Vantagepoint Funds NCSR Certified annual shareholder report (management investment company)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08941

The Vantagepoint Funds

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Angela Montez, Secretary of the Registrant

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

(Name and address of agent for service)

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

Date of fiscal year end: 12/31/13

Date of reporting period: 01/01/13 - 12/31/13

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

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TABLE OF CONTENTS


Shareholder Expenses			1

Management’s Discussion of Market Conditions			3

Management’s Discussion of Fund Performance			4

Vantagepoint Funds

Report of Independent Registered Public Accounting Firm			88

Statements of Assets and Liabilities			89

Statements of Operations			96

Statements of Changes in Net Assets			103

Financial Highlights			118

Notes to Financial Statements			152

Schedules of Investments			201

Additional Information			360

Shareholder Expenses

As a shareholder of a Vantagepoint Fund, you incur ongoing expenses, such as advisory fees and other fund expenses. The following example is intended to help you understand your ongoing expenses (in dollars and cents) of investing in a fund and to compare these expenses with the ongoing expenses of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2013 to December 31, 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 section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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


ACTUAL								HYPOTHETICAL
Beginning Account Value 7/01/13	Ending Account Value 12/31/13		2013 Annualized Expense Ratio(a)		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 7/01/13		Ending Account Value 12/31/13		2013 Annualized Expense Ratio		Expenses Paid During Period*
$1,000.00	$	1,012.20		0.64%	$	3.25	Low Duration Bond Investor Shares	$	1,000.00	$	1,021.98		0.64%	$	3.26
$1,000.00	$	1,013.30		0.39%	$	1.98	Low Duration Bond T Shares	$	1,000.00	$	1,023.24		0.39%	$	1.99
$1,000.00	$	984.00		0.65%	$	3.25	Inflation Protected Securities Investor Shares	$	1,000.00	$	1,021.93		0.65%	$	3.31
$1,000.00	$	986.00		0.40%	$	2.00	Inflation Protected Securities T Shares	$	1,000.00	$	1,023.19		0.40%	$	2.04
$1,000.00	$	1,155.90		0.82%	$	4.46	Equity Income Investor Shares	$	1,000.00	$	1,021.07		0.82%	$	4.18
$1,000.00	$	1,156.90		0.57%	$	3.10	Equity Income T Shares	$	1,000.00	$	1,022.33		0.57%	$	2.91
$1,000.00	$	1,169.70		0.78%	$	4.27	Growth & Income Investor Shares	$	1,000.00	$	1,021.27		0.78%	$	3.97
$1,000.00	$	1,170.90		0.53%	$	2.90	Growth & Income T Shares	$	1,000.00	$	1,022.53		0.53%	$	2.70
$1,000.00	$	1,211.00		0.78%	$	4.35	Growth Investor Shares	$	1,000.00	$	1,021.27		0.78%	$	3.97
$1,000.00	$	1,212.10		0.53%	$	2.96	Growth T Shares	$	1,000.00	$	1,022.53		0.53%	$	2.70
$1,000.00	$	1,165.60		0.98%	$	5.35	Select Value Investor Shares	$	1,000.00	$	1,020.27		0.98%	$	4.99
$1,000.00	$	1,167.30		0.73%	$	3.99	Select Value T Shares	$	1,000.00	$	1,021.53		0.73%	$	3.72
$1,000.00	$	1,201.60		0.84%	$	4.66	Aggressive Opportunities Investor Shares	$	1,000.00	$	1,020.97		0.84%	$	4.28
$1,000.00	$	1,202.70		0.59%	$	3.28	Aggressive Opportunities T Shares	$	1,000.00	$	1,022.23		0.59%	$	3.01
$1,000.00	$	1,211.80		0.95%	$	5.30	Discovery Investor Shares	$	1,000.00	$	1,020.42		0.95%	$	4.84
$1,000.00	$	1,212.80		0.70%	$	3.90	Discovery T Shares	$	1,000.00	$	1,021.68		0.70%	$	3.57
$1,000.00	$	1,147.90		0.99%	$	5.36	International Investor Shares	$	1,000.00	$	1,020.21		0.99%	$	5.04
$1,000.00	$	1,149.10		0.75%	$	4.06	International T Shares	$	1,000.00	$	1,021.42		0.75%	$	3.82
$1,000.00	$	1,043.70		0.55%	$	2.83	Diversifying Strategies T Shares	$	1,000.00	$	1,022.43		0.55%	$	2.80
$1,000.00	$	1,001.40		0.41%	$	2.07	Core Bond Index Class I	$	1,000.00	$	1,023.14		0.41%	$	2.09
$1,000.00	$	1,002.40		0.21%	$	1.06	Core Bond Index Class II	$	1,000.00	$	1,024.15		0.21%	$	1.07
$1,000.00	$	1,002.70		0.16%	$	0.81	Core Bond Index T Shares	$	1,000.00	$	1,024.40		0.16%	$	0.82
$1,000.00	$	1,160.90		0.41%	$	2.23	500 Stock Index Class I	$	1,000.00	$	1,023.14		0.41%	$	2.09
$1,000.00	$	1,161.00		0.21%	$	1.14	500 Stock Index Class II	$	1,000.00	$	1,024.15		0.21%	$	1.07
$1,000.00	$	1,161.80		0.16%	$	0.87	500 Stock Index T Shares	$	1,000.00	$	1,024.40		0.16%	$	0.82
$1,000.00	$	1,168.90		0.41%	$	2.24	Broad Market Index Class I	$	1,000.00	$	1,023.14		0.41%	$	2.09

(continued)


ACTUAL								HYPOTHETICAL
Beginning Account Value 7/01/13	Ending Account Value 12/31/13		2013 Annualized Expense Ratio(a)		Expenses Paid During Period*		Vantagepoint Funds	Beginning Account Value 7/01/13		Ending Account Value 12/31/13		2013 Annualized Expense Ratio		Expenses Paid During Period*
$1,000.00	$	1,170.20		0.21%	$	1.15	Broad Market Index Class II	$	1,000.00	$	1,024.15	��	0.21%	$	1.07
$1,000.00	$	1,170.40		0.16%	$	0.88	Broad Market Index T Shares	$	1,000.00	$	1,024.40		0.16%	$	0.82
$1,000.00	$	1,183.80		0.42%	$	2.31	Mid/Small Company Index Class I	$	1,000.00	$	1,023.09		0.42%	$	2.14
$1,000.00	$	1,185.00		0.22%	$	1.21	Mid/Small Company Index Class II	$	1,000.00	$	1,024.10		0.22%	$	1.12
$1,000.00	$	1,185.10		0.17%	$	0.94	Mid/Small Company Index T Shares	$	1,000.00	$	1,024.35		0.17%	$	0.87
$1,000.00	$	1,175.90		0.54%	$	2.96	Overseas Equity Index Class I	$	1,000.00	$	1,022.48		0.54%	$	2.75
$1,000.00	$	1,177.60		0.34%	$	1.87	Overseas Equity Index Class II	$	1,000.00	$	1,023.49		0.34%	$	1.73
$1,000.00	$	1,178.00		0.29%	$	1.59	Overseas Equity Index T Shares	$	1,000.00	$	1,023.74		0.29%	$	1.48
$1,000.00	$	1,074.10		0.86%	$	4.50	Model Portfolio Conservative Growth Investor M Shares**	$	1,000.00	$	1,020.87		0.86%	$	4.38
$1,000.00	$	1,075.40		0.61%	$	3.19	Model Portfolio Conservative Growth TM Shares**	$	1,000.00	$	1,022.13		0.61%	$	3.11
$1,000.00	$	1,109.20		0.88%	$	4.68	Model Portfolio Traditional Growth Investor M Shares**	$	1,000.00	$	1,020.77		0.88%	$	4.48
$1,000.00	$	1,110.40		0.63%	$	3.35	Model Portfolio Traditional Growth TM Shares**	$	1,000.00	$	1,022.03		0.63%	$	3.21
$1,000.00	$	1,133.60		0.91%	$	4.89	Model Portfolio Long-Term Growth Investor M Shares**	$	1,000.00	$	1,020.62		0.91%	$	4.63
$1,000.00	$	1,135.20		0.66%	$	3.55	Model Portfolio Long-Term Growth TM Shares**	$	1,000.00	$	1,021.88		0.66%	$	3.36
$1,000.00	$	1,172.30		0.98%	$	5.37	Model Portfolio All-Equity Growth Investor M Shares**	$	1,000.00	$	1,020.27		0.98%	$	4.99
$1,000.00	$	1,173.80		0.73%	$	4.00	Model Portfolio All-Equity Growth TM Shares**	$	1,000.00	$	1,021.53		0.73%	$	3.72
$1,000.00	$	1,046.60		0.84%	$	4.33	Milestone Retirement Income Investor M Shares**	$	1,000.00	$	1,020.97		0.84%	$	4.28
$1,000.00	$	1,048.50		0.59%	$	3.05	Milestone Retirement Income TM Shares**	$	1,000.00	$	1,022.23		0.59%	$	3.01
$1,000.00	$	1,074.90		0.88%	$	4.60	Milestone 2010 Investor M Shares**	$	1,000.00	$	1,020.77		0.88%	$	4.48
$1,000.00	$	1,076.90		0.63%	$	3.30	Milestone 2010 TM Shares**	$	1,000.00	$	1,022.03		0.63%	$	3.21
$1,000.00	$	1,087.40		0.87%	$	4.58	Milestone 2015 Investor M Shares**	$	1,000.00	$	1,020.82		0.87%	$	4.43
$1,000.00	$	1,088.60		0.62%	$	3.26	Milestone 2015 TM Shares**	$	1,000.00	$	1,022.08		0.62%	$	3.16
$1,000.00	$	1,101.80		0.85%	$	4.50	Milestone 2020 Investor M Shares**	$	1,000.00	$	1,020.92		0.85%	$	4.33
$1,000.00	$	1,102.90		0.60%	$	3.18	Milestone 2020 TM Shares**	$	1,000.00	$	1,022.18		0.60%	$	3.06
$1,000.00	$	1,115.90		0.85%	$	4.53	Milestone 2025 Investor M Shares**	$	1,000.00	$	1,020.92		0.85%	$	4.33
$1,000.00	$	1,117.80		0.60%	$	3.20	Milestone 2025 TM Shares**	$	1,000.00	$	1,022.18		0.60%	$	3.06
$1,000.00	$	1,129.10		0.86%	$	4.62	Milestone 2030 Investor M Shares**	$	1,000.00	$	1,020.87		0.86%	$	4.38
$1,000.00	$	1,131.00		0.61%	$	3.28	Milestone 2030 TM Shares**	$	1,000.00	$	1,022.13		0.61%	$	3.11
$1,000.00	$	1,142.10		0.87%	$	4.70	Milestone 2035 Investor M Shares**	$	1,000.00	$	1,020.82		0.87%	$	4.43
$1,000.00	$	1,143.20		0.62%	$	3.35	Milestone 2035 TM Shares**	$	1,000.00	$	1,022.08		0.62%	$	3.16
$1,000.00	$	1,153.40		0.87%	$	4.72	Milestone 2040 Investor M Shares**	$	1,000.00	$	1,020.82		0.87%	$	4.43
$1,000.00	$	1,154.50		0.62%	$	3.37	Milestone 2040 TM Shares**	$	1,000.00	$	1,022.08		0.62%	$	3.16
$1,000.00	$	1,155.40		0.94%	$	5.11	Milestone 2045 Investor M Shares**	$	1,000.00	$	1,020.47		0.94%	$	4.79
$1,000.00	$	1,157.20		0.69%	$	3.75	Milestone 2045 TM Shares**	$	1,000.00	$	1,021.73		0.69%	$	3.52
$1,000.00	$	1,152.10		1.09%	$	5.91	Milestone 2050 Investor M Shares**	$	1,000.00	$	1,019.71		1.09%	$	5.55
$1,000.00	$	1,152.90		0.84%	$	4.56	Milestone 2050 TM Shares**	$	1,000.00	$	1,020.97		0.84%	$	4.28

(a)

Net of waivers, if any.

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

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

MANAGEMENT’S DISCUSSION OF MARKET CONDITIONS FOR THE YEAR ENDED DECEMBER 31, 2013

The following is a brief discussion of Vantagepoint Investment Advisers, LLC’s (“VIA”) views of the major market conditions that prevailed in 2013. This commentary should not be considered a complete discussion of all market conditions for the year. This commentary should be read together with each Fund’s Management’s Discussion of Fund Performance because it provides additional context regarding a Fund’s performance.

Equity and fixed income securities markets offered mixed returns in 2013, with equity securities generally outperforming fixed income securities. Equities in the U.S. and developed foreign country markets generally offered double-digit returns in 2013 while emerging market equities generally declined for the year. U.S. fixed income and equity security returns were generally influenced by expectations for changes to the fixed income securities purchasing program of the Federal Reserve System (“Federal Reserve”), the U.S. central bank. Higher quality and longer maturity fixed income securities generally declined in value as interest rates increased, while fixed income securities with lesser sensitivity to changes in longer-term interest rates, such as high yield and shorter maturity fixed income securities, produced positive returns for the year.

In the first quarter, U.S. equity markets rallied, buoyed by encouraging economic data and the accommodative monetary policy of the Federal Reserve. An announcement by the Federal Reserve toward the end of the first quarter that its fixed income securities purchasing program would continue helped the S&P 500 Index, an index representing the larger capitalization stocks traded in the U.S., reach a new high. Fears of a future tapering of the fixed income securities purchasing program resulted in a rise in longer-term interest rates.

In the second quarter, the S&P 500 Index recorded a new closing high before falling back after Federal Reserve Chairman Bernanke indicated a possible tapering of the fixed income securities buying program later in the year. The yield on the benchmark 10-year Treasury note, which typically moves opposite of prices, rose from 1.63% at the beginning of May to close the quarter at 2.49%. Returns were negative for most fixed income sectors. International markets declined in the quarter amid concerns over U.S. monetary policy and tepid economic growth projections.

The third quarter began with a decline in U.S. equity markets amid renewed investor fears that the Federal Reserve would taper its fixed income securities buying program, but U.S. equity markets rose to a new high in September after the Federal Reserve announced it would maintain the program. High yield fixed income securities provided positive returns, while long-term treasuries fell. International equities of developed countries and emerging market countries provided positive returns in the quarter reflecting improving economic data and rising investor sentiment.

In the fourth quarter, the Federal Reserve announced that tapering of its fixed income securities buying program would begin in 2014. Equity markets reached new highs, and high yield fixed income securities produced positive returns while U.S. Treasury returns were generally negative, as the benchmark 10-year Treasury note closed the year with a yield of 3.03%.

U.S. fixed income markets offered mixed returns in 2013, with high yield fixed income securities generally producing the strongest returns, and shorter-maturity fixed income securities rising more modestly. Returns for longer maturity U.S. Treasury securities and Treasury inflation-protected securities, or TIPS, declined as interest rates rose in anticipation of the Federal Reserve tapering its fixed income securities purchasing program.

The U.S. equity market offered double-digit returns in 2013, with all sectors of the S&P 500 Index providing positive returns. The returns were led by the Consumer Discretionary sector, and followed closely by the Health Care, Industrials, and Financial sectors, each with returns in excess of 35%. “Growth-oriented” equities generally offered higher returns than “value-oriented” equities, most notably for smaller capitalization companies. Equities of small-capitalization size companies generally outperformed equities of mid- and large-capitalization companies.

The equity markets of developed market countries outside the U.S. generally offered positive double-digit returns for the year, with Europe, the U.K., and Japan each returning over 20% on average for U.S. investors. While the Japanese yen weakened against the dollar and dampened U.S. dollar returns, returns were still robust for U.S. investors. Emerging market countries generally fell for the year primarily reflecting losses in the second quarter as China suffered from slower-than-expected growth.

Vantagepoint Low Duration Bond Fund

The Vantagepoint Low Duration Bond Fund’s investment objective is to seek total return that is consistent with preservation of capital. The Fund invests, under normal circumstances, at least 80% of its net assets in bonds and other fixed income securities of varying maturities, and normally invests at least 65% of its net assets in bonds and other fixed income securities with more than one year to maturity. The Fund seeks to maintain a portfolio effective duration of no greater than three years. Effective duration is a measure of the expected change in value of a fixed income security for a given change in interest rates, and takes into account that expected cash flows will fluctuate as interest rates change. The Fund’s investments may include securities issued or guaranteed by the U.S. Government or foreign governments and their agencies and instrumentalities, or supra-national organizations (such as the World Bank); securities issued by U.S. or foreign companies; U.S. and foreign mortgage-backed and asset-backed securities; and municipal securities. The Fund generally invests in investment grade fixed income securities (i.e., securities rated within the four highest grades by a major ratings agency or unrated securities that the Fund’s subadvisers determine are of comparable quality). The Fund may invest up to 10% of its net assets in securities that are rated below investment grade (commonly known as “high yield securities” or “junk bonds”) and may invest up to 10% of its net assets in floating rate loans. However, the Fund limits its investments in (i) high yield securities and (ii) floating rate loans so that together, they equal no more than 10% of the Fund’s net assets. Investments in foreign securities are limited to 30% of the Fund’s net assets. The Fund primarily invests in securities that are denominated in the U.S. dollar, but can invest up to 10% of its net assets in securities that are denominated in foreign currencies.

The Fund may invest up to 10% of its net assets in derivative instruments. The Fund’s subadvisers may use futures, options, and swap agreements to manage risk or obtain or adjust investment exposure. The Fund’s subadvisers also may use forward currency contracts to obtain or adjust investment exposure or to manage foreign currency risks. The Fund’s investments in credit default swaps, if any, will be less than 5% of the Fund’s net assets.

Performance

The Vantagepoint Low Duration Bond Fund’s Investor Shares gained 0.75% in 2013. The Fund’s market benchmark, the BofA Merrill Lynch 1–3 Year US Corporate & Government Index, gained 0.70% while the Fund’s peer group, the Morningstar Short-Term Bond Funds Average, a group of mutual funds with similar investment objectives, gained 0.45%.

On an absolute basis, the Fund’s performance in 2013 benefitted from positive returns in the short-term corporate securities sector included in the Fund. Additionally, the Fund benefitted from an allocation to high-yield securities (“junk bonds”).

Relative to its market benchmark, the Fund outperformed primarily due to an overweight allocation to investment-grade corporate securities. Additionally, the Fund’s performance benefitted from an overweight allocation to high yield securities.

Relative to its peer group, the Fund outperformed primarily due to an overweight allocation to corporate securities.

The Fund used U.S. Treasury futures contracts to seek to manage interest rate risk and to seek to obtain investment exposure based on anticipated changes in interest rates. The use of these derivatives did not have a material impact to the Fund’s return. The Fund used forward currency contracts to manage foreign currency risk associated with the Fund’s foreign bond exposure, which reduced the volatility of returns, but detracted modestly from performance.

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


Subadviser Data

Payden & Rygel

Investment Style:		Low duration

Schroder Investment Management North America Inc.

Investment Style:		Low duration

Vantagepoint Low Duration Bond Fund

Sector Allocation as of December 31, 2013 (% of Net Assets)

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The primary source of sector allocation classification is BondEdge. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Low Duration Bond Fund—Investor Shares vs. BofA Merrill Lynch 1–3 Year US Corporate & Government Index | Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Low Duration Bond Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR SHARES	T SHARES
One Year	0.75%	0.96%
Three Years	1.95%	2.01%
Five Years	3.96%	4.00%
Ten Years	3.22%	3.24%
Class Inception Date	December 4, 2000	March 1, 2013

Management’s Discussion of Fund Performance describes the performance of the Fund’s Investor Shares (the Fund’s outstanding shares were renamed “Investor Shares” on March 1, 2013). In the table, performance information for T Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund’s Investor Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by T Shares.

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

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

Vantagepoint Inflation Protected Securities Fund

The Vantagepoint Inflation Protected Securities Fund’s investment objective is to offer current income. The Fund invests, under normal circumstances, at least 80% of its net assets in inflation-adjusted U.S. and foreign fixed income securities and normally invests at least 50% of its net assets in U.S. Treasury inflation-protected securities (“TIPS”). The Fund’s investments in these securities may include fixed income securities issued or guaranteed by the U.S. government, foreign governments (national, regional, or local), their agencies or instrumentalities, or supra-national organizations (such as the World Bank); U.S. and foreign corporate fixed income securities; and municipal securities. Investments in U.S. and foreign fixed income securities whose values are not linked to adjustments in inflation rates are limited to 20% of the Fund’s net assets.

The Fund may invest up to 20% of its net assets in derivative instruments. The Fund’s subadvisers may use futures, options, and swap agreements to manage risk or obtain or adjust investment exposure. The Fund’s subadvisers also may use forward currency contracts to obtain or adjust investment exposure or to manage foreign currency risks. The Fund’s investments in credit default swaps, if any, will be less than 5% of the Fund’s net assets.

Performance

The Vantagepoint Inflation Protected Securities Fund’s Investor Shares lost 9.05% in 2013. The Fund’s market benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), lost 8.61%, while the Fund’s peer group, the Morningstar Inflation-Protected Bond Funds Average, a group of mutual funds with similar investment objectives, lost 7.85%.

On an absolute basis, the Fund’s negative return in 2013 was primarily the result of unfavorable market conditions, with inflation-protected securities negatively impacted by the increase in real yields. Holdings in large corporate fixed income securities issued by large U.S. banks and non-agency mortgage-backed securities partly offset the loss.

Relative to its market benchmark, the Fund’s underperformance primarily resulted from a steepening in the yield curve as longer-term interest rates increased, while the Fund was positioned for a flatter yield curve. This underperformance was partially offset by exposure to investment-grade corporate fixed income securities and mortgage-backed securities.

Relative to its peer group, the Fund’s underperformance primarily reflected the portfolio’s longer duration as yields rose, and an overweight allocation to inflation-protected fixed income securities, which generally underperformed non-inflation protected fixed income securities.

The Fund used derivative instruments during the year to seek to manage interest rate risk and to seek to obtain investment exposure based on the Fund subadvisers’ views on interest rates, yield curves, and inflation. Derivatives used included bond futures, options, and swaps. The use of derivatives had a positive impact on the Fund’s return, partially offsetting its underperformance relative to its peer group and market benchmark.


Subadviser Data

BlackRock Financial Management, Inc.

Investment Style:		Broad-based inflation-linked

Pacific Investment Management Company, LLC

Investment Style:		Broad-based inflation-linked

Vantagepoint Inflation Protected Securities Fund

Sector Allocation as of December 31, 2013 (% of Net Assets)

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The primary source of sector allocation classification is BondEdge. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Inflation Protected Securities Fund—Investor Shares vs. Barclays U.S. TIPS Index (Series-L)

Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Inflation Protected Securities Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR SHARES	T SHARES
One Year	–9.05%	–8.81%
Three Years	2.72%	2.81%
Five Years	4.74%	4.79%
Ten Years	3.88%	3.90%
Class Inception Date	July 1, 1992	March 1, 2013

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

Vantagepoint Equity Income Fund*

The Vantagepoint Equity Income Fund’s investment objective is to offer long-term capital growth with consistency derived from dividend yield. Throughtout 2013, the Fund’s principal investment strategy was to invest, under normal circumstances, at least 80% of its net assets in equity securities.* The Fund seeks to invest primarily in the common stocks of U.S. companies that the Fund’s subadvisers believe will pay dividends at above-market levels. As a result of the Fund’s income focus, certain sectors or industries may be emphasized. The Fund may exhibit greater sensitivity to certain economic factors, such as changing interest rates, than will the general stock market. The Fund may invest across companies of all sizes but generally focuses on larger capitalization companies, which tend to have stable long-term earnings and dividend-paying records. The Fund also may invest in foreign equity securities, U.S. and foreign convertible securities, and U.S. preferred stock.

Performance

The Vantagepoint Equity Income Fund’s Investor Shares gained 31.11% in 2013. The Fund’s market benchmark, the Russell 1000 Value Index, gained 32.53%, while the Fund’s peer group, the Morningstar Large Value Funds Average, a group of mutual funds with similar investment objectives, gained 31.21%.

On an absolute basis, the Fund’s performance reflected the generally positive returns of the U.S. equity market in 2013. This positive performance resulted from the returns of all sectors in which the Fund had holdings, and particularly from performance in the Financials, Industrials, and Energy sectors.

Relative to its market benchmark, the Fund’s underperformance primarily resulted from the performance of holdings in the Information Technology and Health Care sectors. Performance of the Fund’s holdings in these sectors provided returns that were positive but lower than returns of the benchmark’s holdings in these sectors. Favorable performance from holdings in the Energy and Financials sectors partially offset this underperformance.

The Fund’s underperformance relative to its peer group primarily reflected returns from holdings in the Health Care and Consumer Discretionary sectors. This underperformance was partially offset by returns from holdings in the Energy and Information Technology sectors.


Subadviser Data*

Barrow, Hanley, Mewhinney & Strauss, LLC

Investment Style:		Contrarian value

Southeastern Asset Management, Inc.

Investment Style:		Special situations

T. Rowe Price Associates, Inc.

Investment Style:		Relative yield value

On February 4, 2014, the Fund included an additional strategy which is an indexed or “passively managed” strategy. In addition, two new subadvisers, SSgA Funds Management, Inc. and Wellington Management Company, were added and a subadviser, Barrow, Hanley, Mewhinney & Strauss, LLC was terminated effective on that date. Please see the prospectus dated May 1, 2013 as revised February 4, 2014 for additional information.

Vantagepoint Equity Income Fund

Sector Allocation as of December 31, 2013 (% of Total Investments)

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The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Equity Income Fund—Investor Shares vs. Russell 1000 Value Index

Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Equity Income Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR SHARES	T SHARES
One Year	31.11%	31.36%
Three Years	14.46%	14.53%
Five Years	18.10%	18.15%
Ten Years	7.65%	7.67%
Class Inception Date	April 1, 1994	March 1, 2013

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

Vantagepoint Growth & Income Fund

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

Performance

The Vantagepoint Growth & Income Fund’s Investor Shares gained 34.01% in 2013. The Fund’s market benchmark, the S&P 500 Index, gained 32.39%, while the Fund’s peer group, the Morningstar Large Blend Funds Average, a group of mutual funds with similar investment objectives, gained 31.50%.

On an absolute basis, the Fund’s performance reflected the generally positive returns of the U.S. equity market in 2013. This positive performance resulted from the returns of all sectors in which the Fund had holdings and particularly from performance in the Financials, Industrials, and Consumer Discretionary sectors.

The Fund’s outperformance relative to its market benchmark primarily resulted from the performance of holdings in the Financials, Information Technology, and Industrials sectors.

Relative to its peer group, the Fund’s outperformance primarily reflected returns from holdings in the Financials and Health Care sectors.


Subadviser Data

Fiduciary Management, Inc.

Investment Style:		Large-cap blend

T. Rowe Price Associates, Inc.

Investment Style:		Blue chip growth

Wellington Management Company, LLP

Investment Style:		Yield focused

Vantagepoint Growth & Income Fund

Sector Allocation as of December 31, 2013 (% of Total Investments)

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The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Growth & Income Fund—Investor Shares vs. S&P 500 Index

Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Growth & Income Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR SHARES	T SHARES
One Year	34.01%	34.26%
Three Years	15.75%	15.82%
Five Years	18.93%	18.97%
Ten Years	7.38%	7.40%
Class Inception Date	October 2, 1998	March 1, 2013

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

Vantagepoint Growth Fund

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

Performance

The Vantagepoint Growth Fund’s Investor Shares gained 33.71% in 2013. The Fund’s market benchmark, the Russell 1000 Growth Index, gained 33.48% for the year. The Fund’s peer group, the Morningstar Large Growth Funds Average, a group of mutual funds with similar investment objectives, gained 33.92%.

On an absolute basis, the Fund’s performance reflected the generally positive returns of the U.S. equity market in 2013. This positive performance resulted from returns in all sectors in which the Fund had holdings and particularly from performance in the Consumer Discretionary and Health Care sectors.

The Fund’s outperformance relative to its market benchmark primarily resulted from the performance of holdings in the Health Care, Financials, and Consumer Discretionary sectors.

The Fund’s underperformance relative to its peer group primarily resulted from the returns of holdings in the Health Care and Consumer Discretionary sectors. While the Fund’s holdings in Health Care outperformed the market benchmark holdings in this sector, they underperformed the peer benchmark performance in this sector. The Fund’s underperformance relative to its peer group was partially offset by returns from holdings in the Consumer Staples and Financials sectors.


Subadviser Data

Atlanta Capital Management Company, LLC

Investment Style:		Large-cap growth

Columbus Circle Investors

Investment Style:		Large-cap growth

Victory Capital Management Inc.

Investment Style:		Large-cap growth

Westfield Capital Management Company, L.P.

Investment Style:		Large-cap growth

Vantagepoint Growth Fund

Sector Allocation as of December 31, 2013 (% of Total Investments)

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The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Growth Fund—Investor Shares vs. Russell 1000 Growth Index

Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Growth Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR SHARES	T SHARES
One Year	33.71%	34.06%
Three Years	13.65%	13.75%
Five Years	17.15%	17.21%
Ten Years	5.15%	5.17%
Class Inception Date	April 1, 1983	March 1, 2013

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

Vantagepoint Select Value Fund

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

Performance

The Vantagepoint Select Value Fund’s Investor Shares gained 34.65% in 2013. The Fund’s market benchmark, the Russell Midcap Value Index, gained 33.46%, while the Fund’s peer group, the Morningstar Mid-Cap Value Funds Average, a group of mutual funds with similar investment objectives, gained 35.14%.

On an absolute basis, the Fund’s positive performance reflected the generally positive returns for mid-capitalization stocks in the U.S. equity market in 2013. This positive performance resulted from returns in all sectors in which the Fund had holdings and particularly from performance in the Financials, Industrials, and Information Technology sectors.

Relative to its market benchmark, the Fund’s outperformance primarily resulted from the performance of holdings in the Financials and Industrials sectors and an underweight allocation to the Utilities sector, which was the weakest performing sector in the market benchmark.

The Fund’s underperformance relative to its peer group primarily reflected returns from the Fund’s holdings in the Financials, Utilities, and Information Technology sectors. While performance from the Fund’s holdings in these sectors was positive, and in some cases better than the market benchmark performance in these sectors, the peer benchmark performance in these sectors was higher. The Fund’s underperformance relative to its benchmark was partially offset by favorable returns from holdings in the Consumer Staples sector.


Subadviser Data

Artisan Partners Limited Partnership

Investment Style:		Contrarian value

Systematic Financial Management, L.P.

Investment Style:		Relative value

WEDGE Capital Management, L.L.P.

Investment Style:		Concentrated traditional value

Vantagepoint Select Value Fund

Sector Allocation as of December 31, 2013 (% of Total Investments)

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The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Select Value Fund—Investor Shares vs. Russell Midcap Value Index

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

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Select Value Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR SHARES	T SHARES
One Year	34.65%	34.96%
Three Years	16.15%	16.24%
Five Years	20.90%	20.96%
Since Inception	7.97%	8.01%
Class Inception Date	October 30, 2007	March 1, 2013

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

Vantagepoint Aggressive Opportunities Fund

The Vantagepoint Aggressive Opportunities Fund’s investment objective is to offer high long-term capital appreciation. The Fund invests, under normal circumstances, primarily in common stocks of small- to mid-capitalization U.S. and foreign companies. One or more of the Fund’s subadvisers employing an “actively-managed” strategy seeks to select common stocks it believes offer the opportunity for high capital appreciation. In addition, a portion of the Fund invests in (or obtains exposure to) stocks included in a custom version of the Russell Midcap^® Growth Index, following an indexed or “passively managed” approach to investing. The range of stocks in which the Fund normally invests is expected to be that of the Russell Midcap^® Index. The Fund also may invest in foreign equity securities (including those of issuers located in emerging market countries), U.S. preferred stock, and U.S. and foreign convertible securities.

The Fund’s subadvisers may use futures and options to manage risk or to obtain or adjust investment exposure. The Fund’s subadvisers also may manage foreign currency risks by using forward currency contracts. Investments in derivatives are limited to 10% of the Fund’s net assets but normally will not exceed 5% of the Fund’s net assets.

Performance

The Vantagepoint Aggressive Opportunities Fund’s Investor Shares gained 38.53% in 2013. The Fund’s market benchmark, the Russell Midcap Growth Index, gained 35.74%, while its peer group, the Morningstar Mid-Cap Growth Funds Average, a group of mutual funds with similar investment objectives, gained 34.93%.

On an absolute basis, the Fund’s performance reflected the generally positive returns for mid- and small- capitalization stocks in the U.S. equity market in 2013. This positive performance resulted from returns in all sectors in which the Fund had holdings and particularly from performance in the Consumer Discretionary, Industrials, and Information Technology sectors.

The Fund’s outperformance relative to its market benchmark primarily resulted from the performance of holdings in the Information Technology, Industrials, and Financials sectors.

The Fund’s outperformance relative to its peer group primarily reflected returns from holdings in the Industrials, Consumer Staples, and Consumer Discretionary sectors.



Subadviser Data

Southeastern Asset Management, Inc.

Investment Style:		Special situations

SSgA Funds Management, Inc.

Investment Style:		Passive indexing

TimesSquare Capital Management, LLC

Investment Style:		Growth opportunities

Wells Capital Management Inc.

Investment Style:		Fundamental small and medium capitalization growth equity

Vantagepoint Aggressive Opportunities Fund

Sector Allocation as of December 31, 2013 (% of Total Investments)

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The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Aggressive Opportunities Fund—Investor Shares vs. Russell Midcap Growth Index

Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Aggressive Opportunities Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR SHARES	T SHARES
One Year	38.53%	38.78%
Three Years	12.73%	12.80%
Five Years	20.83%	20.88%
Ten Years	9.04%	9.06%
Class Inception Date	October 1, 1994	March 1, 2013

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

Vantagepoint Discovery Fund

The Vantagepoint Discovery Fund’s investment objective is to offer long-term capital growth. The Fund invests, under normal circumstances, primarily in a combination of common stocks of U.S. small capitalization companies, Russell 2000^® Index futures contracts, and U.S. and foreign fixed income securities. The Fund’s subadvisers select stocks that they believe have above average potential for growth and that generally have market capitalizations that fall within the range of companies in the Russell 2000^® Index. The Fund’s U.S. and foreign fixed income securities (1) are held, in part, as collateral in conjunction with the Fund’s use of futures contracts; (2) may include: government and agency securities, corporate bonds, mortgage-backed securities, asset-backed securities, and municipal securities; and (3) at all times have a portfolio effective duration no greater than three years. Effective duration is a measure of the expected change in value of a fixed income security for a given change in interest rates, and takes into account that expected cash flows will fluctuate as interest rates change. The Fund also may invest in foreign equity securities (including those of issuers located in emerging market countries), U.S. preferred stock, and U.S. and foreign convertible securities. The Fund’s fixed income securities are generally investment grade securities (i.e., securities rated within the four highest grades by a major ratings agency or unrated securities that the Fund’s subadvisers determine are of comparable quality). In addition to Russell 2000 Index futures contracts, the Fund’s subadvisers may use futures, options, and swap agreements to manage risk, or to obtain or adjust investment exposure. The Fund’s subadvisers also may use forward currency contracts to obtain or adjust investment exposure or to manage foreign currency risks. The Fund’s investments in derivative instruments are limited to 15% of the Fund’s net assets.

Performance

The Vantagepoint Discovery Fund’s Investor Shares gained 39.34% in 2013. The Fund’s market benchmark, the Russell 2000 Index, gained 38.82%, while its peer group, the Morningstar Small Blend Funds Average, a group of mutual funds with similar investment objectives, gained 37.39%.

On an absolute basis, the Fund’s performance primarily reflected the generally positive returns for small-capitalization stocks and futures on those stocks in the U.S. equity market in 2013. The positive return for the Fund primarily resulted from the performance of holdings in the Consumer Discretionary, Industrials, and Information Technology sectors. The Fund’s fixed income securities, held in conjunction with the Russell 2000 Index futures contracts, generated positive returns.

The Fund’s outperformance relative to its market benchmark primarily resulted from the performance of holdings in the Consumer Discretionary and Industrial sectors.

The Fund’s outperformance relative to its peer group primarily reflected returns from holdings in the Information Technology, Consumer Discretionary, and Industrials sectors.

The Fund used derivative instruments during the year. Consistent with the Fund’s principal investment strategy, the Fund invested in Russell 2000 Index futures to seek to gain market exposure to U.S. small-capitalization stocks. The use of Russell 2000 Index futures had a material positive impact on Fund performance. In conjunction with the fixed income securities associated with the Russell 2000 Index futures contracts, the Fund used bond futures during the year to seek to manage interest rate risk and to seek to obtain investment exposure based on the Fund subadvisers’ views on interest rates and yield curves. These bond futures did not have a material impact on the Fund’s performance. The Fund used forward currency contracts to manage foreign currency risk associated with the Fund’s foreign bond exposure. The use of forward currency contracts reduced the volatility of returns to the Fund throughout the year but did not have a material impact on the Fund’s return.


Subadviser Data

Payden & Rygel

Investment Style:		Enhanced index

Wellington Management Company, LLP

Investment Style:		Diversified small-blend

Vantagepoint Discovery Fund Asset Class Exposure

as of December 31, 2013* (% of Net Assets)

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For the Vantagepoint Discovery Fund, portfolio exposures represent the market value of physical securities and a measurement of exposure through the derivative instruments held by the Fund as a percentage 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 in the chart that exceeds 100%.

Vantagepoint Discovery Fund

Fixed Income Sector Allocation as of December 31, 2013* (% of Net Assets excluding Equities)

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

Vantagepoint Discovery Fund

Equity Sector Allocation as of December 31, 2013* (% of Total Investments excluding Bonds and Cash/Cash Equivalents)

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The Equity Sector Allocation reflected in this pie chart was calculated using the actual equity securities held by the Fund and blending them with the sectors represented in the Russell 2000 Index futures held by this Fund. This pie chart represents the portion of the Fund classified as Stocks in the Asset Class Exposure Table.

The primary source of equity sector classification is FactSet. Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Discovery Fund—Investor Shares vs. Russell 2000 Index

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

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Discovery Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR SHARES	T SHARES
One Year	39.34%	39.58%
Three Years	14.81%	14.88%
Five Years	21.60%	21.64%
Since Inception	7.12%	7.14%
Class Inception Date	October 30, 2007	March 1, 2013

The Fund’s market benchmark, the Russell 2000 Index, measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index, and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the index.

Vantagepoint International Fund

The Vantagepoint International Fund’s investment objective is to offer long-term capital growth and diversification by country. The Fund invests primarily in the common stocks of companies headquartered outside of the United States. Under normal circumstances, the Fund invests at least 80% of its net assets in foreign equity securities, including those of issuers located in emerging market countries. Strategies used by the Fund’s subadvisers include: 1) investing in equity securities believed to have above average potential for growth across multiple capitalization sizes; and 2) investing in equity securities believed to be priced below fair market value at the time of purchase. The Fund also may invest in U.S. or foreign fixed income securities, U.S. equity securities, and U.S. or foreign convertible securities.

The Fund’s subadvisers may use futures and options to manage risk or to obtain or adjust investment exposure. The Fund’s subadvisers also may use forward currency contracts to obtain or adjust investment exposure or to manage foreign currency risks. Investments in derivatives are limited to 10% of the Fund’s net assets but normally will not exceed 5% of the Fund’s net assets.

Performance

The Vantagepoint International Fund’s Investor Shares gained 17.43% in 2013. The Fund’s market benchmark, the MSCI Europe Australasia and Far East (EAFE) Index (Net), gained 22.78%, while its peer group, the Morningstar Foreign Large Blend Funds Average, a group of mutual funds with similar investment objectives, gained 19.44%.

On an absolute basis, the Fund’s return reflected the generally positive returns to U.S. investors from stocks of companies in developed foreign countries. The Fund experienced gains in all geographic regions with the exception of the emerging markets. The positive return for the Fund primarily resulted from the performance of holdings in continental Europe, the U.K, and Japan, with returns to U.S. investors in Japan reduced by the currency effect of a weakened yen.

The Fund’s underperformance relative to its market benchmark primarily resulted from an overweight allocation to emerging markets, which underperformed developed markets. This underperformance was partially offset by returns from holdings in the U.K. and an underweight allocation to Asia excluding Japan.

The Fund’s underperformance relative to its peer group primarily reflected the Fund’s performance in the emerging market countries, which was partially offset by outperformance in Japan and from holdings in the U.K.

