/2013	#§		1,640,000		1,642,211
Stryker Corp.
3.000%		01/15/2015			790,000		818,189
							3,212,649
Health Care Providers & Services—0.8%
Express Scripts Holding Co., Series WI
2.750%		11/21/2014			1,500,000		1,533,517
2.100%		02/12/2015	§		330,000		335,738
HCA Holdings, Inc.
7.750%		05/15/2021			600,000		649,500
HCA, Inc.
6.750%		07/15/2013			355,000		355,742
5.875%		03/15/2022			250,000		257,187
4.750%		05/01/2023			600,000		576,000
Quest Diagnostics, Inc.
1.123%		03/24/2014	#§		890,000		893,577
UnitedHealth Group, Inc.
0.850%		10/15/2015	§		180,000		180,337
WellPoint, Inc.
2.375%		02/15/2017			1,645,000		1,660,792
1.250%		09/10/2015	§		1,060,000		1,062,343
							7,504,733
Hotels, Restaurants & Leisure—0.1%
Carnival Corp. (Panama)
1.875%		12/15/2017			320,000		309,421
1.200%		02/05/2016			450,000		447,045
							756,466
Household Durables—0.1%
Lennar Corp.
4.750%		12/15/2017			350,000		351,750
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, Series WI
9.875%		08/15/2019			1,000,000		1,075,000
							1,426,750
Independent Power Producers & Energy Traders—0.2%
Abu Dhabi National Energy Co. (United Arab Emirates)
4.750%		09/15/2014	^		1,400,000		1,451,856
Industrial Conglomerates—0.1%
3M Co., Series E MTN
4.375%		08/15/2013			750,000		753,580
Danaher Corp.
1.300%		06/23/2014			500,000		503,596
							1,257,176
Insurance—0.8%
Allstate Corp. (The)
6.200%		05/16/2014			510,000		534,784
American International Group, Inc.
2.375%		08/24/2015			460,000		467,500
Hartford Financial Services Group, Inc.
4.000%		03/30/2015			570,000		596,236
MetLife Institutional Funding II
0.668%		01/06/2015	#^§		500,000		501,092

Coupon Rate	Maturity Date			Face		Value
MetLife, Inc.
2.375%	02/06/2014	§	$	980,000	$	990,876
New York Life Global Funding
0.313%	09/19/2014	#^§		1,360,000		1,361,709
Principal Life Global Funding II
1.000%	12/11/2015	^§		1,150,000		1,150,907
Prudential Financial, Inc., Series B MTN
4.750%	04/01/2014	§		1,600,000		1,647,746
QBE Insurance Group Ltd. (Australia)
2.400%	05/01/2018	^		460,000		451,468
						7,702,318
Internet & Catalog Retail—0.2%
Amazon.com, Inc.
0.650%	11/27/2015	§		2,020,000		2,014,859
Internet Software & Services—0.1%
Baidu, Inc. (Cayman Islands)
2.250%	11/28/2017	§		560,000		546,163
Equinix, Inc.
5.375%	04/01/2023			775,000		763,375
						1,309,538
IT Services—0.3%
Alliance Data Systems Corp.
5.250%	12/01/2017	^		1,000,000		1,035,000
Computer Sciences Corp.
2.500%	09/15/2015			300,000		306,025
Fidelity National Information Services, Inc.
2.000%	04/15/2018			470,000		454,137
Total System Services, Inc.
2.375%	06/01/2018			1,640,000		1,590,731
						3,385,893
Life Sciences Tools & Services—0.3%
Agilent Technologies, Inc.
2.500%	07/15/2013			520,000		520,402
Howard Hughes Medical Institute
3.450%	09/01/2014			700,000		723,400
Life Technologies Corp.
3.500%	01/15/2016			1,500,000		1,562,135
						2,805,937
Machinery—0.4%
Case New Holland, Inc.
7.750%	09/01/2013			1,450,000		1,462,687
Eaton Corp.
0.950%	11/02/2015	^§		980,000		976,688
Terex Corp.
6.500%	04/01/2020			1,135,000		1,163,375
Tyco Electronics Group SA (Luxembourg)
1.600%	02/03/2015			310,000		312,342
						3,915,092
Marine—0.1%
Far East Capital Ltd. SA (Luxembourg)
8.000%	05/02/2018	^§		750,000		693,750
Media—0.9%
CCO Holdings LLC/CCO Holdings Capital Corp.
5.250%	09/30/2022			925,000		883,375
COX Communications, Inc.
5.450%	12/15/2014			160,000		170,783
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.750%	10/01/2014			630,000		659,481
3.125%	02/15/2016	§		570,000		591,895

See accompanying notes to financial statements

188

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
DISH DBS Corp.
6.625%		10/01/2014	§	$	850,000	$	888,250
4.625%		07/15/2017	§		1,120,000		1,131,200
Mediacom LLC/Mediacom Capital Corp.
7.250%		02/15/2022			800,000		846,000
NBCUniversal Enterprise, Inc.
0.965%		04/15/2018	#^§		690,000		696,819
0.817%		04/15/2016	#^§		340,000		341,244
NBCUniversal Media LLC
2.100%		04/01/2014	§		1,600,000		1,619,570
Time Warner, Inc.
3.150%		07/15/2015			500,000		522,541
Viacom, Inc.
4.375%		09/15/2014			500,000		521,440
							8,872,598
Metals & Mining—1.1%
ArcelorMittal (Luxembourg)
4.250%		08/05/2015	§		1,100,000		1,115,125
Barrick Gold Corp. (Canada)
2.500%		05/01/2018	^		490,000		440,208
BHP Billiton Finance USA Ltd. (Australia)
1.000%		02/24/2015	§		1,840,000		1,850,884
FMG Resources August 2006 Pty Ltd. (Australia)
8.250%		11/01/2019	^		1,490,000		1,542,150
6.875%		04/01/2022	^		200,000		194,750
6.000%		04/01/2017	^§		835,000		816,212
Freeport-McMoRan Copper & Gold, Inc.
2.150%		03/01/2017			310,000		303,690
1.400%		02/13/2015	§		700,000		697,036
Rio Tinto Finance USA plc (United Kingdom)
1.125%		03/20/2015	§		800,000		800,258
Xstrata Finance Canada Ltd. (Canada)
2.700%		10/25/2017	^		2,480,000		2,407,495
2.050%		10/23/2015	^§		630,000		630,553
							10,798,361
Multiline Retail—0.1%
Target Corp.
1.125%		07/18/2014			600,000		604,198
Oil, Gas & Consumable Fuels—1.9%
BP Capital Markets plc (United Kingdom)
3.875%		03/10/2015			805,000		845,852
0.785%		05/10/2018	#§		440,000		429,974
0.700%		11/06/2015	§		1,850,000		1,844,126
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
1.125%		05/09/2016	§		340,000		334,725
ConocoPhillips
4.750%		02/01/2014			199,000		203,859
CONSOL Energy, Inc.
8.000%		04/01/2017	§		230,000		243,225
Copano Energy LLC/Copano Energy Finance Corp.
7.125%		04/01/2021			400,000		447,000
Denbury Resources, Inc.
4.625%		07/15/2023			1,200,000		1,108,500
Enterprise Products Operating LLC
1.250%		08/13/2015			320,000		321,217
Husky Energy, Inc. (Canada)
5.900%		06/15/2014	§		550,000		575,533

Coupon Rate	Maturity Date			Face		Value
Marathon Oil Corp.
0.900%	11/01/2015	§	$	1,080,000	$	1,074,623
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.
4.500%	07/15/2023			200,000		184,000
Murphy Oil Corp.
2.500%	12/01/2017			500,000		493,653
Petrobras Global Finance BV (Netherlands)
2.000%	05/20/2016	§		1,170,000		1,148,631
Petrohawk Energy Corp.
7.875%	06/01/2015			1,000,000		1,021,750
Phillips 66
1.950%	03/05/2015			310,000		314,936
Phillips 66, Series WI
2.950%	05/01/2017			310,000		319,780
Plains Exploration & Production Co.
6.500%	11/15/2020	§		1,120,000		1,188,775
6.125%	06/15/2019			400,000		424,581
Ras Laffan Liquefied Natural Gas Co. Ltd. III (Qatar)
5.500%	09/30/2014	^	��	750,000		786,563
Rockies Express Pipeline LLC
3.900%	04/15/2015	^§		770,000		766,150
Sinopec Capital 2013 Ltd. (Virgin Islands, British)
1.875%	04/24/2018	^§		750,000		722,080
Tesoro Corp.
4.250%	10/01/2017	§		780,000		803,400
Total Capital Canada Ltd. (Canada)
0.657%	01/15/2016	#§		760,000		764,698
TransCanada PipeLines Ltd. (Canada)
3.400%	06/01/2015			630,000		660,544
0.953%	06/30/2016	#		890,000		892,127
0.750%	01/15/2016	§		300,000		296,795
WPX Energy, Inc.
5.250%	01/15/2017	§		1,145,000		1,179,350
						19,396,447
Pharmaceuticals—1.2%
AbbVie, Inc.
1.750%	11/06/2017	^		1,620,000		1,588,789
1.033%	11/06/2015	#^§		1,800,000		1,818,255
Merck & Co., Inc.
0.634%	05/18/2018	#		1,400,000		1,398,985
Mylan, Inc.
1.800%	06/24/2016	^		270,000		267,300
Novartis Capital Corp.
4.125%	02/10/2014			1,580,000		1,614,820
Takeda Pharmaceutical Co. Ltd. (Japan)
1.031%	03/17/2015	^§		2,500,000		2,514,545
Teva Pharmaceutical Finance III BV (Curacao)
0.772%	03/21/2014	#§		470,000		470,960
Valeant Pharmaceuticals International
6.500%	07/15/2016	^§		1,620,000		1,676,700
Zoetis, Inc.
1.150%	02/01/2016	^§		170,000		169,530
						11,519,884
Professional Services—0.0%
Equifax, Inc.
4.450%	12/01/2014			160,000		167,213
Real Estate Investment Trusts (REITs)—0.6%
Digital Realty Trust LP
4.500%	07/15/2015			630,000		661,241
Duke Realty LP
5.400%	08/15/2014			650,000		679,832

See accompanying notes to financial statements

189

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
HCP, Inc.
2.700%		02/01/2014		$	1,610,000	$	1,626,309
Health Care REIT, Inc.
6.000%		11/15/2013			930,000		947,627
3.625%		03/15/2016			564,000		591,771
Simon Property Group LP
4.200%		02/01/2015			250,000		260,503
Vornado Realty LP
4.250%		04/01/2015			1,240,000		1,291,387
							6,058,670
Road & Rail—0.6%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%		11/15/2017	^		840,000		848,400
JB Hunt Transport Services, Inc.
3.375%		09/15/2015			970,000		1,011,840
Kansas City Southern de Mexico SA de CV (Mexico)
2.350%		05/15/2020	^		710,000		687,974
Penske Truck Leasing Co. Lp/PTL Finance Corp.
3.125%		05/11/2015	^§		1,400,000		1,447,275
2.500%		03/15/2016	^§		1,100,000		1,119,626
Ryder System, Inc. MTN
2.500%		03/01/2017			620,000		622,795
							5,737,910
Semiconductors & Semiconductor Equipment—0.2%
Texas Instruments, Inc.
0.450%		08/03/2015			1,380,000		1,374,094
TSMC Global Ltd. (Virgin Islands, British)
1.625%		04/03/2018	^		510,000		491,562
0.950%		04/03/2016	^§		260,000		256,386
							2,122,042
Software—0.2%
Autodesk, Inc.
1.950%		12/15/2017			490,000		478,560
Microsoft Corp.
2.950%		06/01/2014			900,000		921,956
Oracle Corp.
3.750%		07/08/2014			750,000		774,767
							2,175,283
Specialty Retail—0.1%
L Brands, Inc.
5.625%		02/15/2022			500,000		510,000
Sally Holdings LLC/Sally Capital, Inc.
5.750%		06/01/2022			600,000		612,000
							1,122,000
Textiles, Apparel & Luxury Goods—0.2%
Levi Strauss & Co.
6.875%		05/01/2022			950,000		1,035,500
VF Corp.
1.024%		08/23/2013	#§		700,000		700,827
							1,736,327
Thrifts & Mortgage Finance—0.1%
Astoria Financial Corp.
5.000%		06/19/2017			1,120,000		1,178,046

Coupon Rate	Maturity Date		Face		Value
Tobacco—0.2%
BAT International Finance plc (United Kingdom)
1.400%	06/05/2015	^§	$    1,460,000	$	1,472,283
Reynolds American, Inc.
1.050%	10/30/2015	§	510,000		510,148
					1,982,431
Trading Companies & Distributors—0.3%
AmeriGas Finance LLC/AmeriGas Finance Corp.
7.000%	05/20/2022		20,000		20,550
6.750%	05/20/2020		700,000		728,000
Aviation Capital Group Corp.
4.625%	01/31/2018	^	490,000		482,882
Glencore Funding LLC
1.574%	01/15/2019	#^§	1,880,000		1,749,594
					2,981,026
Wireless Telecommunication Services—0.6%
America Movil SAB de CV (Mexico)
3.625%	03/30/2015	§	350,000		362,987
Rogers Communications, Inc. (Canada)
6.375%	03/01/2014	§	1,390,000		1,442,140
SBA Communications Corp.
5.625%	10/01/2019	^	500,000		496,875
Softbank Corp. (Japan)
4.625%	04/15/2020	^	EUR 100,000		129,148
4.500%	04/15/2020	^	200,000		192,800
Vodafone Group plc (United Kingdom)
4.150%	06/10/2014		1,090,000		1,123,659
0.900%	02/19/2016	§	2,580,000		2,538,986
					6,286,595
TOTAL CORPORATE OBLIGATIONS
(Cost $341,796,026)					343,594,204
FLOATING RATE LOANS—0.1%**
Leap Wireless Inc. Term Loan C
4.750%	01/01/2020
(Cost $1,205,862)			1,200,000		1,192,872
MORTGAGE-BACKED SECURITIES—5.3%
Commercial Mortgage-Backed Securities—0.4%
Del Coronado Trust, Series 2013-HDC, Class A
0.993%	03/15/2026	#^	1,040,000		1,038,714
LA Arena Funding LLC, Series 1, Class A
7.656%	12/15/2026	^	573,587		639,860
Motel 6 Trust, Series 2012-MTL6, Class A1
1.500%	10/05/2025	^	997,788		984,215
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A1
1.600%	10/29/2020		792,998		804,419
					3,467,208
Non-Agency Mortgage-Backed Securities—2.8%
Argent Securities, Inc., Series 2006-W3, Class A2B
0.313%	04/25/2036	#	68,758		24,553
Bank of America Mortgage Securities, Inc., Series 2002-K, Class 1A4
2.747%	10/20/2032	#	560,376		565,139
Countrywide Asset-Backed Certificates, Series 2006-23, Class 2A2
0.303%	05/25/2037	#	14,852		14,823

See accompanying notes to financial statements

190

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-3, Class 2A1
5.000%		04/25/2019		$	92,263	$	95,383
Credit Suisse Mortgage Capital Certificates, Series 2011-1R, Class A1
1.194%		02/27/2047	#^		3,186,734		3,165,458
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%		04/25/2043	#^§		2,766,579		2,635,987
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR3, Class A3
1.550%		05/25/2043	#^		1,376,170		1,348,913
Fosse Master Issuer plc, Series 2012-1A, Class 2A2 (United Kingdom)
1.677%		10/18/2054	#^		4,040,000		4,097,168
GSAMP Trust, Series 2004-SEA2, Class M1
0.843%		03/25/2034	#		1,700,000		1,684,807
JP Morgan Mortgage Trust, Series 2013-1, Class 2A2
2.500%		03/25/2043	#^		1,173,694		1,180,677
JPMorgan Mortgage Acquisition Corp., Series 2007-CH3, Class A2
0.273%		03/25/2037	#		2,856		2,853
Saxon Asset Securities Trust, Series 2005-4, Class A2C
0.443%		11/25/2037	#		158,344		157,800
Sequoia Mortgage Trust, Series 2012-1, Class 1A1
2.865%		01/25/2042	#		1,451,681		1,434,296
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%		04/25/2042	#		1,415,038		1,395,642
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%		02/25/2043	#		1,409,124		1,360,852
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%		04/25/2043	#		1,864,944		1,865,568
Springleaf Mortgage Loan Trust, Series 2012-2A, Class A
2.220%		10/25/2057	#^		796,425		808,336
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%		12/25/2059	#^		1,012,589		1,018,157
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%		06/25/2058	#^		2,806,509		2,813,629
Structured Asset Investment Loan Trust, Series 2003-BC1, Class A2
0.873%		01/25/2033	#		1,639,159		1,632,098
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.798%		03/25/2044	#		780,667		772,492
							28,074,631
U.S. Government Agency Mortgage-Backed Securities—2.1%
Federal Home Loan Mortgage Corp.
3.946%		12/01/2039	#		244,206		261,177
2.385%		09/01/2035	#		4,024,671		4,300,319
Federal National Mortgage Association
5.000%		01/01/2018			650,274		695,475
3.145%		07/01/2041	#		3,371,321		3,525,833
3.028%		06/01/2041	#		1,982,706		2,072,331
2.629%		03/01/2036	#		154,373		164,232
2.400%		03/01/2036	#		1,457,821		1,551,037
Federal National Mortgage Association REMICS, Series 2005-38, Class CD
5.000%		06/25/2019			58,881		59,091
Federal National Mortgage Association REMICS, Series 2012-1, Class AE
1.750%		12/25/2021	§		1,690,249		1,733,320

Coupon Rate	Maturity Date		Face		Value
FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A
0.543%	04/25/2019	#	$         1,066,832	$	1,072,396
Government National Mortgage Association, Series 2004-19, Class FC
0.492%	03/20/2034	#	458,676		459,129
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.643%	10/07/2020	#	1,260,994		1,267,299
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%	10/07/2020		277,701		278,395
National Credit Union Administration Guaranteed Notes, Series 2010-R2, Class 1A
0.563%	11/06/2017	#	2,522,193		2,521,790
National Credit Union Administration Guaranteed Notes, Series 2011-R4, Class 1A
0.573%	03/06/2020	#	1,127,628		1,126,218
					21,088,042
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $52,534,864)					52,629,881
CONVERTIBLE DEBT OBLIGATIONS—34.4%
Aerospace & Defense—0.7%
Alliant Techsystems, Inc.
3.000%	08/15/2024		3,995,000		4,591,753
L-3 Communications Holdings, Inc.
3.000%	08/01/2035		2,725,000		2,784,610
					7,376,363
Air Freight & Logistics—0.9%
Deutsche Post AG, Series DPW (Germany)
0.600%	12/06/2019		EUR   6,000,000		8,946,240
Beverages—0.6%
Asahi Group Holdings Ltd. (Japan)
0.000%	05/26/2028		JPY 360,000,000		4,594,374
Molson Coors Brewing Co.
2.500%	07/30/2013		995,000		1,006,194
					5,600,568
Biotechnology—0.3%
Gilead Sciences, Inc., Series D
1.625%	05/01/2016		1,250,000		2,831,256
Building Products—0.1%
Griffon Corp.
4.000%	01/15/2017	^	1,260,000		1,345,838
Capital Markets—1.8%
Affiliated Managers Group, Inc.
3.950%	08/15/2038		4,105,000		5,290,319
Ares Capital Corp.
5.750%	02/01/2016		867,000		950,449
4.750%	01/15/2018	^	880,000		921,800
Jefferies Group LLC
3.875%	11/01/2029		226,000		241,679
Prospect Capital Corp.
5.375%	10/15/2017		1,750,000		1,798,645
Temasek Financial III Pte Ltd. (Singapore)
0.000%	10/24/2014		SGD   7,750,000		6,320,453
Walter Investment Management Corp.
4.500%	11/01/2019		2,350,000		2,366,156
					17,889,501

See accompanying notes to financial statements

191

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Commercial Services & Supplies—0.1%
Covanta Holding Corp.
3.250%		06/01/2014		$	950,000	$	1,227,875
Communications Equipment—0.4%
Arris Group, Inc.
2.000%		11/15/2026			3,795,000		3,908,850
Computers & Peripherals—0.4%
SanDisk Corp.
1.500%		08/15/2017			3,225,000		4,315,453
Construction & Engineering—0.2%
Larsen & Toubro Ltd. (India)
3.500%		10/22/2014			1,800,000		1,831,500
Containers & Packaging—0.6%
Owens-Brockway Glass Container, Inc.
3.000%		06/01/2015	^		5,655,000		5,753,963
Diversified Consumer Services—0.3%
Stewart Enterprises, Inc.
3.125%		07/15/2014			2,300,000		2,840,500
Diversified Financial Services—0.9%
Industrivarden AB (Sweden)
1.875%		02/27/2017		EUR	2,150,000		3,037,823
Industrivarden AB, Series INDU (Sweden)
2.500%		02/27/2015		EUR	2,600,000		4,191,443
KDDI Corp. (Japan)
0.000%		12/14/2015		JPY	110,000,000		2,002,748
							9,232,014
Diversified Telecommunication Services—0.3%
Inmarsat plc, Series ISAT (United Kingdom)
1.750%		11/16/2017			1,900,000		2,482,350
Electrical Equipment—0.4%
EnerSys, Inc.
3.375%		06/01/2038			810,000		1,063,635
General Cable Corp.
0.875%		11/15/2013			3,000,000		2,996,250
							4,059,885
Electronic Equipment, Instruments & Components—1.1%
Hon Hai Precision Industry Co. Ltd. (Taiwan)
0.000%		10/12/2013			1,800,000		1,796,400
Pegatron Corp., Series 4938 (Taiwan)
0.000%		02/06/2017			2,600,000		3,298,750
TPK Holding Co. Ltd. (Cayman Islands)
0.000%		10/01/2017			1,750,000		1,954,750
TTM Technologies, Inc.
3.250%		05/15/2015			3,825,000		3,860,859
							10,910,759
Energy Equipment & Services—1.9%
Bristow Group, Inc.
3.000%		06/15/2038			2,265,000		2,681,194
Exterran Holdings, Inc.
4.250%		06/15/2014			2,900,000		3,735,562
Hornbeck Offshore Services, Inc.
1.625%		11/15/2026			1,990,000		2,295,863

Coupon Rate	Maturity Date			Face		Value
SEACOR Holdings, Inc.
2.500%	12/15/2027	^	$	1,775,000	$	2,052,344
Subsea 7 SA, Series ACY (Luxembourg)
2.250%	10/11/2013			4,000,000		4,024,000
Technip SA, Series TEC (France)
0.500%	01/01/2016		EUR	858,257		1,272,988
0.250%	01/01/2017		EUR	2,152,416		3,116,611
						19,178,562
Food Products—0.3%
Archer-Daniels-Midland Co.
0.875%	02/15/2014			3,030,000		3,058,406
Health Care Equipment & Supplies—2.5%
Alere, Inc.
3.000%	05/15/2016			3,575,000		3,541,484
Hologic, Inc.
2.000%	12/15/2043			1,340,000		1,375,175
Hologic, Inc., Series 2010
2.000%	12/15/2037			2,410,000		2,691,669
Hologic, Inc., Series 2012
2.000%	03/01/2042			4,435,000		4,398,966
Integra LifeSciences Holdings Corp.
1.625%	12/15/2016			4,750,000		4,666,875
NuVasive, Inc.
2.750%	07/01/2017			6,335,000		6,279,569
Qiagen Euro Finance SA MTN (Luxembourg)
3.250%	05/16/2026			1,900,000		2,294,725
						25,248,463
Health Care Providers & Services—1.3%
LifePoint Hospitals, Inc.
3.500%	05/15/2014			5,095,000		5,534,444
Omnicare, Inc., Series OCR
3.250%	12/15/2035			5,580,000		5,775,300
WellPoint, Inc.
2.750%	10/15/2042	^		1,650,000		2,062,500
						13,372,244
Hotels, Restaurants & Leisure—1.0%
International Game Technology
3.250%	05/01/2014			4,415,000		4,713,012
MGM Resorts International
4.250%	04/15/2015			4,850,000		5,441,094
						10,154,106
Household Durables—0.6%
Jarden Corp.
1.875%	09/15/2018	^		2,420,000		2,730,063
Lennar Corp.
2.000%	12/01/2020	^		1,000,000		1,331,250
Toll Brothers Finance Corp.
0.500%	09/15/2032	^		1,405,000		1,434,856
						5,496,169
Industrial Conglomerates—1.2%
Danaher Corp.
0.000%	01/22/2021			865,000		1,592,681
Siemens Financieringsmaatschappij NV (Netherlands)
1.050%	08/16/2017			9,750,000		10,005,450
						11,598,131
Internet & Catalog Retail—0.5%
priceline.com, Inc.
1.000%	03/15/2018			3,960,000		4,623,300

See accompanying notes to financial statements

192

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Internet Software & Services—0.6%
Blucora, Inc.
4.250%		04/01/2019	^	$	670,000	$	751,656
Dealertrack Technologies, Inc.
1.500%		03/15/2017			1,020,000		1,183,200
WebMD Health Corp.
2.500%		01/31/2018			4,150,000		3,859,500
							5,794,356
IT Services—0.5%
AtoS (France)
2.500%		01/01/2016		EUR	1,154,250		1,921,935
Cap Gemini SA, Series CAP (France)
3.500%		01/01/2014		EUR	1,803,088		2,721,831
							4,643,766
Life Sciences Tools & Services—0.6%
Illumina, Inc.
0.250%		03/15/2016	^		5,200,000		5,635,500
Machinery—1.2%
AGCO Corp.
1.250%		12/15/2036			600,000		747,750
Greenbrier Cos., Inc.
3.500%		04/01/2018			1,455,000		1,502,287
Navistar International Corp.
3.000%		10/15/2014			3,700,000		3,612,125
Trinity Industries, Inc.
3.875%		06/01/2036			5,185,000		6,105,338
							11,967,500
Media—1.2%
Liberty Interactive LLC
0.750%		03/30/2043	^		960,000		1,058,400
Live Nation Entertainment, Inc.
2.875%		07/15/2027			4,450,000		4,513,969
Omnicom Group, Inc.
0.000%		07/31/2032			3,375,000		3,879,141
Publicis Groupe SA, Series PUB (France)
1.000%		01/18/2018		EUR	1,047,263		2,028,869
XM Satellite Radio, Inc.
7.000%		12/01/2014	^		400,000		762,500
							12,242,879
Metals & Mining—1.6%
ArcelorMittal (Luxembourg)
5.000%		05/15/2014			2,520,000		2,576,700
Goldcorp, Inc. (Canada)
2.000%		08/01/2014			4,220,000		4,275,387
Newmont Mining Corp., Series A
1.250%		07/15/2014			1,065,000		1,078,312
Newmont Mining Corp., Series B
1.625%		07/15/2017			2,300,000		2,476,812
RTI International Metals, Inc.
3.000%		12/01/2015			1,050,000		1,143,188
Steel Dynamics, Inc.
5.125%		06/15/2014			4,500,000		4,823,438
							16,373,837

Coupon Rate	Maturity Date				Face		Value
Oil, Gas & Consumable Fuels—1.2%
Beach Energy Ltd. (Australia)
3.950%	04/03/2017			AUD	3,500,000	$	3,154,511
Chesapeake Energy Corp.
2.500%	05/15/2037			$	6,125,000		5,799,609
Goodrich Petroleum Corp.
5.000%	10/01/2029				3,045,000		3,037,388
							11,991,508
Pharmaceuticals—1.7%
ALZA Corp.
0.000%	07/28/2020		��		1,853,000		2,191,172
Medicines Co. (The)
1.375%	06/01/2017	^			670,000		845,875
Salix Pharmaceuticals Ltd.
1.500%	03/15/2019				3,000,000		3,594,375
Sawai Pharmaceutical Co. Ltd. (Japan)
0.000%	09/17/2015			JPY	295,000,000		3,889,015
Shire plc, Series SHP (Jersey, Channel Islands)
2.750%	05/09/2014				2,463,000		2,712,994
Teva Pharmaceutical Finance Co. LLC, Series C
0.250%	02/01/2026				3,245,000		3,415,363
							16,648,794
Real Estate Investment Trusts (REITs)—1.1%
Boston Properties LP
3.625%	02/15/2014	^			3,240,000		3,351,375
Health Care REIT, Inc.
3.000%	12/01/2029				2,190,000		2,903,119
ProLogis LP
3.250%	03/15/2015				4,125,000		4,772,109
							11,026,603
Semiconductors & Semiconductor Equipment—1.8%
Disco Corp. (Japan)
0.000%	12/16/2014			JPY	140,000,000		1,751,764
Lam Research Corp.
0.500%	05/15/2016				3,760,000		3,971,500
Linear Technology Corp., Series A
3.000%	05/01/2027				2,690,000		2,814,413
Micron Technology, Inc.
1.875%	06/01/2014				5,270,000		6,020,975
SK Hynix, Inc. (Korea, Republic of)
2.650%	05/14/2015				3,400,000		3,819,900
							18,378,552
Software—2.0%
Electronic Arts, Inc.
0.750%	07/15/2016				5,340,000		5,586,975
Mentor Graphics Corp.
4.000%	04/01/2031				1,300,000		1,587,625
Nuance Communications, Inc.
2.750%	11/01/2031				3,700,000		3,829,500
Rovi Corp.
2.625%	02/15/2040				2,505,000		2,555,100
Salesforce.com, Inc.
0.250%	04/01/2018	^			2,000,000		1,906,250
TIBCO Software, Inc.
2.250%	05/01/2032				5,080,000		4,962,525
							20,427,975
Specialty Retail—0.5%
Group 1 Automotive, Inc.
2.250%	06/15/2036				4,250,000		5,081,406

See accompanying notes to financial statements

193

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Textiles, Apparel & Luxury Goods—1.1%
Adidas AG, Series ADS (Germany)
0.250%		06/14/2019		EUR	2,200,000	$	3,532,001
Iconix Brand Group, Inc.
2.500%		06/01/2016		$	5,765,000		6,528,863
1.500%		03/15/2018	^		1,000,000		1,119,375
							11,180,239
Trading Companies & Distributors—0.2%
Titan Machinery, Inc.
3.750%		05/01/2019			2,570,000		2,404,929
Wireless Telecommunication Services—0.7%
Leap Wireless International, Inc.
4.500%		07/15/2014			3,905,000		3,936,728
SK Telecom Co. Ltd., Series ADS (South Korea)
1.750%		04/07/2014			2,350,000		3,127,850
							7,064,578
TOTAL CONVERTIBLE DEBT OBLIGATIONS
(Cost $329,311,753)							344,144,718
U.S. TREASURY OBLIGATIONS—10.0%
U.S. Treasury Bills—3.4%
U.S. Treasury Bill
0.097%		10/10/2013			7,500,000		7,499,002
0.076%		11/21/2013			6,750,000		6,748,259
0.059%		09/26/2013			14,175,000		14,173,880
0.042%		08/15/2013			2,000,000		1,999,900
0.037%		09/12/2013			3,150,000		3,149,906
0.036%		08/29/2013			1,000,000		999,968
							34,570,915
U.S. Treasury Notes—6.6%
U.S. Treasury Note
0.500%		06/15/2016			3,775,000		3,759,368
0.375%		03/15/2016	‡‡		2,510,000		2,496,862
0.375%		06/30/2015- 01/15/2016			5,725,000		5,709,705
0.250%		04/30/2014- 05/15/2016			48,010,000		47,774,948
0.125%		04/30/2015			6,000,000		5,977,620
							65,718,503
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $100,484,416)							100,289,418
GOVERNMENT RELATED OBLIGATIONS—2.2%
U.S. Government Agencies—0.4%
Federal National Mortgage Association
0.500%		03/30/2016			3,650,000		3,632,016
Non-U.S. Government Agencies—0.2%
IPIC Ltd. MTN (Cayman Islands)
3.125%		11/15/2015	^		600,000		618,750
Petrobras International Finance Co. (Cayman Islands)
2.875%		02/06/2015	§		470,000		475,411
Petroleos Mexicanos (Mexico)
4.875%		03/15/2015	§		1,400,000		1,478,750
							2,572,911

Coupon Rate	Maturity Date			Face		Value
Sovereign Debt—1.1%
Mexican Bonos, Series M (Mexico)
6.000%	06/18/2015		MXN	30,649,000	$	2,442,582
5.000%	06/15/2017		MXN	49,100,000		3,804,089
Mexico Government International Bond (Mexico)
5.875%	02/17/2014	§	$	1,300,000		1,337,050
Panama Government International Bond (Panama)
7.250%	03/15/2015	§		1,150,000		1,259,250
Qatar Government International Bond (Qatar)
3.125%	01/20/2017	^		900,000		934,875
South Africa Government International Bond (South Africa)
6.500%	06/02/2014	§		1,000,000		1,046,500
						10,824,346
U.S. Municipal Bonds—0.5%
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds (Florida)
1.298%	07/01/2016			1,500,000		1,489,410
Jobsohio Beverage Systems Ohio Statewide Liquor Profits, Series B (Ohio)
0.872%	01/01/2015			510,000		510,168
Michigan Finance Authority, Series B-1 (Michigan)
2.000%	08/20/2013			220,000		220,504
Orange County California Pension Obligation, Series A (California)
0.610%	11/01/2013			310,000		310,031
South Carolina State Public Service Authority Revenue Bonds, Series 2011-A (South Carolina)
0.894%	06/02/2014	#		1,500,000		1,500,000
University of California Revenue Bonds, Series Y-1 (California)
0.774%	07/01/2041	#		1,000,000		1,001,500
						5,031,613
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $22,237,582)						22,060,886
ASSET-BACKED SECURITIES—4.9%
Automobiles—2.4%
Ally Auto Receivables Trust Series 2012-SN1, Class A2
0.510%	12/22/2014			546,909		546,709
Ally Master Owner Trust Series 2013-2, Class A
0.642%	04/15/2018	#		1,900,000		1,891,786
Ally Master Owner Trust Series 2013-1, Class A1
0.642%	02/15/2018	#		2,200,000		2,191,601
AmeriCredit Automobile Receivables Trust Series 2012-1, Class A2
0.910%	10/08/2015			899,264		900,295
Capital Auto Receivables Asset Trust Series 2013-1, Class A2
0.620%	07/20/2016	§		1,800,000		1,796,809
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%	04/20/2018			370,000		365,652
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%	10/22/2018			380,000		373,179
CarMax Auto Owner Trust Series 2012-1, Class A2
0.590%	03/16/2015			1,103,974		1,104,274

See accompanying notes to financial statements

194

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Diversifying Strategies Fund
Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Enterprise Fleet Financing LLC Series 2012-1, Class A2
1.140%		11/20/2017	^	$	2,684,719	$	2,688,005
First Investors Auto Owner Trust Series 2011-1, Class C
3.400%		03/15/2016	^		1,400,000		1,415,037
Honda Auto Receivables Owner Trust Series 2012-1, Class A2
0.570%		08/15/2014			384,583		384,596
Hyundai Auto Receivables Trust Series 2012-A, Class A3
0.720%		03/15/2016			2,637,390		2,641,987
Nissan Master Owner Trust Receivables Series 2013-A, Class A
0.493%		02/15/2018	#		5,450,000		5,424,829
Santander Drive Auto Receivables Trust Series 2013-1, Class A2
0.480%		02/16/2016			1,049,784		1,049,559
World Omni Master Owner Trust Series 2013-1, Class A
0.542%		02/15/2018	#^		1,575,000		1,568,148
							24,342,466
Credit Card—1.8%
Cards II Trust (Canada) Series 2012-4A, Class A
0.642%		09/15/2017	#^		1,000,000		1,003,006
Chester Asset Receivables Dealings plc (United Kingdom) Series 2004-1, Class A
0.696%		04/15/2016	#	GBP	1,040,000		1,581,570
Citibank Credit Card Issuance Trust Series 2003-A7, Class A7
4.150%		07/07/2017	§		2,700,000		2,884,210
Discover Card Execution Note Trust Series 2012-A1, Class A1
0.810%		08/15/2017			3,000,000		3,006,332
GE Capital Credit Card Master Note Trust Series 2012-1, Class A
1.030%		01/15/2018			2,200,000		2,210,135
Golden Credit Card Trust (Canada) Series 2012-3A, Class A
0.642%		07/17/2017	#^		1,900,000		1,907,682
Gracechurch Card Funding plc (United Kingdom) Series 2012-1A, Class A1
0.893%		02/15/2017	#^		3,950,000		3,956,473
Gracechurch Card Funding plc (United Kingdom) Series 2012-1A, Class A2
0.920%		02/15/2017	#^	EUR	1,200,000		1,575,033
							18,124,441
Mortgage Backed—0.1%
Option One Mortgage Loan Trust Series 2005-4, Class A3
0.453%		11/25/2035	#		553,156		542,730
Other—0.4%
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%		04/15/2018			2,122,010		2,124,262

Coupon Rate	Maturity Date			Face		Value
Great America Leasing Receivables Series 2013-1, Class A2
0.610%	05/15/2015	^	$	1,000,000	$	998,541
Great America Leasing Receivables Series 2013-1, Class C
1.830%	06/17/2019	^		270,000		266,207
						3,389,010
Student Loan—0.2%
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.543%	12/07/2020	#		2,227,974		2,234,212
TOTAL ASSET-BACKED SECURITIES
(Cost $48,731,074)						48,632,859
				Contracts		Value
PURCHASED OPTIONS—0.1%
Put—Swiss Market Index, Expires 09/20/2013, Strike CHF 7,706.00				380		106,118
Call—U.S. 10 Year Treasury Note, Expires 08/23/2013, Strike $115.00				90		1,042,031
TOTAL PURCHASED OPTIONS
(Cost $1,390,565)						1,148,149
Coupon Rate	Maturity Date			Face		Value
COMMERCIAL PAPER—0.1%
Wireless Telecommunication Services—0.1%
Vodafone Group plc (United Kingdom)
0.582%	10/15/2013	^
(Cost $823,591)			$	825,000		824,076
				Shares		Value
MONEY MARKET FUNDS—3.6%
Institutional Money Market Fund—3.6%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%		¥
(Cost $36,316,200)				36,316,200		36,316,200
TOTAL INVESTMENTS—99.8%
(Cost $978,586,851)						996,964,127
Other assets less liabilities—0.2%						2,005,027
NET ASSETS—100.0%					$	998,969,154

See accompanying notes to financial statements

195

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
AUD	Australian Dollar
CHF	Swiss Franc
EUR	European Monetary Unit
GBP	British Pound Sterling
JPY	Japanese Yen
MTN	Medium Term Note
MXN	Mexican Peso
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 $167,029,300, which represents 16.7% of Net Assets. The illiquid 144A securities represented 0.1% of Net Assets, and 0.5% of total 144A securities held.
#	Rate is subject to change. Rate shown reflects current rate.
§	Security has been segregated to cover economic leverage under certain derivatives contracts which may include, but are not limited to, futures, swaps, forwards, options and TBA’s, a security that is subject to delayed delivery.
‡‡	Security 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.
**	Floating Rate Loan positions may involve multiple underlying tranches. In those instances, the position presented reflects the aggregate of those respective underlying tranches and the rate presented reflects their weighted average rate.

See accompanying notes to financial statements

196

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—21.8%
Aerospace & Defense—0.3%
Boeing Co. (The)
6.125%		02/15/2033		$	100,000	$	120,259
4.875%		02/15/2020	†		200,000		228,623
Honeywell International, Inc.
5.700%		03/15/2036			300,000		348,867
L-3 Communications Corp.
4.950%		02/15/2021			300,000		317,264
Lockheed Martin Corp.
4.070%		12/15/2042			285,000		249,846
Northrop Grumman Corp.
3.500%		03/15/2021			300,000		303,159
Precision Castparts Corp.
2.500%		01/15/2023			200,000		187,108
0.700%		12/20/2015			300,000		298,417
United Technologies Corp.
6.700%		08/01/2028			150,000		188,613
4.875%		05/01/2015			500,000		538,916
4.500%		06/01/2042			200,000		198,011
3.100%		06/01/2022			200,000		197,948
1.800%		06/01/2017			300,000		301,382
							3,478,413
Air Freight & Logistics—0.1%
FedEx Corp.
3.875%		08/01/2042			200,000		171,379
2.625%		08/01/2022			200,000		185,995
United Parcel Service, Inc.
6.200%		01/15/2038			300,000		373,632
2.450%		10/01/2022			400,000		377,894
							1,108,900
Airlines—0.0%
American Airlines, Inc., Series 2011-1 A
5.250%		01/31/2021			270,515		287,422
Continental Airlines, Inc., Series 2010-1 A
4.750%		01/12/2021			276,957		296,344
							583,766
Auto Components—0.0%
Johnson Controls, Inc.
5.500%		01/15/2016			250,000		274,836
4.250%		03/01/2021			300,000		314,105
							588,941
Automobiles—0.0%
Ford Motor Co.
7.450%		07/16/2031			200,000		240,443
4.750%		01/15/2043			200,000		176,918
							417,361
Beverages—0.7%
Anheuser-Busch InBev Finance, Inc.
2.625%		01/17/2023			200,000		188,036
0.800%		01/15/2016			200,000		199,005
Anheuser-Busch InBev Worldwide, Inc.
8.200%		01/15/2039			300,000		441,479
7.750%		01/15/2019			500,000		633,154
6.875%		11/15/2019			300,000		374,241
5.375%		01/15/2020			500,000		577,243

Coupon Rate	Maturity Date			Face		Value
3.750%	07/15/2042		$	200,000	$	174,007
1.500%	07/14/2014			200,000		202,162
0.800%	07/15/2015			500,000		500,129
Beam, Inc.
5.375%	01/15/2016			90,000		98,427
Bottling Group LLC
5.500%	04/01/2016			500,000		558,162
Coca-Cola Co. (The)
5.350%	11/15/2017			500,000		574,035
4.875%	03/15/2019			300,000		340,049
3.150%	11/15/2020			200,000		205,254
0.750%	03/13/2015			300,000		301,177
Coca-Cola Enterprises, Inc.
4.500%	09/01/2021			300,000		319,956
Diageo Finance BV (Netherlands)
5.300%	10/28/2015			750,000		825,804
Dr Pepper Snapple Group, Inc.
2.600%	01/15/2019			300,000		302,195
PepsiCo, Inc.
5.000%	06/01/2018			400,000		453,302
3.000%	08/25/2021			500,000		492,754
2.750%	03/01/2023			400,000		379,263
						8,139,834
Biotechnology—0.2%
Amgen, Inc.
6.900%	06/01/2038			267,000		328,592
6.150%	06/01/2018			500,000		589,469
5.850%	06/01/2017			250,000		285,650
5.150%	11/15/2041			300,000		299,890
3.875%	11/15/2021			300,000		309,319
Genentech, Inc.
5.250%	07/15/2035			100,000		110,235
Gilead Sciences, Inc.
4.400%	12/01/2021			300,000		322,705
						2,245,860
Capital Markets—1.4%
Bank of New York Mellon Corp. (The)
3.550%	09/23/2021			300,000		306,315
Bank of New York Mellon Corp. (The) MTN
2.300%	07/28/2016			100,000		103,154
Bank of New York Mellon Corp. (The), Series 1
2.950%	06/18/2015	†		500,000		520,874
Bear Stearns Cos. LLC (The)
7.250%	02/01/2018			350,000		417,174
6.400%	10/02/2017			400,000		461,814
4.650%	07/02/2018			400,000		432,585
BlackRock, Inc.
4.250%	05/24/2021			500,000		534,428
3.375%	06/01/2022			500,000		500,822
Credit Suisse USA, Inc.
5.125%	08/15/2015			500,000		540,154
Goldman Sachs Group, Inc. (The)
6.250%	09/01/2017			500,000		567,128
6.250%	02/01/2041			500,000		567,464
6.150%	04/01/2018			500,000		564,006
6.125%	02/15/2033			600,000		658,176
5.950%	01/15/2027			300,000		309,195
5.750%	01/24/2022			300,000		331,469
5.250%	07/27/2021			300,000		321,500
5.125%	01/15/2015			500,000		527,627
5.000%	10/01/2014			553,000		577,553
3.625%	02/07/2016			500,000		522,254

See accompanying notes to financial statements

197

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Goldman Sachs Group, Inc. (The) MTN
7.500%		02/15/2019		$	300,000	$	356,690
5.375%		03/15/2020			300,000		325,977
1.600%		11/23/2015			300,000		300,860
Jefferies Group LLC
6.250%		01/15/2036			230,000		223,100
5.125%		04/13/2018			300,000		315,001
Merrill Lynch & Co., Inc.
6.875%		11/15/2018			250,000		291,507
6.110%		01/29/2037			300,000		296,220
Merrill Lynch & Co., Inc. MTN
6.875%		04/25/2018			500,000		576,060
Morgan Stanley
7.250%		04/01/2032			100,000		120,140
5.750%		01/25/2021			600,000		652,276
4.750%		03/22/2017			300,000		318,468
3.750%		02/25/2023			300,000		287,457
1.750%		02/25/2016			300,000		297,392
Morgan Stanley MTN
5.450%		01/09/2017			500,000		540,808
Morgan Stanley, Series F MTN
6.625%		04/01/2018			500,000		567,312
6.000%		04/28/2015			1,000,000		1,072,630
5.950%		12/28/2017			500,000		555,321
Nomura Holdings, Inc. (Japan)
6.700%		03/04/2020			300,000		344,300
Northern Trust Corp.
3.375%		08/23/2021			500,000		507,892
State Street Corp.
3.100%		05/15/2023			200,000		187,726
UBS Preferred Funding Trust V, Perpetual Bond
6.243%		12/31/2049	#†		300,000		310,125
							17,210,954
Chemicals—0.5%
Agrium, Inc. (Canada)
6.125%		01/15/2041			400,000		435,719
Airgas, Inc.
2.950%		06/15/2016			200,000		208,164
2.375%		02/15/2020			300,000		288,063
CF Industries, Inc.
3.450%		06/01/2023			400,000		385,203
Dow Chemical Co. (The)
8.550%		05/15/2019			629,000		803,490
5.250%		11/15/2041			300,000		299,013
4.125%		11/15/2021			150,000		153,660
E.I. du Pont de Nemours & Co.
4.900%		01/15/2041			200,000		210,534
4.250%		04/01/2021			300,000		324,584
2.800%		02/15/2023			300,000		286,447
2.750%		04/01/2016			300,000		313,848
Ecolab, Inc.
5.500%		12/08/2041			300,000		328,816
LyondellBasell Industries NV (Netherlands)
5.000%		04/15/2019			500,000		544,734
Monsanto Co.
5.500%		08/15/2025			200,000		232,270
PPG Industries, Inc.
3.600%		11/15/2020			400,000		411,655

Coupon Rate	Maturity Date		Face		Value
Praxair, Inc.
3.250%	09/15/2015	$	500,000	$	527,928
2.200%	08/15/2022		400,000		366,988
					6,121,116
Commercial Banks—1.8%
American Express Centurion Bank
0.875%	11/13/2015		400,000		399,234
Bank of Montreal MTN (Canada)
2.500%	01/11/2017		400,000		410,374
Bank of Nova Scotia (Canada)
3.400%	01/22/2015		500,000		520,121
2.050%	10/07/2015		400,000		410,751
Bank One Corp.
8.000%	04/29/2027		300,000		403,699
7.625%	10/15/2026		300,000		380,684
Barclays Bank plc (United Kingdom)
5.125%	01/08/2020		500,000		553,917
3.900%	04/07/2015		700,000		732,613
2.750%	02/23/2015		300,000		307,684
BB&T Corp.
5.250%	11/01/2019		500,000		556,526
5.200%	12/23/2015		300,000		327,857
BB&T Corp. MTN
1.600%	08/15/2017		400,000		391,565
BBVA US Senior SAU (Spain)
4.664%	10/09/2015		400,000		412,270
BNP Paribas SA (France)
3.250%	03/11/2015		500,000		516,423
BNP Paribas SA, Bank Note (France)
5.000%	01/15/2021		400,000		425,972
Capital One Bank USA NA
8.800%	07/15/2019		500,000		642,129
Commonwealth Bank of Australia (Australia)
1.250%	09/18/2015		300,000		301,934
Credit Suisse (Switzerland)
5.400%	01/14/2020		200,000		216,988
Discover Bank
7.000%	04/15/2020		200,000		233,727
HSBC Bank USA NA
4.875%	08/24/2020		400,000		429,160
HSBC Holdings plc (United Kingdom)
6.100%	01/14/2042		500,000		583,782
4.000%	03/30/2022		500,000		512,852
Intesa Sanpaolo SpA (Italy)
3.125%	01/15/2016		300,000		295,155
KeyBank NA, Bank Note
5.800%	07/01/2014		400,000		418,416
KeyCorp MTN
5.100%	03/24/2021		500,000		557,180
LBBW (Germany)
7.625%	02/01/2023		200,000		239,504
National Australia Bank Ltd. (Australia)
1.600%	08/07/2015		500,000		507,066
National City Corp.
6.875%	05/15/2019		500,000		598,804
PNC Funding Corp.
2.700%	09/19/2016		400,000		416,616
Royal Bank of Canada MTN (Canada)
2.875%	04/19/2016		300,000		314,279
2.625%	12/15/2015		300,000		311,885
Royal Bank of Scotland plc (The) (United Kingdom)
6.125%	01/11/2021		300,000		333,579
4.375%	03/16/2016		500,000		529,597

See accompanying notes to financial statements

198

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Sumitomo Mitsui Banking Corp. (Japan)
3.200%		07/18/2022	$	200,000	$	191,877
1.350%		07/18/2015		300,000		301,709
SunTrust Banks, Inc.
3.600%		04/15/2016		500,000		529,646
Toronto-Dominion Bank (The) (Canada)
1.375%		07/14/2014		300,000		302,134
U.S. Bank NA, Bank Note
4.800%		04/15/2015		250,000		267,405
UBS AG (Switzerland)
7.000%		10/15/2015		100,000		110,705
UBS AG MTN (Switzerland)
7.375%		06/15/2017		100,000		112,264
5.875%		07/15/2016		700,000		771,195
US Bancorp MTN
2.950%		07/15/2022		200,000		185,892
1.650%		05/15/2017		500,000		498,922
Wachovia Bank NA, Bank Note
6.600%		01/15/2038		300,000		367,800
Wells Fargo & Co.
5.000%		11/15/2014		750,000		791,063
3.676%		06/15/2016		400,000		427,668
3.625%		04/15/2015		300,000		315,099
1.500%		01/16/2018		500,000		488,195
Wells Fargo & Co. MTN
4.600%		04/01/2021		500,000		545,749
3.500%		03/08/2022		300,000		303,961
2.100%		05/08/2017		300,000		301,350
Wells Fargo & Co., Series M
3.450%		02/13/2023		300,000		287,089
Wells Fargo Bank NA
5.950%		08/26/2036		100,000		112,166
Westpac Banking Corp. (Australia)
4.200%		02/27/2015		400,000		422,400
3.000%		08/04/2015		400,000		417,174
						22,243,806
Commercial Services & Supplies—0.1%
Republic Services, Inc.
5.700%		05/15/2041		200,000		218,933
5.500%		09/15/2019		300,000		339,995
Waste Management, Inc.
7.000%		07/15/2028		50,000		61,847
6.375%		03/11/2015		400,000		435,930
						1,056,705
Communications Equipment—0.2%
Cisco Systems, Inc.
5.500%		02/22/2016		500,000		558,674
4.950%		02/15/2019		500,000		570,344
Corning, Inc.
4.750%		03/15/2042		400,000		385,880
Harris Corp.
6.150%		12/15/2040		250,000		275,827
Juniper Networks, Inc.
3.100%		03/15/2016		400,000		414,611
Motorola Solutions, Inc.
7.500%		05/15/2025		340,000		413,540
						2,618,876

Coupon Rate	Maturity Date			Face		Value
Computers & Peripherals—0.2%
Apple, Inc.
3.850%	05/04/2043		$	300,000	$	267,595
2.400%	05/03/2023			300,000		278,840
1.000%	05/03/2018			200,000		192,285
0.450%	05/03/2016			200,000		197,991
Dell, Inc.
5.400%	09/10/2040			300,000		241,590
Hewlett-Packard Co.
4.650%	12/09/2021	†		300,000		300,546
3.300%	12/09/2016			300,000		311,667
2.200%	12/01/2015			250,000		254,025
2.125%	09/13/2015			500,000		506,314
						2,550,853
Construction Materials—0.0%
CRH America, Inc.
6.000%	09/30/2016			250,000		281,738
Consumer Finance—0.7%
American Express Co.
4.050%	12/03/2042			472,000		414,347
American Express Credit Corp. MTN
2.800%	09/19/2016			400,000		415,608
2.750%	09/15/2015			400,000		415,127
Capital One Financial Corp.
6.150%	09/01/2016			200,000		223,344
2.125%	07/15/2014			200,000		202,396
Caterpillar Financial Services Corp. MTN
2.850%	06/01/2022			300,000		287,329
2.750%	06/24/2015			200,000		207,678
2.650%	04/01/2016			400,000		416,831
1.625%	06/01/2017			300,000		298,388
Ford Motor Credit Co. LLC
8.700%	10/01/2014			200,000		218,074
5.875%	08/02/2021			500,000		546,008
5.000%	05/15/2018			200,000		213,785
4.250%	02/03/2017			200,000		209,139
4.250%	09/20/2022			200,000		196,944
3.984%	06/15/2016			300,000		314,508
3.000%	06/12/2017			300,000		300,910
2.750%	05/15/2015			500,000		507,225
HSBC Finance Capital Trust IX
5.911%	11/30/2035	#		500,000		505,250
HSBC USA, Inc.
2.375%	02/13/2015			400,000		408,914
John Deere Capital Corp.
1.200%	10/10/2017			300,000		292,178
John Deere Capital Corp. MTN
3.900%	07/12/2021			300,000		318,177
2.250%	06/07/2016			200,000		206,495
Toyota Motor Credit Corp.
0.875%	07/17/2015			500,000		502,000
Toyota Motor Credit Corp. MTN
4.500%	06/17/2020			300,000		330,203
2.625%	01/10/2023			300,000		279,290
1.250%	10/05/2017			400,000		388,813
						8,618,961
Containers & Packaging—0.0%
MeadWestvaco Corp.
7.375%	09/01/2019			300,000		355,365

See accompanying notes to financial statements

199

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Diversified Financial Services—1.9%
Bank of America Corp.
7.750%		08/15/2015		$	250,000	$	276,791
5.875%		01/05/2021			400,000		450,887
5.625%		07/01/2020			500,000		551,286
4.500%		04/01/2015			700,000		734,558
3.875%		03/22/2017			700,000		733,768
1.500%		10/09/2015			400,000		399,312
Bank of America Corp. MTN
5.875%		02/07/2042			300,000		336,627
5.000%		05/13/2021			300,000		320,400
3.625%		03/17/2016			500,000		522,641
3.300%		01/11/2023			500,000		473,525
Bank of America Corp., Series L MTN
5.650%		05/01/2018			500,000		556,083
Citigroup, Inc.
8.500%		05/22/2019			300,000		378,463
8.125%		07/15/2039			500,000		662,450
6.625%		06/15/2032			350,000		362,780
6.375%		08/12/2014			500,000		527,783
6.125%		11/21/2017			750,000		853,242
6.125%		08/25/2036			300,000		294,622
6.010%		01/15/2015			179,000		191,229
6.000%		08/15/2017			600,000		676,692
4.500%		01/14/2022			500,000		521,837
4.050%		07/30/2022			300,000		288,872
3.953%		06/15/2016			200,000		210,961
2.650%		03/02/2015			400,000		407,944
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
3.875%		02/08/2022			400,000		403,540
3.375%		01/19/2017			300,000		315,332
2.125%		10/13/2015			200,000		204,792
Deutsche Bank AG (Germany)
6.000%		09/01/2017			650,000		748,864
Deutsche Bank Financial LLC MTN
5.375%		03/02/2015			250,000		264,721
General Electric Capital Corp.
2.950%		05/09/2016			400,000		417,152
General Electric Capital Corp. MTN
6.375%		11/15/2067	#		600,000		625,500
5.875%		01/14/2038			700,000		773,130
5.400%		02/15/2017			650,000		724,370
General Electric Capital Corp., Series A MTN
6.875%		01/10/2039			300,000		370,950
6.750%		03/15/2032			750,000		901,816
5.625%		09/15/2017			300,000		340,123
5.500%		01/08/2020			500,000		564,524
4.625%		01/07/2021			300,000		321,032
General Electric Capital Corp., Series A
3.750%		11/14/2014			500,000		519,776
JPMorgan Chase & Co.
6.400%		05/15/2038			300,000		353,074
6.300%		04/23/2019			500,000		581,568
5.600%		07/15/2041			200,000		216,017
5.125%		09/15/2014			500,000		524,736
4.750%		03/01/2015			500,000		532,115
4.625%		05/10/2021			300,000		317,632
4.500%		01/24/2022			400,000		419,593
3.450%		03/01/2016			500,000		521,875
3.200%		01/25/2023			500,000		475,618

Coupon Rate	Maturity Date		Face		Value
JPMorgan Chase & Co. MTN
1.875%	03/20/2015	$	500,000	$	506,070
0.800%	04/23/2015		350,000		348,145
JPMorgan Chase Bank NA, Bank Note
6.000%	10/01/2017		500,000		570,086
National Rural Utilities Cooperative Finance Corp.
10.375%	11/01/2018		281,000		389,742
3.050%	03/01/2016		250,000		262,281
					24,246,927
Diversified Telecommunication Services—1.0%
AT&T, Inc.
6.550%	02/15/2039		200,000		230,412
6.300%	01/15/2038		250,000		278,850
6.150%	09/15/2034		500,000		552,870
5.800%	02/15/2019		550,000		638,670
5.625%	06/15/2016		450,000		503,791
5.550%	08/15/2041		300,000		313,492
5.350%	09/01/2040		307,000		311,749
4.350%	06/15/2045		758,000		662,143
1.600%	02/15/2017		400,000		396,270
BellSouth Capital Funding Corp.
7.875%	02/15/2030		322,000		400,050
BellSouth Corp.
6.875%	10/15/2031		19,000		21,602
5.200%	09/15/2014		500,000		525,182
British Telecommunications plc (United Kingdom)
9.625%	12/15/2030		250,000		377,311
Cellco Partnership/Verizon Wireless Capital LLC
8.500%	11/15/2018		250,000		325,065
Deutsche Telekom International Finance BV (Netherlands)
8.750%	06/15/2030		300,000		417,230
Embarq Corp.
7.082%	06/01/2016		250,000		280,320
France Telecom SA (France)
8.500%	03/01/2031		500,000		681,053
Qwest Corp.
6.500%	06/01/2017		250,000		283,165
Telecom Italia Capital SA (Luxembourg)
6.999%	06/04/2018		300,000		331,289
6.000%	09/30/2034		250,000		227,951
Telefonica Emisiones SAU (Spain)
5.134%	04/27/2020		600,000		616,560
3.729%	04/27/2015		200,000		206,482
Verizon Communications, Inc.
7.750%	12/01/2030		130,000		168,863
6.400%	02/15/2038		500,000		584,127
6.350%	04/01/2019		500,000		593,917
6.000%	04/01/2041		300,000		337,790
5.850%	09/15/2035		250,000		273,948
3.500%	11/01/2021		400,000		402,484
3.000%	04/01/2016		400,000		418,388
2.450%	11/01/2022		300,000		272,567
0.700%	11/02/2015		400,000		397,542
					12,031,133
Electric Utilities—1.4%
Alabama Power Co., Series Q
5.500%	10/15/2017		150,000		171,526
Arizona Public Service Co.
4.500%	04/01/2042		300,000		290,020
Commonwealth Edison Co.
5.900%	03/15/2036		300,000		353,996
5.800%	03/15/2018		100,000		116,290