The Fund used forward foreign currency contracts during the year to manage foreign currency risk, which served to reduce the impact of foreign currency fluctuations on U.S. dollar returns and, to obtain or adjust investment exposure to foreign currencies to facilitate the trading of the foreign securities in which the Fund is invested. The use of foreign currency contracts did not have a material impact on the Fund’s return.


Subadviser Data

Artisan Partners Limited Partnership

Investment Style:		International growth opportunities

GlobeFlex Capital, LP

Investment Style:		Diversified all-cap

Mondrian Investment Partners Limited

Investment Style:		Value-oriented international

Walter Scott & Partners Limited

Investment Style:		Emerging Markets
		Concentrated Growth

Vantagepoint International Fund

Country Allocation as of December 31, 2013 (% of Net Assets)

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*Other represents countries with under a 2.0% individual weighting.

The primary source of country allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint International Fund—Investor Shares vs. MSCI EAFE Index (Net)

Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint International Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR SHARES	T SHARES
One Year	17.43%	17.77%
Three Years	8.38%	8.49%
Five Years	12.23%	12.30%
Ten Years	6.59%	6.63%
Class Inception Date	October 1, 1994	March 1, 2013

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

Vantagepoint Diversifying Strategies Fund*

The Vantagepoint Diversifying Strategies Fund’s investment objective is to offer long-term capital growth. The Fund employs multiple investment strategies to seek long-term growth of capital, with lower volatility over time than that of stocks in general and a risk/return profile different from that of traditional asset classes, such as stocks and fixed income securities (i.e., a “low correlation” to such asset classes).* In combination, the Fund’s investment strategies seek to provide investment exposure to U.S. and foreign stocks, fixed income securities, convertible securities, and foreign currencies through direct investments or through the use of derivative instruments. The Fund employed three strategies in 2013 — a global tactical asset allocation strategy, a low duration-plus fixed income strategy, and a convertible securities strategy. The Fund’s assets allocated to the global tactical asset allocation strategy are invested in derivative instruments that provide investment exposure to fixed income securities, and currencies and equity securities issued by issuers located in any part of the world, including emerging market countries. The Fund’s assets allocated to the low duration-plus fixed income strategy are invested in core short and intermediate maturity U.S. and foreign fixed income securities that combined generally have a portfolio effective duration of no greater than three years. Effective duration is a measure of the expected change in value of a fixed income security for a given change in interest rates, and takes into account that expected cash flows will fluctuate as interest rates change. The Fund’s assets allocated to the convertible securities strategy are invested in U.S. and foreign convertible securities (which may include securities of issuers located in emerging market countries), and also may be invested in a combination of either convertible or non-convertible bonds, and common stocks or equity options, to seek to replicate the investment exposure of convertible securities or to seek to manage risk. In addition, the Fund’s assets allocated to this strategy may also be invested in non-convertible bonds, common stocks as well as restricted securities.

The Fund uses derivative instruments, including futures and options, swap agreements, and forward currency contracts to achieve desired investment exposure, enhance portfolio efficiency, or manage risk. Trading in derivative instruments is used as an alternative to, or in conjunction with, buying, selling, and holding stocks and fixed income securities. The Fund may take both long and short positions in derivatives. The market value of the Fund’s net assets held in short positions in derivative instruments is not expected to exceed 25% of the market value of the Fund’s net assets. Normally, on average and over the long term, this percentage is expected to be between 0% and 10%. The Fund’s investments in credit default swaps, if any, will be less than 5% of the Fund’s net assets.

Performance

The Vantagepoint Diversifying Strategies Fund gained 5.81% during 2013. The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index, lost 1.02%. The Fund’s custom benchmark, which is comprised of 50% S&P 500 Index and 50% Barclays U.S. Intermediate Aggregate Bond Index, gained 14.31%.

On an absolute basis, the Fund’s positive performance in 2013 resulted from positive returns from each of the Fund’s strategies, with the convertible securities strategy providing double-digit returns. The low duration-plus fixed income strategy and the global tactical asset allocation strategy each provided single-digit results.

Relative to its market benchmark, the Fund’s outperformance resulted from each of the three strategies producing positive returns, while the market benchmark return was negative. This outperformance primarily reflected returns of the convertible securities strategy. The global tactical asset allocation strategy benefitted from asset class tilts between stocks and fixed income securities. The low duration-plus fixed income strategy outperformance reflected the strength of its high yield (“junk bond”) holdings. Additionally, the Fund’s performance benefitted from a shorter duration than the market benchmark in an environment where shorter duration strategies produced higher returns.

The Fund’s underperformance relative to its custom benchmark resulted from each underlying strategy trailing the custom benchmark as the fixed income holdings within each strategy underperformed the equity component of the custom benchmark. The Fund used derivatives in 2013, primarily in executing its global tactical asset allocation strategy. The Fund used exchange-traded interest rate futures and options on interest rate futures to take long and short positions in U.S. and foreign government fixed income securities. It also used exchange-traded equity futures and, to a lesser extent, over-the-

On February 4, 2014, the Fund changed its principal investment strategies to include a revised convertible securities strategy and the replacement of Calamos Advisors LLC with Oaktree Capital Management, L.P. to manage that strategy. Please see the prospectus dated May 1, 2013 as revised February 4, 2014 for additional information.

counter options to gain long and short exposure to global equity markets. Additionally, the Fund utilized forward currency contracts to gain or alter exposure to currencies. In combination, the Fund used derivatives positions to seek to gain or adjust exposure and to provide efficiency in implementing the Fund’s strategy. Taken together, the Fund’s use of derivatives did not have a material impact on the Fund’s performance.


Subadviser Data

Calamos Advisors LLC

Investment Style:		Global convertible securities

Mellon Capital Management Corporation

Investment Style:		Global tactical asset allocation

Payden & Rygel

Investment Style:		Low duration-plus fixed income
		Enhanced cash management

Shenkman Capital Management, Inc.

Investment Style:		Convertible securities

Vantagepoint Diversifying Strategies Fund Asset Class Exposure

as of December 31, 2013* (% of Net Assets)

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The Fund’s investments in convertible preferred stocks are categorized as stocks and the Fund’s investments in convertible bonds are categorized as bonds in the above chart. These convertible securities may consist of direct holdings of such securities or exposures to such securities obtained through the use of derivative instruments. 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 percentage 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.

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

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Diversifying Strategies Fund

Average Annual Total Returns for the periods ended December 31, 2013*


		T SHARES
One Year		5.81%
Three Years		3.12%
Five Years		4.20%
Since Inception		2.21%
Class Inception Date		October 30, 2007

The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index, consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. The Fund’s custom benchmark is comprised of 50% Barclays Capital U.S. Intermediate Aggregate Bond Index and 50% S&P 500 Index, which consists of 500 companies representing larger capitalization stocks traded in the U.S. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the indexes.

Vantagepoint Index Funds

The Vantagepoint Index Funds follow an indexed or “passively managed” approach to investing. The Index Funds invest in securities that are selected to try to approximate the investment characteristics and performance of their respective benchmarks. Because it can be very expensive to buy and sell all of the securities in a target benchmark, the Core Bond Index Fund and Broad Market Index Fund employ sampling techniques to approximate benchmark characteristics, such as capitalization and industry weightings, using fewer securities than are contained in the benchmark. Therefore, the performance of the Core Bond Index Fund and Broad Market Index Fund versus their respective benchmarks may deviate more than that of funds investing in all of the securities contained in the benchmark.

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

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

The Vantagepoint Broad Market Index Fund’s investment objective is to offer long-term capital growth by approximating the performance of the Russell 3000^® Index. On May 1, 2013, the Fund changed its investment objective index and market benchmark from the Wilshire 5000 Total Market Index to the Russell 3000^® Index.

The Vantagepoint Mid/Small Company Index Fund’s investment objective is to offer long-term capital growth by approximating the performance of the Russell 2500^™ Index. On May 1, 2013, the Fund changed its investment objective index and market benchmark from the Wilshire 4500 Completion Index to the Russell 2500™ Index.

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

Performance

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

The Vantagepoint Core Bond Index Fund lost 2.62% (Class I shares) and 2.38% (Class II shares). The Fund’s market benchmark, the Barclays U.S. Aggregate Bond Index, lost 2.02%.

The Vantagepoint 500 Stock Index Fund gained 31.78% (Class I shares) and 32.23% (Class II shares). The Fund’s market benchmark, the S&P 500 Index, gained 32.39%.

The Vantagepoint Broad Market Index Fund gained 33.04% (Class I shares) and 33.36% (Class II shares). The Fund’s market benchmark, the Russell 3000^® Index, gained 33.55%¹.

The Vantagepoint Mid/Small Company Index Fund gained 37.19% (Class I shares) and 37.42% (Class II shares). The Fund’s market benchmark, the Russell 2500^™ Index, gained 36.80%².

The Vantagepoint Overseas Equity Index Fund gained 21.35% (Class I shares) and 21.68% (Class II shares). The Fund’s market benchmark, the MSCI EAFE Index (Net), gained 22.78%.

The 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, and Overseas Equity Index Fund used futures to obtain or adjust investment exposure to equity issues when it was believed that using futures would be more efficient or cost effective than trading in the securities directly. The Overseas Equity Fund also used forward currency contracts to manage foreign currency risk associated with the Fund’s foreign equity exposure. The use of forward currency contracts reduced the Fund’s foreign currency risk exposure throughout the year.

The Index Funds’ subadviser is Mellon Capital Management Corporation.

Prior to May 1, 2013, the Fund compared its performance to the Wilshire 5000 Total Market Index, an unmanaged index that 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. This change was made because the Fund’s adviser believed that tracking error would be improved.

Prior to May 1, 2013 the Fund compared it performance to the Wilshire 4500 Completion Index an unmanaged index that 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. This change was made because the Fund’s adviser believed that tracking error would be improved.

Subadviser Data

Mellon Capital Management Corporation


Investment Style:		Indexing

Vantagepoint Core Bond Index Fund

Sector Allocation as of December 31, 2013 (% of Net Assets)

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The primary source of sector allocation classification is BondEdge. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Core Bond Index Fund—Class I Shares vs. Barclays U.S. Aggregate Bond Index

Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Core Bond Index Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	T SHARES	CLASS I SHARES	CLASS II SHARES
One Year	–2.38%	–2.62%	–2.38%
Three Years	2.86%	2.78%	2.97%
Five Years	4.05%	3.99%	4.20%
Ten Years	4.12%	4.09%	4.30%
Class Inception Date	March 1, 2013	June 2, 1997	April 5, 1999

Management’s Discussion of Fund Performance describes the performance of the Fund’s Class I and Class II Shares. In the table, performance information for T Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund’s Class I Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by T Shares.

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

Vantagepoint 500 Stock Index Fund

Sector Allocation as of December 31, 2013 (% of Total Investments)

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The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

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

Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint 500 Stock Index Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	T SHARES	CLASS I SHARES	CLASS II SHARES
One Year	32.09%	31.78%	32.23%
Three Years	15.82%	15.72%	15.99%
Five Years	17.55%	17.50%	17.75%
Ten Years	7.00%	6.97%	7.18%
Class Inception Date	March 1, 2013	June 2, 1997	April 5, 1999

Vantagepoint Broad Market Index Fund

Sector Allocation as of December 31, 2013 (% of Total Investments)

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The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Broad Market Index Fund—Class I Shares vs. Russell 3000 Index and Wilshire 5000 Total Market Index | Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Broad Market Index Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	T SHARES	CLASS I SHARES	CLASS II SHARES
One Year	33.39%	33.04%	33.36%
Three Years	15.87%	15.77%	16.01%
Five Years	18.36%	18.30%	18.55%
Ten Years	7.73%	7.70%	7.92%
Class Inception Date	March 1, 2013	October 1, 1994	April 5, 1999

On May 1, 2013, the Fund changed its market benchmark index from the Wilshire 5000 Total Market Index to the Russell 3000^® Index which includes, and measures the performance of, the largest 3,000 U.S. publicly traded companies based on market capitalization, representing a substantial portion of the investable U.S. equity market. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. Securities held by the Fund may differ from those in the index.

Vantagepoint Mid/Small Company Index Fund

Sector Allocation as of December 31, 2013 (% of Total Investments)

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The primary source of sector allocation classification is FactSet. Due to rounding, pie chart allocations may not add up to 100%.

Vantagepoint Mid/Small Company Index Fund—Class I Shares vs. Russell 2500 Index and Wilshire 4500 Completion Index | Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Mid/Small Company Index Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	T SHARES	CLASS I SHARES	CLASS II SHARES
One Year	37.49%	37.19%	37.42%
Three Years	15.92%	15.83%	16.07%
Five Years	22.10%	22.04%	22.29%
Ten Years	10.03%	10.00%	10.22%
Class Inception Date	March 1, 2013	June 2, 1997	April 5, 1999

On May 1, 2013, the Fund changed its market benchmark index from the Wilshire 4500 Completion Index to the Russell 2500™ Index which 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. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading.

Vantagepoint Overseas Equity Index Fund

Country Allocation as of December 31, 2013 (% of Net Assets)

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*Other represents countries with under a 2.0% individual weighting.

The primary source of country allocation classification is FactSet. Due to rounding, pie chart allocations may not equal 100%.

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

Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Overseas Equity Index Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	T SHARES	CLASS I SHARES	CLASS II SHARES
One Year	21.68%	21.35%	21.68%
Three Years	8.09%	7.99%	8.22%
Five Years	11.77%	11.71%	11.93%
Ten Years	6.53%	6.50%	6.74%
Class Inception Date	March 1, 2013	June 2, 1997	April 5, 1999

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

Vantagepoint Model Portfolio Conservative Growth Fund

The Vantagepoint Model Portfolio Conservative Growth Fund’s investment objective is to offer reasonable current income and capital preservation, with modest potential for capital growth. The Fund invests in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”)¹ to seek to obtain exposure to approximately 41% fixed income investments, 40% equity investments, and 19% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund). The Fund’s investment strategy is implemented by investing in the following funds at target allocations within the percentage ranges indicated:


FIXED INCOME
Low Duration Bond Fund		14%–24%
Core Bond Index Fund		7%–17%
Inflation Protected Securities Fund		5%–15%
EQUITY
Equity Income Fund		6%–16%
Growth & Income Fund		4%–14%
Growth Fund		1%–11%
Select Value Fund		0%–8%
Aggressive Opportunities Fund		0%–8%
International Fund		2%–12%
Third Party Emerging Markets ETF		0%–5%
MULTI-STRATEGY
Diversifying Strategies Fund		17%–21%

Performance²

The Vantagepoint Model Portfolio Conservative Growth Fund’s Investor M Shares gained 11.03% in 2013. The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), lost 1.02%, while the Fund’s peer group, the Morningstar Conservative Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 7.23%. The Fund’s custom benchmark gained 11.38%. The Fund’s custom benchmark is composed of the Barclays Index and the S&P 500 Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Model Portfolio Conservative Growth Fund’s performance reflected the generally positive returns of the U.S. and developed foreign equity markets in 2013 and the generally negative returns of fixed income markets and emerging market equities. The positive performance primarily resulted from allocations to the underlying equity funds. Six of the seven underlying equity funds produced positive results, with returns ranging between 38.78% for the Aggressive Opportunities Fund and 17.77% for the International Fund. The seventh underlying equity fund, the emerging markets ETF, lost 3.74% in the period since it was added to the Fund on May 1, 2013. The Fund’s three underlying fixed income funds produced mixed results, as the Low Duration Bond Fund gained 0.96%, while the Core Bond Index Fund lost 2.38% and Inflation Protected Securities Fund decreased 8.81%. The Diversifying Strategies Fund gained 5.81%. Please refer to each underlying Vantagepoint Fund’s commentary within this report for more information.

¹	On May 1, 2013, exposure to emerging market stocks through a third party ETF was added to the Fund.

As of March 1, 2013, the Fund began investing in “T Shares” of the underlying Vantagepoint Funds. Prior to March 1, 2013, the Fund invested in the Investor Shares of each underlying actively managed Vantagepoint Fund and the Class I Shares of Vantagepoint Index Funds. The underlying Vantagepoint Funds’ performance noted above reflects the returns for the T Shares from their inception date, March 1, 2013, through December 31, 2013. Prior to March 1, 2013, performance of the underlying funds is based on the Investor Shares of the actively managed Vantagepoint Funds, and the Class I Shares of the Vantagepoint Index Funds. As a result, performance of the underlying Vantagepoint Funds shown may vary from the returns discussed in their commentaries elsewhere within this report.

The Fund’s outperformance relative to its fixed income market benchmark primarily resulted from its allocation to the underlying equity funds, with the exception of the emerging market ETF, as these underlying funds outperformed the market benchmark. Performance also benefitted from returns in the underlying Diversifying Strategies Fund and Low Duration Bond Fund.

The Fund’s outperformance relative to its peer group primarily resulted from an overweight allocation to equity funds, which generally outperformed fixed income funds. Additionally, an overweight allocation to growth-style equity securities in the underlying equity funds, which generally outperformed value-style equity securities, benefitted performance. The Fund’s shorter duration exposure resulting from the underlying fixed income funds added to performance, as shorter duration funds generally outperformed longer duration funds.

The Fund’s underperformance relative to its custom benchmark primarily resulted from overweight allocations to the underlying foreign equity funds, which generally underperformed U.S. equity funds. The Fund’s allocations to the Equity Income Fund, International Fund, emerging markets ETF, Inflation Protected Securities Fund, and Core Bond Index Fund underperformed their respective broad market index in the Fund’s custom benchmark. The Fund’s allocations to the Low Duration Bond Fund, Diversifying Strategies Fund, Growth & Income Fund, Growth Fund, Select Value Fund, and Aggressive Opportunities Fund partially offset this underperformance as these underlying funds outperformed their respective broad market index in the Fund’s custom benchmark.

Vantagepoint Model Portfolio Conservative Growth Fund

Underlying Fund Allocation as of December 31, 2013 (% of Net Assets)

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

Vantagepoint Model Portfolio Conservative Growth Fund—Investor M Shares vs. Barclays U.S. Intermediate

Aggregate Bond Index and Custom Benchmark | Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Model Portfolio Conservative Growth Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR M SHARES	TM SHARES
One Year	11.03%	11.25%
Three Years	6.93%	7.00%
Five Years	9.49%	9.53%
Ten Years	5.25%	5.27%
Class Inception Date	April 1, 1996	March 1, 2013

Management’s Discussion of Fund Performance describes the performance of the Fund’s Investor M Shares (the Fund’s outstanding shares were renamed “Investor M Shares” on March 1, 2013). In the table, performance information for TM Shares prior to the inception date of that share class (March 1, 2013) is based on the performance of the Fund’s Investor M Shares. This prior performance has not been adjusted to reflect the actual fees and expenses paid by TM Shares.

The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. The custom benchmark is composed of the Barclays Index and S&P 500 Index in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund’s target percentage allocations. The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

Vantagepoint Model Portfolio Traditional Growth Fund

The Vantagepoint Model Portfolio Traditional Growth Fund’s investment objective is to offer moderate capital growth and reasonable current income. The Fund invests in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”)¹ to seek to obtain exposure to approximately 25% fixed income investments, 60% equity investments, and 15% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund). The Fund’s investment strategy is implemented by investing in the following funds at target allocations within the percentage ranges indicated:


FIXED INCOME
Low Duration Bond Fund		3%–13%
Core Bond Index Fund		8%–18%
Inflation Protected Securities Fund		0%–9%
EQUITY
Equity Income Fund		7%–17%
Growth & Income Fund		7%–17%
Growth Fund		5%–15%
Select Value Fund		1%–11%
Aggressive Opportunities Fund		1%–11%
Discovery Fund		0%–8%
International Fund		6%–16%
Third Party Emerging Markets ETF		0%–5%
MULTI-STRATEGY
Diversifying Strategies Fund		13%–17%

Performance²

The Vantagepoint Model Portfolio Traditional Growth Fund’s Investor M Shares gained 17.74% in 2013. The Fund’s market benchmark, the S&P 500 Index, gained 32.39%, while the Fund’s peer group, the Morningstar Moderate Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 16.48%. The Fund’s custom benchmark gained 18.05%. The Fund’s custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Model Portfolio Traditional Growth Fund’s performance reflected the generally positive returns of the U.S. and developed foreign equity markets in 2013 and the generally negative returns of fixed income markets and emerging market equities. The positive performance primarily resulted from allocations to the underlying equity funds. Seven of the eight underlying equity funds produced positive results, with returns ranging between 39.58% for the Discovery Fund and 17.77% for the International Fund. The eighth underlying equity fund, the emerging markets ETF, lost 3.74% in the period since it was added to the Fund on May 1, 2013. The Fund’s three underlying fixed income funds produced mixed results, as the Low Duration Bond Fund gained 0.96%, while the Core Bond Index Fund lost 2.38% and Inflation Protected Securities Fund decreased 8.81%. The Diversifying Strategies Fund gained 5.81% in the year. Please refer to each underlying Vantagepoint Fund’s commentary within this report for more information.

¹	On May 1, 2013, exposure to emerging market stocks through a third party ETF was added to the Fund.

The Fund’s underperformance relative to its equity market benchmark primarily resulted from its allocation to the underlying fixed income funds, multi-strategy fund, and foreign equity funds, including the emerging markets ETF, as these underlying funds generally trailed the Fund’s market benchmark. Additionally, the Equity Income Fund trailed the market benchmark. Returns from the Fund’s underlying allocations to the Growth & Income Fund, Growth Fund, Select Value Fund, Aggressive Opportunities Fund, and Discovery Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group primarily resulted from an overweight allocation to equity funds, which generally outperformed fixed income funds. Additionally, performance benefitted from an overweight allocation to growth-style equity securities in the underlying equity funds, which generally outperformed value-style equity securities, as well as a bias toward smaller-capitalization securities, which generally outperformed large-capitalization securities. The Funds shorter duration exposure resulting from the underlying fixed income funds added to performance, as shorter duration funds generally outperformed longer duration funds.

The Fund’s underperformance relative to its custom benchmark primarily resulted from an overweight allocation to the underlying foreign equity funds, which generally underperformed U.S. equity funds. The Fund’s allocations to the underlying Equity Income Fund, International Fund, emerging markets ETF, Inflation Protected Securities Fund, and Core Bond Index Fund underperformed their respective broad market index in the Fund’s custom benchmark. The Fund’s allocations to the Low Duration Bond Fund, Diversifying Strategies Fund, Growth & Income Fund, Growth Fund, Select Value Fund, Aggressive Opportunities Fund, and Discovery Fund partially offset this underperformance as these underlying funds outperformed their respective broad market index in the Fund’s custom benchmark.

Vantagepoint Model Portfolio Traditional Growth Fund

Underlying Fund Allocation as of December 31, 2013 (% of Net Assets)

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

Vantagepoint Model Portfolio Traditional Growth Fund—Investor M Shares vs. S&P 500 Index and Custom Benchmark

Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Model Portfolio Traditional Growth Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR M SHARES	TM SHARES
One Year	17.74%	17.97%
Three Years	9.20%	9.26%
Five Years	12.31%	12.36%
Ten Years	6.05%	6.07%
Class Inception Date	April 1, 1996	March 1, 2013

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund’s target percentage allocations. The Barclays Index consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. An index is not available for direct investment, is unmanaged and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

Vantagepoint Model Portfolio Long-Term Growth Fund

The Vantagepoint Model Portfolio Long-Term Growth Fund’s investment objective is to offer high long-term capital growth and modest current income. The Fund invests in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”)¹ to seek to obtain exposure to approximately 13% fixed income investments, 75% equity investments, and 12% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund). The Fund’s investment strategy is implemented by investing in the following funds at target allocations within the percentage ranges indicated:


FIXED INCOME
Core Bond Index Fund		8%–18%
EQUITY
Equity Income Fund		8%–18%
Growth & Income Fund		8%–18%
Growth Fund		7%–17%
Select Value Fund		4%–14%
Aggressive Opportunities Fund		4%–14%
Discovery Fund		0%–10%
International Fund		9%–19%
Third Party Emerging Markets ETF		0%–5%
MULTI-STRATEGY
Diversifying Strategies Fund		10%–14%

Performance²

The Vantagepoint Model Portfolio Long-Term Growth Fund’s Investor M Shares gained 22.55% in 2013. The Fund’s market benchmark, the S&P 500 Index, gained 32.39%, while the Fund’s peer group, the Morningstar Aggressive Allocation Funds Average, a group of mutual funds with similar investment objectives, gained 21.31%. The Fund’s custom benchmark gained 23.27%. The Fund’s custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Model Portfolio Long-Term Growth Fund’s performance reflected the generally positive returns in the U.S. and developed foreign equity markets in 2013 and generally negative returns of fixed income markets and emerging market equities. The positive performance primarily resulted from allocations to the underlying equity funds. Seven of the eight underlying equity funds produced positive results, with returns ranging between 39.58% for the Discovery Fund and 17.77% for the International Fund. The eighth underlying equity fund, the emerging markets ETF, lost 3.74% in the period since it was added to the Fund on May 1, 2013. The Fund’s single underlying fixed income fund, the Core Bond Index Fund, lost 2.38%. The Diversifying Strategies Fund gained 5.81% in the year. Please refer to each underlying Vantagepoint Fund’s commentary within this report for more information.

The Fund’s underperformance relative to its equity market benchmark primarily resulted from its allocation to the Core Bond Index Fund, Diversifying Strategies Fund, and foreign equity funds, including the emerging markets ETF, as these underlying funds generally trailed the Fund’s market benchmark. Additionally, the Equity Income Fund trailed the benchmark. The Fund’s allocations to the Growth & Income Fund, Growth Fund, Select Value Fund, Aggressive Opportunities Fund, and Discovery Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

¹	On May 1, 2013, exposure to emerging market stocks through a third party ETF was added to the Fund.

The Fund’s outperformance relative to its peer group primarily resulted from an overweight allocation to growth-style equity securities in the underlying equity funds, which generally outperformed value-style equity securities, as well as a bias toward smaller-capitalization securities, which generally outperformed large-capitalization securities. The Fund’s shorter duration exposure resulting from the underlying fixed income fund added to relative performance as shorter duration funds generally outperformed longer duration funds.

The Fund’s underperformance relative to its custom benchmark primarily resulted from an overweight allocation to underlying foreign equity funds, which generally underperformed the U.S. equity funds. Additionally, returns from the underlying Core Bond Index Fund underperformed the Barclays Index portion of their custom benchmark. The Fund’s allocations to the Diversifying Strategies Fund and U.S. equity funds, with the exception of the Equity Income Fund, partially offset this underperformance, as these underlying funds outperformed their respective broad market index in the Fund’s custom benchmark.

Vantagepoint Model Portfolio Long-Term Growth Fund

Underlying Fund Allocation as of December 31, 2013 (% of Net Assets)

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

Vantagepoint Model Portfolio Long-Term Growth Fund—Investor M Shares vs. S&P 500 Index and Custom Benchmark | Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Model Portfolio Long-Term Growth Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR M SHARES	TM SHARES
One Year	22.55%	22.83%
Three Years	10.70%	10.79%
Five Years	14.28%	14.33%
Ten Years	6.69%	6.71%
Class Inception Date	April 1, 1996	March 1, 2013

Vantagepoint Model Portfolio All-Equity Growth Fund

The Vantagepoint Model Portfolio All-Equity Growth Fund’s investment objective is to offer high long-term capital growth. The Fund invests, under normal circumstances, 100% in equity funds by investing in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”)¹ whose assets are invested, under normal circumstances, at least 80% in equity securities (common and preferred stock) or instruments that provide equity exposure. The Fund’s investment strategy is implemented by investing in the following funds at target allocations within the percentage ranges indicated:


EQUITY
Equity Income Fund		13%–23%
Growth & Income Fund		12%–22%
Growth Fund		12%–22%
Select Value Fund		5%–15%
Aggressive Opportunities Fund		5%–15%
Discovery Fund		4%–14%
International Fund		12%–22%
Third Party Emerging Markets ETF		0%–5%

Performance²

The Vantagepoint Model Portfolio All-Equity Growth Fund’s Investor M Shares gained 30.36% in 2013. The Fund’s market benchmark, the S&P 500 Index, gained 32.39%, while the Fund’s peer group, the Morningstar Large Blend Funds Average, a group of mutual funds with similar investment objectives, gained 31.50%. The Fund’s custom benchmark gained 30.54%. The Fund’s custom benchmark is composed of the S&P 500 Index and the MSCI EAFE Index (Net) (“MSCI-EAFE Index”), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Model Portfolio All-Equity Growth Fund’s performance reflected the generally positive returns of the U.S. and developed foreign equity markets in 2013. The positive performance was due to the positive returns from seven of the eight underlying equity funds, with performance ranging between 39.58% for the Discovery Fund and 17.77% for the International Fund. The eighth underlying equity fund, the emerging markets ETF, lost 3.74% in the period since it was added to the Fund on May 1, 2013. Please refer to each underlying Vantagepoint Fund’s commentary within this report for more information.

The Fund’s underperformance relative to its equity market benchmark primarily resulted from its allocation to foreign equity funds, both in developed and emerging equity markets, as these underlying funds generally trailed the Fund’s S&P 500 market benchmark, along with returns from the underlying Equity Income Fund. The Fund’s allocations to the Growth & Income Fund, Growth Fund, Select Value Fund, Aggressive Opportunities Fund, and Discovery Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s underperformance relative to its peer group was primarily due to an overweight allocation to the underlying foreign equity funds, which generally underperformed U.S. equity funds. An overweight allocation to smaller-capitalization securities, which generally outperformed large-capitalization securities, partially offset this underperformance.

¹	On May 1, 2013, exposure to emerging market stocks through a third party ETF was added to the Fund.

The Fund’s underperformance relative to its custom benchmark primarily resulted from the Fund’s overweight allocation to emerging market equities, which generally underperformed both developed foreign equity markets and the U.S. equity market. The Fund’s allocations to the underlying Equity Income Fund, International Fund, and emerging markets ETF underperformed their respective broad market index in the Fund’s custom benchmark. The Fund’s allocations to the Growth & Income Fund, Growth Fund, Select Value Fund, Aggressive Opportunities Fund, and Discovery Fund partially offset this underperformance as these underlying funds outperformed their broad market index.

Vantagepoint Model Portfolio All-Equity Growth Fund

Underlying Fund Allocation as of December 31, 2013 (% of Net Assets)

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

Vantagepoint Model Portfolio All-Equity Growth Fund—Investor M Shares vs. S&P 500 Index and Custom Benchmark | Growth of $10,000 Invested December 31, 2003*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Model Portfolio All-Equity Growth Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR M SHARES	TM SHARES
One Year	30.36%	30.64%
Three Years	13.13%	13.22%
Five Years	17.59%	17.64%
Ten Years	7.16%	7.19%
Class Inception Date	October 1, 2000	March 1, 2013

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of the S&P 500 Index and the MSCI Europe Australasia Far East (EAFE) Index (Net) (the MSCI-EAFE Index) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund’s target percentage allocations. The MSCI-EAFE Index is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada, and approximates the minimum possible dividend reinvestment after deduction of withholding tax according to MSCI Barra’s methodology. An index is not available for direct investment, is unmanaged and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

Vantagepoint Milestone Retirement Income Fund

The Vantagepoint Milestone Retirement Income Fund’s objective is to seek to offer current income and opportunities for capital growth that have limited risk. The Fund’s principal investment strategy is to invest in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”)¹ to seek to obtain exposure to approximately 55% fixed income investments, 25% equity investments, and 20% investments in asset classes and strategies that have historically exhibited a low correlation to traditional fixed income and equity investments (a “multi-strategy” Fund). The Fund’s investment strategy is implemented by investing in the following funds at target allocations within the percentage ranges indicated:


FIXED INCOME
Low Duration Bond Fund		26%–36%
Core Bond Index Fund		4%–14%
Inflation Protected Securities Fund		10%–20%
EQUITY
Equity Income Fund		5%–15%
Growth & Income Fund		5%–15%
International Fund		0%–9%
Third Party Emerging Markets ETF		0%–5%
MULTI-STRATEGY
Diversifying Strategies Fund		15%–25%

Performance²

The Vantagepoint Milestone Retirement Income Fund’s Investor M Shares gained 6.14% in 2013. The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), lost 1.02%, while the Fund’s peer group, the Morningstar Retirement Income Funds Average, a group of mutual funds with similar investment objectives, gained 7.36%. The Fund’s custom benchmark gained 6.59%. The Fund’s custom benchmark is composed of the Barclays Index and the S&P 500 Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Milestone Retirement Income Fund’s performance reflected the generally positive returns of the U.S. and developed foreign equity markets in 2013 and the generally negative returns of fixed income markets and emerging market equities. The positive performance primarily resulted from allocations to the underlying equity funds. The Growth & Income Fund gained 34.26%, Equity Income Fund returned 31.36%, and International Fund gained 17.77%. The Diversifying Strategies Fund gained 5.81%. The Fund’s three underlying fixed income funds produced mixed results, as the Low Duration Bond Fund gained 0.96%, while the Core Bond Index Fund lost 2.38% and Inflation Protected Securities Fund decreased 8.81%. The third party emerging markets ETF lost 3.74% in the period since it was added to the Fund on May 1, 2013. Please refer to each underlying Vantagepoint Fund’s commentary within this report for more information.

¹	On May 1, 2013, exposure to emerging market stocks through a third party ETF was added to the Fund.

The Fund’s underperformance relative to its peer group primarily resulted from an underweight allocation to equity funds, which generally outperformed fixed income securities. Additionally, a high quality focus in the underlying fixed income funds detracted from performance as lower quality securities generally outperformed higher quality securities. The Fund’s shorter duration exposure resulting from the underlying fixed income funds partially offset the underperformance as shorter duration funds generally outperformed longer duration funds.

The Fund’s underperformance relative to its custom benchmark primarily resulted from overweight allocations to the underlying foreign equity funds, which generally underperformed U.S. equities. An overweight allocation to growth-style equity securities in the underlying equity funds, which generally outperformed value-style equity securities, as well as a bias toward smaller-capitalization securities, which generally outperformed large-capitalization securities, partially offset this underperformance. The Fund’s allocations to the Equity Income Fund, International Fund, emerging markets ETF, Inflation Protected Securities Fund, and Core Bond Index Fund underperformed their respective broad market indexes in the Fund’s custom benchmark. The Fund’s allocations to the Low Duration Bond Fund, Diversifying Strategies Fund, and Growth & Income Fund, partially offset this underperformance as these underlying funds outperformed their respective broad market indexes in the Fund’s custom benchmark.

Vantagepoint Milestone Retirement Income Fund

Underlying Fund Allocation as of December 31, 2013 (% of Net Assets)

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

Vantagepoint Milestone Retirement Income Fund—Investor M Shares vs. Barclays U.S. Intermediate Aggregate Bond Index and Custom Benchmark | Growth of $10,000 Invested January 3, 2005*

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Milestone Retirement Income Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR M SHARES	TM SHARES
One Year	6.14%	6.44%
Three Years	5.21%	5.31%
Five Years	7.73%	7.79%
Since Inception	4.41%	4.45%
Class Inception Date	January 3, 2005	March 1, 2013

The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. The custom benchmark is composed of the Barclays Index and the S&P 500 Index in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund’s target percentage allocations. The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. An index is not available for direct investment, is unmanaged and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

Vantagepoint Milestone 2010 Fund

The Vantagepoint Milestone 2010 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”)¹ using an asset allocation strategy designed for investors who retired in or around the year 2010 and would like to make gradual withdrawals from the Fund.

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


FIXED INCOME
Low Duration Bond Fund		12%–22%
Core Bond Index Fund		2%–12%
Inflation Protected Securities Fund		10%–20%
EQUITY
Equity Income Fund		12%–22%
Growth & Income Fund		6%–16%
Growth Fund		1%–11%
International Fund		3%–13%
Third Party Emerging Markets ETF		0%–5%
MULTI-STRATEGY
Diversifying Strategies Fund		13%–23%

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

Performance²

The Vantagepoint Milestone 2010 Fund’s Investor M Shares gained 11.12% in 2013. The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (“Barclay’s Index”), lost 1.02%, while the Fund’s peer group, the Morningstar Target Date 2000-2010 Funds Average, a group of mutual funds with similar investment objectives, gained 8.30%. The Fund’s custom benchmark gained 12.49%. The Fund’s custom benchmark is composed of the Barclays Index and the S&P 500 Index, in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Milestone 2010 Fund’s performance reflected the generally positive returns of the U.S. and developed foreign equity markets in 2013 and the generally negative returns of fixed income markets and emerging market equities. The positive performance primarily resulted from allocations to the underlying equity funds. Four of the five underlying equity funds produced positive results, with returns ranging between 34.26% for the Growth & Income Fund and 17.77% for the International Fund. The fifth underlying equity fund, the emerging markets ETF, lost 3.74% in the period since it was added to the Fund on May 1, 2013. The Fund’s three underlying fixed income funds produced mixed results, as the Low Duration Bond Fund gained 0.96%, while the Core Bond Index Fund lost 2.38% and Inflation Protected Securities Fund decreased 8.81%. The Diversifying Strategies Fund gained 5.81%. Please refer to each underlying Vantagepoint Fund’s commentary within this report for more information.

¹	On May 1, 2013, exposure to emerging market stocks through a third party ETF was added to the Fund.

The Fund’s underperformance relative to its custom benchmark primarily resulted from overweight allocations to the underlying foreign equity funds, which generally underperformed U.S. equity funds. An overweight allocation to growth-style equity securities in the underlying equity funds, which generally outperformed value-style equity securities, as well as a bias toward smaller-capitalization securities, which generally outperformed large-capitalization securities, partially offset this underperformance. The Fund’s allocations to the Equity Income Fund, International Fund, emerging markets ETF, Inflation Protected Securities Fund, and Core Bond Index Fund underperformed their respective broad market index in the Fund’s custom benchmark. The Fund’s allocations to the Low Duration Bond Fund, Diversifying Strategies Fund, Growth & Income Fund, and Growth Fund partially offset this underperformance as these underlying funds outperformed their respective broad market index in the Fund’s custom benchmark.

Vantagepoint Milestone 2010 Fund

Underlying Fund Allocation as of December 31, 2013 (% of Net Assets)

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

Vantagepoint Milestone 2010 Fund—Investor M Shares vs. Barclays and Custom Benchmark

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

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Milestone 2010 Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR M SHARES	TM SHARES
One Year	11.12%	11.43%
Three Years	7.27%	7.37%
Five Years	9.53%	9.60%
Since Inception	5.22%	5.25%
Class Inception Date	January 3, 2005	March 1, 2013

The Fund’s market benchmark, the Barclays U.S. Intermediate Aggregate Bond Index (the Barclays Index), consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years. The custom benchmark is composed of the Barclays Index and the S&P 500 Index in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund’s target percentage allocations. The S&P 500 Index is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. An index is not available for direct investment, is unmanaged and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

Vantagepoint Milestone 2015 Fund

The Vantagepoint Milestone 2015 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”)¹ using an asset allocation strategy designed for investors expecting to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), around the year 2015.

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


FIXED INCOME
Low Duration Bond Fund			7%–17%
Core Bond Index Fund			3%–13%
Inflation Protected Securities Fund			7%–17%
EQUITY
Equity Income Fund			14%–24%
Growth & Income Fund			6%–16%
Growth Fund			3%–13%
Mid/Small Company Index Fund			0%–8%
International Fund			4%–14%
Third Party Emerging Markets ETF			0%–5%
MULTI-STRATEGY
Diversifying Strategies Fund			12%–22%

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

Performance²

The Vantagepoint Milestone 2015 Fund’s Investor M Shares gained 13.75% in 2013. The Fund’s market benchmark, the S&P 500 Index, gained 32.39%, while the Fund’s peer group, the Morningstar Target Date 2011–2015 Funds Average, a group of mutual funds with similar investment objectives, gained 9.65%. The Fund’s custom benchmark gained 15.00%. The Fund’s custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Milestone 2015 Fund’s performance reflected the generally positive returns of the U.S. and developed foreign equity markets in 2013 and the generally negative returns of fixed income markets and emerging market equities. The positive performance primarily resulted from allocations to the underlying equity funds. Five of the six underlying equity funds produced positive results, with returns ranging between 37.49% for the Mid/Small Company Index Fund and 17.77% for the International Fund. The sixth underlying equity fund, the emerging markets ETF, lost 3.74% in the period since it was added to the Fund on May 1, 2013. The Fund’s three underlying fixed income funds produced mixed results, as the Low Duration Bond Fund gained 0.96%, while the Core Bond Index Fund lost 2.38% and Inflation Protected Securities Fund decreased 8.81%. The Diversifying Strategies Fund gained 5.81% in the year. Please refer to each underlying Vantagepoint Fund’s commentary within this report for more information.

¹	On May 1, 2013, exposure to emerging market stocks through a third party ETF was added to the Fund.

The Fund’s underperformance relative to its equity market benchmark primarily resulted from its allocation to the underlying fixed income funds, multi-strategy fund, and foreign equity funds, including the emerging markets ETF, as these underlying funds generally trailed the Fund’s market benchmark. Additionally, the Equity Income Fund trailed the market benchmark. Returns from the Fund’s underlying allocations to the Growth & Income Fund, Growth Fund, and Mid/Small Company Index Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s underperformance relative to its custom benchmark primarily resulted from an overweight allocation to the underlying foreign equity funds, which generally underperformed U.S. equity funds. An overweight allocation to growth-style equity securities in the underlying equity funds, which generally outperformed value-style equity securities, as well as a bias toward smaller-capitalization securities, which generally outperformed large-capitalization securities, partially offset this underperformance. The Fund’s allocations to the underlying Equity Income Fund, International Fund, emerging markets ETF, Inflation Protected Securities Fund, and Core Bond Index Fund underperformed their respective broad market index in the Fund’s custom benchmark. The Fund’s allocations to the Low Duration Bond Fund, Diversifying Strategies Fund, Growth & Income Fund, Growth Fund, and Mid/Small Company Index Fund partially offset this underperformance as these underlying funds outperformed their respective broad market index in the Fund’s custom benchmark.

Vantagepoint Milestone 2015 Fund

Underlying Fund Allocation as of December 31, 2013 (% of Net Assets)

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

Vantagepoint Milestone 2015 Fund—Investor M Shares vs. S&P 500 Index and Custom Benchmark

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

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Milestone 2015 Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR M SHARES	TM SHARES
One Year	13.75%	13.97%
Three Years	8.09%	8.16%
Five Years	11.14%	11.18%
Since Inception	5.55%	5.58%
Class Inception Date	January 3, 2005	March 1, 2013

Vantagepoint Milestone 2020 Fund

The Vantagepoint Milestone 2020 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”)¹ using an asset allocation strategy designed for investors expecting to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), around the year 2020.

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


FIXED INCOME
Low Duration Bond Fund		3%–13%
Core Bond Index Fund		7%–17%
Inflation Protected Securities Fund		0%–10%
EQUITY
Equity Income Fund		15%–25%
Growth & Income Fund		6%–16%
Growth Fund		3%–13%
Mid/Small Company Index Fund		3%–13%
International Fund		5%–15%
Third Party Emerging Markets ETF		0%–5%
MULTI-STRATEGY
Diversifying Strategies Fund		11%–21%

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

Performance²

The Vantagepoint Milestone 2020 Fund’s Investor M Shares gained 16.83% in 2013. The Fund’s market benchmark, the S&P 500 Index, gained 32.39%, while the Fund’s peer group, the Morningstar Target Date 2016-2020 Funds Average, a group of mutual funds with similar investment objectives, gained 11.57%. The Fund’s custom benchmark gained 17.86%. The Fund’s custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Milestone 2020 Fund’s performance reflected the generally positive returns of the U.S. and developed foreign equity markets in 2013 and the generally negative returns of fixed income markets and emerging market equities. The positive performance primarily resulted from allocations to the underlying equity funds. Five of the six underlying equity funds produced positive results, with returns ranging between 37.49% for the Mid/Small Company Index Fund and 17.77% for the International Fund. The sixth underlying equity fund, the emerging markets ETF, lost 3.74% in the period since it was added to the Fund on May 1, 2013. The Fund’s three underlying fixed income funds produced mixed results, as the Low Duration Bond Fund gained 0.96%, while the Core Bond Index Fund lost 2.38% and Inflation Protected Securities Fund decreased 8.81%. The Diversifying Strategies Fund gained 5.81% in the year. Please refer to each underlying Vantagepoint Fund’s commentary within this report for more information.

¹	On May 1, 2013, exposure to emerging market stocks through a third party ETF was added to the Fund.

The Fund’s underperformance relative to its equity market benchmark primarily resulted from its allocation to the underlying fixed income funds, multi-strategy fund, and foreign equity funds, including the emerging market ETF, as these underlying funds generally trailed the Fund’s market benchmark. Additionally, the Equity Income Fund trailed the market benchmark. Returns from the Fund’s underlying allocations to the Growth & Income Fund, Growth Fund, and Mid/ Small Company Index Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group primarily resulted from an overweight allocation to equity funds, which generally outperformed fixed income funds. Additionally, an overweight allocation to U.S. equity funds was beneficial, as U.S. equity funds generally outperformed foreign equity funds. The Fund’s shorter duration exposure resulting from the underlying fixed income funds added to performance, as shorter duration funds generally outperformed longer duration funds. An underweight allocation to inflation protected fixed income securities within the underlying funds benefitted performance since returns from inflation protected fixed income securities generally trailed non-inflation protected fixed income securities.

The Fund’s underperformance relative to its custom benchmark primarily resulted from an overweight allocation to underlying foreign equity funds, which generally underperformed U.S. equity funds. An overweight allocation to growth-style equity securities in the underlying equity funds, which generally outperformed value-style equity securities, as well as a bias toward smaller-capitalization securities, which generally outperformed large-capitalization securities, partially offset this underperformance. The Fund’s allocations to the underlying Equity Income Fund, International Fund, emerging markets ETF, Inflation Protected Securities Fund, and Core Bond Index Fund underperformed their respective broad market index in the Fund’s custom benchmark. The Fund’s allocations to the Low Duration Bond Fund, Diversifying Strategies Fund, Growth & Income Fund, Growth Fund, and Mid/Small Company Index Fund partially offset this underperformance as these underlying funds outperformed their respective broad market index in the Fund’s custom benchmark.

Vantagepoint Milestone 2020 Fund

Underlying Fund Allocation as of December 31, 2013 (% of Net Assets)

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

Vantagepoint Milestone 2020 Fund—Investor M Shares vs. S&P 500 Index and Custom Benchmark

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

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Source for Benchmark Returns: Morningstar^®

Vantagepoint Milestone 2020 Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR M SHARES	TM SHARES
One Year	16.83%	17.05%
Three Years	9.03%	9.10%
Five Years	12.23%	12.27%
Since Inception	5.81%	5.83%
Class Inception Date	January 3, 2005	March 1, 2013

Vantagepoint Milestone 2025 Fund

The Vantagepoint Milestone 2025 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”)¹ using an asset allocation strategy designed for investors expecting to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), around the year 2025.

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


FIXED INCOME
Low Duration Bond Fund		0%–10%
Core Bond Index Fund		9%–19%
EQUITY
Equity Income Fund		17%–27%
Growth & Income Fund		7%–17%
Growth Fund		4%–14%
Mid/Small Company Index Fund		5%–15%
International Fund		7%–17%
Third Party Emerging Markets ETF		0%–5%
MULTI-STRATEGY
Diversifying Strategies Fund		9%–19%

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

Performance²

The Vantagepoint Milestone 2025 Fund’s Investor M Shares gained 19.67% in 2013. The Fund’s market benchmark, the S&P 500 Index, gained 32.39%, while the Fund’s peer group, the Morningstar Target Date 2021–2025 Funds Average, a group of mutual funds with similar investment objectives, gained 15.30%. The Fund’s custom benchmark gained 20.76%. The Fund’s custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Milestone 2025 Fund’s performance reflected the generally positive returns of the U.S. and developed foreign equity markets in 2013, and the generally negative returns of fixed income markets and emerging market equities. The positive performance primarily resulted from allocations to the underlying equity funds. Five of the six underlying equity funds produced positive results, with returns ranging between 37.49% for the Mid/Small Company Index Fund and 17.77% for the International Fund. The sixth underlying equity fund, the emerging markets ETF, lost 3.74% in the period since it was added to the Fund on May 1, 2013. The Fund’s two underlying fixed income funds produced mixed returns as the Low Duration Bond Fund gained 0.96%, while the Core Bond Index Fund lost 2.38%. The Diversifying Strategies Fund gained 5.81% in the year. Please refer to each underlying Vantagepoint Fund’s commentary within this report for more information.

¹	On May 1, 2013, exposure to emerging market stocks through a third party ETF was added to the Fund.

The Fund’s underperformance relative to its equity market benchmark primarily resulted from its allocation to the underlying fixed income funds, multi-strategy fund, and foreign equity funds, including the emerging market ETF, as these underlying funds generally trailed the Fund’s market benchmark. Additionally, the Equity Income Fund trailed the market benchmark. Returns from the Fund’s underlying allocations to the Growth & Income Fund, Growth Fund, and Mid/ Small Company Index Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group primarily resulted from an overweight allocation to equity funds, which generally outperformed fixed income funds. Additionally, an overweight allocation to U.S. equity funds was beneficial, as U.S. equity funds generally outperformed foreign equity funds. The Fund’s shorter duration exposure resulting from the underlying fixed income funds added to performance, as shorter duration funds generally outperformed longer duration funds. An underweight allocation to inflation protected fixed income securities within the underlying funds benefitted performance since returns from inflation protected fixed income securities generally trailed non-inflation protected fixed income securities.

The Fund’s underperformance relative to its custom benchmark primarily resulted from an overweight allocation to underlying foreign equity funds, which generally underperformed U.S. equity funds. An overweight allocation to growth-style equity securities in the underlying equity funds, which generally outperformed value-style equity securities, as well as a bias toward smaller-capitalization securities, which generally outperformed large-capitalization securities, partially offset this underperformance. The Fund’s allocations to the underlying Equity Income Fund, International Fund, emerging markets ETF, and Core Bond Index Fund underperformed their respective broad market index in the Fund’s custom benchmark. The Fund’s allocations to the Low Duration Bond Fund, Diversifying Strategies Fund, Growth & Income Fund, Growth Fund, and Mid/Small Company Index Fund partially offset this underperformance as these underlying funds outperformed their respective broad market index in the Fund’s custom benchmark.

Vantagepoint Milestone 2025 Fund

Underlying Fund Allocation as of December 31, 2013 (% of Net Assets)

LOGO

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

Vantagepoint Milestone 2025 Fund—Investor M Shares vs. S&P 500 Index and Custom Benchmark

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

LOGO

Source for Benchmark Returns: Morningstar^®

Vantagepoint Milestone 2025 Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR M SHARES	TM SHARES
One Year	19.67%	19.98%
Three Years	10.02%	10.12%
Five Years	13.39%	13.45%
Since Inception	6.08%	6.11%
Class Inception Date	January 3, 2005	March 1, 2013

Vantagepoint Milestone 2030 Fund

The Vantagepoint Milestone 2030 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”)¹ using an asset allocation strategy designed for investors expecting to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), around the year 2030.

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


FIXED INCOME
Low Duration Bond Fund		0%–7%
Core Bond Index Fund		6%–16%
EQUITY
Equity Income Fund		19%–29%
Growth & Income Fund		9%–19%
Growth Fund		5%–15%
Mid/Small Company Index Fund		8%–18%
International Fund		8%–18%
Third Party Emerging Markets ETF		0%–5%
MULTI-STRATEGY
Diversifying Strategies Fund		7%–17%

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

Performance²

The Vantagepoint Milestone 2030 Fund’s Investor M Shares gained 22.33% in 2013. The Fund’s market benchmark, the S&P 500 Index, gained 32.39%, while the Fund’s peer group, the Morningstar Target Date 2026–2030 Funds Average, a group of mutual funds with similar investment objectives, gained 16.65%. The Fund’s custom benchmark gained 23.71%. The Fund’s custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Milestone 2030 Fund’s performance reflected the generally positive returns of the U.S. and developed foreign equity markets in 2013 and the generally negative returns of fixed income markets and emerging market equities. The positive performance primarily resulted from allocations to the underlying equity funds. Five of the six underlying equity funds produced positive results, with returns ranging between 37.49% for the Mid/Small Company Index Fund and 17.77% for the International Fund. The sixth underlying equity fund, the emerging markets ETF, lost 3.74% in the period since it was added to the Fund on May 1, 2013. The Fund’s two underlying fixed income funds produced mixed returns as the Low Duration Bond Fund gained 0.96%, while the Core Bond Index Fund lost 2.38%. The Diversifying Strategies Fund gained 5.81% in the year. Please refer to each underlying Vantagepoint Fund’s commentary within this report for more information.

¹	On May 1, 2013, exposure to emerging market stocks through a third party ETF was added to the Fund.

The Fund’s underperformance relative to its equity market benchmark primarily resulted from its allocation to the underlying fixed income funds, multi-strategy fund, and foreign equity funds, including the emerging markets ETF, as these underlying funds generally trailed the Fund’s market benchmark. Additionally, the Equity Income Fund trailed the market benchmark. Returns from the Fund’s underlying allocations to the Growth & Income Fund, Growth Fund, and Mid/Small Company Index Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group primarily resulted from an overweight allocation to equity funds, which generally outperformed fixed income funds. Additionally, an overweight allocation to U.S. equity funds was beneficial, as U.S. equity funds generally outperformed foreign equity funds. The Fund’s shorter duration exposure resulting from the underlying fixed income funds added to performance, as shorter duration funds generally outperformed longer duration funds. An underweight allocation to inflation protected fixed income securities within the underlying funds benefitted performance since returns from inflation protected fixed income securities generally trailed non-inflation protected fixed income securities.

The Fund’s underperformance relative to its custom benchmark primarily resulted from an overweight allocation to underlying foreign equity funds, which generally underperformed U.S. equity funds. An overweight allocation to growth-style equity securities in the underlying equity funds, which generally outperformed value-style equity securities, as well as a bias toward smaller-capitalization securities, which generally outperformed large-capitalization securities, partially offset this underperformance. The Fund’s allocations to the underlying Equity Income Fund, International Fund, emerging markets ETF, and Core Bond Index Fund underperformed their respective broad market index in the Fund’s custom benchmark. The Fund’s allocations to the Low Duration Bond Fund, Diversifying Strategies Fund, Growth & Income Fund, Growth Fund, and Mid/Small Company Index Fund partially offset this underperformance as these underlying funds outperformed their respective broad market index in the Fund’s custom benchmark.

Vantagepoint Milestone 2030 Fund

Underlying Fund Allocation as of December 31, 2013 (% of Net Assets)

LOGO

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

Vantagepoint Milestone 2030 Fund—Investor M Shares vs. S&P 500 Index and Custom Benchmark

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

LOGO

Source for Benchmark Returns: Morningstar^®

Vantagepoint Milestone 2030 Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR M SHARES	TM SHARES
One Year	22.33%	22.64%
Three Years	10.94%	11.03%
Five Years	14.48%	14.54%
Since Inception	6.32%	6.35%
Class Inception Date	January 3, 2005	March 1, 2013

Vantagepoint Milestone 2035 Fund

The Vantagepoint Milestone 2035 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”)¹ using an asset allocation strategy designed for investors expecting to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), around the year 2035.

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


FIXED INCOME
Low Duration Bond Fund		0%–6%
Core Bond Index Fund		2%–12%
EQUITY
Equity Income Fund		20%–30%
Growth & Income Fund		10%–20%
Growth Fund		6%–16%
Mid/Small Company Index Fund		11%–21%
International Fund		9%–19%
Third Party Emerging Markets ETF		0%–5%
MULTI-STRATEGY
Diversifying Strategies Fund		3%–13%

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

Performance²

The Vantagepoint Milestone 2035 Fund Investor M Shares gained 25.02% in 2013. The Fund’s market benchmark, the S&P 500 Index, gained 32.39%, while the Fund’s peer group, the Morningstar Target Date 2031–2035 Funds Average, a group of mutual funds with similar investment objectives, gained 20.00%. The Fund’s custom benchmark gained 26.87%. The Fund’s custom benchmark is composed of the S&P 500 Index and the Barclays U.S. Intermediate Aggregate Bond Index (“Barclays Index”), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Milestone 2035 Fund’s performance reflected the generally positive returns of the U.S. and developed foreign equity markets in 2013, and the generally negative returns of fixed income markets and emerging market equities. The positive performance primarily resulted from allocations to the underlying equity funds. Five of the six underlying equity funds produced positive results, with returns ranging between 37.49% for the Mid/Small Company Index Fund and 17.77% for the International Fund. The sixth underlying equity fund, the emerging markets ETF, lost 3.74% in the period since it was added to the Fund on May 1, 2013. The Fund’s two underlying fixed income funds produced mixed returns as the Low Duration Bond Fund gained 0.96%, while the Core Bond Index Fund lost 2.38%. The Diversifying Strategies Fund gained 5.81% in the year. Please refer to each underlying Vantagepoint Fund’s commentary within this report for more information.

¹	On May 1, 2013, exposure to emerging market stocks through a third party ETF was added to the Fund.

The Fund’s underperformance relative to its equity market benchmark primarily resulted from its allocation to the underlying fixed income funds, multi-strategy fund, and foreign equity funds, including the emerging markets ETF, as these underlying funds generally trailed the Fund’s market benchmark. Additionally, returns from the Equity Income Fund trailed the market benchmark. Returns from the Fund’s underlying allocations to the Growth & Income Fund, Growth Fund, and Mid/Small Company Index Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group primarily resulted from an overweight allocation to equity funds, which generally outperformed fixed income funds. Additionally, an overweight allocation to U.S. equity funds was beneficial, as U.S. equity funds generally outperformed foreign equity funds. The Fund’s shorter duration exposure resulting from the underlying fixed income funds added to performance, as shorter duration funds generally outperformed longer duration funds. An underweight allocation to inflation protected fixed income securities within the underlying funds benefitted performance since returns from inflation protected securities generally trailed non-inflation protected securities.

The Fund’s underperformance relative to its custom benchmark primarily resulted from an overweight allocation to underlying foreign equity funds, which generally underperformed U.S. equity funds. An overweight allocation to growth-style equity securities in the underlying equity funds, which generally outperformed value-style equity securities, as well as a bias toward smaller-capitalization securities, which generally outperformed large-capitalization securities, partially offset this underperformance. The Fund’s allocations to the underlying Equity Income Fund, International Fund, emerging markets ETF, and Core Bond Index Fund underperformed their respective broad market index in the Fund’s custom benchmark The Fund’s allocations to the Low Duration Bond Fund, Diversifying Strategies Fund, Growth & Income Fund, Growth Fund, and Mid/Small Company Index Fund partially offset this underperformance as these underlying funds outperformed their respective broad market index in the Fund’s custom benchmark.

Vantagepoint Milestone 2035 Fund

Underlying Fund Allocation as of December 31, 2013 (% of Net Assets)

LOGO

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

Vantagepoint Milestone 2035 Fund—Investor M Shares vs. S&P 500 Index and Custom Benchmark

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

LOGO

Source for Benchmark Returns: Morningstar^®

Vantagepoint Milestone 2035 Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR M SHARES	TM SHARES
One Year	25.02%	25.24%
Three Years	11.84%	11.91%
Five Years	15.63%	15.67%
Since Inception	6.60%	6.62%
Class Inception Date	January 3, 2005	March 1, 2013

Vantagepoint Milestone 2040 Fund

The Vantagepoint Milestone 2040 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”)¹ using an asset allocation strategy designed for investors expecting to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), around the year 2040.

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


FIXED INCOME FUND
Core Bond Index Fund		0%–10%
EQUITY FUNDS
Equity Income Fund		22%–32%
Growth & Income Fund		10%–20%
Growth Fund		7%–17%
Mid/Small Company Index Fund		14%–24%
International Fund		10%–20%
Third Party Emerging Markets ETF		0%–5%
MULTI-STRATEGY FUND
Diversifying Strategies Fund		0%–8%

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

Performance²

The Vantagepoint Milestone 2040 Fund’s Investor M Shares gained 27.12% in 2013. The Fund’s market benchmark, the S&P 500 Index, gained 32.39%, while the Fund’s peer group, the Morningstar Target Date 2036–2040 Funds Average, a group of mutual funds with similar investment objectives, gained 19.97%. The Fund’s custom benchmark gained 30.68%. The Fund’s custom benchmark is composed of the S&P 500 Index and the MSCI EAFE Index (Net) (“MSCI-EAFE Index”), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Milestone 2040 Fund’s performance reflected the generally positive returns of the U.S. and developed foreign equity markets in 2013 and the generally negative returns of fixed income markets and emerging market equities. The positive performance primarily resulted from allocations to the underlying equity funds. Five of the six underlying equity funds produced positive results, with returns ranging between 37.49% for the Mid/Small Company Index Fund and 17.77% for the International Fund. The sixth underlying equity fund, the emerging markets ETF, lost 3.74% in the period since it was added to the Fund on May 1, 2013. The Fund’s single underlying fixed income fund, the Core Bond Index Fund, lost 2.38%. The Diversifying Strategies Fund gained 5.81% in the year. Please refer to each underlying Vantagepoint Fund’s commentary within this report for more information.

¹	On May 1, 2013, exposure to emerging market stocks through a third party ETF was added to the Fund.

The Fund’s underperformance relative to its equity market benchmark primarily resulted from its allocation to the Core Bond Index Fund, the Diversifying Strategies Fund, and foreign equity funds, including the emerging market ETF, as these underlying funds generally trailed the Fund’s market benchmark. Additionally, the Equity Income Fund trailed the benchmark. The Fund’s allocations to the Growth & Income Fund, Growth Fund, and Mid/Small Company Index Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

The Fund’s outperformance relative to its peer group primarily resulted from an overweight allocation to equity funds, which generally outperformed fixed income funds. Additionally, an overweight allocation to U.S. equity funds was beneficial as U.S. equity funds generally outperformed foreign equity funds. The Fund’s shorter duration exposure resulting from the underlying fixed income funds added to performance, as shorter duration funds generally outperformed longer duration funds. An underweight allocation to inflation protected fixed income securities within the underlying funds benefitted performance since returns from inflation protected fixed income securities generally trailed non-inflation protected securities.

The Fund’s underperformance relative to its custom benchmark primarily resulted from allocations to fixed income securities and emerging market equities in the underlying funds, which generally underperformed both the U.S. and developed foreign equity markets represented in the benchmark. An overweight allocation to growth-style equity securities in the underlying equity funds, which generally outperformed value-style equity securities, as well as a bias toward smaller-capitalization securities, which generally outperformed large-capitalization securities, partially offset this underperformance. The Fund’s allocations to the Equity Income Fund and Diversifying Strategies Fund also detracted from performance. The Fund’s allocations to the Growth & Income Fund, Growth Fund, and Mid/Small Company Index Fund partially offset this underperformance as these underlying funds outperformed their respective broad market index in the Fund’s custom benchmark.

Vantagepoint Milestone 2040 Fund

Underlying Fund Allocation as of December 31, 2013 (% of Net Assets)

LOGO

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

Vantagepoint Milestone 2040 Fund—Investor M Shares vs. S&P 500 Index and Custom Benchmark

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

LOGO

Source for Benchmark Returns: Morningstar^®

Vantagepoint Milestone 2040 Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR M SHARES	TM SHARES
One Year	27.12%	27.34%
Three Years	12.61%	12.67%
Five Years	16.48%	16.52%
Since Inception	6.83%	6.85%
Class Inception Date	January 3, 2005	March 1, 2013

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of the S&P 500 Index and the MSCI Europe Australasia Far East (EAFE) Index (Net) (the MSCI-EAFE Index) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund’s target percentage allocations. The MSCI-EAFE Index is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada, and approximates the minimum possible dividend reinvestment after deduction of withholding tax according to MSCI Barra’s methodology. An index is not available for direct investment, is unmanaged and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

Vantagepoint Milestone 2045 Fund

The Vantagepoint Milestone 2045 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”)¹ using an asset allocation strategy designed for investors expecting to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), around the year 2045.

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


FIXED INCOME
Core Bond Index Fund		0%–10%
EQUITY
Equity Income Fund		22%–32%
Growth & Income Fund		11%–21%
Growth Fund		8%–18%
Mid/Small Company Index Fund		15%–25%
International Fund		11%–21%
Third Party Emerging Markets ETF		0%–5%

The Fund follows a strategy that as time elapses, the Fund’s allocation to equity investments will periodically decrease and the Fund’s allocation to fixed income and multi-strategy investments will increase so that by June 30 of the year 2055 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 25% in equity funds, 55% in fixed income funds, and 20% in the multi-strategy fund.

Performance²

The Vantagepoint Milestone 2045 Fund’s Investor M Shares gained 27.69% in 2013. The Fund’s market benchmark, the S&P 500 Index, gained 32.39%, while the Fund’s peer group, the Morningstar Target Date 2041–2045 Funds Average, a group of mutual funds with similar investment objectives, gained 22.00%. The Fund’s custom benchmark gained 30.64%. The Fund’s custom benchmark is composed of the S&P 500 Index and the MSCI EAFE Index (Net) (“MSCI-EAFE Index”), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Milestone 2045 Fund’s performance reflected the generally positive returns of the U.S. and developed foreign equity markets in 2013 and the generally negative returns of fixed income markets and emerging market equities. The positive performance primarily resulted from allocations to the underlying equity funds. Five of the six underlying equity funds produced positive results, with returns ranging between 37.49% for the Mid/Small Company Index Fund and 17.77% for the International Fund. The sixth underlying equity fund, the emerging markets ETF, lost 3.74% in the period since it was added to the Fund on May 1, 2013. The Fund’s single underlying fixed income fund, the Core Bond Index Fund, lost 2.38%. Please refer to each underlying Vantagepoint Fund’s commentary within this report for more information.

The Fund’s underperformance relative to its equity market benchmark primarily resulted from its allocation to the Core Bond Index Fund and foreign equity funds, including the emerging markets ETF, as these underlying funds generally trailed the Fund’s market benchmark. Additionally, the Equity Income Fund trailed the benchmark. The Fund’s allocations to the Growth & Income Fund, Growth Fund, and Mid/Small Company Index Fund partially offset this underperformance, as these underlying funds outperformed the Fund’s market benchmark.

¹	On May 1, 2013, exposure to emerging market stocks through a third party ETF was added to the Fund.

The Fund’s outperformance relative to its peer group primarily resulted from an overweight allocation to equity funds, which generally outperformed fixed income funds. Additionally, an overweight allocation to U.S. equity funds was beneficial as U.S. equity funds generally outperformed foreign equity funds. The Fund’s shorter duration exposure resulting from the underlying fixed income funds added to performance, as shorter duration funds generally outperformed longer duration funds. An underweight allocation to inflation protected fixed income securities within the underlying funds benefitted performance since returns from inflation protected fixed income securities generally trailed non-inflation protected fixed income securities.

The Fund’s underperformance relative to its custom benchmark primarily resulted from allocations to fixed income securities and emerging market equities in the underlying funds, which generally underperformed both the U.S. and developed foreign equity markets represented in the benchmark. An overweight allocation to growth-style equity securities in the underlying equity funds, which generally outperformed value-style equity securities, as well as a bias toward smaller-capitalization securities, which generally outperformed large-capitalization securities, partially offset this underperformance. The Fund’s allocation to the Equity Income Fund also detracted from performance. The Fund’s allocations to the Growth & Income Fund, Growth Fund, and Mid/Small Company Index Fund partially offset this underperformance as these underlying funds outperformed their respective broad market index in the Fund’s custom benchmark.

Vantagepoint Milestone 2045 Fund

Underlying Fund Allocation as of December 31, 2013 (% of Net Assets)

LOGO

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

Vantagepoint Milestone 2045 Fund—Investor M Shares vs. S&P 500 Index and Custom Benchmark

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

LOGO

Source for Benchmark Returns: Morningstar^®

Vantagepoint Milestone 2045 Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR M SHARES	TM SHARES
One Year	27.69%	27.98%
Three Years	12.75%	12.84%
Since Inception	13.20%	13.27%
Class Inception Date	January 4, 2010	March 1, 2013

The Fund’s market benchmark, the S&P 500 Index, is an index consisting of 500 companies representing larger capitalization stocks traded in the U.S. The custom benchmark is composed of the S&P 500 Index and the MSCI Europe Australasia Far East (EAFE) Index (Net) (the MSCI-EAFE Index) in weighted percentages that correspond to the historical target allocations for the asset classes these indexes represent. These weightings will change to correspond with any changes in the Fund’s target percentage allocations. The MSCI-EAFE Index is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada, and approximates the minimum possible dividend reinvestment after deduction of withholding tax according to MSCI Barra’s methodology. An index is not available for direct investment, is unmanaged and does not reflect the costs of portfolio management or trading. A fund’s exposure, through the underlying funds, to specific securities (or types of securities) may differ significantly from the securities held in the indexes.

Vantagepoint Milestone 2050 Fund

The Vantagepoint Milestone 2050 Fund’s objective is to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of other Vantagepoint Funds and one or more third party exchange-traded funds (“ETFs”)¹ using an asset allocation strategy designed for investors expecting to begin making gradual withdrawals from the Fund, typically at or after retirement (assumed to occur at age 60), around the year 2050.

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


FIXED INCOME
Core Bond Index Fund		0%–10%
EQUITY
Equity Income Fund		22%–32%
Growth & Income Fund		11%–21%
Growth Fund		8%–18%
Mid/Small Company Index Fund		15%–25%
International Fund		11%–21%
Third Party Emerging Markets ETF		0%–5%

The Fund follows a strategy that as time elapses, the Fund’s allocation to equity investments will periodically decrease and the Fund’s allocation to fixed income and multi-strategy investments will increase so that by June 30 of the year 2060 (ten years after the year indicated in the Fund name), the Fund’s net assets will be invested approximately 25% in equity funds, 55% in fixed income funds, and 20% in the multi-strategy fund.

Performance²

The Vantagepoint Milestone 2050 Fund’s Investor M Shares gained 27.24% in 2013. The Fund’s market benchmark, the S&P 500 Index, gained 32.39%, while the Fund’s peer group, the Morningstar Target Date 2046–2050 Funds Average, a group of mutual funds with similar investment objectives, gained 21.02%. The Fund’s custom benchmark gained 30.64%. The Fund’s custom benchmark is composed of the S&P 500 Index and the MSCI EAFE Index (Net) (“MSCI-EAFE Index”), in weighted percentages corresponding to the historical target allocations for the asset classes these indexes represent.

The Milestone 2050 Fund’s performance reflected the generally positive returns of the U.S. and developed foreign equity markets in 2013 and the generally negative returns of fixed income markets and emerging market equities. The positive performance primarily resulted from allocations to the underlying equity funds. Five of the six underlying equity funds produced positive results, with returns ranging between 37.49% for the Mid/Small Company Index Fund and 17.77% for the International Fund. The sixth underlying equity fund, the emerging markets ETF, lost 3.74% in the period since it was added to the Fund on May 1, 2013. The Fund’s single underlying fixed income fund, the Core Bond Index Fund, lost 2.38%. Please refer to each underlying Vantagepoint Fund’s commentary within this report for more information.

¹	On May 1, 2013, exposure to emerging market stocks through a third party ETF was added to the Fund.

The Fund’s outperformance relative to its peer group primarily resulted from an overweight allocation to equity funds, which generally outperformed fixed income funds. Additionally, an overweight allocation to U.S. equity funds was beneficial as U.S. equity funds generally outperformed foreign equity funds. The Fund’s shorter duration exposure resulting from the underlying fixed income funds added to performance, as shorter duration funds generally outperformed longer duration funds. An underweight allocation to inflation protected fixed income securities within the underlying funds benefitted performance since returns from inflation protected fixed income securities generally trailed non-inflation protected fixed income securities.

The Fund’s underperformance relative to its custom benchmark primarily resulted from allocations to fixed income securities and emerging market equities in the underlying funds, which generally underperformed both the U.S. and developed foreign equity markets represented in the benchmark. An overweight allocation to growth-style equity securities in the underlying equity funds, which generally outperformed value-style equity securities, as well as a bias toward smaller-capitalization securities, which generally outperformed large-capitalization securities, partially offset this underperformance. The Fund’s allocation to the Equity Income Fund also detracted from performance. The Fund’s allocations to the Growth & Income Fund, Growth Fund, and Mid/Small Company Index Fund partially offset this underperformance as these underlying funds outperformed their respective broad market index in the Fund’s custom benchmark.

Vantagepoint Milestone 2050 Fund

Underlying Fund Allocation as of December 31, 2013 (% of Net Assets)

LOGO

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

Vantagepoint Milestone 2050 Fund—Investor M Shares vs. S&P 500 Index and Custom Benchmark

Growth of $10,000 Invested September 11, 2012*

LOGO

Source for Benchmark Returns: Morningstar^®

Vantagepoint Milestone 2050 Fund

Average Annual Total Returns for the periods ended December 31, 2013*


	INVESTOR M SHARES	TM SHARES
One Year	27.24%	27.43%
Since Inception	22.68%	22.83%
Class Inception Date	September 11, 2012	March 1, 2013

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

of The Vantagepoint Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments and the related statements of operations and changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Low Duration Bond Fund, Inflation Protected Securities Fund, Equity Income Fund, Growth & Income Fund, Growth Fund, Select Value Fund, Aggressive Opportunities Fund, Discovery Fund, International Fund, Diversifying Strategies Fund (formerly Diversified Assets Fund), Core Bond Index Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, Overseas Equity Index Fund, Model Portfolio Conservative Growth Fund, Model Portfolio Traditional Growth Fund, Model Portfolio Long-Term Growth Fund, Model Portfolio All-Equity Growth Fund, Milestone Retirement Income Fund, Milestone 2010 Fund, Milestone 2015 Fund, Milestone 2020 Fund, Milestone 2025 Fund, Milestone 2030 Fund, Milestone 2035 Fund, Milestone 2040 Fund, Milestone 2045 Fund and Milestone 2050 Fund comprising The Vantagepoint Funds (hereafter referred to as the “Funds”) at December 31, 2013, the results of each of their operations for the year then ended and the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian and brokers, and confirmation of the underlying funds by correspondence with the transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Baltimore, Maryland

February 28, 2014

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2013


	Low Duration Bond			Inflation Protected Securities			Equity Income
ASSETS:
Investment in securities, at value†	$	614,208,650		$	582,403,845		$	2,492,048,241
Cash		23,468			306			36,433
Cash denominated in foreign currencies		5,772			—			—
Receivables:
Dividends		1,468			1,219			2,716,604
Interest		2,873,576			2,823,735			—
Security lending income		2,583			—			4,469
Investments sold		—			2,754,739			1,380,691
Fund shares sold		2,253,103			11,981,845			231,126
Variation margin on futures contracts		9,098			60,293			—
Due from broker—swap agreements collateral		—			427,000			—
Swap agreements, at value (Premium $0, ($492,775) and $0)		—			647,662			—
Unrealized appreciation on forward foreign currency exchange contracts		51,849			—			—

Total Assets		619,429,567			601,100,644			2,496,417,564

LIABILITIES:
Payables:
Investments purchased		4,004,886			4,871,359			938,982
Distributions		1,921,856			11,509,071			—
Fund shares redeemed		353,374			535,454			512,100
Collateral for securities loaned		10,332,748			—			4,737,432
Swap agreements, at value (Premium, $0, $48,419 and $0)		—			694,614			—
Foreign currency overdraft payable		—			143,983			—
Written Options, at value (Premium $0, $252,893 and $0)		—			76,171			—
Unrealized depreciation on forward foreign currency exchange contracts		107,505			—			—
Accrued Expenses:
Advisory fees		50,989			49,777			206,145
Subadviser fees		211,292			214,394			2,075,031
Fund services fees		61,062			55,922			218,720
Administration fees		8,832			8,832			8,832
Directors’ fees and expenses		1,584			1,914			6,338
Other accrued expenses		119,098			120,611			271,630

Total Liabilities		17,173,226			18,282,102			8,975,210

NET ASSETS	$	602,256,341		$	582,818,542		$	2,487,442,354

NET ASSETS REPRESENTED BY:
Paid-in capital	$	597,000,330		$	598,819,721		$	1,802,957,604
Undistributed net investment income (loss)		(73,067	)		—			242,642
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, written options and swap agreements		460,466			(5,887,067	)		(9,249,503	)
Net unrealized appreciation (depreciation) on investments, futures contracts, foreign currency transactions, written options and swap agreements		4,868,612			(10,114,112	)		693,491,611

NET ASSETS	$	602,256,341		$	582,818,542		$	2,487,442,354

CAPITAL SHARES:
Net Assets—Investor Shares	$	47,700,011		$	28,441,144		$	60,614,251
Shares Outstanding—Investor Shares		4,715,625			2,710,560			5,460,376
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.12		$	10.49		$	11.10
Net Assets—T Shares	$	554,556,330		$	554,377,398		$	2,426,828,103
Shares Outstanding—T Shares		54,817,721			52,811,424			218,576,573
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.12		$	10.50		$	11.10
Cost of investments	$	609,387,962		$	592,271,115		$	1,798,559,527
Cost of cash denominated in foreign currencies	$	5,717		$	—		$	—

† Includes securities on loan with values of (Note 7):	$	10,121,348		$	—		$	4,674,325

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2013


	Growth & Income		Growth			Select Value		Aggressive Opportunities
ASSETS:
Investment in securities, at value†	$	1,761,052,790	$	2,330,772,277		$	494,204,514	$	1,270,001,496
Cash		37,585		103			—		51,374
Receivables:
Dividends		1,999,399		2,179,191			730,256		500,876
Security lending income		5,896		1,560			24,612		46,936
Investments sold		1,570,233		2,128,460			1,880,960		22,188,814
Fund shares sold		616,515		1,110,752			205,960		38,765
Recoverable foreign taxes		686		—			—		7,605

Total Assets		1,765,283,104		2,336,192,343			497,046,302		1,292,835,866

LIABILITIES:
Payables:
Investments purchased		1,517,069		5,090,817			2,374,081		24,159,930
Distributions		—		689,134			—		—
Fund shares redeemed		860,797		2,555,609			45,267		118,308
Collateral for securities loaned		25,057,093		—			17,144,545		24,403,679
Accrued Expenses:
Advisory fees		142,609		193,759			38,925		102,113
Subadviser fees		1,288,377		1,709,161			564,818		1,048,588
Fund services fees		150,837		200,335			40,799		108,772
Administration fees		8,832		8,823			8,832		8,832
Directors’ fees and expenses		4,172		5,554			1,183		2,529
Other accrued expenses		187,282		259,421			92,293		167,514

Total Liabilities		29,217,068		10,712,613			20,310,743		50,120,265

NET ASSETS	$	1,736,066,036	$	2,325,479,730		$	476,735,559	$	1,242,715,601

NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,208,691,404	$	1,845,671,410		$	362,911,976	$	899,270,723
Undistributed net investment income		111,728		515,017			656,367		3,572,909
Accumulated net realized gain (loss) on investments and foreign currency transactions		10,191,574		(179,692,090	)		8,351,982		21,309,929
Net unrealized appreciation on investments and foreign currency transactions		517,071,330		658,985,393			104,815,234		318,562,040

NET ASSETS	$	1,736,066,036	$	2,325,479,730		$	476,735,559	$	1,242,715,601

CAPITAL SHARES:
Net Assets—Investor Shares	$	39,943,959	$	31,156,826		$	9,119,715	$	32,513,311
Shares Outstanding—Investor Shares		3,022,469		2,452,492			708,900		2,530,557
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	13.22	$	12.70		$	12.86	$	12.85
Net Assets—T Shares	$	1,696,122,077	$	2,294,322,904		$	467,615,844	$	1,210,202,290
Shares Outstanding—T Shares		128,310,511		180,519,390			36,330,959		94,166,082
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	13.22	$	12.71		$	12.87	$	12.85
Cost of investments	$	1,243,981,489	$	1,671,786,884		$	389,389,280	$	951,439,525

† Includes securities on loan with values of (Note 7):	$	24,623,622	$	—		$	16,907,739	$	23,976,158

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2013


	Discovery		International			Diversifying Strategies(1)
ASSETS:
Investment in securities, at value†	$	298,338,859	$	1,459,191,001		$	1,098,044,662
Cash		597		18,391			1,999
Cash denominated in foreign currencies		35		2,145,463			3,272
Receivables:
Dividends		146,702		1,591,407			32,809
Interest		460,653		—			3,862,834
Security lending income		74,048		45,107			—
Investments sold		1,468,345		2,623,400			198,941
Fund shares sold		80,795		556,895			424,579
Recoverable foreign taxes		—		962,935			61,195
Variation margin on futures contracts		563,716		—			62,618
Due from broker—forward foreign currency exchange contracts collateral		—		—			230,000
Due from broker—options contracts collateral		—		—			130,000
Unrealized appreciation on forward foreign currency exchange contracts		3,988		—			594,023

Total Assets		301,137,738		1,467,134,599			1,103,646,932

LIABILITIES:
Payables:
Investments purchased		3,157,914		5,628,079			7,978,812
Distributions		—		389,962			—
Fund shares redeemed		111,936		49,206			—
Foreign taxes		—		22,579			—
Collateral for securities loaned		18,578,865		23,247,526			—
Written Options, at value (Premium $0, $0 and $178,401)		—		—			424,561
Unrealized depreciation on forward foreign currency exchange contracts		1,719		21,599			384,139
Other		—		36,895			—
Accrued Expenses:
Advisory fees		22,635		118,242			91,743
Subadviser fees		277,318		1,633,739			901,222
Fund services fees		23,380		121,652			91,747
Administration fees		8,832		8,832			8,832
Directors’ fees and expenses		650		3,606			2,893
Other accrued expenses		104,512		417,247			173,611

Total Liabilities		22,287,761		31,699,164			10,057,560

NET ASSETS	$	278,849,977	$	1,435,435,435		$	1,093,589,372

NET ASSETS REPRESENTED BY:
Paid-in capital	$	234,356,614	$	1,245,092,651		$	1,050,102,223
Undistributed net investment income (loss)		145,641		12,131,676			(3,342,826	)
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, purchased options on Euro-Bund Futures and written options		8,487,833		(63,310,477	)		7,424,983
Net unrealized appreciation on investments, futures contracts, foreign currency transactions, purchased options on Euro-Bund Futures and written options		35,859,889		241,521,585			39,404,992

NET ASSETS	$	278,849,977	$	1,435,435,435		$	1,093,589,372

CAPITAL SHARES:
Net Assets—Investor Shares	$	3,742,490	$	16,439,829		$	—
Shares Outstanding—Investor Shares		344,716		1,483,072			—
Net Asset Value—Investor Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.86	$	11.08		$	—
Net Assets—T Shares	$	275,107,487	$	1,418,995,606		$	1,093,589,372
Shares Outstanding—T Shares		25,331,677		127,989,182			104,856,178
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.86	$	11.09		$	10.43
Cost of investments	$	265,963,431	$	1,217,686,042		$	1,061,217,025
Cost of cash denominated in foreign currencies	$	35	$	2,134,719		$	3,217

† Includes securities on loan with values of (Note 7):	$	17,958,030	$	22,232,808		$	—

(1)	Formerly Diversified Assets Fund.