See accompanying notes to financial statements

200

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Constellation Energy Group, Inc.
5.150%		12/01/2020	$	400,000	$	439,369
Dominion Resources, Inc., Series C
4.900%		08/01/2041		300,000		304,030
Duke Energy Carolinas LLC
6.450%		10/15/2032		330,000		409,314
4.300%		06/15/2020		100,000		108,995
4.000%		09/30/2042		300,000		272,907
Duke Energy Corp.
2.150%		11/15/2016		200,000		204,786
Duke Energy Florida, Inc.
6.400%		06/15/2038		350,000		430,223
0.650%		11/15/2015		300,000		298,477
Duke Energy Indiana, Inc.
3.750%		07/15/2020		300,000		315,273
Entergy Corp.
4.700%		01/15/2017		500,000		531,091
Exelon Corp.
4.900%		06/15/2015		350,000		374,763
FirstEnergy Corp., Series A
2.750%		03/15/2018		300,000		292,380
FirstEnergy Corp., Series C
7.375%		11/15/2031		150,000		158,594
Florida Power & Light Co.
5.625%		04/01/2034		50,000		57,885
5.125%		06/01/2041		200,000		219,341
4.950%		06/01/2035		100,000		108,982
Georgia Power Co., Series 07-A
5.650%		03/01/2037		200,000		222,298
Great Plains Energy, Inc.
4.850%		06/01/2021		400,000		425,550
Indiana Michigan Power Co.
7.000%		03/15/2019		250,000		300,747
Jersey Central Power & Light
5.625%		05/01/2016		500,000		555,128
Kentucky Utilities Co.
5.125%		11/01/2040		500,000		552,016
MidAmerican Energy Co. MTN
5.800%		10/15/2036		500,000		580,293
MidAmerican Energy Holdings Co.
6.125%		04/01/2036		200,000		227,624
Mississippi Power Co., Series 2012-A
4.250%		03/15/2042		300,000		271,731
NextEra Energy Capital Holdings, Inc.
6.000%		03/01/2019		250,000		290,357
4.500%		06/01/2021		200,000		214,809
1.200%		06/01/2015		500,000		502,767
Northern States Power Co.
5.250%		03/01/2018		500,000		577,079
Ohio Power Co., Series K
6.000%		06/01/2016		500,000		563,554
Pacific Gas & Electric Co.
6.050%		03/01/2034		500,000		584,777
4.450%		04/15/2042		300,000		286,754
Peco Energy Co.
2.375%		09/15/2022		200,000		185,672
Potomac Electric Power Co.
7.900%		12/15/2038		200,000		295,911
PPL Capital Funding, Inc.
4.700%		06/01/2043		200,000		182,304
3.400%		06/01/2023		200,000		189,887

Coupon Rate	Maturity Date		Face		Value
Progress Energy, Inc.
7.050%	03/15/2019	$	400,000	$	485,262
4.400%	01/15/2021		300,000		319,105
PSEG Power LLC
8.625%	04/15/2031		300,000		413,839
2.750%	09/15/2016		200,000		206,389
Public Service Electric & Gas Co. MTN
3.650%	09/01/2042		200,000		176,620
Puget Sound Energy, Inc.
4.434%	11/15/2041		300,000		293,908
South Carolina Electric & Gas Co.
5.300%	05/15/2033		150,000		161,490
Southern California Edison Co.
6.650%	04/01/2029		500,000		616,309
4.050%	03/15/2042		300,000		280,088
Southern Power Co., Series D
4.875%	07/15/2015		350,000		375,267
Union Electric Co.
6.400%	06/15/2017		250,000		293,367
Virginia Electric and Power Co.
5.400%	04/30/2018		250,000		289,057
1.200%	01/15/2018		300,000		291,077
Wisconsin Electric Power
5.625%	05/15/2033		150,000		173,901
Xcel Energy, Inc.
4.800%	09/15/2041		200,000		199,617
					17,042,796
Electrical Equipment—0.1%
Emerson Electric Co.
5.000%	12/15/2014		150,000		159,408
5.000%	04/15/2019		500,000		569,569
2.625%	02/15/2023		270,000		256,084
Roper Industries, Inc.
1.850%	11/15/2017		200,000		197,036
					1,182,097
Electronic Equipment, Instruments & Components—0.1%
Arrow Electronics, Inc.
4.500%	03/01/2023		300,000		295,747
3.000%	03/01/2018		400,000		399,857
Jabil Circuit, Inc.
4.700%	09/15/2022		200,000		193,500
					889,104
Energy Equipment & Services—0.3%
Halliburton Co.
7.450%	09/15/2039		400,000		549,412
Noble Holding International Ltd. (Cayman Islands)
6.200%	08/01/2040		200,000		206,344
3.450%	08/01/2015		200,000		207,458
2.500%	03/15/2017		300,000		300,336
Pride International, Inc.
6.875%	08/15/2020		200,000		237,705
Rowan Cos., Inc.
4.875%	06/01/2022		250,000		258,419
Transocean, Inc. (Cayman Islands)
6.800%	03/15/2038		500,000		533,526
Weatherford International Ltd. (Bermuda)
9.625%	03/01/2019		400,000		506,263
6.750%	09/15/2040		300,000		311,353
4.500%	04/15/2022		300,000		297,124
					3,407,940

See accompanying notes to financial statements

201

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Food & Staples Retailing—0.4%
Costco Wholesale Corp.
0.650%		12/07/2015	$	300,000	$	299,588
CVS Caremark Corp.
4.875%		09/15/2014		230,000		241,546
4.125%		05/15/2021		200,000		211,724
Kroger Co. (The)
7.500%		04/01/2031		200,000		242,823
5.400%		07/15/2040		200,000		202,793
4.950%		01/15/2015		300,000		317,668
Walgreen Co.
4.400%		09/15/2042		200,000		180,470
1.000%		03/13/2015		300,000		301,072
Wal-Mart Stores, Inc.
7.550%		02/15/2030		250,000		343,856
5.250%		09/01/2035		750,000		817,024
4.875%		07/08/2040		300,000		313,538
4.250%		04/15/2021		300,000		327,737
3.625%		07/08/2020		300,000		317,363
2.550%		04/11/2023		500,000		469,551
						4,586,753
Food Products—0.4%
Archer-Daniels Midland Co.
5.450%		03/15/2018		500,000		576,812
ConAgra Foods, Inc.
4.650%		01/25/2043		300,000		278,974
3.250%		09/15/2022		200,000		191,170
2.100%		03/15/2018		200,000		198,334
1.300%		01/25/2016		400,000		400,912
General Mills, Inc.
5.400%		06/15/2040		300,000		333,271
3.150%		12/15/2021		200,000		200,098
Hillshire Brands Co.
2.750%		09/15/2015		300,000		308,430
Kellogg Co.
4.000%		12/15/2020		300,000		316,338
Kraft Foods Group, Inc.
6.875%		01/26/2039		380,000		462,520
6.500%		02/09/2040		200,000		239,448
5.375%		02/10/2020		209,000		236,078
1.625%		06/04/2015		300,000		303,342
Mondelez International, Inc.
6.500%		02/09/2040		200,000		239,449
5.375%		02/10/2020		291,000		326,860
4.125%		02/09/2016		100,000		106,961
Unilever Capital Corp.
4.250%		02/10/2021		300,000		327,380
						5,046,377
Gas Utilities—0.0%
Southern California Gas Co.
5.125%		11/15/2040		400,000		448,464
Health Care Equipment & Supplies—0.3%
Baxter International, Inc.
5.900%		09/01/2016		400,000		456,271
3.200%		06/15/2023		300,000		294,885
2.400%		08/15/2022		300,000		277,692
Becton Dickinson and Co.
5.000%		11/12/2040		300,000		315,089

Coupon Rate	Maturity Date		Face		Value
Boston Scientific Corp.
7.375%	01/15/2040	$	200,000	$	253,274
6.250%	11/15/2015		200,000		221,474
6.000%	01/15/2020		200,000		226,686
CareFusion Corp.
6.375%	08/01/2019		250,000		288,922
Covidien International Finance SA (Luxembourg)
6.000%	10/15/2017		250,000		289,979
Medtronic, Inc.
4.450%	03/15/2020		300,000		327,103
3.000%	03/15/2015		380,000		394,366
2.750%	04/01/2023		100,000		93,666
Stryker Corp.
4.100%	04/01/2043		200,000		189,705
					3,629,112
Health Care Providers & Services—0.4%
Aetna, Inc.
6.625%	06/15/2036		250,000		301,134
4.125%	11/15/2042		200,000		176,216
1.500%	11/15/2017		200,000		194,382
Cardinal Health, Inc.
4.600%	03/15/2043		200,000		182,150
3.200%	03/15/2023		300,000		280,540
1.700%	03/15/2018		300,000		291,397
Cigna Corp.
5.125%	06/15/2020		300,000		326,112
Express Scripts Holding Co.
6.125%	11/15/2041		200,000		231,812
4.750%	11/15/2021		200,000		214,341
McKesson Corp.
2.850%	03/15/2023		300,000		283,044
Quest Diagnostics, Inc.
6.950%	07/01/2037		300,000		351,245
4.700%	04/01/2021		300,000		312,364
UnitedHealth Group, Inc.
6.000%	02/15/2018		500,000		587,824
5.950%	02/15/2041		200,000		227,224
5.375%	03/15/2016		200,000		221,667
1.625%	03/15/2019		400,000		387,157
WellPoint, Inc.
5.250%	01/15/2016		500,000		546,968
4.650%	01/15/2043		200,000		187,141
3.300%	01/15/2023		300,000		286,162
					5,588,880
Hotels, Restaurants & Leisure—0.1%
McDonald’s Corp., Series I MTN
5.350%	03/01/2018		500,000		573,754
Wyndham Worldwide Corp.
3.900%	03/01/2023		300,000		286,386
Yum! Brands, Inc.
6.875%	11/15/2037		200,000		239,944
					1,100,084
Household Durables—0.1%
Clorox Co. (The)
3.800%	11/15/2021		400,000		405,629
Whirlpool Corp. MTN
4.850%	06/15/2021		200,000		211,012
					616,641

See accompanying notes to financial statements

202

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Household Products—0.1%
Kimberly-Clark Corp.
6.125%		08/01/2017		$	500,000	$	585,558
Procter & Gamble Co. (The)
5.800%		08/15/2034			250,000		300,821
4.700%		02/15/2019			500,000		564,632
							1,451,011
Industrial Conglomerates—0.2%
3M Co. MTN
5.700%		03/15/2037			100,000		120,470
2.000%		06/26/2022			300,000		280,529
GE Capital Trust I
6.375%		11/15/2067	#		130,000		135,037
General Electric Co.
5.250%		12/06/2017			500,000		565,137
4.125%		10/09/2042			300,000		280,298
2.700%		10/09/2022			300,000		284,493
0.850%		10/09/2015			300,000		299,884
							1,965,848
Insurance—0.9%
AEGON Funding Co. LLC
5.750%		12/15/2020			290,000		329,138
Aflac, Inc.
3.625%		06/15/2023			400,000		389,597
American International Group, Inc.
8.175%		05/15/2058	#		300,000		367,500
6.400%		12/15/2020			400,000		464,576
3.800%		03/22/2017			500,000		524,613
3.000%		03/20/2015			400,000		412,400
American International Group, Inc. MTN
5.850%		01/16/2018			500,000		563,338
Aon plc (United Kingdom)
4.450%		05/24/2043			400,000		359,072
AXA SA (France)
8.600%		12/15/2030			250,000		303,125
Berkshire Hathaway Finance Corp.
4.300%		05/15/2043			300,000		273,566
4.250%		01/15/2021	†		300,000		320,869
3.200%		02/11/2015			400,000		416,217
1.600%		05/15/2017			400,000		398,690
Chubb Corp. (The)
6.375%		03/29/2067	#		200,000		215,000
CNA Financial Corp.
5.850%		12/15/2014			430,000		457,578
5.750%		08/15/2021			300,000		338,211
Fidelity National Financial, Inc.
6.600%		05/15/2017			300,000		332,798
Genworth Financial, Inc.
7.700%		06/15/2020			200,000		229,746
Hartford Financial Services Group, Inc.
6.100%		10/01/2041			150,000		168,364
4.000%		10/15/2017			300,000		318,443
Hartford Financial Services Group, Inc. MTN
6.000%		01/15/2019			500,000		564,320
Lincoln National Corp.
6.150%		04/07/2036			250,000		281,018
Markel Corp.
5.000%		03/30/2043			300,000		284,196

Coupon Rate	Maturity Date			Face		Value
Marsh & McLennan Cos., Inc.
5.750%	09/15/2015		$	46,000	$	50,533
MetLife, Inc.
6.750%	06/01/2016			600,000		687,180
5.700%	06/15/2035			250,000		278,069
Progressive Corp. (The)
6.625%	03/01/2029			150,000		181,520
Prudential Financial, Inc. MTN
6.625%	06/21/2040			100,000		119,516
5.800%	11/16/2041			200,000		216,058
5.375%	06/21/2020			300,000		336,807
Prudential Financial, Inc., Series D MTN
5.700%	12/14/2036			250,000		266,393
4.750%	09/17/2015			300,000		322,990
Validus Holdings Ltd. (Bermuda)
8.875%	01/26/2040			200,000		253,276
						11,024,717
Internet & Catalog Retail—0.1%
Amazon.com, Inc.
2.500%	11/29/2022	†		200,000		181,926
1.200%	11/29/2017			200,000		193,633
0.650%	11/27/2015	†		400,000		398,982
Expedia, Inc.
7.456%	08/15/2018	†		500,000		577,519
						1,352,060
Internet Software & Services—0.1%
eBay, Inc.
4.000%	07/15/2042			100,000		85,146
2.600%	07/15/2022			100,000		93,352
1.350%	07/15/2017			100,000		98,381
0.700%	07/15/2015			200,000		200,334
Google, Inc.
3.625%	05/19/2021			300,000		314,065
2.125%	05/19/2016			300,000		310,249
						1,101,527
IT Services—0.2%
Computer Sciences Corp.
4.450%	09/15/2022			200,000		197,858
2.500%	09/15/2015			300,000		306,025
Fiserv, Inc.
3.500%	10/01/2022			200,000		190,194
International Business Machines Corp.
7.000%	10/30/2025			300,000		395,038
5.700%	09/14/2017			500,000		578,088
1.625%	05/15/2020			400,000		375,053
0.875%	10/31/2014			500,000		502,624
Western Union Co. (The)
5.253%	04/01/2020			502,000		533,242
						3,078,122
Life Sciences Tools & Services—0.0%
Agilent Technologies, Inc.
5.000%	07/15/2020			100,000		107,900
Machinery—0.1%
Caterpillar, Inc.
3.803%	08/15/2042			685,000		599,651
Dover Corp.
5.375%	03/01/2041			300,000		338,089
Eaton Corp.
4.150%	11/02/2042	^		100,000		90,082
2.750%	11/02/2022	^		100,000		93,742

See accompanying notes to financial statements

203

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
1.500%		11/02/2017	^	$	300,000	$	291,518
0.950%		11/02/2015	^		100,000		99,662
Parker Hannifin Corp. MTN
3.500%		09/15/2022			100,000		101,547
							1,614,291
Media—1.1%
CBS Corp.
7.875%		07/30/2030			250,000		319,351
5.750%		04/15/2020			200,000		227,168
4.850%		07/01/2042			250,000		231,966
1.950%		07/01/2017			300,000		298,311
Comcast Corp.
6.450%		03/15/2037			500,000		599,809
6.300%		11/15/2017			700,000		827,891
5.850%		11/15/2015			400,000		445,685
5.650%		06/15/2035			200,000		222,558
4.500%		01/15/2043			200,000		191,733
2.850%		01/15/2023			500,000		475,673
COX Communications, Inc.
5.500%		10/01/2015			75,000		82,423
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
6.375%		03/01/2041			500,000		524,271
5.200%		03/15/2020			200,000		216,251
3.800%		03/15/2022			300,000		288,703
3.550%		03/15/2015			200,000		207,721
3.500%		03/01/2016			400,000		420,474
Discovery Communications LLC
5.625%		08/15/2019			400,000		459,767
Historic TW, Inc.
9.150%		02/01/2023			300,000		408,030
NBCUniversal Media LLC
6.400%		04/30/2040			200,000		240,018
5.950%		04/01/2041			250,000		286,562
4.375%		04/01/2021			250,000		270,119
News America, Inc.
8.000%		10/17/2016			150,000		180,475
7.750%		12/01/2045			200,000		260,204
6.150%		02/15/2041			300,000		334,305
5.650%		08/15/2020			500,000		571,471
Omnicom Group, Inc.
5.900%		04/15/2016			500,000		556,993
Thomson Reuters Corp. (Canada)
6.500%		07/15/2018	†		300,000		355,054
Time Warner Cable, Inc.
6.750%		06/15/2039			200,000		204,647
5.850%		05/01/2017			400,000		441,104
Time Warner Entertainment Co. LP
8.375%		03/15/2023			250,000		311,939
8.375%		07/15/2033			250,000		295,425
Time Warner, Inc.
5.875%		11/15/2016			700,000		799,685
5.375%		10/15/2041			250,000		253,741
Viacom, Inc.
6.875%		04/30/2036			300,000		352,272
4.500%		03/01/2021			200,000		212,456
4.375%		03/15/2043	^		200,000		170,292
2.500%		12/15/2016			300,000		309,749
Walt Disney Co. (The) MTN
3.700%		12/01/2042			200,000		176,660

Coupon Rate	Maturity Date			Face		Value
2.350%	12/01/2022		$	200,000	$	185,145
1.100%	12/01/2017			250,000		242,634
0.450%	12/01/2015			350,000		348,602
Walt Disney Co. (The), Series B MTN
7.000%	03/01/2032			210,000		281,515
						14,088,852
Metals & Mining—0.7%
Alcoa, Inc.
5.550%	02/01/2017	†		290,000		308,439
5.400%	04/15/2021			300,000		292,481
Barrick Gold Corp. (Canada)
2.900%	05/30/2016			200,000		197,417
Barrick PD Australia Finance Pty Ltd. (Australia)
5.950%	10/15/2039			400,000		340,825
BHP Billiton Finance USA Ltd. (Australia)
6.500%	04/01/2019			500,000		599,340
4.125%	02/24/2042			400,000		374,009
1.625%	02/24/2017			400,000		398,414
1.125%	11/21/2014			300,000		302,219
Freeport-McMoRan Copper & Gold, Inc.
3.875%	03/15/2023	^		400,000		362,751
3.550%	03/01/2022			400,000		364,005
1.400%	02/13/2015			400,000		398,306
Newmont Mining Corp.
6.250%	10/01/2039			200,000		192,212
3.500%	03/15/2022			400,000		342,916
Rio Tinto Alcan, Inc. (Canada)
6.125%	12/15/2033			150,000		166,291
Rio Tinto Finance USA plc (United Kingdom)
4.750%	03/22/2042			300,000		277,353
2.250%	12/14/2018			400,000		389,200
2.000%	03/22/2017			500,000		497,190
Southern Copper Corp.
7.500%	07/27/2035			250,000		269,738
Teck Resources Ltd. (Canada)
5.200%	03/01/2042			300,000		255,324
3.000%	03/01/2019			300,000		292,083
Vale Overseas Ltd. (Cayman Islands)
6.875%	11/21/2036			400,000		406,995
6.250%	01/23/2017			500,000		561,154
4.625%	09/15/2020			500,000		496,349
						8,085,011
Multiline Retail—0.2%
Dollar General Corp.
1.875%	04/15/2018			500,000		482,960
Kohl’s Corp.
4.000%	11/01/2021	†		300,000		300,763
Macy’s Retail Holdings, Inc.
6.900%	04/01/2029			100,000		117,140
6.650%	07/15/2024			100,000		118,408
5.900%	12/01/2016			500,000		568,423
5.750%	07/15/2014			300,000		314,513
4.300%	02/15/2043			200,000		172,618
Nordstrom, Inc.
4.000%	10/15/2021			100,000		106,040
Target Corp.
6.000%	01/15/2018			500,000		588,217
4.000%	07/01/2042			200,000		182,622
						2,951,704

See accompanying notes to financial statements

204

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Multi-Utilities—0.2%
Ameren Illinois Co.
2.700%		09/01/2022		$	400,000	$	381,050
Consolidated Edison Co. of New York, Inc., Series 06-C
5.500%		09/15/2016			500,000		565,277
Consumers Energy Co., Series P
5.500%		08/15/2016			150,000		169,971
Dominion Resources, Inc., Series A
5.600%		11/15/2016			300,000		340,766
Nisource Finance Corp.
5.450%		09/15/2020			500,000		558,409
5.250%		02/15/2043			300,000		294,190
Sempra Energy
6.150%		06/15/2018			250,000		292,391
							2,602,054
Office Electronics—0.1%
Xerox Corp.
6.350%		05/15/2018	†		500,000		573,648
4.500%		05/15/2021			200,000		206,640
4.250%		02/15/2015			300,000		313,532
							1,093,820
Oil, Gas & Consumable Fuels—2.2%
Alberta Energy Co. Ltd. (Canada)
7.375%		11/01/2031			400,000		477,475
Anadarko Petroleum Corp.
8.700%		03/15/2019			500,000		644,391
Apache Corp.
5.250%		02/01/2042			500,000		510,283
Apache Finance Canada Corp. (Canada)
7.750%		12/15/2029			150,000		195,840
Boardwalk Pipelines LP
3.375%		02/01/2023			200,000		184,504
BP Capital Markets plc (United Kingdom)
4.500%		10/01/2020			300,000		325,972
3.245%		05/06/2022			200,000		194,462
3.200%		03/11/2016			400,000		420,565
2.750%		05/10/2023			500,000		463,292
1.846%		05/05/2017			200,000		200,430
Canadian Natural Resources Ltd. (Canada)
5.850%		02/01/2035			500,000		534,275
3.450%		11/15/2021			200,000		200,236
Cenovus Energy, Inc. (Canada)
5.700%		10/15/2019			200,000		227,786
CenterPoint Energy Resources Corp.
4.500%		01/15/2021			434,000		474,439
Chevron Corp.
3.191%		06/24/2023			400,000		398,905
2.355%		12/05/2022			400,000		376,961
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
4.250%		05/09/2043	†		200,000		168,363
3.000%		05/09/2023			200,000		181,049
1.750%		05/09/2018			200,000		191,524
1.125%		05/09/2016			200,000		196,897
ConocoPhillips Canada Funding Co. I (Canada)
5.950%		10/15/2036			500,000		584,554
5.625%		10/15/2016			500,000		570,677
ConocoPhillips Holding Co.
6.950%		04/15/2029			500,000		638,498

Coupon Rate	Maturity Date			Face		Value
Devon Energy Corp.
5.600%	07/15/2041		$	100,000	$	103,991
2.400%	07/15/2016			300,000		307,595
1.875%	05/15/2017			300,000		296,208
El Paso Pipeline Partners Operating Co. LLC
4.700%	11/01/2042			200,000		178,163
Enbridge Energy Partners LP
9.875%	03/01/2019			300,000		392,240
Encana Corp. (Canada)
5.150%	11/15/2041			300,000		285,314
3.900%	11/15/2021	†		300,000		305,069
Energy Transfer Partners LP
6.500%	02/01/2042			400,000		427,991
5.950%	02/01/2015			500,000		535,884
5.200%	02/01/2022			300,000		318,020
Enterprise Products Operating LLC
5.950%	02/01/2041			200,000		218,659
4.450%	02/15/2043			200,000		178,223
3.700%	06/01/2015			100,000		105,045
3.200%	02/01/2016			200,000		210,074
Enterprise Products Operating LLC, Series D
6.875%	03/01/2033			150,000		178,992
Enterprise Products Operating LLC, Series G
5.600%	10/15/2014			150,000		158,839
EOG Resources, Inc.
4.100%	02/01/2021			300,000		319,214
Hess Corp.
7.300%	08/15/2031			250,000		300,468
Kinder Morgan Energy Partners LP
6.550%	09/15/2040			300,000		340,813
6.500%	02/01/2037			300,000		336,696
5.950%	02/15/2018			300,000		348,011
5.000%	03/01/2043			200,000		189,292
4.150%	03/01/2022			500,000		503,482
3.500%	09/01/2023			400,000		375,650
Magellan Midstream Partners LP
4.200%	12/01/2042			200,000		173,763
Marathon Oil Corp.
5.900%	03/15/2018			455,000		523,448
Nexen, Inc. (Canada)
6.400%	05/15/2037			500,000		545,163
Occidental Petroleum Corp.
2.700%	02/15/2023			300,000		277,441
ONEOK Partners LP
6.150%	10/01/2016			160,000		182,545
3.375%	10/01/2022			300,000		276,336
Petrobras Global Finance BV (Netherlands)
4.375%	05/20/2023			400,000		370,937
Petro-Canada (Canada)
5.950%	05/15/2035			100,000		107,645
Phillips 66
4.300%	04/01/2022			400,000		414,042
1.950%	03/05/2015			500,000		507,962
Pioneer Natural Resources Co.
3.950%	07/15/2022			200,000		197,852
Plains All American Pipeline LP/PAA Finance Corp.
4.300%	01/31/2043			200,000		175,359
3.950%	09/15/2015			300,000		318,347
2.850%	01/31/2023			400,000		368,109
Shell International Finance BV (Netherlands)
5.200%	03/22/2017			500,000		564,198
3.625%	08/21/2042	†		300,000		265,982
3.100%	06/28/2015			500,000		524,265
2.375%	08/21/2022			500,000		468,181

See accompanying notes to financial statements

205

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Southern Natural Gas Co./Southern Natural Issuing Corp.
4.400%		06/15/2021		$	200,000	$	209,925
Statoil ASA (Norway)
5.100%		08/17/2040			300,000		320,091
3.150%		01/23/2022			500,000		495,428
2.650%		01/15/2024			300,000		278,851
1.150%		05/15/2018			300,000		290,437
Suncor Energy, Inc. (Canada)
7.150%		02/01/2032			500,000		610,338
Sunoco Logistics Partners Operations LP
4.950%		01/15/2043			200,000		179,680
3.450%		01/15/2023			200,000		186,173
Talisman Energy, Inc. (Canada)
6.250%		02/01/2038			300,000		323,238
Tennessee Gas Pipeline Co. LLC
7.000%		10/15/2028			350,000		426,815
Texas Eastern Transmission LP
7.000%		07/15/2032			150,000		185,036
Total Capital International SA (France)
2.875%		02/17/2022			400,000		385,188
Total Capital SA (France)
4.450%		06/24/2020			300,000		327,553
3.000%		06/24/2015			300,000		313,648
TransCanada PipeLines Ltd. (Canada)
5.850%		03/15/2036			500,000		571,916
Valero Energy Corp.
6.125%		06/15/2017			250,000		287,461
Williams Cos., Inc.
7.875%		09/01/2021			230,000		278,080
Williams Partners LP
6.300%		04/15/2040			100,000		105,173
5.250%		03/15/2020			100,000		107,622
3.800%		02/15/2015			100,000		104,302
							27,523,841
Paper & Forest Products—0.1%
International Paper Co.
7.500%		08/15/2021	†		500,000		614,657
Pharmaceuticals—0.8%
AbbVie, Inc.
4.400%		11/06/2042	^		300,000		279,768
2.900%		11/06/2022	^		300,000		281,108
2.000%		11/06/2018	^		300,000		291,253
1.750%		11/06/2017	^		300,000		294,220
1.200%		11/06/2015	^		300,000		300,503
AstraZeneca plc (United Kingdom)
5.900%		09/15/2017			250,000		290,752
4.000%		09/18/2042			300,000		273,373
Bristol-Myers Squibb Co.
5.875%		11/15/2036			155,000		181,580
5.450%		05/01/2018			250,000		290,903
3.250%		08/01/2042			200,000		161,846
Eli Lilly & Co.
6.770%		01/01/2036			250,000		320,477
GlaxoSmithKline Capital plc (United Kingdom)
2.850%		05/08/2022			300,000		288,517
0.750%		05/08/2015			300,000		300,070
GlaxoSmithKline Capital, Inc.
2.800%		03/18/2023			200,000		190,730

Coupon Rate	Maturity Date			Face		Value
Johnson & Johnson
4.950%	05/15/2033		$	200,000	$	225,216
4.850%	05/15/2041			200,000		220,452
3.550%	05/15/2021			200,000		211,633
2.150%	05/15/2016			200,000		207,236
Merck & Co., Inc.
6.550%	09/15/2037			200,000		257,880
6.500%	12/01/2033			250,000		326,161
3.600%	09/15/2042			200,000		173,473
2.400%	09/15/2022			200,000		185,613
1.100%	01/31/2018			200,000		192,869
Merck Sharp & Dohme Corp.
4.750%	03/01/2015			350,000		373,926
Novartis Capital Corp.
2.900%	04/24/2015			200,000		208,566
Novartis Securities Investment Ltd. (Bermuda)
5.125%	02/10/2019			500,000		576,182
Pfizer, Inc.
5.350%	03/15/2015			500,000		538,621
Pharmacia Corp.
6.500%	12/01/2018			350,000		424,032
Sanofi (France)
2.625%	03/29/2016			400,000		416,749
Teva Pharmaceutical Finance Co. LLC
6.150%	02/01/2036			250,000		296,438
Teva Pharmaceutical Finance II BV / Teva Pharmaceutical Finance III LLC (Curacao)
3.000%	06/15/2015			300,000		311,870
Wyeth LLC
6.500%	02/01/2034			250,000		314,212
Zoetis, Inc.
4.700%	02/01/2043	^		200,000		187,494
3.250%	02/01/2023	^		300,000		285,614
1.150%	02/01/2016	^		300,000		299,170
						9,978,507
Real Estate Investment Trusts (REITs)—0.7%
American Tower Corp.
4.500%	01/15/2018			500,000		533,802
3.500%	01/31/2023			400,000		367,000
AvalonBay Communities, Inc. MTN
2.850%	03/15/2023			300,000		273,538
Boston Properties LP
4.125%	05/15/2021			300,000		309,072
3.125%	09/01/2023			450,000		416,554
Brandywine Operating Partnership LP
3.950%	02/15/2023			300,000		282,657
Camden Property Trust
5.000%	06/15/2015			200,000		214,133
DDR Corp.
4.625%	07/15/2022			200,000		202,480
Duke Realty LP
7.375%	02/15/2015			150,000		163,774
3.875%	10/15/2022			200,000		189,812
ERP Operating LP
5.375%	08/01/2016			500,000		557,749
3.000%	04/15/2023			200,000		184,187
Federal Realty Investment Trust
2.750%	06/01/2023			200,000		181,647
HCP, Inc. MTN
6.700%	01/30/2018			250,000		292,904
Health Care REIT, Inc.
6.125%	04/15/2020			300,000		341,281

See accompanying notes to financial statements

206

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Hospitality Properties Trust
5.000%		08/15/2022	$	300,000	$	299,913
Host Hotels & Resorts LP
6.000%		10/01/2021		300,000		325,667
Kimco Realty Corp.
3.125%		06/01/2023		200,000		185,429
Liberty Property LP
3.375%		06/15/2023		300,000		278,801
ProLogis LP
7.375%		10/30/2019		350,000		421,754
Realty Income Corp.
5.875%		03/15/2035		200,000		210,406
Simon Property Group LP
4.750%		03/15/2042		400,000		382,353
4.375%		03/01/2021		400,000		426,351
2.800%		01/30/2017		500,000		515,128
Ventas Realty LP/Ventas Capital Corp.
4.250%		03/01/2022		400,000		404,137
Weyerhaeuser Co.
7.375%		03/15/2032		300,000		361,121
						8,321,650
Road & Rail—0.3%
Burlington Northern Santa Fe LLC
5.650%		05/01/2017		500,000		567,750
3.450%		09/15/2021		200,000		200,923
Canadian National Railway Co. (Canada)
2.250%		11/15/2022		300,000		279,094
CSX Corp.
7.375%		02/01/2019		300,000		370,453
6.250%		04/01/2015		20,000		21,859
6.000%		10/01/2036		334,000		379,473
Norfolk Southern Corp.
5.900%		06/15/2019		300,000		355,559
3.250%		12/01/2021		200,000		199,220
Ryder System, Inc. MTN
3.150%		03/02/2015		300,000		309,569
2.350%		02/26/2019		400,000		387,437
Union Pacific Corp.
6.625%		02/01/2029		250,000		314,115
5.780%		07/15/2040		300,000		350,725
						3,736,177
Semiconductors & Semiconductor Equipment—0.1%
Intel Corp.
4.800%		10/01/2041		300,000		299,424
4.250%		12/15/2042		200,000		182,394
3.300%		10/01/2021		300,000		301,646
1.350%		12/15/2017		400,000		391,869
						1,175,333
Software—0.2%
Microsoft Corp.
4.500%		10/01/2040		300,000		303,189
1.625%		09/25/2015		400,000		409,263
Oracle Corp.
5.750%		04/15/2018		500,000		582,435
5.375%		07/15/2040		500,000		559,424
5.250%		01/15/2016		500,000		553,300
2.500%		10/15/2022		400,000		369,624
						2,777,235

Coupon Rate	Maturity Date			Face		Value
Specialty Retail—0.2%
Gap, Inc. (The)
5.950%	04/12/2021		$	200,000	$	221,553
Home Depot, Inc. (The)
5.875%	12/16/2036			550,000		648,903
5.400%	03/01/2016			400,000		445,995
Lowe’s Cos., Inc.
5.800%	04/15/2040			300,000		336,045
5.400%	10/15/2016			400,000		453,931
						2,106,427
Textiles, Apparel & Luxury Goods—0.0%
NIKE, Inc.
3.625%	05/01/2043			300,000		266,499
2.250%	05/01/2023			300,000		276,765
						543,264
Tobacco—0.2%
Altria Group, Inc.
9.950%	11/10/2038			300,000		445,303
9.250%	08/06/2019			800,000		1,060,817
Lorillard Tobacco Co.
6.875%	05/01/2020	†		300,000		345,203
Philip Morris International, Inc.
5.650%	05/16/2018			500,000		577,037
4.375%	11/15/2041			200,000		182,220
2.900%	11/15/2021			200,000		194,571
1.125%	08/21/2017			300,000		291,877
						3,097,028
Trading Companies & Distributors—0.0%
GATX Corp.
4.750%	06/15/2022			300,000		309,412
Water Utilities—0.0%
American Water Capital Corp.
6.085%	10/15/2017			300,000		346,350
Wireless Telecommunication Services—0.3%
America Movil SAB de CV (Mexico)
6.125%	03/30/2040			300,000		327,431
5.000%	03/30/2020			400,000		431,316
Rogers Communications, Inc. (Canada)
6.800%	08/15/2018			500,000		604,310
Telefonica Europe BV (Netherlands)
8.250%	09/15/2030			350,000		421,221
Vodafone Group plc (United Kingdom)
7.875%	02/15/2030			250,000		321,748
6.150%	02/27/2037			200,000		221,538
5.625%	02/27/2017			500,000		556,242
5.375%	01/30/2015			250,000		266,571
1.500%	02/19/2018			300,000		287,503
						3,437,880
TOTAL CORPORATE OBLIGATIONS
(Cost $256,381,260)						271,922,435
MORTGAGE-BACKED SECURITIES—31.1%
Commercial Mortgage-Backed Securities—1.6%
Banc of America Commercial Mortgage Trust, Series 2006-3, Class A4
5.889%	07/10/2044	#		500,000		556,091
Banc of America Commercial Mortgage Trust, Series 2007-2, Class A2
5.634%	04/10/2049	#		152,827		154,744

See accompanying notes to financial statements

207

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4
5.492%		02/10/2051		$	2,000,000	$	2,241,481
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4
5.358%		09/10/2047	#		800,000		863,864
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class AM
5.358%		09/10/2047	#		1,000,000		1,070,457
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR8, Class A4
4.674%		06/11/2041			730,000		769,101
Bear Stearns Commercial Mortgage Securities, Series 2005-T20, Class A4A
5.296%		10/12/2042	#		921,000		994,576
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4
5.537%		10/12/2041			1,000,000		1,113,310
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class A4
5.392%		07/15/2044	#		900,000		968,274
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4
5.322%		12/11/2049			1,000,000		1,105,094
GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class AM
5.290%		11/10/2045	#		750,000		800,843
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4
5.736%		12/10/2049			1,000,000		1,125,236
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4
5.444%		03/10/2039			1,000,000		1,109,584
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A4
5.553%		04/10/2038	#		800,000		873,079
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4
5.560%		11/10/2039			1,200,000		1,332,950
GS Mortgage Securities Corp. II, Series 2012-GCJ7, Class A4
3.377%		05/10/2045	†		1,000,000		992,542
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class A4
4.738%		07/15/2042			935,000		987,895
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB20, Class A4
5.794%		02/12/2051	#		500,000		571,819
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4
5.414%		07/12/2046	#		750,000		827,517
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4
2.858%		11/17/2045			500,000		468,770
UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5
2.850%		12/10/2045			500,000		465,471
Wachovia Bank Commercial Mortgage Trust, Series 2006-C27, Class AM
5.795%		07/15/2045	#		1,000,000		1,093,473
							20,486,171

Coupon Rate	Maturity Date			Face		Value
U.S. Government Agency Mortgage-Backed Securities—29.5%
Federal Home Loan Mortgage Corp.
7.500%	06/01/2027- 10/01/2029		$	204,984	$	242,228
7.000%	02/01/2016- 09/01/2036			397,844		454,933
6.500%	07/01/2014- 01/01/2039			1,746,013		1,963,192
6.189%	01/01/2037	#		99,130		105,697
6.000%	11/01/2016- 10/01/2038			4,908,323		5,366,215
5.711%	01/01/2037	#		43,960		47,460
5.669%	02/01/2037	#		199,637		214,842
5.500%	02/01/2018- 08/01/2039			6,565,556		7,085,899
5.000%	08/01/2017- 04/01/2041			11,398,972		12,242,757
4.500%	08/01/2018- 08/01/2041			14,989,861		15,845,110
4.000%	05/01/2019- 03/01/2042			13,271,111		13,879,887
3.500%	10/01/2025- 08/01/2042			10,840,393		11,123,724
3.458%	06/01/2041	#		148,404		156,388
3.000%	03/01/2027- 06/01/2043			7,595,917		7,634,640
2.646%	01/01/2042	#		305,290		315,259
2.500%	08/01/2027- 04/01/2028			3,187,508		3,209,948
Federal Home Loan Mortgage Corp. TBA
5.500%	07/15/2043			900,000		968,344
5.000%	08/15/2043			150,000		163,774
4.000%	07/15/2028			200,000		209,617
3.500%	07/15/2028- 08/15/2043			3,600,000		3,610,406
3.000%	07/15/2028- 08/15/2043			9,340,000		9,162,465
2.500%	07/15/2028- 08/15/2028			3,890,000		3,908,259
Federal National Mortgage Association
7.500%	06/01/2030- 07/01/2031			21,128		23,200
7.000%	03/01/2030- 04/01/2038			993,104		1,150,634
6.500%	02/01/2017- 10/01/2039			2,087,660		2,350,311
6.000%	04/01/2014- 11/01/2039			6,699,455		7,325,655
5.658%	01/01/2037	#		852,810		919,275
5.500%	01/01/2018- 05/01/2040			12,364,841		13,483,432
5.000%	03/01/2018- 05/01/2041			13,283,837		14,378,323
4.500%	03/01/2018- 11/01/2041			21,272,758		22,583,063
4.000%	08/01/2018- 03/01/2042			22,854,225		23,909,529
3.622%	05/01/2041	#		260,640		273,347
3.604%	08/01/2040	#		201,087		211,706
3.500%	10/01/2025- 05/01/2043			20,066,360		20,559,093
3.491%	02/01/2041	#		127,867		133,661

See accompanying notes to financial statements

208

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date				Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
3.256%		07/01/2040		#	$	425,436	$	449,332
3.154%		06/01/2040		#		188,718		198,246
3.000%		07/01/2027 06/01/2043	-			9,224,893		9,196,463
2.883%		10/01/2035		#		456,629		486,471
2.832%		01/01/2042		#		628,934		646,344
2.705%		05/01/2035		#		198,410		211,534
2.701%		02/01/2037		#		81,732		87,248
2.575%		03/01/2037		#		1,713,197		1,825,276
2.500%		08/01/2027 12/01/2027	-			856,987		864,670
2.436%		05/01/2035		#		473,714		503,572
Federal National Mortgage Association TBA
5.500%		07/25/2043				400,000		420,555
5.000%		07/25/2043				2,500,000		2,690,821
4.500%		07/25/2043				1,200,000		1,270,125
4.000%		07/25/2043 08/25/2043	-			2,500,000		2,602,551
3.500%		08/25/2028 08/25/2043	-			8,700,000		8,836,953
3.000%		07/25/2028 08/25/2043	-			22,600,000		22,322,577
2.500%		07/25/2028 07/25/2043	-			10,800,000		10,787,999
Government National Mortgage Association
7.500%		12/15/2029 05/15/2032	-			302,774		365,517
7.000%		09/15/2037				47,880		54,733
6.500%		03/15/2026 01/15/2039	-			1,262,496		1,434,779
6.000%		02/15/2033 12/15/2039	-			2,844,481		3,169,683
5.500%		01/15/2024 07/20/2040	-			4,886,592		5,371,520
5.000%		05/15/2033 04/20/2042	-			11,609,835		12,645,933
4.500%		04/20/2026 11/20/2041	-			16,271,758		17,441,507
4.000%		08/15/2024 03/20/2042	-			12,788,677		13,500,297
3.500%		12/15/2025 04/20/2043	-			12,405,806		12,770,923
3.500%		12/20/2040 05/20/2041	-	#		1,447,395		1,542,643
3.000%		04/15/2027 03/20/2043	-			5,964,299		5,967,664
3.000%		02/20/2041 07/20/2042	-	#		1,945,519		2,037,764
2.500%		12/20/2027 02/15/2028	-			530,423		536,345
2.500%		11/20/2040 01/20/2043	-	#		1,022,968		1,064,177
2.000%		10/20/2042 01/20/2043	-	#		587,691		611,357
Government National Mortgage Association TBA
4.500%		07/15/2043				1,500,000		1,599,551
4.000%		07/15/2043				1,000,000		1,051,250
3.500%		07/15/2043 08/15/2043	-			7,200,000		7,389,374

Coupon Rate	Maturity Date			Face		Value
3.000%	07/15/2043 08/15/2043	-	$	9,900,000	$	9,786,766
2.500%	07/15/2043 07/25/2043	-		400,000		373,188
						367,327,981
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $382,266,403)						387,814,152
U.S. TREASURY OBLIGATIONS—35.9%
U.S. Treasury Bonds—5.3%
U.S. Treasury Bond
11.250%	02/15/2015			1,300,000		1,530,598
9.875%	11/15/2015			2,470,000		3,017,258
9.125%	05/15/2018			1,060,000		1,451,414
8.750%	05/15/2017 08/15/2020	-		710,000		995,579
8.500%	02/15/2020			991,000		1,410,394
8.125%	08/15/2019 08/15/2021	-		2,130,000		2,972,701
8.000%	11/15/2021			920,000		1,334,287
7.625%	11/15/2022			340,000		493,146
7.500%	11/15/2016			800,000		978,250
7.250%	05/15/2016 08/15/2022	-		867,000		1,095,375
6.875%	08/15/2025			370,000		529,967
6.625%	02/15/2027			300,000		427,359
6.500%	11/15/2026			800,000		1,125,625
6.375%	08/15/2027			300,000		420,141
6.250%	08/15/2023			1,700,000		2,281,985
6.125%	11/15/2027 08/15/2029	-		1,710,000		2,350,772
6.000%	02/15/2026			115,000		154,442
5.500%	08/15/2028			1,000,000		1,301,719
5.375%	02/15/2031			1,900,000		2,475,789
5.250%	11/15/2028			860,000		1,093,543
4.750%	02/15/2041			2,120,000		2,635,425
4.625%	02/15/2040			1,980,000		2,413,434
4.500%	02/15/2036			1,373,000		1,635,479
4.375%	11/15/2039 05/15/2041	-		6,870,000		8,058,075
4.250%	05/15/2039 11/15/2040	-		3,330,000		3,829,676
3.875%	08/15/2040			1,730,000		1,870,563
3.750%	08/15/2041			2,340,000		2,471,077
3.500%	02/15/2039			1,540,000		1,565,506
3.125%	11/15/2041 02/15/2043	-		7,280,000		6,816,617
3.000%	05/15/2042			1,581,000		1,441,551
2.875%	05/15/2043			900,000		796,640
2.750%	08/15/2042 11/15/2042	-		5,573,000		4,808,361
						65,782,748
U.S. Treasury Notes—30.6%
U.S. Treasury Note
5.125%	05/15/2016			780,000		879,998
4.875%	08/15/2016			1,050,000		1,184,736
4.750%	08/15/2017			700,000		803,606
4.625%	11/15/2016 02/15/2017	-		2,080,000		2,347,081
4.500%	11/15/2015 02/15/2016	-		2,160,000		2,375,869

See accompanying notes to financial statements

209

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date				Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
4.250%		08/15/2014 11/15/2017	-		$	6,655,000	$	7,154,962
4.125%		05/15/2015				1,070,000		1,145,652
4.000%		02/15/2015				1,626,000		1,723,623
3.625%		02/15/2020 02/15/2021	-			8,300,000		9,243,762
3.500%		02/15/2018 05/15/2020	-			5,305,000		5,854,387
3.375%		11/15/2019				2,395,000		2,635,904
3.250%		05/31/2016 03/31/2017	-			7,490,000		8,094,335
3.125%		10/31/2016 05/15/2021	-			10,515,000		11,330,374
3.000%		08/31/2016 02/28/2017	-			5,447,000		5,844,065
2.875%		03/31/2018				310,000		332,511
2.750%		11/30/2016 02/28/2018	-			5,620,000		5,989,425
2.625%		07/31/2014 11/15/2020	-			13,920,000		14,505,556
2.500%		03/31/2015 06/30/2017	-			4,139,000		4,327,702
2.375%		08/31/2014 06/30/2018	-			19,860,000		20,541,154
2.250%		01/31/2015 11/30/2017	-			5,510,000		5,722,602
2.125%		11/30/2014 08/15/2021	-			10,316,000		10,584,363
2.000%		01/31/2016 02/15/2022	-			11,130,000		11,203,115
2.000%		02/15/2023		†		5,750,000		5,534,375
1.875%		06/30/2015 06/30/2020	-			11,361,000		11,599,770
1.750%		05/15/2023		†		3,000,000		2,809,923
1.750%		07/31/2015 05/15/2022	-			4,704,000		4,786,919
1.625%		08/15/2022 11/15/2022	-			6,663,000		6,231,184
1.500%		06/30/2016 03/31/2019	-			8,307,000		8,395,405
1.375%		11/30/2015 05/31/2020	-			19,714,000		19,462,455
1.250%		08/31/2015 10/31/2019	-			15,910,000		15,884,353
1.125%		05/31/2019 04/30/2020	-			7,800,000		7,459,408
1.000%		05/31/2018		†		5,000,000		4,914,455
1.000%		08/31/2016 09/30/2019	-			12,700,000		12,626,486
0.875%		11/30/2016 07/31/2019	-			19,420,000		19,246,477
0.750%		06/30/2017 03/31/2018	-			14,510,000		14,205,280
0.625%		07/15/2014 04/30/2018	-			20,983,000		20,645,652
0.500%		08/15/2014 07/31/2017	-			9,790,000		9,740,928
0.375%		11/15/2014 03/15/2016	-			23,368,000		23,341,809
0.250%		05/15/2016		†		2,000,000		1,978,906

Coupon Rate	Maturity Date				Face		Value
0.250%	08/31/2014 04/15/2016	-		$	50,420,000	$	50,321,007
0.125%	07/31/2014 04/30/2015	-			8,070,000		8,052,438
							381,062,012
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $449,353,391)							446,844,760
GOVERNMENT RELATED OBLIGATIONS—10.1%
U.S. Government Agencies—4.6%
Federal Farm Credit Bank
4.875%	12/16/2015				1,245,000		1,374,221
0.730%	08/15/2016				100,000		99,706
0.540%	11/07/2016				300,000		296,007
Federal Home Loan Bank
5.500%	08/13/2014- 07/15/2036				1,400,000		1,570,661
4.875%	09/08/2017				1,250,000		1,429,155
4.750%	12/16/2016				1,000,000		1,130,480
2.875%	06/12/2015				900,000		943,757
1.625%	06/14/2019				1,000,000		965,750
1.125%	06/26/2017				300,000		298,462
0.450%	12/28/2015				250,000		248,915
0.375%	07/30/2015				310,000		309,728
0.375%	06/24/2016		†		500,000		494,748
Federal Home Loan Bank, Series 656
5.375%	05/18/2016				900,000		1,019,237
Federal Home Loan Mortgage Corp.
6.250%	07/15/2032				650,000		864,033
5.500%	07/18/2016				1,000,000		1,142,418
5.125%	11/17/2017				800,000		925,896
5.000%	07/15/2014				900,000		944,682
4.875%	06/13/2018				1,000,000		1,154,633
4.750%	11/17/2015				1,000,000		1,099,464
4.500%	01/15/2015				350,000		372,519
4.375%	07/17/2015				1,400,000		1,512,798
3.750%	03/27/2019				500,000		550,335
2.875%	02/09/2015				1,000,000		1,040,866
2.375%	01/13/2022				1,000,000		973,638
2.250%	03/13/2020				300,000		299,549
2.000%	08/25/2016				1,500,000		1,555,173
1.250%	05/12/2017- 08/01/2019				2,000,000		1,957,316
1.000%	08/20/2014- 08/27/2014				1,500,000		1,513,195
0.750%	11/25/2014				1,000,000		1,006,860
0.500%	04/17/2015- 01/28/2016				1,300,000		1,301,454
0.420%	09/18/2015				700,000		699,210
0.375%	08/28/2014				1,000,000		1,001,657
0.320%	04/29/2015				510,000		509,352
Federal Home Loan Mortgage Corp. MTN
5.050%	01/26/2015				300,000		322,233
Federal National Mortgage Association
7.250%	05/15/2030				400,000		574,888
6.625%	11/15/2030				500,000		680,446
6.250%	05/15/2029				740,000		964,590
6.000%	04/18/2036				250,000		282,778
5.000%	04/15/2015- 05/11/2017				2,550,000		2,829,317
4.375%	10/15/2015				1,000,000		1,087,068
2.625%	11/20/2014				1,000,000		1,032,810

See accompanying notes to financial statements

210

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date		Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
2.500%		02/22/2023	$	300,000	$	287,718
2.375%		07/28/2015		1,000,000		1,040,048
1.500%		09/08/2014		500,000		506,512
1.250%		09/28/2016- 01/30/2019		1,500,000		1,494,379
1.125%		04/27/2017		1,000,000		997,457
1.070%		09/27/2017		500,000		492,440
1.010%		02/14/2018		250,000		242,552
1.000%		12/28/2017- 04/30/2018		1,470,000		1,429,890
0.950%		08/23/2017		750,000		737,793
0.700%		05/22/2017		250,000		245,542
0.550%		02/27/2015- 03/18/2016		2,650,000		2,645,539
0.500%		07/02/2015- 04/29/2016		3,485,000		3,479,257
0.375%		07/05/2016		1,000,000		988,698
0.000%		06/01/2017		400,000		379,074
Financing Corp. Fico
8.600%		09/26/2019		500,000		683,845
Financing Corp. Fico, Series E
9.650%		11/02/2018		500,000		693,904
Israel Government AID Bond (Israel)
5.500%		04/26/2024		350,000		426,187
Tennessee Valley Authority
5.250%		09/15/2039		500,000		564,661
Tennessee Valley Authority, Series E
6.250%		12/15/2017		1,200,000		1,440,593
						57,156,094
Non-U.S. Government Agencies—1.3%
Export Development Canada (Canada)
2.250%		05/28/2015		300,000		310,192
Export-Import Bank of Korea (Korea, Republic of)
5.125%		03/16/2015		500,000		530,119
5.000%		04/11/2022		400,000		425,909
FMS Wertmanagement AoeR (Germany)
0.625%		04/18/2016		400,000		398,628
Japan Bank for International Cooperation (Japan)
2.500%		05/18/2016		400,000		418,712
Japan Bank for International Cooperation, Series DTC (Japan)
1.125%		07/19/2017		500,000		493,835
KFW (Germany)
4.875%		01/17/2017		500,000		565,915
4.500%		07/16/2018		500,000		568,498
4.125%		10/15/2014		1,000,000		1,047,277
4.000%		01/27/2020		300,000		333,491
2.625%		03/03/2015		1,050,000		1,088,582
2.125%		01/17/2023		500,000		471,354
1.250%		02/15/2017		400,000		401,847
0.625%		04/24/2015		1,000,000		1,004,285
KFW MTN (Germany)
4.375%		03/15/2018		500,000		564,526
2.750%		09/08/2020		500,000		512,231
Korea Development Bank (The) (Korea, Republic of)
3.875%		05/04/2017		300,000		308,950
Landwirtschaftliche Rentenbank (Germany)
5.125%		02/01/2017		300,000		341,653
Landwirtschaftliche Rentenbank, Series G13 (Germany)
4.875%		11/16/2015		750,000		824,267

Coupon Rate	Maturity Date			Face		Value
Oesterreichische Kontrollbank AG (Austria)
2.000%	06/03/2016		$	300,000	$	309,151
Pemex Project Funding Master Trust
6.625%	06/15/2035			500,000		527,500
Petrobras International Finance Co. (Cayman Islands)
8.375%	12/10/2018			250,000		297,460
6.750%	01/27/2041			300,000		301,218
6.125%	10/06/2016			500,000		549,097
5.375%	01/27/2021			600,000		605,816
2.875%	02/06/2015			500,000		505,757
Petroleos Mexicanos (Mexico)
8.000%	05/03/2019			250,000		303,750
5.500%	01/21/2021- 06/27/2044	^		900,000		896,000
4.875%	03/15/2015			400,000		422,500
Svensk Exportkredit AB (Sweden)
5.125%	03/01/2017			500,000		568,981
						15,897,501
Sovereign Debt—1.6%
Brazilian Government International Bond (Brazil)
11.000%	08/17/2040			260,000		309,400
10.125%	05/15/2027			435,000		676,425
8.875%	04/15/2024			400,000		554,000
7.875%	03/07/2015			455,000		503,002
7.125%	01/20/2037			460,000		549,700
5.875%	01/15/2019			500,000		572,000
4.875%	01/22/2021			200,000		214,500
Canada Government International Bond (Canada)
2.375%	09/10/2014			500,000		512,300
Chile Government International Bond (Chile)
3.875%	08/05/2020			500,000		527,500
Colombia Government International Bond (Colombia)
11.750%	02/25/2020	†		200,000		296,000
8.125%	05/21/2024			200,000		266,000
7.375%	09/18/2037			200,000		257,000
Israel Government International Bond (Israel)
4.000%	06/30/2022			400,000		407,766
Mexico Government International Bond (Mexico)
6.050%	01/11/2040			500,000		547,500
3.625%	03/15/2022	†		300,000		294,750
Mexico Government International Bond MTN (Mexico)
4.750%	03/08/2044			200,000		179,000
Panama Government International Bond (Panama)
6.700%	01/26/2036			288,000		336,240
5.200%	01/30/2020			300,000		328,800
Peruvian Government International Bond (Peru)
7.350%	07/21/2025			400,000		514,000
6.550%	03/14/2037			500,000		592,500
Philippine Government International Bond (Philippines)
10.625%	03/16/2025			600,000		954,000
9.500%	02/02/2030			600,000		902,250
9.375%	01/18/2017			200,000		251,000
8.875%	03/17/2015			200,000		223,750
6.500%	01/20/2020			300,000		362,625
5.000%	01/13/2037	†		500,000		534,375
Poland Government International Bond (Poland)
6.375%	07/15/2019			500,000		584,405
5.125%	04/21/2021			300,000		327,000
3.875%	07/16/2015			300,000		314,439
Republic of Finland (Finland)
6.950%	02/15/2026			150,000		193,549
Republic of Italy (Italy)
6.875%	09/27/2023			450,000		526,230

See accompanying notes to financial statements

211

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
5.375%		06/15/2033	†	$	500,000	$	503,184
South Africa Government International Bond (South Africa)
6.875%		05/27/2019			500,000		568,750
State of Israel (Israel)
5.500%		11/09/2016			300,000		336,861
Turkey Government International Bond (Turkey)
8.000%		02/14/2034			600,000		748,500
7.250%		03/15/2015			300,000		322,500
7.000%		09/26/2016			200,000		223,820
4.875%		04/16/2043			1,000,000		865,000
3.250%		03/23/2023			800,000		702,000
United Mexican States (Mexico)
8.125%		12/30/2019	†		750,000		982,500
United Mexican States MTN (Mexico)
8.300%		08/15/2031	†		200,000		274,000
Uruguay Government International Bond (Uruguay)
8.000%		11/18/2022			330,815		418,977
6.875%		09/28/2025			100,000		120,300
4.125%		11/20/2045			200,000		165,000
							19,843,398
Supranational—1.2%
African Development Bank, Series GDIF
1.250%		09/02/2016			400,000		405,634
Asian Development Bank MTN
4.250%		10/20/2014			300,000		315,100
2.500%		03/15/2016			400,000		419,755
1.375%		03/23/2020			300,000		286,461
1.125%		03/15/2017	†		500,000		503,606
Corp. Andina de Fomento
3.750%		01/15/2016			300,000		318,200
Council Of Europe Development Bank MTN
1.500%		02/22/2017			400,000		403,996
European Bank for Reconstruction & Development MTN
2.500%		03/15/2016			500,000		523,351
1.000%		02/16/2017	†		500,000		497,517
European Investment Bank
5.125%		09/13/2016- 05/30/2017			1,000,000		1,135,879
4.875%		02/16/2016- 01/17/2017			800,000		893,823
2.875%		09/15/2020	†		500,000		503,313
1.750%		03/15/2017			500,000		509,573
1.125%		08/15/2014- 09/15/2017			1,700,000		1,703,577
1.000%		03/15/2018- 06/15/2018			900,000		868,580
European Investment Bank MTN
1.625%		09/01/2015			700,000		715,220
Inter-American Development Bank
2.250%		07/15/2015			200,000		207,399
1.750%		08/24/2018			400,000		402,713
1.375%		10/18/2016			300,000		304,790
1.125%		03/15/2017			500,000		500,872
Inter-American Development Bank MTN
3.875%		02/14/2020			400,000		444,918
International Bank for Reconstruction & Development
2.375%		05/26/2015			200,000		207,672
2.125%		03/15/2016			500,000		519,681
1.125%		08/25/2014			500,000		503,232

Coupon Rate	Maturity Date			Face		Value
0.875%	04/17/2017	†	$	700,000	$	696,212
International Finance Corp. MTN
2.125%	11/17/2017	†		500,000		516,446
Nordic Investment Bank
2.500%	07/15/2015			500,000		519,509
						14,827,029
U.S. Municipal Bonds—1.0%
American Municipal Power-Ohio, Inc. Revenue Bonds (Ohio)
7.499%	02/15/2050			200,000		247,642
Bay Area Toll Authority Revenue Bonds (California)
6.263%	04/01/2049			400,000		464,704
California General Obligation Bonds (California)
7.550%	04/01/2039			500,000		670,020
California State Public Works Board Revenue Bonds, Series 2009 G-2 (California)
8.361%	10/01/2034			400,000		510,448
City of New York General Obligation Bonds (New York)
5.517%	10/01/2037			100,000		108,033
County of Cook Illinois General Obligation Bonds, Series 2010 D (Illinois)
6.229%	11/15/2034			400,000		403,692
Dallas Area Rapid Transit Revenue Bonds (Texas)
5.022%	12/01/2048			300,000		313,443
Dallas Convention Center Hotel Development Corp. Revenue Bonds (Texas)
7.088%	01/01/2042			200,000		235,984
Dallas County Hospital District General Obligation Bonds, Series 2009 C (Texas)
5.621%	08/15/2044			300,000		345,507
Dallas Independent School District General Obligation Bonds (Texas)
6.450%	02/15/2035			300,000		352,134
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds (Florida)
2.107%	07/01/2018			200,000		193,672
Government Development Bank for Puerto Rico Revenue Bonds, Series 2011 B (Puerto Rico)
4.704%	05/01/2016			400,000		392,556
Illinois General Obligation Bonds (Illinois)
5.100%	06/01/2033			500,000		464,480
Los Angeles Unified School District General Obligation Bonds (California)
5.755%	07/01/2029			200,000		217,974
5.750%	07/01/2034			300,000		323,097
Metropolitan Government of Nashville & Davidson County Authority General Obligation Bonds (Tennessee)
5.707%	07/01/2034			300,000		336,033
Metropolitan Transportation Authority Revenue Bonds (New York)
6.648%	11/15/2039			300,000		363,915
6.548%	11/15/2031			200,000		233,188
Municipal Electric Authority of Georgia Revenue Bonds, Series 2010 J (Georgia)
6.637%	04/01/2057			300,000		323,958
New Jersey Economic Development Authority Revenue Bonds, Series 1997 A (New Jersey)
7.425%	02/15/2029			200,000		243,990
New Jersey State Turnpike Authority Revenue Bonds (New Jersey)
7.102%	01/01/2041			500,000		644,185
New Jersey State Turnpike Authority Revenue Bonds, Series 2003 B (New Jersey)
4.252%	01/01/2016			25,000		26,372

See accompanying notes to financial statements

212

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund
Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
New York City Municipal Water Finance Authority Revenue Bonds (New York)
5.724%		06/15/2042		$	300,000	$	335,511
New York State Dormitory Authority Revenue Bonds (New York)
5.600%		03/15/2040			200,000		221,820
North Texas Tollway Authority Revenue Bonds, Series 2010 B-2 (Texas)
8.910%		02/01/2030			200,000		230,998
Ohio State University General Obligation Bonds (Ohio)
4.910%		06/01/2040			300,000		294,708
Oregon General Obligation Bonds (Oregon)
5.762%		06/01/2023			200,000		235,778
Oregon State Department of Transportation Revenue Bonds, Series 2010 A (Oregon)
5.834%		11/15/2034			300,000		342,582
Port Authority of New York & New Jersey Revenue Bonds (New York)
6.040%		12/01/2029			255,000		291,243
4.458%		10/01/2062			200,000		178,736
State of California General Obligation Bonds (California)
7.625%		03/01/2040			600,000		806,502
State of Connecticut General Obligation Bonds, Series 2008 A (Connecticut)
5.850%		03/15/2032			200,000		224,524
State of Georgia General Obligation Bonds, Series 2009 H (Georgia)
4.503%		11/01/2025			300,000		328,794
State of Illinois General Obligation Bonds (Illinois)
4.961%		03/01/2016			300,000		321,771
State of Texas General Obligation Bonds, Series 2010 A (Texas)
4.681%		04/01/2040			300,000		294,108
State of Utah (Utah)
3.539%		07/01/2025			300,000		300,486
University of California Revenue Bonds (California)
6.548%		05/15/2048			300,000		358,428
1.796%		07/01/2019			300,000		291,906
							12,472,922
Non-U.S. Regional Authority Bonds—0.4%
Hydro-Quebec, Series IO (Canada)
8.050%		07/07/2024			250,000		344,514
Province of British Columbia (Canada)
2.850%		06/15/2015			200,000		209,160
Province of Manitoba, Series FH (Canada)
4.900%		12/06/2016			500,000		563,735
Province of Nova Scotia (Canada)
2.375%		07/21/2015			300,000		309,966
Province of Ontario (Canada)
5.450%		04/27/2016			1,000,000		1,126,346
4.500%		02/03/2015			650,000		690,683
4.400%		04/14/2020			200,000		222,089
2.700%		06/16/2015			200,000		208,035
1.200%		02/14/2018			400,000		389,292
Province of Quebec (Canada)
4.600%		05/26/2015	†		500,000		538,757
2.750%		08/25/2021			300,000		295,190

Coupon Rate	Maturity Date			Face		Value
Region of Lombardy (Italy)
5.804%	10/25/2032		$	100,000	$	95,632
						4,993,399
TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $123,449,456)						125,190,343
ASSET-BACKED SECURITIES—0.4%
Automobiles—0.2%
Ally Auto Receivables Trust Series 2012-4, Class A3
0.590%	01/17/2017			450,000		449,047
Ford Credit Auto Owner Trust Series 2012-A, Class A4
1.150%	06/15/2017			500,000		504,142
Honda Auto Receivables Owner Trust Series 2012-4, Class A3
0.520%	08/18/2016			250,000		249,242
Nissan Auto Receivables Owner Trust Series 2012-A, Class A4
1.000%	07/16/2018			450,000		450,370
Santander Drive Auto Receivables Trust Series 2012-4, Class A3
1.040%	08/15/2016			350,000		351,270
						2,004,071
Credit Card—0.2%
Capital One Multi-Asset Execution Trust Series 2007-A7, Class A7
5.750%	07/15/2020			1,500,000		1,747,773
Chase Issuance Trust Series 2012-A8, Class A8
0.540%	10/16/2017			200,000		198,630
Citibank Credit Card Issuance Trust Series 2005-A5, Class A5
4.550%	06/20/2017			500,000		537,881
						2,484,284
Other—0.0%
CenterPoint Energy Restoration Bond Co. LLC Series 2009-1, Class A2
3.460%	08/15/2019			400,000		427,499
TOTAL ASSET-BACKED SECURITIES
(Cost $4,880,713)						4,915,854
				Shares		Value
MONEY MARKET FUNDS—9.2%
Institutional Money Market Funds—9.2%
Dreyfus Institutional Cash Advantage Fund, 0.04%		††¥		4,200,000		4,200,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%		¥		89,309,722		89,309,722
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%		††¥		4,143,492		4,143,492

See accompanying notes to financial statements

213

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Core Bond Index Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.08%	††¥		4,200,000	$	4,200,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.09%	††¥		4,200,000		4,200,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.10%	††¥		4,200,000		4,200,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		4,200,000	$	4,200,000
TOTAL MONEY MARKET FUNDS
(Cost $114,453,214)					114,453,214
TOTAL INVESTMENTS—108.5%
(Cost $1,330,784,437)					1,351,140,758
Other assets less liabilities—(8.5%)					(105,346,550	)
NET ASSETS—100.0%				$	1,245,794,208

Notes to the Schedule of Investments:

MTN	Medium Term Note
REIT	Real Estate Investment Trust
TBA	Security is subject to delayed delivery.
†	Denotes all or a portion of the security on loan.
#	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 $3,507,677, which represents 0.3% of Net Assets. The illiquid 144A securities represented 0.3% of Net Assets, and 100% of total 144A securities held.
††	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

214

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—98.5%
Aerospace & Defense—2.5%
Boeing Co. (The)			26,768	$	2,742,114
General Dynamics Corp.			13,128		1,028,316
Honeywell International, Inc.			30,841		2,446,925
L-3 Communications Holdings, Inc.			3,369		288,858
Lockheed Martin Corp.			10,372		1,124,947
Northrop Grumman Corp.			9,500		786,600
Precision Castparts Corp.			5,651		1,277,182
Raytheon Co.			12,873		851,163
Rockwell Collins, Inc.			5,135		325,610
Textron, Inc.			10,232		266,544
United Technologies Corp.			33,157		3,081,612
					14,219,871
Air Freight & Logistics—0.7%
C.H. Robinson Worldwide, Inc.			6,550		368,831
Expeditors International of Washington, Inc.			7,908		300,583
FedEx Corp.			11,550		1,138,599
United Parcel Service, Inc., Class B			28,128		2,432,509
					4,240,522
Airlines—0.1%
Southwest Airlines Co.			28,626		368,989
Auto Components—0.4%
BorgWarner, Inc.	*		4,374		376,820
Delphi Automotive plc (United Kingdom)			11,691		592,617
Goodyear Tire & Rubber Co. (The)	*		10,399		159,001
Johnson Controls, Inc.			26,916		963,323
					2,091,761
Automobiles—0.7%
Ford Motor Co.			154,328		2,387,454
General Motors Co.	*		30,246		1,007,494
Harley-Davidson, Inc.			8,895		487,624
					3,882,572
Beverages—2.4%
Beam, Inc.			6,246		394,185
Brown-Forman Corp., Class B			5,903		398,748
Coca-Cola Co. (The)			150,497		6,036,435
Coca-Cola Enterprises, Inc.			10,032		352,725
Constellation Brands, Inc., Class A	*		5,957		310,479
Dr. Pepper Snapple Group, Inc.			8,212		377,177
Molson Coors Brewing Co., Class B			6,322		302,571
Monster Beverage Corp.	*		5,862		356,234
PepsiCo, Inc.			60,603		4,956,719
					13,485,273
Biotechnology—2.0%
Alexion Pharmaceuticals, Inc.	*		7,763		716,059
Amgen, Inc.			29,432		2,903,761
Biogen Idec, Inc.	*		9,306		2,002,651
Celgene Corp.	*		16,484		1,927,145
Gilead Sciences, Inc.	*		59,857		3,065,277
Regeneron Pharmaceuticals, Inc.	*		2,939		660,922
					11,275,815

		Shares		Value
Building Products—0.0%
Masco Corp.			13,223	$	257,716
Capital Markets—2.1%
Ameriprise Financial, Inc.			7,896		638,629
Bank of New York Mellon Corp. (The)			45,406		1,273,638
BlackRock, Inc.			4,959		1,273,719
Charles Schwab Corp. (The)			42,765		907,901
E*TRADE Financial Corp.	*		12,188		154,300
Franklin Resources, Inc.			5,470		744,029
Goldman Sachs Group, Inc. (The)			16,948		2,563,385
Invesco Ltd.			17,590		559,362
Legg Mason, Inc.			4,763		147,701
Morgan Stanley			54,132		1,322,445
Northern Trust Corp.			8,634		499,909
State Street Corp.			17,701		1,154,282
T. Rowe Price Group, Inc.			10,262		750,665
					11,989,965
Chemicals—2.4%
Air Products & Chemicals, Inc.			8,246		755,086
Airgas, Inc.			2,696		257,360
CF Industries Holdings, Inc.			2,460		421,890
Dow Chemical Co. (The)			47,462		1,526,853
E.I. Du Pont de Nemours & Co.			36,765		1,930,162
Eastman Chemical Co.			5,956		416,980
Ecolab, Inc.			10,503		894,751
FMC Corp.			5,416		330,701
International Flavors & Fragrances, Inc.			3,308		248,629
LyondellBasell Industries NV, Class A (Netherlands)			14,745		977,004
Monsanto Co.			21,085		2,083,198
Mosaic Co. (The)			10,549		567,642
PPG Industries, Inc.			5,652		827,509
Praxair, Inc.			11,681		1,345,184
Sherwin-Williams Co. (The)			3,322		586,665
Sigma-Aldrich Corp.			4,650		373,674
					13,543,288
Commercial Banks—2.9%
BB&T Corp.			27,012		915,167
Comerica, Inc.			7,655		304,899
Fifth Third Bancorp			35,045		632,562
Huntington Bancshares, Inc./Ohio			33,631		265,012
KeyCorp			37,470		413,669
M&T Bank Corp.			4,750		530,812
PNC Financial Services Group, Inc. (The)			20,807		1,517,246
Regions Financial Corp.			56,515		538,588
SunTrust Banks, Inc.			21,003		663,065
U.S. Bancorp			73,276		2,648,927
Wells Fargo & Co.			193,610		7,990,285
Zions Bancorporation			6,632		191,532
					16,611,764
Commercial Services & Supplies—0.5%
ADT Corp. (The)	*		8,931		355,900
Avery Dennison Corp.			3,764		160,949
Cintas Corp.			4,228		192,543
Iron Mountain, Inc.			6,601		175,653
Pitney Bowes, Inc.	†		7,862		115,414

See accompanying notes to financial statements

215

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Republic Services, Inc.			11,952	$	405,651
Stericycle, Inc.	*		3,306		365,082
Tyco International Ltd. (Switzerland)			17,900		589,805
Waste Management, Inc.			17,401		701,782
					3,062,779
Communications Equipment—1.9%
Cisco Systems, Inc.			209,438		5,091,438
F5 Networks, Inc.	*		3,054		210,115
Harris Corp.			4,507		221,970
JDS Uniphase Corp.	*		8,548		122,920
Juniper Networks, Inc.	*		20,897		403,521
Motorola Solutions, Inc.			10,984		634,107
QUALCOMM, Inc.			67,916		4,148,309
					10,832,380
Computers & Peripherals—3.8%
Apple, Inc.			36,899		14,614,956
Dell, Inc.			57,859		772,418
EMC Corp.			82,838		1,956,634
Hewlett-Packard Co.			76,858		1,906,078
NetApp, Inc.	*		14,171		535,380
SanDisk Corp.	*		9,212		562,853
Seagate Technology plc (Ireland)			12,360		554,099
Western Digital Corp.			8,306		515,719
					21,418,137
Construction & Engineering—0.2%
Fluor Corp.			6,248		370,569
Jacobs Engineering Group, Inc.	*		4,970		273,996
Quanta Services, Inc.	*		8,362		221,258
					865,823
Construction Materials—0.0%
Vulcan Materials Co.			5,017		242,873
Consumer Finance—1.0%
American Express Co.			37,785		2,824,806
Capital One Financial Corp.			22,960		1,442,118
Discover Financial Services			19,664		936,793
SLM Corp.			17,137		391,752
					5,595,469
Containers & Packaging—0.2%
Ball Corp.			5,676		235,781
Bemis Co., Inc.			3,754		146,932
MeadWestvaco Corp.			6,660		227,173
Owens-Illinois, Inc.	*		5,856		162,738
Sealed Air Corp.			7,578		181,493
					954,117
Distributors—0.1%
Genuine Parts Co.			5,988		467,483
Diversified Consumer Services—0.1%
H&R Block, Inc.			11,042		306,415
Diversified Financial Services—3.9%
Bank of America Corp.			424,870		5,463,828
Citigroup, Inc.			119,330		5,724,260
CME Group, Inc.			12,141		922,473
IntercontinentalExchange, Inc.	*		2,747		488,307
JPMorgan Chase & Co.			148,616		7,845,439

		Shares		Value
Leucadia National Corp.			11,269	$	295,473
McGraw Hill Financial, Inc.			11,184		594,877
Moody’s Corp.			7,482		455,878
NASDAQ OMX Group, Inc. (The)			4,663		152,900
NYSE Euronext			9,664		400,090
					22,343,525
Diversified Telecommunication Services—2.5%
AT&T, Inc.			211,574		7,489,720
CenturyLink, Inc.			24,101		851,970
Frontier Communications Corp.	†		36,522		147,914
Verizon Communications, Inc.			112,249		5,650,615
Windstream Corp.	†		23,624		182,141
					14,322,360
Electric Utilities—1.8%
American Electric Power Co., Inc.			18,952		848,671
Duke Energy Corp.			27,750		1,873,125
Edison International			12,729		613,029
Entergy Corp.			6,843		476,820
Exelon Corp.			33,077		1,021,418
FirstEnergy Corp.			16,170		603,788
NextEra Energy, Inc.			16,513		1,345,479
Northeast Utilities			12,251		514,787
Pepco Holdings, Inc.			10,306		207,769
Pinnacle West Capital Corp.			4,255		236,025
PPL Corp.			22,697		686,811
Southern Co.			34,254		1,511,629
Xcel Energy, Inc.			19,528		553,423
					10,492,774
Electrical Equipment—0.7%
Eaton Corp. plc (Ireland)			18,598		1,223,934
Emerson Electric Co.			28,450		1,551,663
Rockwell Automation, Inc.			5,307		441,224
Roper Industries, Inc.			3,987		495,265
					3,712,086
Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp., Class A			6,341		494,217
Corning, Inc.			56,572		805,020
FLIR Systems, Inc.			5,565		150,088
Jabil Circuit, Inc.			7,448		151,790
Molex, Inc.			5,418		158,964
TE Connectivity Ltd. (Switzerland)			16,700		760,518
					2,520,597
Energy Equipment & Services—1.8%
Baker Hughes, Inc.			17,166		791,868
Cameron International Corp.	*		9,881		604,322
Diamond Offshore Drilling, Inc.	†		2,922		201,004
Ensco plc, Class A (United Kingdom)			8,961		520,813
FMC Technologies, Inc.	*		9,126		508,136
Halliburton Co.			36,723		1,532,083
Helmerich & Payne, Inc.			4,136		258,293
Nabors Industries Ltd. (Bermuda)			10,742		164,460
National Oilwell Varco, Inc.			16,843		1,160,483
Noble Corp. (Switzerland)			10,035		377,115

See accompanying notes to financial statements

216

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Rowan Cos. plc, Class A	*		4,580	$	156,041
Schlumberger Ltd.			52,198		3,740,509
					10,015,127
Food & Staples Retailing—2.3%
Costco Wholesale Corp.			17,156		1,896,939
CVS Caremark Corp.			48,406		2,767,855
Kroger Co. (The)			20,193		697,466
Safeway, Inc.			9,950		235,417
Sysco Corp.			22,932		783,357
Walgreen Co.			33,886		1,497,761
Wal-Mart Stores, Inc.			64,430		4,799,391
Whole Foods Market, Inc.			13,405		690,090
					13,368,276
Food Products—1.6%
Archer-Daniels-Midland Co.			26,060		883,695
Campbell Soup Co.			6,803		304,706
ConAgra Foods, Inc.			15,918		556,016
General Mills, Inc.			25,074		1,216,841
Hershey Co. (The)			6,001		535,769
Hormel Foods Corp.			5,159		199,034
J.M. Smucker Co. (The)			4,212		434,468
Kellogg Co.			9,734		625,215
Kraft Foods Group, Inc.			23,378		1,306,129
McCormick & Co., Inc. (Non-Voting Shares)			5,386		378,959
Mead Johnson Nutrition Co.			7,953		630,116
Mondelez International, Inc., Class A			70,006		1,997,271
Tyson Foods, Inc., Class A			11,087		284,714
					9,352,933
Gas Utilities—0.1%
AGL Resources, Inc.			4,244		181,898
ONEOK, Inc.			8,336		344,360
					526,258
Health Care Equipment & Supplies—2.1%
Abbott Laboratories			61,792		2,155,305
Baxter International, Inc.			21,514		1,490,275
Becton Dickinson and Co.			7,594		750,515
Boston Scientific Corp.	*		54,257		502,962
C.R. Bard, Inc.			3,082		334,952
CareFusion Corp.	*		9,031		332,792
Covidien plc (Ireland)			18,629		1,170,646
DENTSPLY International, Inc.			5,765		236,135
Edwards Lifesciences Corp.	*		4,561		306,499
Intuitive Surgical, Inc.	*		1,578		799,383
Medtronic, Inc.			39,809		2,048,969
St. Jude Medical, Inc.			10,958		500,014
Stryker Corp.			11,453		740,780
Varian Medical Systems, Inc.	*		4,320		291,384
Zimmer Holdings, Inc.			6,505		487,485
					12,148,096
Health Care Providers & Services—2.0%
Aetna, Inc.			15,037		955,451
AmerisourceBergen Corp.			8,710		486,279
Cardinal Health, Inc.			13,577		640,834
Cigna Corp.			10,928		792,171
DaVita HealthCare Partners, Inc.	*		3,170		382,936

		Shares		Value
Express Scripts Holding Co.	*		32,221	$	1,987,713
Humana, Inc.			6,331		534,210
Laboratory Corp. of America Holdings	*		3,587		359,059
McKesson Corp.			9,147		1,047,332
Patterson Cos., Inc.			3,168		119,117
Quest Diagnostics, Inc.			6,083		368,812
Tenet Healthcare Corp.	*		4,097		188,872
UnitedHealth Group, Inc.			40,309		2,639,433
WellPoint, Inc.			12,016		983,389
					11,485,608
Health Care Technology—0.1%
Cerner Corp.	*		5,595		537,624
Hotels, Restaurants & Leisure—1.8%
Carnival Corp.			16,929		580,496
Chipotle Mexican Grill, Inc.	*		1,197		436,127
Darden Restaurants, Inc.			5,152		260,073
International Game Technology			9,525		159,163
Marriott International, Inc., Class A			9,336		376,894
McDonald’s Corp.			39,404		3,900,996
Starbucks Corp.			29,502		1,932,086
Starwood Hotels & Resorts Worldwide, Inc.			7,658		483,909
Wyndham Worldwide Corp.			5,300		303,319
Wynn Resorts Ltd.			3,148		402,944
Yum! Brands, Inc.			17,783		1,233,073
					10,069,080
Household Durables—0.3%
D.R. Horton, Inc.			10,956		233,144
Garmin Ltd. (Switzerland)	†		4,242		153,391
Harman International Industries, Inc.			2,768		150,026
Leggett & Platt, Inc.			5,527		171,834
Lennar Corp., Class A			6,775		244,171
Newell Rubbermaid, Inc.			11,330		297,412
PulteGroup, Inc.	*		12,706		241,033
Whirlpool Corp.			3,045		348,226
					1,839,237
Household Products—2.1%
Clorox Co. (The)			5,174		430,166
Colgate-Palmolive Co.			34,612		1,982,921
Kimberly-Clark Corp.			15,277		1,484,008
Procter & Gamble Co. (The)			107,733		8,294,364
					12,191,459
Independent Power Producers & Energy Traders—0.1%
AES Corp. (The)			23,582		282,748
NRG Energy, Inc.			12,511		334,044
					616,792
Industrial Conglomerates—2.4%
3M Co.			24,965		2,729,923
Danaher Corp.			22,865		1,447,354
General Electric Co.			408,036		9,462,355
					13,639,632
Insurance—4.3%
ACE Ltd. (Switzerland)			13,400		1,199,032
Aflac, Inc.			18,074		1,050,461
Allstate Corp. (The)			18,744		901,961

See accompanying notes to financial statements

217

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
American International Group, Inc.	*		58,066	$	2,595,550
Aon plc (United Kingdom)			12,005		772,522
Assurant, Inc.			3,354		170,752
Berkshire Hathaway, Inc., Class B	*		71,597		8,013,136
Chubb Corp. (The)			10,321		873,673
Cincinnati Financial Corp.			5,418		248,686
Genworth Financial, Inc., Class A	*		18,197		207,628
Hartford Financial Services Group, Inc.			17,479		540,451
Lincoln National Corp.			11,017		401,790
Loews Corp.			12,172		540,437
Marsh & McLennan Cos., Inc.			21,701		866,304
MetLife, Inc.			43,062		1,970,517
Principal Financial Group, Inc.			11,160		417,942
Progressive Corp. (The)			22,189		564,045
Prudential Financial, Inc.			18,345		1,339,735
Torchmark Corp.			3,465		225,710
Travelers Cos., Inc. (The)			14,801		1,182,896
Unum Group			10,141		297,841
XL Group plc (Ireland)			11,748		356,199
					24,737,268
Internet & Catalog Retail—1.2%
Amazon.com, Inc.	*		14,290		3,968,190
Expedia, Inc.			3,623		217,923
Netflix, Inc.	*		2,143		452,366
priceline.com, Inc.	*		2,043		1,689,827
TripAdvisor, Inc.	*		4,295		261,437
					6,589,743
Internet Software & Services—2.3%
Akamai Technologies, Inc.	*		6,953		295,850
eBay, Inc.	*		45,913		2,374,620
Google, Inc., Class A	*		10,562		9,298,468
VeriSign, Inc.	*		5,712		255,098
Yahoo! Inc.	*		37,463		940,696
					13,164,732
IT Services—3.6%
Accenture plc, Class A (Ireland)			25,373		1,825,841
Automatic Data Processing, Inc.			19,135		1,317,636
Cognizant Technology Solutions Corp., Class A	*		11,956		748,565
Computer Sciences Corp.			5,744		251,415
Fidelity National Information Services, Inc.			11,200		479,808
Fiserv, Inc.	*		5,386		470,790
International Business Machines Corp.			41,116		7,857,679
Mastercard, Inc., Class A			4,154		2,386,473
Paychex, Inc.			12,408		453,140
SAIC, Inc.			10,342		144,064
Teradata Corp.	*		6,415		322,226
Total System Services, Inc.			6,098		149,279
Visa, Inc., Class A			19,930		3,642,208
Western Union Co. (The)			22,431		383,794
					20,432,918
Leisure Equipment & Products—0.1%
Hasbro, Inc.	†		4,678		209,715
Mattel, Inc.			13,417		607,924
					817,639

		Shares		Value
Life Sciences Tools & Services—0.5%
Agilent Technologies, Inc.			13,563	$	579,954
Life Technologies Corp.	*		6,881		509,263
PerkinElmer, Inc.			4,446		144,495
Thermo Fisher Scientific, Inc.			14,118		1,194,806
Waters Corp.	*		3,299		330,065
					2,758,583
Machinery—1.7%
Caterpillar, Inc.			25,783		2,126,840
Cummins, Inc.			6,990		758,135
Deere & Co.			15,084		1,225,575
Dover Corp.			6,707		520,866
Flowserve Corp.			5,551		299,809
Illinois Tool Works, Inc.			16,045		1,109,833
Ingersoll-Rand plc (Ireland)			11,000		610,720
Joy Global, Inc.			4,058		196,935
PACCAR, Inc.			14,047		753,762
Pall Corp.			4,378		290,830
Parker Hannifin Corp.			5,952		567,821
Pentair Ltd. (Switzerland)			7,913		456,501
Snap-on, Inc.			2,413		215,674
Stanley Black & Decker, Inc.			6,433		497,271
Xylem, Inc.			6,682		180,013
					9,810,585
Media—3.6%
Cablevision Systems Corp., Class A			8,237		138,546
CBS Corp., Class B			22,500		1,099,575
Comcast Corp., Class A			103,699		4,342,914
DIRECTV	*		21,970		1,353,791
Discovery Communications, Inc., Class A	*		9,421		727,396
Gannett Co., Inc.			9,447		231,074
Interpublic Group of Cos., Inc. (The)			15,402		224,099
News Corp., Class A			78,655		2,564,153
Omnicom Group, Inc.			10,301		647,624
Scripps Networks Interactive, Inc., Class A			3,465		231,323
Time Warner Cable, Inc.			11,407		1,283,059
Time Warner, Inc.			36,789		2,127,140
Viacom, Inc., Class B			17,591		1,197,068
Walt Disney Co. (The)			70,919		4,478,535
Washington Post Co. (The), Class B			177		85,627
					20,731,924
Metals & Mining—0.5%
Alcoa, Inc.			40,882		319,697
Allegheny Technologies, Inc.			4,385		115,369
Cliffs Natural Resources, Inc.	†		5,303		86,174
Freeport-McMoRan Copper & Gold, Inc.			40,968		1,131,127
Newmont Mining Corp.			19,267		577,047
Nucor Corp.			12,678		549,211
United States Steel Corp.	†		5,023		88,053
					2,866,678
Multiline Retail—0.8%
Dollar General Corp.	*		11,645		587,257
Dollar Tree, Inc.	*		9,175		466,457
Family Dollar Stores, Inc.			3,846		239,644

See accompanying notes to financial statements

218

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
J.C. Penney Co., Inc.	*†		5,384	$	91,959
Kohl’s Corp.			8,544		431,558
Macy’s, Inc.			15,690		753,120
Nordstrom, Inc.			5,863		351,428
Target Corp.			25,253		1,738,922
					4,660,345
Multi-Utilities—1.2%
Ameren Corp.			9,454		325,596
CenterPoint Energy, Inc.			16,471		386,904
CMS Energy Corp.			10,407		282,758
Consolidated Edison, Inc.			11,440		667,066
Dominion Resources, Inc.			22,740		1,292,087
DTE Energy Co.			6,748		452,183
Integrys Energy Group, Inc.			2,885		168,859
NiSource, Inc.			11,964		342,649
PG&E Corp.			17,379		794,742
Public Service Enterprise Group, Inc.			19,763		645,460
SCANA Corp.			5,136		252,178
Sempra Energy			8,969		733,305
TECO Energy, Inc.			7,827		134,546
Wisconsin Energy Corp.			9,186		376,534
					6,854,867
Office Electronics—0.1%
Xerox Corp.			47,039		426,644
Oil, Gas & Consumable Fuels—8.6%
Anadarko Petroleum Corp.			19,721		1,694,626
Apache Corp.			15,454		1,295,509
Cabot Oil & Gas Corp.			8,058		572,279
Chesapeake Energy Corp.			20,893		425,799
Chevron Corp.			76,246		9,022,952
ConocoPhillips			48,011		2,904,665
CONSOL Energy, Inc.			8,939		242,247
Denbury Resources, Inc.	*		13,970		241,960
Devon Energy Corp.			14,948		775,502
EOG Resources, Inc.			10,716		1,411,083
EQT Corp.			5,991		475,506
Exxon Mobil Corp.			174,812		15,794,264
Hess Corp.			11,771		782,654
Kinder Morgan, Inc.			24,780		945,357
Marathon Oil Corp.			27,600		954,408
Marathon Petroleum Corp.			12,832		911,842
Murphy Oil Corp.			6,903		420,324
Newfield Exploration Co.	*		4,892		116,870
Noble Energy, Inc.			13,908		835,036
Occidental Petroleum Corp.			31,673		2,826,182
Peabody Energy Corp.			10,863		159,034
Phillips 66			24,295		1,431,218
Pioneer Natural Resources Co.			5,379		778,610
QEP Resources, Inc.			6,532		181,459
Range Resources Corp.			6,256		483,714
Southwestern Energy Co.	*		13,860		506,306
Spectra Energy Corp.			26,430		910,778
Tesoro Corp.			5,453		285,301
Valero Energy Corp.			21,549		749,259
Williams Cos., Inc. (The)			26,187		850,292
WPX Energy, Inc.	*		7,211		136,576
					49,121,612

		Shares		Value
Paper & Forest Products—0.1%
International Paper Co.			17,084	$	756,992
Personal Products—0.2%
Avon Products, Inc.			16,740		352,042
Estee Lauder Cos., Inc. (The), Class A			9,353		615,147
					967,189
Pharmaceuticals—5.9%
AbbVie, Inc.			62,173		2,570,232
Actavis, Inc.	*		4,930		622,265
Allergan, Inc.			11,661		982,323
Bristol-Myers Squibb Co.			64,383		2,877,276
Eli Lilly & Co.			39,290		1,929,925
Forest Laboratories, Inc.	*		9,257		379,537
Hospira, Inc.	*		6,166		236,219
Johnson & Johnson			110,407		9,479,545
Merck & Co., Inc.			118,686		5,512,965
Mylan, Inc.	*		15,951		494,959
Perrigo Co.			3,470		419,870
Pfizer, Inc.			262,196		7,344,110
Zoetis, Inc.			19,669		607,566
					33,456,792
Professional Services—0.1%
Dun & Bradstreet Corp. (The)			1,740		169,563
Equifax, Inc.			4,915		289,641
Robert Half International, Inc.			5,161		171,500
					630,704
Real Estate Investment Trusts (REITs)—2.1%
American Tower Corp. REIT			15,312		1,120,379
Apartment Investment & Management Co., Class A REIT			5,703		171,318
AvalonBay Communities, Inc. REIT			4,840		652,964
Boston Properties, Inc. REIT			5,835		615,417
Equity Residential REIT			12,459		723,370
HCP, Inc. REIT			17,541		797,063
Health Care REIT, Inc. REIT			11,174		748,993
Host Hotels & Resorts, Inc. REIT			28,246		476,510
Kimco Realty Corp. REIT			16,256		348,366
Macerich Co. (The) REIT			5,288		322,409
Plum Creek Timber Co., Inc. REIT			6,516		304,102
Prologis, Inc. REIT			19,574		738,331
Public Storage REIT			5,635		864,015
Simon Property Group, Inc. REIT			12,344		1,949,365
Ventas, Inc. REIT			11,348		788,232
Vornado Realty Trust REIT			6,660		551,781
Weyerhaeuser Co. REIT			21,246		605,299
					11,777,914
Real Estate Management & Development—0.0%
CBRE Group, Inc., Class A	*		12,084		282,282
Road & Rail—0.9%
CSX Corp.			39,272		910,718
Kansas City Southern			4,239		449,164
Norfolk Southern Corp.			12,436		903,475
Ryder System, Inc.			1,958		119,027
Union Pacific Corp.			18,450		2,846,466
					5,228,850

See accompanying notes to financial statements

219

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Semiconductors & Semiconductor Equipment—2.0%
Advanced Micro Devices, Inc.	*†		23,010	$	93,881
Altera Corp.			12,949		427,188
Analog Devices, Inc.			11,801		531,753
Applied Materials, Inc.			46,548		694,031
Broadcom Corp., Class A			20,112		678,981
First Solar, Inc.	*		2,843		127,167
Intel Corp.			195,395		4,732,467
KLA-Tencor Corp.			6,448		359,347
Lam Research Corp.	*		6,006		266,306
Linear Technology Corp.			8,972		330,529
LSI Corp.	*		21,431		153,017
Microchip Technology, Inc.			7,393		275,389
Micron Technology, Inc.	*		39,867		571,294
NVIDIA Corp.			23,518		329,958
Teradyne, Inc.	*		7,078		124,360
Texas Instruments, Inc.			43,586		1,519,844
Xilinx, Inc.			10,107		400,338
					11,615,850
Software—3.4%
Adobe Systems, Inc.	*		19,721		898,489
Autodesk, Inc.	*		9,005		305,630
BMC Software, Inc.	*		5,390		243,305
CA, Inc.			12,652		362,227
Citrix Systems, Inc.	*		7,301		440,469
Electronic Arts, Inc.	*		12,022		276,145
Intuit, Inc.			10,898		665,105
Microsoft Corp.			295,833		10,215,113
Oracle Corp.			145,019		4,454,984
Red Hat, Inc.	*		7,624		364,580
Salesforce.com, Inc.	*		21,345		814,952
Symantec Corp.			27,094		608,802
					19,649,801
Specialty Retail—2.3%
Abercrombie & Fitch Co., Class A			3,103		140,411
AutoNation, Inc.	*		1,626		70,552
AutoZone, Inc.	*		1,424		603,335
Bed Bath & Beyond, Inc.	*		8,595		609,385
Best Buy Co., Inc.			10,944		299,099
CarMax, Inc.	*		8,789		405,700
GameStop Corp., Class A	†		5,060		212,672
Gap, Inc. (The)			11,760		490,745
Home Depot, Inc. (The)			57,451		4,450,729
L Brands, Inc.			9,224		454,282
Lowe’s Cos., Inc.			42,188		1,725,489
O’Reilly Automotive, Inc.	*		4,283		482,351
PetSmart, Inc.			4,230		283,368
Ross Stores, Inc.			8,870		574,865
Staples, Inc.			26,753		424,303
Tiffany & Co.			4,706		342,785
TJX Cos., Inc.			28,315		1,417,449
Urban Outfitters, Inc.	*		4,497		180,869
					13,168,389
Textiles, Apparel & Luxury Goods—0.7%
Coach, Inc.			10,982		626,962
Fossil Group, Inc.	*		2,144		221,497
NIKE, Inc., Class B			28,576		1,819,720
PVH Corp.			3,047		381,027

				Shares		Value
Ralph Lauren Corp.					2,408	$	418,366
V.F. Corp.					3,430		662,196
							4,129,768
Thrifts & Mortgage Finance—0.1%
Hudson City Bancorp, Inc.					17,247		157,982
People’s United Financial, Inc.					13,823		205,963
							363,945
Tobacco—1.7%
Altria Group, Inc.					79,035		2,765,435
Lorillard, Inc.					14,621		638,645
Philip Morris International, Inc.					64,689		5,603,361
Reynolds American, Inc.					12,749		616,669
							9,624,110
Trading Companies & Distributors—0.2%
Fastenal Co.					10,791		494,767
W.W. Grainger, Inc.					2,300		580,014
							1,074,781
Wireless Telecommunication Services—0.3%
Crown Castle International Corp.			*		11,339		820,830
Sprint Nextel Corp.			*		115,668		811,990
							1,632,820
TOTAL COMMON STOCKS
(Cost $353,788,177)							562,228,201
Coupon Rate	Maturity Date				Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.035%	09/12/2013	‡‡
(Cost $244,983)				$	245,000		244,992
					Shares		Value
MONEY MARKET FUNDS—4.6%
Institutional Money Market Funds—4.6%
Dreyfus Institutional Cash Advantage Fund, 0.04%			††¥		200,000		200,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%			¥		24,938,336		24,938,336
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%			††¥		253,341		253,341
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.08%			††¥		200,000		200,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.09%			††¥		200,000		200,000

See accompanying notes to financial statements

220

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint 500 Stock Index Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.10%	††¥		200,000	$	200,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		200,000		200,000
TOTAL MONEY MARKET FUNDS
(Cost $26,191,677)					26,191,677
TOTAL INVESTMENTS—103.2%
(Cost $380,224,837)					588,664,870
Other assets less liabilities—(3.2%)					(18,062,243	)
NET ASSETS—100.0%				$	570,602,627

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 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

221

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—99.4%
Aerospace & Defense—2.4%
AAR Corp.			1,489	$	32,728
Alliant Techsystems, Inc.			1,550		127,611
American Science & Engineering, Inc.			435		24,360
B/E Aerospace, Inc.	*		2,393		150,950
Boeing Co. (The)			26,374		2,701,753
Cubic Corp.			476		22,896
Curtiss-Wright Corp.			2,112		78,271
Engility Holdings, Inc.	*		622		17,677
Esterline Technologies Corp.	*		1,049		75,832
Exelis, Inc.			4,977		68,633
GenCorp, Inc.	*†		1,629		26,488
General Dynamics Corp.			11,170		874,946
HEICO Corp.			2,531		127,486
Hexcel Corp.	*		4,757		161,976
Honeywell International, Inc.			27,826		2,207,715
Huntington Ingalls Industries, Inc.			1,577		89,069
Kratos Defense & Security Solutions, Inc.	*		832		5,391
L-3 Communications Holdings, Inc.			3,737		320,410
Lockheed Martin Corp.			9,671		1,048,917
Moog, Inc., Class A	*		1,446		74,512
National Presto Industries, Inc.			535		38,536
Northrop Grumman Corp.			7,805		646,254
Orbital Sciences Corp.	*		2,123		36,877
Precision Castparts Corp.			5,136		1,160,787
Raytheon Co.			10,521		695,649
Rockwell Collins, Inc.			5,705		361,754
Spirit Aerosystems Holdings, Inc., Class A	*		2,103		45,172
Taser International, Inc.	*		2,292		19,528
Teledyne Technologies, Inc.	*		1,228		94,986
Textron, Inc.			8,214		213,975
TransDigm Group, Inc.			1,314		205,996
Triumph Group, Inc.			1,644		130,123
United Technologies Corp.			32,578		3,027,799
					14,915,057
Air Freight & Logistics—0.7%
Atlas Air Worldwide Holdings, Inc.	*		600		26,256
C.H. Robinson Worldwide, Inc.			6,357		357,962
Expeditors International of Washington, Inc.			8,772		333,424
FedEx Corp.			10,153		1,000,883
Forward Air Corp.			1,431		54,779
Hub Group, Inc., Class A	*		2,400		87,408
Pacer International, Inc.	*		1,664		10,500
United Parcel Service, Inc., Class B			25,703		2,222,795
UTi Worldwide, Inc.			2,208		36,366
					4,130,373
Airlines—0.3%
Alaska Air Group, Inc.	*		2,686		139,672
Copa Holdings SA, Class A (Panama)			879		115,254
Delta Air Lines, Inc.	*		32,014		598,982
JetBlue Airways Corp.	*†		6,414		40,408

		Shares		Value
SkyWest, Inc.			2,390	$	32,361
Southwest Airlines Co.			26,758		344,911
United Continental Holdings, Inc.	*		12,259		383,584
US Airways Group, Inc.	*†		8,660		142,197
					1,797,369
Auto Components—0.5%
American Axle & Manufacturing Holdings, Inc.	*		2,113		39,365
BorgWarner, Inc.	*		4,109		353,990
Cooper Tire & Rubber Co.			3,066		101,699
Dana Holding Corp.			8,587		165,386
Delphi Automotive plc (United Kingdom)			9,499		481,504
Fuel Systems Solutions, Inc.	*		769		13,757
Gentex Corp.			6,594		151,992
Gentherm, Inc.	*		2,107		39,127
Goodyear Tire & Rubber Co. (The)	*		7,281		111,327
Johnson Controls, Inc.			21,627		774,030
Lear Corp.			4,264		257,802
Modine Manufacturing Co.	*		1,208		13,143
Shiloh Industries, Inc.			1,441		15,044
Superior Industries International, Inc.			1,102		18,966
Tenneco, Inc.	*		1,600		72,448
TRW Automotive Holdings Corp.	*		3,548		235,729
Visteon Corp.	*		1,076		67,917
					2,913,226
Automobiles—0.6%
Ford Motor Co.			134,202		2,076,105
General Motors Co.	*		26,868		894,973
Harley-Davidson, Inc.			7,622		417,838
Tesla Motors, Inc.	*†		3,137		337,008
Thor Industries, Inc.			1,221		60,049
Winnebago Industries, Inc.	*		1,432		30,057
					3,816,030
Beverages—1.9%
Beam, Inc.			4,803		303,117
Brown-Forman Corp., Class B			5,077		342,951
Coca-Cola Bottling Co. Consolidated			437		26,723
Coca-Cola Co. (The)			134,305		5,386,974
Coca-Cola Enterprises, Inc.			8,850		311,166
Constellation Brands, Inc., Class A	*		6,550		341,386
Dr. Pepper Snapple Group, Inc.			7,323		336,345
Molson Coors Brewing Co., Class B			3,486		166,840
Monster Beverage Corp.	*		5,360		325,727
PepsiCo, Inc.			54,440		4,452,648
					11,993,877
Biotechnology—2.2%
ACADIA Pharmaceuticals, Inc.	*		1,825		33,124
Acorda Therapeutics, Inc.	*		674		22,235
Aegerion Pharmaceuticals, Inc.	*		1,499		94,947
Alexion Pharmaceuticals, Inc.	*		6,664		614,687
Alkermes plc (Ireland)	*		3,579		102,646

See accompanying notes to financial statements

222

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Alnylam Pharmaceuticals, Inc.	*		2,390	$	74,114
AMAG Pharmaceuticals, Inc.	*		834		18,556
Amgen, Inc.			26,665		2,630,769
Arena Pharmaceuticals, Inc.	*†		9,689		74,605
Ariad Pharmaceuticals, Inc.	*		5,175		90,511
Arqule, Inc.	*		864		2,004
Array BioPharma, Inc.	*		4,333		19,672
Astex Pharmaceuticals	*		1,338		5,499
Biogen Idec, Inc.	*		8,467		1,822,098
BioMarin Pharmaceutical, Inc.	*		4,531		252,784
Celgene Corp.	*		15,011		1,754,936
Celldex Therapeutics, Inc.	*		429		6,697
Cepheid, Inc.	*		1,692		58,239
Chelsea Therapeutics International Ltd.	*		14,392		33,102
Clovis Oncology, Inc.	*		478		32,016
Cubist Pharmaceuticals, Inc.	*		1,762		85,105
Dendreon Corp.	*†		4,737		19,516
Dynavax Technologies Corp.	*		29,475		32,422
Emergent Biosolutions, Inc.	*		1,319		19,020
Enzon Pharmaceuticals, Inc.			1,765		3,530
Exact Sciences Corp.	*		1,250		17,388
Exelixis, Inc.	*†		2,695		12,235
Galena Biopharma, Inc.	*		15,289		33,942
Genomic Health, Inc.	*		1,284		40,716
Geron Corp.	*		4,719		7,079
Gilead Sciences, Inc.	*		53,852		2,757,761
GTx, Inc.	*		200		1,320
Halozyme Therapeutics, Inc.	*†		6,362		50,514
ImmunoGen, Inc.	*†		1,323		21,949
Immunomedics, Inc.	*†		2,141		11,647
Incyte Corp. Ltd.	*†		3,102		68,244
Insmed, Inc.	*		2,696		32,244
InterMune, Inc.	*†		1,586		15,257
Ironwood Pharmaceuticals, Inc.	*†		7,019		69,839
Isis Pharmaceuticals, Inc.	*†		2,216		59,544
Keryx Biopharmaceuticals, Inc.	*†		5,221		39,001
Lexicon Pharmaceuticals, Inc.	*		2,343		5,084
Ligand Pharmaceuticals, Inc., Class B	*†		815		30,497
MannKind Corp.	*†		4,492		29,198
Medivation, Inc.	*		3,462		170,330
Momenta Pharmaceuticals, Inc.	*		2,618		39,427
Myriad Genetics, Inc.	*		4,124		110,812
Neurocrine Biosciences, Inc.	*		1,479		19,789
NewLink Genetics Corp.	*†		3,326		65,589
Novavax, Inc.	*†		1,550		3,178
NPS Pharmaceuticals, Inc.	*		1,660		25,066
Onyx Pharmaceuticals, Inc.	*		2,828		245,527
Osiris Therapeutics, Inc.	*†		1,402		14,118
PDL BioPharma, Inc.	†		3,841		29,653
Peregrine Pharmaceuticals, Inc.	*		20,036		25,846
Pharmacyclics, Inc.	*		1,782		141,616
Progenics Pharmaceuticals, Inc.	*		793		3,537
Raptor Pharmaceutical Corp.	*		3,794		35,474
Regeneron Pharmaceuticals, Inc.	*		2,632		591,884
Rigel Pharmaceuticals, Inc.	*		1,882		6,286
Sarepta Therapeutics, Inc.	*		787		29,945
Seattle Genetics, Inc.	*†		3,191		100,389
SIGA Technologies, Inc.	*†		4,649		13,203
Synageva BioPharma Corp.	*		242		10,164
Synergy Pharmaceuticals, Inc.	*		6,708		28,979

		Shares		Value
Theravance, Inc.	*†		3,224	$	124,221
Threshold Pharmaceuticals, Inc.	*		6,119		32,186
United Therapeutics Corp.	*		1,828		120,319
Vanda Pharmaceuticals, Inc.	*		2,680		21,654
Vertex Pharmaceuticals, Inc.	*		7,575		605,015
XOMA Corp.	*†		331		1,202
ZIOPHARM Oncology, Inc.	*		16,393		34,589
					13,856,291
Building Products—0.2%
A.O. Smith Corp.			4,024		145,991
American Woodmark Corp.	*		800		27,760
Apogee Enterprises, Inc.			1,250		30,000
Fortune Brands Home & Security, Inc.			3,861		149,575
Gibraltar Industries, Inc.	*		1,188		17,297
Griffon Corp.			1,288		14,490
Lennox International, Inc.			2,437		157,284
Masco Corp.			9,464		184,453
NCI Building Systems, Inc.	*		246		3,761
Owens Corning, Inc.	*		3,682		143,893
Quanex Building Products Corp.			1,671		28,140
Simpson Manufacturing Co., Inc.			2,084		61,311
Trex Co., Inc.	*		731		34,715
Universal Forest Products, Inc.			1,121		44,750
USG Corp.	*		3,348		77,172
					1,120,592
Capital Markets—2.3%
Affiliated Managers Group, Inc.	*		1,354		221,975
American Capital Ltd.	*		10,947		138,698
Ameriprise Financial, Inc.			7,768		628,276
Ares Capital Corp.			6,113		105,144
Arlington Asset Investment Corp., Class A			304		8,129
Bank of New York Mellon Corp. (The)			42,725		1,198,436
BGC Partners, Inc., Class A			7,270		42,820
BlackRock, Inc.			4,558		1,170,722
Calamos Asset Management, Inc., Class A			1,800		18,900
Charles Schwab Corp. (The)			39,829		845,570
CIFC Corp.	*		4,547		34,330
Cowen Group, Inc., Class A	*		2,582		7,488
Diamond Hill Investment Group, Inc.			331		28,152
E*TRADE Financial Corp.	*		13,474		170,581
Eaton Vance Corp.			5,282		198,550
Federated Investors, Inc., Class B	†		3,745		102,650
Financial Engines, Inc.	†		1,762		80,330
Franklin Resources, Inc.			5,172		703,495
GAMCO Investors, Inc., Class A			558		30,919
GFI Group, Inc.			2,520		9,853
Goldman Sachs Group, Inc. (The)			16,314		2,467,492
Greenhill & Co., Inc.			495		22,641
ICG Group, Inc.	*		4,779		54,481
INTL FCStone, Inc.	*		507		8,847
Invesco Ltd.			16,610		528,198
Investment Technology Group, Inc.	*		2,078		29,050
Janus Capital Group, Inc.			6,411		54,558

See accompanying notes to financial statements

223

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
JMP Group, Inc.			4,495	$	29,847
Knight Capital Group, Inc., Class A	*		4,630		16,622
Ladenburg Thalmann Financial Services, Inc.	*		18,032		29,753
Lazard Ltd., Class A (Bermuda)			3,286		105,645
Legg Mason, Inc.			5,850		181,408
Medallion Financial Corp.			958		13,326
Morgan Stanley			52,106		1,272,950
Northern Trust Corp.			8,495		491,860
PennantPark Investment Corp.			8,005		88,455
Piper Jaffray Cos.	*		963		30,440
Prospect Capital Corp.	†		5,697		61,528
Pzena Investment Management, Inc., Class A			6,659		43,417
Raymond James Financial, Inc.			3,472		149,227
Safeguard Scientifics, Inc.	*		678		10,882
SEI Investments Co.			5,918		168,249
Solar Senior Capital Ltd.			3,820		70,326
State Street Corp.			15,937		1,039,252
Stifel Financial Corp.	*		2,724		97,165
SWS Group, Inc.	*		1,323		7,210
T. Rowe Price Group, Inc.			9,852		720,674
TD Ameritrade Holding Corp.			8,355		202,943
THL Credit, Inc.			7,266		110,370
Virtus Investment Partners, Inc.	*		210		37,017
Waddell & Reed Financial, Inc., Class A			3,971		172,738
Walter Investment Management Corp.	*		1,972		66,673
Westwood Holdings Group, Inc.			1,027		44,079
WisdomTree Investments, Inc.	*		3,701		42,821
					14,215,162
Chemicals—2.4%
A. Schulman, Inc.			1,444		38,728
Air Products & Chemicals, Inc.			6,756		618,647
Airgas, Inc.			2,915		278,266
Albemarle Corp.			3,712		231,220
Ashland, Inc.			2,794		233,299
Axiall Corp.			2,616		111,389
Cabot Corp.			2,693		100,772
Calgon Carbon Corp.	*		3,184		53,109
Celanese Corp., Series A			5,277		236,410
CF Industries Holdings, Inc.			2,407		412,801
Chemtura Corp.	*		5,201		105,580
Cytec Industries, Inc.			1,644		120,423
Dow Chemical Co. (The)			40,949		1,317,329
E.I. Du Pont de Nemours & Co.			33,109		1,738,223
Eastman Chemical Co.			4,366		305,664
Ecolab, Inc.			9,827		837,162
Ferro Corp.	*		1,818		12,635
FMC Corp.			3,500		213,710
H.B. Fuller Co.			2,570		97,172
Huntsman Corp.			5,470		90,583
International Flavors & Fragrances, Inc.			3,643		273,808
Intrepid Potash, Inc.			1,172		22,327
Koppers Holdings, Inc.			1,582		60,401
Kronos Worldwide, Inc.	†		2,262		36,735
Landec Corp.	*		986		13,025
LSB Industries, Inc.	*		1,411		42,909

		Shares		Value
LyondellBasell Industries NV, Class A (Netherlands)			12,716	$	842,562
Minerals Technologies, Inc.			1,736		71,766
Monsanto Co.			18,845		1,861,886
Mosaic Co. (The)			10,146		545,956
NewMarket Corp.	†		378		99,248
Olin Corp.			2,796		66,880
OM Group, Inc.	*		1,147		35,465
OMNOVA Solutions, Inc.	*		6,478		51,889
PolyOne Corp.			3,321		82,294
PPG Industries, Inc.			5,364		785,343
Praxair, Inc.			10,790		1,242,576
Quaker Chemical Corp.			483		29,951
Rockwood Holdings, Inc.			2,347		150,278
RPM International, Inc.			4,832		154,334
Scotts Miracle-Gro Co. (The), Class A			1,662		80,291
Sensient Technologies Corp.			2,027		82,033
Sherwin-Williams Co. (The)			2,675		472,405
Sigma-Aldrich Corp.			3,395		272,822
Stepan Co.			1,112		61,838
Tredegar Corp.			1,606		41,274
Valspar Corp. (The)			2,240		144,861
W.R. Grace & Co.	*		1,838		154,466
Zep, Inc.			936		14,817
					14,947,562
Commercial Banks—3.2%
1st Source Corp.			1,180		28,037
Associated Banc-Corp			5,110		79,460
BancFirst Corp.			642		29,885
BancorpSouth, Inc.			3,611		63,915
Bank of Hawaii Corp.			1,898		95,507
BB&T Corp.			24,485		829,552
BOK Financial Corp.			1,765		113,048
Boston Private Financial Holdings, Inc.			1,297		13,800
Bridge Bancorp, Inc.			3,091		69,547
Bryn Mawr Bank Corp.			1,058		25,318
Capital City Bank Group, Inc.	*		1,113		12,833
CapitalSource, Inc.			13,079		122,681
Cardinal Financial Corp.			1,142		16,719
Cascade Bancorp	*†		219		1,360
Cathay General Bancorp			2,082		42,369
Catskill Litigation Trust	*‡d		582		—
Central Pacific Financial Corp.	*		103		1,854
Chemical Financial Corp.			1,552		40,336
CIT Group, Inc.	*		7,587		353,782
Citizens & Northern Corp.			3,618		69,900
City Holding Co.			250		9,737
City National Corp./California			1,548		98,097
CNB Financial Corp./Pennsylvania			4,147		70,250
CoBiz Financial, Inc.			1,063		8,823
Comerica, Inc.			8,301		330,629
Commerce Bancshares, Inc./Missouri			2,859		124,538
Community Bank System, Inc.			1,402		43,252
Community Trust Bancorp, Inc.			665		23,687
Cullen/Frost Bankers, Inc.			2,502		167,059
CVB Financial Corp.			4,084		48,028
East West Bancorp, Inc.			6,997		192,417
Fidelity Southern Corp.	*		1,570		19,421
Fifth Third Bancorp			34,539		623,429

See accompanying notes to financial statements

224

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Financial Institutions, Inc.			749	$	13,789
First BanCorp. (Puerto Rico)	*		322		2,280
First Bancorp/North Carolina			643		9,066
First Busey Corp.			2,407		10,831
First Citizens BancShares, Inc./North Carolina, Class A			254		48,781
First Commonwealth Financial Corp.			2,619		19,302
First Connecticut Bancorp, Inc./Farmington CT			5,036		70,101
First Financial Bancorp			1,895		28,235
First Financial Bankshares, Inc.	†		500		27,830
First Horizon National Corp.			8,735		97,832
First Merchants Corp.			874		14,989
First Midwest Bancorp, Inc./Illinois			2,002		27,467
First Niagara Financial Group, Inc.			10,034		101,042
First of Long Island Corp. (The)			986		32,725
First Republic Bank/California			1,811		69,687
First Security Group, Inc./Tennesse	*		14,959		32,461
FirstMerit Corp.			8,833		176,925
FNB Corp./Pennsylvania			4,685		56,595
Fulton Financial Corp.			6,533		74,999
Glacier Bancorp, Inc.			1,771		39,298
Guaranty Bancorp			1,060		12,031
Hancock Holding Co.			2,032		61,102
Hanmi Financial Corp.	*		900		15,903
Heritage Financial Corp./Washington			332		4,864
Home Bancshares, Inc./Arkansas			2,340		60,770
Huntington Bancshares, Inc./Ohio			26,837		211,476
IBERIABANK Corp.			966		51,787
Independent Bank Corp./Massachusetts			874		30,153
International Bancshares Corp.			3,248		73,340
KeyCorp			27,431		302,838
M&T Bank Corp.			3,755		419,621
MB Financial, Inc.			931		24,951
Merchants Bancshares, Inc.			571		16,884
MidSouth Bancorp, Inc.			522		8,107
MidWestOne Financial Group, Inc.			552		13,281
National Penn Bancshares, Inc.			2,758		28,021
NBT Bancorp, Inc.			1,000		21,170
Old National Bancorp/Indiana			3,552		49,124
PacWest Bancorp			894		27,401
Park National Corp.	†		728		50,079
Peoples Bancorp, Inc./Ohio			814		17,159
Pinnacle Financial Partners, Inc.	*		1,818		46,741
PNC Financial Services Group, Inc. (The)			17,934		1,307,747
Popular, Inc. (Puerto Rico)	*		5,380		163,175
PrivateBancorp, Inc.			1,200		25,452
Prosperity Bancshares, Inc.			2,300		119,117
Regions Financial Corp.			41,501		395,505
Republic Bancorp, Inc./Kentucky, Class A			1,603		35,138
S&T Bancorp, Inc.			955		18,718
Sandy Spring Bancorp, Inc.			344		7,437
Signature Bank/New York	*		1,900		157,738

		Shares		Value
Simmons First National Corp., Class A			911	$	23,768
State Bank Financial Corp.			4,194		63,036
Sterling Bancorp/New York			1,476		17,151
Sterling Financial Corp./Washington			38		904
Suffolk Bancorp	*		1,100		17,974
SunTrust Banks, Inc.			19,144		604,376
Susquehanna Bancshares, Inc.			2,932		37,676
SVB Financial Group	*		1,437		119,731
Synovus Financial Corp.			41,667		121,668
TCF Financial Corp.			6,104		86,555
Texas Capital Bancshares, Inc.	*		2,821		125,140
Tompkins Financial Corp.			730		32,989
TowneBank/Virginia	†		1,448		21,315
Trustmark Corp.			2,635		64,768
U.S. Bancorp			65,911		2,382,683
UMB Financial Corp.			1,211		67,416
Umpqua Holdings Corp.			1,151		17,277
United Bankshares, Inc.	†		2,134		56,444
United Community Banks, Inc./Georgia	*		454		5,639
Valley National Bancorp	†		6,899		65,334
Washington Banking Co.			4,949		70,276
Washington Trust Bancorp, Inc.			500		14,260
Webster Financial Corp.			2,393		61,452
Wells Fargo & Co.			169,099		6,978,716
WesBanco, Inc.			1,699		44,905
Westamerica Bancorporation			1,628		74,383
Western Alliance Bancorp	*		1,400		22,162
Wintrust Financial Corp.			1,017		38,931
Zions Bancorporation			5,053		145,931
					19,883,195
Commercial Services & Supplies—0.6%
ABM Industries, Inc.			2,291		56,152
ACCO Brands Corp.	*		2,302		14,641
ADT Corp. (The)	*		7,488		298,397
Avery Dennison Corp.			3,924		167,790
Brink’s Co. (The)			2,084		53,163
Cenveo, Inc.	*†		4,741		10,098
Cintas Corp.			2,017		91,854
Clean Harbors, Inc.	*		2,414		121,980
Consolidated Graphics, Inc.	*		776		36,480
Copart, Inc.	*		2,852		87,842
Courier Corp.			424		6,055
Covanta Holding Corp.			4,185		83,784
Deluxe Corp.			2,098		72,696
Ennis, Inc.			695		12,017
G&K Services, Inc., Class A			1,008		47,981
Healthcare Services Group, Inc.			4,963		121,693
Herman Miller, Inc.			3,155		85,406
HNI Corp.			2,512		90,608
Interface, Inc.			3,357		56,968
Iron Mountain, Inc.			7,780		207,026
Kimball International, Inc., Class B			1,500		14,565
Knoll, Inc.			2,701		38,381
McGrath RentCorp			916		31,291
Mine Safety Appliances Co.			1,444		67,218
Mobile Mini, Inc.	*		2,000		66,300
NL Industries, Inc.			2,111		23,854
Pitney Bowes, Inc.	†		5,918		86,876

See accompanying notes to financial statements

225

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
R.R. Donnelley & Sons Co.	†		8,887	$	124,507
Republic Services, Inc.			11,229		381,112
Rollins, Inc.			1,486		38,487
Steelcase, Inc., Class A			1,992		29,043
Stericycle, Inc.	*		3,138		346,529
Tetra Tech, Inc.	*		2,114		49,700
TRC Cos., Inc.	*		327		2,289
United Stationers, Inc.			2,556		85,754
Viad Corp.			937		22,975
Waste Connections, Inc.			3,543		145,759
Waste Management, Inc.			14,398		580,671
					3,857,942
Communications Equipment—1.7%
ADTRAN, Inc.	†		3,197		78,678
Anaren, Inc.	*		813		18,650
ARRIS Group, Inc.	*		3,613		51,847
Aruba Networks, Inc.	*		2,125		32,640
Aviat Networks, Inc.	*		2,182		5,717
Black Box Corp.			865		21,902
Brocade Communications Systems, Inc.	*		14,008		80,686
CalAmp Corp.	*		550		8,030
Ciena Corp.	*		5,950		115,549
Cisco Systems, Inc.			188,050		4,571,496
Comtech Telecommunications Corp.			1,350		36,302
Digi International, Inc.	*		1,976		18,515
EchoStar Corp., Class A	*		1,877		73,409
Emulex Corp.	*		3,408		22,220
Extreme Networks, Inc.	*		4,491		15,494
F5 Networks, Inc.	*		2,664		183,283
Finisar Corp.	*		856		14,509
Harmonic, Inc.	*		2,820		17,907
Harris Corp.			3,891		191,632
Infinera Corp.	*		4,191		44,718
InterDigital, Inc.			2,803		125,154
Ixia	*		2,330		42,872
JDS Uniphase Corp.	*		7,444		107,045
Juniper Networks, Inc.	*		17,553		338,948
KVH Industries, Inc.	*		375		4,991
Motorola Solutions, Inc.			8,298		479,044
NETGEAR, Inc.	*		1,206		36,831
Numerex Corp., Class A	*		1,800		20,088
Oplink Communications, Inc.	*		758		13,166
Parkervision, Inc.	*†		1,052		4,787
Plantronics, Inc.			1,826		80,198
Polycom, Inc.	*		8,354		88,051
QUALCOMM, Inc.			61,123		3,733,393
Riverbed Technology, Inc.	*		3,698		57,541
Sonus Networks, Inc.	*		10,700		32,207
Tellabs, Inc.			19,143		37,903
ViaSat, Inc.	*		1,190		85,037
Westell Technologies, Inc., Class A	*		1,821		4,352
					10,894,792
Computers & Peripherals—3.1%
3D Systems Corp.	*†		3,474		152,509
Apple, Inc.			32,729		12,963,302
Avid Technology, Inc.	*		1,448		8,514
Cray, Inc.	*		714		14,023
Dell, Inc.			48,056		641,548