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2013


	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index		Overseas Equity Index
ASSETS:
Investment in securities, at value†	$	1,388,562,225		$	664,137,184		$	792,810,681		$	764,823,436	$	297,377,160
Cash		2,242			319			240			3,390		—
Cash denominated in foreign currencies		—			—			—			—		863,917
Receivables:
Dividends		7,671			872,803			1,012,982			810,899		250,331
Interest		7,580,921			—			—			—		—
Security lending income		1,456			1,461			23,099			82,762		7,349
Investments sold		18,338,730			—			536			3,144		2,278,220
Fund shares sold		5,488,728			162,240			54,720			492,169		134,406
Due from investment adviser		52,365			26,187			30,121			28,080		11,723
Recoverable foreign taxes		—			—			—			—		260,017
Variation margin on futures contracts		—			49,919			47,015			51,428		—
Unrealized appreciation on forward foreign currency exchange contracts		—			—			—			—		33,143

Total Assets		1,420,034,338			665,250,113			793,979,394			766,295,308		301,216,266

LIABILITIES:
Payables:
Investments purchased		127,158,310			—			—			—		1,585
Distributions		3,477,939			—			—			—		—
Fund shares redeemed		420,043			42,618			313,473			12,455		373
Variation margin on futures contracts		—			—			—			—		339
Collateral for securities loaned		9,023,177			3,179,674			13,336,357			45,190,289		3,724,169
Due to custodian		—			—			—			—		311,678
Unrealized depreciation on forward foreign currency exchange contracts		—			—			—			—		43,329
Accrued Expenses:
Advisory fees		54,387			27,605			32,276			29,462		12,315
Subadviser fees		32,640			16,144			31,425			24,908		29,620
Fund services fees		112,536			60,505			70,499			63,543		26,450
Administration fees		8,832			8,832			8,832			8,832		8,832
Directors’ fees and expenses		3,839			1,843			1,832			1,832		706
Other accrued expenses		197,777			125,461			103,549			117,446		145,307

Total Liabilities		140,489,480			3,462,682			13,898,243			45,448,767		4,304,703

NET ASSETS	$	1,279,544,858		$	661,787,431		$	780,081,151		$	720,846,541	$	296,911,563

NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,293,272,912		$	385,706,677		$	432,198,008		$	512,904,440	$	266,210,672
Undistributed net investment income (loss)		5,799			470,014			6,210,984			1,651,660		(1,096,591	)
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(23,898,132	)		(3,787,103	)		(2,644,014	)		783,892		(5,986,412	)
Net unrealized appreciation on investments, futures contracts and foreign currency transactions		10,164,279			279,397,843			344,316,173			205,506,549		37,783,894

NET ASSETS	$	1,279,544,858		$	661,787,431		$	780,081,151		$	720,846,541	$	296,911,563

CAPITAL SHARES:
Net Assets—Class I	$	22,054,824		$	31,916,393		$	36,075,552		$	28,366,804	$	11,103,296
Shares Outstanding—Class I		2,205,162			2,176,785			2,276,945			1,436,362		881,697
Net Asset Value—Class I offering and redemption price per share (net assets divided by shares outstanding)	$	10.00		$	14.66		$	15.84		$	19.75	$	12.59
Net Assets—Class II	$	26,489,693		$	2,270,822		$	15,887,118		$	5,541,047	$	3,326,693
Shares Outstanding—Class II		2,633,278			164,611			1,071,867			299,076		283,120
Net Asset Value—Class II offering and redemption price per share (net assets divided by shares outstanding)	$	10.06		$	13.80		$	14.82		$	18.53	$	11.75
Net Assets—T Shares	$	1,231,000,341		$	627,600,216		$	728,118,481		$	686,938,690	$	282,481,574
Shares Outstanding—T Shares		123,128,224			42,787,406			45,952,415			34,770,146		22,427,854
Net Asset Value—T Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.00		$	14.67		$	15.85		$	19.76	$	12.60
Cost of investments	$	1,378,397,946		$	385,147,746		$	448,863,393		$	559,790,067	$	259,668,712
Cost of cash denominated in foreign currencies	$	—		$	—		$	—		$	—	$	859,653

† Includes securities on loan with values of (Note 7):	$	8,827,990		$	3,085,663		$	13,005,266		$	43,990,337	$	3,532,862

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2013


	Model Portfolio Funds
	Conservative Growth		Traditional Growth		Long-Term Growth		All-Equity Growth
ASSETS:
Investment in securities, at value	$	6,803,901	$	16,890,350	$	43,518,072	$	27,630,152
Investments in securities of affiliated Mutual Funds, at value(a)		654,724,942		1,673,391,406		2,168,868,874		898,555,714
Cash		1,651,578		1,620,959		—		—
Receivables:
Dividends		241,691		672,311		886,068		89,260
Investments sold		278,619		164,467		420,744		252,497
Fund shares sold		20,887,777		64,359,168		97,025,217		33,762,904

Total Assets		684,588,508		1,757,098,661		2,310,718,975		960,290,527

LIABILITIES:
Payables:
Investments purchased		1,893,220		2,380,966		885,961		89,214
Distributions		20,836,387		64,273,224		97,008,277		33,746,170
Fund shares redeemed		251,794		2,603		249,055		183,114
Accrued Expenses:
Advisory fees		57,796		133,851		170,644		78,022
Fund services fees		22,909		27,561		23,998		10,851
Administration fees		7,406		7,406		7,406		7,406
Directors’ fees and expenses		4,090		10,611		13,286		5,272
Other accrued expenses		84,048		176,308		220,475		102,926

Total Liabilities		23,157,650		67,012,530		98,579,102		34,222,975

NET ASSETS	$	661,430,858	$	1,690,086,131	$	2,212,139,873	$	926,067,552

NET ASSETS REPRESENTED BY:
Paid-in capital	$	574,487,224	$	1,400,261,242	$	1,757,458,326	$	700,684,262
Undistributed net investment income		9,433		170,681		212,596		1,317,786
Accumulated net realized gain on investments		210,798		15,911,669		55,269,884		21,151,931
Net unrealized appreciation on investments		86,723,403		273,742,539		399,199,067		202,913,573

NET ASSETS	$	661,430,858	$	1,690,086,131	$	2,212,139,873	$	926,067,552

CAPITAL SHARES:
Net Assets—Investor M Shares	$	102,862,028	$	124,345,787	$	108,361,863	$	49,173,506
Shares Outstanding—Investor M Shares		3,836,710		4,713,997		4,157,508		1,831,112
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	26.81	$	26.38	$	26.06	$	26.85
Net Assets—TM Shares	$	558,568,830	$	1,565,740,344	$	2,103,778,010	$	876,894,046
Shares Outstanding—TM Shares		20,831,345		59,345,571		80,696,653		32,643,400
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	26.81	$	26.38	$	26.07	$	26.86
Cost of investments	$	7,043,125	$	17,556,146	$	45,590,648	$	28,887,393
Cost of securities of affiliated Mutual Funds	$	567,762,315	$	1,398,983,071	$	1,767,597,231	$	694,384,900

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

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2013


	Milestone Funds
	Milestone Retirement Income		Milestone 2010		Milestone 2015		Milestone 2020		Milestone 2025
ASSETS:
Investment in securities, at value	$	3,314,528	$	3,096,801	$	7,974,091	$	13,726,257	$	11,135,776
Investments in securities of affiliated Mutual Funds, at value(a)		320,345,457		287,012,403		548,248,925		635,384,578		529,916,404
Cash		1,261,143		1,001,364		1,504,707		736,063		75,623
Receivables:
Dividends		86,514		65,228		150,360		252,282		237,482
Investments sold		181,889		40,663		70,859		77,229		64,855
Fund shares sold		10,283,545		12,813,843		21,001,999		24,594,141		19,251,058

Total Assets		335,473,076		304,030,302		578,950,941		674,770,550		560,681,198

LIABILITIES:
Payables:
Investments purchased		1,634,893		1,111,594		1,807,603		1,635,775		721,998
Distributions		9,932,554		12,763,740		20,824,755		23,871,412		18,787,230
Fund shares redeemed		165,531		—		11,769		—		—
Accrued Expenses:
Advisory fees		29,165		25,954		49,511		57,450		47,850
Fund services fees		19,229		16,050		23,679		22,333		19,147
Administration fees		7,406		7,406		7,406		7,406		7,406
Directors’ fees and expenses		1,746		1,576		2,430		2,390		1,903
Other accrued expenses		50,291		51,421		67,279		67,242		62,827

Total Liabilities		11,840,815		13,977,741		22,794,432		25,664,008		19,648,361

NET ASSETS	$	323,632,261	$	290,052,561	$	556,156,509	$	649,106,542	$	541,032,837

NET ASSETS REPRESENTED BY:
Paid-in capital	$	308,608,239	$	262,534,174	$	486,593,694	$	553,317,253	$	447,293,108
Undistributed net investment income		—		—		—		—		—
Accumulated net realized gain on investments		3,349,973		4,319,025		1,967,448		3,302,818		4,795,981
Net unrealized appreciation on investments		11,674,049		23,199,362		67,595,367		92,486,471		88,943,748

NET ASSETS	$	323,632,261	$	290,052,561	$	556,156,509	$	649,106,542	$	541,032,837

CAPITAL SHARES:
Net Assets—Investor M Shares	$	86,047,888	$	71,804,170	$	106,284,716	$	101,058,992	$	86,764,336
Shares Outstanding—Investor M Shares		7,891,888		6,335,726		8,916,880		8,196,738		6,878,099
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.90	$	11.33	$	11.92	$	12.33	$	12.61
Net Assets—TM Shares	$	237,584,373	$	218,248,391	$	449,871,793	$	548,047,550	$	454,268,501
Shares Outstanding—TM Shares		21,786,135		19,253,884		37,738,656		44,442,519		36,000,174
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	10.91	$	11.34	$	11.92	$	12.33	$	12.62
Cost of investments	$	3,437,232	$	3,211,090	$	8,311,873	$	14,220,338	$	11,526,510
Cost of securities of affiliated Mutual Funds	$	308,548,704	$	263,698,752	$	480,315,776	$	542,404,026	$	440,581,922

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

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Assets and Liabilities

December 31, 2013


	Milestone Funds
	Milestone 2030		Milestone 2035		Milestone 2040		Milestone 2045		Milestone 2050
ASSETS:
Investment in securities, at value	$	9,182,038	$	9,005,208	$	8,913,053	$	3,324,912	$	729,190
Investments in securities of affiliated Mutual Funds, at value(a)		430,149,895		294,262,085		285,865,868		94,866,833		21,611,960
Cash		23,521		6,303		—		—		—
Receivables:
Dividends		159,496		77,910		62,392		21,183		4,776
Investments sold		54,160		38,269		36,713		13,328		1,403
Fund shares sold		16,225,459		12,160,133		14,919,211		5,263,378		574,862
Due from investment adviser		—		—		—		—		1,289

Total Assets		455,794,569		315,549,908		309,797,237		103,489,634		22,923,480

LIABILITIES:
Payables:
Investments purchased		374,566		338,977		252,449		45,436		34,773
Distributions		15,998,204		11,871,531		14,657,320		5,173,333		538,062
Fund shares redeemed		—		246		8,576		10,299		—
Accrued Expenses:
Advisory fees		38,729		26,685		25,944		8,495		1,874
Fund services fees		17,228		12,860		11,804		5,290		1,480
Administration fees		7,406		7,406		7,406		7,546		9,574
Directors’ fees and expenses		1,510		940		997		326		24
Other accrued expenses		56,831		49,099		49,985		43,223		47,798

Total Liabilities		16,494,474		12,307,744		15,014,481		5,293,948		633,585

NET ASSETS	$	439,300,095	$	303,242,164	$	294,782,756	$	98,195,686	$	22,289,895

NET ASSETS REPRESENTED BY:
Paid-in capital	$	353,081,861	$	239,006,524	$	225,760,523	$	80,416,223	$	19,800,594
Undistributed net investment income		288		1		—		—		—
Accumulated net realized gain on investments		4,998,879		4,293,439		3,978,752		3,295,348		791,226
Net unrealized appreciation on investments		81,219,067		59,942,200		65,043,481		14,484,115		1,698,075

NET ASSETS	$	439,300,095	$	303,242,164	$	294,782,756	$	98,195,686	$	22,289,895

CAPITAL SHARES:
Net Assets—Investor M Shares	$	78,294,611	$	58,606,747	$	53,970,194	$	24,388,455	$	6,847,604
Shares Outstanding—Investor M Shares		6,012,323		4,433,674		3,998,713		1,679,386		537,679
Net Asset Value—Investor M Shares offering and redemption price per share (net assets divided by shares outstanding)	$	13.02	$	13.22	$	13.50	$	14.52	$	12.74
Net Assets—TM Shares	$	361,005,484	$	244,635,417	$	240,812,562	$	73,807,231	$	15,442,291
Shares Outstanding—TM Shares		27,711,273		18,500,957		17,835,796		5,079,851		1,211,835
Net Asset Value—TM Shares offering and redemption price per share (net assets divided by shares outstanding)	$	13.03	$	13.22	$	13.50	$	14.53	$	12.74
Cost of investments	$	9,498,489	$	9,345,243	$	9,241,539	$	3,395,084	$	732,092
Cost of securities of affiliated Mutual Funds	$	348,614,377	$	233,979,850	$	220,493,901	$	80,312,546	$	19,910,983

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

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2013 to December 31, 2013


	Low Duration Bond			Inflation Protected Securities			Equity Income
INVESTMENT INCOME:
Dividends	$	28,562		$	17,676		$	46,291,006
Interest		10,715,616			5,886,901			—
Security lending income		23,198			6			369,914
Foreign taxes withheld on dividends		—			—			(180,026	)

Total investment income		10,767,376			5,904,583			46,480,894

EXPENSES:
Advisory (Note 4)		584,145			606,377			2,244,225
Subadviser		804,559			897,490			7,782,652
Fund services Investor Shares		476,597			483,214			1,358,007
Fund services T Shares		447,970			468,323			1,856,297
Custodian		84,335			56,417			64,964
Administration		17,956			17,956			17,956
Fund accounting		22,500			22,500			70,510
Legal		65,924			61,206			202,427
Audit		26,516			26,517			26,517
Directors		13,283			14,621			48,152
State license fees and memberships		27,848			32,139			32,290
Other expenses		40,113			45,625			121,057

Total expenses		2,611,746			2,732,385			13,825,054
Less waivers (Note 4)		—			—			(93,010	)

Net Expenses		2,611,746			2,732,385			13,732,044

NET INVESTMENT INCOME		8,155,630			3,172,198			32,748,850

NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		2,660,971			4,874,753			125,238,415
Forward contracts and foreign currency transactions		(586,648	)		(923	)		(2,050	)
Futures contracts		(212,510	)		1,593,792			—
Written options		—			420,402			—
Swap agreements		—			(41,309	)		—

Net realized gain		1,861,813			6,846,715			125,236,365

Net change in unrealized appreciation (depreciation) on:
Investments		(4,593,957	)		(65,343,864	)		451,643,367
Forward contracts and foreign currency transactions		(58,158	)		2,455			2,060
Futures contracts		17,440			(79,189	)		—
Written options		—			188,342			—
Swap agreements		—			(773,933	)		—

Net change in unrealized appreciation (depreciation)		(4,634,675	)		(66,006,189	)		451,645,427

NET GAIN (LOSS)		(2,772,862	)		(59,159,474	)		576,881,792

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,382,768		$	(55,987,276	)	$	609,630,642

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2013 to December 31, 2013


	Growth & Income			Growth			Select Value			Aggressive Opportunities
INVESTMENT INCOME:
Dividends	$	25,374,778		$	23,452,648		$	8,472,413		$	10,141,421
Interest		—			21			—			—
Security lending income		117,056			266,314			46,065			765,667
Foreign taxes withheld on dividends		(115,770	)		(99,509	)		(10,757	)		(52,832	)

Total investment income		25,376,064			23,619,474			8,507,721			10,854,256

EXPENSES:
Advisory (Note 4)		1,479,291			2,089,351			418,918			1,112,494
Subadviser		4,560,398			6,373,755			2,056,793			3,927,821
Fund services Investor Shares		876,356			1,191,172			235,003			677,468
Fund services T Shares		1,228,951			1,749,085			351,789			918,970
Custodian		40,516			54,599			16,832			63,593
Administration		17,956			17,956			17,956			17,956
Fund accounting		47,440			55,230			22,823			40,760
Legal		131,195			187,691			36,806			100,859
Audit		26,517			26,517			26,516			26,518
Directors		31,238			45,877			8,811			26,075
State license fees and memberships		33,559			28,392			25,013			56,258
Other expenses		74,827			108,515			20,401			65,677

Total expenses		8,548,244			11,928,140			3,237,661			7,034,449
Less waivers (Note 4)		(56,674	)		—			—			—

Net Expenses		8,491,570			11,928,140			3,237,661			7,034,449

NET INVESTMENT INCOME		16,884,494			11,691,334			5,270,060			3,819,807

NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		141,010,185			191,835,786			65,520,186			124,685,545
Forward contracts and foreign currency transactions		2,475			—			—			329

Net realized gain		141,012,660			191,835,786			65,520,186			124,685,874

Net change in unrealized appreciation (depreciation) on:
Investments		275,905,273			411,408,786			52,501,065			235,361,506
Forward contracts and foreign currency transactions		29			—			—			308

Net change in unrealized appreciation		275,905,302			411,408,786			52,501,065			235,361,814

NET GAIN		416,917,962			603,244,572			118,021,251			360,047,688

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	433,802,456		$	614,935,906		$	123,291,311		$	363,867,495

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2013 to December 31, 2013


	Discovery			International			Diversifying Strategies(1)
INVESTMENT INCOME:
Dividends	$	1,909,927		$	39,916,458		$	1,777,548
Interest		1,709,910			—			16,565,182
Security lending income		542,001			859,719			—
Foreign taxes withheld on dividends		(7,903	)		(2,833,384	)		(57,844	)

Total investment income		4,153,935			37,942,793			18,284,886

EXPENSES:
Advisory (Note 4)		241,449			1,327,752			1,022,348
Subadviser		1,049,910			6,347,730			3,824,770
Fund services Investor Shares		137,228			804,519			—
Fund services T Shares		202,249			1,097,934			1,422,000
Custodian		51,048			398,028			140,087
Administration		17,956			17,956			17,956
Fund accounting		22,585			52,310			43,340
Legal		21,773			126,082			94,036
Audit		27,518			113,019			27,518
Directors		5,293			30,081			22,188
State license fees and memberships		23,406			33,429			20,098
Other expenses		12,860			81,744			68,451

Total expenses		1,813,275			10,430,584			6,702,792
Less waivers (Note 4)		—			—			(635,701	)

Net Expenses		1,813,275			10,430,584			6,067,091

NET INVESTMENT INCOME		2,340,660			27,512,209			12,217,795

NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		16,844,039			95,450,408			29,644,646
Forward contracts and foreign currency transactions		(19,039	)		605,487			(2,328,594	)
Futures contracts		36,407,618			—			2,086,498
Written options		—			—			(608,929	)
Purchased options on Euro Bond futures contracts		—			—			(51,238	)

Net realized gain		53,232,618			96,055,895			28,742,383

Net change in unrealized appreciation (depreciation) on:
Investments		22,265,695			99,082,289	(a)		13,588,886
Forward contracts and foreign currency transactions		3,063			179,135			566,080
Futures contracts		2,879,398			—			3,138,576
Written options		—			—			(285,860	)
Purchased options on Euro-Bund futures contracts		—			—			(99,100	)

Net change in unrealized appreciation		25,148,156			99,261,424			16,908,582

NET GAIN		78,380,774			195,317,319			45,650,965

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	80,721,434		$	222,829,528		$	57,868,760

(1)	Formerly Diversified Assets Fund.

(a)	Net of increase in deferred foreign tax of $108,458.

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2013 to December 31, 2013


	Core Bond Index			500 Stock Index			Broad Market Index			Mid/Small Company Index			Overseas Equity Index
INVESTMENT INCOME:
Dividends	$	105,079		$	11,876,139		$	13,011,756		$	9,604,791		$	7,751,483
Interest		30,369,604			266			213			195			140
Security lending income		88,791			24,920			206,367			850,533			202,457
Foreign taxes withheld on dividends		—			(1,773	)		(3,340	)		(6,166	)		(460,565	)

Total investment income		30,563,474			11,899,552			13,214,996			10,449,353			7,493,515

EXPENSES:
Advisory		630,862			282,457			323,619			298,333			128,046
Subadviser		133,350			58,965			97,178			93,415			110,189
Fund services Class I		505,224			123,753			146,852			208,312			51,563
Fund services Class II		75,250			59,177			82,261			37,267			30,083
Fund services T Shares (Note 4)		1,018,061			464,485			516,025			489,960			208,820
Custodian		213,537			50,342			59,431			85,077			146,743
Administration		17,956			17,956			17,956			17,956			17,956
Fund accounting		40,270			22,500			22,500			22,500			22,500
Legal		118,532			47,122			57,130			51,396			22,136
Audit		26,516			26,516			26,516			26,516			71,516
Directors		26,885			10,522			13,504			11,731			5,344
State license fees and memberships		44,404			76,574			35,711			47,591			57,302
Other expenses		82,739			29,088			32,828			33,670			46,686

Total expenses		2,933,586			1,269,457			1,431,511			1,423,724			918,884
Less waivers (Note 4)		(509,031	)		(232,243	)		(258,012	)		(244,980	)		(104,410	)

Net Expenses		2,424,555			1,037,214			1,173,499			1,178,744			814,474

NET INVESTMENT INCOME		28,138,919			10,862,338			12,041,497			9,270,609			6,679,041

NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments		917,714			19,186,685			15,348,699			49,178,560			2,058,857
Forward contracts and foreign currency transactions		—			—			—			–			(147,922	)
Futures contracts		—			2,768,560			2,221,772			2,218,485			596,797

Net realized gain		917,714			21,955,245			17,570,471			51,397,045			2,507,732

Net change in unrealized appreciation (depreciation) on:
Investments		(59,225,189	)		120,612,627			155,046,924			126,236,911			41,623,846
Forward contracts and foreign currency transactions		—			—			—			—			5,012
Futures contracts		—			420,449			351,567			435,753			73,626

Net change in unrealized appreciation (depreciation)		(59,225,189	)		121,033,076			155,398,491			126,672,664			41,702,484

NET GAIN (LOSS)		(58,307,475	)		142,988,321			172,968,962			178,069,709			44,210,216

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(30,168,556	)	$	153,850,659		$	185,010,459		$	187,340,318	��	$	50,889,257

See Notes to Financial Statements

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2013 to December 31, 2013


	Model Portfolio Funds
	Conservative Growth			Traditional Growth			Long-Term Growth			All-Equity Growth
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	9,696,838		$	24,266,445		$	30,908,416		$	10,287,245
Dividend income from non-affiliates		162,318			401,195			1,041,316			631,978

Total investment income		9,859,156			24,667,640			31,949,732			10,919,223

EXPENSES:
Advisory (Note 4)		623,962			1,418,814			1,786,370			782,817
Fund services Investor M Shares		202,003			236,656			206,252			89,337
Custodian		2,190			2,190			2,190			2,190
Administration		15,014			15,014			15,014			15,014
Fund accounting		17,885			48,230			61,980			25,010
Legal		59,118			139,802			180,805			72,104
Audit		19,941			19,942			19,942			19,942
Directors		14,204			35,612			45,263			17,634
State license fees and memberships		28,088			35,063			36,369			28,710
Other expenses		36,904			87,746			111,155			37,846

Total expenses		1,019,309			2,039,069			2,465,340			1,090,604

NET INVESTMENT INCOME		8,839,847			22,628,571			29,484,392			9,828,619

NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(79,780	)		(124,846	)		(189,589	)		(85,045	)
Investments with affiliates		4,989,248			14,969,657			26,325,324			(1,507,903	)
Realized gain distributions from affiliated mutual funds		15,109,383			57,410,940			93,343,859			50,581,334

Net realized gain		20,018,851			72,255,751			119,479,594			48,988,386

Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		(239,224	)		(665,796	)		(2,072,576	)		(1,257,241	)
Investments with affiliates		39,138,533			168,032,872			272,770,840			158,991,166

Net change in unrealized appreciation on investments		38,899,309			167,367,076			270,698,264			157,733,925

NET GAIN		58,918,160			239,622,827			390,177,858			206,722,311

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	67,758,007		$	262,251,398		$	419,662,250		$	216,550,930

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

See Notes to Financial Statements

100

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2013 to December 31, 2013


	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	4,678,380		$	4,025,972		$	7,814,246		$	9,542,578		$	8,172,892
Dividend income from non-affiliates		82,989			71,873			196,876			302,395			250,555

Total investment income		4,761,369			4,097,845			8,011,122			9,844,973			8,423,447

EXPENSES:
Advisory (Note 4)		302,379			271,705			508,193			564,703			463,437
Fund services Investor M Shares		166,727			142,523			210,208			192,670			158,910
Custodian		365			365			1,643			1,756			1,153
Administration		15,014			15,014			15,014			15,014			15,014
Fund accounting		12,500			12,500			16,156			16,586			13,791
Legal		25,041			23,524			44,323			48,298			39,428
Audit		19,942			19,942			19,942			19,942			19,942
Directors		6,110			5,631			10,355			10,698			8,655
State license fees and memberships		26,930			26,904			28,916			29,129			27,247
Other expenses		15,775			13,699			28,901			34,264			29,337

Total expenses		590,783			531,807			883,651			933,060			776,914

NET INVESTMENT INCOME		4,170,586			3,566,038			7,127,471			8,911,913			7,646,533

NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(50,264	)		(42,140	)		(86,052	)		(110,900	)		(68,195	)
Investments with affiliates		4,253,150			8,364,849			10,111,246			8,801,248			5,730,380
Realized gain distributions from affiliated mutual funds		5,951,328			6,283,682			13,093,617			16,713,690			15,098,674

Net realized gain		10,154,214			14,606,391			23,118,811			25,404,038			20,760,859

Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		(122,704	)		(114,289	)		(337,782	)		(494,081	)		(390,734	)
Investments with affiliates		3,601,066			10,687,784			35,158,901			53,883,433			55,319,264

Net change in unrealized appreciation on investments		3,478,362			10,573,495			34,821,119			53,389,352			54,928,530

NET GAIN		13,632,576			25,179,886			57,939,930			78,793,390			75,689,389

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,803,162		$	28,745,924		$	65,067,401		$	87,705,303		$	83,335,922

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

See Notes to Financial Statements

101

THE VANTAGEPOINT FUNDS

Statements of Operations

For the Period from January 1, 2013 to December 31, 2013


	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040			Milestone 2045			Milestone 2050
INVESTMENT INCOME:
Dividend income from affiliated mutual funds(a)	$	6,416,511		$	4,177,935		$	3,953,375		$	1,277,810		$	282,538
Dividend income from non-affiliates		198,709			201,985			199,967			61,108			10,950

Total investment income		6,615,220			4,379,920			4,153,342			1,338,918			293,488

EXPENSES:
Advisory (Note 4)		369,429			250,400			244,205			73,292			12,808
Fund services Class Investor M		137,182			102,746			95,378			40,657			10,567
Custodian		365			365			365			704			366
Administration		15,014			15,014			15,014			15,002			12,632
Fund accounting		12,500			12,500			12,500			12,500			10,546
Legal		31,324			21,016			20,519			5,794			4,797
Audit		19,942			19,942			19,942			19,942			19,941
Directors		6,876			4,584			4,524			1,546			207
State license fees and memberships		25,950			25,336			25,311			24,719			36,926
Other expenses		23,410			16,312			15,615			8,181			5,863

Total expenses		641,992			468,215			453,373			202,337			114,653
Less reimbursements/waivers (Note 4)		—			—			—			—			(56,992	)

Net Expenses		641,992			468,215			453,373			202,337			57,661

NET INVESTMENT INCOME		5,973,228			3,911,705			3,699,969			1,136,581			235,827

NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on:
Investments with non-affiliates		(66,560	)		(34,882	)		(62,655	)		(32,694	)		(14,888	)
Investments with affiliates		4,764,034			4,159,749			6,734,228			1,446,275			281,142
Realized gain distributions from affiliated mutual funds		13,599,665			10,348,549			10,842,089			3,643,177			819,241

Net realized gain		18,297,139			14,473,416			17,513,662			5,056,758			1,085,495

Net change in unrealized appreciation (depreciation) on:
Investments with non-affiliates		(316,451	)		(340,035	)		(328,486	)		(70,172	)		(2,902	)
Investments with affiliates		50,419,194			37,670,106			37,540,206			11,729,350			1,712,032

Net change in unrealized appreciation on investments		50,102,743			37,330,071			37,211,720			11,659,178			1,709,130

NET GAIN		68,399,882			51,803,487			54,725,382			16,715,936			2,794,625

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	74,373,110		$	55,715,192		$	58,425,351		$	17,852,517		$	3,030,452

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

See Notes to Financial Statements

102

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Low Duration Bond						Inflation Protected Securities
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	8,155,630		$	8,838,699		$	3,172,198		$	9,029,538
Net realized gain		1,861,813			2,366,080			6,846,715			18,362,110
Net change in unrealized appreciation (depreciation)		(4,634,675	)		10,839,794			(66,006,189	)		15,011,485

Net increase (decrease) in net assets resulting from operations		5,382,768			22,044,573			(55,987,276	)		42,403,133

Distributions to shareholders from:
Net investment income—Investor Shares		(1,663,838	)		(9,195,945	)		(221,562	)		(9,370,228	)
Net investment income—T Shares		(5,940,188	)		—			(4,325,100	)		—
Net realized gain—Investor Shares		(150,290	)		—			(623,505	)		(23,995,221	)
Net realized gain—T Shares		(1,748,177	)		—			(11,975,515	)		—

Total distributions		(9,502,493	)		(9,195,945	)		(17,145,682	)		(33,365,449	)

Capital share transactions:
Proceeds from sale of shares—Investor Shares		40,565,488	(a)		74,689,158			26,955,242	(a)		113,074,031
Proceeds from sale of shares—T Shares		659,825,940	(b)		—			737,014,517	(b)		—
Reinvestment of distributions—Investor Shares		1,814,128	(a)		9,195,945			845,067	(a)		33,365,449
Reinvestment of distributions—T Shares		7,688,365	(b)		—			16,300,599	(b)		—
Value of shares redeemed—Investor Shares		(587,049,907	)(a)		(28,934,930	)		(660,016,790	)(a)		(70,332,779	)
Value of shares redeemed—T Shares		(108,729,626	)(b)		—			(134,483,013	)(b)		—

Net increase (decrease) from capital share transactions		14,114,388			54,950,173			(13,384,378	)		76,106,701

Total increase (decrease) in net assets		9,994,663			67,798,801			(86,517,336	)		85,144,385

NET ASSETS at beginning of year		592,261,678			524,462,877			669,335,878			584,191,493

NET ASESTS at end of year	$	602,256,341		$	592,261,678		$	582,818,542		$	669,335,878

Accumulated net investment loss included in net assets at end of year	$	(73,067	)	$	(125,031	)	$	—		$	—

SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		3,985,435	(a)		7,394,386			2,298,837	(a)		9,419,976
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		178,277	(a)		908,506			78,875	(a)		2,793,474
Number of shares redeemed—Investor Shares		(57,568,197	)(a)		(2,857,768	)		(56,096,884	)(a)		(5,809,873	)

Net increase (decrease) in shares outstanding—Investor Shares		(53,404,485	)		5,445,124			(53,719,172	)		6,403,577

Number of shares sold—T Shares		64,728,519	(b)		—			63,122,487	(b)		—
Number of shares issued through reinvestment of dividends and distributions—T Shares		758,360	(b)		—			1,522,013	(b)		—
Number of shares redeemed—T Shares		(10,669,158	)(b)		—			(11,833,076	)(b)		—

Net increase in shares outstanding—T Shares		54,817,721			—			52,811,424			—

(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

103

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Equity Income						Growth & Income
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	32,748,850		$	32,040,619		$	16,884,494		$	16,644,174
Net realized gain		125,236,365			75,277,866			141,012,660			49,270,103
Net change in unrealized appreciation		451,645,427			150,843,642			275,905,302			124,758,582

Net increase in net assets resulting from operations		609,630,642			258,162,127			433,802,456			190,672,859

Distributions to shareholders from:
Net investment income—Investor Shares		(737,715	)		(34,190,956	)		(366,671	)		(21,868,329	)
Net investment income—T Shares		(33,945,922	)		—			(18,622,686	)		—
Net realized gain—Investor Shares		(2,872,559	)		(61,060,518	)		(2,734,608	)		(19,147,346	)
Net realized gain—T Shares		(114,400,246	)		—			(115,428,501	)		—

Total distributions		(151,956,442	)		(95,251,474	)		(137,152,466	)		(41,015,675	)

Capital share transactions:
Proceeds from sale of shares—Investor Shares		15,231,439	(a)		102,361,335			15,028,134	(a)		67,838,551
Proceeds from sale of shares—T Shares		2,201,358,047	(b)		—			1,513,212,382	(b)		—
Reinvestment of distributions—Investor Shares		3,608,020	(a)		95,250,056			3,098,476	(a)		41,014,805
Reinvestment of distributions—T Shares		148,346,169	(b)		—			134,051,187	(b)		—
Value of shares redeemed—Investor Shares		(2,123,810,070	)(a)		(157,774,830	)		(1,377,006,631	)(a)		(115,488,486	)
Value of shares redeemed—T Shares		(235,269,955	)(b)		—			(154,471,604	)(b)		—

Net increase (decrease) from capital share transactions		9,463,650			39,836,561			133,911,944			(6,635,130	)

Total increase in net assets		467,137,850			202,747,214			430,561,934			143,022,054

NET ASSETS at beginning of year		2,020,304,504			1,817,557,290			1,305,504,102			1,162,482,048

NET ASESTS at end of year	$	2,487,442,354		$	2,020,304,504		$	1,736,066,036		$	1,305,504,102

Accumulated net investment income included in net assets at end of year	$	242,642		$	345,542		$	111,728		$	299,354

SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		1,541,223	(a)		11,427,458			1,280,956	(a)		6,455,591
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		330,405	(a)		10,654,369			238,711	(a)		3,876,635
Number of shares redeemed—Investor Shares		(220,690,078	)(a)		(17,564,208	)		(120,341,046	)(a)		(10,937,516	)

Net increase (decrease) in shares outstanding—Investor Shares		(218,818,450	)		4,517,619			(118,821,379	)		(605,290	)

Number of shares sold—T Shares		227,428,866	(b)		—			130,400,734	(b)		—
Number of shares issued through reinvestment of dividends and distributions—T Shares		13,584,814	(b)		—			10,327,518	(b)		—
Number of shares redeemed—T Shares		(22,437,107	)(b)		—			(12,417,741	)(b)		—

Net increase in shares outstanding—T Shares		218,576,573			—			128,310,511			—

(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

104

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Growth						Select Value
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	11,691,334		$	10,742,413		$	5,270,060		$	5,978,461
Net realized gain		191,835,786			155,001,081			65,520,186			20,361,611
Net change in unrealized appreciation		411,408,786			88,427,325			52,501,065			26,243,397

Net increase in net assets resulting from operations		614,935,906			254,170,819			123,291,311			52,583,469

Distributions to shareholders from:
Net investment income—Investor Shares		(103,933	)		(11,011,407	)		(80,138	)		(5,605,375	)
Net investment income—T Shares		(11,657,940	)		—			(4,823,744	)		—
Net realized gain—Investor Shares		—			—			(1,063,558	)		(6,532,872	)
Net realized gain—T Shares		—			—			(54,180,973	)		—

Total distributions		(11,761,873	)		(11,011,407	)		(60,148,413	)		(12,138,247	)

Capital share transactions:
Proceeds from sale of shares—Investor Shares		10,947,178	(a)		63,823,414			9,493,907	(a)		23,846,471
Proceeds from sale of shares—T Shares		2,006,555,579	(b)		—			448,840,305	(b)		—
Reinvestment of distributions—Investor Shares		103,933	(a)		11,011,407			1,143,696	(a)		12,138,247
Reinvestment of distributions—T Shares		11,657,940	(b)		—			59,004,717	(b)		—
Value of shares redeemed—Investor Shares		(1,974,576,991	)(a)		(188,140,810	)		(391,615,933	)(a)		(40,858,911	)
Value of shares redeemed—T Shares		(213,310,811	)(b)		—			(68,864,249	)(b)		—

Net increase (decrease) from capital share transactions		(158,623,172	)		(113,305,989	)		58,002,443			(4,874,193	)

Total increase in net assets		444,550,861			129,853,423			121,145,341			35,571,029

NET ASSETS at beginning of year		1,880,928,869			1,751,075,446			355,590,218			320,019,189

NET ASESTS at end of year	$	2,325,479,730		$	1,880,928,869		$	476,735,559		$	355,590,218

Accumulated net investment income included in net assets at end of year	$	515,017		$	431,376		$	656,367		$	691,050

SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		1,068,641	(a)		6,923,599			766,624	(a)		2,257,052
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		8,278	(a)		1,171,947			90,268	(a)		1,119,598
Number of shares redeemed—Investor Shares		(195,986,441	)(a)		(20,167,715	)		(32,626,490	)(a)		(3,780,155	)

Net decrease in shares outstanding—Investor Shares		(194,909,522	)		(12,072,169	)		(31,769,598	)		(403,505	)

Number of shares sold—T Shares		198,573,974	(b)		—			36,926,297	(b)		—
Number of shares issued through reinvestment of dividends and distributions—T Shares		928,935	(b)		—			4,653,369	(b)		—
Number of shares redeemed—T Shares		(18,983,519	)(b)		—			(5,248,707	)(b)		—

Net increase in shares outstanding—T Shares		180,519,390			—			36,330,959			—

(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

105

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Aggressive Opportunities						Discovery
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	3,819,807		$	6,127,736		$	2,340,660		$	2,577,818
Net realized gain		124,685,874			78,790,503			53,232,618			21,333,068
Net change in unrealized appreciation		235,361,814			58,962,020			25,148,156			6,110,932

Net increase in net assets resulting from operations		363,867,495			143,880,259			80,721,434			30,021,818

Distributions to shareholders from:
Net investment income—Investor Shares		(102,553	)		(2,217,223	)		(24,674	)		(3,314,675	)
Net investment income—T Shares		(5,981,960	)		—			(2,278,117	)		—
Net realized gain—Investor Shares		(2,784,111	)		(43,171,399	)		(623,318	)		(9,858,896	)
Net realized gain—T Shares		(103,621,112	)		—			(45,897,970	)		—

Total distributions		(112,489,736	)		(45,388,622	)		(48,824,079	)		(13,173,571	)

Capital share transactions:
Proceeds from sale of shares—Investor Shares		7,008,302	(a)		28,827,592			6,437,198	(a)		18,557,402
Proceeds from sale of shares—T Shares		1,075,216,812	(b)		—			247,226,760	(b)		—
Reinvestment of distributions—Investor Shares		2,886,664	(a)		45,388,622			647,992	(a)		13,173,571
Reinvestment of distributions—T Shares		109,603,072	(b)		—			48,176,087	(b)		—
Value of shares redeemed—Investor Shares		(1,057,021,153	)(a)		(136,249,782	)		(234,034,688	)(a)		(29,578,107	)
Value of shares redeemed—T Shares		(140,084,683	)(b)		—			(34,373,522	)(b)		—

Net increase (decrease) from capital share transactions		(2,390,986	)		(62,033,568	)		34,079,827			2,152,866

Total increase in net assets		248,986,773			36,458,069			65,977,182			19,001,113

NET ASSETS at beginning of year		993,728,828			957,270,759			212,872,795			193,871,682

NET ASESTS at end of year	$	1,242,715,601		$	993,728,828		$	278,849,977		$	212,872,795

Accumulated net investment income (loss) included in net assets at end of year	$	3,572,909		$	5,422,729		$	145,641		$	(639,208	)

SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		610,544	(a)		2,843,708			621,093	(a)		1,934,581
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		228,737	(a)		4,504,812			60,673	(a)		1,413,473
Number of shares redeemed—Investor Shares		(95,752,156	)(a)		(13,311,635	)		(22,791,895	)(a)		(3,073,906	)

Net increase (decrease) in shares outstanding—Investor Shares		(94,912,875	)		(5,963,115	)		(22,110,129	)		274,148

Number of shares sold—T Shares		96,959,354	(b)		—			23,883,843	(b)		—
Number of shares issued through reinvestment of dividends and distributions—T Shares		8,684,871	(b)		—			4,510,870	(b)		—
Number of shares redeemed—T Shares		(11,478,143	)(b)		—			(3,063,036	)(b)		—

Net increase in shares outstanding—T Shares		94,166,082			—			25,331,677			—

(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

106

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	International						Diversifying Strategies(1)
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	27,512,209		$	28,819,042		$	12,217,795		$	10,416,670
Net realized gain		96,055,895			18,493,004			28,742,383			6,534,965
Net change in unrealized appreciation		99,261,424			165,118,811			16,908,582			13,734,042

Net increase in net assets resulting from operations		222,829,528			212,430,857			57,868,760			30,685,677

Distributions to shareholders from:
Net investment income—Investor Shares		(324,174	)		(31,260,095	)		—			—
Net investment income—T Shares		(30,641,649	)		—			(19,309,467	)		(16,028,376	)
Net realized gain—T Shares		—			—			(12,954,725	)		(2,847,974	)

Total distributions		(30,965,823	)		(31,260,095	)		(32,264,192	)		(18,876,350	)

Capital share transactions:
Proceeds from sale of shares—Investor Shares		33,149,320	(a)		89,461,948			—			—
Proceeds from sale of shares—T Shares		1,484,852,766	(b)		—			158,059,115	(c)		105,861,883
Reinvestment of distributions—Investor Shares		324,174	(a)		31,260,095			—			—
Reinvestment of distributions—T Shares		30,641,649	(b)		—			32,264,192	(c)		18,876,350
Value of shares redeemed—Investor Shares		(1,354,343,436	)(a)		(136,346,319	)		—			—
Value of shares redeemed—T Shares		(256,562,888	)(b)		—			(87,112,245	)(c)		(21,550,584	)

Net increase (decrease) from capital share transactions		(61,938,415	)		(15,624,276	)		103,211,062			103,187,649

Total increase in net assets		129,925,290			165,546,486			128,815,630			114,996,976

NET ASSETS at beginning of year		1,305,510,145			1,139,963,659			964,773,742			849,776,766

NET ASESTS at end of year	$	1,435,435,435		$	1,305,510,145		$	1,093,589,372		$	964,773,742

Accumulated net investment income (loss) included in net assets at end of year	$	12,131,676		$	13,387,816		$	(3,342,826	)	$	(2,889,496	)

SHARE TRANSACTIONS:
Number of shares sold—Investor Shares		3,349,541	(a)		10,120,707			—			—
Number of shares issued through reinvestment of dividends and distributions—Investor Shares		29,923	(a)		3,294,004			—			—
Number of shares redeemed—Investor Shares		(137,437,695	)(a)		(14,870,811	)		—			—

Net decrease in shares outstanding		(134,058,231	)		(1,456,100	)		—			—

Number of shares sold—T Shares		149,658,231	(b)		—			15,219,041	(c)		10,340,064
Number of shares issued through reinvestment of dividends and distributions—T Shares		2,828,496	(b)		—			3,111,301	(c)		1,856,104
Number of shares redeemed—T Shares		(24,497,545	)(b)		—			(8,441,046	)(c)		(2,113,189	)

Net increase in shares outstanding—T Shares		127,989,182			—			9,889,296			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

107

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Core Bond Index						500 Stock Index
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	28,138,919		$	29,602,613		$	10,862,338		$	8,945,898
Net realized gain		917,714			13,542,146			21,955,245			7,716,196
Net change in unrealized appreciation (depreciation)		(59,225,189	)		3,036,355			121,033,076			44,847,156

Net increase (decrease) in net assets resulting from operations		(30,168,556	)		46,181,114			153,850,659			61,509,250

Distributions to shareholders from:
Net investment income—Class I		(4,513,580	)		(27,044,821	)		(461,525	)		(1,890,180	)
Net investment income—Class II		(2,139,819	)		(10,930,787	)		(38,570	)		(6,894,722	)
Net investment income—T Shares		(29,373,097	)		—			(10,123,159	)		—
Net realized gain—Class I		—			—			(82,039	)		—
Net realized gain—Class II		—			—			(6,159	)		—
Net realized gain—T Shares		—			—			(1,610,120	)		—

Total distributions		(36,026,496	)		(37,975,608	)		(12,321,572	)		(8,784,902	)

Capital share transactions:
Proceeds from sale of shares—Class I		38,640,943			125,028,027			10,246,532			14,459,474
Proceeds from sale of shares—Class II		16,454,467			47,202,200			7,762,420			47,596,437
Proceeds from sale of shares—T Shares		1,368,035,424	(a)		—			568,091,459	(a)		—
Reinvestment of distributions—Class I		4,513,580			27,044,821			542,591			1,889,425
Reinvestment of distributions—Class II		2,139,819			10,930,787			44,729			6,894,722
Reinvestment of distributions—T Shares		29,373,097	(a)		—			11,733,279	(a)		—
Value of shares redeemed—Class I		(919,028,097	)		(65,957,493	)		(102,782,107	)		(11,998,451	)
Value of shares redeemed—Class II		(326,228,097	)		(43,568,322	)		(369,855,589	)		(39,854,238	)
Value of shares redeemed—T Shares		(111,286,830	)(a)		—			(58,506,142	)(a)		—

Net increase from capital share transactions		102,614,306			100,680,020			67,277,172			18,987,369

Total increase in net assets		36,419,254			108,885,526			208,806,259			71,711,717

NET ASSETS at beginning of year		1,243,125,604			1,134,240,078			452,981,172			381,269,455

NET ASESTS at end of year	$	1,279,544,858		$	1,243,125,604		$	661,787,431		$	452,981,172

Accumulated net investment income (loss) included in net assets at end of year	$	5,799		$	(15,245	)	$	470,014		$	363,007

SHARE TRANSACTIONS:
Number of shares sold—Class I		3,697,944			11,916,165			794,249			1,313,072
Number of shares issued through reinvestment of dividends and distributions—Class I		433,197			2,564,393			37,628			166,488
Number of shares redeemed—Class I		(87,871,264	)		(6,249,159	)		(8,499,916	)		(1,091,486	)

Net increase (decrease) in shares outstanding—Class I		(83,740,123	)		8,231,399			(7,668,039	)		388,074

Number of shares sold—Class II		1,579,374			4,455,403			681,224			4,624,818
Number of shares issued through reinvestment of dividends and distributions—Class II		205,027			1,030,560			3,298			645,041
Number of shares redeemed—Class II		(31,008,363	)		(4,102,957	)		(32,577,371	)		(3,785,518	)

Net increase (decrease) in shares outstanding—Class II		(29,223,962	)		1,383,006			(31,892,849	)		1,484,341

Number of shares sold—T Shares		131,110,998	(a)		—			46,268,985	(a)		—
Number of shares issued through reinvestment of dividends and distributions—T Shares		2,884,304	(a)		—			813,681	(a)		—
Number of shares redeemed—T Shares		(10,867,078	)(a)		—			(4,295,260	)(a)		—

Net increase in shares outstanding—T Shares		123,128,224			—			42,787,406			—

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

See Notes to Financial Statements

108

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Broad Market Index						Mid/Small Company Index
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	12,041,497		$	11,072,458		$	9,270,609		$	9,044,196
Net realized gain		17,570,471			9,394,023			51,397,045			20,083,974
Net change in unrealized appreciation		155,398,491			57,592,159			126,672,664			45,030,225

Net increase in net assets resulting from operations		185,010,459			78,058,640			187,340,318			74,158,395

Distributions to shareholders from:
Net investment income—Class I		(470,033	)		(2,166,992	)		(293,878	)		(4,730,696	)
Net investment income—Class II		(257,019	)		(8,699,581	)		(70,206	)		(3,711,943	)
Net investment income—T Shares		(10,904,466	)		—			(8,292,024	)		—
Net realized gain—Class I		(468,022	)		(1,045,053	)		(1,955,310	)		(10,544,555	)
Net realized gain—Class II		(223,484	)		(3,740,641	)		(407,156	)		(7,396,025	)
Net realized gain—T Shares		(9,439,615	)		—			(47,372,342	)		—

Total distributions		(21,762,639	)		(15,652,267	)		(58,390,916	)		(26,383,219	)

Capital share transactions:
Proceeds from sale of shares—Class I		14,150,568			12,310,831			10,979,689			43,397,455
Proceeds from sale of shares—Class II		15,290,639			28,629,139			8,884,721			31,228,368
Proceeds from sale of shares—T Shares		663,654,017	(a)		—			594,343,313	(a)		—
Reinvestment of distributions—Class I		938,055			3,212,045			2,247,341			15,274,349
Reinvestment of distributions—Class II		480,503			12,440,222			477,362			11,107,968
Reinvestment of distributions—T Shares		20,344,081	(a)		—			55,664,366	(a)		—
Value of shares redeemed—Class I		(120,738,735	)		(17,799,369	)		(308,904,404	)		(37,977,127	)
Value of shares redeemed—Class II		(458,360,911	)		(50,603,222	)		(214,664,650	)		(27,094,717	)
Value of shares redeemed—T Shares		(73,226,360	)(a)		—			(49,283,497	)(a)		—

Net increase (decrease) from capital share transactions		62,531,857			(11,810,354	)		99,744,241			35,936,296

Total increase in net assets		225,779,677			50,596,019			228,693,643			83,711,472

NET ASSETS at beginning of year		554,301,474			503,705,455			492,152,898			408,441,426

NET ASESTS at end of year	$	780,081,151		$	554,301,474		$	720,846,541		$	492,152,898

Accumulated net investment income included in net assets at end of year	$	6,210,984		$	6,132,598		$	1,651,660		$	1,449,095

SHARE TRANSACTIONS:
Number of shares sold—Class I		1,008,725			1,026,718			608,104			2,815,097
Number of shares issued through reinvestment of dividends and distributions—Class I		60,209			261,994			115,783			996,796
Number of shares redeemed—Class I		(9,162,704	)		(1,487,554	)		(18,261,777	)		(2,503,348	)

Net increase (decrease) in shares outstanding—Class I		(8,093,770	)		(198,842	)		(17,537,890	)		1,308,545

Number of shares sold—Class II		1,190,627			2,519,512			550,752			2,137,836
Number of shares issued through reinvestment of dividends and distributions—Class II		32,979			1,082,700			26,214			768,552
Number of shares redeemed—Class II		(37,439,109	)		(4,495,362	)		(13,459,569	)		(1,841,487	)

Net increase (decrease) in shares outstanding—Class II		(36,215,503	)		(893,150	)		(12,882,603	)		1,064,901

Number of shares sold—T Shares		49,665,300	(a)		—			34,488,614	(a)		—
Number of shares issued through reinvestment of dividends and distributions—T Shares		1,305,782	(a)		—			2,866,342	(a)		—
Number of shares redeemed—T Shares		(5,018,667	)(a)		—			(2,584,810	)(a)		—

Net increase in shares outstanding—T Shares		45,952,415			—			34,770,146			—

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

See Notes to Financial Statements

109

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Overseas Equity Index
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	6,679,041		$	6,349,858
Net realized gain		2,507,732			39,555
Net change in unrealized appreciation		41,702,484			29,402,054

Net increase in net assets resulting from operations		50,889,257			35,791,467

Distributions to shareholders from:
Net investment income—Class I		(240,007	)		(1,426,695	)
Net investment income—Class II		(82,655	)		(5,187,054	)
Net investment income—T Shares		(6,648,183	)		—

Total distributions		(6,970,845	)		(6,613,749	)

Capital share transactions:
Proceeds from sale of shares—Class I		1,940,484			7,660,129
Proceeds from sale of shares—Class II		2,707,121			31,420,598
Proceeds from sale of shares—T Shares		256,960,991	(a)		—
Reinvestment of distributions—Class I		240,007			1,426,695
Reinvestment of distributions—Class II		82,655			5,187,054
Reinvestment of distributions—T Shares		6,648,183	(a)		—
Value of shares redeemed—Class I		(49,421,053	)		(5,761,884	)
Value of shares redeemed—Class II		(178,163,745	)		(18,205,185	)
Value of shares redeemed—T Shares		(16,690,596	)(a)		—

Net increase from capital share transactions		24,304,047			21,727,407

Total increase in net assets		68,222,459			50,905,125

NET ASSETS at beginning of year		228,689,104			177,783,979

NET ASESTS at end of year	$	296,911,563		$	228,689,104

Accumulated net investment loss included in net assets at end of year	$	(1,096,591	)	$	(795,485	)

SHARE TRANSACTIONS:
Number of shares sold—Class I		166,440			778,774
Number of shares issued through reinvestment of dividends and distributions—Class I		19,576			135,104
Number of shares redeemed—Class I		(4,520,876	)		(585,466	)

Net increase (decrease) in shares outstanding—Class I		(4,334,860	)		328,412

Number of shares sold—Class II		258,290			3,426,664
Number of shares issued through reinvestment of dividends and distributions—Class II		7,225			525,537
Number of shares redeemed—Class II		(17,470,108	)		(1,911,367	)

Net increase (decrease) in shares outstanding—Class II		(17,204,593	)		2,040,834

Number of shares sold—T Shares		23,280,767	(a)		—
Number of shares issued through reinvestment of dividends and distributions—T Shares		542,266	(a)		—
Number of shares redeemed—T Shares		(1,395,179	)(a)		—

Net increase in shares outstanding—T Shares		22,427,854			—

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

See Notes to Financial Statements

110

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Model Portfolio Funds
	Conservative Growth						Traditional Growth
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	8,839,847		$	9,847,375		$	22,628,571		$	24,231,669
Net realized gain		20,018,851			5,350,725			72,255,751			22,693,852
Net change in unrealized appreciation		38,899,309			34,557,925			167,367,076			105,912,759

Net increase in net assets resulting from operations		67,758,007			49,756,025			262,251,398			152,838,280

Distributions to shareholders from:
Net investment income—Investor M Shares		(1,271,018	)		(11,072,837	)		(1,468,448	)		(24,263,241	)
Net investment income—TM Shares		(7,985,806	)		—			(21,410,541	)		—
Net realized gain—Investor M Shares		(1,802,655	)		(4,460,716	)		(3,051,680	)		(18,255,201	)
Net realized gain—TM Shares		(9,776,908	)		—			(38,342,555	)		—

Total distributions		(20,836,387	)		(15,533,553	)		(64,273,224	)		(42,518,442	)

Capital share transactions:
Proceeds from sale of shares—Investor M Shares		32,223,906	(a)		49,678,988			32,466,818	(a)		73,465,717
Proceeds from sale of shares—TM Shares		587,736,769	(b)		—			1,525,232,391	(b)		—
Reinvestment of distributions—Investor M Shares		3,073,673	(a)		15,527,586			4,512,090	(a)		42,512,679
Reinvestment of distributions—TM Shares		17,762,714	(b)		—			59,753,096	(b)		—
Value of shares redeemed—Investor M Shares		(560,219,752	)(a)		(47,781,283	)		(1,472,696,770	)(a)		(98,727,759	)
Value of shares redeemed—TM Shares		(73,879,778	)(b)		—			(150,837,906	)(b)		—

Net increase (decrease) from capital share transactions		6,697,532			17,425,291			(1,570,281	)		17,250,637

Total increase in net assets		53,619,152			51,647,763			196,407,893			127,570,475

NET ASSETS at beginning of year		607,811,706			556,163,943			1,493,678,238			1,366,107,763

NET ASESTS at end of year	$	661,430,858		$	607,811,706		$	1,690,086,131		$	1,493,678,238

Accumulated net investment income included in net assets at end of year	$	9,433		$	22,760		$	170,681		$	230,327

SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		1,247,752	(a)		2,012,063			1,318,544	(a)		3,201,885
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		114,646	(a)		623,848			171,042	(a)		1,828,502
Number of shares redeemed—Investor M Shares		(21,946,062	)(a)		(1,922,911	)		(61,033,131	)(a)		(4,267,774	)

Net increase (decrease) in shares outstanding—Investor M Shares		(20,583,664	)		713,000			(59,543,545	)		762,613

Number of shares sold—TM Shares		22,968,407	(b)		—			63,033,994	(b)		—
Number of shares issued through reinvestment of dividends and distributions—TM Shares		662,541	(b)		—			2,265,091	(b)		—
Number of shares redeemed—TM Shares		(2,799,603	)(b)		—			(5,953,514	)(b)		—

Net increase in shares outstanding—TM Shares		20,831,345			—			59,345,571			—

(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

111

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Model Portfolio Funds
	Long-Term Growth						All-Equity Growth
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	29,484,392		$	30,300,513		$	9,828,619		$	9,634,777
Net realized gain		119,479,594			40,945,544			48,988,386			4,660,440
Net change in unrealized appreciation		270,698,264			149,978,316			157,733,925			86,562,999

Net increase in net assets resulting from operations		419,662,250			221,224,373			216,550,930			100,858,216

Distributions to shareholders from:
Net investment income—Investor M Shares		(1,254,788	)		(30,205,709	)		(580,022	)		(6,229,845	)
Net investment income—TM Shares		(28,295,742	)		—			(11,900,690	)		—
Net realized gain—Investor M Shares		(3,310,194	)		(31,564,539	)		(1,131,430	)		(4,893,466	)
Net realized gain—TM Shares		(64,147,553	)		—			(20,134,028	)		—

Total distributions		(97,008,277	)		(61,770,248	)		(33,746,170	)		(11,123,311	)

Capital share transactions:
Proceeds from sale of shares—Investor M Shares		21,355,292	(a)		78,109,011			15,102,545	(a)		48,246,562
Proceeds from sale of shares—TM Shares		1,982,361,477	(b)		—			780,616,173	(b)		—
Reinvestment of distributions—Investor M Shares		4,564,982	(a)		61,770,248			1,711,452	(a)		11,123,311
Reinvestment of distributions—TM Shares		92,443,295	(b)		—			32,034,718	(b)		—
Value of shares redeemed—Investor M Shares		(1,914,940,449	)(a)		(114,749,215	)		(728,190,049	)(a)		(89,600,456	)
Value of shares redeemed—TM Shares		(193,110,980	)(b)		—			(67,341,878	)(b)		—

Net increase (decrease) from capital share transactions		(7,326,383	)		25,130,044			33,932,961			(30,230,583	)

Total increase in net assets		315,327,590			184,584,169			216,737,721			59,504,322

NET ASSETS at beginning of year		1,896,812,283			1,712,228,114			709,329,831			649,825,509

NET ASESTS at end of year	$	2,212,139,873		$	1,896,812,283		$	926,067,552		$	709,329,831

Accumulated net investment income included in net assets at end of year	$	212,596		$	288,674		$	1,317,786		$	4,295,110

SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		900,020	(a)		3,580,777			645,327	(a)		2,358,603
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		175,172	(a)		2,782,443			63,741	(a)		521,242
Number of shares redeemed—Investor M Shares		(82,345,030	)(a)		(5,211,374	)		(32,117,940	)(a)		(4,404,229	)

Net increase (decrease) in shares outstanding—Investor M Shares		(81,269,838	)		1,151,846			(31,408,872	)		(1,524,384	)

Number of shares sold—TM Shares		84,934,039	(b)		—			34,143,678	(b)		—
Number of shares issued through reinvestment of dividends and distributions—TM Shares		3,545,964	(b)		—			1,192,655	(b)		—
Number of shares redeemed—TM Shares		(7,783,350	)(b)		—			(2,692,933	)(b)		—

Net increase in shares outstanding—TM Shares		80,696,653			—			32,643,400			—

(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

112

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Milestone Funds
	Milestone Retirement Income						Milestone 2010
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	4,170,586		$	3,819,949		$	3,566,038		$	3,668,401
Net realized gain		10,154,214			4,670,798			14,606,391			6,541,786
Net change in unrealized appreciation		3,478,362			7,308,088			10,573,495			10,575,970

Net increase in net assets resulting from operations		17,803,162			15,798,835			28,745,924			20,786,157

Distributions to shareholders from:
Net investment income—Investor M Shares		(1,011,400	)		(3,808,078	)		(796,931	)		(3,657,537	)
Net investment income—TM Shares		(3,250,401	)		—			(2,849,079	)		—
Net realized gain—Investor M Shares		(1,508,016	)		(3,414,215	)		(2,260,305	)		(5,079,056	)
Net realized gain—TM Shares		(4,162,737	)		—			(6,857,425	)		—

Total distributions		(9,932,554	)		(7,222,293	)		(12,763,740	)		(8,736,593	)

Capital share transactions:
Proceeds from sale of shares—Investor M Shares		45,005,846	(a)		29,712,090			12,834,084	(a)		22,369,356
Proceeds from sale of shares—TM Shares		261,724,284	(b)		—			231,362,185	(b)		—
Reinvestment of distributions—Investor M Shares		2,519,416	(a)		7,222,293			3,057,236	(a)		8,736,593
Reinvestment of distributions—TM Shares		7,413,138	(b)		—			9,706,504	(b)		—
Value of shares redeemed—Investor M Shares		(204,305,240	)(a)		(27,415,547	)		(186,522,600	)(a)		(31,407,381	)
Value of shares redeemed—TM Shares		(34,753,717	)(b)		—			(30,389,825	)(b)		—

Net increase (decrease) from capital share transactions		77,603,727			9,518,836			40,047,584			(301,432	)

Total increase in net assets		85,474,335			18,095,378			56,029,768			11,748,132

NET ASSETS at beginning of year		238,157,926			220,062,548			234,022,793			222,274,661

NET ASESTS at end of year	$	323,632,261		$	238,157,926		$	290,052,561		$	234,022,793

Accumulated net investment income included in net assets at end of year	$	—		$	—		$	—		$	—

SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		4,148,859	(a)		2,792,687			1,154,028	(a)		2,097,640
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		231,139	(a)		682,636			269,835	(a)		820,338
Number of shares redeemed—Investor M Shares		(18,998,384	)(a)		(2,583,551	)		(17,069,520	)(a)		(2,934,016	)

Net increase (decrease) in shares outstanding—Investor M Shares		(14,618,386	)		891,772			(15,645,657	)		(16,038	)

Number of shares sold—TM Shares		24,267,945	(b)		—			21,068,755	(b)		—
Number of shares issued through reinvestment of dividends and distributions—TM Shares		679,481	(b)		—			855,953	(b)		—
Number of shares redeemed—TM Shares		(3,161,291	)(b)		—			(2,670,824	)(b)		—

Net increase in shares outstanding—TM Shares		21,786,135			—			19,253,884			—

(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

113

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Milestone Funds
	Milestone 2015						Milestone 2020
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	7,127,471		$	6,963,262		$	8,911,913		$	7,905,069
Net realized gain		23,118,811			7,040,623			25,404,038			4,305,341
Net change in unrealized appreciation		34,821,119			26,079,472			53,389,352			32,885,504

Net increase in net assets resulting from operations		65,067,401			40,083,357			87,705,303			45,095,914

Distributions to shareholders from:
Net investment income—Investor M Shares		(1,216,906	)		(6,931,087	)		(1,235,710	)		(7,863,109	)
Net investment income—TM Shares		(6,029,907	)		—			(7,723,260	)		—
Net realized gain—Investor M Shares		(2,597,739	)		(5,906,820	)		(2,326,410	)		(4,527,980	)
Net realized gain—TM Shares		(10,980,203	)		—			(12,586,031	)		—

Total distributions		(20,824,755	)		(12,837,907	)		(23,871,411	)		(12,391,089	)

Capital share transactions:
Proceeds from sale of shares—Investor M Shares		26,550,128	(a)		48,957,538			33,566,002	(a)		69,703,195
Proceeds from sale of shares—TM Shares		448,531,568	(b)		—			520,272,956	(b)		—
Reinvestment of distributions—Investor M Shares		3,814,645	(a)		12,837,907			3,562,120	(a)		12,391,089
Reinvestment of distributions—TM Shares		17,010,110	(b)		—			20,309,291	(b)		—
Value of shares redeemed—Investor M Shares		(378,073,874	)(a)		(36,258,178	)		(431,264,028	)(a)		(30,461,850	)
Value of shares redeemed—TM Shares		(40,556,891	)(b)		—			(31,837,937	)(b)		—

Net increase from capital share transactions		77,275,686			25,537,267			114,608,404			51,632,434

Total increase in net assets		121,518,332			52,782,717			178,442,296			84,337,259

NET ASSETS at beginning of year		434,638,177			381,855,460			470,664,246			386,326,987

NET ASESTS at end of year	$	556,156,509		$	434,638,177		$	649,106,542		$	470,664,246

Accumulated net investment income included in net assets at end of year	$	—		$	—		$	—		$	1,887

SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		2,339,923	(a)		4,538,870			2,898,947	(a)		6,464,854
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		320,020	(a)		1,181,040			288,899	(a)		1,132,641
Number of shares redeemed—Investor M Shares		(33,711,861	)(a)		(3,351,540	)		(38,014,893	)(a)		(2,811,250	)

Net increase (decrease) in shares outstanding—Investor M Shares		(31,051,918	)		2,368,370			(34,827,047	)		4,786,245

Number of shares sold—TM Shares		39,748,654	(b)		—			45,416,955	(b)		—
Number of shares issued through reinvestment of dividends and distributions—TM Shares		1,427,023	(b)		—			1,647,144	(b)		—
Number of shares redeemed—TM Shares		(3,437,021	)(b)		—			(2,621,580	)(b)		—

Net increase in shares outstanding—TM Shares		37,738,656			—			44,442,519			—

(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

114

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Milestone Funds
	Milestone 2025						Milestone 2030
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	7,646,533		$	6,478,423		$	5,973,228		$	4,992,955
Net realized gain		20,760,859			2,631,701			18,297,139			2,559,714
Net change in unrealized appreciation		54,928,530			29,869,079			50,102,743			25,744,393

Net increase in net assets resulting from operations		83,335,922			38,979,203			74,373,110			33,297,062

Distributions to shareholders from:
Net investment income—Investor M Shares		(1,095,217	)		(6,440,201	)		(954,213	)		(4,958,210	)
Net investment income—TM Shares		(6,549,444	)		—			(5,017,660	)		—
Net realized gain—Investor M Shares		(1,789,541	)		(3,500,724	)		(1,789,614	)		(3,048,097	)
Net realized gain—TM Shares		(9,353,028	)		—			(8,236,717	)		—

Total distributions		(18,787,230	)		(9,940,925	)		(15,998,204	)		(8,006,307	)

Capital share transactions:
Proceeds from sale of shares—Investor M Shares		27,965,467	(a)		60,708,794			26,713,652	(a)		50,506,476
Proceeds from sale of shares—TM Shares		422,682,368	(b)		—			328,832,656	(b)		—
Reinvestment of distributions—Investor M Shares		2,884,757	(a)		9,940,925			2,743,826	(a)		8,006,307
Reinvestment of distributions—TM Shares		15,902,473	(b)		—			13,254,378	(b)		—
Value of shares redeemed—Investor M Shares		(351,116,315	)(a)		(17,516,434	)		(277,940,491	)(a)		(15,178,840	)
Value of shares redeemed—TM Shares		(25,280,797	)(b)		—			(17,756,010	)(b)		—

Net increase from capital share transactions		93,037,953			53,133,285			75,848,011			43,333,943

Total increase in net assets		157,586,645			82,171,563			134,222,917			68,624,698

NET ASSETS at beginning of year		383,446,192			301,274,629			305,077,178			236,452,480

NET ASESTS at end of year	$	541,032,837		$	383,446,192		$	439,300,095		$	305,077,178

Accumulated net investment income included in net assets at end of year	$	—		$	4,557		$	288		$	5,290

SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		2,405,905	(a)		5,681,571			2,226,363	(a)		4,674,073
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		228,767	(a)		912,011			210,739	(a)		725,866
Number of shares redeemed—Investor M Shares		(30,933,961	)(a)		(1,633,111	)		(24,077,206	)(a)		(1,398,751	)

Net increase (decrease) in shares outstanding—Investor M Shares		(28,299,289	)		4,960,471			(21,640,104	)		4,001,188

Number of shares sold—TM Shares		36,785,148	(b)		—			28,103,480	(b)		—
Number of shares issued through reinvestment of dividends and distributions—TM Shares		1,260,101	(b)		—			1,017,220	(b)		—
Number of shares redeemed—TM Shares		(2,045,075	)(b)		—			(1,409,427	)(b)		—

Net increase in shares outstanding—TM Shares		36,000,174			—			27,711,273			—

(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

115

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Milestone Funds
	Milestone 2035						Milestone 2040
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	3,911,705		$	3,202,658		$	3,699,969		$	3,108,813
Net realized gain		14,473,416			2,111,874			17,513,662			4,883,349
Net change in unrealized appreciation		37,330,071			18,030,907			37,211,720			16,035,152

Net increase in net assets resulting from operations		55,715,192			23,345,439			58,425,351			24,027,314

Distributions to shareholders from:
Net investment income—Investor M Shares		(673,540	)		(3,176,280	)		(590,736	)		(3,024,927	)
Net investment income—TM Shares		(3,237,669	)		—			(3,051,767	)		—
Net realized gain—Investor M Shares		(1,538,095	)		(2,144,702	)		(2,020,014	)		(642,204	)
Net realized gain—TM Shares		(6,422,227	)		—			(8,994,803	)		—

Total distributions		(11,871,531	)		(5,320,982	)		(14,657,320	)		(3,667,131	)

Capital share transactions:
Proceeds from sale of shares—Investor M Shares		17,844,578	(a)		38,485,630			16,621,561	(a)		36,970,041
Proceeds from sale of shares—TM Shares		218,318,139	(b)		—			215,609,580	(b)		—
Reinvestment of distributions—Investor M Shares		2,211,635	(a)		5,320,982			2,610,752	(a)		3,667,131
Reinvestment of distributions—TM Shares		9,659,896	(b)		—			12,046,568	(b)		—
Value of shares redeemed—Investor M Shares		(180,867,654	)(a)		(9,654,080	)		(179,518,922	)(a)		(9,653,377	)
Value of shares redeemed—TM Shares		(10,416,698	)(b)		—			(13,731,164	)(b)		—

Net increase from capital share transactions		56,749,896			34,152,532			53,638,375			30,983,795

Total increase in net assets		100,593,557			52,176,989			97,406,406			51,343,978

NET ASSETS at beginning of year		202,648,607			150,471,618			197,376,350			146,032,372

NET ASESTS at end of year	$	303,242,164		$	202,648,607		$	294,782,756		$	197,376,350

Accumulated net investment income included in net assets at end of year	$	1		$	2,332		$	—		$	33,460

SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		1,476,728	(a)		3,583,774			1,351,686	(a)		3,428,611
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		167,295	(a)		484,166			193,389	(a)		328,596
Number of shares redeemed—Investor M Shares		(15,647,615	)(a)		(894,994	)		(15,234,060	)(a)		(887,216	)

Net increase (decrease) in shares outstanding—Investor M Shares		(14,003,592	)		3,172,946			(13,688,985	)		2,869,991

Number of shares sold—TM Shares		18,583,828	(b)		—			17,981,957	(b)		—
Number of shares issued through reinvestment of dividends and distributions—TM Shares		730,703	(b)		—			892,338	(b)		—
Number of shares redeemed—TM Shares		(813,574	)(b)		—			(1,038,499	)(b)		—

Net increase in shares outstanding—TM Shares		18,500,957			—			17,835,796			—

(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

116

THE VANTAGEPOINT FUNDS

Statements of Changes in Net Assets


	Milestone Funds
	Milestone 2045						Milestone 2050
	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2013			For the Period from September 10, 2012* to December 31, 2012
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,136,581		$	881,339		$	235,827		$	9,240
Net realized gain		5,056,758			2,540,955			1,085,495			9,385
Net change in unrealized appreciation (depreciation)		11,659,178			2,733,334			1,709,130			(11,055	)

Net increase in net assets resulting from operations		17,852,517			6,155,628			3,030,452			7,570

Distributions to shareholders from:
Net investment income—Investor M Shares		(252,470	)		(874,188	)		(65,323	)		(9,717	)
Net investment income—TM Shares		(883,710	)		—			(170,449	)		—
Net realized gain—Investor M Shares		(1,004,404	)		(774,787	)		(92,986	)		(942	)
Net realized gain—TM Shares		(3,032,750	)		—			(209,304	)		—

Total distributions		(5,173,334	)		(1,648,975	)		(538,062	)		(10,659	)

Capital share transactions:
Proceeds from sale of shares—Investor M Shares		11,376,091	(a)		23,702,921			5,197,749	(a)		6,761,657
Proceeds from sale of shares—TM Shares		67,433,261	(b)		—			15,741,828	(b)		—
Reinvestment of distributions—Investor M Shares		1,256,876	(a)		1,648,975			158,309	(a)		10,659
Reinvestment of distributions—TM Shares		3,916,458	(b)		—			379,753	(b)		—
Value of shares redeemed—Investor M Shares		(47,604,661	)(a)		(9,468,094	)		(6,466,841	)(a)		(292	)
Value of shares redeemed—TM Shares		(4,685,630	)(b)		—			(1,982,228	)(b)		—

Net increase from capital share transactions		31,692,395			15,883,802			13,028,570			6,772,024

Total increase in net assets		44,371,578			20,390,455			15,520,960			6,768,935

NET ASSETS at beginning of year		53,824,108			33,433,653			6,768,935			—

NET ASESTS at end of year	$	98,195,686		$	53,824,108		$	22,289,895		$	6,768,935

Accumulated net investment income included in net assets at end of year	$	—		$	—		$	—		$	—

SHARE TRANSACTIONS:
Number of shares sold—Investor M Shares		857,877	(a)		2,008,411			458,283	(a)		659,208
Number of shares issued through reinvestment of dividends and distributions—Investor M Shares		86,562	(a)		137,529			12,426	(a)		1,040
Number of shares redeemed—Investor M Shares		(3,753,550	)(a)		(779,357	)		(593,250	)(a)		(28	)

Net increase (decrease) in shares outstanding—Investor M Shares		(2,809,111	)		1,366,583			(122,541	)		660,220

Number of shares sold—TM Shares		5,150,114	(b)		—			1,348,827	(b)		—
Number of shares issued through reinvestment of dividends and distributions—TM Shares		269,543	(b)		—			29,808	(b)		—
Number of shares redeemed—TM Shares		(339,806	)(b)		—			(166,800	)(b)		—

Net increase in shares outstanding—TM Shares		5,079,851			—			1,211,835			—

*	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

117

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Low Duration Bond Investor Shares(1)
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	10.19		$	9.96		$	10.04		$	9.95		$	9.28
Income from investment operations:
Net investment income		0.13	^		0.16			0.19			0.25			0.32
Net realized and unrealized gain (loss)		(0.06	)		0.23			(0.08	)		0.10			0.65

Total from investment operations		0.07			0.39			0.11			0.35			0.97

Less distributions:
Net investment income		(0.11	)		(0.16	)		(0.19	)		(0.26	)		(0.30	)
Realized gains		(0.03	)		—			—			—			—

Total distributions		(0.14	)		(0.16	)		(0.19	)		(0.26	)		(0.30	)

Net Asset Value, end of year	$	10.12		$	10.19		$	9.96		$	10.04		$	9.95

Total return		0.75	%		3.97	%		1.14	%		3.58	%		10.63	%
Ratios to Average Net Assets:
Expenses		0.63	%		0.63	%		0.62	%		0.64	%		0.66	%
Net investment income		1.30	%		1.55	%		1.93	%		2.51	%		3.27	%
Supplemental Data:
Net assets, end of year (000)	$	47,700		$	592,262		$	524,463		$	537,709		$	517,659
Portfolio turnover		64	%		63	%		66	%		70	%		63	%


	Low Duration Bond T Shares(1)
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	10.20
Income from investment operations:
Net investment income		0.12	^
Net realized and unrealized loss		(0.06	)

Total from investment operations		0.06

Less distributions:
Net investment income		(0.11	)
Realized gains		(0.03	)

Total distributions		(0.14	)

Net Asset Value, end of year	$	10.12

Total return		0.65	%††
Ratios to Average Net Assets:
Expenses		0.39	%†
Net investment income		1.43	%†
Supplemental Data:
Net assets, end of year (000)	$	554,556
Portfolio turnover		64	%††

(1)	Formerly Short-Term Bond Fund.

*	Commencement of operations

^	Calculated based upon average shares outstanding.

†	Annualized

††	Not annualized

See Notes to Financial Statements

118

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Inflation Protected Securities Investor Shares(1)
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	11.86		$	11.68		$	10.99		$	10.72		$	9.88
Income from investment operations:
Net investment income (loss)		(0.31	)^		0.17			0.34			0.19			0.11
Net realized and unrealized gain (loss)		(0.76	)		0.62			0.91			0.44			0.85

Total from investment operations		(1.07	)		0.79			1.25			0.63			0.96

Less distributions:
Net investment income		(0.07	)		(0.17	)		(0.36	)		(0.19	)		(0.12	)
Realized gains		(0.23	)		(0.44	)		(0.20	)		(0.17	)		—

Total distributions		(0.30	)		(0.61	)		(0.56	)		(0.36	)		(0.12	)

Net Asset Value, end of year	$	10.49		$	11.86		$	11.68		$	10.99		$	10.72

Total return		(9.05	)%		6.84	%		11.53	%		5.95	%		9.75	%
Ratios to Average Net Assets:
Expenses		0.64	%		0.63	%		0.64	%		0.65	%		0.67	%
Net investment income (loss)		(2.67	)%		1.39	%		2.94	%		1.73	%		1.13	%
Supplemental Data:
Net assets, end of year (000)	$	28,441		$	669,336		$	584,191		$	492,002		$	338,790
Portfolio turnover		57	%		73	%		109	%		97	%		105	%


	Inflation Protected Securities T Shares(1)
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	11.78
Income from investment operations:
Net investment income		0.14	^
Net realized and unrealized loss		(1.10	)

Total from investment operations		(0.96	)

Less distributions:
Net investment income		(0.09	)
Realized gains		(0.23	)

Total distributions		(0.32	)

Net Asset Value, end of year	$	10.50

Total return		(8.19	)%††
Ratios to Average Net Assets:
Expenses		0.40	%†
Net investment income		1.46	%†
Supplemental Data:
Net assets, end of year (000)	$	554,377
Portfolio turnover		57	%††

(1)	Formerly US Government Securities Fund.