		Shares		Value
Diebold, Inc.			3,079	$	103,731
Electronics for Imaging, Inc.	*		2,638		74,629
EMC Corp.			75,501		1,783,334
Fusion-io, Inc.	*†		5,678		80,855
Hewlett-Packard Co.			70,040		1,736,992
Hutchinson Technology, Inc.	*		6,180		29,231
Imation Corp.	*		1,564		6,616
Intermec, Inc.	*		2,374		23,336
Lexmark International, Inc., Class A			1,492		45,610
NCR Corp.	*		7,848		258,906
NetApp, Inc.	*		11,382		430,012
QLogic Corp.	*		3,731		35,668
Quantum Corp.	*		6,681		9,153
SanDisk Corp.	*		8,969		548,006
Silicon Graphics International Corp.	*		1,843		24,659
STEC, Inc.	*		1,255		8,434
Stratasys Ltd.	*		1,440		120,586
Synaptics, Inc.	*		1,586		61,156
Western Digital Corp.			8,356		518,824
					19,679,634
Construction & Engineering—0.3%
AECOM Technology Corp.	*		3,236		102,872
Aegion Corp.	*		1,223		27,530
Chicago Bridge & Iron Co. NV (Netherlands)			3,194		190,554
Comfort Systems USA, Inc.			2,179		32,511
Dycom Industries, Inc.	*		2,076		48,039
EMCOR Group, Inc.			2,908		118,210
Fluor Corp.			4,946		293,347
Furmanite Corp.	*		1,100		7,359
Granite Construction, Inc.			1,889		56,217
Jacobs Engineering Group, Inc.	*		4,968		273,886
KBR, Inc.			6,464		210,080
Layne Christensen Co.	*		510		9,950
MasTec, Inc.	*		2,049		67,412
Quanta Services, Inc.	*		8,861		234,462
Tutor Perini Corp.	*		960		17,366
URS Corp.			2,934		138,544
					1,828,339
Construction Materials—0.1%
Eagle Materials, Inc.			2,083		138,040
Headwaters, Inc.	*		2,095		18,520
Martin Marietta Materials, Inc.			801		78,835
Texas Industries, Inc.	*†		1,116		72,696
Vulcan Materials Co.			3,605		174,518
					482,609
Consumer Finance—0.9%
American Express Co.			33,721		2,520,982
Capital One Financial Corp.			20,078		1,261,099
Cash America International, Inc.			685		31,140
Consumer Portfolio Services, Inc.	*		5,110		37,507
Discover Financial Services			18,027		858,806
Ezcorp, Inc., Class A	*		2,031		34,283
First Marblehead Corp. (The)	*†		32,183		37,976
Imperial Holdings, Inc.	*		8,933		61,191
Nelnet, Inc., Class A			481		17,359
Portfolio Recovery Associates, Inc.	*		504		77,430

See accompanying notes to financial statements

226

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
SLM Corp.			18,104	$	413,858
World Acceptance Corp.	*†		639		55,555
					5,407,186
Containers & Packaging—0.3%
AEP Industries, Inc.	*		372		27,673
AptarGroup, Inc.			3,130		172,807
Ball Corp.			6,557		272,378
Bemis Co., Inc.			1,316		51,508
Crown Holdings, Inc.	*		3,283		135,030
Greif, Inc., Class A			852		44,875
MeadWestvaco Corp.			6,183		210,902
Myers Industries, Inc.			1,716		25,757
Owens-Illinois, Inc.	*		6,064		168,519
Packaging Corp. of America			4,339		212,438
Rock-Tenn Co., Class A			2,588		258,489
Sealed Air Corp.			7,726		185,038
Silgan Holdings, Inc.			820		38,507
Sonoco Products Co.			3,353		115,913
					1,919,834
Distributors—0.1%
Genuine Parts Co.			4,233		330,470
LKQ Corp.	*		11,438		294,529
Pool Corp.			2,434		127,566
VOXX International Corp.	*		1,218		14,945
					767,510
Diversified Consumer Services—0.2%
American Public Education, Inc.	*		698		25,938
Apollo Group, Inc., Class A	*		5,209		92,303
Ascent Capital Group, Inc., Class A	*		545		42,548
Career Education Corp.	*		4,167		12,084
Coinstar, Inc.	*†		1,075		63,070
Corinthian Colleges, Inc.	*†		3,624		8,118
DeVry, Inc.			2,980		92,440
H&R Block, Inc.			11,402		316,406
Hillenbrand, Inc.			1,576		37,367
ITT Educational Services, Inc.	*†		1,873		45,701
Matthews International Corp., Class A			1,052		39,660
Regis Corp.			1,818		29,852
Service Corp. International			10,864		195,878
Sotheby’s			2,623		99,438
Steiner Leisure Ltd. (Bahamas)	*		1,503		79,449
Stewart Enterprises, Inc., Class A			4,115		53,865
Strayer Education, Inc.	†		551		26,905
Universal Technical Institute, Inc.			418		4,318
Weight Watchers International, Inc.	†		1,826		83,996
					1,349,336
Diversified Financial Services—3.2%
Bank of America Corp.			379,666		4,882,505
CBOE Holdings, Inc.			954		44,495
Citigroup, Inc.			103,729		4,975,880
CME Group, Inc.			11,807		897,096
Interactive Brokers Group, Inc., Class A			1,570		25,073

		Shares		Value
IntercontinentalExchange, Inc.	*		2,776	$	493,462
JPMorgan Chase & Co.			132,354		6,986,968
Leucadia National Corp.			9,873		258,870
McGraw Hill Financial, Inc.			9,601		510,677
Moody’s Corp.			6,057		369,053
MSCI, Inc.	*		3,439		114,415
NASDAQ OMX Group, Inc. (The)			5,431		178,082
NYSE Euronext			9,567		396,074
PHH Corp.	*		2,212		45,081
PICO Holdings, Inc.	*		1,150		24,104
Resource America, Inc., Class A			1,287		10,939
					20,212,774
Diversified Telecommunication Services—2.1%
8x8, Inc.	*		3,048		25,115
AT&T, Inc.			188,489		6,672,510
CenturyLink, Inc.			22,585		798,380
Cincinnati Bell, Inc.	*		8,448		25,851
Cogent Communications Group, Inc.			2,886		81,241
Consolidated Communications Holdings, Inc.			80		1,393
Frontier Communications Corp.	†		39,354		159,384
General Communication, Inc., Class A	*		2,516		19,700
HickoryTech Corp.			651		6,920
IDT Corp., Class B			1,600		29,904
Level 3 Communications, Inc.	*		8,634		182,005
Lumos Networks Corp.			1,350		23,085
Premiere Global Services, Inc.	*		2,174		26,240
Towerstream Corp.	*†		27,749		70,760
tw telecom inc.	*		4,305		121,143
Verizon Communications, Inc.			99,546		5,011,146
Windstream Corp.	†		21,003		161,933
					13,416,710
Electric Utilities—1.7%
ALLETE, Inc.			1,243		61,963
American Electric Power Co., Inc.			17,879		800,622
Cleco Corp.			2,109		97,921
Duke Energy Corp.			24,824		1,675,620
Edison International			12,222		588,611
El Paso Electric Co.			1,748		61,722
Empire District Electric Co. (The)			1,197		26,705
Entergy Corp.			5,375		374,530
Exelon Corp.			28,477		879,370
FirstEnergy Corp.			13,591		507,488
Great Plains Energy, Inc.			3,450		77,763
Hawaiian Electric Industries, Inc.	†		3,066		77,600
IDACORP, Inc.			1,515		72,356
ITC Holdings Corp.			1,539		140,511
MGE Energy, Inc.			1,559		85,371
NextEra Energy, Inc.			14,695		1,197,349
Northeast Utilities			10,939		459,657
NV Energy, Inc.			7,959		186,718
OGE Energy Corp.			3,358		229,016
Otter Tail Corp.			1,095		31,098
Pepco Holdings, Inc.			7,066		142,450
Pinnacle West Capital Corp.			3,789		210,176

See accompanying notes to financial statements

227

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
PNM Resources, Inc.			2,169	$	48,130
Portland General Electric Co.			1,100		33,649
PPL Corp.			22,170		670,864
Southern Co.			28,932		1,276,769
UIL Holdings Corp.			1,496		57,222
Unitil Corp.			2,609		75,348
UNS Energy Corp.			1,571		70,271
Westar Energy, Inc.			4,032		128,863
Xcel Energy, Inc.			16,552		469,084
					10,814,817
Electrical Equipment—0.8%
Acuity Brands, Inc.			1,873		141,449
American Superconductor Corp.	*†		1,147		3,028
AMETEK, Inc.			9,526		402,950
AZZ, Inc.			2,357		90,886
Babcock & Wilcox Co. (The)			5,852		175,736
Belden, Inc.			1,894		94,567
Brady Corp., Class A			2,402		73,813
Capstone Turbine Corp.	*†		34,249		40,071
Eaton Corp. plc (Ireland)			15,084		992,678
Emerson Electric Co.			26,062		1,421,422
Encore Wire Corp.			1,400		47,740
Enphase Energy, Inc.	*		4,495		34,746
Franklin Electric Co., Inc.			1,804		60,705
FuelCell Energy, Inc.	*†		56,398		71,625
General Cable Corp.			3,772		115,989
GrafTech International Ltd.	*†		3,487		25,385
Hubbell, Inc., Class B			2,078		205,722
II-VI, Inc.	*		1,364		22,179
LSI Industries, Inc.			1,083		8,761
Polypore International, Inc.	*†		2,675		107,803
Powell Industries, Inc.	*		1,045		53,974
Regal-Beloit Corp.			1,272		82,477
Revolution Lighting Technologies, Inc.	*		8,587		34,348
Rockwell Automation, Inc.			4,331		360,079
Roper Industries, Inc.			2,980		370,176
SolarCity Corp.	*		851		32,142
Vicor Corp.	*		1,380		9,453
					5,079,904
Electronic Equipment, Instruments & Components—0.6%
Agilysys, Inc.	*		1,335		15,072
Amphenol Corp., Class A			5,423		422,669
Anixter International, Inc.	*		1,723		130,621
Arrow Electronics, Inc.	*		4,585		182,712
Avnet, Inc.	*		5,129		172,334
AVX Corp.			2,270		26,672
Badger Meter, Inc.			1,134		50,520
Benchmark Electronics, Inc.	*		2,520		50,652
Checkpoint Systems, Inc.	*		1,441		20,448
Cognex Corp.			2,023		91,480
Coherent, Inc.			1,348		74,234
Corning, Inc.			52,776		751,002
CTS Corp.			1,580		21,551
Daktronics, Inc.			927		9,511
Dolby Laboratories, Inc., Class A	†		1,370		45,827
DTS, Inc.	*		755		15,538
Electro Rent Corp.			950		15,951
Electro Scientific Industries, Inc.			1,421		15,290

		Shares		Value
FARO Technologies, Inc.	*		453	$	15,320
FEI Co.			1,368		99,850
FLIR Systems, Inc.			5,608		151,248
Ingram Micro, Inc., Class A	*		1,030		19,560
Insight Enterprises, Inc.	*		2,054		36,438
Itron, Inc.	*		955		40,521
Jabil Circuit, Inc.			8,287		168,889
Littelfuse, Inc.			909		67,820
Maxwell Technologies, Inc.	*		370		2,646
Mercury Systems, Inc.	*		963		8,879
Mesa Laboratories, Inc.			1,200		64,956
Methode Electronics, Inc.			1,383		23,525
Molex, Inc.			2,660		78,044
MTS Systems Corp.			1,342		75,957
National Instruments Corp.			5,121		143,081
Newport Corp.	*		1,614		22,483
OSI Systems, Inc.	*		867		55,852
Park Electrochemical Corp.			1,086		26,075
PC Connection, Inc.			854		13,194
Plexus Corp.	*		1,884		56,313
Power-One, Inc.	*		3,459		21,861
Radisys Corp.	*		961		4,622
Rofin-Sinar Technologies, Inc.	*		2,200		54,868
Rogers Corp.	*		803		37,998
Sanmina Corp.	*		3,577		51,330
ScanSource, Inc.	*		1,126		36,032
SYNNEX Corp.	*		104		4,397
Tech Data Corp.	*		2,057		96,864
Trimble Navigation Ltd.	*		8,636		224,622
TTM Technologies, Inc.	*		1,639		13,768
Uni-Pixel, Inc.	*		2,120		31,185
Universal Display Corp.	*†		1,350		37,949
Vishay Intertechnology, Inc.	*		6,172		85,729
Vishay Precision Group, Inc.	*		440		6,662
Zygo Corp.	*		967		15,288
					4,005,910
Energy Equipment & Services—1.8%
Atwood Oceanics, Inc.	*		1,298		67,561
Baker Hughes, Inc.			14,862		685,584
Basic Energy Services, Inc.	*†		1,600		19,344
Bristow Group, Inc.			982		64,144
Cal Dive International, Inc.	*†		4,816		9,054
Cameron International Corp.	*		9,319		569,950
CARBO Ceramics, Inc.	†		1,137		76,668
Dawson Geophysical Co.	*		924		34,059
Diamond Offshore Drilling, Inc.	†		1,577		108,482
Dresser-Rand Group, Inc.	*		2,924		175,381
Dril-Quip, Inc.	*		880		79,455
Era Group, Inc.	*		713		18,645
Exterran Holdings, Inc.	*		2,465		69,316
FMC Technologies, Inc.	*		8,237		458,636
Geospace Technologies Corp.	*		1,100		75,988
Gulfmark Offshore, Inc., Class A			1,000		45,090
Halliburton Co.			32,022		1,335,958
Helix Energy Solutions Group, Inc.	*		3,853		88,773
Helmerich & Payne, Inc.			3,926		245,179
Hercules Offshore, Inc.	*		5,226		36,791
Hornbeck Offshore Services, Inc.	*		1,800		96,300
ION Geophysical Corp.	*		6,136		36,939
Key Energy Services, Inc.	*		7,257		43,179
Lufkin Industries, Inc.			2,000		176,940
Matrix Service Co.	*		468		7,291

See accompanying notes to financial statements

228

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
McDermott International, Inc.	*		11,704	$	95,739
Mitcham Industries, Inc.	*		1,100		18,458
Nabors Industries Ltd. (Bermuda)			10,988		168,226
National Oilwell Varco, Inc.			15,742		1,084,624
Newpark Resources, Inc.	*		3,484		38,289
Oceaneering International, Inc.			4,464		322,301
Oil States International, Inc.	*		2,026		187,689
Parker Drilling Co.	*		3,755		18,700
Patterson-UTI Energy, Inc.			6,712		129,911
PHI, Inc.	*		774		26,548
Pioneer Energy Services Corp.	*		2,700		17,874
Rowan Cos. plc, Class A	*		3,918		133,486
Schlumberger Ltd.			46,995		3,367,662
SEACOR Holdings, Inc.			713		59,215
Seadrill Ltd. (Bermuda)			9,935		404,752
Superior Energy Services, Inc.	*		4,034		104,642
Tesco Corp.	*		3,185		42,201
TETRA Technologies, Inc.	*		2,352		24,132
Tidewater, Inc.			2,250		128,182
Unit Corp.	*		1,702		72,471
					11,069,809
Food & Staples Retailing—2.0%
Andersons, Inc. (The)			700		37,233
Arden Group, Inc., Class A			260		28,701
Casey’s General Stores, Inc.			1,608		96,737
Costco Wholesale Corp.			14,357		1,587,454
CVS Caremark Corp.			43,590		2,492,476
Fresh Market, Inc. (The)	*		1,489		74,033
Harris Teeter Supermarkets, Inc.			1,967		92,174
Kroger Co. (The)			16,971		586,178
Nash Finch Co.			674		14,835
Pantry, Inc. (The)	*		1,200		14,616
Rite Aid Corp.	*		25,982		74,309
Safeway, Inc.			8,825		208,800
SUPERVALU, Inc.	*†		8,154		50,718
Sysco Corp.			20,649		705,370
United Natural Foods, Inc.	*		1,912		103,229
Walgreen Co.			31,202		1,379,128
Wal-Mart Stores, Inc.			56,723		4,225,296
Weis Markets, Inc.			382		17,217
Whole Foods Market, Inc.			12,328		634,645
					12,423,149
Food Products—1.7%
Archer-Daniels-Midland Co.			23,265		788,916
Bunge Ltd.			4,700		332,619
Campbell Soup Co.			5,629		252,123
Chiquita Brands International, Inc.	*		2,150		23,478
ConAgra Foods, Inc.			14,190		495,657
Darling International, Inc.	*		3,150		58,779
Dean Foods Co.	*		6,281		62,935
Farmer Bros. Co.	*		930		13,076
Flowers Foods, Inc.			9,315		205,396
Fresh Del Monte Produce, Inc.			567		15,808
General Mills, Inc.			21,313		1,034,320
Green Mountain Coffee Roasters, Inc.	*†		4,435		332,891
Griffin Land & Nurseries, Inc.			650		18,538
Hain Celestial Group, Inc. (The)	*		1,426		92,647
Hershey Co. (The)			5,148		459,613

		Shares		Value
Hillshire Brands Co.			4,327	$	143,137
Hormel Foods Corp.			6,390		246,526
Ingredion, Inc.			3,164		207,622
Inventure Foods, Inc.	*		5,272		44,074
J&J Snack Foods Corp.			761		59,206
J.M. Smucker Co. (The)			4,332		446,846
Kellogg Co.			8,673		557,067
Kraft Foods Group, Inc.			19,695		1,100,360
Lancaster Colony Corp.			1,389		108,328
McCormick & Co., Inc. (Non-Voting Shares)			4,101		288,546
Mead Johnson Nutrition Co.			7,038		557,621
Mondelez International, Inc., Class A			64,045		1,827,204
Post Holdings, Inc.	*		1,156		50,471
Sanderson Farms, Inc.			864		57,387
Seaboard Corp.			18		48,744
Smithfield Foods, Inc.	*		4,682		153,335
Snyders-Lance, Inc.			1,370		38,922
Tootsie Roll Industries, Inc.	†		681		21,642
TreeHouse Foods, Inc.	*		1,256		82,318
Tyson Foods, Inc., Class A			10,231		262,732
WhiteWave Foods Co., Class A	*†		1,604		26,065
WhiteWave Foods Co., Class B	*		2,285		34,732
					10,549,681
Gas Utilities—0.3%
AGL Resources, Inc.			3,698		158,496
Atmos Energy Corp.			2,732		112,176
Chesapeake Utilities Corp.			949		48,864
Delta Natural Gas Co., Inc.			760		16,150
Laclede Group, Inc. (The)			1,025		46,802
National Fuel Gas Co.			3,639		210,880
New Jersey Resources Corp.			1,681		69,812
Northwest Natural Gas Co.			1,183		50,254
ONEOK, Inc.			7,816		322,879
Piedmont Natural Gas Co., Inc.	†		2,740		92,448
Questar Corp.			7,412		176,776
South Jersey Industries, Inc.			2,014		115,624
Southwest Gas Corp.			1,252		58,581
UGI Corp.			2,720		106,379
WGL Holdings, Inc.			2,315		100,054
					1,686,175
Health Care Equipment & Supplies—2.2%
Abaxis, Inc.			749		35,585
Abbott Laboratories			55,843		1,947,804
ABIOMED, Inc.	*		886		19,102
Alere, Inc.	*		3,011		73,770
Align Technology, Inc.	*		2,449		90,711
Analogic Corp.			593		43,188
Baxter International, Inc.			19,308		1,337,465
Becton Dickinson and Co.			7,370		728,377
Boston Scientific Corp.	*		53,540		496,316
C.R. Bard, Inc.			2,876		312,564
CareFusion Corp.	*		6,833		251,796
Cerus Corp.	*†		1,010		4,464
CONMED Corp.			1,362		42,549
Cooper Cos., Inc. (The)			1,627		193,694
Covidien plc (Ireland)			15,578		978,922
CryoLife, Inc.			937		5,866
Cyberonics, Inc.	*		956		49,674
Cynosure, Inc., Class A	*		314		8,158
DENTSPLY International, Inc.			5,668		232,161

See accompanying notes to financial statements

229

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares			Value
COMMON STOCKS—(Continued)
Edwards Lifesciences Corp.	*		4,494		$	301,997
Greatbatch, Inc.	*		942			30,888
Haemonetics Corp.	*		2,314			95,684
HeartWare International, Inc.	*†		664			63,153
Hill-Rom Holdings, Inc.			1,576			53,080
Hologic, Inc.	*		9,792			188,986
ICU Medical, Inc.	*		605			43,596
IDEXX Laboratories, Inc.	*		1,985			178,213
Insulet Corp.	*		2,469			77,551
Integra LifeSciences Holdings Corp.	*		1,190			43,590
Intuitive Surgical, Inc.	*		1,385			701,613
Invacare Corp.			1,333			19,142
Masimo Corp.			1,500			31,800
Medtronic, Inc.			36,447			1,875,927
Meridian Bioscience, Inc.			1,158			24,897
Merit Medical Systems, Inc.	*		3,149	��		35,111
NuVasive, Inc.	*		990			24,542
OraSure Technologies, Inc.	*		1,687			6,546
ResMed, Inc.	†		6,068			273,849
RTI Biologics, Inc.	*		807			3,034
Sirona Dental Systems, Inc.	*		1,664			109,624
Spectranetics Corp.	*		1,045			19,521
St. Jude Medical, Inc.			11,448			522,372
Staar Surgical Co.	*		848			8,607
STERIS Corp.			2,777			119,078
Stryker Corp.			10,577			684,120
SurModics, Inc.	*		9			180
Teleflex, Inc.			1,322			102,442
Thoratec Corp.	*		2,306			72,201
Varian Medical Systems, Inc.	*		4,761			321,129
Volcano Corp.	*		1,970			35,716
West Pharmaceutical Services, Inc.			1,704			119,723
Wright Medical Group, Inc.	*		1,309			34,309
Zimmer Holdings, Inc.			6,664			499,400
						13,573,787
Health Care Providers & Services—2.2%
Aetna, Inc.			14,039			892,038
Air Methods Corp.			2,900			98,252
Almost Family, Inc.			422			8,018
Amedisys, Inc.	*		1,698			19,731
AmerisourceBergen Corp.			9,159			511,347
AMN Healthcare Services, Inc.	*		1,507			21,580
Amsurg Corp.	*		1,423			49,947
BioScrip, Inc.	*		1,095			18,067
Brookdale Senior Living, Inc.	*		2,200			58,168
Cardinal Health, Inc.			11,444			540,157
Catamaran Corp.	*		7,215			351,515
Centene Corp.	*		1,972			103,451
Chemed Corp.			1,162			84,164
Chindex International, Inc.	*		822			13,333
Cigna Corp.			9,301			674,229
Community Health Systems, Inc.			4,282			200,740
Cross Country Healthcare, Inc.	*		1,339			6,909
DaVita HealthCare Partners, Inc.	*		3,507			423,646
Express Scripts Holding Co.	*		29,377			1,812,267
Gentiva Health Services, Inc.	*		1,474			14,681
Hanger, Inc.	*		1,083			34,255
HCA Holdings, Inc.			6,783			244,595
Health Management Associates, Inc., Class A	*		9,953			156,461

		Shares		Value
Health Net, Inc.	*		3,209	$	102,110
HealthSouth Corp.	*		2,220		63,936
Healthways, Inc.	*		1,362		23,672
Henry Schein, Inc.	*		3,652		349,679
Humana, Inc.			4,622		390,004
Kindred Healthcare, Inc.	*		2,148		28,203
Laboratory Corp. of America Holdings	*		3,138		314,114
Landauer, Inc.			598		28,889
LifePoint Hospitals, Inc.	*		2,149		104,957
Magellan Health Services, Inc.	*		1,400		78,512
McKesson Corp.			8,412		963,174
MEDNAX, Inc.	*		2,182		199,828
MWI Veterinary Supply, Inc.	*		519		63,962
National Healthcare Corp.			431		20,602
National Research Corp., Class A	*		3,750		67,500
Omnicare, Inc.			4,277		204,056
Owens & Minor, Inc.	†		2,434		82,342
Patterson Cos., Inc.			4,679		175,930
PharMerica Corp.	*		1,365		18,919
Quest Diagnostics, Inc.			4,403		266,954
Team Health Holdings, Inc.	*		766		31,460
Tenet Healthcare Corp.	*		4,822		222,294
U.S. Physical Therapy, Inc.			1,300		35,932
UnitedHealth Group, Inc.			36,368		2,381,377
Universal American Corp.			1,812		16,109
Universal Health Services, Inc., Class B			2,466		165,123
VCA Antech, Inc.	*		3,442		89,802
WellCare Health Plans, Inc.	*		1,500		83,325
WellPoint, Inc.			10,501		859,402
					13,769,718
Health Care Technology—0.1%
Allscripts Healthcare Solutions, Inc.	*		4,515		58,424
athenahealth, Inc.	*		1,151		97,513
Cerner Corp.	*		5,792		556,553
HMS Holdings Corp.	*		4,230		98,559
Omnicell, Inc.	*		783		16,091
Quality Systems, Inc.			1,536		28,738
					855,878
Hotels, Restaurants & Leisure—2.0%
Ameristar Casinos, Inc.			300		7,887
Bally Technologies, Inc.	*		1,971		111,204
Biglari Holdings, Inc.	*		63		25,855
Bob Evans Farms, Inc.			1,465		68,826
Boyd Gaming Corp.	*†		2,619		29,595
Brinker International, Inc.			2,003		78,978
Buffalo Wild Wings, Inc.	*		867		85,105
Carnival Corp.			13,265		454,857
CEC Entertainment, Inc.			1,614		66,239
Cheesecake Factory, Inc. (The)			3,444		144,269
Chipotle Mexican Grill, Inc.	*		1,003		365,443
Choice Hotels International, Inc.			1,616		64,139
Churchill Downs, Inc.			638		50,306
Cracker Barrel Old Country Store, Inc.			919		86,993
Darden Restaurants, Inc.			3,930		198,386
DineEquity, Inc.			1,079		74,311
Domino’s Pizza, Inc.			532		30,936
Dunkin’ Brands Group, Inc.			1,532		65,600
International Game Technology			7,153		119,527

See accompanying notes to financial statements

230

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
International Speedway Corp., Class A			1,190	$	37,449
Interval Leisure Group, Inc.			1,886		37,569
Isle of Capri Casinos, Inc.	*		1,250		9,375
Jack in the Box, Inc.	*		2,874		112,920
Krispy Kreme Doughnuts, Inc.	*		2,573		44,899
Las Vegas Sands Corp.			14,782		782,411
Life Time Fitness, Inc.	*		1,774		88,895
Marcus Corp.			1,505		19,144
Marriott International, Inc., Class A			9,639		389,126
Marriott Vacations Worldwide Corp.	*		1,075		46,483
McDonald’s Corp.			35,424		3,506,976
MGM Resorts International	*		8,952		132,311
Morgans Hotel Group Co.	*†		2,300		18,538
Multimedia Games Holding Co., Inc.	*		1,202		31,336
Panera Bread Co., Class A	*		1,250		232,425
Papa John’s International, Inc.	*		1,610		105,246
Penn National Gaming, Inc.	*		2,586		136,696
Pinnacle Entertainment, Inc.	*		1,629		32,042
Red Robin Gourmet Burgers, Inc.	*		692		38,185
Royal Caribbean Cruises Ltd.			7,613		253,817
Ruby Tuesday, Inc.	*		2,816		25,992
Scientific Games Corp., Class A	*		2,517		28,316
SHFL Entertainment, Inc.	*		1,527		27,043
Six Flags Entertainment Corp.			2,984		104,917
Sonic Corp.	*		3,730		54,309
Speedway Motorsports, Inc.			149		2,593
Starbucks Corp.			26,310		1,723,042
Starwood Hotels & Resorts Worldwide, Inc.			7,939		501,665
Texas Roadhouse, Inc.			3,070		76,811
Vail Resorts, Inc.			1,491		91,726
Wendy’s Co. (The)			20,523		119,649
WMS Industries, Inc.	*		564		14,388
Wyndham Worldwide Corp.			5,799		331,877
Wynn Resorts Ltd.			2,554		326,912
Yum! Brands, Inc.			14,951		1,036,702
					12,650,241
Household Durables—0.5%
American Greetings Corp., Class A			2,760		50,287
Bassett Furniture Industries, Inc.			1,139		17,689
Beazer Homes USA, Inc.	*†		4,467		78,262
Blyth, Inc.	†		920		12,843
CSS Industries, Inc.			2,711		67,585
D.R. Horton, Inc.			8,007		170,389
Ethan Allen Interiors, Inc.	†		1,551		44,669
Garmin Ltd. (Switzerland)	†		3,151		113,940
Harman International Industries, Inc.			2,728		147,858
Helen of Troy Ltd. (Bermuda)	*		1,333		51,147
Hooker Furniture Corp.			4,293		69,804
Hovnanian Enterprises, Inc., Class A	*†		13,407		75,213
Jarden Corp.	*		3,082		134,838
KB Home	†		3,248		63,758
La-Z-Boy, Inc.			2,404		48,729
Leggett & Platt, Inc.			2,928		91,032

		Shares		Value
Lennar Corp., Class A			5,675	$	204,527
M/I Homes, Inc.	*		610		14,006
MDC Holdings, Inc.			1,091		35,468
Meritage Homes Corp.	*		1,300		56,368
Mohawk Industries, Inc.	*		1,833		206,194
NACCO Industries, Inc., Class A			309		17,700
Newell Rubbermaid, Inc.			7,929		208,136
NVR, Inc.	*		112		103,264
PulteGroup, Inc.	*		13,539		256,835
Ryland Group, Inc. (The)			1,852		74,265
Standard Pacific Corp.	*†		2,568		21,391
Tempur Sealy International, Inc.	*		1,346		59,089
Toll Brothers, Inc.	*		4,132		134,827
Tupperware Brands Corp.			2,427		188,554
Universal Electronics, Inc.	*		639		17,975
Whirlpool Corp.			2,800		320,208
					3,156,850
Household Products—1.8%
Central Garden and Pet Co., Class A	*		1,230		8,487
Church & Dwight Co., Inc.			5,138		317,066
Clorox Co. (The)			4,503		374,379
Colgate-Palmolive Co.			33,466		1,917,267
Energizer Holdings, Inc.			1,856		186,547
Kimberly-Clark Corp.			13,185		1,280,791
Procter & Gamble Co. (The)			95,926		7,385,343
WD-40 Co.			949		51,701
					11,521,581
Independent Power Producers & Energy Traders—0.1%
AES Corp. (The)			26,935		322,951
Calpine Corp.	*		16,000		339,680
Genie Energy Ltd., Class B	*		1,600		14,640
NRG Energy, Inc.			9,872		263,582
					940,853
Industrial Conglomerates—2.0%
3M Co.			24,174		2,643,427
Carlisle Cos., Inc.			2,452		152,784
Danaher Corp.			21,167		1,339,871
General Electric Co.			361,549		8,384,321
					12,520,403
Insurance—4.3%
ACE Ltd. (Switzerland)			10,951		979,895
Aflac, Inc.			17,267		1,003,558
Alleghany Corp.	*		614		235,352
Allied World Assurance Co. Holdings AG (Switzerland)			343		31,388
Allstate Corp. (The)			17,572		845,565
American Equity Investment Life Holding Co.			4,302		67,541
American Financial Group, Inc.			2,657		129,954
American International Group, Inc.	*		49,155		2,197,228
American National Insurance Co.			945		93,999
Aon plc (United Kingdom)			10,300		662,805
Arch Capital Group Ltd. (Bermuda)	*		4,284		220,240
Argo Group International Holdings Ltd. (Bermuda)			988		41,881

See accompanying notes to financial statements

231

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Arthur J. Gallagher & Co.			3,230	$	141,119
Aspen Insurance Holdings Ltd. (Bermuda)			3,512		130,260
Assurant, Inc.			1,358		69,136
Assured Guaranty Ltd. (Bermuda)			7,538		166,288
Axis Capital Holdings Ltd. (Bermuda)			5,691		260,534
Baldwin & Lyons, Inc., Class B			945		22,945
Berkshire Hathaway, Inc., Class B	*		62,577		7,003,618
Brown & Brown, Inc.			5,036		162,361
Chubb Corp. (The)			8,832		747,629
Cincinnati Financial Corp.			6,036		277,052
CNA Financial Corp.			1,422		46,386
CNO Financial Group, Inc.			6,600		85,536
Crawford & Co., Class B			1,891		10,627
EMC Insurance Group, Inc.			341		8,955
Employers Holdings, Inc.			2,770		67,726
Endurance Specialty Holdings Ltd. (Bermuda)			2,698		138,812
Erie Indemnity Co., Class A			1,023		81,523
Everest Re Group Ltd. (Bermuda)			2,228		285,763
FBL Financial Group, Inc., Class A			1,275		55,475
Fidelity National Financial, Inc., Class A			8,236		196,099
First American Financial Corp.			3,159		69,624
Genworth Financial, Inc., Class A	*		16,181		184,625
Hanover Insurance Group, Inc. (The)			2,346		114,790
Hartford Financial Services Group, Inc.			15,915		492,092
HCC Insurance Holdings, Inc.			3,999		172,397
Health Insurance Innovations, Inc., Series A	*		3,279		34,495
Hilltop Holdings, Inc.	*		1,180		19,352
Horace Mann Educators Corp.			2,000		48,760
Independence Holding Co.			1,056		12,482
Infinity Property & Casualty Corp.			810		48,406
Kansas City Life Insurance Co.			902		34,520
Kemper Corp.			1,906		65,281
Lincoln National Corp.			10,899		397,487
Loews Corp.			8,711		386,768
Markel Corp.	*		352		185,486
Marsh & McLennan Cos., Inc.			18,811		750,935
MBIA, Inc.	*		5,212		69,372
Mercury General Corp.			1,109		48,752
MetLife, Inc.			32,137		1,470,589
Montpelier Re Holdings Ltd. (Bermuda)			3,734		93,387
National Financial Partners Corp.	*		1,495		37,838
Navigators Group, Inc. (The)	*		938		53,504
Old Republic International Corp.			10,195		131,210
PartnerRe Ltd. (Bermuda)			2,300		208,288
Phoenix Cos., Inc. (The)	*		210		9,030
Platinum Underwriters Holdings Ltd. (Bermuda)			2,206		126,227
Principal Financial Group, Inc.			10,891		407,868
ProAssurance Corp.			2,054		107,137
Progressive Corp. (The)			18,475		469,635
Protective Life Corp.			3,130		120,223
Prudential Financial, Inc.			16,965		1,238,954

		Shares		Value
Reinsurance Group of America, Inc.			1,440	$	99,518
RenaissanceRe Holdings Ltd. (Bermuda)			2,164		187,814
RLI Corp.			1,164		88,941
Safety Insurance Group, Inc.			850		41,234
Selective Insurance Group, Inc.			2,122		48,848
StanCorp Financial Group, Inc.			2,460		121,549
State Auto Financial Corp.			488		8,867
Stewart Information Services Corp.			1,239		32,449
Torchmark Corp.			2,054		133,798
Travelers Cos., Inc. (The)			13,843		1,106,333
United Fire Group, Inc.			1,250		31,038
Unum Group			7,547		221,655
Validus Holdings Ltd. (Bermuda)			3,553		128,334
W.R. Berkley Corp.			2,501		102,191
White Mountains Insurance Group Ltd.			300		172,482
XL Group plc (Ireland)			7,279		220,699
					26,822,514
Internet & Catalog Retail—1.1%
1-800-Flowers.com, Inc., Class A	*		793		4,909
Amazon.com, Inc.	*		12,989		3,606,915
Expedia, Inc.			3,588		215,818
Groupon, Inc.	*		10,416		88,536
HSN, Inc.			1,886		101,316
Liberty Interactive Corp., Series A	*		16,418		377,778
Liberty Ventures, Series A	*		1,648		140,096
Netflix, Inc.	*		1,859		392,416
Orbitz Worldwide, Inc.	*		4,023		32,305
Overstock.com, Inc.	*		770		21,714
priceline.com, Inc.	*		1,730		1,430,935
TripAdvisor, Inc.	*		3,588		218,402
					6,631,140
Internet Software & Services—2.5%
Akamai Technologies, Inc.	*		7,479		318,232
Angie’s List, Inc.	*		1,166		30,957
AOL, Inc.	*		3,989		145,519
Blucora, Inc.	*		1,323		24,528
Brightcove, Inc.	*		3,636		31,851
CoStar Group, Inc.	*		770		99,384
Dealertrack Technologies, Inc.	*		1,800		63,774
Digital River, Inc.	*		1,627		30,539
EarthLink, Inc.			5,814		36,105
eBay, Inc.	*		43,294		2,239,166
Equinix, Inc.	*		1,616		298,508
Facebook, Inc., Class A	*		55,636		1,383,111
Google, Inc., Class A	*		9,260		8,152,226
IAC/InterActiveCorp			2,481		117,996
Internap Network Services Corp.	*		1,297		10,726
j2 Global, Inc.			1,614		68,611
Keynote Systems, Inc.			1,400		27,664
LinkedIn Corp., Class A	*		2,769		493,713
LivePerson, Inc.	*		3,333		29,847
Marin Software, Inc.	*		3,014		30,863
Monster Worldwide, Inc.	*		4,681		22,984
Move, Inc.	*		1,840		23,589
Net Element International, Inc.	*		5,378		27,912
NIC, Inc.			2,450		40,499
Rackspace Hosting, Inc.	*		2,666		101,015
RealNetworks, Inc.	*		1,461		11,045

See accompanying notes to financial statements

232

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Stamps.com, Inc.	*		1,050	$	41,360
support.com, Inc.	*		1,562		7,138
Trulia, Inc.	*		998		31,028
United Online, Inc.			2,509		19,018
Unwired Planet, Inc.	*		2,570		5,012
ValueClick, Inc.	*		4,058		100,151
VeriSign, Inc.	*		4,905		219,057
Web.com Group, Inc.	*		308		7,885
WebMD Health Corp.	*		2,424		71,193
XO Group, Inc.	*		2,304		25,805
Yahoo! Inc.	*		35,422		889,446
Yelp, Inc.	*		985		34,248
Zix Corp.	*		1,015		4,293
					15,315,998
IT Services—3.4%
Accenture plc, Class A (Ireland)			22,084		1,589,165
Acxiom Corp.	*		3,451		78,269
Alliance Data Systems Corp.	*		1,955		353,914
Amdocs Ltd.			3,130		116,092
Automatic Data Processing, Inc.			17,041		1,173,443
Broadridge Financial Solutions, Inc.			5,748		152,782
CACI International, Inc., Class A	*		1,198		76,061
CIBER, Inc.	*		2,444		8,163
Cognizant Technology Solutions Corp., Class A	*		11,127		696,661
Computer Sciences Corp.			5,963		261,001
Convergys Corp.			5,933		103,412
CoreLogic, Inc.	*		3,159		73,194
CSG Systems International, Inc.	*		2,153		46,720
DST Systems, Inc.			2,122		138,630
Euronet Worldwide, Inc.	*		1,056		33,644
Fidelity National Information Services, Inc.			9,512		407,494
Fiserv, Inc.	*		3,747		327,525
FleetCor Technologies, Inc.	*		1,450		117,885
Forrester Research, Inc.			963		35,332
Gartner, Inc.	*		3,107		177,068
Genpact Ltd. (Bermuda)			6,727		129,427
Global Payments, Inc.			3,238		149,984
Hackett Group, Inc. (The)			1,140		5,917
iGATE Corp.	*		1,397		22,939
International Business Machines Corp.			36,450		6,965,960
Jack Henry & Associates, Inc.			3,591		169,244
Lender Processing Services, Inc.			4,048		130,953
Lionbridge Technologies, Inc.	*		1,165		3,379
ManTech International Corp., Class A	†		1,217		31,788
Mastercard, Inc., Class A			3,896		2,238,252
MAXIMUS, Inc.			2,104		156,706
ModusLink Global Solutions, Inc.	*		1,007		3,202
MoneyGram International, Inc.	*		468		10,600
NeuStar, Inc., Class A	*		3,140		152,855
Paychex, Inc.			9,849		359,686
SAIC, Inc.			8,529		118,809
Sapient Corp.	*		4,150		54,199
Sykes Enterprises, Inc.	*		1,423		22,426
Syntel, Inc.			1,554		97,700
TeleTech Holdings, Inc.	*		2,738		64,151
Teradata Corp.	*		6,451		324,034

		Shares		Value
Total System Services, Inc.			6,935	$	169,769
Unisys Corp.	*		1,371		30,258
VeriFone Systems, Inc.	*		3,103		52,161
Visa, Inc., Class A			18,474		3,376,124
Western Union Co. (The)			23,068		394,693
WEX, Inc.	*		1,750		134,225
					21,335,896
Leisure Equipment & Products—0.2%
Arctic Cat, Inc.			1,857		83,528
Brunswick Corp.			3,797		121,314
Callaway Golf Co.			2,881		18,957
Hasbro, Inc.			2,107		94,457
JAKKS Pacific, Inc.			765		8,606
LeapFrog Enterprises, Inc.	*†		1,261		12,408
Mattel, Inc.			10,938		495,601
Polaris Industries, Inc.			2,406		228,570
Steinway Musical Instruments, Inc.	*		683		20,784
Sturm Ruger & Co., Inc.	†		1,052		50,538
					1,134,763
Life Sciences Tools & Services—0.6%
Affymetrix, Inc.	*		2,525		11,211
Agilent Technologies, Inc.			10,372		443,507
Bio-Rad Laboratories, Inc., Class A	*		623		69,900
Bruker Corp.	*		1,667		26,922
Cambrex Corp.	*		1,258		17,574
Charles River Laboratories International, Inc.	*		2,755		113,038
Covance, Inc.	*		2,839		216,161
Furiex Pharmaceuticals, Inc.	*		394		13,423
Illumina, Inc.	*†		4,535		339,399
Life Technologies Corp.	*		6,618		489,798
Luminex Corp.	*		1,070		22,053
Mettler-Toledo International, Inc.	*		913		183,696
PAREXEL International Corp.	*		2,306		105,938
PerkinElmer, Inc.			5,266		171,145
QIAGEN NV (Netherlands)	*		6,882		137,021
Sequenom, Inc.	*†		19,756		83,173
Techne Corp.			1,736		119,923
Thermo Fisher Scientific, Inc.			13,198		1,116,947
Waters Corp.	*		3,591		359,279
					4,040,108
Machinery—2.1%
Actuant Corp., Class A			2,022		66,665
AGCO Corp.			3,068		153,983
Albany International Corp., Class A			1,437		47,392
American Railcar Industries, Inc.			1,200		40,212
Ampco-Pittsburgh Corp.			613		11,506
Astec Industries, Inc.			821		28,152
Barnes Group, Inc.			2,018		60,520
Blount International, Inc.	*		1,532		18,108
Briggs & Stratton Corp.			1,822		36,076
Caterpillar, Inc.			22,687		1,871,451
Chart Industries, Inc.	*		1,070		100,676
CIRCOR International, Inc.			711		36,161
CLARCOR, Inc.			2,354		122,902
Colfax Corp.	*		1,142		59,510
Crane Co.			2,467		147,823

See accompanying notes to financial statements

233

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Cummins, Inc.			6,083	$	659,762
Deere & Co.			13,189		1,071,606
Donaldson Co., Inc.			4,058		144,708
Dover Corp.			5,761		447,399
EnPro Industries, Inc.	*		981		49,796
ESCO Technologies, Inc.			1,222		39,568
Federal Signal Corp.	*		2,159		18,891
Flow International Corp.	*		2,200		8,118
Flowserve Corp.			5,994		323,736
FreightCar America, Inc.			900		15,291
Gardner Denver, Inc.			1,836		138,030
Graco, Inc.			2,883		182,234
Harsco Corp.			3,646		84,551
Hurco Cos., Inc.			300		8,631
Hyster-Yale Materials Handling, Inc.			618		38,804
IDEX Corp.			3,304		177,788
Illinois Tool Works, Inc.			14,022		969,902
Ingersoll-Rand plc (Ireland)			9,095		504,954
ITT Corp.			2,488		73,172
John Bean Technologies Corp.			1,164		24,456
Joy Global, Inc.			4,237		205,622
Kadant, Inc.			721		21,753
Kaydon Corp.			1,422		39,176
Kennametal, Inc.			3,196		124,101
Lincoln Electric Holdings, Inc.			3,754		214,992
Lindsay Corp.			808		60,584
Manitowoc Co., Inc. (The)			5,044		90,338
Meritor, Inc.	*		2,791		19,677
Middleby Corp.	*		984		167,369
Mueller Industries, Inc.			1,592		80,285
Mueller Water Products, Inc., Class A			3,000		20,730
Navistar International Corp.	*		2,436		67,623
Nordson Corp.			3,044		210,980
Oshkosh Corp.	*		2,868		108,898
PACCAR, Inc.			13,455		721,995
Pall Corp.			3,831		254,493
Parker Hannifin Corp.			5,068		483,487
Pentair Ltd. (Switzerland)			6,813		393,042
Snap-on, Inc.			2,419		216,210
SPX Corp.			2,157		155,261
Standex International Corp.			724		38,191
Stanley Black & Decker, Inc.			5,209		402,656
Tennant Co.			1,280		61,786
Terex Corp.	*		4,124		108,461
Timken Co.			3,702		208,349
Titan International, Inc.			1,356		22,876
Toro Co. (The)			2,040		92,636
Trinity Industries, Inc.			3,051		117,280
Valmont Industries, Inc.			1,162		166,271
Wabash National Corp.	*		6,441		65,569
WABCO Holdings, Inc.	*		2,354		175,820
Wabtec Corp.			3,474		185,616
Watts Water Technologies, Inc., Class A			1,225		55,542
Woodward, Inc.			2,448		97,920
Xylem, Inc.			4,977		134,080
					13,372,203
Marine—0.0%
Kirby Corp.	*		2,358		187,555

		Shares		Value
Matson, Inc.			1,466	$	36,650
					224,205
Media—3.7%
AMC Networks, Inc., Class A	*		2,261		147,892
Arbitron, Inc.			1,298		60,292
Belo Corp., Class A			4,721		65,858
Cablevision Systems Corp., Class A			9,044		152,120
CBS Corp., Class B			22,573		1,103,143
Charter Communications, Inc., Class A	*		1,664		206,086
Cinemark Holdings, Inc.			3,727		104,058
Clear Channel Outdoor Holdings, Inc., Class A	*		2,500		18,650
Comcast Corp., Class A			92,809		3,886,841
Crown Media Holdings, Inc., Class A	*†		5,899		14,571
Cumulus Media, Inc., Class A	*†		2,174		7,370
DIRECTV	*		19,142		1,179,530
Discovery Communications, Inc., Class A	*		8,104		625,710
DISH Network Corp., Class A			6,361		270,470
DreamWorks Animation SKG, Inc., Class A	*†		1,300		33,358
Entercom Communications Corp., Class A	*		2,183		20,608
Entravision Communications Corp., Class A			2,852		17,540
EW Scripps Co. (The), Class A	*		1,204		18,758
Gannett Co., Inc.			7,301		178,582
Harte-Hanks, Inc.			3,119		26,823
Interpublic Group of Cos., Inc. (The)			17,203		250,304
John Wiley & Sons, Inc., Class A			2,491		99,864
Journal Communications, Inc., Class A	*		3,900		29,211
Lamar Advertising Co., Class A	*		3,479		150,989
Liberty Global plc, Series A, Class A (United Kingdom)	*		10,967		812,435
Liberty Global plc, Series C (United Kingdom)	*		1,736		117,857
Liberty Media Corp.	*		4,003		507,420
LIN TV Corp., Class A	*	��	1,419		21,711
Lions Gate Entertainment Corp.	*		5,038		138,394
Live Nation Entertainment, Inc.	*		5,485		85,017
Madison Square Garden Co. (The), Class A	*		2,261		133,964
McClatchy Co. (The), Class A	*†		2,444		5,572
Meredith Corp.	†		2,083		99,359
National CineMedia, Inc.			2,226		37,597
New York Times Co. (The), Class A	*		5,682		62,843
News Corp., Class A			70,255		2,290,313
Nexstar Broadcasting Group, Inc., Class A			902		31,985
Omnicom Group, Inc.			9,924		623,922
Radio Unica Communications Corp.	*‡d		1,900		—
Regal Entertainment Group, Class A	†		2,743		49,100

See accompanying notes to financial statements

234

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Salem Communications Corp., Class A			850	$	6,367
Scholastic Corp.			1,845		54,040
Scripps Networks Interactive, Inc., Class A			3,612		241,137
Sinclair Broadcast Group, Inc., Class A			2,049		60,200
Sirius XM Radio, Inc.			126,403		423,450
Starz, Class A	*		4,301		95,052
Thomson Reuters Corp.			13,044		424,843
Time Warner Cable, Inc.			10,238		1,151,570
Time Warner, Inc.			33,435		1,933,212
Valassis Communications, Inc.	†		2,236		54,983
Viacom, Inc., Class B			16,902		1,150,181
Walt Disney Co. (The)			61,815		3,903,617
Washington Post Co. (The), Class B			258		124,813
World Wrestling Entertainment, Inc., Class A			1,030		10,619
					23,320,201
Metals & Mining—0.7%
AK Steel Holding Corp.	*†		5,009		15,227
Alcoa, Inc.			44,044		344,424
Allegheny Technologies, Inc.			3,760		98,926
Allied Nevada Gold Corp.	*		3,041		19,706
AMCOL International Corp.			1,186		37,584
Carpenter Technology Corp.			1,882		84,822
Century Aluminum Co.	*		865		8,027
Cliffs Natural Resources, Inc.	†		4,448		72,280
Coeur Mining, Inc.	*		7,315		97,289
Commercial Metals Co.			4,080		60,262
Compass Minerals International, Inc.			1,915		161,875
Freeport-McMoRan Copper & Gold, Inc.			36,569		1,009,670
Hecla Mining Co.	†		20,609		61,415
Materion Corp.			1,122		30,395
Molycorp, Inc.	*†		7,253		44,969
Newmont Mining Corp.			16,854		504,777
Nucor Corp.			10,963		474,917
Paramount Gold and Silver Corp.	*		26,200		31,178
Reliance Steel & Aluminum Co.			2,966		194,451
Royal Gold, Inc.			1,153		48,518
RTI International Metals, Inc.	*		1,363		37,769
Schnitzer Steel Industries, Inc., Class A			693		16,202
Southern Copper Corp.			7,739		213,751
Steel Dynamics, Inc.			8,080		120,473
Stillwater Mining Co.	*		3,727		40,028
SunCoke Energy, Inc.	*		1,473		20,651
Tahoe Resources, Inc.	*		5,318		75,250
United States Steel Corp.	†		5,607		98,291
Walter Energy, Inc.	†		1,840		19,136
Worthington Industries, Inc.			3,575		113,363
					4,155,626
Multiline Retail—0.8%
Big Lots, Inc.	*		1,874		59,087
Dillard’s, Inc., Class A			1,535		125,824
Dollar General Corp.	*		9,544		481,304

		Shares		Value
Dollar Tree, Inc.	*		8,356	$	424,819
Family Dollar Stores, Inc.			3,743		233,226
Fred’s, Inc., Class A			1,781		27,588
J.C. Penney Co., Inc.	*†		7,928		135,410
Kohl’s Corp.			8,292		418,829
Macy’s, Inc.			14,423		692,304
Nordstrom, Inc.			6,080		364,435
Saks, Inc.	*		5,811		79,262
Sears Holdings Corp.	*†		2,729		114,836
Target Corp.			23,232		1,599,756
Tuesday Morning Corp.	*		1,816		18,832
					4,775,512
Multi-Utilities—1.1%
Alliant Energy Corp.			4,491		226,436
Ameren Corp.			8,429		290,295
Avista Corp.			1,759		47,528
Black Hills Corp.			2,041		99,499
CenterPoint Energy, Inc.			12,705		298,440
CMS Energy Corp.			11,539		313,515
Consolidated Edison, Inc.			9,508		554,411
Dominion Resources, Inc.			18,948		1,076,625
DTE Energy Co.			5,654		378,875
Integrys Energy Group, Inc.			3,108		181,911
MDU Resources Group, Inc.			7,657		198,393
NiSource, Inc.			10,893		311,976
NorthWestern Corp.			1,449		57,815
PG&E Corp.			13,909		636,059
Public Service Enterprise Group, Inc.			19,188		626,680
SCANA Corp.			4,791		235,238
Sempra Energy			7,448		608,948
TECO Energy, Inc.			7,797		134,030
Vectren Corp.			3,706		125,374
Wisconsin Energy Corp.			9,128		374,157
					6,776,205
Office Electronics—0.1%
Xerox Corp.			37,010		335,680
Zebra Technologies Corp., Class A	*		2,988		129,799
					465,479
Oil, Gas & Consumable Fuels—7.7%
Adams Resources & Energy, Inc.			1,006		69,303
Alpha Natural Resources, Inc.	*		8,351		43,759
Anadarko Petroleum Corp.			17,995		1,546,310
Apache Corp.			13,575		1,137,992
Apco Oil and Gas International, Inc.	*		1,181		13,617
Arch Coal, Inc.	†		7,214		27,269
Berry Petroleum Co., Class A			2,902		122,813
BPZ Resources, Inc.	*†		4,003		7,165
Cabot Oil & Gas Corp.			6,150		436,773
Callon Petroleum Co.	*		779		2,625
Carrizo Oil & Gas, Inc.	*		1,800		50,994
Cheniere Energy, Inc.	*		6,673		185,242
Chesapeake Energy Corp.			23,218		473,183
Chevron Corp.			67,803		8,023,807
Cimarex Energy Co.			2,681		174,238
Clayton Williams Energy, Inc.	*		550		23,925
Cobalt International Energy, Inc.	*		6,732		178,869
Comstock Resources, Inc.			1,735		27,291
Concho Resources, Inc.	*		3,943		330,108
ConocoPhillips			43,461		2,629,390

See accompanying notes to financial statements

235

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
CONSOL Energy, Inc.			7,662	$	207,640
Contango Oil & Gas Co.			902		30,442
Continental Resources, Inc.	*		2,212		190,365
Crosstex Energy, Inc.			2,100		41,496
Denbury Resources, Inc.	*		16,015		277,380
Devon Energy Corp.			14,461		750,237
Emerald Oil, Inc.	*		4,541		31,151
Energen Corp.			2,644		138,175
Energy XXI Bermuda Ltd. (Bermuda)	†		3,270		72,529
EOG Resources, Inc.			9,326		1,228,048
EQT Corp.			5,288		419,709
EXCO Resources, Inc.	†		8,720		66,621
Exxon Mobil Corp.			155,041		14,007,954
Forest Oil Corp.	*		3,820		15,624
FX Energy, Inc.	*†		3,496		11,222
Gastar Exploration Ltd.	*		11,611		31,001
Golar LNG Ltd. (Bermuda)	†		3,300		105,237
Goodrich Petroleum Corp.	*†		1,566		20,045
Gulfport Energy Corp.	*		3,188		150,059
Halcon Resources Corp.	*		5,474		31,038
Hess Corp.			10,275		683,185
HollyFrontier Corp.			7,651		327,310
Kinder Morgan, Inc.			20,782		792,833
Kodiak Oil & Gas Corp.	*		17,054		151,610
L&L Energy, Inc.	*		8,563		30,399
Magnum Hunter Resources Corp.	*		8,937		32,620
Marathon Oil Corp.			25,577		884,453
Marathon Petroleum Corp.			12,128		861,816
Murphy Oil Corp.			5,804		353,406
Newfield Exploration Co.	*		3,712		88,680
Noble Energy, Inc.			11,892		713,996
Oasis Petroleum, Inc.	*		3,200		124,384
Occidental Petroleum Corp.			27,960		2,494,871
PDC Energy, Inc.	*		1,250		64,350
Peabody Energy Corp.			10,624		155,535
Penn Virginia Corp.	*		13,955		65,588
PetroQuest Energy, Inc.	*		3,346		13,250
Phillips 66			22,535		1,327,537
Pioneer Natural Resources Co.			5,081		735,475
QEP Resources, Inc.			7,412		205,905
Quicksilver Resources, Inc.	*†		3,960		6,653
Range Resources Corp.			5,516		426,497
Rentech, Inc.			38,127		80,067
Rosetta Resources, Inc.	*		3,400		144,568
SandRidge Energy, Inc.	*†		26,990		128,472
Ship Finance International Ltd. (Norway)	†		3,352		49,744
SM Energy Co.			2,262		135,675
Southwestern Energy Co.	*		12,344		450,926
Spectra Energy Corp.			23,691		816,392
Stone Energy Corp.	*		1,208		26,612
Swift Energy Co.	*		1,142		13,693
Teekay Corp. (Bermuda)			1,691		68,705
Tesoro Corp.			3,822		199,967
Ultra Petroleum Corp.	*†		7,839		155,369
Uranium Energy Corp. (Canada)	*		16,570		29,660
Vaalco Energy, Inc.	*		3,800		21,736
Valero Energy Corp.			20,375		708,439
Warren Resources, Inc.	*		3,600		9,180

		Shares		Value
Western Refining, Inc.	†		2,500	$	70,175
Whiting Petroleum Corp.	*		2,484		114,488
Williams Cos., Inc. (The)			24,207		786,001
World Fuel Services Corp.			1,920		76,762
WPX Energy, Inc.	*		8,069		152,827
					48,110,457
Paper & Forest Products—0.2%
Buckeye Technologies, Inc.			1,251		46,337
Clearwater Paper Corp.	*		924		43,483
Deltic Timber Corp.			724		41,862
Domtar Corp. (Canada)			1,388		92,302
International Paper Co.			14,370		636,735
Louisiana-Pacific Corp.	*		4,396		65,017
Neenah Paper, Inc.			652		20,714
P.H. Glatfelter Co.			1,740		43,674
Schweitzer-Mauduit International, Inc.			1,448		72,226
Wausau Paper Corp.			1,903		21,694
					1,084,044
Personal Products—0.2%
Avon Products, Inc.			14,351		301,802
Elizabeth Arden, Inc.	*		1,017		45,836
Estee Lauder Cos., Inc. (The), Class A			7,494		492,880
Herbalife Ltd. (Cayman Islands)	†		3,985		179,883
Medifast, Inc.	*		734		18,908
Nu Skin Enterprises, Inc., Class A			3,018		184,460
USANA Health Sciences, Inc.	*†		593		42,921
					1,266,690
Pharmaceuticals—5.0%
AbbVie, Inc.			55,703		2,302,762
AcelRx Pharmaceuticals, Inc.	*		3,645		33,789
Actavis, Inc.	*		4,630		584,399
Alimera Sciences, Inc.	*		6,205		30,280
Allergan, Inc.			11,119		936,665
AVANIR Pharmaceuticals, Inc., Class A	*†		19,069		87,717
Bristol-Myers Squibb Co.			58,363		2,608,242
Eli Lilly & Co.			35,644		1,750,833
Endo Health Solutions, Inc.	*		4,151		152,715
Forest Laboratories, Inc.	*		9,208		377,528
Hi-Tech Pharmacal Co., Inc.			862		28,618
Hospira, Inc.	*		5,415		207,449
Jazz Pharmaceuticals plc (Ireland)	*		1,945		133,680
Johnson & Johnson			96,730		8,305,238
Medicines Co. (The)	*		2,018		62,074
Merck & Co., Inc.			106,130		4,929,739
Mylan, Inc.	*		13,150		408,045
Nektar Therapeutics	*		2,368		27,350
Optimer Pharmaceuticals, Inc.	*†		2,592		37,506
Perrigo Co.			3,119		377,399
Pfizer, Inc.			234,322		6,563,359
Pozen, Inc.	*		1,014		5,080
Questcor Pharmaceuticals, Inc.	†		3,193		145,154
Salix Pharmaceuticals Ltd.	*		2,346		155,188
Sciclone Pharmaceuticals, Inc.	*		1,700		8,432
ViroPharma, Inc.	*		4,061		116,348
Vivus, Inc.	*†		1,630		20,505
Warner Chilcott plc, Class A (Ireland)			7,952		158,086