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

119

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Equity Income Investor Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	9.01		$	8.27		$	8.64		$	7.70		$	5.79
Income from investment operations:
Net investment income		0.16	^		0.15			0.12			0.08			0.09
Net realized and unrealized gain (loss)		2.63			1.03			(0.13	)		0.94			1.95

Total from investment operations		2.79			1.18			(0.01	)		1.02			2.04

Less distributions:
Net investment income		(0.14	)		(0.16	)		(0.22	)		(0.08	)		(0.13	)
Realized gains		(0.56	)		(0.28	)		(0.14	)		—			—

Total distributions		(0.70	)		(0.44	)		(0.36	)		(0.08	)		(0.13	)

Net Asset Value, end of year	$	11.10		$	9.01		$	8.27		$	8.64		$	7.70

Total return		31.11	%		14.33	%		0.04	%		13.28	%		35.28	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.81	%		0.82	%		0.84	%		0.85	%		0.88	%
Expenses net of reimbursements/waivers, if any		0.81	%		0.82	%		0.83	%		0.85	%		0.88	%
Net investment income before reimbursements/waivers		1.69	%		1.64	%		1.32	%		1.19	%		1.49	%
Net investment income net of reimbursements/waivers, if any		1.69	%		1.64	%		1.32	%		1.19	%		1.49	%
Supplemental Data:
Net assets, end of year (000)	$	60,614		$	2,020,305		$	1,817,557		$	1,867,505		$	1,516,199
Portfolio turnover		18	%		15	%		18	%		18	%		22	%


	Equity Income T Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	9.62
Income from investment operations:
Net investment income		0.13	^
Net realized and unrealized gain		2.08

Total from investment operations		2.21

Less distributions:
Net investment income		(0.17	)
Realized gains		(0.56	)

Total distributions		(0.73	)

Net Asset Value, end of year	$	11.10

Total return		23.03	%††
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		1.41	%†
Net investment income net of reimbursements/waivers, if any		1.41	%†
Supplemental Data:
Net assets, end of year (000)	$	2,426,828
Portfolio turnover		18	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

120

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Growth & Income Investor Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	10.71		$	9.49		$	9.67		$	8.49		$	6.43
Income from investment operations:
Net investment income		0.11	^		0.14			0.11			0.08			0.10
Net realized and unrealized gain (loss)		3.51			1.42			(0.18	)		1.18			2.06

Total from investment operations		3.62			1.56			(0.07	)		1.26			2.16

Less distributions:
Net investment income		(0.13	)		(0.18	)		(0.11	)		(0.08	)		(0.10	)
Realized gains		(0.98	)		(0.16	)		—			—			—

Total distributions		(1.11	)		(0.34	)		(0.11	)		(0.08	)		(0.10	)

Net Asset Value, end of year	$	13.22		$	10.71		$	9.49		$	9.67		$	8.49

Total return		34.01	%		16.53	%		(0.69	)%		14.81	%		33.61	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.78	%		0.78	%		0.78	%		0.79	%		0.82	%
Expenses net of reimbursements/waivers, if any		0.78	%		0.78	%		0.78	%		0.79	%		0.81	%
Net investment income before reimbursements/waivers		0.93	%		1.32	%		1.12	%		0.91	%		1.39	%
Net investment income net of reimbursements/waivers, if any		0.93	%		1.32	%		1.12	%		0.91	%		1.39	%
Supplemental Data:
Net assets, end of year (000)	$	39,944		$	1,305,504		$	1,162,482		$	1,228,122		$	1,023,636
Portfolio turnover		35	%		25	%		40	%		46	%		111	%


	Growth & Income T Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	11.44
Income from investment operations:
Net investment income		0.13	^
Net realized and unrealized gain		2.79

Total from investment operations		2.92

Less distributions:
Net investment income		(0.16	)
Realized gains		(0.98	)

Total distributions		(1.14	)

Net Asset Value, end of year	$	13.22

Total return		25.69	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.54	%†
Expenses net of reimbursements/waivers, if any		0.53	%†
Net investment income before reimbursements/waivers		1.18	%†
Net investment income net of reimbursements/waivers, if any		1.18	%†
Supplemental Data:
Net assets, end of year (000)	$	1,696,122
Portfolio turnover		35	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

121

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Growth Investor Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	9.53		$	8.36		$	8.78		$	7.70		$	5.91
Income from investment operations:
Net investment income		0.03	^		0.05			0.04			0.05			0.04
Net realized and unrealized gain (loss)		3.18			1.18			(0.42	)		1.09			1.79

Total from investment operations		3.21			1.23			(0.38	)		1.14			1.83

Less distributions:
Net investment income		(0.04	)		(0.06	)		(0.04	)		(0.06	)		(0.04	)
Realized gains		—			—			—			—			—

Total distributions		(0.04	)		(0.06	)		(0.04	)		(0.06	)		(0.04	)

Net Asset Value, end of year	$	12.70	**	$	9.53		$	8.36		$	8.78		$	7.70

Total return		33.71	%**		14.67	%		(4.27	)%		14.76	%		31.02	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.77	%		0.78	%		0.83	%		0.86	%		0.86	%
Expenses net of reimbursements/waivers, if any		0.77	%		0.78	%		0.81	%		0.84	%		0.84	%
Net Investment Income before reimbursements/waivers		0.33	%		0.57	%		0.47	%		0.64	%		0.64	%
Net Investment Income net of reimbursements/waivers, if any		0.33	%		0.57	%		0.49	%		0.66	%		0.66	%
Supplemental Data:
Net assets, end of year (000)	$	31,157		$	1,880,929		$	1,751,075		$	1,971,807		$	1,814,533
Portfolio turnover		53	%		87	%		70	%		117	%		89	%


	Growth T Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	10.07
Income from investment operations:
Net investment income		0.06	^
Net realized and unrealized gain		2.64

Total from investment operations		2.70

Less distributions:
Net investment income		(0.06	)
Realized gains		—

Total distributions		(0.06	)

Net Asset Value, end of year	$	12.71

Total return		26.87	%††
Ratios to Average Net Assets:
Expenses		0.53	%†
Net investment income		0.60	%†
Supplemental Data:
Net assets, end of year (000)	$	2,294,323
Portfolio turnover		53	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

**	Financial reporting includes trade date activity as of December 31, 2013. The inclusion of this activity caused the Fund’s NAV to round down to $12.70 (the adjusted price) from $12.71 (the stated price for December 31, 2013, prior to the inclusion of that day’s activity).

†	Annualized

††	Not annualized

See Notes to Financial Statements

122

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Select Value Investor Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	10.95		$	9.73		$	9.84		$	8.25		$	6.07
Income from investment operations:
Net investment income		0.10	^		0.19			0.10			0.09			0.10
Net realized and unrealized gain (loss)		3.67			1.42			(0.12	)		1.59			2.14

Total from investment operations		3.77			1.61			(0.02	)		1.68			2.24

Less distributions:
Net investment income		(0.13	)		(0.18	)		(0.09	)		(0.09	)		(0.06	)
Realized gains		(1.73	)		(0.21	)		—			—			—

Total distributions		(1.86	)		(0.39	)		(0.09	)		(0.09	)		(0.06	)

Net Asset Value, end of year	$	12.86		$	10.95		$	9.73		$	9.84		$	8.25

Total return		34.65	%		16.55	%		(0.16	)%		20.34	%		36.99	%
Ratios to Average Net Assets:
Expenses		0.98	%		0.99	%		0.99	%		1.00	%		1.04	%
Net investment income		0.84	%		1.73	%		0.96	%		1.01	%		1.42	%
Supplemental Data:
Net assets, end of year (000)	$	9,120		$	355,590		$	320,019		$	338,336		$	295,800
Portfolio turnover		77	%		51	%		60	%		68	%		85	%


	Select Value T Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	12.00
Income from investment operations:
Net investment income		0.15	^
Net realized and unrealized gain		2.60

Total from investment operations		2.75

Less distributions:
Net investment income		(0.15	)
Realized gains		(1.73	)

Total distributions		(1.88	)

Net Asset Value, end of year	$	12.87

Total return		23.15	%††
Ratios to Average Net Assets:
Expenses		0.73	%†
Net investment income		1.34	%†
Supplemental Data:
Net assets, end of year (000)	$	467,616
Portfolio turnover		77	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

123

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Aggressive Opportunities Investor Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	10.20		$	9.26		$	11.34		$	9.52		$	6.32
Income from investment operations:
Net investment income		0.00	#^		0.07			0.03			0.01			0.00	#
Net realized and unrealized gain (loss)		3.90			1.35			(1.23	)		1.81			3.22

Total from investment operations		3.90			1.42			(1.20	)		1.82			3.22

Less distributions:
Net investment income		(0.04	)		(0.02	)		(0.04	)		—			(0.02	)
Realized gains		(1.21	)		(0.46	)		(0.84	)		—			—

Total distributions		(1.25	)		(0.48	)		(0.88	)		—			(0.02	)

Net Asset Value, end of year	$	12.85		$	10.20		$	9.26		$	11.34		$	9.52

Total return		38.53	%		15.44	%		(10.42	)%		19.12	%		50.95	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.82	%		0.90	%		0.91	%		0.93	%		0.99	%
Expenses net of reimbursements/waivers, if any		0.82	%		0.90	%		0.91	%		0.93	%		0.98	%
Net investment income (loss) before reimbursements/waivers		0.00	%**		0.61	%		0.21	%		0.05	%		(0.02	)%
Net investment income (loss) net of reimbursements/waivers, if any		0.00	%**		0.61	%		0.21	%		0.05	%		(0.02	)%
Supplemental Data:
Net assets, end of year (000)	$	32,513		$	993,729		$	957,271		$	1,147,570		$	1,010,098
Portfolio turnover		51	%		94	%		53	%		96	%		53	%


	Aggressive Opportunities T Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	11.04
Income from investment operations:
Net investment income		0.04	^
Net realized and unrealized gain		3.05

Total from investment operations		3.09

Less distributions:
Net investment income		(0.07	)
Realized gains		(1.21	)

Total distributions		(1.28	)

Net Asset Value, end of year	$	12.85

Total return		28.23	%††
Ratios to Average Net Assets:
Expenses		0.59	%†
Net investment income		0.42	%†
Supplemental Data:
Net assets, end of year (000)	$	1,210,202
Portfolio turnover		51	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

**	Rounds to less than 0.01%

†	Annualized

††	Not annualized

#	Rounds to less than $0.01

See Notes to Financial Statements

124

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Discovery Investor Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	9.48		$	8.74		$	9.42		$	7.54		$	5.46
Income from investment operations:
Net investment income		0.08	^		0.12			0.10			0.08			0.08
Net realized and unrealized gain (loss)		3.61			1.25			(0.68	)		1.89			2.07

Total from investment operations		3.69			1.37			(0.58	)		1.97			2.15

Less distributions:
Net investment income		(0.09	)		(0.16	)		(0.10	)		(0.09	)		(0.07	)
Realized gains		(2.22	)		(0.47	)		—			—			—

Total distributions		(2.31	)		(0.63	)		(0.10	)		(0.09	)		(0.07	)

Net Asset Value, end of year	$	10.86		$	9.48		$	8.74		$	9.42		$	7.54

Total return		39.34	%		15.74	%		(6.15	)%		26.08	%		39.32	%
Ratios to Average Net Assets:
Expenses		0.97	%		0.97	%		0.95	%		0.98	%		0.99	%
Net investment income		0.79	%		1.25	%		1.05	%		0.97	%		1.35	%
Supplemental Data:
Net assets, end of year (000)	$	3,742		$	212,873		$	193,872		$	212,770		$	178,174
Portfolio turnover		77	%		81	%		86	%		73	%		85	%


	Discovery T Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	10.27
Income from investment operations:
Net investment income		0.10	^
Net realized and unrealized gain		2.82

Total from investment operations		2.92

Less distributions:
Net investment income		(0.11	)
Realized gains		(2.22	)

Total distributions		(2.33	)

Net Asset Value, end of year	$	10.86

Total return		28.84	%††
Ratios to Average Net Assets:
Expenses		0.71	%†
Net investment income		1.00	%†
Supplemental Data:
Net assets, end of year (000)	$	275,107
Portfolio turnover		77	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

125

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	International Investor Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	9.63		$	8.32		$	9.34		$	8.85		$	6.94
Income from investment operations:
Net investment income		0.06	^		0.22			0.20			0.15			0.12
Net realized and unrealized gain (loss)		1.61			1.32			(1.01	)		0.52			1.96

Total from investment operations		1.67			1.54			(0.81	)		0.67			2.08

Less distributions:
Net investment income		(0.22	)		(0.23	)		(0.21	)		(0.18	)		(0.17	)
Realized gains		—			—			—			—			—

Total distributions		(0.22	)		(0.23	)		(0.21	)		(0.18	)		(0.17	)

Net Asset Value, end of year	$	11.08	**	$	9.63		$	8.32		$	9.34		$	8.85

Total return		17.43	%**		18.57	%		(8.57	)%		7.61	%		29.97	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.97	%		0.98	%		0.97	%		0.98	%		1.05	%
Expenses net of reimbursements/waivers, if any		0.97	%		0.98	%		0.95	%		0.98	%		1.05	%
Net Investment Income before reimbursements/waivers		0.61	%		2.32	%		2.25	%		1.95	%		1.70	%
Net Investment Income net of reimbursements/waivers, if any		0.61	%		2.32	%		2.26	%		1.95	%		1.70	%
Supplemental Data:
Net assets, end of year (000)	$	16,440		$	1,305,510		$	1,139,964		$	1,218,763		$	1,015,627
Portfolio turnover		51	%		49	%		50	%		53	%		164	%


	International T Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	9.85
Income from investment operations:
Net investment income		0.21	^
Net realized and unrealized gain		1.28

Total from investment operations		1.49

Less distributions:
Net investment income		(0.25	)
Realized gains		—

Total distributions		(0.25	)

Net Asset Value, end of year	$	11.09

Total return		15.14	%††
Ratios to Average Net Assets:
Expenses		0.75	%†
Net investment income		2.38	%†
Supplemental Data:
Net assets, end of year (000)	$	1,418,996
Portfolio turnover		51	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

**	Financial reporting includes trade date activity as of December 31, 2013. The inclusion of this activity caused the Fund’s NAV to round down to $11.08 (the adjusted price) from $11.09 (the stated price for December 31, 2013, prior to the inclusion of that day’s activity).

See Notes to Financial Statements

126

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Diversifying Strategies T Shares(1)
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	10.16		$	10.01		$	10.16		$	9.85		$	9.28
Income from investment operations:
Net investment income		0.12	^		0.12			0.10			0.06			0.09
Net realized and unrealized gain (loss)		0.47			0.23			(0.09	)		0.44			0.53

Total from investment operations		0.59			0.35			0.01			0.50			0.62

Less distributions:
Net investment income		(0.19	)		(0.17	)		(0.02	)		(0.19	)		(0.05	)
Realized gains		(0.13	)		(0.03	)		(0.14	)		—			—

Total distributions		(0.32	)		(0.20	)		(0.16	)		(0.19	)		(0.05	)

Net Asset Value, end of year	$	10.43		$	10.16		$	10.01		$	10.16		$	9.85

Total return		5.81	%		3.53	%		0.10	%		5.04	%		6.64	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.66	%		0.89	%		0.91	%		0.91	%		0.96	%
Expenses net of reimbursements/waivers, if any		0.59	%		0.80	%		0.85	%		0.91	%		0.95	%
Net Investment Income before reimbursements/waivers		1.13	%		1.04	%		0.93	%		1.06	%		1.05	%
Net Investment Income net of reimbursements/waivers, if any		1.19	%		1.12	%		1.00	%		1.06	%		1.06	%
Supplemental Data:
Net assets, end of year (000)	$	1,093,589		$	964,774		$	849,777		$	870,591		$	453,196
Portfolio turnover		70	%		71	%		73	%		63	%		129	%

^	Calculated based upon average shares outstanding.

(1)	Formerly Diversified Assets Fund.

See Notes to Financial Statements

127

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Core Bond Index Class I
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	10.54		$	10.47		$	10.10		$	9.89		$	9.81
Income from investment operations:
Net investment income		0.23	^		0.25			0.31			0.34			0.40
Net realized and unrealized gain (loss)		(0.50	)		0.14			0.42			0.26			0.13

Total from investment operations		(0.27	)		0.39			0.73			0.60			0.53

Less distributions:
Net investment income		(0.27	)		(0.32	)		(0.36	)		(0.39	)		(0.45	)
Realized gains		—			—			—			—			—

Total distributions		(0.27	)		(0.32	)		(0.36	)		(0.39	)		(0.45	)

Net Asset Value, end of year	$	10.00		$	10.54		$	10.47		$	10.10		$	9.89

Total return		(2.62	)%		3.80	%		7.41	%		6.13	%		5.57	%
Ratios to Average Net Assets:
Expenses		0.40	%		0.41	%		0.41	%		0.42	%		0.42	%
Net investment income		2.23	%		2.38	%		3.00	%		3.31	%		3.99	%
Supplemental Data:
Net assets, end of year (000)	$	22,055		$	905,486		$	813,431		$	824,963		$	857,504
Portfolio turnover		120	%		64	%		57	%		85	%		60	%


	Core Bond Index Class II
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	10.60		$	10.53		$	10.16		$	9.94		$	9.86
Income from investment operations:
Net investment income		0.25	^		0.27			0.33			0.36			0.42
Net realized and unrealized gain (loss)		(0.50	)		0.14			0.43			0.27			0.13

Total from investment operations		(0.25	)		0.41			0.76			0.63			0.55

Less distributions:
Net investment income		(0.29	)		(0.34	)		(0.39	)		(0.41	)		(0.47	)
Realized gains		—			—			—			—			—

Total distributions		(0.29	)		(0.34	)		(0.39	)		(0.41	)		(0.47	)

Net Asset Value, end of year	$	10.06		$	10.60		$	10.53		$	10.16		$	9.94

Total return		(2.38	)%		3.98	%		7.57	%		6.41	%		5.74	%
Ratios to Average Net Assets:
Expenses		0.20	%		0.21	%		0.21	%		0.22	%		0.22	%
Net investment income		2.40	%		2.59	%		3.15	%		3.51	%		4.21	%
Supplemental Data:
Net assets, end of year (000)	$	26,490		$	337,639		$	320,809		$	282,359		$	238,193
Portfolio turnover		120	%		64	%		57	%		85	%		60	%

^	Calculated based upon average shares outstanding.

See Notes to Financial Statements

128

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 December 31, 2013
Net Asset Value, beginning of year	$	10.46
Income from investment operations:
Net investment income		0.19	^
Net realized and unrealized loss		(0.40	)

Total from investment operations		(0.21	)

Less distributions:
Net investment income		(0.25	)
Realized gains		—

Total distributions		(0.25	)

Net Asset Value, end of year	$	10.00

Total return		(2.06	)%††
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		2.17	%†
Net Investment Income net of reimbursements/waivers, if any		2.22	%†
Supplemental Data:
Net assets, end of year (000)	$	1,231,000
Portfolio turnover		120	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

129

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	500 Stock Index Class I
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	11.32		$	9.96		$	9.95		$	8.81		$	7.12
Income from investment operations:
Net investment income		0.23	^		0.20			0.17			0.15			0.16
Net realized and unrealized gain		3.36			1.36			0.00	#		1.13			1.70

Total from investment operations		3.59			1.56			0.17			1.28			1.86

Less distributions:
Net investment income		(0.21	)		(0.20	)		(0.16	)		(0.14	)		(0.17	)
Realized gains		(0.04	)		—			—			—			—

Total distributions		(0.25	)		(0.20	)		(0.16	)		(0.14	)		(0.17	)

Net Asset Value, end of year	$	14.66		$	11.32		$	9.96		$	9.95		$	8.81

Total return		31.78	%		15.62	%		1.72	%		14.56	%		26.13	%
Ratios to Average Net Assets:
Expenses		0.41	%		0.42	%		0.42	%		0.43	%		0.44	%
Net investment income		1.78	%		1.89	%		1.65	%		1.63	%		2.19	%
Supplemental Data:
Net assets, end of year (000)	$	31,916		$	111,410		$	94,197		$	102,642		$	85,772
Portfolio turnover		8	%		3	%		3	%		3	%		15	%

	500 Stock Index Class II
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	10.65	***	$	9.39		$	9.39		$	8.32		$	6.73
Income from investment operations:
Net investment income		0.24	^		0.22			0.18			0.16			0.19
Net realized and unrealized gain		3.19			1.26			0.00	#		1.07			1.58

Total from investment operations		3.43			1.48			0.18			1.23			1.77

Less distributions:
Net investment income		(0.24	)		(0.22	)		(0.18	)		(0.16	)		(0.18	)
Realized gains		(0.04	)		—			—			—			—

Total distributions		(0.28	)		(0.22	)		(0.18	)		(0.16	)		(0.18	)

Net Asset Value, end of year	$	13.80	**	$	10.65	***	$	9.39		$	9.39		$	8.32

Total return		32.23	%**		15.74	%***		1.97	%		14.78	%		26.35	%
Ratios to Average Net Assets:
Expenses		0.21	%		0.22	%		0.22	%		0.23	%		0.24	%
Net investment income		2.12	%		2.09	%		1.86	%		1.84	%		2.40	%
Supplemental Data:
Net assets, end of year (000)	$	2,271		$	341,571		$	287,072		$	281,443		$	237,743
Portfolio turnover		8	%		3	%		3	%		3	%		15	%

^	Calculated based upon average shares outstanding.

#	Rounds to less than $0.01

**	Financial reporting includes trade date activity as of December 31, 2013. The inclusion of this activity caused the Fund’s NAV to round up to $13.80 (the adjusted price) from $13.79 (the stated price for December 31, 2013, prior to the inclusion of that day’s activity).

***	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).

See Notes to Financial Statements

130

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 December 31, 2013
Net Asset Value, beginning of year	$	12.06
Income from investment operations:
Net investment income		0.22	^
Net realized and unrealized gain		2.67

Total from investment operations		2.89

Less distributions:
Net investment income		(0.24	)
Realized gains		(0.04	)

Total distributions		(0.28	)

Net Asset Value, end of year	$	14.67

Total return		23.99	%††
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		1.86	%†
Net Investment Income net of reimbursements/waivers, if any		1.91	%†
Supplemental Data:
Net assets, end of year (000)	$	627,600
Portfolio turnover		8	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

131

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Broad Market Index Class I
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	12.23		$	10.85		$	10.92		$	9.47		$	7.53
Income from investment operations:
Net investment income		0.23	^		0.24			0.20			0.16			0.17
Net realized and unrealized gain (loss)		3.80			1.45			(0.11	)		1.43			1.92

Total from investment operations		4.03			1.69			0.09			1.59			2.09

Less distributions:
Net investment income		(0.21	)		(0.21	)		(0.16	)		(0.14	)		(0.15	)
Realized gains		(0.21	)		(0.10	)		—			—			—

Total distributions		(0.42	)		(0.31	)		(0.16	)		(0.14	)		(0.15	)

Net Asset Value, end of year	$	15.84		$	12.23		$	10.85		$	10.92		$	9.47

Total return		33.04	%		15.64	%		0.85	%		16.84	%		27.78	%
Ratios to Average Net Assets:
Expenses		0.40	%		0.42	%		0.41	%		0.42	%		0.43	%
Net investment income		1.68	%		1.89	%		1.56	%		1.55	%		2.05	%
Supplemental Data:
Net assets, end of year (000)	$	36,076		$	126,835		$	114,674		$	131,673		$	119,777
Portfolio turnover		9	%		3	%		1	%		6	%		7	%


	Broad Market Index Class II
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	11.46		$	10.19		$	10.27		$	8.91		$	7.09
Income from investment operations:
Net investment income		0.24	^		0.24			0.19			0.16			0.18
Net realized and unrealized gain (loss)		3.57			1.37			(0.09	)		1.36			1.81

Total from investment operations		3.81			1.61			0.10			1.52			1.99

Less distributions:
Net investment income		(0.24	)		(0.24	)		(0.18	)		(0.16	)		(0.17	)
Realized gains		(0.21	)		(0.10	)		—			—			—

Total distributions		(0.45	)		(0.34	)		(0.18	)		(0.16	)		(0.17	)

Net Asset Value, end of year	$	14.82		$	11.46		$	10.19		$	10.27		$	8.91

Total return		33.36	%		15.82	%		1.07	%		17.12	%		28.04	%
Ratios to Average Net Assets:
Expenses		0.20	%		0.22	%		0.21	%		0.22	%		0.23	%
Net investment income		1.97	%		2.09	%		1.77	%		1.75	%		2.26	%
Supplemental Data:
Net assets, end of year (000)	$	15,887		$	427,467		$	389,031		$	406,029		$	358,250
Portfolio turnover		9	%		3	%		1	%		6	%		7	%

^	Calculated based upon average shares outstanding.

See Notes to Financial Statements

132

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 December 31, 2013
Net Asset Value, beginning of year	$	13.05
Income from investment operations:
Net investment income		0.23	^
Net realized and unrealized gain		3.02

Total from investment operations		3.25

Less distributions:
Net investment income		(0.24	)
Realized gains		(0.21	)

Total distributions		(0.45	)

Net Asset Value, end of year	$	15.85	**

Total return		25.01	%††**
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		1.81	%†
Net Investment Income net of reimbursements/waivers, if any		1.86	%†
Supplemental Data:
Net assets, end of year (000)	$	728,118
Portfolio turnover		9	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

**	Financial reporting includes trade date activity as of December 31, 2013. The inclusion of this activity caused the Fund’s NAV to round up to $15.85 (the adjusted price) from $15.84 (the stated price for December 31, 2013, prior to the inclusion of that day’s activity).

See Notes to Financial Statements

133

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Mid/Small Company Index Class I
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	15.67		$	14.02		$	15.39		$	12.35		$	9.17
Income from investment operations:
Net investment income		0.19	^		0.28			0.16			0.13			0.13
Net realized and unrealized gain (loss)		5.60			2.21			(0.78	)		3.31			3.19

Total from investment operations		5.79			2.49			(0.62	)		3.44			3.32

Less distributions:
Net investment income		(0.22	)		(0.26	)		(0.15	)		(0.12	)		(0.14	)
Realized gains		(1.49	)		(0.58	)		(0.60	)		(0.28	)		—

Total distributions		(1.71	)		(0.84	)		(0.75	)		(0.40	)		(0.14	)

Net Asset Value, end of year	$	19.75		$	15.67		$	14.02		$	15.39		$	12.35

Total return		37.19	%		17.89	%		(3.91	)%		27.93	%		36.19	%
Ratios to Average Net Assets:
Expenses		0.41	%		0.43	%		0.43	%		0.45	%		0.48	%
Net investment income		1.10	%		1.87	%		1.11	%		1.16	%		1.46	%
Supplemental Data:
Net assets, end of year (000)	$	28,367		$	297,378		$	247,732		$	243,794		$	134,165
Portfolio turnover		37	%		14	%		15	%		14	%		25	%


	Mid/Small Company Index Class II
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	14.78		$	13.26		$	14.60		$	11.73		$	8.71
Income from investment operations:
Net investment income		0.20	^		0.30			0.19			0.15			0.17
Net realized and unrealized gain (loss)		5.30			2.09			(0.76	)		3.14			3.00

Total from investment operations		5.50			2.39			(0.57	)		3.29			3.17

Less distributions:
Net investment income		(0.26	)		(0.29	)		(0.17	)		(0.14	)		(0.15	)
Realized gains		(1.49	)		(0.58	)		(0.60	)		(0.28	)		—

Total distributions		(1.75	)		(0.87	)		(0.77	)		(0.42	)		(0.15	)

Net Asset Value, end of year	$	18.53		$	14.78		$	13.26		$	14.60		$	11.73

Total return		37.42	%		18.17	%		(3.70	)%		28.15	%		36.47	%
Ratios to Average Net Assets:
Expenses		0.21	%		0.23	%		0.23	%		0.25	%		0.28	%
Net investment income		1.23	%		2.07	%		1.30	%		1.35	%		1.66	%
Supplemental Data:
Net assets, end of year (000)	$	5,541		$	194,775		$	160,710		$	161,178		$	97,453
Portfolio turnover		37	%		14	%		15	%		14	%		25	%

^	Calculated based upon average shares outstanding.

See Notes to Financial Statements

134

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 December 31, 2013
Net Asset Value, beginning of year	$	16.91
Income from investment operations:
Net investment income		0.26	^
Net realized and unrealized gain		4.34

Total from investment operations		4.60

Less distributions:
Net investment income		(0.26	)
Realized gains		(1.49	)

Total distributions		(1.75	)

Net Asset Value, end of year	$	19.76

Total return		27.41	%††
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		1.59	%†
Net Investment Income net of reimbursements/waivers, if any		1.64	%†
Supplemental Data:
Net assets, end of year (000)	$	686,939
Portfolio turnover		37	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

135

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Overseas Equity Index Class I
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	10.61		$	9.19		$	10.82		$	10.30		$	8.20
Income from investment operations:
Net investment income		0.22	^		0.29			0.33			0.23			0.22
Net realized and unrealized gain (loss)		2.04			1.41			(1.68	)		0.52			2.12

Total from investment operations		2.26			1.70			(1.35	)		0.75			2.34

Less distributions:
Net investment income		(0.28	)		(0.28	)		(0.28	)		(0.23	)		(0.24	)
Realized gains		—			—			—			—			—

Total distributions		(0.28	)		(0.28	)		(0.28	)		(0.23	)		(0.24	)

Net Asset Value, end of year	$	12.59		$	10.61		$	9.19		$	10.82		$	10.30

Total return		21.35	%		18.51	%		(12.42	)%		7.37	%		28.63	%
Ratios to Average Net Assets:
Expenses		0.54	%		0.55	%		0.54	%		0.56	%		0.59	%
Net investment income		1.91	%		2.92	%		2.93	%		2.27	%		2.61	%
Supplemental Data:
Net assets, end of year (000)	$	11,103		$	55,335		$	44,911		$	57,649		$	52,937
Portfolio turnover		11	%		6	%		2	%		2	%		5	%


	Overseas Equity Index Class II
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	9.91		$	8.60		$	10.16		$	9.69		$	7.72
Income from investment operations:
Net investment income		0.15	^		0.29			0.31			0.23			0.23
Net realized and unrealized gain (loss)		1.99			1.32			(1.57	)		0.50			2.00

Total from investment operations		2.14			1.61			(1.26	)		0.73			2.23

Less distributions:
Net investment income		(0.30	)		(0.30	)		(0.30	)		(0.26	)		(0.26	)
Realized gains		—			—			—			—			—

Total distributions		(0.30	)		(0.30	)		(0.30	)		(0.26	)		(0.26	)

Net Asset Value, end of year	$	11.75		$	9.91		$	8.60		$	10.16		$	9.69

Total return		21.68	%		18.74	%		(12.28	)%		7.54	%		28.94	%
Ratios to Average Net Assets:
Expenses		0.34	%		0.35	%		0.34	%		0.36	%		0.39	%
Net investment income		1.49	%		3.10	%		3.11	%		2.45	%		2.83	%
Supplemental Data:
Net assets, end of year (000)	$	3,327		$	173,354		$	132,873		$	149,208		$	128,002
Portfolio turnover		11	%		6	%		2	%		2	%		5	%

^	Calculated based upon average shares outstanding.

See Notes to Financial Statements

136

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 December 31, 2013
Net Asset Value, beginning of year	$	10.91
Income from investment operations:
Net investment income		0.28	^
Net realized and unrealized gain		1.71

Total from investment operations		1.99

Less distributions:
Net investment income		(0.30	)
Realized gains		—

Total distributions		(0.30	)

Net Asset Value, end of year	$	12.60

Total return		18.34	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.35	%†
Expenses net of reimbursements/waivers, if any		0.30	%†
Net Investment Income before reimbursements/waivers		2.78	%†
Net Investment Income net of reimbursements/waivers, if any		2.83	%†
Supplemental Data:
Net assets, end of year (000)	$	282,482
Portfolio turnover		11	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

137

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Model Portfolio Conservative Growth Investor M Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	24.89		$	23.46		$	23.62		$	22.13		$	19.04
Income from investment operations:
Net investment income		0.22	^		0.46			0.43			0.40			0.44
Net realized and unrealized gain (loss)		2.52			1.62			(0.16	)		1.50			3.08

Total from investment operations		2.74			2.08			0.27			1.90			3.52

Less distributions:
Net investment income		(0.34	)		(0.51	)		(0.43	)		(0.41	)		(0.43	)
Realized gains		(0.48	)		(0.14	)		—			—			—

Total distributions		(0.82	)		(0.65	)		(0.43	)		(0.41	)		(0.43	)

Net Asset Value, end of year	$	26.81		$	24.89		$	23.46		$	23.62		$	22.13

Total return		11.03	%		8.88	%		1.15	%		8.60	%		18.50	%
Ratios to Average Net Assets:
Expenses		0.24	%		0.13	%		0.12	%		0.13	%		0.15	%
Net investment income		0.86	%		1.66	%		1.67	%		1.80	%		2.20	%
Supplemental Data:
Net assets, end of year (000)	$	102,862		$	607,812		$	556,164		$	586,912		$	528,183
Portfolio turnover		11	%		7	%		14	%		23	%		13	%


	Model Portfolio Conservative Growth TM Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	25.52
Income from investment operations:
Net investment income		0.35	^
Net realized and unrealized gain		1.82

Total from investment operations		2.17

Less distributions:
Net investment income		(0.40	)
Realized gains		(0.48	)

Total distributions		(0.88	)

Net Asset Value, end of year	$	26.81

Total return		8.50	%††
Ratios to Average Net Assets:
Expenses		0.13	%†
Net investment income		1.59	%†
Supplemental Data:
Net assets, end of year (000)	$	558,569
Portfolio turnover		11	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

138

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Model Portfolio Traditional Growth Investor M Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	23.25		$	21.52		$	22.17		$	20.28		$	16.65
Income from investment operations:
Net investment income		0.16	^		0.42			0.38			0.33			0.33
Net realized and unrealized gain (loss)		3.96			1.99			(0.50	)		1.89			3.62

Total from investment operations		4.12			2.41			(0.12	)		2.22			3.95

Less distributions:
Net investment income		(0.32	)		(0.42	)		(0.48	)		(0.33	)		(0.30	)
Realized gains		(0.67	)		(0.26	)		(0.05	)		—			(0.02	)

Total distributions		(0.99	)		(0.68	)		(0.53	)		(0.33	)		(0.32	)

Net Asset Value, end of year	$	26.38		$	23.25		$	21.52		$	22.17		$	20.28

Total return		17.74	%		11.20	%		(0.56	)%		10.95	%		23.72	%
Ratios to Average Net Assets:
Expenses		0.18	%		0.11	%		0.11	%		0.12	%		0.13	%
Net investment income		0.64	%		1.66	%		1.52	%		1.57	%		1.86	%
Supplemental Data:
Net assets, end of year (000)	$	124,346		$	1,493,678		$	1,366,108		$	1,495,757		$	1,353,050
Portfolio turnover		9	%		7	%		13	%		15	%		8	%


	Model Portfolio Traditional Growth TM Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	24.12
Income from investment operations:
Net investment income		0.35	^
Net realized and unrealized gain		2.96

Total from investment operations		3.31

Less distributions:
Net investment income		(0.38	)
Realized gains		(0.67	)

Total distributions		(1.05	)

Net Asset Value, end of year	$	26.38

Total return		13.71	%††
Ratios to Average Net Assets:
Expenses		0.12	%†
Net investment income		1.64	%†
Supplemental Data:
Net assets, end of year (000)	$	1,565,740
Portfolio turnover		9	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

139

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Model Portfolio Long-Term Growth Investor M Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	22.20		$	20.32		$	21.41		$	19.30		$	15.35
Income from investment operations:
Net investment income		0.11	^		0.38			0.35			0.27			0.26
Net realized and unrealized gain (loss)		4.90			2.24			(0.77	)		2.15			3.99

Total from investment operations		5.01			2.62			(0.42	)		2.42			4.25

Less distributions:
Net investment income		(0.32	)		(0.38	)		(0.40	)		(0.31	)		(0.21	)
Realized gains		(0.83	)		(0.36	)		(0.27	)		—			(0.09	)

Total distributions		(1.15	)		(0.74	)		(0.67	)		(0.31	)		(0.30	)

Net Asset Value, end of year	$	26.06		$	22.20		$	20.32		$	21.41		$	19.30

Total return		22.55	%		12.93	%		(1.98	)%		12.54	%		27.67	%
Ratios to Average Net Assets:
Expenses		0.16	%		0.11	%		0.11	%		0.12	%		0.13	%
Net investment income		0.48	%		1.65	%		1.42	%		1.40	%		1.63	%
Supplemental Data:
Net assets, end of year (000)	$	108,362		$	1,896,812		$	1,712,228		$	1,848,430		$	1,621,102
Portfolio turnover		10	%		7	%		11	%		10	%		5	%


	Model Portfolio Long- Term Growth TM Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	23.25
Income from investment operations:
Net investment income		0.35	^
Net realized and unrealized gain		3.67

Total from investment operations		4.02

Less distributions:
Net investment income		(0.37	)
Realized gains		(0.83	)

Total distributions		(1.20	)

Net Asset Value, end of year	$	26.07

Total return		17.28	%††
Ratios to Average Net Assets:
Expenses		0.11	%†
Net investment income		1.67	%†
Supplemental Data:
Net assets, end of year (000)	$	2,103,778
Portfolio turnover		10	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

140

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Model Portfolio All-Equity Growth Investor M Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	21.34		$	18.69		$	19.81		$	17.38		$	13.07
Income from investment operations:
Net investment income		0.05	^		0.32			0.28			0.16			0.18
Net realized and unrealized gain (loss)		6.43			2.67			(1.12	)		2.43			4.41

Total from investment operations		6.48			2.99			(0.84	)		2.59			4.59

Less distributions:
Net investment income		(0.33	)		(0.22	)		(0.28	)		(0.16	)		(0.15	)
Realized gains		(0.64	)		(0.12	)		—			—			(0.13	)

Total distributions		(0.97	)		(0.34	)		(0.28	)		(0.16	)		(0.28	)

Net Asset Value, end of year	$	26.85		$	21.34		$	18.69		$	19.81		$	17.38

Total return		30.36	%		16.00	%		(4.23	)%		14.93	%		35.07	%
Ratios to Average Net Assets:
Expenses		0.17	%		0.12	%		0.12	%		0.13	%		0.14	%
Net investment income		0.20	%		1.37	%		1.24	%		0.95	%		1.30	%
Supplemental Data:
Net assets, end of year (000)	$	49,174		$	709,330		$	649,826		$	715,090		$	591,533
Portfolio turnover		8	%		9	%		9	%		6	%		3	%


	Model Portfolio All- Equity Growth TM Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	22.67
Income from investment operations:
Net investment income		0.30	^
Net realized and unrealized gain		4.91

Total from investment operations		5.21

Less distributions:
Net investment income		(0.38	)
Realized gains		(0.64	)

Total distributions		(1.02	)

Net Asset Value, end of year	$	26.86

Total return		22.98	%††
Ratios to Average Net Assets:
Expenses		0.12	%†
Net investment income		1.45	%†
Supplemental Data:
Net assets, end of year (000)	$	876,894
Portfolio turnover		8	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

141

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone Retirement Income Investor M Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	10.58		$	10.18		$	10.33		$	9.81		$	8.56
Income from investment operations:
Net investment income		0.11	^		0.20			0.20			0.12			0.16
Net realized and unrealized gain		0.54			0.53			0.05			0.56			1.26

Total from investment operations		0.65			0.73			0.25			0.68			1.42

Less distributions:
Net investment income		(0.13	)		(0.20	)		(0.20	)		(0.15	)		(0.15	)
Realized gains		(0.20	)		(0.13	)		(0.20	)		(0.01	)		(0.02	)

Total distributions		(0.33	)		(0.33	)		(0.40	)		(0.16	)		(0.17	)

Net Asset Value, end of year	$	10.90		$	10.58		$	10.18		$	10.33		$	9.81

Total return		6.14	%		7.18	%		2.37	%		6.93	%		16.53	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.30	%		0.14	%		0.15	%		0.18	%		0.25	%
Expenses net of reimbursements/waivers, if any		0.30	%		0.14	%		0.15	%		0.18	%		0.20	%
Net Investment Income before reimbursements/waivers		1.04	%		1.66	%		1.79	%		2.49	%		2.29	%
Net Investment Income net of reimbursements/waivers, if any		1.04	%		1.66	%		1.79	%		2.49	%		2.34	%
Supplemental Data:
Net assets, end of year (000)	$	86,048		$	238,158		$	220,063		$	215,961		$	76,683
Portfolio turnover		10	%		8	%		19	%		25	%		14	%


	Milestone Retirement Income TM Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	10.75
Income from investment operations:
Net investment income		0.14	^
Net realized and unrealized gain		0.37

Total from investment operations		0.51

Less distributions:
Net investment income		(0.15	)
Realized gains		(0.20	)

Total distributions		(0.35	)