See accompanying notes to financial statements

236

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
XenoPort, Inc.	*		1,939	$	9,598
Zoetis, Inc.			14,488		447,523
					31,011,301
Professional Services—0.3%
Acacia Research Corp.			2,593		57,954
Advisory Board Co. (The)	*		1,900		103,835
Barrett Business Services, Inc.			1,310		68,395
CDI Corp.			1,131		16,015
Corporate Executive Board Co. (The)			1,507		95,273
CRA International, Inc.	*		986		18,211
Dun & Bradstreet Corp. (The)			1,546		150,658
Equifax, Inc.			3,044		179,383
FTI Consulting, Inc.	*		1,735		57,064
Heidrick & Struggles International, Inc.			865		14,463
Huron Consulting Group, Inc.	*		988		45,685
IHS, Inc., Class A	*		1,414		147,593
Insperity, Inc.			1,143		34,633
Kelly Services, Inc., Class A			1,173		20,492
Kforce, Inc.			297		4,336
Korn/Ferry International	*		1,624		30,434
Manpowergroup, Inc.			3,593		196,896
Navigant Consulting, Inc.	*		2,313		27,756
Nielsen Holdings NV			4,866		163,449
On Assignment, Inc.	*		1,243		33,213
Resources Connection, Inc.			2,060		23,896
Robert Half International, Inc.			3,922		130,328
Towers Watson & Co., Class A			1,600		131,104
TrueBlue, Inc.	*		2,485		52,309
Verisk Analytics, Inc., Class A	*		4,073		243,158
					2,046,533
Real Estate Investment Trusts (REITs)—3.5%
Acadia Realty Trust REIT			1,368		33,776
Agree Realty Corp. REIT			814		24,029
Alexander’s, Inc. REIT			78		22,909
Alexandria Real Estate Equities, Inc. REIT			1,245		81,821
American Campus Communities, Inc. REIT			5,228		212,570
American Capital Agency Corp. REIT			11,950		274,730
American Tower Corp. REIT			13,160		962,917
AmREIT, Inc. REIT			1,682		32,530
Annaly Capital Management, Inc. REIT			37,828		475,498
Anworth Mortgage Asset Corp. REIT			18,790		105,224
Apartment Investment & Management Co., Class A REIT			5,659		169,996
Armada Hoffler Properties, Inc. REIT			2,694		31,735
ARMOUR Residential REIT, Inc. REIT			15,586		73,410
Ashford Hospitality Trust, Inc. REIT			4,200		48,090
Associated Estates Realty Corp. REIT	†		5,662		91,045
AvalonBay Communities, Inc. REIT			3,815		514,682

		Shares		Value
BioMed Realty Trust, Inc. REIT			6,210	$	125,628
Boston Properties, Inc. REIT			4,757		501,721
Brandywine Realty Trust REIT			6,105		82,540
BRE Properties, Inc. REIT			2,433		121,699
Camden Property Trust REIT			2,058		142,290
CapLease, Inc. REIT			5,367		45,297
Capstead Mortgage Corp. REIT			2,400		29,040
CBL & Associates Properties, Inc. REIT			8,920		191,066
Cedar Realty Trust, Inc. REIT			16,868		87,376
Chambers Street Properties REIT			6,657		66,570
Chatham Lodging Trust REIT			5,511		94,679
Chimera Investment Corp. REIT			42,645		127,935
Colonial Properties Trust REIT			1,962		47,323
CommonWealth REIT REIT			2,285		52,829
Corporate Office Properties Trust REIT			1,904		48,552
Corrections Corp. of America REIT			5,829		197,428
Cousins Properties, Inc. REIT			2,489		25,139
CubeSmart REIT			8,821		140,960
DCT Industrial Trust, Inc. REIT			6,576		47,018
DDR Corp. REIT			5,227		87,030
DiamondRock Hospitality Co. REIT			4,047		37,718
Digital Realty Trust, Inc. REIT	†		5,681		346,541
Douglas Emmett, Inc. REIT			4,212		105,089
Duke Realty Corp. REIT			5,609		87,444
DuPont Fabros Technology, Inc. REIT			4,666		112,684
EastGroup Properties, Inc. REIT			1,538		86,543
Ellington Residential Mortgage REIT REIT			2,341		41,787
EPR Properties REIT			2,733		137,388
Equity Lifestyle Properties, Inc. REIT			1,140		89,593
Equity One, Inc. REIT			2,619		59,268
Equity Residential REIT			11,387		661,129
Essex Property Trust, Inc. REIT			807		128,248
Excel Trust, Inc. REIT			2,765		35,420
Extra Space Storage, Inc. REIT			3,500		146,755
Federal Realty Investment Trust REIT			2,295		237,946
FelCor Lodging Trust, Inc. REIT	*		14,860		87,823
First Industrial Realty Trust, Inc. REIT			6,729		102,079
First Potomac Realty Trust REIT			1,628		21,262
Franklin Street Properties Corp. REIT			2,200		29,040
General Growth Properties, Inc. REIT			21,432		425,854
Geo Group, Inc. (The) REIT			2,829		96,045
Getty Realty Corp. REIT			1,747		36,076
Glimcher Realty Trust REIT			12,062		131,717
Government Properties Income Trust REIT			4,788		120,753
Gramercy Property Trust, Inc. REIT	*		10,832		48,744
Hatteras Financial Corp. REIT			1,935		47,678
HCP, Inc. REIT			16,845		765,437
Health Care REIT, Inc. REIT			9,130		611,984
Healthcare Realty Trust, Inc. REIT			1,881		47,966
Highwoods Properties, Inc. REIT			2,393		85,215
Home Properties, Inc. REIT			1,390		90,864

See accompanying notes to financial statements

237

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Hospitality Properties Trust REIT			2,923	$	76,816
Host Hotels & Resorts, Inc. REIT			21,796		367,699
Inland Real Estate Corp. REIT			2,302		23,526
Invesco Mortgage Capital, Inc. REIT			3,087		51,121
Investors Real Estate Trust REIT			2,989		25,705
iStar Financial, Inc. REIT	*		9,988		112,765
Kilroy Realty Corp. REIT			3,732		197,833
Kimco Realty Corp. REIT			15,341		328,758
Kite Realty Group Trust REIT			2,654		16,004
LaSalle Hotel Properties REIT			1,561		38,557
Lexington Realty Trust REIT			9,308		108,717
Liberty Property Trust REIT			3,372		124,629
LTC Properties, Inc. REIT			2,385		93,134
Macerich Co. (The) REIT			5,275		321,617
Mack-Cali Realty Corp. REIT			2,488		60,931
Medical Properties Trust, Inc. REIT			9,571		137,057
MFA Financial, Inc. REIT			10,801		91,268
Mid-America Apartment Communities, Inc. REIT			1,240		84,035
Monmouth Real Estate Investment Corp., Class A REIT			3,275		32,324
National Health Investors, Inc. REIT			979		58,603
National Retail Properties, Inc. REIT			2,356		81,046
New York Mortgage Trust, Inc. REIT			8,120		54,972
NorthStar Realty Finance Corp. REIT			9,319		84,803
Omega Healthcare Investors, Inc. REIT			4,100		127,182
Parkway Properties, Inc. REIT			3,326		55,744
Pennsylvania Real Estate Investment Trust REIT			1,510		28,509
Piedmont Office Realty Trust, Inc., Class A REIT			3,057		54,659
Plum Creek Timber Co., Inc. REIT			6,990		326,223
Post Properties, Inc. REIT			2,078		102,840
Potlatch Corp. REIT			1,618		65,432
Prologis, Inc. REIT			18,429		695,142
PS Business Parks, Inc. REIT			599		43,230
Public Storage REIT			5,376		824,302
RAIT Financial Trust REIT			7,882		59,273
Ramco-Gershenson Properties Trust REIT			1,275		19,801
Rayonier, Inc. REIT			5,004		277,172
Realty Income Corp. REIT			6,943		291,051
Redwood Trust, Inc. REIT	†		1,008		17,136
Regency Centers Corp. REIT			2,745		139,473
Retail Opportunity Investments Corp. REIT			7,505		104,320
RLJ Lodging Trust REIT			1,393		31,329
Rouse Properties, Inc. REIT	†		579		11,360
Ryman Hospitality Properties REIT	†		2,005		78,215
Sabra Health Care REIT, Inc. REIT			694		18,120
Saul Centers, Inc. REIT			987		43,882

		Shares		Value
Senior Housing Properties Trust REIT			3,680	$	95,422
Silver Bay Realty Trust Corp. REIT	†		489		8,098
Simon Property Group, Inc. REIT			11,098		1,752,596
SL Green Realty Corp. REIT			3,603		317,749
Sovran Self Storage, Inc. REIT			1,269		82,219
Starwood Property Trust, Inc. REIT			2,656		65,736
Strategic Hotels & Resorts, Inc. REIT	*		13,392		118,653
Sun Communities, Inc. REIT			1,061		52,795
Sunstone Hotel Investors, Inc. REIT	*		5,275		63,722
Tanger Factory Outlet Centers, Inc. REIT			2,442		81,709
Taubman Centers, Inc. REIT			2,083		156,537
Terreno Realty Corp. REIT			6,209		115,053
Two Harbors Investment Corp. REIT			10,028		102,787
UDR, Inc. REIT			6,077		154,903
Universal Health Realty Income Trust REIT			1,333		57,492
Ventas, Inc. REIT			11,148		774,340
Vornado Realty Trust REIT			7,263		601,740
Washington Real Estate Investment Trust REIT			1,834		49,353
Weingarten Realty Investors REIT			3,474		106,895
Weyerhaeuser Co. REIT			16,471		469,259
WP Carey, Inc. REIT			562		37,188
ZAIS Financial Corp. REIT			1,699		30,871
					21,760,604
Real Estate Management & Development—0.2%
Alexander & Baldwin, Inc.	*		1,466		58,274
CBRE Group, Inc., Class A	*		9,507		222,084
Forest City Enterprises, Inc., Class A	*		9,240		165,488
Forestar Group, Inc.	*		1,502		30,130
Howard Hughes Corp. (The)	*		1,160		130,024
Jones Lang LaSalle, Inc.			1,311		119,485
Realogy Holdings Corp.	*		2,250		108,090
St. Joe Co. (The)	*†		3,582		75,401
Tejon Ranch Co.	*		858		24,444
Thomas Properties Group, Inc.			5,872		31,122
					964,542
Road & Rail—1.0%
AMERCO			434		70,265
Arkansas Best Corp.			903		20,724
Avis Budget Group, Inc.	*		4,424		127,190
Con-way, Inc.			2,160		84,154
CSX Corp.			35,751		829,066
Genesee & Wyoming, Inc., Class A	*		1,576		133,708
Heartland Express, Inc.			4,220		58,531
Hertz Global Holdings, Inc.	*		8,995		223,076
J.B. Hunt Transport Services, Inc.			2,208		159,506
Kansas City Southern			4,402		466,436
Knight Transportation, Inc.			3,879		65,245
Landstar System, Inc.			2,256		116,184

See accompanying notes to financial statements

238

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Norfolk Southern Corp.			10,521	$	764,351
Old Dominion Freight Line, Inc.	*		4,011		166,938
Ryder System, Inc.			707		42,978
Saia, Inc.	*		2,493		74,715
Union Pacific Corp.			16,298		2,514,455
Werner Enterprises, Inc.			2,915		70,455
YRC Worldwide, Inc.	*		1,193		34,299
					6,022,276
Semiconductors & Semiconductor Equipment—2.2%
Advanced Energy Industries, Inc.	*		1,428		24,861
Advanced Micro Devices, Inc.	*†		21,447		87,504
Alpha & Omega Semiconductor Ltd.	*		8,591		65,635
Altera Corp.			11,427		376,977
Amkor Technology, Inc.	*†		7,211		30,358
ANADIGICS, Inc.	*		9,445		20,779
Analog Devices, Inc.			8,989		405,044
Applied Materials, Inc.			43,119		642,904
Applied Micro Circuits Corp.	*		3,186		28,037
Atmel Corp.	*		18,733		137,688
ATMI, Inc.	*		1,559		36,870
Avago Technologies Ltd. (Singapore)			8,310		310,628
Axcelis Technologies, Inc.	*		4,095		7,453
Broadcom Corp., Class A			18,226		615,310
Brooks Automation, Inc.			3,103		30,192
Cabot Microelectronics Corp.	*		1,049		34,627
Cavium, Inc.	*		1,864		65,930
Ceva, Inc.	*		692		13,397
Cirrus Logic, Inc.	*†		2,946		51,143
Cohu, Inc.			859		10,738
Cree, Inc.	*		3,097		197,774
Cypress Semiconductor Corp.	*		4,876		52,319
Diodes, Inc.	*		2,400		62,328
DSP Group, Inc.	*		1,194		9,922
Entegris, Inc.	*		5,738		53,880
Exar Corp.	*		1,758		18,934
Fairchild Semiconductor International, Inc.	*		4,903		67,661
First Solar, Inc.	*		2,540		113,614
FormFactor, Inc.	*		1,417		9,565
Hittite Microwave Corp.	*		1,112		64,496
Integrated Device Technology, Inc.	*		8,168		64,854
Integrated Silicon Solution, Inc.	*		1,269		13,908
Intel Corp.			175,112		4,241,213
International Rectifier Corp.	*		2,631		55,093
Intersil Corp., Class A			5,757		45,020
IXYS Corp.			1,329		14,699
KLA-Tencor Corp.			5,600		312,088
Kopin Corp.	*		2,431		9,019
Lam Research Corp.	*		6,125		271,583
Lattice Semiconductor Corp.	*		4,395		22,283
Linear Technology Corp.			6,084		224,135
LSI Corp.	*		28,032		200,148
LTX-Credence Corp.	*		1,358		8,134
Marvell Technology Group Ltd. (Bermuda)			18,500		216,635
Maxim Integrated Products, Inc.			9,481		263,382
Micrel, Inc.			3,731		36,862

		Shares		Value
Microchip Technology, Inc.			6,639	$	247,303
Micron Technology, Inc.	*		35,271		505,433
Microsemi Corp.	*		2,474		56,284
Mindspeed Technologies, Inc.	*†		801		2,595
MKS Instruments, Inc.			2,455		65,156
MoSys, Inc.	*		1,251		5,029
NVE Corp.	*		348		16,293
NVIDIA Corp.			20,184		283,182
OmniVision Technologies, Inc.	*		2,354		43,902
ON Semiconductor Corp.	*		10,008		80,865
PDF Solutions, Inc.	*		974		17,951
Pericom Semiconductor Corp.	*		1,023		7,284
Photronics, Inc.	*		1,388		11,187
PLX Technology, Inc.	*		1,050		4,998
PMC—Sierra, Inc.	*		7,045		44,736
Power Integrations, Inc.			1,952		79,173
Rambus, Inc.	*		4,071		34,970
RF Micro Devices, Inc.	*		8,143		43,565
Rudolph Technologies, Inc.	*		1,247		13,966
Semtech Corp.	*		2,970		104,039
Sigma Designs, Inc.	*		1,320		6,666
Silicon Image, Inc.	*		2,948		17,246
Silicon Laboratories, Inc.	*		2,124		87,955
Skyworks Solutions, Inc.	*		5,822		127,444
SunEdison, Inc.	*		8,113		66,283
SunPower Corp.	*†		1,759		36,411
Teradyne, Inc.	*		7,938		139,471
Tessera Technologies, Inc.			1,560		32,448
Texas Instruments, Inc.			39,030		1,360,976
TriQuint Semiconductor, Inc.	*		4,918		34,082
Ultratech, Inc.	*		971		35,655
Veeco Instruments, Inc.	*†		1,294		45,833
Xilinx, Inc.			7,420		293,906
					13,597,911
Software—3.7%
Accelrys, Inc.	*		2,216		18,614
ACI Worldwide, Inc.	*		1,653		76,831
Activision Blizzard, Inc.			19,919		284,045
Actuate Corp.	*		2,084		13,838
Adobe Systems, Inc.	*		17,358		790,830
Advent Software, Inc.	*		2,902		101,744
American Software, Inc., Class A			1,950		16,945
ANSYS, Inc.	*		2,396		175,148
Aspen Technology, Inc.	*		3,661		105,400
Autodesk, Inc.	*		9,258		314,217
Blackbaud, Inc.			2,650		86,311
BMC Software, Inc.	*		5,108		230,575
CA, Inc.			11,593		331,908
Cadence Design Systems, Inc.	*		10,745		155,588
Callidus Software, Inc.	*		172		1,133
Citrix Systems, Inc.	*		7,179		433,109
CommVault Systems, Inc.	*		1,510		114,594
Compuware Corp.			7,505		77,677
Concur Technologies, Inc.	*†		2,083		169,515
Ebix, Inc.	†		2,802		25,947
Electronic Arts, Inc.	*		12,060		277,018
EPIQ Systems, Inc.			1,087		14,642
FactSet Research Systems, Inc.	†		1,490		151,891
Fair Isaac Corp.			2,628		120,441
Fortinet, Inc.	*		5,654		98,945
Informatica Corp.	*		3,171		110,922
Interactive Intelligence Group, Inc.	*		950		49,020

See accompanying notes to financial statements

239

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Intuit, Inc.			9,289	$	566,908
Manhattan Associates, Inc.	*		1,346		103,857
Mentor Graphics Corp.			2,745		53,665
MICROS Systems, Inc.	*		3,428		147,918
Microsoft Corp.			287,317		9,921,056
MicroStrategy, Inc., Class A	*		513		44,610
Mitek Systems, Inc.	*		5,828		33,686
Netscout Systems, Inc.	*		1,250		29,175
NetSuite, Inc.	*		1,276		117,060
Nuance Communications, Inc.	*		9,517		174,922
Oracle Corp.			125,282		3,848,663
Pegasystems, Inc.			2,141		70,910
Progress Software Corp.	*		1,983		45,629
PTC, Inc.	*		4,423		108,496
QLIK Technologies, Inc.	*		5,245		148,276
Red Hat, Inc.	*		7,251		346,743
Rovi Corp.	*		3,917		89,464
Salesforce.com, Inc.	*		20,430		780,017
SeaChange International, Inc.	*		958		11,218
ServiceNow, Inc.	*		774		31,262
SolarWinds, Inc.	*		1,876		72,808
Solera Holdings, Inc.			1,099		61,159
Sourcefire, Inc.	*		1,162		64,549
Splunk, Inc.	*		1,471		68,196
Symantec Corp.			26,135		587,253
Synopsys, Inc.	*		6,501		232,411
Take-Two Interactive Software, Inc.	*		2,643		39,566
TIBCO Software, Inc.	*		4,452		95,273
TiVo, Inc.	*		2,696		29,791
Tyler Technologies, Inc.	*		1,886		129,285
Ultimate Software Group, Inc.	*		1,242		145,674
VASCO Data Security International, Inc.	*		3,804		31,611
VMware, Inc., Class A	*		3,264		218,655
Vringo, Inc.	*		10,252		32,499
Workday, Inc., Class A	*		987		63,257
Zynga, Inc., Class A	*		11,188		31,103
					22,923,473
Specialty Retail—2.5%
Aaron’s, Inc.			2,908		81,453
Abercrombie & Fitch Co., Class A			3,072		139,008
Advance Auto Parts, Inc.			1,752		142,210
Aeropostale, Inc.	*		2,075		28,635
American Eagle Outfitters, Inc.			3,552		64,860
America’s Car-Mart, Inc.	*		354		15,307
ANN, Inc.	*		2,733		90,736
Asbury Automotive Group, Inc.	*		1,342		53,814
Ascena Retail Group, Inc.	*		5,194		90,635
AutoNation, Inc.	*		2,555		110,861
AutoZone, Inc.	*		1,308		554,187
Barnes & Noble, Inc.	*†		828		13,215
bebe stores, Inc.			790		4,432
Bed Bath & Beyond, Inc.	*		7,504		532,034
Best Buy Co., Inc.			9,299		254,142
Big 5 Sporting Goods Corp.			1,071		23,508
Brown Shoe Co., Inc.			1,791		38,560
Buckle, Inc. (The)	†		1,236		64,297
Cabela’s, Inc.	*		1,696		109,833
CarMax, Inc.	*		7,970		367,895
Cato Corp. (The), Class A			1,761		43,955

		Shares		Value
Chico’s FAS, Inc.			7,236	$	123,446
Children’s Place Retail Stores, Inc. (The)	*		1,144		62,691
CST Brands, Inc.	*		2,444		75,300
Destination Maternity Corp.			1,200		29,520
Destination XL Group, Inc.	*		1,930		12,236
Dick’s Sporting Goods, Inc.			2,480		124,149
DSW, Inc., Class A			596		43,788
Finish Line, Inc. (The), Class A			1,917		41,906
Foot Locker, Inc.			5,840		205,159
GameStop Corp., Class A	†		4,171		175,307
Gap, Inc. (The)			11,079		462,327
Genesco, Inc.	*		921		61,698
GNC Holdings, Inc., Class A			2,440		107,872
Group 1 Automotive, Inc.			1,068		68,704
Guess?, Inc.			3,548		110,094
Haverty Furniture Cos., Inc.			1,111		25,564
Hibbett Sports, Inc.	*		1,396		77,478
Home Depot, Inc. (The)			51,528		3,991,874
Jos A. Bank Clothiers, Inc.	*		865		35,742
Kirkland’s, Inc.	*		833		14,369
L Brands, Inc.			7,008		345,144
Lithia Motors, Inc., Class A			862		45,953
Lowe’s Cos., Inc.			39,336		1,608,842
Lumber Liquidators Holdings, Inc.	*		769		59,882
MarineMax, Inc.	*		800		9,064
Men’s Wearhouse, Inc. (The)			2,437		92,240
Monro Muffler Brake, Inc.			1,487		71,450
Office Depot, Inc.	*		11,792		45,635
OfficeMax, Inc.			3,587		36,695
O’Reilly Automotive, Inc.	*		3,911		440,457
Penske Automotive Group, Inc.			1,654		50,513
Pep Boys-Manny, Moe & Jack (The)	*		2,200		25,476
PetSmart, Inc.			3,546		237,547
Pier 1 Imports, Inc.			3,712		87,195
RadioShack Corp.	*†		2,569		8,118
Rent-A-Center, Inc.			3,377		126,806
Ross Stores, Inc.			6,787		439,865
Sally Beauty Holdings, Inc.	*		3,659		113,795
Select Comfort Corp.	*		2,104		52,726
Signet Jewelers Ltd. (Bermuda)			3,344		225,486
Sonic Automotive, Inc., Class A			1,649		34,860
Stage Stores, Inc.			2,236		52,546
Staples, Inc.			22,960		364,146
Stein Mart, Inc.			1,261		17,213
Systemax, Inc.			1,358		12,779
Tiffany & Co.			4,057		295,512
TJX Cos., Inc.			25,282		1,265,617
Tractor Supply Co.			2,540		298,729
Ulta Salon Cosmetics & Fragrance, Inc.	*		2,434		243,789
Urban Outfitters, Inc.	*		5,012		201,583
West Marine, Inc.	*		803		8,833
Wet Seal, Inc. (The), Class A	*		1,246		5,869
Williams-Sonoma, Inc.			3,877		216,686
					15,813,852
Textiles, Apparel & Luxury Goods—0.9%
Carter’s, Inc.			1,476		109,327
Coach, Inc.			10,479		598,246
Columbia Sportswear Co.	†		652		40,848
Crocs, Inc.	*		3,600		59,400

See accompanying notes to financial statements

240

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Culp, Inc.			888	$	15,442
Deckers Outdoor Corp.	*		1,935		97,737
Fifth & Pacific Cos., Inc.	*		4,930		110,136
Fossil Group, Inc.	*		1,614		166,742
Hanesbrands, Inc.			4,099		210,771
Iconix Brand Group, Inc.	*		2,737		80,495
Jones Group, Inc. (The)			4,641		63,814
Michael Kors Holdings Ltd. (Hong Kong)	*		5,441		337,451
Movado Group, Inc.			1,678		56,767
NIKE, Inc., Class B			25,670		1,634,666
Oxford Industries, Inc.			936		58,406
PVH Corp.			2,525		315,751
Quiksilver, Inc.	*		4,288		27,615
Ralph Lauren Corp.			1,773		308,041
Skechers U.S.A., Inc., Class A	*		1,935		46,459
Steven Madden Ltd.	*		1,689		81,714
Under Armour, Inc., Class A	*		3,874		231,316
Unifi, Inc.	*		876		18,107
V.F. Corp.			3,109		600,224
Wolverine World Wide, Inc.			2,589		141,385
					5,410,860
Thrifts & Mortgage Finance—0.2%
Astoria Financial Corp.			3,465		37,353
Bank Mutual Corp.			3,756		21,184
Beneficial Mutual Bancorp, Inc.	*		969		8,140
Brookline Bancorp, Inc.			3,765		32,680
Capitol Federal Financial, Inc.			4,787		58,114
Dime Community Bancshares, Inc.			1,638		25,094
Doral Financial Corp. (Puerto Rico)	*		44,454		36,897
ESB Financial Corp.			5,450		66,108
Hudson City Bancorp, Inc.			14,470		132,545
MGIC Investment Corp.	*		16,751		101,679
NASB Financial, Inc.	*†		528		13,818
New York Community Bancorp, Inc.			12,640		176,960
Northwest Bancshares, Inc.			4,608		62,254
Ocwen Financial Corp.	*		3,358		138,417
People’s United Financial, Inc.			15,654		233,245
Provident Financial Services, Inc.			943		14,880
Provident New York Bancorp			3,670		34,278
Radian Group, Inc.			8,446		98,142
Territorial Bancorp, Inc.			2,649		59,894
TFS Financial Corp.	*		3,398		38,058
Tree.com, Inc.			314		5,382
TrustCo Bank Corp NY			3,435		18,686
Washington Federal, Inc.			3,379		63,795
Westfield Financial, Inc.			4,068		28,476
					1,506,079
Tobacco—1.4%
Alliance One International, Inc.	*		2,000		7,600
Altria Group, Inc.			70,274		2,458,887
Lorillard, Inc.			13,374		584,176
Philip Morris International, Inc.			57,485		4,979,351
Reynolds American, Inc.			11,115		537,633
Universal Corp.	†		1,078		62,362
Vector Group Ltd.	†		3,045		49,390
					8,679,399

			Shares		Value
Trading Companies & Distributors—0.3%
Air Lease Corp.				2,229	$	61,498
Applied Industrial Technologies, Inc.				2,056		99,366
Beacon Roofing Supply, Inc.		*		2,570		97,352
Fastenal Co.				11,276		517,005
GATX Corp.				1,766		83,761
H&E Equipment Services, Inc.				1,600		33,712
MSC Industrial Direct Co., Inc., Class A				1,782		138,034
United Rentals, Inc.		*		2,798		139,648
W.W. Grainger, Inc.				2,301		580,266
Watsco, Inc.				553		46,430
WESCO International, Inc.		*		1,550		105,338
						1,902,410
Water Utilities—0.1%
American States Water Co.				1,261		67,678
American Water Works Co., Inc.				4,533		186,896
Aqua America, Inc.				4,329		135,454
California Water Service Group				1,930		37,654
Connecticut Water Service, Inc.				500		14,350
SJW Corp.				1,010		26,462
						468,494
Wireless Telecommunication Services—0.3%
Clearwire Corp., Class A		*		18,625		92,752
Crown Castle International Corp.		*		11,170		808,596
Leap Wireless International, Inc.		*†		3,300		22,209
NII Holdings, Inc.		*†		5,995		39,987
NTELOS Holdings Corp.				1,350		22,221
SBA Communications Corp., Class A		*		4,064		301,224
Shenandoah Telecommunications Co.				1,200		20,016
Sprint Nextel Corp.		*		93,129		653,766
Telephone & Data Systems, Inc.				3,217		79,299
T-Mobile US, Inc.		*		3,567		88,497
United States Cellular Corp.				680		24,949
						2,153,516
TOTAL COMMON STOCKS
(Cost $369,667,267)						621,116,447
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.045%	09/12/2013	‡‡
(Cost $214,981)			$	215,000		214,994
				Shares		Value
RIGHTS—0.0%
Machinery—0.0%
Gerber Scientific, Inc.		*‡d		1,608		—

See accompanying notes to financial statements

241

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Broad Market Index Fund		Shares		Value
RIGHTS—(Continued)
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.	*‡d
(Cost $—)			540		—
MONEY MARKET FUNDS—1.8%
Institutional Money Market Funds—1.8%
Dreyfus Institutional Cash Advantage Fund, 0.04%	††¥		1,450,000		1,450,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	¥		2,658,534		2,658,533
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	††¥		1,452,377		1,452,377
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.08%	††¥		1,450,000		1,450,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.09%	††¥		1,450,000		1,450,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.10%	††¥		1,450,000		1,450,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		1,450,000		1,450,000
TOTAL MONEY MARKET FUNDS
(Cost $11,360,910)					11,360,910
TOTAL INVESTMENTS—101.3%
(Cost $381,243,158)					632,692,351
Other assets less liabilities—(1.3%)					(8,003,128	)
NET ASSETS—100.0%				$	624,689,223

Notes to the Schedule of Investments:

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 June 30, 2013.
‡	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

242

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—98.0%
Aerospace & Defense—1.7%
AAR Corp.			6,897	$	151,596
Aerovironment, Inc.	*		3,832		77,330
Alliant Techsystems, Inc.			5,783		476,114
American Science & Engineering, Inc.			1,394		78,064
API Technologies Corp.	*		5,462		15,294
Astronics Corp.	*		1,875		76,631
B/E Aerospace, Inc.	*		17,463		1,101,566
Cubic Corp.			3,350		161,135
Curtiss-Wright Corp.			8,374		310,340
DigitalGlobe, Inc.	*		13,689		424,496
Ducommun, Inc.	*		1,702		36,185
Engility Holdings, Inc.	*		2,719		77,274
Erickson Air-Crane, Inc.	*		603		11,342
Esterline Technologies Corp.	*		5,407		390,872
Exelis, Inc.			32,762		451,788
GenCorp, Inc.	*†		11,785		191,624
HEICO Corp.			9,172		461,994
Hexcel Corp.	*		17,408		592,742
Huntington Ingalls Industries, Inc.			8,675		489,964
Innovative Solutions & Support, Inc.			2,046		13,094
KEYW Holding Corp. (The)	*		5,318		70,464
Kratos Defense & Security Solutions, Inc.	*		9,324		60,420
LMI Aerospace, Inc.	*		1,056		19,789
Moog, Inc., Class A	*		7,883		406,211
National Presto Industries, Inc.	†		975		70,229
Orbital Sciences Corp.	*		11,370		197,497
Sparton Corp.	*		1,633		28,153
Spirit Aerosystems Holdings, Inc., Class A	*		22,422		481,625
Taser International, Inc.	*		9,624		81,996
Teledyne Technologies, Inc.	*		6,495		502,388
TransDigm Group, Inc.			9,249		1,449,966
Triumph Group, Inc.			9,120		721,848
					9,680,031
Air Freight & Logistics—0.2%
Air Transport Services Group, Inc.	*		10,717		70,839
Atlas Air Worldwide Holdings, Inc.	*		4,497		196,789
Echo Global Logistics, Inc.	*		3,023		58,918
Forward Air Corp.			5,084		194,616
Hub Group, Inc., Class A	*		6,377		232,250
Pacer International, Inc.	*		3,711		23,416
Park-Ohio Holdings Corp.	*		1,449		47,788
UTi Worldwide, Inc.			16,303		268,511
XPO Logistics, Inc.	*†		3,049		55,156
					1,148,283
Airlines—0.5%
Alaska Air Group, Inc.	*		12,467		648,284
Allegiant Travel Co.			2,604		275,998
Copa Holdings SA, Class A (Panama)			5,794		759,709
Hawaiian Holdings, Inc.	*†		6,700		40,937
JetBlue Airways Corp.	*		42,091		265,173
Republic Airways Holdings, Inc.	*		9,724		110,173

		Shares		Value
SkyWest, Inc.			8,900	$	120,506
Spirit Airlines, Inc.	*		10,110		321,195
US Airways Group, Inc.	*†		28,474		467,543
					3,009,518
Auto Components—1.2%
Allison Transmission Holdings, Inc.			5,794		133,725
American Axle & Manufacturing Holdings, Inc.	*		11,716		218,269
Cooper Tire & Rubber Co.			10,946		363,079
Dana Holding Corp.			26,313		506,788
Dorman Products, Inc.			4,119		187,950
Drew Industries, Inc.			3,865		151,972
Federal-Mogul Corp.	*		4,327		44,179
Fuel Systems Solutions, Inc.	*		4,238		75,818
Gentex Corp.			25,596		589,988
Gentherm, Inc.	*		6,384		118,551
Goodyear Tire & Rubber Co. (The)	*		42,686		652,669
Lear Corp.			16,363		989,307
Modine Manufacturing Co.	*		10,902		118,614
Remy International, Inc.			2,247		41,727
Shiloh Industries, Inc.			1,469		15,336
Spartan Motors, Inc.			7,093		43,409
Standard Motor Products, Inc.			3,701		127,092
Stoneridge, Inc.	*		7,102		82,667
Superior Industries International, Inc.			3,960		68,152
Tenneco, Inc.	*		10,524		476,527
Tower International, Inc.	*		1,272		25,173
TRW Automotive Holdings Corp.	*		19,116		1,270,067
Visteon Corp.	*		8,934		563,914
					6,864,973
Automobiles—0.1%
Thor Industries, Inc.			7,449		366,342
Winnebago Industries, Inc.	*		5,233		109,841
					476,183
Beverages—0.1%
Boston Beer Co., Inc. (The), Class A	*†		1,496		255,278
Coca-Cola Bottling Co. Consolidated			798		48,798
Craft Brew Alliance, Inc.	*		1,788		14,733
National Beverage Corp.			1,873		32,721
					351,530
Biotechnology—2.7%
ACADIA Pharmaceuticals, Inc.	*		11,100		201,465
Achillion Pharmaceuticals, Inc.	*		15,783		129,105
Acorda Therapeutics, Inc.	*		7,064		233,041
Aegerion Pharmaceuticals, Inc.	*		4,967		314,610
Alkermes plc (Ireland)	*		21,949		629,497
Alnylam Pharmaceuticals, Inc.	*		9,950		308,549
AMAG Pharmaceuticals, Inc.	*		3,480		77,430
Amicus Therapeutics, Inc.	*		5,087		11,853
Anacor Pharmaceuticals, Inc.	*†		2,874		16,066
Arena Pharmaceuticals, Inc.	*†		39,027		300,508
Ariad Pharmaceuticals, Inc.	*		32,716		572,203
Arqule, Inc.	*		6,240		14,477
Array BioPharma, Inc.	*		17,505		79,473

See accompanying notes to financial statements

243

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Astex Pharmaceuticals	*		17,702	$	72,755
AVEO Pharmaceuticals, Inc.	*		10,510		26,275
Biotime, Inc.	*†		5,653		22,386
Cell Therapeutics, Inc.	*		17,863		18,756
Celldex Therapeutics, Inc.	*		13,815		215,652
Cepheid, Inc.	*		11,720		403,402
Chelsea Therapeutics International Ltd.	*		10,821		24,888
ChemoCentryx, Inc.	*		4,080		57,691
Chimerix, Inc.	*		1,348		32,675
Clovis Oncology, Inc.	*		2,355		157,738
Coronado Biosciences, Inc.	*†		3,351		28,819
Cubist Pharmaceuticals, Inc.	*		11,322		546,853
Curis, Inc.	*		13,154		41,961
Cytokinetics, Inc.	*		3,923		45,389
Cytori Therapeutics, Inc.	*		10,004		23,009
Dendreon Corp.	*†		24,041		99,049
Durata Therapeutics, Inc.	*		2,219		15,977
Dyax Corp.	*		22,226		76,902
Dynavax Technologies Corp.	*		20,515		22,566
Emergent Biosolutions, Inc.	*		4,839		69,778
Enanta Pharmaceuticals, Inc.	*		579		10,254
Enzon Pharmaceuticals, Inc.			7,159		14,318
Epizyme, Inc.	*		936		26,330
Exact Sciences Corp.	*		11,760		163,582
Exelixis, Inc.	*†		35,337		160,430
Fibrocell Science, Inc.	*		2,671		16,346
Galena Biopharma, Inc.	*		13,329		29,590
Genomic Health, Inc.	*		3,336		105,785
Geron Corp.	*		36,667		55,000
GTx, Inc.	*		4,210		27,786
Halozyme Therapeutics, Inc.	*†		18,837		149,566
Hyperion Therapeutics, Inc.	*		1,530		33,660
Idenix Pharmaceuticals, Inc.	*†		16,973		61,273
ImmunoGen, Inc.	*†		14,496		240,489
Immunomedics, Inc.	*†		12,320		67,021
Incyte Corp. Ltd.	*		19,243		423,346
Infinity Pharmaceuticals, Inc.	*		7,990		129,837
Insmed, Inc.	*		4,474		53,509
Insys Therapeutics, Inc.	*		803		11,113
Intercept Pharmaceuticals, Inc.	*		1,187		53,225
InterMune, Inc.	*†		13,662		131,428
Ironwood Pharmaceuticals, Inc.	*†		16,020		159,399
Isis Pharmaceuticals, Inc.	*†		19,364		520,311
Keryx Biopharmaceuticals, Inc.	*†		16,251		121,395
KYTHERA Biopharmaceuticals, Inc.	*		1,712		46,310
Lexicon Pharmaceuticals, Inc.	*		34,034		73,854
Ligand Pharmaceuticals, Inc., Class B	*		3,990		149,306
MannKind Corp.	*†		25,750		167,375
Medivation, Inc.	*		13,562		667,250
MEI Pharma, Inc.	*		1,537		10,959
Merrimack Pharmaceuticals, Inc.	*†		14,697		98,911
MiMedx Group, Inc.	*		13,338		94,166
Momenta Pharmaceuticals, Inc.	*		7,065		106,399
Myriad Genetics, Inc.	*		14,360		385,853
Nanosphere, Inc.	*		6,754		20,735
Neurocrine Biosciences, Inc.	*		11,394		152,452
NewLink Genetics Corp.	*		2,675		52,751
Novavax, Inc.	*†		21,148		43,353
NPS Pharmaceuticals, Inc.	*		17,020		257,002

		Shares		Value
OncoGenex Pharmaceutical, Inc.	*		4,342	$	42,552
Onyx Pharmaceuticals, Inc.	*		13,102		1,137,516
Opko Health, Inc.	*†		28,097		199,489
Orexigen Therapeutics, Inc.	*		15,768		92,243
Osiris Therapeutics, Inc.	*†		4,513		45,446
OvaScience, Inc.	*		1,458		20,018
PDL BioPharma, Inc.	†		26,041		201,036
Peregrine Pharmaceuticals, Inc.	*		21,962		28,331
Pharmacyclics, Inc.	*		10,210		811,389
Portola Pharmaceuticals, Inc.	*		1,551		38,108
Progenics Pharmaceuticals, Inc.	*		6,205		27,674
Prothena Corp. plc (Ireland)	*		1,889		24,387
Puma Biotechnology, Inc.	*		3,508		155,650
Quintiles Transnational Holdings, Inc.	*		4,314		183,604
Raptor Pharmaceutical Corp.	*†		9,543		89,227
Receptos, Inc.	*		934		18,577
Regulus Therapeutics, Inc.	*		3,193		31,323
Repligen Corp.	*		9,025		74,366
Rigel Pharmaceuticals, Inc.	*		12,762		42,625
Sangamo Biosciences, Inc.	*†		10,702		83,583
Sarepta Therapeutics, Inc.	*		5,054		192,305
Seattle Genetics, Inc.	*†		18,000		566,280
SIGA Technologies, Inc.	*†		7,831		22,240
Spectrum Pharmaceuticals, Inc.	†		8,460		63,112
Stemline Therapeutics, Inc.	*		1,454		34,663
Sunesis Pharmaceuticals, Inc.	*†		3,171		16,521
Synageva BioPharma Corp.	*		2,845		119,490
Synergy Pharmaceuticals, Inc.	*†		13,464		58,164
Synta Pharmaceuticals Corp.	*†		3,596		17,944
Targacept, Inc.	*		4,421		18,878
TESARO, Inc.	*		2,274		74,451
Tetraphase Pharmaceuticals, Inc.	*		1,882		13,230
TG Therapeutics, Inc.	*		2,066		13,202
Theravance, Inc.	*†		12,968		499,657
Threshold Pharmaceuticals, Inc.	*		7,764		40,839
Trius Therapeutics, Inc.	*†		5,966		48,444
United Therapeutics Corp.	*		8,383		551,769
Vanda Pharmaceuticals, Inc.	*		6,002		48,496
Verastem, Inc.	*		2,285		31,716
Vical, Inc.	*†		9,377		29,350
XOMA Corp.	*†		17,238		62,574
ZIOPHARM Oncology, Inc.	*		10,632		22,434
					15,875,370
Building Products—0.9%
A.O. Smith Corp.			13,911		504,691
AAON, Inc.			3,043		100,663
American Woodmark Corp.	*		1,937		67,214
Apogee Enterprises, Inc.			5,631		135,144
Armstrong World Industries, Inc.	*		4,751		227,050
Builders FirstSource, Inc.	*		4,747		28,387
Fortune Brands Home & Security, Inc.			28,839		1,117,223
Gibraltar Industries, Inc.	*		5,228		76,120
Griffon Corp.			6,441		72,461
Insteel Industries, Inc.			2,829		49,564
Lennox International, Inc.			8,782		566,790
NCI Building Systems, Inc.	*		4,108		62,811
Nortek, Inc.	*		1,435		92,457
Owens Corning, Inc.	*		21,613		844,636
Patrick Industries, Inc.	*		1,056		21,954
PGT, Inc.	*		5,599		48,543
Ply Gem Holdings, Inc.	*		2,526		50,672

See accompanying notes to financial statements

244

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Quanex Building Products Corp.			6,170	$	103,903
Simpson Manufacturing Co., Inc.			7,310		215,060
Trex Co., Inc.	*		2,932		139,241
Universal Forest Products, Inc.			3,312		132,215
USG Corp.	*		13,314		306,888
					4,963,687
Capital Markets—2.4%
American Capital Ltd.	*		52,286		662,464
Apollo Investment Corp.			40,588		314,151
Ares Capital Corp.			46,894		806,577
Arlington Asset Investment Corp., Class A			3,155		84,365
Artisan Partners Asset Management, Inc.	*		2,012		100,419
BGC Partners, Inc., Class A			21,607		127,265
BlackRock Kelso Capital Corp.			11,189		104,729
Calamos Asset Management, Inc., Class A			3,748		39,354
Capital Southwest Corp.			533		73,463
CIFC Corp.	*		2,540		19,177
Cohen & Steers, Inc.			3,080		104,658
Cowen Group, Inc., Class A	*		18,898		54,804
Diamond Hill Investment Group, Inc.			582		49,499
E*TRADE Financial Corp.	*		40,723		515,553
Eaton Vance Corp.			20,898		785,556
Evercore Partners, Inc., Class A			5,811		228,256
FBR & Co.	*		1,041		26,296
Federated Investors, Inc., Class B	†		15,767		432,173
Fidus Investment Corp.	†		2,264		42,359
Fifth Street Finance Corp.			21,068		220,161
Financial Engines, Inc.			8,518		388,336
Firsthand Technology Value Fund, Inc.	*		1,355		26,910
FXCM, Inc., Class A			5,794		95,080
GAMCO Investors, Inc., Class A			1,052		58,291
Garrison Capital, Inc.			981		15,127
GFI Group, Inc.			14,329		56,026
Gladstone Capital Corp.			3,326		27,173
Gladstone Investment Corp.			4,193		30,819
Golub Capital BDC, Inc.	†		5,807		101,622
Greenhill & Co., Inc.			5,109		233,686
GSV Capital Corp.	*		3,060		24,052
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	*		2,349		27,906
Hercules Technology Growth Capital, Inc.			10,586		147,569
HFF, Inc., Class A			5,466		97,131
Horizon Technology Finance Corp.			1,405		19,305
ICG Group, Inc.	*		7,645		87,153
INTL FCStone, Inc.	*		2,698		47,080
Investment Technology Group, Inc.	*		8,171		114,231
Janus Capital Group, Inc.			25,815		219,686
JMP Group, Inc.			2,681		17,802
KCAP Financial, Inc.			4,478		50,422
Knight Capital Group, Inc., Class A	*		25,616		91,961
Ladenburg Thalmann Financial Services, Inc.	*		25,346		41,821
Lazard Ltd., Class A (Bermuda)			22,149		712,090

		Shares		Value
Legg Mason, Inc.			19,706	$	611,083
LPL Financial Holdings, Inc.			9,689		365,857
Main Street Capital Corp.	†		5,992		165,918
Manning & Napier, Inc.			2,151		38,202
MCG Capital Corp.			11,279		58,764
Medallion Financial Corp.			2,518		35,025
Medley Capital Corp.			4,546		61,735
MVC Capital, Inc.			4,303		54,175
New Mountain Finance Corp.			4,962		70,262
NGP Capital Resources Co.			3,329		20,407
Oppenheimer Holdings, Inc., Class A			915		17,422
PennantPark Floating Rate Capital Ltd.			1,651		23,345
PennantPark Investment Corp.			10,980		121,329
Piper Jaffray Cos.	*		2,965		93,724
Prospect Capital Corp.	†		41,903		452,552
Pzena Investment Management, Inc., Class A			1,908		12,440
Raymond James Financial, Inc.			21,377		918,783
Safeguard Scientifics, Inc.	*		3,658		58,711
SEI Investments Co.			25,741		731,817
Solar Capital Ltd.			7,405		170,981
Solar Senior Capital Ltd.			1,823		33,561
Stellus Capital Investment Corp.			1,909		28,730
Stifel Financial Corp.	*		11,543		411,739
SWS Group, Inc.	*		6,080		33,136
TCP Capital Corp.			3,567		59,819
THL Credit, Inc.			4,168		63,312
TICC Capital Corp.	†		10,963		105,464
Triangle Capital Corp.	†		4,766		131,113
Virtus Investment Partners, Inc.	*		1,058		186,494
Waddell & Reed Financial, Inc., Class A			15,021		653,413
Walter Investment Management Corp.	*		6,394		216,181
Westwood Holdings Group, Inc.			1,390		59,659
WhiteHorse Finance, Inc.	†		1,426		22,459
WisdomTree Investments, Inc.	*		16,630		192,409
					13,802,579
Chemicals—2.7%
A. Schulman, Inc.			5,791		155,315
ADA-ES, Inc.	*		1,650		69,498
Albemarle Corp.			15,779		982,874
American Pacific Corp.	*		939		26,621
American Vanguard Corp.			5,182		121,414
Arabian American Development Co.	*		3,148		27,387
Ashland, Inc.			14,110		1,178,185
Axiall Corp.			12,189		519,007
Balchem Corp.			4,960		221,960
Cabot Corp.			11,289		422,434
Calgon Carbon Corp.	*		10,032		167,334
Chase Corp.			1,020		22,807
Chemtura Corp.	*		17,115		347,434
Cytec Industries, Inc.			7,493		548,862
Ferro Corp.	*		13,500		93,825
Flotek Industries, Inc.	*		8,704		156,150
FutureFuel Corp.			3,443		48,787
H.B. Fuller Co.			8,946		338,248
Hawkins, Inc.			1,492		58,770
Huntsman Corp.			33,741		558,751
Innophos Holdings, Inc.			3,822		180,284

See accompanying notes to financial statements

245

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Innospec, Inc.			4,218	$	169,479
International Flavors & Fragrances, Inc.			14,306		1,075,239
Intrepid Potash, Inc.			8,881		169,183
KMG Chemicals, Inc.			1,157		24,413
Koppers Holdings, Inc.			3,348		127,827
Kraton Performance Polymers, Inc.	*		6,464		137,037
Kronos Worldwide, Inc.			3,735		60,656
Landec Corp.	*		4,989		65,905
LSB Industries, Inc.	*		3,576		108,746
Minerals Technologies, Inc.			6,508		269,041
NewMarket Corp.	†		1,681		441,363
Olin Corp.			13,440		321,485
OM Group, Inc.	*		5,836		180,449
OMNOVA Solutions, Inc.	*		9,679		77,529
Penford Corp.	*		1,563		20,928
PolyOne Corp.			17,410		431,420
Quaker Chemical Corp.			2,270		140,763
Rockwood Holdings, Inc.			13,554		867,863
RPM International, Inc.			23,250		742,605
Scotts Miracle-Gro Co. (The), Class A			8,157		394,065
Sensient Technologies Corp.			8,888		359,697
Stepan Co.			3,226		179,398
Taminco Corp.	*		2,528		51,546
Tredegar Corp.			4,146		106,552
Valspar Corp. (The)			16,052		1,038,083
W.R. Grace & Co.	*		13,673		1,149,079
Westlake Chemical Corp.			3,659		352,764
Zep, Inc.			4,143		65,584
Zoltek Cos., Inc.	*		6,079		78,480
					15,453,126
Commercial Banks—5.0%
1st Source Corp.			2,200		52,272
1st United Bancorp, Inc./Boca Raton			2,628		17,660
Access National Corp.			1,241		16,108
American National Bankshares, Inc.			1,246		28,957
Ameris Bancorp	*		4,403		74,191
Ames National Corp.			1,475		33,571
Arrow Financial Corp.			2,088		51,678
Associated Banc-Corp			29,751		462,628
BancFirst Corp.			1,092		50,833
Banco Latinamericano de Comercio Exterior SA, Class E (Panama)			4,827		108,077
Bancorp, Inc. (The)/Delaware	*		6,092		91,319
BancorpSouth, Inc.			17,040		301,608
Bank of Hawaii Corp.			8,072		406,183
Bank of Kentucky Financial Corp.			972		27,644
Bank of Marin Bancorp			862		34,480
Bank of the Ozarks, Inc.			5,690		246,548
BankUnited, Inc.			10,661		277,293
Banner Corp.			3,350		113,196
Bar Harbor Bankshares			622		22,734
BBCN Bancorp, Inc./California			14,858		211,281
BNC Bancorp			2,917		33,312
BOK Financial Corp.			5,014		321,147
Boston Private Financial Holdings, Inc.			12,410		132,042

		Shares		Value
Bridge Bancorp, Inc.			1,421	$	31,972
Bridge Capital Holdings	*		1,525		24,186
Bryn Mawr Bank Corp.			2,581		61,763
C&F Financial Corp.			518		28,868
Camden National Corp.			1,411		50,048
Capital Bank Financial Corp., Class A	*		3,928		74,593
Capital City Bank Group, Inc.	*		4,374		50,432
CapitalSource, Inc.			35,892		336,667
Cardinal Financial Corp.			5,568		81,516
Cascade Bancorp	*†		479		2,975
Cathay General Bancorp			14,388		292,796
Catskill Litigation Trust	*‡d		583		—
Center Bancorp, Inc.			1,386		17,588
Centerstate Banks, Inc.			4,967		43,114
Central Pacific Financial Corp.	*		4,653		83,754
Century Bancorp, Inc./Massachussetts, Class A			582		20,370
Chemical Financial Corp.			4,739		123,167
Chemung Financial Corp.			584		19,558
Citizens & Northern Corp.			1,953		37,732
City Holding Co.	†		2,691		104,814
City National Corp./California			8,090		512,663
CNB Financial Corp./Pennsylvania			1,982		33,575
CoBiz Financial, Inc.			6,918		57,419
Columbia Banking System, Inc.			9,330		222,147
Commerce Bancshares, Inc./Missouri			13,411		584,183
Community Bank System, Inc.			8,019		247,386
Community Trust Bancorp, Inc.			2,246		80,003
Crescent Financial Bancshares, Inc.	*		2,017		8,834
CU Bancorp	*		1,509		23,842
Cullen/Frost Bankers, Inc.			9,396		627,371
Customers Bancorp, Inc.	*		3,163		51,399
CVB Financial Corp.			17,733		208,540
Eagle Bancorp, Inc.	*		3,733		83,538
East West Bancorp, Inc.			24,509		673,997
Enterprise Bancorp, Inc./Massachussetts			1,147		21,208
Enterprise Financial Services Corp.			2,867		45,757
Farmers Capital Bank Corp.	*		1,187		25,746
Fidelity Southern Corp.	*		2,374		29,366
Financial Institutions, Inc.			2,448		45,068
First Bancorp, Inc./Maine			1,513		26,447
First BanCorp. (Puerto Rico)	*		13,990		99,049
First Bancorp/North Carolina			5,052		71,233
First Busey Corp.			14,438		64,971
First Citizens BancShares, Inc./North Carolina, Class A			1,320		253,506
First Commonwealth Financial Corp.			18,567		136,839
First Community Bancshares, Inc./Virginia			2,951		46,272
First Connecticut Bancorp, Inc./Farmington CT			2,809		39,101
First Financial Bancorp			9,825		146,392
First Financial Bankshares, Inc.	†		5,511		306,742
First Financial Corp./Indiana			1,835		56,867
First Financial Holdings, Inc.			3,864		81,955
First Horizon National Corp.			42,125		471,800

See accompanying notes to financial statements

246

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
First Interstate BancSystem, Inc.			2,778	$	57,588
First Merchants Corp.			4,647		79,696
First Midwest Bancorp, Inc./Illinois			12,846		176,247
First NBC Bank Holding Co.	*		667		16,275
First Niagara Financial Group, Inc.			63,666		641,117
First of Long Island Corp. (The)			1,432		47,528
First Republic Bank/California			20,118		774,141
First Security Group, Inc./Tennesse	*		9,923		21,533
FirstMerit Corp.			28,999		580,850
Flushing Financial Corp.			5,182		85,244
FNB Corp./Pennsylvania			25,794		311,592
FNB United Corp.	*†		4,390		35,603
Fulton Financial Corp.			35,195		404,039
German American Bancorp, Inc.			2,006		45,175
Glacier Bancorp, Inc.			13,584		301,429
Great Southern Bancorp, Inc.			1,938		52,248
Guaranty Bancorp			3,103		35,219
Hampton Roads Bankshares, Inc.	*		5,516		7,116
Hancock Holding Co.			14,809		445,307
Hanmi Financial Corp.	*		5,822		102,875
Heartland Financial USA, Inc.			1,950		53,605
Heritage Commerce Corp.	*		4,197		29,379
Heritage Financial Corp./Washington			2,948		43,188
Heritage Oaks Bancorp	*		3,455		21,317
Home Bancshares, Inc./Arkansas			7,631		198,177
Home Federal Bancorp, Inc./Idaho			2,295		29,238
HomeTrust Bancshares, Inc.	*		3,407		57,783
Horizon Bancorp/Indiana			1,400		28,574
Hudson Valley Holding Corp.			2,708		45,982
Huntington Bancshares, Inc./Ohio			147,338		1,161,023
IBERIABANK Corp.			5,329		285,688
Independent Bank Corp./Massachusetts			3,937		135,827
Independent Bank Group, Inc.	*		611		18,574
International Bancshares Corp.			9,243		208,707
Intervest Bancshares Corp., Class A	*		2,892		19,319
Investors Bancorp, Inc.			9,011		189,952
Lakeland Bancorp, Inc.			4,730		49,334
Lakeland Financial Corp.			3,085		85,609
LCNB Corp.			959		21,443
Macatawa Bank Corp.	*		3,843		19,369
MainSource Financial Group, Inc.			4,454		59,817
MB Financial, Inc.			9,397		251,840
Mercantile Bank Corp.			1,379		24,781
Merchants Bancshares, Inc.			1,246		36,844
Metro Bancorp, Inc.	*		2,334		46,750
MetroCorp Bancshares, Inc.			2,525		24,644
Middleburg Financial Corp.			906		17,305
MidSouth Bancorp, Inc.			3,651		56,700
MidWestOne Financial Group, Inc.			1,528		36,764

		Shares		Value
National Bank Holdings Corp., Class A			8,481	$	167,076
National Bankshares, Inc.			1,101		39,119
National Penn Bancshares, Inc.			19,722		200,376
NBT Bancorp, Inc.			7,352		155,642
NewBridge Bancorp	*		4,001		23,966
Northrim BanCorp, Inc.			1,031		24,940
OFG Bancorp (Puerto Rico)			9,147		165,652
Old National Bancorp/Indiana			19,139		264,692
OmniAmerican Bancorp, Inc.	*		1,885		41,527
Pacific Continental Corp.			2,833		33,429
Pacific Premier Bancorp, Inc.	*		2,487		30,391
PacWest Bancorp			6,347		194,536
Palmetto Bancshares, Inc.	*		743		9,659
Park National Corp.	†		1,966		135,241
Park Sterling Corp.	*		7,082		41,855
Peapack Gladstone Financial Corp.			1,086		19,005
Penns Woods Bancorp, Inc.			608		25,451
Peoples Bancorp, Inc./Ohio			2,337		49,264
Pinnacle Financial Partners, Inc.	*		6,115		157,217
Popular, Inc. (Puerto Rico)	*		18,104		549,094
Preferred Bank/Los Angeles CA	*		2,248		37,047
PrivateBancorp, Inc.			12,737		270,152
Prosperity Bancshares, Inc.			10,569		547,369
Renasant Corp.			4,358		106,074
Republic Bancorp, Inc./Kentucky, Class A			2,055		45,046
S&T Bancorp, Inc.			6,364		124,734
Sandy Spring Bancorp, Inc.			4,178		90,328
SCBT Financial Corp.			2,852		143,712
Seacoast Banking Corp. of Florida	*		16,921		37,226
Sierra Bancorp			2,504		37,059
Signature Bank/New York	*		8,254		685,247
Simmons First National Corp., Class A			3,697		96,455
Southside Bancshares, Inc.			3,011		71,903
Southwest Bancorp, Inc./Oklahoma	*		4,075		53,790
State Bank Financial Corp.			5,308		79,779
StellarOne Corp.			3,710		72,902
Sterling Bancorp/New York			5,344		62,097
Sterling Financial Corp./Washington			5,733		136,331
Suffolk Bancorp	*		2,229		36,422
Sun Bancorp, Inc./New Jersey	*		6,405		21,713
Susquehanna Bancshares, Inc.			32,619		419,154
SVB Financial Group	*		7,832		652,562
SY Bancorp, Inc.			2,661		65,274
Synovus Financial Corp.			137,033		400,136
Taylor Capital Group, Inc.	*		2,736		46,211
TCF Financial Corp.			28,280		401,010
Texas Capital Bancshares, Inc.	*		7,089		314,468
Tompkins Financial Corp.			2,487		112,388
TowneBank/Virginia	†		4,995		73,526
Trico Bancshares			2,628		56,055
Tristate Capital Holdings, Inc.	*		1,067		14,671
Trustmark Corp.			11,537		283,579
UMB Financial Corp.			5,648		314,424
Umpqua Holdings Corp.			19,250		288,943
Union First Market Bankshares Corp.			4,226		87,013
United Bankshares, Inc.	†		8,519		225,328

See accompanying notes to financial statements

247

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
United Community Banks, Inc./Georgia	*		8,268	$	102,689
Univest Corp of Pennsylvania			2,741		52,271
Valley National Bancorp	†		36,283		343,600
ViewPoint Financial Group, Inc.			6,157		128,127
Virginia Commerce Bancorp, Inc.	*		5,289		73,834
Washington Banking Co.			2,583		36,679
Washington Trust Bancorp, Inc.			3,270		93,260
Webster Financial Corp.			15,362		394,496
WesBanco, Inc.			4,384		115,869
West Bancorporation, Inc.			2,473		29,058
Westamerica Bancorporation			4,848		221,505
Western Alliance Bancorp	*		14,353		227,208
Wilshire Bancorp, Inc.			11,523		76,282
Wintrust Financial Corp.			6,372		243,920
Yadkin Financial Corp.	*		2,278		31,983
Zions Bancorporation			32,272		932,015
					29,403,302
Commercial Services & Supplies—1.8%
ABM Industries, Inc.			9,730		238,482
ACCO Brands Corp.	*		19,480		123,893
Acorn Energy, Inc.			2,865		24,181
ARC Document Solutions, Inc.	*		7,490		29,960
AT Cross Co., Class A	*		1,508		25,561
Avery Dennison Corp.			17,413		744,580
Brink’s Co. (The)			8,256		210,611
Casella Waste Systems, Inc., Class A	*		5,820		25,084
Ceco Environmental Corp.			1,394		17,146
Cenveo, Inc.	*†		10,269		21,873
Cintas Corp.			18,293		833,063
Clean Harbors, Inc.	*		10,599		535,567
Consolidated Graphics, Inc.	*		1,217		57,211
Copart, Inc.	*		20,577		633,772
Courier Corp.			1,904		27,189
Covanta Holding Corp.			19,254		385,465
Deluxe Corp.			8,746		303,049
EnerNOC, Inc.	*		4,402		58,371
Ennis, Inc.			4,365		75,471
G&K Services, Inc., Class A			3,301		157,128
Healthcare Services Group, Inc.			11,692		286,688
Heritage-Crystal Clean, Inc.	*		1,400		20,454
Herman Miller, Inc.			10,436		282,503
HNI Corp.			7,930		286,035
InnerWorkings, Inc.	*		7,289		79,086
Interface, Inc.			9,959		169,004
Intersections, Inc.			4,413		38,702
KAR Auction Services, Inc.			12,358		282,627
Kimball International, Inc., Class B			4,445		43,161
Knoll, Inc.			8,621		122,504
McGrath RentCorp			4,288		146,478
Mine Safety Appliances Co.			4,632		215,620
Mobile Mini, Inc.	*		6,527		216,370
Multi-Color Corp.			2,526		76,639
NL Industries, Inc.			412		4,656
Performant Financial Corp.	*		3,538		41,005
Pitney Bowes, Inc.	†		34,695		509,323
Quad/Graphics, Inc.	†		4,134		99,629
R.R. Donnelley & Sons Co.	†		31,302		438,541