Net Asset Value, end of year	$	10.91

Total return		4.76	%††
Ratios to Average Net Assets:
Expenses		0.14	%†
Net investment income		1.56	%†
Supplemental Data:
Net assets, end of year (000)	$	237,584
Portfolio turnover		10	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

142

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2010 Investor M Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	10.65		$	10.10		$	10.24		$	9.56		$	8.27
Income from investment operations:
Net investment income		0.10	^		0.20			0.19			0.10			0.18
Net realized and unrealized gain (loss)		1.08			0.76			(0.04	)		0.71			1.29

Total from investment operations		1.18			0.96			0.15			0.81			1.47

Less distributions:
Net investment income		(0.13	)		(0.20	)		(0.21	)		(0.13	)		(0.14	)
Realized gains		(0.37	)		(0.21	)		(0.08	)		—			(0.04	)

Total distributions		(0.50	)		(0.41	)		(0.29	)		(0.13	)		(0.18	)

Net Asset Value, end of year	$	11.33		$	10.65		$	10.10		$	10.24		$	9.56

Total return		11.12	%		9.53	%		1.41	%		8.51	%		17.71	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.29	%		0.14	%		0.15	%		0.18	%		0.22	%
Expenses net of reimbursements/waivers, if any		0.29	%		0.14	%		0.15	%		0.18	%		0.19	%
Net Investment Income before reimbursements/waivers		0.88	%		1.58	%		1.75	%		2.11	%		2.15	%
Net Investment Income net of reimbursements/waivers, if any		0.88	%		1.58	%		1.75	%		2.11	%		2.17	%
Supplemental Data:
Net assets, end of year (000)	$	71,804		$	234,023		$	222,275		$	217,770		$	90,790
Portfolio turnover		15	%		11	%		22	%		33	%		20	%


	Milestone 2010 TM Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	10.92
Income from investment operations:
Net investment income		0.15	^
Net realized and unrealized gain		0.79

Total from investment operations		0.94

Less distributions:
Net investment income		(0.15	)
Realized gains		(0.37	)

Total distributions		(0.52	)

Net Asset Value, end of year	$	11.34

Total return		8.68	%††
Ratios to Average Net Assets:
Expenses		0.14	%†
Net investment income		1.54	%†
Supplemental Data:
Net assets, end of year (000)	$	218,248
Portfolio turnover		15	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

143

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2015 Investor M Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	10.87		$	10.16		$	10.35		$	9.53		$	7.96
Income from investment operations:
Net investment income		0.10	^		0.20			0.18			0.12			0.16
Net realized and unrealized gain (loss)		1.39			0.84			(0.10	)		0.85			1.58

Total from investment operations		1.49			1.04			0.08			0.97			1.74

Less distributions:
Net investment income		(0.14	)		(0.20	)		(0.21	)		(0.14	)		(0.11	)
Realized gains		(0.30	)		(0.13	)		(0.06	)		(0.01	)		(0.06	)

Total distributions		(0.44	)		(0.33	)		(0.27	)		(0.15	)		(0.17	)

Net Asset Value, end of year	$	11.92		$	10.87		$	10.16		$	10.35		$	9.53

Total return		13.75	%		10.25	%		0.70	%		10.20	%		21.84	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.26	%		0.13	%		0.14	%		0.15	%		0.18	%
Expenses net of reimbursements/waivers, if any		0.26	%		0.13	%		0.14	%		0.15	%		0.17	%
Net Investment Income before reimbursements/waivers		0.86	%		1.68	%		1.72	%		1.96	%		2.06	%
Net Investment Income net of reimbursements/waivers, if any		0.86	%		1.68	%		1.72	%		1.96	%		2.07	%
Supplemental Data:
Net assets, end of year (000)	$	106,285		$	434,638		$	381,855		$	363,144		$	185,989
Portfolio turnover		11	%		8	%		20	%		15	%		12	%


	Milestone 2015 TM Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	11.21
Income from investment operations:
Net investment income		0.16	^
Net realized and unrealized gain		1.02

Total from investment operations		1.18

Less distributions:
Net investment income		(0.17	)
Realized gains		(0.30	)

Total distributions		(0.47	)

Net Asset Value, end of year	$	11.92

Total return		10.51	%††
Ratios to Average Net Assets:
Expenses		0.13	%†
Net investment income		1.65	%†
Supplemental Data:
Net assets, end of year (000)	$	449,872
Portfolio turnover		11	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

144

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2020 Investor M Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	10.94		$	10.10		$	10.34		$	9.43		$	7.83
Income from investment operations:
Net investment income		0.11	^		0.21			0.18			0.14			0.16
Net realized and unrealized gain (loss)		1.73			0.92			(0.20	)		0.92			1.68

Total from investment operations		1.84			1.13			(0.02	)		1.06			1.84

Less distributions:
Net investment income		(0.16	)		(0.20	)		(0.18	)		(0.14	)		(0.16	)
Realized gains		(0.29	)		(0.09	)		(0.04	)		(0.01	)		(0.08	)

Total distributions		(0.45	)		(0.29	)		(0.22	)		(0.15	)		(0.24	)

Net Asset Value, end of year	$	12.33		$	10.94		$	10.10		$	10.34		$	9.43

Total return		16.83	%		11.25	%		(0.26	)%		11.27	%		23.43	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.25	%		0.13	%		0.13	%		0.15	%		0.18	%
Expenses net of reimbursements/waivers, if any		0.25	%		0.13	%		0.13	%		0.15	%		0.17	%
Net Investment Income before reimbursements/waivers		0.92	%		1.81	%		1.73	%		1.93	%		2.16	%
Net Investment Income net of reimbursements/waivers, if any		0.92	%		1.81	%		1.73	%		1.93	%		2.17	%
Supplemental Data:
Net assets, end of year (000)	$	101,059		$	470,664		$	386,327		$	344,033		$	186,148
Portfolio turnover		9	%		7	%		16	%		10	%		7	%


	Milestone 2020 TM Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	11.33
Income from investment operations:
Net investment income		0.18	^
Net realized and unrealized gain		1.29

Total from investment operations		1.47

Less distributions:
Net investment income		(0.18	)
Realized gains		(0.29	)

Total distributions		(0.47	)

Net Asset Value, end of year	$	12.33

Total return		13.02	%††
Ratios to Average Net Assets:
Expenses		0.13	%†
Net investment income		1.83	%†
Supplemental Data:
Net assets, end of year (000)	$	548,048
Portfolio turnover		9	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

145

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2025 Investor M Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	10.90		$	9.97		$	10.27		$	9.28		$	7.58
Income from investment operations:
Net investment income		0.11	^		0.20			0.17			0.13			0.14
Net realized and unrealized gain (loss)		2.03			1.02			(0.26	)		1.00			1.78

Total from investment operations		2.14			1.22			(0.09	)		1.13			1.92

Less distributions:
Net investment income		(0.16	)		(0.20	)		(0.17	)		(0.12	)		(0.14	)
Realized gains		(0.27	)		(0.09	)		(0.04	)		(0.02	)		(0.08	)

Total distributions		(0.43	)		(0.29	)		(0.21	)		(0.14	)		(0.22	)

Net Asset Value, end of year	$	12.61		$	10.90		$	9.97		$	10.27		$	9.28

Total return		19.67	%		12.24	%		(0.85	)%		12.25	%		25.40	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.26	%		0.14	%		0.14	%		0.16	%		0.19	%
Expenses net of reimbursements/waivers, if any		0.26	%		0.14	%		0.14	%		0.16	%		0.18	%
Net Investment Income before reimbursements/waivers		0.97	%		1.85	%		1.71	%		1.77	%		2.03	%
Net Investment Income net of reimbursements/waivers, if any		0.97	%		1.85	%		1.71	%		1.77	%		2.04	%
Supplemental Data:
Net assets, end of year (000)	$	86,764		$	383,446		$	301,275		$	267,155		$	146,397
Portfolio turnover		8	%		5	%		15	%		7	%		5	%


	Milestone 2025 TM Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	11.35
Income from investment operations:
Net investment income		0.19	^
Net realized and unrealized gain		1.54

Total from investment operations		1.73

Less distributions:
Net investment income		(0.19	)
Realized gains		(0.27	)

Total distributions		(0.46	)

Net Asset Value, end of year	$	12.62

Total return		15.23	%††
Ratios to Average Net Assets:
Expenses		0.13	%†
Net investment income		1.91	%†
Supplemental Data:
Net assets, end of year (000)	$	454,269
Portfolio turnover		8	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

146

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2030 Investor M Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	11.03		$	10.00		$	10.34		$	9.26		$	7.45
Income from investment operations:
Net investment income		0.11	^		0.20			0.17			0.12			0.13
Net realized and unrealized gain (loss)		2.35			1.13			(0.32	)		1.09			1.90

Total from investment operations		2.46			1.33			(0.15	)		1.21			2.03

Less distributions:
Net investment income		(0.16	)		(0.20	)		(0.17	)		(0.12	)		(0.13	)
Realized gains		(0.31	)		(0.10	)		(0.02	)		(0.01	)		(0.09	)

Total distributions		(0.47	)		(0.30	)		(0.19	)		(0.13	)		(0.22	)

Net Asset Value, end of year	$	13.02		$	11.03		$	10.00		$	10.34		$	9.26

Total return		22.33	%		13.28	%		(1.46	)%		13.11	%		27.33	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.27	%		0.14	%		0.15	%		0.16	%		0.20	%
Expenses net of reimbursements/waivers, if any		0.27	%		0.14	%		0.15	%		0.16	%		0.19	%
Net Investment Income before reimbursements/waivers		0.95	%		1.81	%		1.65	%		1.53	%		1.89	%
Net Investment Income net of reimbursements/waivers, if any		0.95	%		1.81	%		1.65	%		1.53	%		1.90	%
Supplemental Data:
Net assets, end of year (000)	$	78,295		$	305,077		$	236,452		$	211,155		$	121,219
Portfolio turnover		8	%		5	%		14	%		7	%		4	%

��


	Milestone 2030 TM Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	11.54
Income from investment operations:
Net investment income		0.20	^
Net realized and unrealized gain		1.79

Total from investment operations		1.99

Less distributions:
Net investment income		(0.19	)
Realized gains		(0.31	)

Total distributions		(0.50	)

Net Asset Value, end of year	$	13.03

Total return		17.22	%††
Ratios to Average Net Assets:
Expenses		0.14	%†
Net investment income		1.88	%†
Supplemental Data:
Net assets, end of year (000)	$	361,005
Portfolio turnover		8	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

147

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2035 Investor M Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	10.99		$	9.86		$	10.28		$	9.10		$	7.21
Income from investment operations:
Net investment income		0.11	^		0.20			0.16			0.10			0.13
Net realized and unrealized gain (loss)		2.64			1.23			(0.39	)		1.20			1.98

Total from investment operations		2.75			1.43			(0.23	)		1.30			2.11

Less distributions:
Net investment income		(0.16	)		(0.20	)		(0.16	)		(0.10	)		(0.13	)
Realized gains		(0.36	)		(0.10	)		(0.03	)		(0.02	)		(0.09	)

Total distributions		(0.52	)		(0.30	)		(0.19	)		(0.12	)		(0.22	)

Net Asset Value, end of year	$	13.22		$	10.99		$	9.86		$	10.28		$	9.10

Total return		25.02	%		14.47	%		(2.24	)%		14.33	%		29.22	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.29	%		0.15	%		0.17	%		0.19	%		0.25	%
Expenses net of reimbursements/waivers, if any		0.29	%		0.15	%		0.17	%		0.19	%		0.22	%
Net Investment Income before reimbursements/waivers		0.90	%		1.78	%		1.62	%		1.35	%		1.92	%
Net Investment Income net of reimbursements/waivers, if any		0.90	%		1.78	%		1.62	%		1.35	%		1.95	%
Supplemental Data:
Net assets, end of year (000)	$	58,607		$	202,649		$	150,472		$	133,121		$	76,875
Portfolio turnover		8	%		5	%		13	%		7	%		4	%


	Milestone 2035 TM Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	11.55
Income from investment operations:
Net investment income		0.20	^
Net realized and unrealized gain		2.01

Total from investment operations		2.21

Less distributions:
Net investment income		(0.18	)
Realized gains		(0.36	)

Total distributions		(0.54	)

Net Asset Value, end of year	$	13.22

Total return		19.17	%††
Ratios to Average Net Assets:
Expenses		0.14	%†
Net investment income		1.85	%†
Supplemental Data:
Net assets, end of year (000)	$	244,635
Portfolio turnover		8	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

148

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2040 Investor M Shares
	For the Year Ended December 31,
	2013			2012			2011			2010			2009
Net Asset Value, beginning of year	$	11.16		$	9.86		$	10.30		$	9.07		$	7.10
Income from investment operations:
Net investment income		0.10	^		0.20			0.17			0.10			0.13
Net realized and unrealized gain (loss)		2.93			1.31			(0.44	)		1.25			2.05

Total from investment operations		3.03			1.51			(0.27	)		1.35			2.18

Less distributions:
Net investment income		(0.16	)		(0.19	)		(0.17	)		(0.10	)		(0.13	)
Realized gains		(0.53	)		(0.02	)		—			(0.02	)		(0.08	)

Total distributions		(0.69	)		(0.21	)		(0.17	)		(0.12	)		(0.21	)

Net Asset Value, end of year	$	13.50		$	11.16		$	9.86		$	10.30		$	9.07

Total return		27.12	%		15.33	%		(2.61	)%		14.91	%		30.70	%
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.28	%		0.16	%		0.17	%		0.18	%		0.23	%
Expenses net of reimbursements/waivers, if any		0.28	%		0.16	%		0.17	%		0.18	%		0.21	%
Net Investment Income before reimbursements/waivers		0.82	%		1.77	%		1.67	%		1.20	%		2.05	%
Net Investment Income net of reimbursements/waivers, if any		0.82	%		1.77	%		1.67	%		1.20	%		2.06	%
Supplemental Data:
Net assets, end of year (000)	$	53,970		$	197,376		$	146,032		$	132,306		$	91,348
Portfolio turnover		8	%		4	%		14	%		21	%		4	%


	Milestone 2040 TM Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	11.77
Income from investment operations:
Net investment income		0.20	^
Net realized and unrealized gain		2.24

Total from investment operations		2.44

Less distributions:
Net investment income		(0.18	)
Realized gains		(0.53	)

Total distributions		(0.71	)

Net Asset Value, end of year	$	13.50

Total return		20.74	%††
Ratios to Average Net Assets:
Expenses		0.14	%†
Net investment income		1.80	%†
Supplemental Data:
Net assets, end of year (000)	$	240,813
Portfolio turnover		8	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

149

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2045 Investor M Shares
	For the Year Ended December 31,									For the Period from January 4, 2010* to December 31, 2010
	2013			2012			2011			For the Period from January 4, 2010* to December 31, 2010
Net Asset Value, beginning of year	$	11.99		$	10.71		$	11.33		$	10.00
Income from investment operations:
Net investment income		0.13	^		0.22			0.17			0.10
Net realized and unrealized gain (loss)		3.19			1.43			(0.49	)		1.36

Total from investment operations		3.32			1.65			(0.32	)		1.46

Less distributions:
Net investment income		(0.16	)		(0.22	)		(0.17	)		(0.10	)
Realized gains		(0.63	)		(0.15	)		(0.13	)		(0.03	)

Total distributions		(0.79	)		(0.37	)		(0.30	)		(0.13	)

Net Asset Value, end of year	$	14.52		$	11.99		$	10.71		$	11.33

Total return		27.69	%		15.49	%		(2.81	)%		14.62	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.39	%		0.25	%		0.36	%		0.87	%†
Expenses net of reimbursements/waivers, if any		0.39	%		0.25	%		0.35	%		0.34	%†
Net Investment Income before reimbursements/waivers		0.95	%		1.91	%		1.68	%		1.67	%†
Net Investment Income net of reimbursements/waivers, if any		0.95	%		1.91	%		1.69	%		2.19	%†
Supplemental Data:
Net assets, end of year (000)	$	24,388		$	53,824		$	33,434		$	22,363
Portfolio turnover		9	%		18	%		14	%		8	%††


	Milestone 2045 TM Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	12.66
Income from investment operations:
Net investment income		0.22	^
Net realized and unrealized gain		2.46

Total from investment operations		2.68

Less distributions:
Net investment income		(0.18	)
Realized gains		(0.63	)

Total distributions		(0.81	)

Net Asset Value, end of year	$	14.53

Total return		21.21	%††
Ratios to Average Net Assets:
Expenses		0.21	%†
Net investment income		1.87	%†
Supplemental Data:
Net assets, end of year (000)	$	73,807
Portfolio turnover		9	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

150

THE VANTAGEPOINT FUNDS

Financial Highlights

(For a share outstanding throughout each period)


	Milestone 2050 Investor M Shares
	For the Year Ended December 31, 2013			For the Period from September 10, 2012* to December 31, 2012
Net Asset Value, beginning of year	$	10.25		$	10.00
Income from investment operations:
Net investment income		0.13	^		0.02
Net realized and unrealized gain		2.66			0.25

Total from investment operations		2.79			0.27

Less distributions:
Net investment income		(0.12	)		(0.02	)
Realized gains		(0.18	)		—

Total distributions		(0.30	)		(0.02	)

Net Asset Value, end of year	$	12.74		$	10.25

Total return		27.24	%		2.66	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		1.05	%		9.98	%†
Expenses net of reimbursements/waivers, if any		0.56	%		0.36	%†
Net Investment income (loss) before reimbursements/waivers		0.65	%		(6.43	)%†
Net Investment Income net of reimbursements/waivers, if any		1.14	%		3.19	%†
Supplemental Data:
Net assets, end of year (000)	$	6,848		$	6,769
Portfolio turnover		24	%		1	%††


	Milestone 2050 TM Shares
	For the Period from March 1, 2013* to December 31, 2013
Net Asset Value, beginning of year	$	10.83
Income from investment operations:
Net investment income		0.24	^
Net realized and unrealized gain		1.99

Total from investment operations		2.23

Less distributions:
Net investment income		(0.14	)
Realized gains		(0.18	)

Total distributions		(0.32	)

Net Asset Value, end of year	$	12.74

Total return		20.61	%††
Ratios to Average Net Assets:
Expenses before reimbursements/waivers		0.78	%†
Expenses net of reimbursements/waivers, if any		0.37	%†
Net Investment Income before reimbursements/waivers		1.95	%†
Net Investment Income net of reimbursements/waivers, if any		2.36	%†
Supplemental Data:
Net assets, end of year (000)	$	15,442
Portfolio turnover		24	%††

^	Calculated based upon average shares outstanding.

*	Commencement of operations

†	Annualized

††	Not annualized

See Notes to Financial Statements

151

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS

Organization

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

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”), VIA 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

152

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

among various underlying funds in differing allocations. The underlying funds of each Model Portfolio Fund and the target investment allocation to each underlying fund as of December 31, 2013 were as follows:


	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	%

As of March 1, 2013, the Model Portfolio Funds began investing in the T Shares of the underlying Vantagepoint Funds.

The Milestone Funds Structure

The Milestone Funds invest in the underlying funds as defined above. 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 underlying funds

153

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

in differing allocations. The underlying funds of each Milestone Fund and the target investment allocation to each underlying fund as of December 31, 2013, were as follows:


	Milestone Funds
	Retirement Income			2010			2015			2020			2025
Fixed Income—%
Low Duration Bond		31.00	%		17.19	%		12.42	%		8.38	%		4.52	%
Core Bond Index		9.00	%		6.61	%		8.17	%		12.48	%		14.19	%
Inflation Protected Securities		15.00	%		15.00	%		12.00	%		4.50	%		0.00	%

Total Fixed Income—%		55.00	%		38.80	%		32.59	%		25.36	%		18.71	%


Equity—%
Equity Income		10.00	%		17.02	%		19.04	%		20.13	%		22.30	%
Growth & Income		10.00	%		11.00	%		11.02	%		11.32	%		12.33	%
Growth		0.00	%		6.30	%		7.51	%		7.91	%		8.88	%
Mid/Small Company Index		0.00	%		0.00	%		2.70	%		7.73	%		10.23	%
International		4.00	%		7.63	%		8.74	%		9.80	%		11.55	%
Third Party Emerging Markets ETF		1.00	%		1.00	%		1.40	%		2.00	%		2.00	%

Total Equity—%		25.00	%		42.95	%		50.41	%		58.89	%		67.29	%


Multi-Strategy—%
Diversifying Strategies		20.00	%		18.25	%		17.00	%		15.75	%		14.00	%

Total Multi-Strategy—%		20.00	%		18.25	%		17.00	%		15.75	%		14.00	%


Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%


	Milestone Funds
	2030			2035			2040			2045			2050
Fixed Income—%
Low Duration Bond		1.73	%		0.67	%		0.00	%		0.00	%		0.00	%
Core Bond Index		11.09	%		6.91	%		5.00	%		5.00	%		5.00	%
Inflation Protected Securities		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

Total Fixed Income—%		12.82	%		7.58	%		5.00	%		5.00	%		5.00	%


Equity—%
Equity Income		23.80	%		25.19	%		26.59	%		27.40	%		27.40	%
Growth & Income		13.66	%		14.59	%		15.42	%		16.00	%		16.00	%
Growth		9.96	%		11.21	%		12.25	%		12.60	%		12.60	%
Mid/Small Company Index		12.98	%		16.46	%		19.34	%		20.00	%		20.00	%
International		13.28	%		14.07	%		15.40	%		16.00	%		16.00	%
Third Party Emerging Markets ETF		2.00	%		2.90	%		3.00	%		3.00	%		3.00	%

Total Equity—%		75.68	%		84.42	%		92.00	%		95.00	%		95.00	%


Multi-Strategy—%
Diversifying Strategies		11.50	%		8.00	%		3.00	%		0.00	%		0.00	%

Total Multi-Strategy—%		11.50	%		8.00	%		3.00	%		0.00	%		0.00	%


Total—%		100.00	%		100.00	%		100.00	%		100.00	%		100.00	%

As of March 1, 2013, the Milestone Funds began investing in the T Shares of the underlying Vantagepoint Funds.

154

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

Since the Model Portfolio Funds and Milestone Funds invested entirely in underlying funds during the year ended December 31, 2013 period, investment earnings for this period are composed of:

ordinary and capital gain dividends from the underlying funds,

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

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

Subadviser Changes from January 1, 2013 to December 31, 2013

On October 11, 2013, Schroder Investment Management North America Inc. (“SIMNA”) began managing the assets of the Low Duration Bond Fund previously allocated and managed by SIMNA’s affiliate, STW Fixed Income Management, LLC. VIA had recommended and the Board had approved these changes at a meeting held on July 1, 2013.

At a meeting held on December 3, 2013 (the “December 2013 Meeting”), VIA recommended, and the Board approved, the termination of Barrow Hanley Mewhinney & Strauss, LLC, and the appointment of SSgA Funds Management, Inc. and Wellington Management Company, LLP as subadvisers to the Equity Income Fund. These changes were effective on February 4, 2014.

In addition at the December 2013 Meeting, VIA recommended, and the Board approved, the termination of Calamos Advisors LLC, and the appointment of Oaktree Capital Management, L.P., as a subadviser to the Diversifying Strategies Fund. These changes were effective on February 4, 2014.

Lastly and also at the December 2013 Meeting, VIA recommended, and the Board approved, the appointment of SSgA Funds Management, Inc. as a subadviser to the Diversifying Strategies Fund in conjunction with upcoming changes to the fund’s principal investment strategies to be effective on May 1, 2014.

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 that will affect their value has occurred since the closing prices were established on the relevant 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

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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) earnings multiples; (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 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)

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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 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 and floating rate loans 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

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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 year ended December 31, 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.

The following is a summary of the inputs used as of December 31, 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	$	—		$	368,175,459		$	—	$	368,175,459
Floating Rate Loans		—			4,317,010			—		4,317,010
Mortgage-Backed Securities		—			30,946,412			—		30,946,412
U.S. Treasury Obligations		—			96,040,914			—		96,040,914
Government Related Obligations		—			27,110,722			—		27,110,722
Asset-Backed Securities		—			55,552,223			—		55,552,223
Money Market Funds		32,065,910			—			—		32,065,910

Total Investments in Securities	$	32,065,910		$	582,142,740		$	—	$	614,208,650

Derivative Instruments:
Assets:
Futures		124,010			—			—		124,010
Forward Currency Contracts		—			51,849			—		51,849

Total Assets	$	124,010		$	51,849		$	—	$	175,859

Liabilities:
Futures		(20,489	)		—			—		(20,489	)
Forward Currency Contracts		—			(107,505	)		—		(107,505	)

Total Liabilities	$	(20,489	)	$	(107,505	)	$	—	$	(127,994	)

Total Derivative Instruments	$	103,521		$	(55,656	)	$	—	$	47,865


*Inflation Protected Securities Fund*
Investments in Securities:
Corporate Obligations	$	—		$	8,397,534		$	—	$	8,397,534
Mortgage-Backed Security		—			2,821,777			—		2,821,777
U.S. Treasury Obligations		—			553,352,027			—		553,352,027
Government Related Obligations		—			2,000,747			—		2,000,747
Asset-Backed Securities		—			2,047,313			—		2,047,313
Money Market Fund		13,784,447			—			—		13,784,447

Total Investments in Securities	$	13,784,447		$	568,619,398		$	—	$	582,403,845

Derivative Instruments:
Assets:
Futures		207,001			—			—		207,001
Swap Agreements		—			154,887			—		154,887

Total Assets	$	207,001		$	154,887		$	—	$	361,888

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Investment Type	Level 1			Level 2			Level 3		Total
Liabilities:
Written Options	$	—		$	(76,171	)	$	—	$	(76,171	)
Futures		(42,318	)		—			—		(42,318	)
Swap Agreements		—			(743,033	)		—		(743,033	)

Total Liabilities	$	(42,318	)	$	(819,204	)	$	—	$	(861,522	)

Total Derivative Instruments	$	164,683		$	(664,317	)	$	—	$	(499,634	)


*Equity Income Fund*
Investments in Securities:
Common Stocks	$	2,307,213,236		$	12,285,804		$	—	$	2,319,499,040
Convertible Preferred Stock		400,686			—			—		400,686
Money Market Funds		172,148,515			—			—		172,148,515

Total Investments in Securities	$	2,479,762,437		$	12,285,804		$	—	$	2,492,048,241


*Growth & Income Fund*
Investments in Securities:
Common Stocks	$	1,639,456,023		$	18,958,768		$	—	$	1,658,414,791
Money Market Funds		102,637,999			—			—		102,637,999

Total Investments in Securities	$	1,742,094,022		$	18,958,768		$	—	$	1,761,052,790

*Growth Fund*
Investments in Securities:
Common Stocks	$	2,268,355,758		$	—		$	—	$	2,268,355,758
Money Market Fund		62,416,519			—			—		62,416,519

Total Investments in Securities	$	2,330,772,277		$	—		$	—	$	2,330,772,277


*Select Value Fund*
Investments in Securities:
Common Stocks	$	450,213,551		$	—		$	—	$	450,213,551
Money Market Funds		43,990,963			—			—		43,990,963

Total Investments in Securities	$	494,204,514		$	—		$	—	$	494,204,514


*Aggressive Opportunities Fund*
Investments in Securities:
Common Stocks	$	1,188,973,919		$	4,381,703		$	—	$	1,193,355,622
Money Market Funds		76,645,874			—			—		76,645,874

Total Investments in Securities	$	1,265,619,793		$	4,381,703		$	—	$	1,270,001,496


*Discovery Fund*
Investments in Securities:
Common Stocks	$	134,412,736		$	3,003,885		$	—	$	137,416,621
Corporate Obligations		—			62,968,841			—		62,968,841
Mortgage-Backed Securities		—			7,399,162			—		7,399,162
U.S. Treasury Obligations		—			51,102,586			—		51,102,586
Government Related Obligations		—			3,347,798			—		3,347,798
Asset-Backed Securities		—			7,037,921			—		7,037,921
Warrants		—			12,713			—		12,713
Money Market Funds		29,053,217			—			—		29,053,217

Total Investments in Securities	$	163,465,953		$	134,872,906		$	—	$	298,338,859

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Investment Type	Level 1			Level 2			Level 3		Total
Derivative Instruments:
Assets:
Futures	$	3,500,407		$	—		$	—	$	3,500,407
Forward Currency Contracts		—			3,988			—		3,988

Total Assets	$	3,500,407		$	3,988		$	—	$	3,504,395

Liabilities:
Futures		(18,440	)		—			—		(18,440	)
Forward Currency Contracts		—			(1,719	)		—		(1,719	)

Total Liabilities	$	(18,440	)	$	(1,719	)	$	—	$	(20,159	)

Total Derivative Instruments	$	3,481,967		$	2,269		$	—	$	3,484,236

*International Fund*
Investments in Securities:
Common Stocks	$	129,046,011		$	1,267,325,752		$	—	$	1,396,371,763
Preferred Stocks		—			9,310,646			—		9,310,646
Money Market Funds		53,508,592			—			—		53,508,592

Total Investments in Securities	$	182,554,603		$	1,276,636,398		$	—	$	1,459,191,001

Derivative Instruments:
Liabilities:
Forward Currency Contracts		—			(21,599	)		—		(21,599	)

Total Liabilities	$	—		$	(21,599	)	$	—	$	(21,599	)

Total Derivative Instruments	$	—		$	(21,599	)	$	—	$	(21,599	)


*Diversifying Strategies Fund*
Investments in Securities:
Common Stocks	$	13,519,427		$	18,068,496		$	—	$	31,587,923
Convertible Preferred Stocks		23,060,237			8,405,041			—		31,465,278
Corporate Obligations		—			354,350,566			—		354,350,566
Mortgage-Backed Securities		—			48,116,066			—		48,116,066
Convertible Debt Obligations		—			400,970,671			—		400,970,671
U.S. Treasury Obligations		—			128,158,303			—		128,158,303
Government Related Obligations		—			9,924,772		��	—		9,924,772
Asset-Backed Securities		—			47,360,315			—		47,360,315
Purchased Options		36,094			89,404			—		125,498
Commercial Paper		—			1,599,397			—		1,599,397
Money Market Fund		44,385,873			—			—		44,385,873

Total Investments in Securities	$	81,001,631		$	1,017,043,031		$	—	$	1,098,044,662

Derivative Instruments:
Assets:
Futures		4,328,204			—			—		4,328,204
Forward Currency Contracts		—			594,023			—		594,023

Total Assets	$	4,328,204		$	594,023		$	—	$	4,922,227

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Investment Type	Level 1			Level 2			Level 3		Total
Liabilities:
Purchased Option on Euro-Bund Future	$	(13,223	)	$	—		$	—	$	(13,223	)
Written Options		—			(424,561	)		—		(424,561	)
Futures		(1,720,841	)		—			—		(1,720,841	)
Forward Currency Contracts		—			(384,139	)		—		(384,139	)

Total Liabilities	$	(1,734,064	)	$	(808,700	)	$	—	$	(2,542,764	)

Total Derivative Instruments	$	2,594,140		$	(214,677	)	$	—	$	2,379,463

*Core Bond Index Fund*
Investments in Securities:
Corporate Obligations	$	—		$	290,504,993		$	—	$	290,504,993
Mortgage-Backed Securities		—			402,941,480			—		402,941,480
U.S. Treasury Obligations		—			450,297,031			—		450,297,031
Government Related Obligations		—			120,786,163			—		120,786,163
Asset-Backed Securities		—			4,537,459			—		4,537,459
Money Market Funds		119,495,099			—			—		119,495,099

Total Investments in Securities	$	119,495,099		$	1,269,067,126		$	—	$	1,388,562,225


*500 Stock Index Fund*
Investments in Securities:
Common Stocks	$	648,392,953		$	—		$	—	$	648,392,953
U.S. Treasury Obligations		—			724,889			—		724,889
Money Market Funds		15,019,342			—			—		15,019,342

Total Investments in Securities	$	663,412,295		$	724,889		$	—	$	664,137,184

Derivative Instruments:
Assets:
Futures		408,405			—			—		408,405

Total Assets	$	408,405		$	—		$	—	$	408,405

Total Derivative Instruments	$	408,405		$	—		$	—	$	408,405


*Broad Market Index Fund*
Investments in Securities:
Common Stocks	$	766,855,387		$	10,789		$	—	$	766,866,176
U.S. Treasury Obligations		—			594,836			—		594,836
Rights		1,395			—			1,099		2,494
Warrants		—			1,045			—		1,045
Money Market Funds		25,346,130			—			—		25,346,130

Total Investments in Securities	$	792,202,912		$	606,670		$	1,099	$	792,810,681

Derivative Instruments:
Assets:
Futures		368,885			—			—		368,885

Total Assets	$	368,885		$	—		$	—	$	368,885

Total Derivative Instruments	$	368,885		$	—		$	—	$	368,885

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Investment Type	Level 1		Level 2			Level 3		Total
*Mid/Small Company Index Fund*
Investments in Securities:
Common Stocks	$	705,128,208	$	6,019		$	—	$	705,134,227
U.S. Treasury Obligations		—		784,747			—		784,747
Rights		4,074		—			1,604		5,678
Warrants		—		3,199			—		3,199
Money Market Funds		58,895,585		—			—		58,895,585

Total Investments in Securities	$	764,027,867	$	793,965		$	1,604	$	764,823,436

Derivative Instruments:
Assets:
Futures		473,180		—			—		473,180

Total Assets	$	473,180	$	—		$	—	$	473,180

Total Derivative Instruments	$	473,180	$	—		$	—	$	473,180


*Overseas Equity Index Fund*
Investments in Securities:
Common Stocks	$	—	$	291,474,316		$	—	$	291,474,316
Preferred Stocks		—		1,915,562			—		1,915,562
U.S. Treasury Obligation		—		249,903			—		249,903
Rights		—		13,210			—		13,210
Money Market Funds		3,724,169		—			—		3,724,169

Total Investments in Securities	$	3,724,169	$	293,652,991		$	—	$	297,377,160

Derivative Instruments:
Assets:
Futures		67,372		—			—		67,372
Forward Currency Contracts		—		33,143			—		33,143

Total Assets	$	67,372	$	33,143		$	—	$	100,515

Liabilities:
Forward Currency Contracts		—		(43,329	)		—		(43,329	)

Total Liabilities	$	—	$	(43,329	)	$	—	$	(43,329	)

Total Derivative Instruments	$	67,372	$	(10,186	)	$	—	$	57,186

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

As of December 31, 2013 the funds did not hold significant investments in Level 3 securities. During the year ended December 31, 2013, the International Fund had securities transferred from Level 1 to Level 2 with a total market value of $15,406,509 or 1.1% of the net assets of the fund. There were no transfers within other funds.

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.

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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	NOK	— Norwegian Krona
CAD	— Canadian Dollar	NZD	— New Zealand Dollar
CHF	— Swiss Franc	SEK	— Swedish Krona
EUR	— European Monetary Unit	USD	— U.S. Dollar
GBP	— British Pound

Options (other than Swaptions)

Exchange traded options normally will be priced based on the last reported sale price or official closing price (if available) on the exchange on which the option is primarily traded, as provided by a pricing service. If on a particular day, an option does not trade on its primary exchange, the fund’s custodian will calculate and use the mean between the closing bid and closing offer reported to the exchange and obtained from a pricing service and such options are generally categorized as Level 1 in the hierarchy.

Purchased options on Euro-Bund futures trade on foreign exchanges and are marked to market daily with variation margin payments received or made by the funds daily based on fluctuation in value. There is no premium paid at the time of purchase. These options are generally categorized as Level 1 in the hierarchy.

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

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

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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.

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.

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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 portion of the floating rate loan or portion therof. 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.

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 partnerships, 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.


Fund	Paid-in Capital Increase/(Decrease)			Undistributed Net Investment Income Increase/(Decrease)			Accumulated Net Realized Gain/(Loss) Increase/(Decrease)
Low Duration Bond	$	—		$	(499,640	)	$	499,640
Inflation Protected Securities		—			1,374,464			(1,374,464	)
Equity Income		—			1,831,887			(1,831,887	)
Growth & Income		—			1,917,237			(1,917,237	)
Growth		—			154,180			(154,180	)
Select Value		—			(400,861	)		400,861
Aggressive Opportunities		(2	)		414,886			(414,884	)
Discovery		—			746,980			(746,980	)
International		—			2,197,474			(2,197,474	)

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Fund	Paid-in Capital Increase/(Decrease)			Undistributed Net Investment Income Increase/(Decrease)			Accumulated Net Realized Gain/(Loss) Increase/(Decrease)
Diversifying Strategies	$	(35,881	)	$	6,638,342		$	(6,602,461	)
Core Bond Index		—			7,908,621			(7,908,621	)
500 Stock Index		14,799,500			(132,077	)		(14,667,423	)
Broad Market Index		12,090,850			(331,593	)		(11,759,257	)
Mid/Small Company Index		3,329,933			(411,936	)		(2,917,997	)
Overseas Equity Index		1,437,589			(9,302	)		(1,428,287	)
Model Portfolio Conservative Growth		—			403,650			(403,650	)
Model Portfolio Traditional Growth		—			190,772			(190,772	)
Model Portfolio Long-Term Growth		—			(9,940	)		9,940
Model Portfolio All-Equity Growth		—			(325,231	)		325,231
Milestone Retirement Income		—			91,215			(91,215	)
Milestone 2010		—			79,972			(79,972	)
Milestone 2015		—			119,342			(119,342	)
Milestone 2020		—			45,170			(45,170	)
Milestone 2025		—			(6,429	)		6,429
Milestone 2030		—			(6,357	)		6,357
Milestone 2035		—			(2,827	)		2,827
Milestone 2040		—			(90,926	)		90,926
Milestone 2045		—			(401	)		401
Milestone 2050		—			(55	)		55

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 December 31, 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.