		Shares		Value
Rollins, Inc.			11,788	$	305,309
Schawk, Inc.			1,459		19,157
Standard Parking Corp.	*		2,169		46,547
Steelcase, Inc., Class A			15,256		222,432
Swisher Hygiene, Inc.	*		19,333		16,624
Team, Inc.	*		3,347		126,684
Tetra Tech, Inc.	*		11,065		260,138
TMS International Corp., Class A			1,511		22,408
TRC Cos., Inc.	*		3,666		25,662
Unifirst Corp.			2,539		231,684
United Stationers, Inc.			7,455		250,115
US Ecology, Inc.			3,604		98,894
Viad Corp.			3,417		83,785
Waste Connections, Inc.			21,896		900,801
West Corp.			3,374		74,700
					10,571,622
Communications Equipment—1.2%
ADTRAN, Inc.			10,673		262,663
Alliance Fiber Optic Products, Inc.			930		18,609
Anaren, Inc.	*		2,003		45,949
ARRIS Group, Inc.	*		20,318		291,563
Aruba Networks, Inc.	*		20,237		310,840
Aviat Networks, Inc.	*		11,965		31,348
Bel Fuse, Inc., Class B			1,562		21,009
Black Box Corp.			2,697		68,288
Brocade Communications Systems, Inc.	*		78,700		453,312
CalAmp Corp.	*		6,551		95,645
Calix, Inc.	*		6,802		68,700
Ciena Corp.	*		18,562		360,474
Comtech Telecommunications Corp.			3,106		83,520
Digi International, Inc.	*		4,346		40,722
EchoStar Corp., Class A	*		7,521		294,146
Emulex Corp.	*		15,840		103,277
Extreme Networks, Inc.	*		15,723		54,244
Finisar Corp.	*		16,126		273,336
Globecomm Systems, Inc.	*		5,067		64,047
Harmonic, Inc.	*		19,391		123,133
Infinera Corp.	*		19,569		208,801
InterDigital, Inc.			7,655		341,796
Ixia	*		9,680		178,112
JDS Uniphase Corp.	*		40,584		583,598
KVH Industries, Inc.	*		3,755		49,979
NETGEAR, Inc.	*		7,547		230,485
Numerex Corp., Class A	*		1,800		20,088
Oplink Communications, Inc.	*		3,197		55,532
Palo Alto Networks, Inc.	*		5,360		225,978
Parkervision, Inc.	*†		17,722		80,635
PC-Tel, Inc.			2,924		24,796
Plantronics, Inc.			7,822		343,542
Polycom, Inc.	*		30,575		322,260
Procera Networks, Inc.	*		3,968		54,481
Riverbed Technology, Inc.	*		28,385		441,671
Ruckus Wireless, Inc.	*†		7,098		90,925
ShoreTel, Inc.	*		9,728		39,204
Sonus Networks, Inc.	*		44,942		135,275
Symmetricom, Inc.	*		6,110		27,434
Tellabs, Inc.			59,542		117,893
Tessco Technologies, Inc.			867		22,889
Ubiquiti Networks, Inc.			2,651		46,499

See accompanying notes to financial statements

248

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund			Shares		Value
COMMON STOCKS—(Continued)
ViaSat, Inc.		*		6,826	$	487,786
Westell Technologies, Inc., Class A		*		13,644		32,609
						7,227,093
Computers & Peripherals—0.7%
3D Systems Corp.		*†		17,311		759,953
Avid Technology, Inc.		*		2,658		15,629
Cray, Inc.		*		6,853		134,593
Datalink Corp.		*		2,020		21,493
Diebold, Inc.				11,573		389,894
Electronics for Imaging, Inc.		*		8,004		226,433
Fusion-io, Inc.		*†		12,959		184,536
Hutchinson Technology, Inc.		*		3,764		17,804
Imation Corp.		*		7,222		30,549
Immersion Corp.		*		5,977		79,195
Intermec, Inc.		*		11,337		111,443
Lexmark International, Inc., Class A				11,007		336,484
NCR Corp.		*		28,766		948,990
QLogic Corp.		*		16,769		160,312
Quantum Corp.		*		58,778		80,526
Silicon Graphics International Corp.		*		6,293		84,200
STEC, Inc.		*		6,821		45,837
Stratasys Ltd.		*		5,497		460,319
Super Micro Computer, Inc.		*		5,215		55,488
Synaptics, Inc.		*		5,652		217,941
						4,361,619
Construction & Engineering—1.1%
AECOM Technology Corp.		*		18,991		603,724
Aegion Corp.		*		6,611		148,814
Ameresco, Inc., Class A		*		2,238		20,164
Argan, Inc.				2,317		36,145
Chicago Bridge & Iron Co. NV (Netherlands)				17,783		1,060,934
Comfort Systems USA, Inc.				6,272		93,578
Dycom Industries, Inc.		*		6,558		151,752
EMCOR Group, Inc.				11,664		474,142
Furmanite Corp.		*		7,017		46,944
Granite Construction, Inc.				6,711		199,719
Great Lakes Dredge & Dock Corp.				9,800		76,636
KBR, Inc.				26,168		850,460
Layne Christensen Co.		*		3,389		66,119
MasTec, Inc.		*		11,328		372,691
Michael Baker Corp.				1,370		37,141
MYR Group, Inc.		*		3,419		66,500
Northwest Pipe Co.		*		2,458		68,578
Orion Marine Group, Inc.		*		6,042		73,048
Pike Electric Corp.				4,864		59,827
Primoris Services Corp.				5,870		115,756
Quanta Services, Inc.		*		37,212		984,630
Sterling Construction Co., Inc.		*		5,331		48,299
Tutor Perini Corp.		*		5,845		105,736
URS Corp.				13,633		643,750
	��
						6,405,087
Construction Materials—0.3%
Eagle Materials, Inc.				8,459		560,578
Headwaters, Inc.		*		14,630		129,329

		Shares		Value
Martin Marietta Materials, Inc.			8,062	$	793,462
Texas Industries, Inc.	*†		3,747		244,080
United States Lime & Minerals, Inc.	*		481		25,132
US Concrete, Inc.	*		2,151		35,319
					1,787,900
Consumer Finance—0.4%
Cash America International, Inc.			5,250		238,665
Consumer Portfolio Services, Inc.	*		2,748		20,170
Credit Acceptance Corp.	*		1,300		136,565
DFC Global Corp.	*		7,457		102,981
Encore Capital Group, Inc.	*		3,915		129,626
Ezcorp, Inc., Class A	*		8,825		148,966
First Cash Financial Services, Inc.	*		5,377		264,602
First Marblehead Corp. (The)	*†		39,461		46,564
Green Dot Corp., Class A	*†		4,362		87,022
Imperial Holdings, Inc.	*		2,792		19,125
Nelnet, Inc., Class A			4,517		163,018
Netspend Holdings, Inc.	*		3,938		62,890
Nicholas Financial, Inc.			1,628		24,615
Portfolio Recovery Associates, Inc.	*		2,931		450,290
Regional Management Corp.	*		850		21,250
World Acceptance Corp.	*†		1,607		139,713
					2,056,062
Containers & Packaging—1.6%
AEP Industries, Inc.	*		838		62,339
AptarGroup, Inc.			11,696		645,736
Ball Corp.			26,295		1,092,294
Bemis Co., Inc.			18,193		712,074
Berry Plastics Group, Inc.	*		8,974		198,056
Boise, Inc.			17,044		145,556
Crown Holdings, Inc.	*		25,675		1,056,013
Graphic Packaging Holding Co.	*		37,441		289,793
Greif, Inc., Class A			5,397		284,260
Myers Industries, Inc.			4,506		67,635
Owens-Illinois, Inc.	*		28,716		798,018
Packaging Corp. of America			17,148		839,566
Rock-Tenn Co., Class A			12,616		1,260,086
Sealed Air Corp.			34,176		818,515
Silgan Holdings, Inc.			7,880		370,045
Sonoco Products Co.			18,010		622,606
UFP Technologies, Inc.	*		952		18,640
					9,281,232
Distributors—0.3%
Core-Mark Holding Co., Inc.			1,898		120,523
LKQ Corp.	*		52,976		1,364,132
Pool Corp.			8,124		425,779
VOXX International Corp.	*		2,945		36,135
Weyco Group, Inc.			1,031		25,981
					1,972,550
Diversified Consumer Services—0.8%
American Public Education, Inc.	*		3,033		112,706
Apollo Group, Inc., Class A	*		17,124		303,437
Ascent Capital Group, Inc., Class A	*		2,543		198,532
Bridgepoint Education, Inc.	*		5,181		63,105
Bright Horizons Family Solutions, Inc.	*		1,996		69,281
Capella Education Co.	*		2,073		86,341

See accompanying notes to financial statements

249

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Career Education Corp.	*		11,632	$	33,733
Carriage Services, Inc.			2,616		44,341
Coinstar, Inc.	*†		5,002		293,467
Corinthian Colleges, Inc.	*		17,447		39,081
DeVry, Inc.			11,303		350,619
Education Management Corp.	*†		5,027		28,252
Grand Canyon Education, Inc.	*		8,434		271,828
Hillenbrand, Inc.			10,140		240,419
ITT Educational Services, Inc.	*†		4,939		120,512
JTH Holding, Inc., Class A	*		737		11,976
K12, Inc.	*		5,107		134,161
LifeLock, Inc.	*		10,164		119,020
Lincoln Educational Services Corp.			3,801		20,031
Mac-Gray Corp.			1,917		27,221
Matthews International Corp., Class A			4,455		167,954
Regis Corp.			8,692		142,723
Service Corp. International			36,903		665,361
Sotheby’s			11,815		447,907
Steiner Leisure Ltd. (Bahamas)	*		2,327		123,005
Stewart Enterprises, Inc., Class A			12,603		164,973
Strayer Education, Inc.	†		1,807		88,236
Universal Technical Institute, Inc.			4,524		46,733
Weight Watchers International, Inc.	†		5,424		249,504
					4,664,459
Diversified Financial Services—0.5%
CBOE Holdings, Inc.			15,218		709,768
Gain Capital Holdings, Inc.			1,849		11,667
MarketAxess Holdings, Inc.			6,806		318,180
Marlin Business Services Corp.			1,306		29,751
MSCI, Inc.	*		21,356		710,514
NASDAQ OMX Group, Inc. (The)			19,544		640,848
NewStar Financial, Inc.	*		5,723		76,230
PHH Corp.	*		10,225		208,385
PICO Holdings, Inc.	*		3,754		78,684
Resource America, Inc., Class A			3,696		31,416
					2,815,443
Diversified Telecommunication Services—0.8%
8x8, Inc.	*		14,799		121,944
Atlantic Tele-Network, Inc.			1,558		77,370
Cbeyond, Inc.	*		5,638		44,202
Cincinnati Bell, Inc.	*		38,778		118,661
Cogent Communications Group, Inc.			9,120		256,728
Consolidated Communications Holdings, Inc.			7,943		138,288
Fairpoint Communications, Inc.	*†		2,675		22,336
Frontier Communications Corp.	†		174,146		705,291
General Communication, Inc., Class A	*		3,847		30,122
Hawaiian Telcom Holdco, Inc.	*		1,637		41,187
HickoryTech Corp.			2,808		29,849
IDT Corp., Class B			2,274		42,501

		Shares		Value
inContact, Inc.	*		8,949	$	73,561
Intelsat SA (Luxembourg)	*		3,546		70,920
Iridium Communications, Inc.	*†		10,823		83,986
Level 3 Communications, Inc.	*		28,997		611,257
Lumos Networks Corp.			2,601		44,477
magicJack VocalTec Ltd. (Israel)	*		3,040		43,138
Neutral Tandem, Inc.			6,478		37,249
ORBCOMM, Inc.	*		7,135		32,036
Premiere Global Services, Inc.	*		8,185		98,793
Primus Telecommunications Group, Inc.			1,944		23,211
Towerstream Corp.	*†		22,633		57,714
tw telecom inc.	*		26,258		738,900
Vonage Holdings Corp.	*		26,128		73,942
Windstream Corp.			100,642		775,950
					4,393,613
Electric Utilities—1.8%
ALLETE, Inc.			6,861		342,021
Cleco Corp.			10,464		485,844
El Paso Electric Co.			7,953		280,820
Empire District Electric Co. (The)			7,796		173,929
Great Plains Energy, Inc.			26,703		601,886
Hawaiian Electric Industries, Inc.	†		18,463		467,299
IDACORP, Inc.			8,770		418,855
ITC Holdings Corp.			9,341		852,833
MGE Energy, Inc.			4,136		226,487
NV Energy, Inc.			40,989		961,602
OGE Energy Corp.			17,391		1,186,066
Otter Tail Corp.			6,778		192,495
Pepco Holdings, Inc.			43,519		877,343
Pinnacle West Capital Corp.			19,504		1,081,887
PNM Resources, Inc.			13,928		309,062
Portland General Electric Co.			13,022		398,343
UIL Holdings Corp.			9,097		347,960
Unitil Corp.			2,617		75,579
UNS Energy Corp.			7,150		319,820
Westar Energy, Inc.			22,750		727,090
					10,327,221
Electrical Equipment—1.1%
Acuity Brands, Inc.			7,498		566,249
American Superconductor Corp.	*†		6,746		17,809
AZZ, Inc.			4,607		177,646
Babcock & Wilcox Co. (The)			20,160		605,405
Belden, Inc.			7,642		381,565
Brady Corp., Class A			7,763		238,557
Capstone Turbine Corp.	*†		79,299		92,780
Coleman Cable, Inc.			953		17,211
Encore Wire Corp.			3,443		117,406
EnerSys, Inc.			8,778		430,473
Enphase Energy, Inc.	*†		4,304		33,270
Franklin Electric Co., Inc.			7,858		264,422
FuelCell Energy, Inc.	*†		48,935		62,147
Generac Holdings, Inc.			8,508		314,881
General Cable Corp.			8,632		265,434
Global Power Equipment Group, Inc.			2,804		45,201
GrafTech International Ltd.	*†		22,518		163,931
Hubbell, Inc., Class B			10,699		1,059,201

See accompanying notes to financial statements

250

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
II-VI, Inc.	*		8,787	$	142,877
LSI Industries, Inc.			3,003		24,294
Polypore International, Inc.	*†		8,493		342,268
Powell Industries, Inc.	*		1,563		80,729
Power Solutions International, Inc.	*		305		10,245
PowerSecure International, Inc.	*		3,029		45,526
Preformed Line Products Co.			302		20,026
Regal-Beloit Corp.			7,866		510,031
Revolution Lighting Technologies, Inc.	*		4,765		19,060
SolarCity Corp.	*†		3,619		136,690
Thermon Group Holdings, Inc.	*		4,483		91,453
Vicor Corp.	*		3,481		23,845
					6,300,632
Electronic Equipment, Instruments & Components—2.3%
Aeroflex Holding Corp.	*		7,441		58,709
Agilysys, Inc.	*		4,188		47,282
Anixter International, Inc.	*		4,879		369,877
Arrow Electronics, Inc.	*		18,475		736,229
Audience, Inc.	*		1,525		20,145
Avnet, Inc.	*		24,366		818,698
AVX Corp.			9,165		107,689
Badger Meter, Inc.			2,704		120,463
Benchmark Electronics, Inc.	*		10,071		202,427
Checkpoint Systems, Inc.	*		8,101		114,953
Cognex Corp.			7,539		340,914
Coherent, Inc.			4,175		229,917
CTS Corp.			4,578		62,444
Daktronics, Inc.			5,610		57,559
Dolby Laboratories, Inc., Class A			7,140		238,833
DTS, Inc.	*		3,053		62,831
Electro Rent Corp.			2,563		43,033
Electro Scientific Industries, Inc.			3,685		39,651
Fabrinet (Cayman Islands)	*		4,614		64,596
FARO Technologies, Inc.	*		2,847		96,286
FEI Co.			7,016		512,098
FLIR Systems, Inc.			25,185		679,239
GSI Group, Inc.	*		5,025		40,401
Ingram Micro, Inc., Class A	*		27,070		514,059
Insight Enterprises, Inc.	*		7,275		129,058
InvenSense Inc.	*†		9,463		145,541
IPG Photonics Corp.	†		5,664		343,975
Itron, Inc.	*		7,053		299,259
Jabil Circuit, Inc.			35,363		720,698
Kemet Corp.	*		8,699		35,753
Littelfuse, Inc.			3,785		282,399
Maxwell Technologies, Inc.	*		5,615		40,147
Measurement Specialties, Inc.	*		3,063		142,521
Mercury Systems, Inc.	*		3,652		33,671
Mesa Laboratories, Inc.			539		29,176
Methode Electronics, Inc.			7,481		127,252
Molex, Inc.			25,483		747,671
MTS Systems Corp.			2,686		152,028
Multi-Fineline Electronix, Inc.	*		1,120		16,587
National Instruments Corp.			17,107		477,970
Navarre Corp.	*		6,434		17,758
Neonode, Inc. (Sweden)	*		3,979		23,675
Newport Corp.	*		6,603		91,980
OSI Systems, Inc.	*		3,433		221,154

		Shares		Value
Park Electrochemical Corp.			3,495	$	83,915
PC Connection, Inc.			2,755		42,565
Plexus Corp.	*		5,843		174,647
Power-One, Inc.	*		14,664		92,676
Radisys Corp.	*		4,878		23,463
RealD, Inc.	*		6,791		94,395
Richardson Electronics Ltd./United States			1,926		22,611
Rofin-Sinar Technologies, Inc.	*		4,789		119,438
Rogers Corp.	*		2,845		134,625
Sanmina Corp.	*		14,024		201,244
ScanSource, Inc.	*		5,707		182,624
SYNNEX Corp.	*		5,088		215,121
Tech Data Corp.	*		6,714		316,162
Trimble Navigation Ltd.	*		44,703		1,162,725
TTM Technologies, Inc.	*		9,730		81,732
Uni-Pixel, Inc.	*		1,630		23,977
Universal Display Corp.	*†		6,959		195,617
Vishay Intertechnology, Inc.	*		22,804		316,748
Vishay Precision Group, Inc.	*		2,712		41,060
Zygo Corp.	*		2,997		47,383
					13,229,334
Energy Equipment & Services—2.5%
Atwood Oceanics, Inc.	*		9,973		519,095
Basic Energy Services, Inc.	*†		5,491		66,386
Bolt Technology Corp.			1,856		31,701
Bristow Group, Inc.			6,316		412,561
C&J Energy Services, Inc.	*†		7,108		137,682
Cal Dive International, Inc.	*†		20,032		37,660
CARBO Ceramics, Inc.	†		3,363		226,767
Dawson Geophysical Co.	*		1,539		56,728
Dresser-Rand Group, Inc.	*		13,863		831,503
Dril-Quip, Inc.	*		7,078		639,073
Era Group, Inc.	*		3,470		90,741
Exterran Holdings, Inc.	*		10,606		298,241
Forum Energy Technologies, Inc.	*		6,639		202,025
Geospace Technologies Corp.	*		2,205		152,321
Global Geophysical Services, Inc.	*		3,880		18,314
Gulf Island Fabrication, Inc.			2,377		45,520
Gulfmark Offshore, Inc., Class A			4,605		207,639
Helix Energy Solutions Group, Inc.	*		18,482		425,825
Helmerich & Payne, Inc.			16,747		1,045,850
Hercules Offshore, Inc.	*		29,491		207,617
Hornbeck Offshore Services, Inc.	*		6,152		329,132
ION Geophysical Corp.	*		22,870		137,677
Key Energy Services, Inc.	*		31,716		188,710
Lufkin Industries, Inc.			5,305		469,333
Matrix Service Co.	*		4,454		69,393
McDermott International, Inc.	*		41,308		337,899
Mitcham Industries, Inc.	*		3,707		62,203
Nabors Industries Ltd. (Bermuda)			51,669		791,052
Natural Gas Services Group, Inc.	*		2,483		58,326
Newpark Resources, Inc.	*		17,228		189,336
Nuverra Environmental Solutions, Inc.	*†		24,039		69,713
Oceaneering International, Inc.			19,093		1,378,515
Oil States International, Inc.	*		9,725		900,924
Parker Drilling Co.	*		18,562		92,439
Patterson-UTI Energy, Inc.			26,176		506,637
PHI, Inc.	*		2,638		90,483
Pioneer Energy Services Corp.	*		11,528		76,315
RigNet, Inc.	*		1,876		47,800

See accompanying notes to financial statements

251

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Rowan Cos. plc, Class A	*		21,852	$	744,498
RPC, Inc.	†		12,499		172,611
SEACOR Holdings, Inc.			3,616		300,309
Superior Energy Services, Inc.	*		27,971		725,568
Tesco Corp.	*		4,785		63,401
TETRA Technologies, Inc.	*		13,294		136,396
TGC Industries, Inc.			2,392		19,662
Tidewater, Inc.			8,862		504,868
Unit Corp.	*		8,459		360,184
Vantage Drilling Co.	*†		44,721		91,231
Willbros Group, Inc.	*		6,569		40,334
					14,608,198
Food & Staples Retailing—0.6%
Andersons, Inc. (The)			3,185		169,410
Arden Group, Inc., Class A			241		26,604
Casey’s General Stores, Inc.			6,804		409,329
Chefs’ Warehouse, Inc. (The)	*		2,301		39,577
Fairway Group Holdings Corp.	*		2,487		60,111
Fresh Market, Inc. (The)	*		6,963		346,200
Harris Teeter Supermarkets, Inc.			8,609		403,418
Ingles Markets, Inc., Class A			1,996		50,399
Nash Finch Co.			2,063		45,407
Natural Grocers by Vitamin Cottage, Inc.	*		1,404		43,524
Pantry, Inc. (The)	*		3,943		48,026
Pricesmart, Inc.			3,292		288,478
Rite Aid Corp.	*		136,012		388,994
Roundy’s, Inc.			3,989		33,228
Spartan Stores, Inc.			3,490		64,356
SUPERVALU, Inc.	*†		35,004		217,725
Susser Holdings Corp.	*		2,932		140,384
United Natural Foods, Inc.	*		8,552		461,723
Village Super Market, Inc., Class A			1,280		42,355
Weis Markets, Inc.			2,120		95,548
					3,374,796
Food Products—1.4%
Alico, Inc.			494		19,814
Annie’s, Inc.	*		2,168		92,660
B&G Foods, Inc.			9,578		326,131
Boulder Brands, Inc.	*		11,006		132,622
Calavo Growers, Inc.			2,244		61,014
Cal-Maine Foods, Inc.			2,754		128,089
Chiquita Brands International, Inc.	*		9,802		107,038
Darling International, Inc.	*		20,481		382,175
Dean Foods Co.	*		32,457		325,219
Diamond Foods, Inc.	*†		4,466		92,670
Dole Food Co., Inc.	*		9,349		119,200
Farmer Bros. Co.	*		930		13,076
Flowers Foods, Inc.			31,296		690,066
Fresh Del Monte Produce, Inc.			7,728		215,457
Griffin Land & Nurseries, Inc.			620		17,682
Hain Celestial Group, Inc. (The)	*		6,923		449,787
Hillshire Brands Co.			20,802		688,130
Ingredion, Inc.			13,451		882,655
Inventure Foods, Inc.	*		3,145		26,292
J&J Snack Foods Corp.			2,553		198,623
John B. Sanfilippo & Son, Inc.			1,899		38,284

		Shares		Value
Lancaster Colony Corp.			3,176	$	247,696
Lifeway Foods, Inc.			778		13,506
Limoneira Co.			1,586		32,878
Omega Protein Corp.	*		2,815		25,279
Pilgrim’s Pride Corp.	*		10,087		150,700
Pinnacle Foods, Inc.			5,297		127,923
Post Holdings, Inc.	*		5,682		248,076
Sanderson Farms, Inc.			3,958		262,890
Seaboard Corp.			51		138,108
Seneca Foods Corp., Class A	*		1,290		39,577
Smithfield Foods, Inc.	*		24,573		804,766
Snyders-Lance, Inc.			8,591		244,070
Tootsie Roll Industries, Inc.	†		3,351		106,495
TreeHouse Foods, Inc.	*		6,343		415,720
WhiteWave Foods Co., Class A	*†		18,178		295,393
WhiteWave Foods Co., Class B	*		10,579		160,801
					8,320,562
Gas Utilities—1.1%
AGL Resources, Inc.			20,740		888,916
Atmos Energy Corp.			15,810		649,159
Chesapeake Utilities Corp.			1,819		93,660
Delta Natural Gas Co., Inc.			1,837		39,036
Laclede Group, Inc. (The)			5,598		255,605
National Fuel Gas Co.			13,120		760,304
New Jersey Resources Corp.			7,441		309,025
Northwest Natural Gas Co.			4,635		196,895
Piedmont Natural Gas Co., Inc.	†		13,505		455,659
Questar Corp.			30,684		731,813
South Jersey Industries, Inc.			5,555		318,913
Southwest Gas Corp.			7,750		362,623
UGI Corp.			19,857		776,607
WGL Holdings, Inc.			9,061		391,616
					6,229,831
Health Care Equipment & Supplies—2.4%
Abaxis, Inc.			3,746		177,972
ABIOMED, Inc.	*		6,733		145,163
Accuray, Inc.	*		10,434		59,891
Alere, Inc.	*		14,099		345,426
Align Technology, Inc.	*		12,745		472,075
Alphatec Holdings, Inc.	*		9,819		20,129
Analogic Corp.			2,120		154,400
AngioDynamics, Inc.	*		5,314		59,942
Anika Therapeutics, Inc.	*		1,903		32,351
Antares Pharma, Inc.	*†		19,090		79,414
ArthroCare Corp.	*		4,705		162,464
AtriCure, Inc.	*		3,315		31,493
Atrion Corp.			291		63,645
Biolase, Inc.	*		5,134		18,380
Cantel Medical Corp.			4,138		140,154
Cardiovascular Systems, Inc.	*		3,524		74,709
Cerus Corp.	*†		16,123		71,264
CONMED Corp.			5,352		167,196
Cooper Cos., Inc. (The)			8,471		1,008,473
CryoLife, Inc.			6,833		42,775
Cutera, Inc.	*		2,327		20,478
Cyberonics, Inc.	*		4,754		247,018
Cynosure, Inc., Class A	*		4,120		107,038
Derma Sciences, Inc.	*		2,171		28,983
DexCom, Inc.	*		12,319		276,562
Endologix, Inc.	*		11,389		151,246
Exactech, Inc.	*		1,480		29,230
GenMark Diagnostics, Inc.	*		4,636		47,973

See accompanying notes to financial statements

252

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Globus Medical, Inc., Class A	*†		8,897	$	150,003
Greatbatch, Inc.	*		4,014		131,619
Haemonetics Corp.	*		8,858		366,278
HeartWare International, Inc.	*		2,826		268,781
Hill-Rom Holdings, Inc.			10,283		346,331
Hologic, Inc.	*		48,728		940,450
ICU Medical, Inc.	*		2,188		157,667
IDEXX Laboratories, Inc.	*		9,556		857,938
Insulet Corp.	*		9,174		288,155
Integra LifeSciences Holdings Corp.	*		3,392		124,249
Invacare Corp.			4,378		62,868
MAKO Surgical Corp.	*†		7,201		86,772
Masimo Corp.			8,398		178,038
Medical Action Industries, Inc.	*		2,332		17,956
Meridian Bioscience, Inc.			7,174		154,241
Merit Medical Systems, Inc.	*		7,183		80,090
Natus Medical, Inc.	*		6,365		86,882
Navidea Biopharmaceuticals, Inc.	*†		24,451		65,284
Neogen Corp.	*		4,098		227,685
NuVasive, Inc.	*		7,621		188,925
NxStage Medical, Inc.	*		12,475		178,143
OraSure Technologies, Inc.	*		7,330		28,440
Orthofix International NV (Netherlands Antilles)	*		2,888		77,687
PhotoMedex, Inc.	*†		2,664		42,464
Quidel Corp.	*†		5,467		139,573
ResMed, Inc.	†		25,196		1,137,095
Rochester Medical Corp.	*		2,249		33,128
Rockwell Medical, Inc.	*		6,217		22,443
RTI Biologics, Inc.	*		13,504		50,775
Sirona Dental Systems, Inc.	*		9,719		640,288
Solta Medical, Inc.	*		11,237		25,620
Spectranetics Corp.	*		8,571		160,106
Staar Surgical Co.	*		7,139		72,461
STERIS Corp.			10,645		456,458
SurModics, Inc.	*		3,217		64,372
Symmetry Medical, Inc.	*		5,904		49,712
TearLab Corp.	*		4,055		43,064
Teleflex, Inc.			7,202		558,083
Thoratec Corp.	*		9,579		299,918
Tornier NV (Netherlands)	*		4,118		72,065
Unilife Corp.	*†		15,695		49,753
Utah Medical Products, Inc.			525		28,508
Vascular Solutions, Inc.	*		2,721		40,026
Volcano Corp.	*		9,210		166,977
West Pharmaceutical Services, Inc.			6,057		425,565
Wright Medical Group, Inc.	*		7,473		195,867
Zeltiq Aesthetics, Inc.	*		3,019		19,291
					14,093,938
Health Care Providers & Services—2.4%
Acadia Healthcare Co., Inc.	*		5,944		196,568
Accretive Health, Inc.	*†		9,701		104,868
Addus HomeCare Corp.	*		874		17,253
Air Methods Corp.			6,714		227,470
Alliance HealthCare Services, Inc.	*		806		12,606
Almost Family, Inc.			2,502		47,538
Amedisys, Inc.	*		5,275		61,295
AMN Healthcare Services, Inc.	*		7,678		109,949

		Shares		Value
Amsurg Corp.	*		5,421	$	190,277
Bio-Reference Labs, Inc.	*†		4,688		134,780
BioScrip, Inc.	*		9,835		162,277
Brookdale Senior Living, Inc.	*		17,941		474,360
Capital Senior Living Corp.	*		5,534		132,263
Centene Corp.	*		9,350		490,501
Chemed Corp.			3,466		251,042
Chindex International, Inc.	*		2,406		39,025
Community Health Systems, Inc.			16,464		771,832
Corvel Corp.	*		1,582		46,305
Cross Country Healthcare, Inc.	*		2,631		13,576
Emeritus Corp.	*		6,981		161,820
Ensign Group, Inc. (The)			3,393		119,501
ExamWorks Group, Inc.	*		4,999		106,129
Five Star Quality Care, Inc.	*		9,106		51,085
Gentiva Health Services, Inc.	*		5,336		53,147
Hanger, Inc.	*		6,290		198,953
Health Management Associates, Inc., Class A	*		45,177		710,182
Health Net, Inc.	*		14,135		449,776
HealthSouth Corp.	*		15,614		449,683
Healthways, Inc.	*		5,769		100,265
IPC The Hospitalist Co., Inc.	*		3,142		161,373
Kindred Healthcare, Inc.	*		9,246		121,400
Landauer, Inc.			1,319		63,721
LHC Group, Inc.	*		2,770		54,237
LifePoint Hospitals, Inc.	*		8,109		396,044
Magellan Health Services, Inc.	*		4,963		278,325
MEDNAX, Inc.	*		8,920		816,894
Molina Healthcare, Inc.	*		4,825		179,393
MWI Veterinary Supply, Inc.	*		2,204		271,621
National Healthcare Corp.			1,812		86,614
National Research Corp., Class A	*		1,929		34,722
Omnicare, Inc.			18,538		884,448
Owens & Minor, Inc.			11,083		374,938
Patterson Cos., Inc.			15,567		585,319
PharMerica Corp.	*		5,445		75,468
Providence Service Corp. (The)	*		2,069		60,187
Select Medical Holdings Corp.			8,061		66,100
Skilled Healthcare Group, Inc., Class A	*		4,230		28,256
Team Health Holdings, Inc.	*		11,828		485,776
Tenet Healthcare Corp.	*		18,124		835,516
Triple-S Management Corp., Class B (Puerto Rico)	*		4,524		97,130
U.S. Physical Therapy, Inc.			2,234		61,748
Universal American Corp.			7,130		63,386
Universal Health Services, Inc., Class B			16,136		1,080,467
USMD Holdings, Inc.	*		174		5,149
Vanguard Health Systems, Inc.	*		5,673		117,658
VCA Antech, Inc.	*		15,954		416,240
WellCare Health Plans, Inc.	*		7,548		419,291
					14,005,747
Health Care Technology—0.4%
Allscripts Healthcare Solutions, Inc.	*		32,155		416,086
athenahealth, Inc.	*†		6,418		543,733
Computer Programs & Systems, Inc.			2,114		103,882
Greenway Medical Technologies	*†		1,880		23,199
HealthStream, Inc.	*		3,356		84,974
HMS Holdings Corp.	*		15,221		354,649

See accompanying notes to financial statements

253

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
MedAssets, Inc.	*		11,090	$	196,737
Medidata Solutions, Inc.	*		4,866		376,872
Merge Healthcare, Inc.	*		9,619		34,628
Omnicell, Inc.	*		6,227		127,965
Quality Systems, Inc.			6,901		129,118
Vocera Communications, Inc.	*		3,339		49,083
					2,440,926
Hotels, Restaurants & Leisure—2.3%
AFC Enterprises, Inc.	*		4,381		157,453
Ameristar Casinos, Inc.			6,381		167,757
Bally Technologies, Inc.	*		6,963		392,852
Biglari Holdings, Inc.	*		203		83,311
BJ’s Restaurants, Inc.	*		4,349		161,348
Bloomin’ Brands, Inc.	*		8,939		222,402
Bob Evans Farms, Inc.			5,483		257,591
Boyd Gaming Corp.	*†		9,758		110,265
Bravo Brio Restaurant Group, Inc.	*		3,101		55,260
Brinker International, Inc.			12,272		483,885
Buffalo Wild Wings, Inc.	*		3,378		331,585
Burger King Worldwide, Inc.			16,241		316,862
Caesars Entertainment Corp.	*†		6,320		86,584
Carrols Restaurant Group, Inc.	*		3,749		24,219
CEC Entertainment, Inc.			2,926		120,083
Cheesecake Factory, Inc. (The)			9,317		390,289
Choice Hotels International, Inc.			5,105		202,617
Churchill Downs, Inc.			2,365		186,480
Chuy’s Holdings, Inc.	*		2,570		98,534
Cracker Barrel Old Country Store, Inc.			3,399		321,749
Del Frisco’s Restaurant Group, Inc.	*		1,694		36,269
Denny’s Corp.	*		15,003		84,317
DineEquity, Inc.			2,805		193,180
Diversified Restaurant Holdings, Inc.	*		1,746		13,898
Domino’s Pizza, Inc.			10,148		590,106
Dunkin’ Brands Group, Inc.			18,106		775,299
Einstein Noah Restaurant Group, Inc.			1,279		18,162
Fiesta Restaurant Group, Inc.	*		3,196		109,910
Ignite Restaurant Group, Inc.	*		1,280		24,154
International Game Technology			44,112		737,112
International Speedway Corp., Class A			5,069		159,521
Interval Leisure Group, Inc.			6,806		135,576
Isle of Capri Casinos, Inc.	*		1,251		9,383
Jack in the Box, Inc.	*		8,142		319,899
Jamba, Inc.	*		3,273		48,866
Krispy Kreme Doughnuts, Inc.	*		12,674		221,161
Life Time Fitness, Inc.	*		7,740		387,851
Luby’s, Inc.	*		4,603		38,895
Marcus Corp.			1,805		22,960
Marriott Vacations Worldwide Corp.	*		5,077		219,530
Monarch Casino & Resort, Inc.	*		2,050		34,563
Morgans Hotel Group Co.	*†		5,643		45,483
Multimedia Games Holding Co., Inc.	*		4,998		130,298
Nathan’s Famous, Inc.	*		431		22,520
Orient-Express Hotels Ltd., Class A (Bermuda)	*		16,283		198,001

		Shares		Value
Panera Bread Co., Class A	*		4,918	$	914,453
Papa John’s International, Inc.	*		2,773		181,271
Penn National Gaming, Inc.	*		12,185		644,099
Pinnacle Entertainment, Inc.	*		10,729		211,039
Red Robin Gourmet Burgers, Inc.	*		2,363		130,390
Ruby Tuesday, Inc.	*		11,736		108,323
Ruth’s Hospitality Group, Inc.			5,675		68,497
Scientific Games Corp., Class A	*		8,925		100,406
SeaWorld Entertainment, Inc.			4,826		169,393
SHFL Entertainment, Inc.	*		9,562		169,343
Six Flags Entertainment Corp.			11,766		413,693
Sonic Corp.	*		10,276		149,619
Speedway Motorsports, Inc.			1,680		29,232
Texas Roadhouse, Inc.			11,362		284,277
Town Sports International Holdings, Inc.			4,025		43,349
Vail Resorts, Inc.			6,260		385,115
Wendy’s Co. (The)			51,279		298,957
WMS Industries, Inc.	*		9,531		243,136
					13,292,632
Household Durables—2.0%
American Greetings Corp., Class A			6,040		110,049
Bassett Furniture Industries, Inc.			1,779		27,628
Beazer Homes USA, Inc.	*†		4,831		84,639
Blyth, Inc.	†		1,754		24,486
Cavco Industries, Inc.	*		1,216		61,347
CSS Industries, Inc.			1,140		28,420
D.R. Horton, Inc.			49,925		1,062,404
Ethan Allen Interiors, Inc.	†		4,278		123,206
EveryWare Global, Inc.	*		1,582		19,206
Flexsteel Industries, Inc.			839		20,455
Harman International Industries, Inc.			12,152		658,638
Helen of Troy Ltd. (Bermuda)	*		5,442		208,810
Hooker Furniture Corp.			2,097		34,097
Hovnanian Enterprises, Inc., Class A	*†		21,157		118,691
iRobot Corp.	*		4,739		188,470
Jarden Corp.	*		19,752		864,150
KB Home	†		14,319		281,082
La-Z-Boy, Inc.			9,601		194,612
Leggett & Platt, Inc.			24,927		774,980
Lennar Corp., Class A			28,899		1,041,520
Libbey, Inc.	*		3,551		85,117
Lifetime Brands, Inc.			1,617		21,959
M/I Homes, Inc.	*		4,003		91,909
MDC Holdings, Inc.			6,746		219,312
Meritage Homes Corp.	*		6,210		269,266
Mohawk Industries, Inc.	*		10,769		1,211,405
NACCO Industries, Inc., Class A			829		47,485
NVR, Inc.	*		882		813,204
Ryland Group, Inc. (The)			8,272		331,707
Skullcandy, Inc.	*		3,066		16,740
Standard Pacific Corp.	*†		29,234		243,519
Taylor Morrison Home Corp., Class A	*		5,028		122,583
Tempur Sealy International, Inc.	*		10,615		465,999
Toll Brothers, Inc.	*		29,379		958,637
TRI Pointe Homes, Inc.	*		2,341		38,814
Tupperware Brands Corp.			9,372		728,111
Universal Electronics, Inc.	*		3,125		87,906

See accompanying notes to financial statements

254

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
William Lyon Homes, Class A	*		2,179	$	54,933
Zagg, Inc.	*		4,869		26,049
					11,761,545
Household Products—0.3%
Central Garden and Pet Co., Class A	*		6,906		47,651
Energizer Holdings, Inc.			11,248		1,130,536
Harbinger Group, Inc.	*		7,514		56,656
Oil-Dri Corp of America			764		20,987
Orchids Paper Products Co.			947		24,859
Spectrum Brands Holdings, Inc.			3,690		209,850
WD-40 Co.			2,756		150,147
					1,640,686
Independent Power Producers & Energy Traders—0.1%
Atlantic Power Corp.	†		20,459		80,608
Dynegy, Inc.	*		16,323		368,084
Genie Energy Ltd., Class B	*		4,871		44,570
Ormat Technologies, Inc.			3,707		87,188
					580,450
Industrial Conglomerates—0.2%
Carlisle Cos., Inc.			11,527		718,248
Raven Industries, Inc.			6,841		205,093
					923,341
Insurance—4.8%
Alleghany Corp.	*		2,947		1,129,615
Allied World Assurance Co. Holdings AG (Switzerland)			6,051		553,727
Ambac Financial Group, Inc.	*		7,128		169,860
American Equity Investment Life Holding Co.			10,752		168,806
American Financial Group, Inc.			13,822		676,034
American National Insurance Co.			1,570		156,168
American Safety Insurance Holdings Ltd. (Bermuda)	*		2,368		68,554
AMERISAFE, Inc.			3,489		113,009
Amtrust Financial Services, Inc.	†		5,336		190,495
Arch Capital Group Ltd. (Bermuda)	*		23,375		1,201,709
Argo Group International Holdings Ltd. (Bermuda)			4,639		196,647
Arthur J. Gallagher & Co.			22,092		965,199
Aspen Insurance Holdings Ltd. (Bermuda)			12,105		448,974
Assurant, Inc.			13,642		694,514
Assured Guaranty Ltd. (Bermuda)			29,406		648,696
Axis Capital Holdings Ltd. (Bermuda)			20,677		946,593
Baldwin & Lyons, Inc., Class B			1,792		43,510
Brown & Brown, Inc.			20,866		672,720
Citizens, Inc.	*		8,606		51,464
CNO Financial Group, Inc.			38,574		499,919
Crawford & Co., Class B			3,543		19,912
Donegal Group, Inc., Class A			1,264		17,658
Eastern Insurance Holdings, Inc.			1,019		19,106
eHealth, Inc.	*		3,998		90,834
EMC Insurance Group, Inc.			1,041		27,337
Employers Holdings, Inc.			5,724		139,952
Endurance Specialty Holdings Ltd. (Bermuda)			7,658		394,004

		Shares		Value
Enstar Group Ltd. (Bermuda)	*		1,618	$	215,162
Erie Indemnity Co., Class A			4,229		337,009
Everest Re Group Ltd. (Bermuda)			8,830		1,132,536
FBL Financial Group, Inc., Class A			2,268		98,681
Fidelity National Financial, Inc., Class A			40,174		956,543
First American Financial Corp.			18,930		417,217
Genworth Financial, Inc., Class A	*		86,104		982,447
Global Indemnity plc (Ireland)	*		1,488		35,042
Greenlight Capital Re Ltd., Class A (Cayman Islands)	*		4,425		108,545
Hallmark Financial Services, Inc.	*		2,249		20,556
Hanover Insurance Group, Inc. (The)			7,669		375,244
HCC Insurance Holdings, Inc.			17,992		775,635
HCI Group, Inc.			1,471		45,189
Hilltop Holdings, Inc.	*		11,655		191,142
Horace Mann Educators Corp.			7,441		181,412
Independence Holding Co.			1,901		22,470
Infinity Property & Casualty Corp.			1,953		116,711
Investors Title Co.			224		15,891
Kansas City Life Insurance Co.			1,203		46,039
Kemper Corp.			8,711		298,352
Maiden Holdings Ltd. (Bermuda)			8,262		92,700
Markel Corp.	*		2,408		1,268,896
MBIA, Inc.	*		24,484		325,882
Meadowbrook Insurance Group, Inc.			10,981		88,177
Mercury General Corp.			4,554		200,194
Montpelier Re Holdings Ltd. (Bermuda)			8,461		211,610
National Financial Partners Corp.	*		9,598		242,925
National Interstate Corp.			1,051		30,742
National Western Life Insurance Co., Class A			368		69,865
Navigators Group, Inc. (The)	*		1,745		99,535
Old Republic International Corp.			45,301		583,024
OneBeacon Insurance Group Ltd., Class A			4,581		66,333
PartnerRe Ltd. (Bermuda)			9,831		890,295
Phoenix Cos., Inc. (The)	*		1,471		63,253
Platinum Underwriters Holdings Ltd. (Bermuda)			5,531		316,484
Primerica, Inc.			9,568		358,226
ProAssurance Corp.			10,801		563,380
Protective Life Corp.			13,700		526,217
Reinsurance Group of America, Inc.			13,203		912,459
RenaissanceRe Holdings Ltd. (Bermuda)			7,897		685,381
RLI Corp.			3,638		277,980
Safety Insurance Group, Inc.			2,194		106,431
Selective Insurance Group, Inc.			9,573		220,370
StanCorp Financial Group, Inc.			8,100		400,221
State Auto Financial Corp.			2,585		46,969
Stewart Information Services Corp.			3,543		92,791
Symetra Financial Corp.			15,274		244,231
Tower Group International Ltd. (Bermuda)			9,683		198,598
United Fire Group, Inc.			3,518		87,352
Universal Insurance Holdings, Inc.			4,648		32,908

See accompanying notes to financial statements

255

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Validus Holdings Ltd. (Bermuda)			19,101	$	689,928
W.R. Berkley Corp.			19,590		800,447
White Mountains Insurance Group Ltd.			1,069		614,611
					28,085,254
Internet & Catalog Retail—0.4%
1-800-Flowers.com, Inc., Class A	*		2,113		13,080
Blue Nile, Inc.	*		2,444		92,334
Groupon, Inc.	*		70,508		599,318
HomeAway, Inc.	*		9,257		299,371
HSN, Inc.			5,867		315,175
Liberty Ventures, Series A	*		6,132		521,281
Nutrisystem, Inc.			5,029		59,242
Orbitz Worldwide, Inc.	*		5,907		47,433
Overstock.com, Inc.	*		2,104		59,333
PetMed Express, Inc.			3,185		40,131
Shutterfly, Inc.	*		6,624		369,553
Valuevision Media, Inc., Class A	*		6,239		31,881
Vitacost.com, Inc.	*		5,941		50,202
					2,498,334
Internet Software & Services—1.7%
Active Network, Inc. (The)	*		9,274		70,204
Angie’s List, Inc.	*†		7,000		185,850
AOL, Inc.	*		14,126		515,316
Bankrate, Inc.	*		7,663		110,041
Bazaarvoice, Inc.	*†		8,939		84,205
Blucora, Inc.	*		7,679		142,369
Brightcove, Inc.	*		7,785		68,197
Carbonite, Inc.	*		4,030		49,932
ChannelAdvisor Corp.	*		978		15,384
comScore, Inc.	*		6,023		146,901
Constant Contact, Inc.	*		5,890		94,652
Cornerstone OnDemand, Inc.	*		6,814		294,978
CoStar Group, Inc.	*		4,986		643,543
Dealertrack Technologies, Inc.	*		8,039		284,822
Demand Media, Inc.	*†		4,535		27,210
Demandware, Inc.	*		2,716		115,186
Dice Holdings, Inc.	*		6,835		62,950
Digital River, Inc.	*		5,786		108,603
E2open, Inc.	*†		2,458		43,015
EarthLink, Inc.			20,557		127,659
eGain Corp.	*		2,108		20,279
Envestnet, Inc.	*		3,202		78,769
ExactTarget, Inc.	*		7,474		252,023
Global Eagle Entertainment, Inc.	*		3,438		34,586
IAC/InterActiveCorp			13,399		637,256
Internap Network Services Corp.	*		12,216		101,026
IntraLinks Holdings, Inc.	*		8,850		64,251
j2 Global, Inc.			8,028		341,270
Keynote Systems, Inc.			3,262		64,457
Limelight Networks, Inc.	*		6,937		15,608
Liquidity Services, Inc.	*†		3,959		137,258
LivePerson, Inc.	*		8,484		75,974
LogMeIn, Inc.	*		4,468		109,287
Marchex, Inc., Class B			2,710		16,314
Marin Software, Inc.	*		1,504		15,401
Market Leader, Inc.	*		3,945		42,211
Marketo, Inc.	*		1,125		27,979
Millennial Media, Inc.	*†		8,132		70,830

		Shares		Value
Monster Worldwide, Inc.	*		21,639	$	106,247
Move, Inc.	*		7,747		99,317
Net Element International, Inc.	*		362		1,879
NIC, Inc.			10,696		176,805
OpenTable, Inc.	*†		4,344		277,799
Pandora Media, Inc.	*†		21,690		399,096
Perficient, Inc.	*		5,746		76,652
QuinStreet, Inc.	*		5,214		44,997
Rackspace Hosting, Inc.	*		19,139		725,177
RealNetworks, Inc.	*		4,328		32,720
Reis, Inc.	*		1,345		24,869
Responsys, Inc.	*		6,331		90,597
SciQuest, Inc.	*		3,675		92,059
Shutterstock, Inc.	*		1,263		70,450
Spark Networks, Inc.	*		1,965		16,604
SPS Commerce, Inc.	*		2,486		136,730
Stamps.com, Inc.	*		2,445		96,309
support.com, Inc.	*		4,962		22,676
TechTarget, Inc.	*		2,374		10,612
Travelzoo, Inc.	*		828		22,571
Trulia, Inc.	*†		3,935		122,339
United Online, Inc.			18,915		143,376
Unwired Planet, Inc.	*		21,687		42,290
ValueClick, Inc.	*		13,525		333,797
VistaPrint NV (Netherlands)	*†		5,644		278,644
Vocus, Inc.	*		4,079		42,911
Web.com Group, Inc.	*		7,545		193,152
WebMD Health Corp.	*		6,687		196,397
XO Group, Inc.	*		3,458		38,730
Xoom Corp.	*†		1,855		42,517
Yelp, Inc.	*		4,893		170,130
Zillow, Inc., Class A	*†		3,741		210,618
Zix Corp.	*		18,330		77,536
					9,712,399
IT Services—2.3%
Acxiom Corp.	*		12,735		288,830
Blackhawk Network Holdings, Inc.	*		1,822		42,270
Booz Allen Hamilton Holding Corp.			5,188		90,167
Broadridge Financial Solutions, Inc.			21,569		573,304
CACI International, Inc., Class A	*		4,046		256,881
Cardtronics, Inc.	*		7,775		214,590
Cass Information Systems, Inc.			1,466		67,583
CIBER, Inc.	*		14,012		46,800
Computer Task Group, Inc.			2,532		58,160
Convergys Corp.			18,585		323,937
CoreLogic, Inc.	*		16,631		385,340
CSG Systems International, Inc.	*		5,860		127,162
DST Systems, Inc.			6,148		401,649
EPAM Systems, Inc.	*		3,695		100,430
Euronet Worldwide, Inc.	*		8,568		272,976
EVERTEC, Inc. (Puerto Rico)	*		4,673		102,666
ExlService Holdings, Inc.	*		5,435		160,659
FleetCor Technologies, Inc.	*		11,618		944,543
Forrester Research, Inc.			2,455		90,074
Gartner, Inc.	*		16,649		948,827
Genpact Ltd. (Bermuda)			30,012		577,431
Global Cash Access Holdings, Inc.	*		13,203		82,651
Global Payments, Inc.			13,569		628,516
Hackett Group, Inc. (The)			7,902		41,011

See accompanying notes to financial statements

256

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Heartland Payment Systems, Inc.	†		6,660	$	248,085
Higher One Holdings, Inc.	*		8,271		96,274
iGATE Corp.	*		5,816		95,499
Jack Henry & Associates, Inc.			15,174		715,151
Lender Processing Services, Inc.			15,980		516,953
Lionbridge Technologies, Inc.	*		18,369		53,270
ManTech International Corp., Class A			4,079		106,543
MAXIMUS, Inc.			6,111		455,147
ModusLink Global Solutions, Inc.	*		10,739		34,150
MoneyGram International, Inc.	*		4,578		103,692
NeuStar, Inc., Class A	*		11,833		576,030
Planet Payment, Inc.	*		6,859		18,931
PRGX Global, Inc.	*		4,569		25,084
SAIC, Inc.			50,766		707,170
Sapient Corp.	*		20,009		261,318
ServiceSource International, Inc.	*		9,931		92,557
Sykes Enterprises, Inc.	*		6,572		103,575
Syntel, Inc.			3,095		194,583
TeleTech Holdings, Inc.	*		4,611		108,036
Total System Services, Inc.			28,944		708,549
Unisys Corp.	*		7,450		164,421
Vantiv, Inc., Class A	*		14,889		410,936
VeriFone Systems, Inc.	*		18,269		307,102
Virtusa Corp.	*		3,400		75,344
WEX, Inc.	*		7,019		538,357
					13,543,214
Leisure Equipment & Products—0.4%
Arctic Cat, Inc.			2,262		101,745
Black Diamond, Inc.	*		3,789		35,617
Brunswick Corp.			15,701		501,647
Callaway Golf Co.			13,092		86,145
JAKKS Pacific, Inc.			3,244		36,495
Johnson Outdoors, Inc., Class A	*		785		19,546
LeapFrog Enterprises, Inc.	*†		12,080		118,867
Marine Products Corp.			3,091		24,790
Nautilus, Inc.	*		4,916		42,720
Polaris Industries, Inc.			11,475		1,090,125
Smith & Wesson Holding Corp.	*†		14,267		142,385
Steinway Musical Instruments, Inc.	*		1,536		46,740
Sturm Ruger & Co., Inc.	†		3,275		157,331
					2,404,153
Life Sciences Tools & Services—1.0%
Accelerate Diagnostics, Inc.	*		1,686		13,690
Affymetrix, Inc.	*		13,418		59,576
Albany Molecular Research, Inc.	*		3,704		43,967
Bio-Rad Laboratories, Inc., Class A	*		3,744		420,077
Bruker Corp.	*		19,689		317,977
Cambrex Corp.	*		6,259		87,438
Charles River Laboratories International, Inc.	*		9,215		378,092
Covance, Inc.	*		9,774		744,192
Fluidigm Corp.	*		4,126		72,040
Furiex Pharmaceuticals, Inc.	*		1,264		43,065
Harvard Bioscience, Inc.	*		4,039		18,983
Luminex Corp.	*		6,030		124,278
Mettler-Toledo International, Inc.	*		5,400		1,086,480

		Shares		Value
NeoGenomics, Inc.	*		5,221	$	20,780
Pacific Biosciences of California, Inc.	*		7,617		19,271
PAREXEL International Corp.	*		9,874		453,612
PerkinElmer, Inc.			19,582		636,415
QIAGEN NV (Netherlands)	*		40,897		814,259
Sequenom, Inc.	*†		20,997		88,397
Techne Corp.			6,454		445,842
					5,888,431
Machinery—4.2%
Accuride Corp.	*		5,687		28,776
Actuant Corp., Class A			12,782		421,423
AGCO Corp.			17,074		856,944
Alamo Group, Inc.			1,174		47,923
Albany International Corp., Class A			5,205		171,661
Altra Holdings, Inc.			4,485		122,799
American Railcar Industries, Inc.			2,303		77,174
Ampco-Pittsburgh Corp.			986		18,507
Astec Industries, Inc.			3,451		118,335
Barnes Group, Inc.			9,253		277,497
Blount International, Inc.	*		9,180		108,508
Briggs & Stratton Corp.			9,174		181,645
Chart Industries, Inc.	*		5,289		497,642
CIRCOR International, Inc.			2,975		151,308
CLARCOR, Inc.			8,870		463,103
Colfax Corp.	*		14,668		764,349
Columbus McKinnon Corp.	*		4,765		101,590
Commercial Vehicle Group, Inc.	*		6,660		49,684
Crane Co.			8,500		509,320
Donaldson Co., Inc.			25,407		906,014
Douglas Dynamics, Inc.			3,681		47,779
Dynamic Materials Corp.			3,125		51,594
Energy Recovery, Inc.	*		6,998		28,902
EnPro Industries, Inc.	*		3,892		197,558
ESCO Technologies, Inc.			4,458		144,350
ExOne Co. (The)	*		966		59,621
Federal Signal Corp.	*		11,860		103,775
Flow International Corp.	*		9,896		36,516
FreightCar America, Inc.			2,798		47,538
Gardner Denver, Inc.			8,844		664,892
Global Brass & Copper Holdings, Inc.	*		1,289		17,066
Gorman-Rupp Co. (The)			2,362		75,206
Graco, Inc.			11,033		697,396
Graham Corp.			1,617		48,558
Greenbrier Cos., Inc.	*		4,956		120,778
Hardinge, Inc.			1,862		27,520
Harsco Corp.			14,896		345,438
Hurco Cos., Inc.			1,248		35,905
Hyster-Yale Materials Handling, Inc.			1,756		110,259
IDEX Corp.			14,574		784,227
ITT Corp.			15,720		462,325
John Bean Technologies Corp.			5,724		120,261
Kadant, Inc.			1,553		46,854
Kaydon Corp.			6,009		165,548
Kennametal, Inc.			13,776		534,922
L.B. Foster Co., Class A			1,705		73,605
Lincoln Electric Holdings, Inc.			14,545		832,992
Lindsay Corp.			2,395		179,577
Lydall, Inc.	*		2,982		43,537
Manitex International, Inc.	*		1,949		21,342

See accompanying notes to financial statements

257

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Manitowoc Co., Inc. (The)			23,699	$	424,449
Meritor, Inc.	*		20,436		144,074
Met-Pro Corp.			2,327		31,275
Middleby Corp.	*		3,286		558,916
Miller Industries, Inc.			1,779		27,361
Mueller Industries, Inc.			5,028		253,562
Mueller Water Products, Inc., Class A			30,046		207,618
Navistar International Corp.	*		10,261		284,845
NN, Inc.			3,390		38,680
Nordson Corp.			11,196		775,995
Oshkosh Corp.	*		15,173		576,119
PMFG, Inc.	*		3,313		22,926
Proto Labs, Inc.	*†		2,784		180,876
RBC Bearings, Inc.	*		4,314		224,112
Rexnord Corp.	*		5,002		84,284
Snap-on, Inc.			10,290		919,720
SPX Corp.			8,573		617,085
Standex International Corp.			2,170		114,467
Sun Hydraulics Corp.			3,521		110,137
Tecumseh Products Co., Class A	*		2,932		32,047
Tennant Co.			3,185		153,740
Terex Corp.	*		20,581		541,280
Timken Co.			15,252		858,383
Titan International, Inc.			9,793		165,208
Toro Co. (The)			10,316		468,450
Trimas Corp.	*		6,590		245,675
Trinity Industries, Inc.			14,339		551,191
Twin Disc, Inc.			720		17,064
Valmont Industries, Inc.			4,609		659,502
Wabash National Corp.	*		12,487		127,118
WABCO Holdings, Inc.	*		10,344		772,593
Wabtec Corp.			17,018		909,272
Watts Water Technologies, Inc., Class A			5,244		237,763
Woodward, Inc.			12,862		514,480
Xerium Technologies, Inc.	*		1,744		17,754
Xylem, Inc.			31,531		849,445
					24,717,509
Marine—0.2%
International Shipholding Corp.			724		16,891
Kirby Corp.	*		9,860		784,264
Matson, Inc.			7,328		183,200
Ultrapetrol Bahamas Ltd. (Bahamas)	*		3,567		10,166
					994,521
Media—1.9%
A.H. Belo Corp., Class A			2,998		20,566
AMC Networks, Inc., Class A	*		10,690		699,233
Arbitron, Inc.			4,835		224,586
Belo Corp., Class A			17,721		247,208
Cablevision Systems Corp., Class A			34,034		572,452
Carmike Cinemas, Inc.	*		3,438		66,560
Central European Media Enterprises Ltd., Class A (Bermuda)	*		20,704		68,530
Cinemark Holdings, Inc.			20,007		558,595
Clear Channel Outdoor Holdings, Inc., Class A	*		8,401		62,672

		Shares		Value
Crown Media Holdings, Inc., Class A	*†		4,399	$	10,866
Cumulus Media, Inc., Class A	*†		20,178		68,403
Daily Journal Corp.	*		156		17,628
Dex Media, Inc.	*		2,722		47,826
Digital Generation, Inc.	*†		2,455		18,093
DreamWorks Animation SKG, Inc., Class A	*†		12,844		329,577
Entercom Communications Corp., Class A	*		3,975		37,524
Entravision Communications Corp., Class A			9,227		56,746
EW Scripps Co. (The), Class A	*		5,253		81,842
Fisher Communications, Inc.			1,113		45,722
Gannett Co., Inc.			40,045		979,501
Global Sources Ltd. (Bermuda)	*		3,330		22,344
Gray Television, Inc.	*		7,966		57,355
Harte-Hanks, Inc.			7,272		62,539
Hemisphere Media Group, Inc.	*		1,387		19,002
Interpublic Group of Cos., Inc. (The)			74,996		1,091,192
John Wiley & Sons, Inc., Class A			8,182		328,016
Journal Communications, Inc., Class A	*		5,969		44,708
Lamar Advertising Co., Class A	*		13,772		597,705
LIN TV Corp., Class A	*		4,745		72,599
Lions Gate Entertainment Corp.	*		15,052		413,478
Live Nation Entertainment, Inc.	*		25,073		388,632
Loral Space & Communications, Inc.			2,438		146,231
Madison Square Garden Co. (The), Class A	*		10,957		649,202
Martha Stewart Living Omnimedia, Class A	*		6,601		15,908
McClatchy Co. (The), Class A	*†		3,506		7,994
MDC Partners, Inc., Class A			3,997		72,106
Media General, Inc., Class A	*		3,104		34,237
Meredith Corp.	†		6,486		309,382
Morningstar, Inc.			3,829		297,054
National CineMedia, Inc.			10,391		175,504
New York Times Co. (The), Class A	*		22,126		244,714
Nexstar Broadcasting Group, Inc., Class A			4,900		173,754
Radio Unica Communications Corp.	*‡d		1,900		—
ReachLocal, Inc.	*		2,912		35,701
Reading International, Inc., Class A	*		2,976		18,927
Regal Entertainment Group, Class A	†		15,242		272,832
Rentrak Corp.	*		1,647		33,055
Saga Communications, Inc., Class A			599		27,500
Salem Communications Corp., Class A			3,266		24,462
Scholastic Corp.			4,805		140,738
Sinclair Broadcast Group, Inc., Class A			11,593		340,602
Starz, Class A	*		19,135		422,884
Valassis Communications, Inc.	†		6,961		171,171
Washington Post Co. (The), Class B	†		751		363,311

See accompanying notes to financial statements

258

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
World Wrestling Entertainment, Inc., Class A			4,170	$	42,993
					11,331,962
Metals & Mining—1.3%
AK Steel Holding Corp.	*†		22,896		69,604
Allegheny Technologies, Inc.			18,842		495,733
Allied Nevada Gold Corp.	*		17,040		110,419
AM Castle & Co.	*		3,161		49,817
AMCOL International Corp.			4,673		148,087
Carpenter Technology Corp.			7,854		353,980
Century Aluminum Co.	*		9,652		89,571
Cliffs Natural Resources, Inc.			25,150		408,687
Coeur Mining, Inc.	*		19,535		259,815
Commercial Metals Co.			20,130		297,320
Compass Minerals International, Inc.			5,724		483,850
General Moly, Inc.	*		9,796		18,319
Globe Specialty Metals, Inc.			11,348		123,353
Gold Resource Corp.	†		6,352		55,326
Handy & Harman Ltd.	*		1,465		26,194
Haynes International, Inc.			1,995		95,501
Hecla Mining Co.	†		57,658		171,821
Horsehead Holding Corp.	*		8,375		107,284
Kaiser Aluminum Corp.			3,203		198,394
Materion Corp.			2,925		79,238
Midway Gold Corp.	*		19,115		18,025
Molycorp, Inc.	*†		22,165		137,423
Noranda Aluminum Holding Corp.			14,536		46,951
Olympic Steel, Inc.			1,772		43,414
Paramount Gold and Silver Corp.	*		21,835		25,984
Reliance Steel & Aluminum Co.			13,552		888,469
Royal Gold, Inc.			11,475		482,868
RTI International Metals, Inc.	*		5,082		140,822
Schnitzer Steel Industries, Inc., Class A			4,380		102,404
Steel Dynamics, Inc.			39,422		587,782
Stillwater Mining Co.	*		20,578		221,008
SunCoke Energy, Inc.	*		12,177		170,722
Tahoe Resources, Inc.	*		15,705		222,226
United States Steel Corp.	†		26,033		456,358
Universal Stainless & Alloy Products, Inc.	*		2,058		60,670
US Silica Holdings, Inc.	†		3,654		75,930
Walter Energy, Inc.	†		10,993		114,327
Worthington Industries, Inc.			8,883		281,680
					7,719,376
Multiline Retail—0.3%
Big Lots, Inc.	*		10,372		327,029
Bon-Ton Stores, Inc. (The)			2,140		38,627
Dillard’s, Inc., Class A			4,801		393,538
Fred’s, Inc., Class A			5,995		92,863
Gordmans Stores, Inc.	*		1,503		20,456
J.C. Penney Co., Inc.	*		28,351		484,235
Saks, Inc.	*		18,973		258,792
Sears Holdings Corp.	*		6,981		293,760
Tuesday Morning Corp.	*		6,966		72,237
					1,981,537

		Shares		Value
Multi-Utilities—1.2%
Alliant Energy Corp.			19,678	$	992,165
Avista Corp.			11,016		297,652
Black Hills Corp.			7,914		385,807
CMS Energy Corp.			46,694		1,268,676
Integrys Energy Group, Inc.			14,161		828,843
MDU Resources Group, Inc.			33,003		855,108
NorthWestern Corp.			6,546		261,185
SCANA Corp.			24,409		1,198,482
TECO Energy, Inc.			38,083		654,647
Vectren Corp.			14,573		493,005
					7,235,570
Office Electronics—0.1%
Zebra Technologies Corp., Class A	*		8,701		377,971
Oil, Gas & Consumable Fuels—3.1%
Abraxas Petroleum Corp.	*		16,099		33,808
Adams Resources & Energy, Inc.			479		32,998
Alon USA Energy, Inc.			3,922		56,712
Alpha Natural Resources, Inc.	*		38,779		203,202
Amyris, Inc.	*†		6,091		17,603
Apco Oil and Gas International, Inc.	*		2,488		28,687
Approach Resources, Inc.	*†		6,656		163,538
Arch Coal, Inc.	†		37,708		142,536
Berry Petroleum Co., Class A			9,211		389,810
Bill Barrett Corp.	*†		8,318		168,190
Bonanza Creek Energy, Inc.	*		4,775		169,321
BPZ Resources, Inc.	*		27,149		48,597
Callon Petroleum Co.	*		8,345		28,123
Carrizo Oil & Gas, Inc.	*		8,019		227,178
Cheniere Energy, Inc.	*		42,096		1,168,585
Clayton Williams Energy, Inc.	*		1,241		53,983
Clean Energy Fuels Corp.	*†		11,637		153,608
Cloud Peak Energy, Inc.	*		12,175		200,644
Comstock Resources, Inc.			8,808		138,550
Contango Oil & Gas Co.			2,731		92,171
Crimson Exploration, Inc.	*		3,682		10,383
Crosstex Energy, Inc.			8,856		174,995
CVR Energy, Inc.			2,695		127,743
Delek US Holdings, Inc.			5,989		172,363
Diamondback Energy, Inc.	*		2,967		98,860
Emerald Oil, Inc.	*		9,095		62,392
Endeavour International Corp.	*		7,460		28,646
Energen Corp.			12,493		652,884
Energy XXI Bermuda Ltd. (Bermuda)			15,053		333,876
EPL Oil & Gas, Inc.	*		5,691		167,088
Equal Energy Ltd. (Canada)			5,695		23,008
Evolution Petroleum Corp.	*		2,183		23,817
EXCO Resources, Inc.	†		25,463		194,537
Forest Oil Corp.	*		19,596		80,148
Frontline Ltd. (Bermuda)	*		8,754		15,495
FX Energy, Inc.	*†		10,537		33,824
GasLog Ltd. (Monaco)			4,325		55,360
Gastar Exploration Ltd.	*		9,755		26,046
Golar LNG Ltd. (Bermuda)	†		7,438		237,198
Goodrich Petroleum Corp.	*†		5,095		65,216
Green Plains Renewable Energy, Inc.	*		4,187		55,771
Gulfport Energy Corp.	*		13,222		622,360
Halcon Resources Corp.	*†		35,980		204,007

See accompanying notes to financial statements

259

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Hallador Energy Co.			3,197	$	25,736
Isramco, Inc.	*		156		14,536
KiOR, Inc., Class A	*†		11,289		64,460
Knightsbridge Tankers Ltd. (Bermuda)			3,875		28,520
Kodiak Oil & Gas Corp.	*		47,736		424,373
Kosmos Energy Ltd. (Bermuda)	*		17,007		172,791
L&L Energy, Inc.	*		4,777		16,958
Laredo Petroleum Holdings, Inc.	*		6,356		130,679
Magnum Hunter Resources Corp.	*†		36,378		132,780
Matador Resources Co.	*		8,417		100,836
Midstates Petroleum Co., Inc.	*		5,381		29,111
Miller Energy Resources, Inc.	*		4,833		19,332
Newfield Exploration Co.	*		23,714		566,527
Nordic American Tankers Ltd. (Norway)	†		12,057		91,271
Northern Oil and Gas, Inc.	*		10,226		136,415
Oasis Petroleum, Inc.	*		16,042		623,553
Panhandle Oil and Gas, Inc., Class A			595		16,957
PBF Energy, Inc.	†		4,025		104,247
PDC Energy, Inc.	*		5,189		267,130
Peabody Energy Corp.			45,516		666,354
Penn Virginia Corp.	*		9,218		43,325
PetroQuest Energy, Inc.	*		13,685		54,193
QEP Resources, Inc.			30,544		848,512
Quicksilver Resources, Inc.	*†		22,131		37,180
Renewable Energy Group, Inc.	*		5,520		78,550
Rentech, Inc.			43,798		91,976
Resolute Energy Corp.	*		11,308		90,238
REX American Resources Corp.	*		1,034		29,748
Rex Energy Corp.	*		7,431		130,637
Rosetta Resources, Inc.	*		10,639		452,370
Sanchez Energy Corp.	*†		4,768		109,473
SandRidge Energy, Inc.	*†		86,327		410,917
Scorpio Tankers, Inc. (Monaco)			27,369		245,774
SemGroup Corp., Class A			7,271		391,616
Ship Finance International Ltd. (Norway)	†		8,843		131,230
SM Energy Co.			11,633		697,747
Solazyme, Inc.	*		7,574		88,767
Stone Energy Corp.	*		10,027		220,895
Swift Energy Co.	*		7,371		88,378
Synergy Resources Corp.	*		6,708		49,103
Targa Resources Corp.			5,645		363,143
Teekay Corp. (Bermuda)			6,856		278,559
Teekay Tankers Ltd., Class A (Bermuda)			9,900		26,037
Triangle Petroleum Corp.	*		7,302		51,187
Ultra Petroleum Corp.	*†		27,419		543,445
Uranium Energy Corp. (Canada)	*		13,541		24,238
Ur-Energy, Inc.	*		19,514		26,149
Vaalco Energy, Inc.	*		12,065		69,012
W&T Offshore, Inc.			5,802		82,911
Warren Resources, Inc.	*		23,225		59,224
Western Refining, Inc.			10,435		292,910
Westmoreland Coal Co.	*		4,305		48,345
World Fuel Services Corp.			12,579		502,908
WPX Energy, Inc.	*		35,030		663,468
ZaZa Energy Corp.	*†		22,201		26,641
					17,965,233

		Shares		Value
Paper & Forest Products—0.4%
Boise Cascade Co.	*		2,264	$	57,528
Buckeye Technologies, Inc.			6,973		258,280
Clearwater Paper Corp.	*		3,863		181,793
Deltic Timber Corp.			1,869		108,066
Domtar Corp. (Canada)			5,880		391,020
KapStone Paper and Packaging Corp.			7,086		284,716
Louisiana-Pacific Corp.	*		23,628		349,458
Neenah Paper, Inc.			2,742		87,113
P.H. Glatfelter Co.			8,163		204,891
Resolute Forest Products, Inc. (Canada)	*		11,111		146,332
Schweitzer-Mauduit International, Inc.			5,613		279,976
Wausau Paper Corp.			7,879		89,821
					2,438,994
Personal Products—0.4%
Elizabeth Arden, Inc.	*		4,409		198,714
Female Health Co. (The)			2,117		20,874
Herbalife Ltd. (Cayman Islands)	†		15,329		691,951
Inter Parfums, Inc.			2,745		78,287
Lifevantage Corp.	*		18,012		41,788
Medifast, Inc.	*		2,861		73,699
Nature’s Sunshine Products, Inc.			1,727		28,236
Nu Skin Enterprises, Inc., Class A			10,379		634,365
Nutraceutical International Corp.			1,355		27,696
Prestige Brands Holdings, Inc.	*		9,444		275,198
Revlon, Inc., Class A	*		1,782		39,311
Star Scientific, Inc.	*†		39,623		55,076
Synutra International, Inc.	*		2,931		14,919
USANA Health Sciences, Inc.	*†		1,221		88,376
					2,268,490
Pharmaceuticals—1.1%
AcelRx Pharmaceuticals, Inc.	*		3,351		31,064
Akorn, Inc.	*		9,982		134,957
Alimera Sciences, Inc.	*		2,748		13,410
Ampio Pharmaceuticals, Inc.	*†		10,383		59,910
Auxilium Pharmaceuticals, Inc.	*		9,100		151,333
AVANIR Pharmaceuticals, Inc., Class A	*†		28,713		132,080
BioDelivery Sciences International, Inc.	*†		3,972		16,126
Cadence Pharmaceuticals, Inc.	*		9,924		67,682
Cempra, Inc.	*		2,537		19,712
Corcept Therapeutics, Inc.	*		20,997		36,325
Cornerstone Therapeutics, Inc.	*		1,926		15,408
Depomed, Inc.	*		11,672		65,480
Endo Health Solutions, Inc.	*		19,701		724,800
Endocyte, Inc.	*		5,585		73,331
Hi-Tech Pharmacal Co., Inc.			2,404		79,813
Horizon Pharma, Inc.	*		8,159		20,071
Impax Laboratories, Inc.	*		11,843		236,268
Jazz Pharmaceuticals plc (Ireland)	*		8,862		609,085
Lannett Co., Inc.	*		4,735		56,394
Medicines Co. (The)	*		10,088		310,307
Nektar Therapeutics	*		19,432		224,440
Omeros Corp.	*		4,721		23,794
Optimer Pharmaceuticals, Inc.	*†		8,281		119,826
Pacira Pharmaceuticals, Inc.	*		4,694		136,126
Pernix Therapeutics Holdings	*		2,943		10,624

See accompanying notes to financial statements

260

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Pozen, Inc.	*		5,088	$	25,491
Questcor Pharmaceuticals, Inc.	†		9,029		410,458
Repros Therapeutics, Inc.	*†		3,143		57,988
Sagent Pharmaceuticals, Inc.	*		2,749		57,674
Salix Pharmaceuticals Ltd.	*		10,676		706,217
Santarus, Inc.	*		9,954		209,532
Sciclone Pharmaceuticals, Inc.	*		10,639		52,769
Sucampo Pharmaceuticals, Inc., Class A	*		1,783		11,732
Supernus Pharmaceuticals, Inc.	*†		3,172		20,396
TherapeuticsMD, Inc.	*		12,456		37,742
ViroPharma, Inc.	*		12,330		353,254
Vivus, Inc.	*†		16,981		213,621
Warner Chilcott plc, Class A (Ireland)			42,711		849,095
XenoPort, Inc.	*		8,506		42,105
Zogenix, Inc.	*†		22,351		38,220
					6,454,660
Professional Services—1.3%
Acacia Research Corp.			8,726		195,026
Advisory Board Co. (The)	*		6,117		334,294
Barrett Business Services, Inc.			1,514		79,046
CBIZ, Inc.	*		9,278		62,255
CDI Corp.			2,129		30,147
Corporate Executive Board Co. (The)			6,042		381,975
CRA International, Inc.	*		1,427		26,357
Dun & Bradstreet Corp. (The)			7,113		693,162
Equifax, Inc.			21,355		1,258,450
Exponent, Inc.			2,267		134,002
Franklin Covey Co.	*		1,232		16,583
FTI Consulting, Inc.	*		7,311		240,459
GP Strategies Corp.	*		2,402		57,216
Heidrick & Struggles International, Inc.			3,000		50,160
Huron Consulting Group, Inc.	*		4,045		187,041
ICF International, Inc.	*		3,982		125,473
Insperity, Inc.			3,965		120,139
Kelly Services, Inc., Class A			4,508		78,755
Kforce, Inc.			4,102		59,889
Korn/Ferry International	*		8,421		157,809
Manpowergroup, Inc.			14,096		772,461
Mistras Group, Inc.	*		1,855		32,611
National Technical Systems, Inc.	*		1,124		15,725
Navigant Consulting, Inc.	*		11,220		134,640
Odyssey Marine Exploration, Inc.	*†		14,969		44,308
On Assignment, Inc.	*		7,893		210,901
Pendrell Corp.	*		26,471		69,354
Resources Connection, Inc.			6,845		79,402
Robert Half International, Inc.			24,378		810,081
RPX Corp.	*		5,414		90,955
Towers Watson & Co., Class A			11,527		944,522
TrueBlue, Inc.	*		7,816		164,527
VSE Corp.			653		26,819
WageWorks, Inc.	*		3,953		136,181
					7,820,725
Real Estate Investment Trusts (REITs)—8.3%
Acadia Realty Trust REIT			10,332		255,097
AG Mortgage Investment Trust, Inc. REIT			4,573		86,018

		Shares		Value
Agree Realty Corp. REIT			2,737	$	80,796
Alexander’s, Inc. REIT			383		112,491
Alexandria Real Estate Equities, Inc. REIT			12,444		817,820
American Assets Trust, Inc. REIT			5,602		172,878
American Campus Communities, Inc. REIT			18,601		756,317
American Capital Mortgage Investment Corp. REIT			10,062		180,814
American Realty Capital Properties, Inc. REIT			25,221		384,872
American Residential Properties, Inc. REIT	*		2,190		37,668
AmREIT, Inc. REIT			2,561		49,530
Anworth Mortgage Asset Corp. REIT			27,380		153,328
Apartment Investment & Management Co., Class A REIT			25,439		764,188
Apollo Commercial Real Estate Finance, Inc. REIT			6,767		107,460
Apollo Residential Mortgage, Inc. REIT			5,862		96,606
Ares Commercial Real Estate Corp. REIT			1,208		15,474
Armada Hoffler Properties, Inc. REIT			3,047		35,894
ARMOUR Residential REIT, Inc. REIT			65,367		307,879
Ashford Hospitality Trust, Inc. REIT			10,729		122,847
Associated Estates Realty Corp. REIT	†		9,456		152,052
Aviv REIT, Inc. REIT			1,842		46,584
BioMed Realty Trust, Inc. REIT			32,548		658,446
Brandywine Realty Trust REIT			27,139		366,919
BRE Properties, Inc. REIT			13,552		677,871
Camden Property Trust REIT			14,869		1,028,043
Campus Crest Communities, Inc. REIT			10,695		123,420
CapLease, Inc. REIT			16,287		137,462
Capstead Mortgage Corp. REIT			17,141		207,406
CBL & Associates Properties, Inc. REIT			29,025		621,716
Cedar Realty Trust, Inc. REIT			13,395		69,386
Chambers Street Properties REIT			40,796		407,960
Chatham Lodging Trust REIT			2,047		35,167
Chesapeake Lodging Trust REIT			8,260		171,725
Chimera Investment Corp. REIT			185,548		556,644
Colonial Properties Trust REIT			15,747		379,818
Colony Financial, Inc. REIT			11,107		220,918
CommonWealth REIT REIT			20,561		475,370
Coresite Realty Corp. REIT			3,409		108,440
Corporate Office Properties Trust REIT			14,798		377,349
Corrections Corp. of America REIT			20,692		700,838
Cousins Properties, Inc. REIT			20,102		203,030
CubeSmart REIT			24,215		386,956
CyrusOne, Inc. REIT			3,038		63,008
CYS Investments, Inc. REIT			31,116		286,578
DCT Industrial Trust, Inc. REIT			50,665		362,255

See accompanying notes to financial statements

261

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
DDR Corp. REIT			46,252	$	770,096
DiamondRock Hospitality Co. REIT			34,477		321,326
Douglas Emmett, Inc. REIT			24,825		619,384
Duke Realty Corp. REIT			57,402		894,897
DuPont Fabros Technology, Inc. REIT			11,161		269,538
Dynex Capital, Inc. REIT			9,171		93,452
EastGroup Properties, Inc. REIT			5,650		317,926
Education Realty Trust, Inc. REIT			21,399		218,912
Ellington Residential Mortgage REIT REIT			1,039		18,546
EPR Properties REIT			8,425		423,525
Equity Lifestyle Properties, Inc. REIT			7,399		581,487
Equity One, Inc. REIT			10,911		246,916
Essex Property Trust, Inc. REIT			6,708		1,066,035
Excel Trust, Inc. REIT			10,445		133,800
Extra Space Storage, Inc. REIT			20,010		839,019
Federal Realty Investment Trust REIT			11,556		1,198,126
FelCor Lodging Trust, Inc. REIT	*		23,021		136,054
First Industrial Realty Trust, Inc. REIT			18,522		280,979
First Potomac Realty Trust REIT			11,442		149,433
Franklin Street Properties Corp. REIT			16,006		211,279
Geo Group, Inc. (The) REIT			12,438		422,270
Getty Realty Corp. REIT			3,716		76,735
Gladstone Commercial Corp. REIT			2,393		44,606
Glimcher Realty Trust REIT			24,983		272,814
Government Properties Income Trust REIT			10,092		254,520
Gramercy Property Trust, Inc. REIT	*		11,512		51,804
Hatteras Financial Corp. REIT			17,493		431,028
Healthcare Realty Trust, Inc. REIT			16,628		424,014
Healthcare Trust of America, Inc., Class A REIT			17,648		198,187
Hersha Hospitality Trust REIT			37,283		210,276
Highwoods Properties, Inc. REIT			14,186		505,163
Home Properties, Inc. REIT			9,044		591,206
Hospitality Properties Trust REIT			24,372		640,496
Hudson Pacific Properties, Inc. REIT			6,840		145,555
Inland Real Estate Corp. REIT			16,167		165,227
Invesco Mortgage Capital, Inc. REIT			22,663		375,299
Investors Real Estate Trust REIT			18,364		157,930
iStar Financial, Inc. REIT	*		17,809		201,064
JAVELIN Mortgage Investment Corp. REIT			2,138		30,124
Kilroy Realty Corp. REIT			13,165		697,877
Kite Realty Group Trust REIT			16,752		101,015
LaSalle Hotel Properties REIT			16,536		408,439
Lexington Realty Trust REIT			28,937		337,984
Liberty Property Trust REIT			18,766		693,591
LTC Properties, Inc. REIT			6,423		250,818
Mack-Cali Realty Corp. REIT			15,153		371,097
Medical Properties Trust, Inc. REIT			26,987		386,454

		Shares		Value
MFA Financial, Inc. REIT			62,743	$	530,178
Mid-America Apartment Communities, Inc. REIT			7,570		513,019
Monmouth Real Estate Investment Corp., Class A REIT			7,811		77,095
National Health Investors, Inc. REIT			4,264		255,243
National Retail Properties, Inc. REIT			20,637		709,913
New Residential Investment Corp. REIT			40,166		270,719
New York Mortgage Trust, Inc. REIT	†		10,634		71,992
NorthStar Realty Finance Corp. REIT			34,057		309,919
Omega Healthcare Investors, Inc. REIT			20,329		630,606
One Liberty Properties, Inc. REIT			1,927		42,317
Parkway Properties, Inc. REIT			7,946		133,175
Pebblebrook Hotel Trust REIT			10,736		277,526
Pennsylvania Real Estate Investment Trust REIT			11,711		221,104
PennyMac Mortgage Investment Trust REIT			11,073		233,087
Piedmont Office Realty Trust, Inc., Class A REIT			29,370		525,136
Post Properties, Inc. REIT			9,480		469,165
Potlatch Corp. REIT			7,237		292,664
PS Business Parks, Inc. REIT			3,177		229,284
RAIT Financial Trust REIT			13,669		102,791
Ramco-Gershenson Properties Trust REIT			11,310		175,644
Rayonier, Inc. REIT			21,999		1,218,525
Redwood Trust, Inc. REIT	†		14,817		251,889
Regency Centers Corp. REIT			16,025		814,230
Resource Capital Corp. REIT			26,944		165,706
Retail Opportunity Investments Corp. REIT			11,134		154,763
Retail Properties of America, Inc., Class A REIT			22,201		317,030
RLJ Lodging Trust REIT			21,477		483,018
Rouse Properties, Inc. REIT	†		4,591		90,075
Ryman Hospitality Properties REIT	†		8,002		312,158
Sabra Health Care REIT, Inc. REIT			6,872		179,428
Saul Centers, Inc. REIT			1,580		70,247
Select Income REIT REIT			2,608		73,128
Senior Housing Properties Trust REIT			32,889		852,812
Silver Bay Realty Trust Corp. REIT	†		3,004		49,746
Sovran Self Storage, Inc. REIT			5,829		377,661
Spirit Realty Capital, Inc. REIT			9,356		165,788
STAG Industrial, Inc. REIT			6,959		138,832
Starwood Property Trust, Inc. REIT			29,012		718,047
Strategic Hotels & Resorts, Inc. REIT	*		30,630		271,382
Summit Hotel Properties, Inc. REIT			11,215		105,982
Sun Communities, Inc. REIT			6,187		307,865

See accompanying notes to financial statements

262

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Sunstone Hotel Investors, Inc. REIT	*		28,035	$	338,663
Tanger Factory Outlet Centers, Inc. REIT			17,092		571,898
Taubman Centers, Inc. REIT			11,131		836,495
Terreno Realty Corp. REIT			3,250		60,223
Two Harbors Investment Corp. REIT			64,196		658,009
UMH Properties, Inc. REIT			3,071		31,539
Universal Health Realty Income Trust REIT			2,317		99,932
Urstadt Biddle Properties, Inc., Class A REIT			4,932		99,478
Washington Real Estate Investment Trust REIT			12,190		328,033
Weingarten Realty Investors REIT			21,045		647,555
Western Asset Mortgage Capital Corp. REIT	†		4,020		70,189
Whitestone REIT			4,776		75,270
Winthrop Realty Trust REIT			5,324		64,048
WP Carey, Inc. REIT			9,677		640,327
ZAIS Financial Corp. REIT			962		17,480
					48,327,689
Real Estate Management & Development—0.7%
Alexander & Baldwin, Inc.	*		7,495		297,926
Altisource Residential Corp. (Virgin Islands, U.S.)	*		3,969		66,243
AV Homes, Inc.	*		1,495		26,506
Consolidated-Tomoka Land Co.			1,195		45,601
Forest City Enterprises, Inc., Class A	*		28,363		507,981
Forestar Group, Inc.	*		6,325		126,880
Howard Hughes Corp. (The)	*		6,805		762,772
Jones Lang LaSalle, Inc.			7,669		698,953
Kennedy-Wilson Holdings, Inc.			8,945		148,845
Realogy Holdings Corp.	*		20,559		987,654
St. Joe Co. (The)	*†		11,522		242,538
Tejon Ranch Co.	*		2,591		73,818
Thomas Properties Group, Inc.			2,396		12,699
					3,998,416
Road & Rail—0.8%
AMERCO			1,307		211,603
Arkansas Best Corp.			4,354		99,924
Avis Budget Group, Inc.	*		18,690		537,337
Celadon Group, Inc.			4,371		79,771
Con-way, Inc.			9,863		384,262
Genesee & Wyoming, Inc., Class A	*		7,702		653,438
Heartland Express, Inc.			8,826		122,417
Knight Transportation, Inc.			10,752		180,849
Landstar System, Inc.			8,268		425,802
Marten Transport Ltd.			3,709		58,120
Old Dominion Freight Line, Inc.	*		12,723		529,531
Patriot Transportation Holding, Inc.	*		1,038		31,182
Quality Distribution, Inc.	*		5,838		51,608
Roadrunner Transportation Systems, Inc.	*		2,955		82,267
Ryder System, Inc.			9,041		549,602
Saia, Inc.	*		4,169		124,945

		Shares		Value
Swift Transportation Co.	*		15,398	$	254,683
Universal Truckload Services, Inc.	*		1,615		38,938
Werner Enterprises, Inc.			8,408		203,221
YRC Worldwide, Inc.	*		1,506		43,298
					4,662,798
Semiconductors & Semiconductor Equipment—2.5%
Advanced Energy Industries, Inc.	*		7,214		125,596
Advanced Micro Devices, Inc.	*		99,842		407,355
Alpha & Omega Semiconductor Ltd.	*		2,749		21,002
Ambarella, Inc.	*†		3,046		51,264
Amkor Technology, Inc.	*†		12,795		53,867
ANADIGICS, Inc.	*		15,184		33,405
Applied Micro Circuits Corp.	*		11,626		102,309
Atmel Corp.	*		76,917		565,340
ATMI, Inc.	*		5,396		127,615
Axcelis Technologies, Inc.	*		20,883		38,007
Brooks Automation, Inc.			11,493		111,827
Cabot Microelectronics Corp.	*		4,276		141,151
Cavium, Inc.	*		9,259		327,491
Ceva, Inc.	*		3,801		73,587
Cirrus Logic, Inc.	*†		10,482		181,968
Cohu, Inc.			4,103		51,287
Cree, Inc.	*		20,625		1,317,113
Cypress Semiconductor Corp.	*		25,402		272,563
Diodes, Inc.	*		6,017		156,261
DSP Group, Inc.	*		4,251		35,326
Entegris, Inc.	*		25,104		235,727
Entropic Communications, Inc.	*		14,187		60,578
Exar Corp.	*		7,230		77,867
Fairchild Semiconductor International, Inc.	*		22,826		314,999
First Solar, Inc.	*		10,639		475,882
FormFactor, Inc.	*		11,437		77,200
Freescale Semiconductor Ltd.	*†		9,239		125,188
GSI Technology, Inc.	*		3,251		20,546
GT Advanced Technologies, Inc.	*†		28,398		117,852
Hittite Microwave Corp.	*		5,664		328,512
Inphi Corp.	*		4,292		47,212
Integrated Device Technology, Inc.	*		24,178		191,973
Integrated Silicon Solution, Inc.	*		4,746		52,016
Intermolecular, Inc.	*		2,026		14,729
International Rectifier Corp.	*		13,273		277,937
Intersil Corp., Class A			21,458		167,802
IXYS Corp.			3,270		36,166
Kopin Corp.	*		10,484		38,896
Lattice Semiconductor Corp.	*		16,642		84,375
LSI Corp.	*		96,127		686,347
LTX-Credence Corp.	*		8,847		52,994
M/A-COM Technology Solutions Holdings, Inc.	*		1,263		18,440
MaxLinear, Inc., Class A	*		3,663		25,641
Micrel, Inc.			11,121		109,875
Microsemi Corp.	*		16,041		364,933
Mindspeed Technologies, Inc.	*†		9,324		30,210
MKS Instruments, Inc.			9,254		245,601
Monolithic Power Systems, Inc.			6,117		147,481
MoSys, Inc.	*		9,117		36,650
Nanometrics, Inc.	*		3,660		53,692
NeoPhotonics Corp.	*		2,624		22,803
NVE Corp.	*		771		36,098

See accompanying notes to financial statements

263

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
OmniVision Technologies, Inc.	*		9,688	$	180,681
ON Semiconductor Corp.	*		80,241		648,347
PDF Solutions, Inc.	*		4,882		89,975
Peregrine Semiconductor Corp.	*†		4,359		47,557
Pericom Semiconductor Corp.	*		5,204		37,052
Photronics, Inc.	*		11,167		90,006
PLX Technology, Inc.	*		8,946		42,583
PMC—Sierra, Inc.	*		37,964		241,071
Power Integrations, Inc.			5,006		203,043
Rambus, Inc.	*		19,057		163,700
RF Micro Devices, Inc.	*		51,143		273,615
Rubicon Technology, Inc.	*		2,802		22,444
Rudolph Technologies, Inc.	*		5,424		60,749
Semtech Corp.	*		11,657		408,345
Sigma Designs, Inc.	*		8,818		44,531
Silicon Image, Inc.	*		13,062		76,413
Silicon Laboratories, Inc.	*		7,560		313,060
Skyworks Solutions, Inc.	*		33,870		741,414
Spansion, Inc., Class A	*		9,327		116,774
SunEdison, Inc.	*		40,450		330,477
SunPower Corp.	*†		7,788		161,212
Supertex, Inc.			1,876		44,855
Teradyne, Inc.	*		33,311		585,274
Tessera Technologies, Inc.			9,035		187,928
TriQuint Semiconductor, Inc.	*		29,317		203,167
Ultra Clean Holdings, Inc.	*		6,562		39,700
Ultratech, Inc.	*		4,638		170,307
Veeco Instruments, Inc.	*†		6,738		238,660
Volterra Semiconductor Corp.	*		3,597		50,790
					14,584,286
Software—3.7%
Accelrys, Inc.	*		9,479		79,624
ACI Worldwide, Inc.	*		6,956		323,315
Actuate Corp.	*		9,173		60,909
Advent Software, Inc.	*		5,224		183,153
American Software, Inc., Class A			7,072		61,456
ANSYS, Inc.	*		16,329		1,193,650
Aspen Technology, Inc.	*		16,365		471,148
AVG Technologies NV (Netherlands)	*		3,792		73,754
Blackbaud, Inc.			7,888		256,912
Bottomline Technologies de, Inc.	*		7,908		199,993
BroadSoft, Inc.	*		4,735		130,686
Cadence Design Systems, Inc.	*		50,134		725,940
Callidus Software, Inc.	*		7,373		48,588
CommVault Systems, Inc.	*		8,249		626,017
Compuware Corp.			37,107		384,057
Comverse, Inc.	*		3,789		112,761
Concur Technologies, Inc.	*		8,135		662,026
Cyan, Inc.	*		1,292		13,501
Digimarc Corp.			993		20,625
Ebix, Inc.	†		3,924		36,336
Ellie Mae, Inc.	*		4,322		99,752
EPIQ Systems, Inc.			7,191		96,863
ePlus, Inc.			596		35,694
FactSet Research Systems, Inc.	†		7,783		793,399
Fair Isaac Corp.			6,143		281,534
FleetMatics Group plc (Ireland)	*		2,761		91,748
Fortinet, Inc.	*		23,824		416,920
Glu Mobile, Inc.	*		8,971		19,736
Guidance Software, Inc.	*		2,669		23,327
Guidewire Software, Inc.	*		6,817		286,655

		Shares		Value
Imperva, Inc.	*		3,297	$	148,497
Infoblox, Inc.	*		8,111		237,328
Informatica Corp.	*		19,496		681,970
Interactive Intelligence Group, Inc.	*		2,618		135,089
Jive Software, Inc.	*		6,532		118,686
Manhattan Associates, Inc.	*		3,333		257,174
Mentor Graphics Corp.			17,566		343,415
MICROS Systems, Inc.	*		13,940		601,511
MicroStrategy, Inc., Class A	*		1,531		133,136
Mitek Systems, Inc.	*		3,615		20,895
Model N, Inc.	*		1,301		30,391
Monotype Imaging Holdings, Inc.			6,389		162,345
Netscout Systems, Inc.	*		5,654		131,964
NetSuite, Inc.	*		6,216		570,256
Nuance Communications, Inc.	*		46,251		850,093
Pegasystems, Inc.			2,969		98,333
Progress Software Corp.	*		9,932		228,535
Proofpoint, Inc.	*		3,579		86,719
PROS Holdings, Inc.	*		3,855		115,457
PTC, Inc.	*		21,352		523,765
QAD, Inc., Class A			986		11,319
QLIK Technologies, Inc.	*		15,519		438,722
Qualys, Inc.	*		3,457		55,727
Rally Software Development Corp.	*		1,100		27,302
RealPage, Inc.	*		8,084		148,261
Rosetta Stone, Inc.	*		1,032		15,212
Rovi Corp.	*		19,181		438,094
Sapiens International Corp. NV (Israel)			3,979		22,840
SeaChange International, Inc.	*		5,522		64,663
ServiceNow, Inc.	*		13,207		533,431
Silver Spring Networks, Inc.	*		944		23,543
SolarWinds, Inc.	*		12,146		471,386
Solera Holdings, Inc.			12,286		683,716
Sourcefire, Inc.	*		5,383		299,026
Splunk, Inc.	*		17,448		808,889
SS&C Technologies Holdings, Inc.	*		9,724		319,920
Synchronoss Technologies, Inc.	*		5,012		154,720
Synopsys, Inc.	*		27,068		967,681
Tableau Software, Inc., Class A	*		1,494		82,798
Take-Two Interactive Software, Inc.	*		15,130		226,496
Tangoe, Inc.	*		4,906		75,700
TeleCommunication Systems, Inc., Class A	*		7,640		17,801
TeleNav, Inc.	*		4,267		22,316
TIBCO Software, Inc.	*		28,166		602,752
TiVo, Inc.	*		22,968		253,796
Tyler Technologies, Inc.	*		5,512		377,848
Ultimate Software Group, Inc.	*		4,827		566,159
VASCO Data Security International, Inc.	*		4,225		35,110
Verint Systems, Inc.	*		8,825		313,023
VirnetX Holding Corp.	*†		7,740		154,723
Vringo, Inc.	*		10,670		33,824
Zynga, Inc., Class A	*		92,599		257,425
					21,789,861
Specialty Retail—3.7%
Aaron’s, Inc.			13,685		383,317

See accompanying notes to financial statements

264

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Abercrombie & Fitch Co., Class A			13,738	$	621,644
Aeropostale, Inc.	*		13,291		183,416
American Eagle Outfitters, Inc.			33,797		617,133
America’s Car-Mart, Inc.	*		1,569		67,844
ANN, Inc.	*		8,527		283,096
Asbury Automotive Group, Inc.	*		5,664		227,126
Ascena Retail Group, Inc.	*		22,135		386,256
AutoNation, Inc.	*		8,608		373,501
Barnes & Noble, Inc.	*		6,505		103,820
bebe stores, Inc.			9,951		55,825
Big 5 Sporting Goods Corp.			2,416		53,031
Body Central Corp.	*		2,618		34,872
Brown Shoe Co., Inc.			7,388		159,064
Buckle, Inc. (The)	†		4,843		251,933
Cabela’s, Inc.	*		8,571		555,058
Cato Corp. (The), Class A			4,713		117,636
Chico’s FAS, Inc.			28,203		481,143
Children’s Place Retail Stores, Inc. (The)	*		4,359		238,873
Christopher & Banks Corp.	*		5,820		39,227
Citi Trends, Inc.	*		3,282		47,687
Conn’s, Inc.	*		3,845		199,017
CST Brands, Inc.	*		9,718		299,412
Destination Maternity Corp.			2,707		66,592
Destination XL Group, Inc.	*		8,855		56,141
Dick’s Sporting Goods, Inc.			17,815		891,819
DSW, Inc., Class A			6,204		455,808
Express, Inc.	*		14,912		312,705
Finish Line, Inc. (The), Class A			8,506		185,941
Five Below, Inc.	*		5,298		194,754
Foot Locker, Inc.			26,629		935,477
Francesca’s Holdings Corp.	*†		7,474		207,702
GameStop Corp., Class A	†		20,813		874,770
Genesco, Inc.	*		4,126		276,401
GNC Holdings, Inc., Class A			16,698		738,219
Group 1 Automotive, Inc.			4,190		269,543
Guess?, Inc.			10,555		327,522
Haverty Furniture Cos., Inc.			3,359		77,291
hhgregg, Inc.	*		2,033		32,467
Hibbett Sports, Inc.	*		4,471		248,140
Jos A. Bank Clothiers, Inc.	*		4,778		197,427
Kirkland’s, Inc.	*		2,193		37,829
Lithia Motors, Inc., Class A			3,558		189,677
Lumber Liquidators Holdings, Inc.	*		4,940		384,678
MarineMax, Inc.	*		3,026		34,285
Mattress Firm Holding Corp.	*†		2,902		116,951
Men’s Wearhouse, Inc. (The)			8,766		331,793
Monro Muffler Brake, Inc.			5,955		286,138
New York & Co., Inc.	*		3,724		23,647
Office Depot, Inc.	*		44,181		170,980
OfficeMax, Inc.			16,705		170,892
Pacific Sunwear of California, Inc.	*		7,414		27,061
Penske Automotive Group, Inc.			7,027		214,605
Pep Boys-Manny, Moe & Jack (The)	*		10,379		120,189
Pier 1 Imports, Inc.			16,834		395,431
RadioShack Corp.	*†		19,631		62,034
Rent-A-Center, Inc.			10,379		389,731
Restoration Hardware Holdings, Inc.	*		2,983		223,725

		Shares		Value
rue21 inc	*		2,390	$	99,448
Sally Beauty Holdings, Inc.	*		29,491		917,170
Sears Hometown and Outlet Stores, Inc.	*		1,371		59,940
Select Comfort Corp.	*		10,528		263,832
Shoe Carnival, Inc.			2,174		52,198
Signet Jewelers Ltd. (Bermuda)			14,392		970,453
Sonic Automotive, Inc., Class A			8,013		169,395
Stage Stores, Inc.			6,014		141,329
Stein Mart, Inc.			5,811		79,320
Systemax, Inc.			1,358		12,779
Tile Shop Holdings, Inc.	*		2,923		84,650
Tilly’s, Inc.	*		1,567		25,072
Trans World Entertainment Corp.			1,749		8,500
Ulta Salon Cosmetics & Fragrance, Inc.	*		11,056		1,107,369
Urban Outfitters, Inc.	*		18,797		756,015
Vitamin Shoppe, Inc.	*		5,259		235,814
West Marine, Inc.	*		3,373		37,103
Wet Seal, Inc. (The), Class A	*		18,979		89,391
Williams-Sonoma, Inc.			17,115		956,557
Winmark Corp.			356		23,094
Zale Corp.	*		5,195		47,274
Zumiez, Inc.	*		3,482		100,107
					21,545,106
Textiles, Apparel & Luxury Goods—1.3%
American Apparel, Inc.	*		9,346		17,944
Carter’s, Inc.			10,326		764,847
Columbia Sportswear Co.	†		2,090		130,939
Crocs, Inc.	*		15,828		261,162
Culp, Inc.			1,780		30,954
Deckers Outdoor Corp.	*		6,235		314,930
Fifth & Pacific Cos., Inc.	*		20,805		464,784
Fossil Group, Inc.	*		9,098		939,914
G-III Apparel Group Ltd.	*		2,773		133,437
Hanesbrands, Inc.			17,331		891,160
Iconix Brand Group, Inc.	*		10,387		305,482
Jones Group, Inc. (The)			13,671		187,976
Maidenform Brands, Inc.	*		3,598		62,353
Movado Group, Inc.			2,952		99,866
Oxford Industries, Inc.			2,482		154,877
Perry Ellis International, Inc.			2,045		41,534
Quiksilver, Inc.	*		22,620		145,673
RG Barry Corp.			1,580		25,659
Skechers U.S.A., Inc., Class A	*		7,438		178,586
Steven Madden Ltd.	*		7,089		342,966
True Religion Apparel, Inc.			5,573		176,441
Tumi Holdings, Inc.	*		7,757		186,168
Under Armour, Inc., Class A	*		14,660		875,349
Unifi, Inc.	*		3,223		66,619
Vera Bradley, Inc.	*†		3,595		77,868
Wolverine World Wide, Inc.			8,731		476,800
					7,354,288
Thrifts & Mortgage Finance—1.2%
Astoria Financial Corp.			15,208		163,942
Bank Mutual Corp.			9,174		51,741
BankFinancial Corp.			3,338		28,373
BBX Capital Corp., Class A	*		1,182		15,260
Beneficial Mutual Bancorp, Inc.	*		7,279		61,144
Berkshire Hills Bancorp, Inc.			4,121		114,399
BofI Holding, Inc.	*		2,021		92,602

See accompanying notes to financial statements

265

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Brookline Bancorp, Inc.			10,999	$	95,471
Capitol Federal Financial, Inc.			26,548		322,293
Charter Financial Corp.			5,539		55,833
Clifton Savings Bancorp, Inc.			1,464		17,348
Dime Community Bancshares, Inc.			5,399		82,713
Doral Financial Corp. (Puerto Rico)	*		27,775		23,053
ESB Financial Corp.			2,032		24,648
ESSA Bancorp, Inc.			2,018		22,117
EverBank Financial Corp.			12,996		215,214
Federal Agricultural Mortgage Corp., Class C			2,090		60,359
First Defiance Financial Corp.			1,548		34,907
First Financial Northwest, Inc.			4,938		50,911
First Pactrust Bancorp, Inc.			1,700		23,086
Flagstar Bancorp, Inc.	*		3,160		44,114
Fox Chase Bancorp, Inc.			1,034		17,578
Franklin Financial Corp.			964		17,362
Hingham Institution for Savings			216		14,662
Home Bancorp, Inc.	*		1,026		18,981
Home Loan Servicing Solutions Ltd. (Cayman Islands)			9,602		230,160
HomeStreet, Inc.			1,829		39,232
Hudson City Bancorp, Inc.			92,111		843,737
Kearny Financial Corp.	*		3,008		31,554
Meridian Interstate Bancorp, Inc.	*		2,252		42,405
Meta Financial Group, Inc.			883		23,205
MGIC Investment Corp.	*		56,008		339,969
NASB Financial, Inc.	*		529		13,844
Nationstar Mortgage Holdings, Inc.	*†		3,560		133,286
Northfield Bancorp, Inc.			9,591		112,407
Northwest Bancshares, Inc.			16,950		228,994
OceanFirst Financial Corp.			3,947		61,376
Ocwen Financial Corp.	*		18,551		764,672
Oritani Financial Corp.			8,540		133,907
PennyMac Financial Services, Inc., Class A	*		2,032		43,221
People’s United Financial, Inc.			57,959		863,589
Provident Financial Holdings, Inc.			1,454		23,090
Provident Financial Services, Inc.			11,086		174,937
Provident New York Bancorp			7,594		70,928
Radian Group, Inc.	†		29,920		347,670
Rockville Financial, Inc.			4,636		60,639
Roma Financial Corp.	*		2,380		43,221
Territorial Bancorp, Inc.			1,756		39,703
TFS Financial Corp.	*		13,499		151,189
Tree.com, Inc.			1,518		26,019
TrustCo Bank Corp NY			15,928		86,648
United Community Financial Corp./OH	*		6,335		29,458
United Financial Bancorp, Inc.			5,398		81,780
Walker & Dunlop, Inc.	*		2,337		40,897
Washington Federal, Inc.			19,593		369,916
Waterstone Financial, Inc.	*		1,236		12,558
Westfield Financial, Inc.			3,887		27,209
WSFS Financial Corp.			1,929		101,060
					7,260,591
Tobacco—0.1%
Alliance One International, Inc.	*		16,723		63,548

		Shares		Value
Universal Corp.			4,071	$	235,507
Vector Group Ltd.	†		11,829		191,866
					490,921
Trading Companies & Distributors—1.0%
Aceto Corp.			4,950		68,954
Air Lease Corp.			12,527		345,620
Aircastle Ltd.			14,047		224,612
Applied Industrial Technologies, Inc.			7,497		362,330
Beacon Roofing Supply, Inc.	*		8,899		337,094
BlueLinx Holdings, Inc.	*		7,803		16,776
CAI International, Inc.	*		2,855		67,292
DXP Enterprises, Inc.	*		1,553		103,430
Edgen Group, Inc.	*		2,913		18,585
GATX Corp.			8,113		384,800
H&E Equipment Services, Inc.			4,924		103,749
Houston Wire & Cable Co.			3,458		47,859
Kaman Corp.			4,556		157,455
MRC Global, Inc.	*		13,603		375,715
MSC Industrial Direct Co., Inc., Class A			8,670		671,578
Rush Enterprises, Inc., Class A	*		5,884		145,629
TAL International Group, Inc.	*		5,738		250,005
Textainer Group Holdings Ltd. (Bermuda)	†		4,142		159,218
Titan Machinery, Inc.	*†		2,896		56,848
United Rentals, Inc.	*		16,362		816,627
Watsco, Inc.			4,579		384,453
WESCO International, Inc.	*		7,536		512,147
					5,610,776
Transportation Infrastructure—0.0%
Wesco Aircraft Holdings, Inc.	*		6,864		127,464
Water Utilities—0.5%
American States Water Co.			3,697		198,418
American Water Works Co., Inc.			31,147		1,284,191
Aqua America, Inc.			25,080		784,753
Artesian Resources Corp., Class A			1,201		26,758
California Water Service Group			7,860		153,349
Connecticut Water Service, Inc.			2,093		60,069
Consolidated Water Co. Ltd. (Cayman Islands)			2,318		26,495
Middlesex Water Co.			4,246		84,580
Pure Cycle Corp.	*		2,739		15,311
SJW Corp.			2,960		77,552
York Water Co.			2,142		40,762
					2,752,238
Wireless Telecommunication Services—0.2%
Boingo Wireless, Inc.	*		3,174		19,710
Clearwire Corp., Class A	*		95,077		473,483
Leap Wireless International, Inc.	*		10,198		68,633
NII Holdings, Inc.	*†		29,822		198,913
NTELOS Holdings Corp.			2,906		47,833
Shenandoah Telecommunications Co.			4,013		66,937
Telephone & Data Systems, Inc.			16,413		404,580
United States Cellular Corp.			2,164		79,397
USA Mobility, Inc.			3,582		48,608
					1,408,094
TOTAL COMMON STOCKS
(Cost $462,190,839)					571,045,962

See accompanying notes to financial statements

266

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Mid/Small Company Index Fund
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.038%	09/12/2013	‡‡
(Cost $474,961)			$	475,000	$	474,986
				Shares		Value
RIGHTS—0.0%
Machinery—0.0%
Gerber Scientific, Inc.		*‡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.		*‡d
(Cost $—)				200		—
MONEY MARKET FUNDS—7.9%
Institutional Money Market Funds—7.9%
Dreyfus Institutional Cash Advantage Fund, 0.04%		††¥		6,000,000		6,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%		¥		10,280,993		10,280,994
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%		††¥		6,180,113		6,180,113
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.08%		††¥		6,000,000		6,000,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.09%		††¥		6,000,000		6,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.10%		††¥		6,000,000		6,000,000

		Shares		Value
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		6,000,000	$	6,000,000
TOTAL MONEY MARKET FUNDS
(Cost $46,461,107)					46,461,107
TOTAL INVESTMENTS—106.0%
(Cost $509,126,907)					617,982,055
Other assets less liabilities—(6.0%)					(35,144,831	)
NET ASSETS—100.0%				$	582,837,224

Notes to the Schedule of Investments:

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 June 30, 2013.
‡	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

267

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—98.2%
Australia—7.9%
AGL Energy Ltd.	†		12,177	$	161,127
ALS Ltd.	†		6,710		58,413
Alumina Ltd.	*		55,712		49,582
Amcor Ltd.			25,787		238,321
AMP Ltd.	†		64,050		247,707
APA Group			17,076		93,576
Asciano Ltd.			20,252		92,627
ASX Ltd.			4,313		130,062
Aurizon Holdings Ltd.			43,743		166,159
Australia & New Zealand Banking Group Ltd.			59,008		1,531,810
Bendigo and Adelaide Bank Ltd.	†		9,416		86,343
BHP Billiton Ltd.			69,018		1,986,533
Boral Ltd.	†		17,810		68,147
Brambles Ltd.			33,965		289,318
Caltex Australia Ltd.			2,894		47,601
CFS Retail Property Trust Group REIT	†		47,514		86,626
Coca-Cola Amatil Ltd.			11,996		138,986
Cochlear Ltd.			1,128		63,308
Commonwealth Bank of Australia			34,576		2,176,424
Computershare Ltd.			10,442		97,904
Crown Ltd.			7,902		87,111
CSL Ltd.			10,770		605,021
Dexus Property Group REIT			97,550		95,131
Echo Entertainment Group Ltd.			19,164		53,716
Federation Centres Ltd. REIT			29,361		63,635
Flight Centre Ltd.			1,102		39,460
Fortescue Metals Group Ltd.	†		34,217		94,194
Goodman Group REIT			36,901		164,061
GPT Group REIT			38,412		134,877
Harvey Norman Holdings Ltd.			10,998		25,524
Iluka Resources Ltd.	†		8,956		80,712
Incitec Pivot Ltd.			36,840		95,918
Insurance Australia Group Ltd.			44,443		220,602
Leighton Holdings Ltd.			3,887		54,472
Lend Lease Group			10,998		83,852
Macquarie Group Ltd.			6,662		254,095
Metcash Ltd.			16,948		54,369
Mirvac Group REIT			80,365		117,654
National Australia Bank Ltd.			50,396		1,363,210
Newcrest Mining Ltd.			15,864		146,444
Orica Ltd.			7,640		144,018
Origin Energy Ltd.			23,882		273,673
Qantas Airways Ltd.	*		24,422		29,997
QBE Insurance Group Ltd.			25,999		359,969
Ramsay Health Care Ltd.			2,635		86,127
Rio Tinto Ltd.			9,210		441,392
Santos Ltd.			19,933		226,998
Seek Ltd.			6,515		53,930
Sonic Healthcare Ltd.			7,976		108,356
SP AusNet			35,545		38,135
Stockland REIT			48,775		155,195
Suncorp Group Ltd.			28,036		304,501
Sydney Airport			4,120		12,713
Tabcorp Holdings Ltd.			17,824		49,639
Tatts Group Ltd.			29,615		85,548
Telstra Corp. Ltd.			92,211		400,885
Toll Holdings Ltd.			13,967		67,599
Transurban Group			30,231		186,693
Treasury Wine Estates Ltd.			12,953		68,829

		Shares		Value
Wesfarmers Ltd.		21,720	$	785,962
Westfield Group REIT		44,728		468,465
Westfield Retail Trust REIT		65,659		185,690
Westpac Banking Corp.		66,727		1,751,910
Whitehaven Coal Ltd.		8,680		18,263
Woodside Petroleum Ltd.		13,932		443,705
Woolworths Ltd.		26,810		803,138
WorleyParsons Ltd.		4,768		84,466
				19,280,428
Austria—0.3%
Andritz AG		1,416		72,651
Erste Group Bank AG		5,114		136,307
IMMOFINANZ AG	*	22,198		82,832
OMV AG		3,271		147,559
Raiffeisen Bank International AG	†	930		27,076
Telekom Austria AG		4,876		30,857
Verbund AG		1,308		24,808
Vienna Insurance Group AG Wiener Versicherung Gruppe		661		30,663
Voestalpine AG	†	2,547		90,071
				642,824
Belgium—1.1%
Ageas		5,094		178,740
Anheuser-Busch InBev NV		17,280		1,555,774
Belgacom SA		3,304		73,977
Colruyt SA		1,560		82,086
Delhaize Group SA		2,269		140,275
Groupe Bruxelles Lambert SA		1,702		128,193
Groupe Bruxelles Lambert SA STRIP VVPR	*‡d	127		—
KBC Groep NV		5,054		188,410
Solvay SA		1,276		167,078
Telenet Group Holding NV		1,140		52,273
UCB SA		2,456		131,840
Umicore SA		2,312		96,006
				2,794,652
Bermuda—0.1%
Seadrill Ltd.		7,978		321,325
China—0.0%
AAC Technologies Holdings, Inc.		14,957		83,916
Yangzijiang Shipbuilding Holdings Ltd.		34,000		22,191
				106,107
Denmark—1.1%
A.P. Moller—Maersk A/S, Class A		12		80,795
A.P. Moller—Maersk A/S, Class B		29		207,455
Carlsberg A/S, Class B		2,349		210,038
Coloplast A/S, Class B		2,270		127,107
Danske Bank A/S	*	14,344		244,694
DSV A/S		3,830		93,299
Novo Nordisk A/S, Class B		8,763		1,362,317
Novozymes A/S, Class B		5,104		163,482
TDC A/S		16,300		131,977
Tryg A/S		491		40,452
William Demant Holding A/S	*	482		39,824
				2,701,440

See accompanying notes to financial statements

268

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Finland—0.8%
Elisa Oyj			2,840	$	55,454
Fortum Oyj			9,289		174,014
Kesko Oyj, Class B			1,238		34,391
Kone Oyj, Class B			3,400		269,686
Metso Oyj			2,591		87,765
Neste Oil Oyj	†		3,215		46,915
Nokia Oyj	*†		81,592		304,170
Nokian Renkaat Oyj			2,497		101,606
Orion Oyj, Class B			2,366		55,440
Pohjola Bank plc, Class A			3,375		49,593
Sampo, Class A			8,892		346,253
Stora Enso Oyj (Registered), Class R			11,073		74,148
UPM-Kymmene Oyj			10,914		106,967
Wartsila Oyj Abp			3,825		166,177
					1,872,579
France—9.1%
Accor SA			3,556		124,996
Aeroports de Paris			550		53,466
Air Liquide SA			6,736		831,896
Alstom SA	*†		4,650		152,537
Arkema SA			1,269		116,323
AtoS			1,248		92,749
AXA SA			38,663		762,153
BNP Paribas SA			21,398		1,171,435
Bouygues SA			4,268		108,757
Bureau Veritas SA			4,918		127,353
Cap Gemini SA			3,000		145,685
Carrefour SA			13,115		360,226
Casino Guichard Perrachon SA			1,263		118,351
CGG	*		3,682		81,582
Christian Dior SA			1,168		188,694
Cie de Saint-Gobain			8,665		351,110
Cie Generale des Etablissements Michelin (Registered)			3,877		346,666
Cie Generale d’Optique Essilor International SA			4,313		459,498
CNP Assurances			3,589		51,531
Credit Agricole SA	*		22,015		189,479
Danone SA			12,308		926,404
Dassault Systemes SA			1,307		159,751
Edenred	†		4,119		126,123
Electricite de France SA			4,872		113,063
Eurazeo			672		36,034
European Aeronautic Defence and Space Co. NV			12,567		672,344
Eutelsat Communications SA			3,163		89,738
Fonciere Des Regions REIT			530		39,724
France Telecom SA			39,285		372,006
GDF Suez			28,708		563,103
Gecina SA REIT			463		51,173
Groupe Eurotunnel SA			12,467		94,799
ICADE REIT			448		36,955
Iliad SA			485		104,783
Imerys SA			759		46,602
JCDecaux SA			1,204		32,773
Kering	†		1,607		327,004
Klepierre REIT			2,095		82,563
Lafarge SA	†		4,083		250,709
Lagardere SCA (Registered)			2,409		67,215

		Shares		Value
Legrand SA		5,339	$	247,544
L’Oreal SA		5,213		856,936
LVMH Moet Hennessy Louis Vuitton SA		5,473		888,566
Natixis		19,877		83,458
Pernod-Ricard SA		4,481		497,364
Publicis Groupe SA		3,953		281,558
Remy Cointreau SA		585		62,075
Renault SA		4,088		275,358
Rexel SA		3,028		68,223
Safran SA		5,331		278,312
Sanofi		25,639		2,650,575
Schneider Electric SA		11,381		826,565
SCOR SE		3,478		106,748
Societe BIC SA		579		58,085
Societe Generale SA		15,196		522,978
Sodexo		1,975		164,439
Suez Environnement Co.		5,623		72,674
Technip SA		2,112		214,647
Thales SA		2,014		93,981
Total SA	†	45,751		2,234,625
Unibail-Rodamco SE (Paris Exchange) REIT		2,005		466,975
Vallourec SA		2,319		117,681
Veolia Environnement SA		6,912		78,916
Vinci SA		9,797		491,423
Vivendi SA		25,171		477,031
Wendel SA		697		71,881
Zodiac Aerospace		770		101,957
				22,317,928
Germany—7.9%
Adidas AG		4,422		478,013
Allianz SE (Registered)		9,809		1,431,735
Axel Springer AG	†	720		30,639
BASF SE		19,744		1,761,038
Bayer AG		17,775		1,892,516
Bayerische Motoren Werke AG		7,157		624,636
Beiersdorf AG		2,104		183,277
Brenntag AG		1,054		160,200
Celesio AG		1,532		33,256
Commerzbank AG	*	21,269		184,769
Continental AG		2,398		319,675
Daimler AG (Registered)		20,685		1,248,731
Deutsche Bank AG (Registered)		21,970		921,265
Deutsche Boerse AG		4,217		277,303
Deutsche Lufthansa AG (Registered)	*	5,181		104,954
Deutsche Post AG (Registered)		19,641		487,451
Deutsche Telekom AG (Registered)		60,661		706,734
E.ON SE		38,916		637,781
Fraport AG Frankfurt Airport Services Worldwide		826		49,913
Fresenius Medical Care AG & Co. KGaA		4,614		327,046
Fresenius SE & Co. KGaA		2,652		326,410
GEA Group AG		3,970		140,567
Hannover Rueckversicherung SE (Registered)		1,362		97,938
HeidelbergCement AG		2,926		196,045
Henkel AG & Co. KGaA		2,701		211,542
Hochtief AG		558		36,350
Hugo Boss AG		710		78,071

See accompanying notes to financial statements

269

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Infineon Technologies AG			23,785	$	199,102
K+S AG			3,611		133,452
Kabel Deutschland Holding AG			1,942		213,234
Lanxess AG			1,821		109,665
Linde AG			3,998		745,017
MAN SE			903		98,446
Merck KGaA			1,385		210,631
Metro AG			2,787		88,064
Muenchener Rueckversicherungs AG (Registered)			3,872		711,336
RWE AG			10,648		339,437
SAP AG			19,821		1,447,390
Siemens AG (Registered)			17,047		1,726,240
Suedzucker AG			1,523		47,151
Telefonica Deutschland Holding AG			5,613		40,610
ThyssenKrupp AG	*		7,942		155,682
United Internet AG (Registered)			2,133		60,130
Volkswagen AG			642		124,821
					19,398,263
Greece—0.0%
Hellenic Telecommunications Organization SA	*		4,773		37,331
OPAP SA			4,010		33,558
					70,889
Guernsey, Channel Islands—0.1%
Resolution Ltd.			28,579		123,795
Hong Kong—2.9%
AIA Group Ltd.			259,400		1,092,852
ASM Pacific Technology Ltd.			5,500		60,378
Bank of East Asia Ltd.			27,720		99,219
BOC Hong Kong Holdings Ltd.			79,000		241,668
Cathay Pacific Airways Ltd.			23,000		40,023
Cheung Kong Holdings Ltd.			30,000		404,533
Cheung Kong Infrastructure Holdings Ltd.			14,000		93,287
CLP Holdings Ltd.			38,500		311,227
First Pacific Co. Ltd.			42,000		44,898
Galaxy Entertainment Group Ltd.	*		46,000		223,442
Hang Lung Properties Ltd.			49,000		169,728
Hang Seng Bank Ltd.			16,700		245,934
Henderson Land Development Co. Ltd.			23,900		141,939
HKT Trust/HKT Ltd.			45,000		43,019
Hong Kong & China Gas Co. Ltd.			121,514		296,501
Hong Kong Exchanges and Clearing Ltd.			23,700		355,959
Hopewell Holdings Ltd.			11,000		36,508
Hutchison Whampoa Ltd.			45,000		470,802
Hysan Development Co. Ltd.			12,000		51,806
Kerry Properties Ltd.			15,500		60,426
Li & Fung Ltd.	†		125,200		170,646
Link (The) REIT			47,500		233,115
MTR Corp. Ltd.			30,000		110,245
New World Development Co. Ltd.			72,900		100,134
Noble Group Ltd.			95,309		72,486
NWS Holdings Ltd.			26,500		40,627
Orient Overseas International Ltd.			3,700		23,701
PCCW Ltd.			84,000		39,203

		Shares		Value
Power Assets Holdings Ltd.		30,500	$	262,544
Sands China Ltd.		52,894		247,177
Shangri-La Asia Ltd.		34,000		58,448
Sino Land Co. Ltd.		67,000		93,678
SJM Holdings Ltd.		43,000		104,353
Sun Hung Kai Properties Ltd.		34,000		436,629
Swire Pacific Ltd., Class A		15,000		180,724
Swire Properties Ltd.		23,400		68,891
Wharf Holdings Ltd.		31,637		264,056
Wheelock & Co. Ltd.		19,000		94,798
Yue Yuen Industrial Holdings Ltd.		14,000		36,180
				7,121,784
Ireland—0.6%
Bank of Ireland	*	424,026		86,467
CRH plc (Dublin Exchange)		15,443		312,453
Elan Corp. plc	*	10,748		150,828
Experian plc		21,403		371,979
Irish Bank Resolution Corp. Ltd.	*‡d	11,206		—
James Hardie Industries plc CDI		9,395		80,674
Kerry Group plc, Class A		3,295		182,219
Shire plc		11,812		374,325
				1,558,945
Israel—0.5%
Bank Hapoalim BM	*	22,018		99,367
Bank Leumi Le-Israel BM	*	25,559		84,433
Bezeq Israeli Telecommunication Corp. Ltd.		45,959		61,104
Delek Group Ltd.		69		17,813
Israel Chemicals Ltd.		9,457		92,872
Israel Corp. Ltd. (The)	*	66		39,350
Mellanox Technologies Ltd.	*	887		44,098
Mizrahi Tefahot Bank Ltd.	*	2,045		20,474
NICE Systems Ltd.		1,431		52,616
Teva Pharmaceutical Industries Ltd.		18,337		717,669
				1,229,796
Italy—1.9%
Assicurazioni Generali SpA		24,693		431,626
Atlantia SpA		6,695		109,197
Banca Monte dei Paschi di Siena SpA	*†	100,790		25,533
Enel Green Power SpA		39,986		82,986
Enel SpA	†	142,680		447,726
Eni SpA		54,779		1,124,283
Exor SpA	†	1,270		37,611
Fiat Industrial SpA		18,793		209,201
Fiat SpA	*	18,972		132,311
Finmeccanica SpA	*	7,508		37,562
Intesa Sanpaolo SpA		245,846		393,487
Luxottica Group SpA		3,654		184,876
Mediobanca SpA		9,708		50,489
Pirelli & C. SpA	†	4,877		56,379
Prysmian SpA		4,169		77,772
Saipem SpA		5,299		86,009
Snam SpA		44,592		203,043
Telecom Italia SpA		217,256		151,428
Telecom Italia SpA RSP		123,166		68,666
Terna Rete Elettrica Nazionale SpA	†	32,722		135,972
UniCredit SpA		91,663		428,514

See accompanying notes to financial statements

270

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Unione di Banche Italiane ScpA			16,898	$	61,109
					4,535,780
Japan—22.3%
ABC-Mart, Inc.			600		23,385
Acom Co. Ltd.	*†		800		25,450
Advantest Corp.			2,800		46,135
Aeon Co. Ltd.			13,000		170,836
Aeon Credit Service Co. Ltd.			1,400		39,658
Aeon Mall Co. Ltd.			2,400		59,539
Air Water, Inc.			3,000		42,173
Aisin Seiki Co. Ltd.			4,000		152,730
Ajinomoto Co., Inc.			13,000		190,700
Alfresa Holdings Corp.			900		48,191
All Nippon Airways Co. Ltd.			26,000		54,063
Amada Co. Ltd.			7,000		46,085
Aozora Bank Ltd.			21,000		65,585
Asahi Glass Co. Ltd.	†		22,000		142,600
Asahi Group Holdings Ltd.			8,100		200,651
Asahi Kasei Corp.			27,000		178,149
Asics Corp.			3,000		47,279
Astellas Pharma, Inc.			9,675		525,586
Bank of Kyoto Ltd. (The)			8,000		66,624
Bank of Yokohama Ltd. (The)			24,000		123,808
Benesse Holdings, Inc.			1,700		61,331
Bridgestone Corp.			14,100		480,813
Brother Industries Ltd.			4,600		51,617
Calbee, Inc.			500		47,454
Canon, Inc.			24,500		802,946
Casio Computer Co. Ltd.			4,500		39,635
Central Japan Railway Co.			3,100		377,828
Chiba Bank Ltd. (The)			16,000		109,167
Chiyoda Corp.			3,000		35,381
Chubu Electric Power Co., Inc.			14,200		201,143
Chugai Pharmaceutical Co. Ltd.			4,400		91,077
Chugoku Bank Ltd. (The)			4,000		56,050
Chugoku Electric Power Co., Inc. (The)			6,000		94,081
Citizen Holdings Co. Ltd.			4,700		26,215
Coca-Cola West Holdings Co. Ltd.			1,200		21,280
Cosmo Oil Co. Ltd.	*		12,000		22,069
Credit Saison Co. Ltd.			3,100		77,894
Dai Nippon Printing Co. Ltd.			13,000		118,622
Daicel Corp.			7,000		61,180
Daido Steel Co. Ltd.			6,000		30,289
Daihatsu Motor Co. Ltd.			4,000		75,763
Dai-ichi Life Insurance Co. Ltd. (The)			186		267,011
Daiichi Sankyo Co. Ltd.			14,702		245,006
Daikin Industries Ltd.			5,100		206,141
Dainippon Sumitomo Pharma Co. Ltd.			3,000		39,676
Daito Trust Construction Co. Ltd.			1,500		141,330
Daiwa House Industry Co. Ltd.			11,000		204,897
Daiwa Securities Group, Inc.			35,000		293,122
Dena Co. Ltd.	†		2,100		41,114
Denso Corp.			10,500		493,638
Dentsu, Inc.			4,000		138,378
Don Quijote Co. Ltd.			1,100		53,399
East Japan Railway Co.			7,300		568,178
Eisai Co. Ltd.			5,400		220,072
Electric Power Development Co. Ltd.			2,440		76,286
FamilyMart Co. Ltd.			1,200		51,202
FANUC Corp.			4,100		593,380

		Shares		Value
Fast Retailing Co. Ltd.		1,200	$	405,006
Fuji Electric Co. Ltd.		10,000		35,161
Fuji Heavy Industries Ltd.		13,000		321,025
FUJIFILM Holdings Corp.		10,200		224,335
Fujitsu Ltd.		41,000		169,617
Fukuoka Financial Group, Inc.		17,000		72,304
Furukawa Electric Co. Ltd.		12,000		27,762
Gree, Inc.	†	1,800		15,948
GungHo Online Entertainment, Inc.	*†	70		76,477
Gunma Bank Ltd. (The)		8,000		44,232
Hachijuni Bank Ltd. (The)		8,000		46,677
Hakuhodo DY Holdings, Inc.		480		33,619
Hamamatsu Photonics KK		1,400		50,559
Hankyu Hanshin Holdings, Inc.		25,000		142,290
Hino Motors Ltd.		5,000		73,370
Hirose Electric Co. Ltd.		630		82,977
Hiroshima Bank Ltd. (The)		10,000		42,564
Hisamitsu Pharmaceutical Co., Inc.		1,200		60,894
Hitachi Chemical Co. Ltd.		2,300		36,006
Hitachi Construction Machinery Co. Ltd.		2,300		46,391
Hitachi High-Technologies Corp.		1,100		26,527
Hitachi Ltd.		104,000		666,380
Hitachi Metals Ltd.		5,000		56,003
Hokkaido Electric Power Co., Inc.	*	4,400		60,046
Hokuhoku Financial Group, Inc.		24,007		49,021
Hokuriku Electric Power Co.		3,200		50,212
Honda Motor Co. Ltd.		35,100		1,303,945
HOYA Corp.		9,400		193,341
Hulic Co. Ltd.	†	5,000		53,642
Ibiden Co. Ltd.		2,200		34,242
Idemitsu Kosan Co. Ltd.		400		30,663
IHI Corp.		30,000		113,506
INPEX Corp.		46		191,185
Isetan Mitsukoshi Holdings Ltd.		7,540		100,121
Isuzu Motors Ltd.		25,000		170,899
ITOCHU Corp.		31,900		368,888
Itochu Techno-Solutions Corp.		600		24,837
Iyo Bank Ltd. (The)		5,000		47,788
J. Front Retailing Co. Ltd.		10,600		84,531
Japan Airlines Co. Ltd.		1,200		61,777
Japan Exchange Group, Inc.		1,000		101,007
Japan Petroleum Exploration Co.		500		20,245
Japan Prime Realty Investment Corp. REIT		16		48,960
Japan Real Estate Investment Corp. REIT		12		134,049
Japan Retail Fund Investment Corp. REIT		41		85,655
Japan Steel Works Ltd. (The)		6,000		32,925
Japan Tobacco, Inc.		23,700		836,552
JFE Holdings, Inc.		10,800		236,606
JGC Corp.		5,000		180,062
Joyo Bank Ltd. (The)		16,000		87,383
JSR Corp.		3,500		70,818
JTEKT Corp.		4,700		52,682
JX Holdings, Inc.		48,010		231,812
Kajima Corp.		17,000		56,361
Kamigumi Co. Ltd.		5,000		40,241

See accompanying notes to financial statements

271

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Kaneka Corp.			6,000	$	39,562
Kansai Electric Power Co., Inc. (The)	*		14,900		203,956
Kansai Paint Co. Ltd.			5,000		63,826
Kao Corp.			11,200		381,265
Kawasaki Heavy Industries Ltd.			28,000		85,932
KDDI Corp.			11,600		604,052
Keikyu Corp.			11,000		94,435
Keio Corp.			13,000		89,316
Keisei Electric Railway Co. Ltd.			7,000		65,580
Keyence Corp.			972		309,690
Kikkoman Corp.			4,000		66,539
Kinden Corp.			4,000		34,421
Kintetsu Corp.			34,000		149,260
Kirin Holdings Co. Ltd.	†		19,000		297,622
Kobe Steel Ltd.	*		54,000		66,780
Koito Manufacturing Co. Ltd.			2,000		38,126
Komatsu Ltd.			19,700		453,729
Konami Corp.			2,000		42,458
Konica Minolta Holdings, Inc.			10,500		79,031
Kubota Corp.			23,000		334,728
Kuraray Co. Ltd.			6,800		95,303
Kurita Water Industries Ltd.			2,700		57,149
Kyocera Corp.			3,500		356,111
Kyowa Hakko Kirin Co. Ltd.			5,000		56,517
Kyushu Electric Power Co., Inc.	*		9,300		140,162
Lawson, Inc.			1,300		99,202
LIXIL Group Corp.			5,900		143,669
M3, Inc.			18		40,373
Mabuchi Motor Co. Ltd.			400		21,337
Makita Corp.			2,300		123,653
Marubeni Corp.			35,000		233,917
Marui Group Co. Ltd.			5,400		53,793
Maruichi Steel Tube Ltd.			1,000		25,552
Mazda Motor Corp.	*		59,000		233,253
McDonald’s Holdings Co. Japan Ltd.			1,400		38,850
Medipal Holdings Corp.			2,800		37,962
MEIJI Holdings Co. Ltd.			1,202		57,723
Miraca Holdings, Inc.			1,300		59,739
Mitsubishi Chemical Holdings Corp.			28,500		133,571
Mitsubishi Corp.			29,700		507,386
Mitsubishi Electric Corp.			41,000		383,108
Mitsubishi Estate Co. Ltd.			27,411		729,787
Mitsubishi Gas Chemical Co., Inc.			9,000		65,984
Mitsubishi Heavy Industries Ltd.			66,000		366,931
Mitsubishi Logistics Corp.			3,000		41,862
Mitsubishi Materials Corp.			26,000		91,535
Mitsubishi Motors Corp.	*		94,000		128,667
Mitsubishi Tanabe Pharma Corp.			4,600		59,516
Mitsubishi UFJ Financial Group, Inc.			274,040		1,692,435
Mitsubishi UFJ Lease & Finance Co. Ltd.			11,800		55,986
Mitsui & Co. Ltd.			36,700		460,226
Mitsui Chemicals, Inc.	†		15,000		33,766
Mitsui Fudosan Co. Ltd.			18,000		529,201
Mitsui OSK Lines Ltd.	*		23,000		89,381
Mizuho Financial Group, Inc.			493,580		1,025,014

		Shares		Value
MS&AD Insurance Group Holdings		11,074	$	280,507
Murata Manufacturing Co. Ltd.		4,300		327,079
Nabtesco Corp.		2,600		53,983
Namco Bandai Holdings, Inc.		3,850		62,399
NEC Corp.		54,000		118,252
Nexon Co. Ltd.		2,100		23,195
NGK Insulators Ltd.		6,000		74,145
NGK Spark Plug Co. Ltd.		4,000		80,060
NHK Spring Co. Ltd.		3,000		34,638
Nidec Corp.	†	2,200		153,917
Nikon Corp.		7,100		165,884
Nintendo Co. Ltd.		2,300		270,800
Nippon Building Fund, Inc. REIT		15		173,723
Nippon Electric Glass Co. Ltd.		7,500		36,509
Nippon Express Co. Ltd.		16,000		75,978
Nippon Meat Packers, Inc.		4,000		61,185
Nippon Prologis REIT, Inc. REIT	†	5		43,386
Nippon Steel & Sumitomo Metal Corp.		165,245		445,212
Nippon Telegraph & Telephone Corp.		9,500		495,148
Nippon Yusen K.K.		32,000		84,668
Nishi-Nippon City Bank Ltd. (The)		15,000		39,114
Nissan Motor Co. Ltd.		53,800		539,216
Nisshin Seifun Group, Inc.		4,200		50,328
Nissin Foods Holdings Co. Ltd.		1,100		44,485
Nitori Holdings Co. Ltd.		700		56,356
Nitto Denko Corp.		3,600		230,888
NKSJ Holdings, Inc.		7,775		184,770
NOK Corp.		2,000		31,709
Nomura Holdings, Inc.		78,500		577,820
Nomura Real Estate Holdings, Inc.		2,500		55,224
Nomura Real Estate Office Fund, Inc. REIT		5		21,927
Nomura Research Institute Ltd.		2,150		69,825
NSK Ltd.		10,000		95,399
NTT Data Corp.		26		92,611
NTT DOCOMO, Inc.		323		502,493
NTT Urban Development Corp.		24		29,458
Obayashi Corp.		13,000		67,406
Odakyu Electric Railway Co. Ltd.		13,000		126,954
Oji Holdings Corp.		18,000		72,555
Olympus Corp.	*	4,000		121,550
Omron Corp.		4,300		128,196
Ono Pharmaceutical Co. Ltd.		1,700		115,719
Oracle Corp. Japan		900		37,277
Oriental Land Co. Ltd.		1,100		170,232
ORIX Corp.		23,400		319,333
Osaka Gas Co. Ltd.		41,000		173,119
Otsuka Corp.		300		33,459
Otsuka Holdings Co. Ltd.		7,900		260,850
Panasonic Corp.	*	46,800		376,836
Park24 Co. Ltd.		2,000		36,284
Rakuten, Inc.		15,100		178,557
Resona Holdings, Inc.		41,500		202,113
Ricoh Co. Ltd.		14,000		165,904
Rinnai Corp.		800		56,884

See accompanying notes to financial statements

272

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Rohm Co. Ltd.			2,100	$	85,284
Sankyo Co. Ltd.			1,000		47,253
Sanrio Co. Ltd.			900		41,749
Santen Pharmaceutical Co. Ltd.			1,700		73,567
SBI Holdings, Inc.			4,710		51,782
Secom Co. Ltd.			4,400		239,231
Sega Sammy Holdings, Inc.			4,048		101,435
Sekisui Chemical Co. Ltd.			9,000		95,567
Sekisui House Ltd.			12,000		173,382
Seven & I Holdings Co. Ltd.			15,940		583,776
Seven Bank Ltd.	†		12,200		44,226
Sharp Corp.	*		23,000		92,609
Shikoku Electric Power Co., Inc.	*		3,600		65,009
Shimadzu Corp.			5,000		40,248
Shimamura Co. Ltd.			500		60,696
Shimano, Inc.			1,700		144,814
Shimizu Corp.			13,000		52,260
Shin-Etsu Chemical Co. Ltd.			8,700		575,812
Shinsei Bank Ltd.			37,000		84,021
Shionogi & Co. Ltd.			6,100		127,206
Shiseido Co. Ltd.			8,000		119,031
Shizuoka Bank Ltd. (The)			13,000		140,215
Showa Denko K.K.			32,000		42,203
Showa Shell Sekiyu K.K.	†		4,400		36,099
SMC Corp.			1,200		240,571
Softbank Corp.			20,400		1,187,483
Sojitz Corp.			26,800		44,466
Sony Corp.			21,400		452,101
Sony Financial Holdings, Inc.			3,400		53,532
Stanley Electric Co. Ltd.			3,200		62,170
Sumco Corp.			1,900		20,812
Sumitomo Chemical Co. Ltd.			32,000		100,367
Sumitomo Corp.			23,900		297,880
Sumitomo Electric Industries Ltd.			16,600		197,607
Sumitomo Heavy Industries Ltd.			12,000		50,390
Sumitomo Metal Mining Co. Ltd.			11,000		122,525
Sumitomo Mitsui Financial Group, Inc.			27,400		1,254,182
Sumitomo Mitsui Trust Holdings, Inc.			72,740		339,395
Sumitomo Realty & Development Co. Ltd.			7,500		298,906
Sumitomo Rubber Industries Ltd.			3,600		58,767
Suruga Bank Ltd.			4,000		72,538
Suzuken Co. Ltd.			1,460		49,137
Suzuki Motor Corp.			7,800		179,793
Sysmex Corp.			1,500		98,243
T&D Holdings, Inc.			12,500		167,207
Taiheiyo Cement Corp.			27,000		86,162
Taisei Corp.			20,000		72,200
Taisho Pharmaceutical Holdings Co. Ltd.			690		48,974
Taiyo Nippon Sanso Corp.			5,000		34,480
Takashimaya Co. Ltd.			5,000		50,677
Takeda Pharmaceutical Co. Ltd.			17,020		767,500
TDK Corp.			2,600		89,596
Teijin Ltd.			19,000		41,619
Terumo Corp.			3,100		154,091
THK Co. Ltd.			2,500		52,458
Tobu Railway Co. Ltd.			22,000		113,380
Toho Co. Ltd.			2,400		49,363
Toho Gas Co. Ltd.			9,000		46,542

		Shares		Value
Tohoku Electric Power Co., Inc.	*	10,100	$	126,108
Tokio Marine Holdings, Inc.		14,700		463,858
Tokyo Electric Power Co., Inc.	*	31,900		164,679
Tokyo Electron Ltd.		3,700		187,070
Tokyo Gas Co. Ltd.		51,000		281,370
Tokyo Tatemono Co. Ltd.		8,351		69,489
Tokyu Corp.		24,000		157,146
Tokyu Land Corp.		9,000		82,386
TonenGeneral Sekiyu K.K.	†	7,000		67,736
Toppan Printing Co. Ltd.		12,000		83,245
Toray Industries, Inc.		32,000		206,772
Toshiba Corp.		87,000		417,041
TOTO Ltd.		7,000		71,176
Toyo Seikan Kaisha Ltd.		3,400		52,336
Toyo Suisan Kaisha Ltd.		2,000		66,545
Toyoda Gosei Co. Ltd.		1,200		29,340
Toyota Boshoku Corp.		1,400		20,130
Toyota Industries Corp.		3,300		134,765
Toyota Motor Corp.		59,200		3,570,816
Toyota Tsusho Corp.		4,300		110,565
Trend Micro, Inc.	†	2,200		69,944
Tsumura & Co.		1,500		44,206
Ube Industries Ltd.		19,000		35,151
Unicharm Corp.	†	2,300		130,084
United Urban Investment Corp. REIT		46		62,100
USS Co. Ltd.		460		58,316
West Japan Railway Co.		3,700		156,918
Yahoo! Japan Corp.		299		147,232
Yakult Honsha Co. Ltd.		1,900		78,787
Yamada Denki Co. Ltd.	†	2,120		85,837
Yamaguchi Financial Group, Inc.		4,000		39,357
Yamaha Corp.		3,900		44,684
Yamaha Motor Co. Ltd.	†	5,500		71,236
Yamato Holdings Co. Ltd.		8,100		170,588
Yamato Kogyo Co. Ltd.		700		21,380
Yamazaki Baking Co. Ltd.		2,000		23,472
Yaskawa Electric Corp.		5,000		60,683
Yokogawa Electric Corp.		4,300		51,406
Yokohama Rubber Co. Ltd. (The)		4,000		40,165
				54,595,174
Luxembourg—0.3%
ArcelorMittal		21,868		244,754
Millicom International Cellular SA SDR		1,282		92,332
SES SA FDR		6,694		191,794
Tenaris SA		10,124		202,768
				731,648
Macau—0.1%
MGM China Holdings Ltd.		18,400		48,827
Wynn Macau Ltd.		31,256		84,072
				132,899
Malta—0.0%
BGP Holdings plc	*‡d	142,647		—
Mexico—0.0%
Fresnillo plc		3,389		45,754

See accompanying notes to financial statements

273

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Netherlands—4.4%
Aegon NV			37,886	$	254,179
Akzo Nobel NV			5,195		293,133
ASML Holding NV			7,728		610,055
Corio NV REIT			1,472		58,583
D.E. Master Blenders 1753 NV	*		10,911		174,608
Delta Lloyd NV			3,719		74,529
Fugro NV CVA			1,491		81,016
Gemalto NV	†		1,588		143,782
Heineken Holding NV			2,084		116,801
Heineken NV			4,893		311,447
ING Groep NV CVA	*		82,678		755,602
Koninklijke Ahold NV			21,399		318,267
Koninklijke Boskalis Westminster NV			1,476		53,769
Koninklijke DSM NV			3,384		220,615
Koninklijke KPN NV			67,097		139,213
Koninklijke Philips NV			20,704		564,414
Koninklijke Vopak NV			1,377		81,275
Qiagen NV	*		4,797		93,865
Randstad Holding NV			2,449		100,674
Reed Elsevier NV			14,304		238,226
Royal Dutch Shell plc, Class A			81,024		2,588,232
Royal Dutch Shell plc, Class B			56,189		1,860,921
TNT Express NV			6,778		50,783
Unilever NV CVA			35,051		1,379,759
Wolters Kluwer NV			6,716		142,255
Ziggo NV			3,441		138,215
					10,844,218
New Zealand—0.1%
Auckland International Airport Ltd.			20,640		47,471
Contact Energy Ltd.			7,698		30,465
Fletcher Building Ltd.			13,894		90,485
SKYCITY Entertainment Group Ltd.			12,302		41,503
Telecom Corp of New Zealand Ltd.	†		37,893		65,985
					275,909
Norway—0.6%
Aker Solutions ASA			3,966		54,144
DnB ASA			20,758		301,129
Gjensidige Forsikring ASA			4,268		62,877
Norsk Hydro ASA	†		18,486		74,128
Orkla ASA			16,610		135,995
Statoil ASA			23,563		486,766
Telenor ASA			14,928		296,515
Yara International ASA			3,861		153,973
					1,565,527
Portugal—0.2%
Banco Espirito Santo SA (Registered)	*†		36,677		29,404
EDP—Energias de Portugal SA			44,604		143,882
Galp Energia SGPS SA			5,663		83,948
Jeronimo Martins SGPS SA			5,514		116,216
Portugal Telecom SGPS SA (Registered)			11,747		45,701
					419,151

		Shares		Value
Singapore—1.6%
Ascendas Real Estate Investment Trust REIT		41,786	$	73,229
CapitaCommercial Trust REIT		40,000		46,144
CapitaLand Ltd.		51,500		124,423
CapitaMall Trust REIT		54,000		84,738
CapitaMalls Asia Ltd.		25,000		35,856
City Developments Ltd.		10,000		84,127
ComfortDelGro Corp. Ltd.		47,000		67,544
DBS Group Holdings Ltd.		36,730		446,927
Genting Singapore plc (Registered)		132,000		136,876
Global Logistic Properties Ltd.		62,779		135,795
Golden Agri-Resources Ltd.		136,320		60,013
Hutchison Port Holdings Trust		98,000		71,765
Hutchison Port Holdings Trust		21,000		15,120
Jardine Cycle & Carriage Ltd.		2,000		66,868
Keppel Corp. Ltd.		31,400		256,831
Keppel Land Ltd.		16,000		42,074
Olam International Ltd.		30,672		39,480
Oversea-Chinese Banking Corp. Ltd.		54,600		429,218
SembCorp Industries Ltd.		22,340		86,914
SembCorp Marine Ltd.		17,000		57,609
Singapore Airlines Ltd.		12,400		98,976
Singapore Exchange Ltd.		17,000		93,966
Singapore Press Holdings Ltd.		35,500		116,680
Singapore Technologies Engineering Ltd.		35,000		115,296
Singapore Telecommunications Ltd.		168,159		498,056
StarHub Ltd.		12,730		41,856
United Overseas Bank Ltd.		27,000		421,635
UOL Group Ltd.		9,000		47,578
Wilmar International Ltd.		40,000		98,930
				3,894,524
Spain—2.8%
Abertis Infraestructuras SA		8,151		142,020
Acciona SA	†	445		23,461
ACS Actividades de Construccion y Servicios SA		2,822		74,654
Amadeus IT Holding SA, Class A		8,318		266,219
Banco Bilbao Vizcaya Argentaria SA		119,194		1,001,690
Banco de Sabadell SA	†	58,133		96,440
Banco Popular Espanol SA	*	27,652		84,653
Banco Santander SA		232,501		1,487,832
Bankia SA	*	97,908		75,847
CaixaBank		22,419		68,862
Distribuidora Internacional de Alimentacion SA		12,771		96,476
Enagas SA	†	3,883		95,973
Ferrovial SA		8,975		143,286
Gas Natural SDG SA	†	7,760		156,345
Grifols SA		3,344		122,856
Iberdrola SA	†	99,458		525,596
Inditex SA		4,718		581,943
Mapfre SA	†	14,119		45,938
Red Electrica Corp. SA	†	2,189		120,367
Repsol SA		18,127		382,570
Telefonica SA		88,196		1,134,677
Zardoya Otis SA		2,829		40,062
				6,767,767

See accompanying notes to financial statements

274

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Sweden—3.0%
Alfa Laval AB			7,040	$	143,794
Assa Abloy AB, Class B			7,296		285,141
Atlas Copco AB, Class A			14,610		352,128
Atlas Copco AB, Class B			7,969		170,542
Boliden AB			5,365		66,501
Electrolux AB, Series B			4,955		125,038
Elekta AB, Class B			8,106		123,200
Getinge AB, Class B			4,140		125,694
Hennes & Mauritz AB, Class B			20,509		674,775
Hexagon AB, Class B			4,879		130,422
Husqvarna AB, Class B			7,541		39,825
Industrivarden AB, Class C			2,912		48,626
Investment AB Kinnevik, Class B			4,612		118,238
Investor AB, Class B			9,958		267,281
Lundin Petroleum AB	*		4,363		86,294
Nordea Bank AB			56,900		635,418
Ratos AB, Class B	†		3,896		30,214
Sandvik AB			22,667		270,719
Scania AB, Class B			6,592		131,886
Securitas AB, Class B			6,530		57,087
Skandinaviska Enskilda Banken AB, Class A			32,263		308,015
Skanska AB, Class B			7,994		132,478
SKF AB, Class B			8,416		197,163
Svenska Cellulosa AB, Class B			12,709		318,726
Svenska Handelsbanken AB, Class A			10,518		421,398
Swedbank AB, Class A			19,153		438,691
Swedish Match AB			4,560		161,855
Tele2 AB, Class B			6,428		75,462
Telefonaktiebolaget LM Ericsson, Class B			65,699		745,016
TeliaSonera AB			50,580		329,616
Volvo AB, Class B			31,807		424,447
					7,435,690
Switzerland—9.6%
ABB Ltd. (Registered)	*		47,378		1,026,300
Actelion Ltd. (Registered)	*		2,222		133,848
Adecco SA (Registered)	*		2,780		158,326
Aryzta AG	*		1,765		99,075
Baloise Holding AG (Registered)			934		90,715
Banque Cantonale Vaudoise (Registered)			59		29,246
Barry Callebaut AG (Registered)	*		42		38,440
Coca-Cola HBC AG CDI	*		4,538		106,223
Compagnie Financiere Richemont SA (A Bearer Shares)			11,250		992,118
Credit Suisse Group AG (Registered)	*		32,307		855,298
EMS-Chemie Holding AG (Registered)			163		48,278
Geberit AG (Registered)	*		833		206,354
Givaudan SA (Registered)	*		178		229,366
Glencore Xstrata plc			215,420		891,728
Holcim Ltd. (Registered)	*		4,981		346,709
Julius Baer Group Ltd. (Registered)	*		4,814		187,883

		Shares		Value
Kuehne + Nagel International AG (Registered)		1,087	$	119,260
Lindt & Spruengli AG (Participation Certificates)		17		63,814
Lindt & Spruengli AG (Registered)		2		87,022
Lonza Group AG (Registered)	*	1,067		80,172
Nestle SA		69,206		4,541,326
Novartis AG (Registered)		49,383		3,497,825
Pargesa Holding SA (Bearer)		467		31,117
Partners Group Holding AG		354		95,820
Roche Holding AG (Genusschein)		15,082		3,743,312
Schindler Holding AG (Participation Certificates)		1,021		142,060
Schindler Holding AG (Registered)		416		56,341
SGS SA (Registered)		119		255,484
Sika AG (Bearer)		47		121,530
Sonova Holding AG (Registered)	*	1,063		112,461
STMicroelectronics NV		13,478		121,125
Sulzer AG (Registered)		491		78,404
Swatch Group AG (The) (Bearer)		671		366,526
Swatch Group AG (The) (Registered)		843		79,271
Swiss Life Holding AG (Registered)	*	719		116,710
Swiss Prime Site AG (Registered)	*	1,132		83,218
Swiss Re AG	*	7,618		566,786
Swisscom AG (Registered)		512		224,139
Syngenta AG (Registered)		2,009		783,427
Transocean Ltd.		7,621		365,938
UBS AG (Registered)	*	78,416		1,331,021
Wolseley plc		5,984		276,099
Zurich Insurance Group AG (Registered)	*	3,199		829,210
				23,609,325
United Kingdom—18.9%
3i Group plc		20,647		106,016
Aberdeen Asset Management plc		21,473		124,965
Admiral Group plc		3,873		78,018
Aggreko plc		5,953		148,792
AMEC plc		6,023		92,117
Anglo American plc		30,115		580,335
Antofagasta plc		8,361		101,311
ARM Holdings plc		29,548		357,444
Associated British Foods plc		7,642		201,597
AstraZeneca plc (London Exchange)		26,861		1,269,957
Aviva plc		64,160		330,690
Babcock International Group plc		7,618		127,913
BAE Systems plc		68,758		400,411
Barclays plc		263,055		1,120,284
BG Group plc		73,224		1,244,373
BHP Billiton plc		45,450		1,158,877
BP plc		411,559		2,856,198
British American Tobacco plc		41,467		2,126,825
British Land Co. plc REIT		19,567		168,562
British Sky Broadcasting Group plc		22,960		276,598

See accompanying notes to financial statements

275

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
BT Group plc			170,021	$	798,207
Bunzl plc			6,996		136,451
Burberry Group plc			9,215		189,575
Capita plc			13,656		200,730
Carnival plc			4,082		141,890
Centrica plc			112,318		614,347
Cobham plc			22,108		88,146
Compass Group plc			39,623		506,286
Croda International plc			3,042		114,714
Diageo plc			53,970		1,547,661
Direct Line Insurance Group plc			16,204		57,578
easyJet plc			3,004		59,212
G4S plc			29,050		102,430
GKN plc			34,247		156,762
GlaxoSmithKline plc			105,379		2,634,078
Hammerson plc REIT			15,069		111,732
Hargreaves Lansdown plc			4,746		64,106
HSBC Holdings plc (London Exchange)			396,733		4,107,039
ICAP plc			12,886		71,148
IMI plc			7,162		134,993
Imperial Tobacco Group plc			21,164		733,854
Inmarsat plc			9,544		97,740
InterContinental Hotels Group plc			5,516		151,592
International Consolidated Airlines Group SA	*		19,566		78,555
Intertek Group plc			3,364		149,535
Intu Properties plc REIT			13,800		65,599
Invensys plc	*‡		15,820		18,455
Invensys plc			12,656		79,252
Investec plc			13,127		82,610
ITV plc			77,985		166,268
J. Sainsbury plc			27,239		147,223
Johnson Matthey plc			4,522		180,676
Kingfisher plc			51,823		270,196
Land Securities Group plc REIT			16,717		224,522
Legal & General Group plc			128,726		335,505
Lloyds Banking Group plc	*		985,472		946,361
London Stock Exchange Group plc			3,970		80,694
Marks & Spencer Group plc			33,468		218,989
Meggitt plc			16,572		130,566
Melrose Industries plc			25,178		95,431
National Grid plc			79,007		895,594
Next plc			3,351		232,124
Old Mutual plc			106,780		293,123
Pearson plc			17,375		309,002
Persimmon plc	*		6,790		121,887
Petrofac Ltd.			5,685		103,486
Prudential plc			55,135		899,956
Randgold Resources Ltd.			1,760		111,525
Reckitt Benckiser Group plc			13,929		985,289
Reed Elsevier plc			26,043		296,166
Rexam plc			17,291		125,485
Rio Tinto plc			27,365		1,112,906
Rolls-Royce Holdings plc	*		40,594		698,963
Royal Bank of Scotland Group plc	*		45,517		188,886
RSA Insurance Group plc			79,868		144,896
SABMiller plc			20,648		989,935

				Shares		Value
Sage Group plc (The)				25,181	$	130,141
Schroders plc				2,378		78,942
Segro plc REIT				15,885		67,389
Serco Group plc				10,407		97,868
Severn Trent plc				5,019		127,090
Smith & Nephew plc				19,378		217,031
Smiths Group plc				8,690		172,886
SSE plc				20,764		480,844
Standard Chartered plc (London Exchange)				51,958		1,128,028
Standard Life plc				51,488		270,965
Subsea 7 SA				5,664		99,648
Tate & Lyle plc				9,844		123,509
Tesco plc				173,650		874,469
Travis Perkins plc				5,478		121,295
TUI Travel plc				9,107		49,376
Tullow Oil plc				19,781		301,123
Unilever plc				27,641		1,118,968
United Utilities Group plc				14,722		153,170
Vedanta Resources plc				2,170		33,728
Vodafone Group plc				1,050,760		3,011,140
Weir Group plc (The)				4,457		145,739
Whitbread plc				3,673		170,867
William Hill plc				19,270		129,222
Wm Morrison Supermarkets plc				45,682		181,835
WPP plc				27,410		468,514
						46,225,001
TOTAL COMMON STOCKS
(Cost $244,334,495)						240,619,122
PREFERRED STOCKS—0.6%
Germany—0.6%
Bayerische Motoren Werke AG (Preference)				1,105		75,468
Fuchs Petrolub AG (Preference)				720		57,083
Henkel AG & Co. KGaA				3,780		354,979
Porsche Automobil Holding SE				3,177		245,336
ProSiebenSat.1 Media AG (Preference)		*		2,080		89,212
RWE AG		†		720		22,223
Volkswagen AG				3,126		631,401
						1,475,702
United Kingdom—0.0%
Rolls-Royce Holdings plc (Preference), Class C		*‡		4,366,229		6,641
TOTAL PREFERRED STOCKS
(Cost $1,116,587)						1,482,343
Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.041%	09/12/2013
(Cost $184,985)		‡‡	$	185,000		184,994

See accompanying notes to financial statements

276

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Overseas Equity Index Fund		Shares		Value
RIGHTS—0.0%
Australia—0.0%
ASX Ltd., Expires 07/16/13	*‡		370	$	1,805
France—0.0%
Groupe Fnac, Expires 05/15/15	*†		1,607		4,190
Hong Kong—0.0%
First Pacific Co. Ltd., Expires 07/03/13	*‡		5,250		142
New World Development Co. Ltd, Expires 12/31/49	*‡d		911		—
					142
Spain—0.0%
Repsol SA, Expires 07/04/13	*†		17,173		9,567
TOTAL RIGHTS
(Cost $—)					15,704
MONEY MARKET FUNDS—5.4%
Institutional Money Market Funds—5.4%
Dreyfus Institutional Cash Advantage Fund, 0.04%	††¥		1,300,000		1,300,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	¥		6,292,292		6,292,292
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%	††¥		1,097,816		1,097,816
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.08%	††¥		750,000		750,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.09%	††¥		1,300,000		1,300,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.10%	††¥		1,300,000		1,300,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.08%	††¥		1,300,000		1,300,000
TOTAL MONEY MARKET FUNDS
(Cost $13,340,108)					13,340,108
TOTAL INVESTMENTS—104.3%
(Cost $258,976,175)					255,642,271
Other assets less liabilities—(4.3%)					(10,655,070	)
NET ASSETS—100.0%				$	244,987,201

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.
d	Security has no market value at June 30, 2013.
‡	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

277

SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2013 (Unaudited)

Vantagepoint Overseas Equity Index Fund
Percentage of Portfolio by Industry:
COMMON STOCKS
Commercial Banks	12.6%
Pharmaceuticals	8.7%
Oil, Gas & Consumable Fuels	6.2%
Insurance	5.1%
Food Products	4.1%
Automobiles	3.7%
Chemicals	3.5%
Metals & Mining	3.5%
Diversified Telecommunication Services	2.9%
Machinery	2.7%
Beverages	2.5%
Real Estate Management & Development	2.1%
Capital Markets	2.1%
Food & Staples Retailing	2.1%
Wireless Telecommunication Services	2.0%
Real Estate Investment Trusts (REITs)	1.6%
Tobacco	1.6%
Textiles, Apparel & Luxury Goods	1.6%
Electric Utilities	1.6%
Industrial Conglomerates	1.5%
Diversified Financial Services	1.5%
Multi-Utilities	1.4%
Electrical Equipment	1.3%
Media	1.3%
Hotels, Restaurants & Leisure	1.2%
Electronic Equipment, Instruments & Components	1.2%
Trading Companies & Distributors	1.2%
Auto Components	1.1%
Aerospace & Defense	1.1%
Road & Rail	1.1%
Software	0.9%
Specialty Retail	0.9%
Energy Equipment & Services	0.7%
Household Products	0.7%
Health Care Equipment & Supplies	0.7%
Semiconductors & Semiconductor Equipment	0.7%
Personal Products	0.6%
Building Products	0.6%
Commercial Services & Supplies	0.6%
Construction & Engineering	0.6%
Construction Materials	0.6%
Household Durables	0.6%
Professional Services	0.6%
Communications Equipment	0.5%
Gas Utilities	0.5%
Biotechnology	0.5%
Health Care Providers & Services	0.4%
IT Services	0.4%
Transportation Infrastructure	0.4%
Office Electronics	0.4%
Multiline Retail	0.3%
Air Freight & Logistics	0.3%
Leisure Equipment & Products	0.2%
Containers & Packaging	0.2%
Airlines	0.2%
Marine	0.2%
Life Sciences Tools & Services	0.1%
Internet & Catalog Retail	0.1%

Consumer Finance	0.1%
Paper & Forest Products	0.1%
Water Utilities	0.1%
Internet Software & Services	0.1%
Independent Power Producers & Energy Traders	0.1%
Computers & Peripherals	0.1%
Distributors	0.0%
Health Care Technology	0.0%
Diversified Consumer Services	0.0%
	98.2%
PREFERRED STOCKS
Automobiles	0.4%
Household Products	0.2%
Aerospace & Defense	0.0%
Multi-Utilities	0.0%
Chemicals	0.0%
Media	0.0%
	0.6%
RIGHTS
Specialty Retail	0.0%
Real Estate Management & Development	0.0%
Oil, Gas & Consumable Fuels	0.0%
Diversified Financial Services	0.0%
	0.0%
TOTAL COMMON STOCKS/PREFERRED STOCKS	98.8%
U.S. TREASURY OBLIGATIONS
U.S. Treasury Bills	0.1%
MONEY MARKET FUNDS
Institutional Money Market Funds	5.4%
TOTAL INVESTMENTS	104.3%
Other assets less liabilities	(4.3)%
TOTAL NET ASSETS	100.0%

See accompanying notes to financial statements

278

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Model Portfolio Conservative Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—99.0%
Vantagepoint Aggressive Opportunities Fund Class T			1,626,179	$	19,140,126
Vantagepoint Core Bond Index Fund Class T			7,367,085		74,554,903
Vantagepoint Diversifying Strategies Fund			11,590,563		119,382,801
Vantagepoint Equity Income Fund Class T			6,734,051		68,889,341
Vantagepoint Growth & Income Fund Class T			4,656,628		57,183,386
Vantagepoint Growth Fund Class T			3,597,037		37,912,775
Vantagepoint Inflation Protected Securities Fund Class T			5,527,159		60,411,845
Vantagepoint International Fund Class T			4,382,069		43,251,016
Vantagepoint Low Duration Bond Fund Class T			11,794,632		118,889,892
Vantagepoint Select Value Fund Class T			1,507,062		19,079,408
Total Affiliated Mutual Funds
(Cost $551,490,589)					618,695,493
EXCHANGE TRADED FUND—1.0%
Vanguard FTSE Emerging Markets ETF
(Cost $6,788,168)			156,800		6,080,704
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%
(Cost $220,040)	¥		220,040		220,040
TOTAL INVESTMENTS—100.0%
(Cost $558,498,797)					624,996,237
Other assets less liabilities—(0.0%)					(53,657	)
NET ASSETS—100.0%				$	624,942,580

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

279

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Model Portfolio Traditional Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—99.0%
Vantagepoint Aggressive Opportunities Fund Class T			7,365,050	$	86,686,636
Vantagepoint Core Bond Index Fund Class T			19,397,035		196,297,995
Vantagepoint Discovery Fund Class T			4,358,581		47,552,117
Vantagepoint Diversifying Strategies Fund			22,421,207		230,938,428
Vantagepoint Equity Income Fund Class T			18,155,876		185,734,615
Vantagepoint Growth & Income Fund Class T			15,332,594		188,284,257
Vantagepoint Growth Fund Class T			14,780,712		155,788,706
Vantagepoint Inflation Protected Securities Fund Class T			5,324,443		58,196,167
Vantagepoint International Fund Class T			16,705,003		164,878,376
Vantagepoint Low Duration Bond Fund Class T			12,126,032		122,230,402
Vantagepoint Select Value Fund Class T			6,789,753		85,958,277
Total Affiliated Mutual Funds
(Cost $1,330,491,442)					1,522,545,976
EXCHANGE TRADED FUND—1.0%
Vanguard FTSE Emerging Markets ETF
(Cost $16,651,910)			384,400		14,907,032
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%
(Cost $628,113)	¥		628,113		628,113
TOTAL INVESTMENTS—100.0%
(Cost $1,347,771,465)					1,538,081,121
Other assets less liabilities—(0.0%)					(171,872	)
NET ASSETS—100.0%				$	1,537,909,249

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

280

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Model Portfolio Long-Term Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.0%
Vantagepoint Aggressive Opportunities Fund Class T			14,559,385	$	171,363,966
Vantagepoint Core Bond Index Fund Class T			24,738,440		250,353,013
Vantagepoint Discovery Fund Class T			8,338,589		90,974,005
Vantagepoint Diversifying Strategies Fund			22,907,577		235,948,039
Vantagepoint Equity Income Fund Class T			25,100,529		256,778,415
Vantagepoint Growth & Income Fund Class T			21,300,303		261,567,723
Vantagepoint Growth Fund Class T			21,730,684		229,041,414
Vantagepoint International Fund Class T			27,432,458		270,758,360
Vantagepoint Select Value Fund Class T			13,438,620		170,132,927
Total Affiliated Mutual Funds
(Cost $1,665,670,846)					1,936,917,862
EXCHANGE TRADED FUND—1.9%
Vanguard FTSE Emerging Markets ETF
(Cost $41,975,687)			964,400		37,399,432
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%
(Cost $1,551,144)	¥		1,551,144		1,551,144
TOTAL INVESTMENTS—100.0%
(Cost $1,709,197,677)					1,975,868,438
Other assets less liabilities—(0.0%)					(90,733	)
NET ASSETS—100.0%				$	1,975,777,705

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

281

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Model Portfolio All-Equity Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.0%
Vantagepoint Aggressive Opportunities Fund Class T			6,401,643	$	75,347,337
Vantagepoint Discovery Fund Class T			6,579,922		71,786,945
Vantagepoint Equity Income Fund Class T			13,756,345		140,727,410
Vantagepoint Growth & Income Fund Class T			10,937,390		134,311,149
Vantagepoint Growth Fund Class T			12,643,509		133,262,587
Vantagepoint International Fund Class T			13,186,292		130,148,703
Vantagepoint Select Value Fund Class T			5,931,520		75,093,040
Total Affiliated Mutual Funds
(Cost $628,713,147)					760,677,171
EXCHANGE TRADED FUND—2.9%
Vanguard FTSE Emerging Markets ETF
(Cost $25,107,095)			577,500		22,395,450
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%
(Cost $936,758)	¥		936,758		936,758
TOTAL INVESTMENTS—100.0%
(Cost $654,757,000)					784,009,379
Other assets less liabilities—0.0%					71,293
NET ASSETS—100.0%				$	784,080,672

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

282

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Milestone Retirement Income Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.9%
Vantagepoint Core Bond Index Fund Class T			2,797,630	$	28,312,018
Vantagepoint Diversifying Strategies Fund			6,119,345		63,029,249
Vantagepoint Equity Income Fund Class T			3,076,833		31,476,003
Vantagepoint Growth & Income Fund Class T			2,575,176		31,623,160
Vantagepoint Inflation Protected Securities Fund Class T			4,270,393		46,675,400
Vantagepoint International Fund Class T			1,272,997		12,564,481
Vantagepoint Low Duration Bond Fund Class T			9,691,053		97,685,812
Total Affiliated Mutual Funds
(Cost $302,574,420)					311,366,123
EXCHANGE TRADED FUND—1.0%
Vanguard FTSE Emerging Markets ETF
(Cost $3,487,414)			80,500		3,121,790
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%
(Cost $166,976)	¥		166,976		166,976
TOTAL INVESTMENTS—100.0%
(Cost $306,228,810)					314,654,889
Other assets less liabilities—(0.0%)					(46,642	)
NET ASSETS—100.0%				$	314,608,247

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

283

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Milestone 2010 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—99.0%
Vantagepoint Core Bond Index Fund Class T			1,782,708	$	18,041,006
Vantagepoint Diversifying Strategies Fund			4,842,283		49,875,513
Vantagepoint Equity Income Fund Class T			4,644,255		47,510,726
Vantagepoint Growth & Income Fund Class T			2,462,155		30,235,265
Vantagepoint Growth Fund Class T			1,694,797		17,863,165
Vantagepoint Inflation Protected Securities Fund Class T			3,653,490		39,932,647
Vantagepoint International Fund Class T			2,120,343		20,927,783
Vantagepoint Low Duration Bond Fund Class T			4,552,752		45,891,738
Total Affiliated Mutual Funds
(Cost $254,158,082)					270,277,843
EXCHANGE TRADED FUND—1.0%
Vanguard FTSE Emerging Markets ETF
(Cost $2,948,157)			67,800		2,629,284
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%
(Cost $106,696)	¥		106,696		106,696
TOTAL INVESTMENTS—100.0%
(Cost $257,212,935)					273,013,823
Other assets less liabilities—(0.0%)					(44,324	)
NET ASSETS—100.0%				$	272,969,499

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

284

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Milestone 2015 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.5%
Vantagepoint Core Bond Index Fund Class T			4,306,989	$	43,586,725
Vantagepoint Diversifying Strategies Fund			8,332,881		85,828,678
Vantagepoint Equity Income Fund Class T			9,450,490		96,678,509
Vantagepoint Growth & Income Fund Class T			4,594,990		56,426,482
Vantagepoint Growth Fund Class T			3,638,128		38,345,872
Vantagepoint Inflation Protected Securities Fund Class T			5,113,957		55,895,551
Vantagepoint International Fund Class T			4,481,047		44,227,933
Vantagepoint Low Duration Bond Fund Class T			6,062,440		61,109,395
Vantagepoint Mid/Small Company Index Fund Class T			955,373		17,359,126
Total Affiliated Mutual Funds
(Cost $450,467,530)					499,458,271
EXCHANGE TRADED FUND—1.5%
Vanguard FTSE Emerging Markets ETF
(Cost $8,111,606)			186,500		7,232,470
MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%
(Cost $242,095)	¥		242,095		242,095
TOTAL INVESTMENTS—100.0%
(Cost $458,821,231)					506,932,836
Other assets less liabilities—0.0%					26,235
NET ASSETS—100.0%				$	506,959,071

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

285

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Milestone 2020 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.9%
Vantagepoint Core Bond Index Fund Class T			7,088,611	$	71,736,739
Vantagepoint Diversifying Strategies Fund			8,457,866		87,116,019
Vantagepoint Equity Income Fund Class T			11,075,290		113,300,212
Vantagepoint Growth & Income Fund Class T			5,186,998		63,696,336
Vantagepoint Growth Fund Class T			4,228,902		44,572,623
Vantagepoint Inflation Protected Securities Fund Class T			1,902,426		20,793,511
Vantagepoint International Fund Class T			5,617,305		55,442,795
Vantagepoint Low Duration Bond Fund Class T			4,440,490		44,760,141
Vantagepoint Mid/Small Company Index Fund Class T			2,483,083		45,117,622
Total Affiliated Mutual Funds
(Cost $482,661,353)					546,535,998
EXCHANGE TRADED FUND—1.9%
Vanguard FTSE Emerging Markets ETF
(Cost $11,915,416)			273,900		10,621,842
MONEY MARKET FUND—0.2%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%
(Cost $917,605)	¥		917,605		917,605
TOTAL INVESTMENTS—100.0%
(Cost $495,494,374)					558,075,445
Other assets less liabilities—0.0%					205,819
NET ASSETS—100.0%				$	558,281,264

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

286

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Milestone 2025 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.9%
Vantagepoint Core Bond Index Fund Class T			6,280,655	$	63,560,229
Vantagepoint Diversifying Strategies Fund			6,052,248		62,338,157
Vantagepoint Equity Income Fund Class T			9,932,254		101,606,960
Vantagepoint Growth & Income Fund Class T			4,604,026		56,537,436
Vantagepoint Growth Fund Class T			3,860,438		40,689,016
Vantagepoint International Fund Class T			5,383,677		53,136,891
Vantagepoint Low Duration Bond Fund Class T			1,859,100		18,739,732
Vantagepoint Mid/Small Company Index Fund Class T			2,635,055		47,878,954
Total Affiliated Mutual Funds
(Cost $384,526,367)					444,487,375
EXCHANGE TRADED FUND—2.0%
Vanguard FTSE Emerging Markets ETF
(Cost $10,183,561)			235,900		9,148,202
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%
(Cost $507,462)	¥		507,462		507,462
TOTAL INVESTMENTS—100.0%
(Cost $395,217,390)					454,143,039
Other assets less liabilities—(0.0%)					(57,475	)
NET ASSETS—100.0%				$	454,085,564

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

287

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Milestone 2030 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.9%
Vantagepoint Core Bond Index Fund Class T			3,759,991	$	38,051,110
Vantagepoint Diversifying Strategies Fund			3,913,573		40,309,799
Vantagepoint Equity Income Fund Class T			8,358,144		85,503,815
Vantagepoint Growth & Income Fund Class T			4,007,810		49,215,905
Vantagepoint Growth Fund Class T			3,421,069		36,058,064
Vantagepoint International Fund Class T			4,872,775		48,094,293
Vantagepoint Low Duration Bond Fund Class T			580,051		5,846,912
Vantagepoint Mid/Small Company Index Fund Class T			2,631,534		47,814,966
Total Affiliated Mutual Funds
(Cost $295,493,228)					350,894,864
EXCHANGE TRADED FUND—2.0%
Vanguard FTSE Emerging Markets ETF
(Cost $7,960,631)			184,000		7,135,520
MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%
(Cost $442,180)	¥		442,180		442,180
TOTAL INVESTMENTS—100.0%
(Cost $303,896,039)					358,472,564
Other assets less liabilities—(0.0%)					(34,941	)
NET ASSETS—100.0%				$	358,437,623

Legend to the Schedule of Investments:

¥ 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

June 30, 2013 (Unaudited)

Vantagepoint Milestone 2035 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.8%
Vantagepoint Core Bond Index Fund Class T			1,580,559	$	15,995,261
Vantagepoint Diversifying Strategies Fund			1,772,057		18,252,192
Vantagepoint Equity Income Fund Class T			5,984,714		61,223,629
Vantagepoint Growth & Income Fund Class T			2,888,194		35,467,024
Vantagepoint Growth Fund Class T			2,606,146		27,468,780
Vantagepoint International Fund Class T			3,467,274		34,221,992
Vantagepoint Low Duration Bond Fund Class T			135,566		1,366,505
Vantagepoint Mid/Small Company Index Fund Class T			2,256,956		41,008,884
Total Affiliated Mutual Funds
(Cost $194,922,749)					235,004,267
EXCHANGE TRADED FUND—3.0%
Vanguard FTSE Emerging Markets ETF
(Cost $8,045,211)			185,900		7,209,202
MONEY MARKET FUND—0.2%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%
(Cost $591,473)	¥		591,473		591,473
TOTAL INVESTMENTS—100.0%
(Cost $203,559,433)					242,804,942
Other assets less liabilities—(0.0%)					(569	)
NET ASSETS—100.0%				$	242,804,373

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

289

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Milestone 2040 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.8%
Vantagepoint Core Bond Index Fund Class T			1,171,629	$	11,856,885
Vantagepoint Diversifying Strategies Fund			575,506		5,927,711
Vantagepoint Equity Income Fund Class T			6,165,242		63,070,428
Vantagepoint Growth & Income Fund Class T			2,984,236		36,646,419
Vantagepoint Growth Fund Class T			2,758,639		29,076,055
Vantagepoint International Fund Class T			3,710,467		36,622,313
Vantagepoint Mid/Small Company Index Fund Class T			2,535,286		46,066,148
Total Affiliated Mutual Funds
(Cost $184,718,057)					229,265,959
EXCHANGE TRADED FUND—3.0%
Vanguard FTSE Emerging Markets ETF
(Cost $7,911,327)			182,800		7,088,984
MONEY MARKET FUND—0.2%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%
(Cost $559,906)	¥		559,906		559,906
TOTAL INVESTMENTS—100.0%
(Cost $193,189,290)					236,914,849
Other assets less liabilities—(0.0%)					(46,068	)
NET ASSETS—100.0%				$	236,868,781

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

290

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Milestone 2045 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.5%
Vantagepoint Core Bond Index Fund Class T			345,127	$	3,492,688
Vantagepoint Equity Income Fund Class T			1,864,133		19,070,080
Vantagepoint Growth & Income Fund Class T			907,768		11,147,386
Vantagepoint Growth Fund Class T			833,365		8,783,671
Vantagepoint International Fund Class T			1,131,853		11,171,394
Vantagepoint Mid/Small Company Index Fund Class T			769,045		13,973,541
Total Affiliated Mutual Funds
(Cost $59,956,450)					67,638,760
EXCHANGE TRADED FUND—3.2%
Vanguard FTSE Emerging Markets ETF
(Cost $2,464,006)			57,600		2,233,728
MONEY MARKET FUND—0.3%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%
(Cost $184,876)	¥		184,876		184,876
TOTAL INVESTMENTS—100.0%
(Cost $62,605,332)					70,057,364
Other assets less liabilities—(0.0%)					(33,787	)
NET ASSETS—100.0%				$	70,023,577

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

291

SCHEDULE OF INVESTMENTS

June 30, 2013 (Unaudited)

Vantagepoint Milestone 2050 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.9%
Vantagepoint Core Bond Index Fund Class T			56,023	$	566,954
Vantagepoint Equity Income Fund Class T			303,584		3,105,669
Vantagepoint Growth & Income Fund Class T			147,307		1,808,933
Vantagepoint Growth Fund Class T			135,239		1,425,415
Vantagepoint International Fund Class T			183,453		1,810,678
Vantagepoint Mid/Small Company Index Fund Class T			124,701		2,265,809
Total Affiliated Mutual Funds
(Cost $10,258,668)					10,983,458
EXCHANGE TRADED FUND—3.0%
Vanguard FTSE Emerging Markets ETF
(Cost $384,480)			8,900		345,142
MONEY MARKET FUND—0.3%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.12%
(Cost $34,051)	¥		34,051		34,051
TOTAL INVESTMENTS—100.2%
(Cost $10,677,199)					11,362,651
Other assets less liabilities—(0.2%)					(22,759	)
NET ASSETS—100.0%				$	11,339,892

Legend to the Schedule of Investments:

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

See accompanying notes to financial statements

292

Item 2 (Code of Ethics):

Sub-item 2a. Not applicable.

Sub-item 2c. Not applicable.

Sub-item 2d. Not applicable.

Sub-item 2e. Not applicable.

Sub-item 2f. Not applicable.

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

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

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

Item 6 (Investments):

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

Sub-item 6b. Not applicable; the registrant did not divest itself of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

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

Item 8 (Portfolio Managers of Closed-End Management Investment Companies): Not applicable.

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

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

Item 11 (Controls and Procedures):

Sub-item 11a. The principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing of this report.

Sub-item 11b. There was no change in the registrant’s internal control over financial reporting that occurred during the most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to affect, the registrant’s internal control over financial reporting.

Item 12 (Exhibits):

Sub-item 12a(1). Not applicable.

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

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

The Vantagepoint Funds

By:	/s/ Joan McCallen
	Joan McCallen, Principal Executive Officer
Date:	September 3, 2013

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

By:	/s/ Joan McCallen
	Joan McCallen, Principal Executive Officer
Date:	September 3, 2013

By:	/s/ Elizabeth Glista
	Elizabeth Glista, Principal Financial Officer
Date:	September 3, 2013