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At December 31, 2013, the components of distributable earnings on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Gains		Total Distributable Earnings
Low Duration Bond	$	—	$	712,247	$	712,247
Inflation Protected Securities		265,031		—		265,031
Equity Income		—		17,693,722		17,693,722
Growth & Income		—		19,333,403		19,333,403
Growth		416,556		—		416,556
Select Value		3,907,507		6,724,056		10,631,563
Aggressive Opportunities		10,751,891		18,348,029		29,099,920
Discovery		4,005,744		8,640,061		12,645,805
International		15,432,272		—		15,432,272
Diversifying Strategies		3,306,985		5,420,447		8,727,432
Core Bond Index		5,799		—		5,799
500 Stock Index		158,106		1,583,282		1,741,388
Broad Market Index		5,518,248		469,887		5,988,135
Mid/Small Company Index		838,902		1,436,345		2,275,247
Overseas Equity Index		19,702		—		19,702
Model Portfolio Conservative Growth		—		13,575,545		13,575,545
Model Portfolio Traditional Growth		—		47,133,676		47,133,676
Model Portfolio Long-Term Growth		—		75,834,294		75,834,294
Model Portfolio All-Equity Growth		1,201,870		36,701,757		37,903,627
Milestone Retirement Income		—		6,053,096		6,053,096
Milestone 2010		—		6,484,474		6,484,474
Milestone 2015		—		13,694,592		13,694,592
Milestone 2020		—		15,546,440		15,546,440
Milestone 2025		—		14,118,866		14,118,866
Milestone 2030		—		12,752,396		12,752,396
Milestone 2035		—		9,644,964		9,644,964
Milestone 2040		—		10,352,742		10,352,742
Milestone 2045		—		3,330,950		3,330,950
Milestone 2050		60,551		748,882		809,433

The tax character of distributions during 2013 was as follows:


Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Gains		Return of Capital		Total Distributions
Low Duration Bond	$	7,992,861	$	1,509,632	$	—	$	9,502,493
Inflation Protected Securities		8,171,405		8,974,277		—		17,145,682
Equity Income		45,935,807		106,020,635		—		151,956,442
Growth & Income		25,453,231		111,699,235		—		137,152,466
Growth		11,761,873		—		—		11,761,873
Select Value		20,611,827		39,536,586		—		60,148,413
Aggressive Opportunities		45,549,946		66,939,790		—		112,489,736
Discovery		23,025,790		25,798,289		—		48,824,079
International		30,965,823		—		—		30,965,823
Diversifying Strategies		20,271,969		11,992,223		—		32,264,192
Core Bond Index		36,026,496		—		—		36,026,496
500 Stock Index		10,623,254		1,698,318		—		12,321,572
Broad Market Index		12,780,921		8,981,718		—		21,762,639
Mid/Small Company Index		13,776,960		44,613,956		—		58,390,916
Overseas Equity Index		6,970,845		—		—		6,970,845
Model Portfolio Conservative Growth		11,329,321		9,507,066		—		20,836,387

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Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Gains		Return of Capital		Total Distributions
Model Portfolio Traditional Growth	$	35,340,349	$	28,932,875	$	—	$	64,273,224
Model Portfolio Long-Term Growth		52,434,385		44,573,892		—		97,008,277
Model Portfolio All-Equity Growth		26,128,168		7,618,002		—		33,746,170
Milestone Retirement Income		4,870,032		5,062,522		—		9,932,554
Milestone 2010		4,261,429		8,502,311		—		12,763,740
Milestone 2015		8,488,602		12,336,153		—		20,824,755
Milestone 2020		10,443,369		13,428,042		—		23,871,411
Milestone 2025		8,923,472		9,863,758		—		18,787,230
Milestone 2030		7,126,570		8,871,634		—		15,998,204
Milestone 2035		4,799,154		7,072,377		—		11,871,531
Milestone 2040		4,638,073		10,019,247		—		14,657,320
Milestone 2045		1,452,065		3,721,269		—		5,173,334
Milestone 2050		530,085		7,977		—		538,062

The tax character of distributions during 2012 was as follows:


Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Gains		Return of Capital		Total Distributions
Low Duration Bond	$	9,121,831	$	74,114	$	—	$	9,195,945
Inflation Protected Securities		18,143,128		15,222,321		—		33,365,449
Equity Income		41,422,148		53,829,326		—		95,251,474
Growth & Income		19,726,072		21,289,603		—		41,015,675
Growth		11,011,407		—		—		11,011,407
Select Value		5,580,470		6,557,777		—		12,138,247
Aggressive Opportunities		2,304,541		43,084,081		—		45,388,622
Discovery		4,690,497		8,483,074		—		13,173,571
International		31,260,095		—		—		31,260,095
Diversifying Strategies		16,028,717		2,847,633		—		18,876,350
Core Bond Index		37,975,608		—		—		37,975,608
500 Stock Index		8,784,902		—		—		8,784,902
Broad Market Index		11,312,422		4,339,845		—		15,652,267
Mid/Small Company Index		10,462,333		15,920,886		—		26,383,219
Overseas Equity Index		6,613,749		—		—		6,613,749
Model Portfolio Savings Oriented		6,259,037		1,798,094		—		8,057,131
Model Portfolio Conservative Growth		11,913,449		3,620,104		—		15,533,553
Model Portfolio Traditional Growth		25,650,562		16,867,880		—		42,518,442
Model Portfolio Long-Term Growth		31,338,840		30,431,408		—		61,770,248
Model Portfolio All-Equity Growth		7,107,423		4,015,888		—		11,123,311
Milestone Retirement Income		4,331,325		2,890,968		—		7,222,293
Milestone 2010		4,231,454		4,505,139		—		8,736,593
Milestone 2015		7,842,787		4,995,120		—		12,837,907
Milestone 2020		8,501,616		3,889,473		—		12,391,089
Milestone 2025		6,871,979		3,068,946		—		9,940,925
Milestone 2030		5,347,663		2,658,644		—		8,006,307
Milestone 2035		3,475,580		1,845,402		—		5,320,982
Milestone 2040		3,367,926		299,205		—		3,667,131
Milestone 2045		970,078		678,897		—		1,648,975
Milestone 2050		10,052		607		—		10,659

At December 31, 2013, the following funds had net capital loss carryovers.

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


	Loss carryforward character
Fund	Short Term			Long Term
Core Bond Index	$	(3,950,861	)	$	(876,297	)
Overseas Equity Index		—			(812,489	)

At December 31, 2013, the following funds had pre-enactment capital loss carryforwards for federal income tax purposes available to offset future capital gains through indicated expiration dates.


	Expiring December 31
Fund	2014		2015			2016
Core Bond Index	$	—	$	(457,462	)	$	(2,798,291	)

			Expiring December 31
Fund			2017			2018
Growth			$	(169,307,912	)	$	—
International				(56,466,550	)		—
Core Bond Index				(4,404,280	)		—
Overseas Equity Index				(2,991,434	)		(444,126	)

At December 31, 2013, the following funds elected to defer post-October net capital losses and specified losses of:


Fund	Capital Losses		Specified Losses
Low Duration Bond	$	104,336	$	128,723
Inflation Protected Securities		625,420		—
Equity Income		—		1,764
Growth & Income		—		1,020
Growth		2,358,008		—
Aggressive Opportunities		—		64,629
Discovery		—		45,316
Core Bond Index		1,447,851		—
Overseas Equity Index		—		150,377
Model Portfolio Conservative Growth		29,564		—
Model Portfolio Traditional Growth		41,694		—
Milestone Retirement Income		30,906		—
Milestone 2010		12,602		—
Milestone 2015		35,157		—

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	$	5,690,055	$	24,567,164	$	124,384,804	$	71,918,058
Average Notional Balance Short		12,789,701		26,546,517		3,546,523		85,305,789

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	Low Duration Bond Fund		Inflation Protected Securities Fund		Discovery Fund		Diversifying Strategies Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—Deliver USD	$	1,243,711	$	—	$	101,023	$	58,925,367
Average Settlement Value—Receive USD		8,433,986		—		476,387		70,059,728
Exchange-Traded Options:
Average Market Value Purchased	$	—	$	67,767	$	—	$	501,005
Average Market Value Written		—		171,865		—		—
Average Market Value Purchased Options on Euro-Bund futures		—		—		—		494,448
Over the Counter Options:
Average Market Value Purchased	$	—	$	—	$	—	$	95,346
Average Market Value Written		—		—		—		280,297
Swaptions:
Average Notional Balance Purchased	$	—	$	—	$	—	$	—
Average Notional Balance Written		—		53,346,154		—		—

	Low Duration Bond Fund		Inflation Protected Securities Fund		Discovery Fund		Diversifying Strategies Fund
Inflation Linked Swaps:
Average Notional Balance—Pays Fixed Rate	$	—	$	19,100,000	$	—	$	—
Average Notional Balance—Receives Fixed Rate		—		—		—		—
Interest Rate Swaps:
Average Notional Balance—Pays Fixed Rate	$	—	$	4,100,000	$	—	$	—
Average Notional Balance—Receives Fixed Rate		—		8,238,462		—		—

	500 Stock Index Fund		Broad Market Index Fund		Mid/Small Company Index Fund		Overseas Equity Index Fund
Futures Contracts:
Average Notional Balance Long	$	10,811,588	$	8,520,311	$	10,336,315	$	5,423,375
Average Notional Balance Short		—		—		—		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—Deliver USD	$	—	$	—	$	—	$	13,035,076
Average Settlement Value—Receive USD		—		—		—		9,246,756

	International Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value—Deliver USD	$	313,345
Average Settlement Value—Receive USD		10,508,682

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),

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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 is designed to closely track (valuation risk); the risk that the fund may lose substantially more than the amount invested and that the fund may be forced to liquidate portfolio positions when it may not be advantageous to do so (leverage risk).

During the year ended December 31, 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.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

As of December 31, 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/ (Depreciation)
	Purchased
	50	CBT	U.S. 2 Year Treasury Note	March 2014	$	10,990,625	$	(20,489	)

	Sold
	97	CBT	U.S. 5 Year Treasury Note	March 2014	$	11,573,313	$	124,010

							$	103,521

Inflation Protected Securities Fund


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	41	CBT	U.S. 10 Year Treasury Note	March 2014	$	5,044,922	$	(9,430	)
	87	CBT	U.S. 5 Year Treasury Note	March 2014		10,380,188		(32,888	)

							$	(42,318	)

	Sold
	11	CBT	U.S. 2 Year Treasury Note	March 2014	$	2,417,938	$	4,485
	40	CBT	U.S. Long Bond	March 2014		5,132,500		36,793
	67	CBT	U.S. Ultra Bond	March 2014		9,128,750		165,723

							$	207,001

							$	164,683

Discovery Fund


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	1,167	NYF	E-MINI Russell 2000 Index	March 2014	$	135,535,380	$	3,443,039
	45	CBT	U.S. 2 Year Treasury Note	March 2014		9,891,563		(18,440	)

							$	3,424,599

	Sold
	42	CBT	U.S. 5 Year Treasury Note	March 2014	$	5,011,125	$	57,368

							$	3,481,967

172

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

Diversifying Strategies Fund


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation/ (Depreciation)
	Purchased
	5	EOE	Amsterdam Index	January 2014	$	553,513	$	30,879
	307	SFE	Australian Government 10 Year Bond	March 2014		31,431,530		287,967
	84	EOP	CAC40 10 Euro Future	January 2014		4,967,295		233,020
	23	MSE	Canadian Government 10 Year Bond	March 2014		2,744,194		(28,814	)
	69	EUX	DAX Index	March 2014		22,794,644		1,018,995
	23	MIL	FTSE/MIB Index	March 2014		3,009,860		130,613
	107	HKG	Hang Seng Index	January 2014		16,098,365		235,490
	163	SFE	SPI 200 Index	March 2014		19,349,902		1,002,876
	70	TSE	TOPIX Index	March 2014		8,657,772		255,636
	108	CBT	U.S. 10 Year Treasury Note	March 2014		13,289,063		(213,815	)

							$	2,952,847

	Sold
	86	SGX	10 Year Mini-JGB	March 2014	$	11,699,953	$	69,888
	99	CME	E-MINI S&P 500 Index	March 2014		9,113,445		(329,873	)
	180	EUX	Euro-Bund Futures	March 2014		34,462,111		376,290
	246	LIF	FTSE 100 Index	March 2014		27,283,184		(803,906	)
	37	MFM	IBEX 35 Index	January 2014		5,023,613		(263,434	)
	13	MSE	S&P/TSX 60 Index	March 2014		1,911,358		(80,999	)
	101	CBT	U.S. 5 Year Treasury Note	March 2014		12,050,563		133,212
	156	LIF	UK Gilt Long Bond	March 2014		27,527,453		553,338

							$	(345,484	)

							$	2,607,363

500 Stock Index Fund

Number of
Contracts

Exchange

Contract

Expiration Date

Contract Value

Net
Unrealized
Appreciation

Purchased

146

CME

E-MINI S&P 500 Index

March 2014

13,440,030

408,405

Broad Market Index Fund


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	12	NYF	E-MINI Russell 2000 Index	March 2014	$	1,393,680	$	53,798
	118	CME	E-MINI S&P 500 Index	March 2014		10,862,490		275,562
	10	CME	E-MINI S&P MidCap 400 Index	March 2014		1,339,400		39,525

							$	368,885

173

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

Mid/Small Company Index Fund


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	70	NYF	E-MINI Russell 2000 Index	March 2014	$	8,129,800	$	282,705
	53	CME	E-MINI S&P MidCap 400 Index	March 2014		7,098,820		190,475

							$	473,180

Overseas Equity Index Fund


Number of Contracts		Exchange	Contract	Expiration Date	Contract Value		Net Unrealized Appreciation
	Purchased
	29	EUX	DJ Euro STOXX 50	March 2014	$	1,239,946	$	27,145
	11	LIF	FTSE 100 Index	March 2014		1,219,980		17,518
	4	SFE	SPI 200 Index	March 2014		474,844		11,439
	7	TSE	TOPIX Index	March 2014		865,777		11,270

							$	67,372

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		*

174

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

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

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

During the year ended December 31, 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 December 31, 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 December 31, 2013		Net Unrealized Appreciation/ (Depreciation)
Purchase	JPMorgan Chase Bank NA		USD		GBP		03/04/2014	$	4,452,141	$	4,503,990	$	51,849

Sale	HSBC Bank plc		GBP		USD		01/09/2014	$	1,126,569	$	1,139,247	$	(12,678	)
Sale	JPMorgan Chase Bank NA		GBP		USD		03/04/2014		4,409,163		4,503,990		(94,827	)

												$	(107,505	)

												$	(55,656	)

Discovery Fund


Contract Type	Counterparty	Currency to Deliver		In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2013		Net Unrealized Appreciation/ (Depreciation)
Purchase	Citibank NA		USD		EUR		01/09/2014	$	142,886	$	143,072	$	186

Sale	HSBC Bank plc		BRL		USD		01/30/2014	$	442,388	$	438,586	$	3,802
Sale	Citibank NA		EUR		USD		01/09/2014		141,352		143,071		(1,719	)

												$	2,083

												$	2,269

International Fund

Contract
Type

Counterparty

Currency to
Deliver

In Exchange
For

Exchange Date

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

U.S. Dollar Value at
December 31, 2013

Net
Unrealized
Appreciation/
(Depreciation)

Sale

JPMorgan Chase Bank NA

AUD

USD

01/31/2014

8,251,519

8,273,118

(21,599

)

175

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)


*Diversifying Strategies Fund*
Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2013		Net Unrealized Appreciation/ (Depreciation)
Purchase	Deutsche Bank AG	USD		AUD		01/10/2014	$	7,002,433	$	7,044,900	$	42,467
Purchase	Deutsche Bank AG	USD		CAD		01/10/2014		661,991		666,397		4,406
Purchase	Deutsche Bank AG	USD		CHF		01/10/2014		169,691		170,370		679
Purchase	Deutsche Bank AG	USD		EUR		01/10/2014		13,412,630		13,405,867		(6,763	)
Purchase	Deutsche Bank AG	USD		GBP		01/10/2014		27,326,626		27,616,176		289,550
Purchase	JPMorgan Chase Bank NA	USD		GBP		03/04/2014		5,810,199		5,877,864		67,665
Purchase	Deutsche Bank AG	USD		JPY		01/10/2014		2,763,355		2,707,705		(55,650	)

											$	342,354

Sale	Deutsche Bank AG	AUD		USD		01/10/2014	$	1,554,742	$	1,562,303	$	(7,561	)
Sale	Deutsche Bank AG	CAD		USD		01/10/2014		13,378,906		13,431,657		(52,751	)
Sale	Deutsche Bank AG	CHF		USD		01/10/2014		27,967,324		27,802,405		164,919
Sale	JPMorgan Chase Bank NA	EUR		USD		01/09/2014		1,798,568		1,820,040		(21,472	)
Sale	Deutsche Bank AG	EUR		USD		01/10/2014		9,623,339		9,695,863		(72,524	)
Sale	JPMorgan Chase Bank NA	GBP		USD		01/09/2014		1,719,891		1,738,676		(18,785	)
Sale	JPMorgan Chase Bank NA	GBP		USD		03/04/2014		5,754,111		5,877,863		(123,752	)
Sale	Deutsche Bank AG	JPY		USD		01/10/2014		2,505,737		2,481,400		24,337
Sale	Deutsche Bank AG	NOK		USD		01/10/2014		2,435,788		2,456,377		(20,589	)
Sale	Deutsche Bank AG	NZD		USD		01/10/2014		1,740,000		1,740,387		(387	)
Sale	Deutsche Bank AG	SEK		USD		01/10/2014		247,847		251,752		(3,905	)

											$	(132,470	)

											$	209,884


*Overseas Equity Index Fund*
Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2013		Net Unrealized Appreciation/ (Depreciation)
Purchase	Bank of America NA	USD		AUD		03/19/2014	$	352,691	$	354,259	$	1,568
Purchase	Goldman Sachs International	USD		AUD		03/19/2014		149,376		146,794		(2,582	)
Purchase	Standard Chartered Bank	USD		AUD		03/19/2014		79,766		78,351		(1,415	)
Purchase	Bank of America NA	USD		EUR		03/19/2014		759,657		758,819		(838	)
Purchase	Citibank NA	USD		EUR		03/19/2014		675,290		673,965		(1,325	)
Purchase	Bank of America NA	USD		GBP		03/19/2014		766,602		769,610		3,008
Purchase	Barclays Bank plc	USD		GBP		03/19/2014		213,402		216,153		2,751
Purchase	Citibank NA	USD		GBP		03/19/2014		451,158		456,142		4,984
Purchase	UBS AG	USD		GBP		03/19/2014		515,236		520,609		5,373
Purchase	Bank of America NA	USD		JPY		03/19/2014		723,290		721,003		(2,287	)
Purchase	Citibank NA	USD		JPY		03/19/2014		214,960		209,343		(5,617	)
Purchase	Goldman Sachs International	USD		JPY		03/19/2014		423,825		412,797		(11,028	)
Purchase	UBS AG	USD		JPY		03/19/2014		32,942		32,056		(886	)

											$	(8,294	)

176

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)


Contract Type	Counterparty	Currency to Deliver	In Exchange For		Exchange Date		Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2013		Net Unrealized Appreciation/ (Depreciation)
Sale	Barclays Bank plc	AUD		USD		03/19/2014	$	224,346	$	224,888	$	(542	)
Sale	Royal Bank of Canada	AUD		USD		03/19/2014		118,440		118,353		87
Sale	Barclays Bank plc	EUR		USD		03/19/2014		746,203		746,025		178
Sale	Royal Bank of Canada	EUR		USD		03/19/2014		163,402		163,567		(165	)
Sale	Bank of America NA	EUR		USD		03/19/2014		82,501		83,091		(590	)
Sale	Royal Bank of Canada	GBP		USD		03/19/2014		107,196		108,242		(1,046	)
Sale	Bank of America NA	GBP		USD		03/19/2014		418,803		426,347		(7,544	)
Sale	Barclays Bank plc	GBP		USD		03/19/2014		975,982		983,446		(7,464	)
Sale	Credit Suisse International	JPY		USD		01/07/2014		628,081		626,098		1,983
Sale	Bank of America NA	JPY		USD		03/19/2014		483,341		476,203		7,138
Sale	Barclays Bank plc	JPY		USD		03/19/2014		484,842		478,769		6,073

											$	(1,892	)

											$	(10,186	)

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.

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

177

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

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

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

A risk in writing (selling) a call option is that the fund gives up the opportunity for profit if the market price of the security increases to or above the strike price and the option is exercised. A risk in writing (selling) a call option on a futures contract, including a Euro-Bund futures contract, is that the fund may incur a loss if the market value of the underlying futures contract increases and the option is exercised. A risk in writing a put option is that the fund may incur a loss if the market price of the security, or futures contract including a Euro-Bund futures contract, decreases and the option is exercised. A risk in buying an option, including an option on a Euro-Bund futures contract, is that the fund pays a premium whether or not the option is exercised. The use of over-the-counter option contracts may also include counterparty risk, which is the risk that the other party to the contract may not fulfill its obligations.

During the year ended December 31, 2013, the following funds purchased and/or sold put and/or call options: Inflation Protected Securities Fund and Diversifying Strategies Fund.

Written option activity for the year ended December 31, 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		197			102,216			791			323,369			988			425,585
Closed		(103	)		(67,847	)		(288	)		(191,580	)		(391	)		(259,427	)
Expired		(165	)		(78,600	)		(544	)		(140,034	)		(709	)		(218,634	)

Ending balance as of 12/31/2013		—		$	—			—		$	—			—		$	—


	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		4,360			988,434			—			—			4,360			988,434
Closed		(4,460	)		(964,535	)		—			—			(4,460	)		(964,535	)
Expired		—			—			—			—			—			—

Ending balance as of 12/31/2013		910		$	178,401			—		$	—			910		$	178,401

178

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

As of December 31, 2013, the following funds had open written option contracts or open purchased option contracts on Euro-Bund futures:

Diversifying Strategies Fund

Option Type

Description

# Contracts

Strike Price

Expiration
Date

Net Unrealized
Appreciation/
(Depreciation)

Written Call

Swiss Market Index

910

CHF 7,800.00

3/21/2014

(246,160

)

Option Type

Description

# Contracts

Strike Price

Expiration
Date

Unrealized
Gain/(Loss)

Purchased Call

Euro-Bund

EUR 110.00

2/21/2014

(13,223

)

Swap Agreements (“Swaps”)

Generally, swap agreements are contracts between a fund and another party (the swap counterparty) involving the exchange of payments on specified terms over periods ranging from a few days to multiple years. A swap agreement may be negotiated bilaterally and traded over-the-counter between the two parties or, in some instances, must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. In a cleared swap, a fund’s ultimate counterparty is the central clearinghouse. 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.

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.

179

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

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.

During the year ended December 31, 2013, the Inflation Protected Securities Fund participated in interest rate and inflation linked swaps.

As of December 31, 2013 the following swaps were outstanding:

Inflation Protected Securities Fund


Centrally Cleared Interest Rate Swaps
Rates Exchanged
Payments Made By The Fund	Payments Received By The Fund			Termination Date	Notional Amount		Premium				Net Unrealized Appreciation (Depreciation)
2.75%		3 Month Libor		06/19/2043		USD 1,000,000	$	117,550			$	91,842
3.50%		3 Month Libor		12/18/2043		USD 5,500,000		364,756				49,333
3 Month Libor		1.50	%	09/16/2016		USD 2,700,000		(5,184	)			10,281
3 Month Libor		1.60	%	07/05/2018		USD 8,100,000		—				(178,329	)
3 Month Libor		1.25	%	09/05/2018		USD 4,300,000		—				(60,658	)
3 Month Libor		1.45	%	09/05/2018		USD 3,900,000		—				(16,989	)
3 Month Libor		1.40	%	09/05/2018		USD 1,300,000		—				(8,832	)
3 Month Libor		2.00	%	12/18/2018		USD 1,600,000		16,315				2,847

							$	493,437		��	$	(110,505	)

180

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Inflation Protected Securities Fund


Inflation Linked Swaps
	Rates Exchanged											Net Unrealized Appreciation/ (Depreciation)
Swap Counterparty	Payments Made By The Fund			Payments Received By The Fund	Termination Date		Notional Amount		Premium			Net Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		1.83	%	CPI Urban Consumers NSA		11/29/2016		USD 1,100,000	$	(245	)	$	(553	)
BNP Paribas SA		2.25	%	CPI Urban Consumers NSA		07/15/2017		USD 5,100,000		6,020			(134,049	)
BNP Paribas SA		2.50	%	CPI Urban Consumers NSA		07/15/2022		USD 3,700,000		53,930			(132,753	)
Deutsche Bank AG		1.73	%	CPI Urban Consumers NSA		12/19/2015		USD 900,000		45			105
Deutsche Bank AG		1.86	%	CPI Urban Consumers NSA		11/05/2016		USD 2,000,000		—			(4,167	)
Deutsche Bank AG		1.83	%	CPI Urban Consumers NSA		11/29/2016		USD 2,400,000		(706	)		479
Deutsche Bank AG		1.85	%	CPI Urban Consumers NSA		11/29/2016		USD 3,600,000		—			(2,541	)
Deutsche Bank AG		2.17	%	CPI Urban Consumers NSA		11/01/2018		USD 1,300,000		—			(7,637	)
Deutsche Bank AG		2.50	%	CPI Urban Consumers NSA		07/15/2022		USD 500,000		3,650			(14,302	)
Goldman Sachs Bank USA		1.73	%	CPI Urban Consumers NSA		04/15/2016		USD 7,900,000		(14,005	)		(9,444	)
Goldman Sachs Bank USA		2.21	%	CPI Urban Consumers NSA		10/11/2018		USD 5,200,000		—			(40,795	)
Royal Bank of Scotland plc		1.94	%	CPI Urban Consumers NSA		10/23/2016		USD 1,100,000		(3,245	)		(1,626	)
Royal Bank of Scotland plc		1.93	%	CPI Urban Consumers NSA		10/31/2016		USD 5,300,000		—			(22,610	)
Royal Bank of Scotland plc		2.25	%	CPI Urban Consumers NSA		07/15/2017		USD 4,200,000		2,313			(107,748	)

										$47,757		$	(477,641	)

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 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.

181

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Funds may also purchase put and call swaptions. Purchasing put or call swaptions tends to increase the fund’s potential opportunity to benefit from favorable market value changes in the underlying swap without obligating the fund to participate in unfavorable market changes that may occur. The fund pays a premium that is included on the fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the swaption. Premiums paid for purchasing swaptions 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 year ended December 31, 2013, the Inflation Protected Securities Fund participated in interest rate swaptions.

Written swaption activity for the year ended December 31, 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		47,800,000			157,703			106,300,000			523,299			154,100,000			681,002
Closed		(51,000,000	)		(206,946	)		(75,500,000	)		(554,806	)		(126,500,000	)		(761,752	)
Expired		(3,900,000	)		(7,815	)		(3,900,000	)		(19,283	)		(7,800,000	)		(27,098	)

Ending balance as of 12/31/2013	$	14,200,000		$	85, 003		$	48,500,000		$	167,890		$	62,700,000		$	252,893

As of December 31, 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	Goldman Sachs	Put—Interest Rate Swaption	$	36,000,000		2.00%		3/31/2014	$	(27,876	)
OTC	Royal Bank of Scotland plc	Call—Interest Rate Swaption		12,600,000		2.50%		1/27/2014		80,857
OTC	Royal Bank of Scotland plc	Put—Interest Rate Swaption		11,800,000		3.50%		1/27/2014		122,195
OTC	Royal Bank of Scotland plc	Call—Interest Rate Swaption		900,000		2.50%		3/03/2014		3,073
OTC	Goldman Sachs	Put—Interest Rate Swaption		700,000		1.90%		3/17/2014		(2,336	)
OTC	Goldman Sachs	Call—Interest Rate Swaption		700,000		1.30%		3/17/2014		809

									$	176,722

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 December 31, 2013. Note that the risk exposure listed below is 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).

182

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NOTES TO FINANCIAL STATEMENTS — (Continued)


	Asset Derivatives				Liability Derivatives
Risk Exposure	Statement of Assets and Liabilities Location	Value			Statement of Assets and Liabilities Location	Value
*Low Duration Bond Fund*
Interest rate	Receivable for variation margin on futures contracts	$	124,010	*	Payable for variation margin on futures contracts	$	20,489	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		51,849		Unrealized depreciation on forward foreign currency exchange contracts		107,505

Total		$	175,859			$	127,994
		��
*Inflation Protected Securities Fund*
Interest rate	Swap agreements, at value and receivable for variation margin on futures contracts	$	854,663	*	Swap agreements, at value, payable for variation margin on futures contracts and written options, at value	$	813,103	*

Total		$	854,663			$	813,103

*Discovery Fund*
Interest rate	Receivable for variation margin on futures contracts	$	57,368	*	Payable for variation margin on futures contracts	$	18,440	*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		3,988		Unrealized depreciation on forward foreign currency exchange contracts		1,719
Stock market	Receivable for variation margin on futures contracts		3,443,039	*	Payable for variation margin on futures contracts		—

Total		$	3,504,395			$	20,159

*International Fund*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	—		Unrealized depreciation on forward foreign currency exchange contracts	$	21,599

Total		$	—			$	21,599

*Diversifying Strategies Fund*
Interest rate	Investments in Securities, at value—purchased options and receivable for variation margin on futures contracts	$	1,456,789	*	Payable for variation margin for options on Euro-Bund futures contracts and payable for variation margin on futures contracts	$	255,852	*^
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts		594,023		Unrealized depreciation on forward foreign currency exchange contracts		384,139
Stock market	Investments in Securities, at value—purchased options and receivable for variation margin on futures contracts		2,996,913	*	Payable for variation margin on futures contracts and written options, at value		1,902,773	*

Total		$	5,047,725			$	2,542,764

183

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NOTES TO FINANCIAL STATEMENTS — (Continued)


	Asset Derivatives				Liability Derivatives
Risk Exposure	Statement of Assets and Liabilities Location	Value			Statement of Assets and Liabilities Location	Value
*500 Stock Index Fund*
Stock market	Receivable for variation margin on futures contracts	$	408,405	*	Payable for variation margin on futures contracts	$	—

Total		$	408,405			$	—

*Broad Market Index Fund*
Stock market	Receivable for variation margin on futures contracts	$	368,885	*	Payable for variation margin on futures contracts	$	—

Total		$	368,885			$	—

*Mid/Small Company Index Fund*
Stock market	Receivable for variation margin on futures contracts	$	473,180	*	Payable for variation margin on futures contracts	$	—

Total		$	473,180			$	—

*Overseas Equity Index Fund*
Foreign currency	Unrealized appreciation on forward foreign currency exchange contracts	$	33,143		Unrealized depreciation on forward foreign currency exchange contracts	$	43,329
Stock market	Receivable for variation margin on futures contracts		67,372	*	Payable for variation margin on futures contracts		—

Total		$	100,515			$	43,329

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 year ended December 31, 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	$	—	$	(212,510	)	$	—		$	—	$	(212,510	)
Foreign currency		—		—			(623,842	)		—		(623,842	)

Total	$	—	$	(212,510	)	$	(623,842	)	$	—	$	(836,352	)

184

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	17,440		$	—		$	—		$	17,440
Foreign currency		—			—			(53,106	)		—			(53,106	)

Total	$	—		$	17,440		$	(53,106	)	$	—		$	(35,666	)


*Inflation Protected Securities Fund²*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	464,109	**	$	1,593,792		$	—		$	(41,309	)	$	2,016,592


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	247,924	**	$	(79,189	)	$	—		$	(773,933	)	$	(605,198	)


*Discovery Fund³*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	(82,513	)	$	—		$	—		$	(82,513	)
Foreign currency		—			—			(41,003	)		—			(41,003	)
Stock market		—			36,490,131			—			—			36,490,131

Total	$	—		$	36,407,618		$	(41,003	)	$	—		$	36,366,615


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Interest rate	$	—		$	14,334		$	—		$	—		$	14,334
Foreign currency		—			—			2,826			—			2,826
Stock market		—			2,865,064			—			—			2,865,064

Total	$	—		$	2,879,398		$	2,826		$	—		$	2,882,224


*International Fund⁴*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Foreign currency	$	—		$	—		$	1,643,433		$	—		$	1,643,433


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements			Total
Foreign currency	$	—		$	—		$	78,953		$	—		$	78,953

185

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NOTES TO FINANCIAL STATEMENTS — (Continued)


*Diversifying Strategies Fund⁵*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	(347,567	)**	$	(64,099	)	$	—		$	—	$	(411,666	)
Foreign currency		—			—			(2,912,165	)		—		(2,912,165	)
Stock market		(1,401,756	)**		2,150,597			—			—		748,841

Total	$	(1,749,323	)**	$	2,086,498		$	(2,912,165	)	$	—	$	(2,574,990	)


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Interest rate	$	(93,500	)**	$	1,032,253		$	—		$	—	$	938,753
Foreign currency		—			—			623,123			—		623,123
Stock market		(449,775	)**		2,106,323			—			—		1,656,548

Total	$	(543,275	)**	$	3,138,576		$	623,123		$	—	$	3,218,424


*500 Stock Index Fund⁶*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	2,768,560		$	—		$	—	$	2,768,560


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	420,449		$	—		$	—	$	420,449


*Broad Market Index Fund⁷*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	2,221,772		$	—		$	—	$	2,221,772


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	351,567		$	—		$	—	$	351,567


*Mid/Small Company Index Fund⁸*
Realized Gain (Loss)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	2,218,485		$	—		$	—	$	2,218,485


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options			Futures			Forward Currency Contracts			Swap Agreements		Total
Stock market	$	—		$	435,753		$	—		$	—	$	435,753

186

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)


*Overseas Equity Index Fund⁹*
Realized Gain (Loss)
Risk Exposure	Options		Futures		Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—	$	—	$	147,895		$	—	$	147,895
Stock market		—		596,797		—			—		596,797

Total	$	—	$	596,797	$	147,895		$	—	$	744,692


Change in Unrealized Appreciation (Depreciation)
Risk Exposure	Options		Futures		Forward Currency Contracts			Swap Agreements		Total
Foreign currency	$	—	$	—	$	(14,651	)	$	—	$	(14,651	)
Stock market		—		73,626		—			—		73,626

Total	$	—	$	73,626	$	(14,651	)	$	—	$	58,975

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

(1)

The Low Duration Bond Fund used futures to manage interest rate risk inherent in its fixed income securities 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 and to obtain or adjust investment exposure to foreign currencies.

(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 and 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 foreign currency contracts to manage currency risks inherent in the fund’s foreign equity securities. The fund used futures to obtain or adjust investment exposure to foreign equity securities, when it was believed that using futures would be more efficient or cost effective than trading in the securities directly.

187

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

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 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		Collateral Pledged(a)		Net Amount
Futures Contracts	$	124,010	$	(20,489	)	$	—	$	—	$	103,521
Forward Foreign Currency Contracts		51,849		(107,505	)		—		—		(55,656	)

Total derivatives subject to a master netting arrangement or similar arrangement		51,849		(107,505	)		—		—		(55,656	)
Total derivatives not subject to a master netting arrangement or similar arrangement		124,010		(20,489	)		—		—		103,521

Total derivatives	$	175,859	$	(127,994	)	$	—	$	—	$	47,865

(a)

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

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		Collateral Pledged(a)		Net Amount
Futures Contracts	$	207,001	$	(42,318	)	$	—	$	—	$	164,683
Written Options		—		(76,171	)		—		—		(76,171	)
Swap agreements		647,662		(694,614	)		—		46,952		—

Total derivatives subject to a master netting arrangement or similar arrangement		647,662		(770,785	)		—		46,952		(76,171	)
Total derivatives not subject to a master netting arrangement or similar arrangement		207,001		(42,318	)		—		—		164,683

Total derivatives	$	854,663	$	(813,103	)	$	—	$	46,952	$	88,512

(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 $380,048.

188

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)

Discovery


						Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Financial Instruments		Collateral Pledged(a)		Net Amount
Futures Contracts	$	3,500,407	$	(18,440	)	$	—	$	—	$	3,481,967
Forward Foreign Currency Contracts		3,988		(1,719	)		—		—		2,269

Total derivatives subject to a master netting arrangement or similar arrangement		3,988		(1,719	)		—		—		2,269
Total derivatives not subject to a master netting arrangement or similar arrangement		3,500,407		(18,440	)		—		—		3,481,967

Total derivatives	$	3,504,395	$	(20,159	)	$	—	$	—	$	3,484,236

(a)

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

International


						Gross Amounts Not Offset in the Statement of Assets & Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Financial Instruments		Collateral Pledged(a)		Net Amount
Forward Foreign Currency Contracts	$	—	$	(21,599	)	$	—	$	—	$	(21,599	)

Total derivatives subject to a master netting arrangement or similar arrangement		—		(21,599	)		—		—		(21,599	)

Total derivatives	$	—	$	(21,599	)	$	—	$	—	$	(21,599	)

(a)

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

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		Collateral Pledged(a)		Net Amount
Futures Contracts	$	4,328,204	$	(1,720,841	)	$	—	$	—	$	2,607,363
Forward Foreign Currency Contracts		594,023		(384,139	)		—		—		209,884
Written Options		—		(424,561	)		—		130,000		(294,561	)
Purchased Option on Euro-Bund Future		—		(13,223	)		—		—		(13,223	)

Total derivatives subject to a master netting arrangement or similar arrangement		594,023		(821,923	)		—		130,000		(97,900	)
Total derivatives not subject to a master netting arrangement or similar arrangement		4,328,204		(1,720,841	)		—		—		2,607,363

Total derivatives	$	4,922,227	$	(2,542,764	)	$	—	$	130,000	$	2,509,463

(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 $230,000.

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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		Collateral Pledged(a)		Net Amount
Futures Contracts	$	408,405	$	—	$	—	$	—	$	408,405

Total derivatives not subject to a master netting arrangement or similar arrangement		408,405		—		—		—		408,405

Total derivatives	$	408,405	$	—	$	—	$	—	$	408,405

(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		Collateral Pledged(a)		Net Amount
Futures Contracts	$	368,885	$	—	$	—	$	—	$	368,885

Total derivatives not subject to a master netting arrangement or similar arrangement		368,885		—		—		—		368,885

Total derivatives	$	368,885	$	—	$	—	$	—	$	368,885

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

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		Collateral Pledged(a)		Net Amount
Futures Contracts	$	473,180	$	—	$	—	$	—	$	473,180

Total derivatives not subject to a master netting arrangement or similar arrangement		473,180		—		—		—		473,180

Total derivatives	$	473,180	$	—	$	—	$	—	$	473,180

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

190

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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		Collateral Pledged(a)		Net Amount
Futures Contracts	$	67,372	$	—		$	—	$	—	$	67,372
Forward Foreign Currency Contracts		33,143		(43,329	)		—		—		(10,186	)

Total derivatives subject to a master netting arrangement or similar arrangement		33,143		(43,329	)		—		—		(10,186	)
Total derivatives not subject to a master netting arrangement or similar arrangement		67,372		—			—		—		67,372

Total derivatives	$	100,515	$	(43,329	)	$	—	$	—	$	57,186

(a)

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

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 $20,142,677 in the aggregate for the year ended December 31, 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 Shares of the Actively Managed Funds, 0.10% of the average daily net assets for the T Shares 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 Shares of the Model Portfolio and Milestone Funds. VTA has contractually agreed to waive 0.05% of its 0.10% fee on 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 $22,696,465 in the aggregate for the year ended December 31, 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 year ended December 31, 2013 are presented in the “Additional Information” section of these Notes. The Subadvisers’ fees during the year ended December 31, 2013 are shown here as an annual percentage of average net assets under management, except the subadvisory fees for Mellon

191

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NOTES TO FINANCIAL STATEMENTS — (Continued)

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	%
	Schroder Investment Management North America Inc. (1)		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.		0.30	%
	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. (2)		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	%

Diversifying Strategies	Calamos Advisors LLC		0.53	%
	Mellon Capital Management Corporation (3)		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 (4)		0.01	%

500 Stock Index	Mellon Capital Management Corporation (4)		0.01	%

Broad Market Index	Mellon Capital Management Corporation (4)		0.01	%

Mid/Small Company Index	Mellon Capital Management Corporation (4)		0.02	%

Overseas Equity Index	Mellon Capital Management Corporation (4)		0.04	%

(1)

Effective October 11, 2013, STW Fixed Income Management, LLC (“STW”) was integrated into the operations of Schroeder Investment Management North American Inc. (“SIMNA”). On that date, SIMNA replaced STW as subadviser to the Low Duration Bond Fund.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

(2)

Effective August 1, 2013, the fee schedule charged by Victory Capital Management, Inc. (“Victory”) to the Growth Fund was amended and the percentage shown above represents a blended rate of the previous fee schedule and the new fee schedule

(3)

Mellon Capital Management Corporation has contractually agreed to reduce its subadvisory fee through February 4, 2015.

(4)

Effective January 18, 2013, the fee schedule charged by Mellon Capital Management Corporation for each Index Fund was 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 year ended December 31, 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 waive fees or reimburse expenses (other than the extraordinary expenses) of the Milestone 2045 Fund to limit the fund’s total annual operating expenses to 0.85% for the TM Shares and 1.10% for the Investor M Shares. For the year ended December 31, 2013, no waiver or reimbursement was required.

From September 10, 2012 through April 30, 2014 VIA contractually agreed to waive fees or reimburse expenses (other than the extraordinary expenses) of the Milestone 2050 Fund to limit the fund’s total annual operating expenses to 0.85% for the TM Shares and 1.10% for the Investor M Shares. For the year ended December 31, 2013, the waiver or reimbursement was $56,992.

For the Index Funds, VTA has contractually agreed to waive a portion of its fees (0.05% of daily net assets) of the T Shares beginning March 1, 2013 through April 30, 2014. For the year ended December 31, 2013 the amount of this waiver for the Core Bond Index Fund was $509,031, 500 Stock Index Fund was $232,243, Broad Market Index Fund $258,012, Mid/Small Company Index Fund was $244,980, and Overseas Equity Index Fund $104,410.

T. Rowe Price Associates, Inc. (“T. Rowe Price”) voluntarily waives a portion of its aggregate subadvisory fees for the Growth & Income and Equity Income Funds. These voluntary fee waivers were first implemented on May 1, 2003. The fee for each fund managed by T. Rowe Price is voluntarily reduced by the following percentages, which are determined based on the total amount of assets managed by T. Rowe Price for the Company: a 2.5% waiver on the first $500 million in total assets provided the total amount of assets managed by T. Rowe Price is between $250 and $500 million and a 5% waiver on total assets above $500 million. For the year ended December 31, 2013, the fee waiver for the Growth & Income Fund totaled $56,674 and the fee waiver for the Equity Income Fund totaled $93,010.

Mellon Capital Management Corporation has agreed to reduce its subadvisory fee through February 4, 2015 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 $635,701 for the year ended December 31, 2013.

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NOTES TO FINANCIAL STATEMENTS — (Continued)

Investment Portfolio Transactions

Purchases and sales of investments, exclusive of short-term securities, for each fund for the year ended December 31, 2013 were as follows:


	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Low Duration Bond	$	112,798,568	$	77,973,798	$	268,668,214	$	280,947,413
Inflation Protected Securities		61,013,334		66,940,551		283,393,581		267,043,150
Equity Income		—		—		370,056,534		563,196,873
Growth & Income		—		—		34,508,623		39,786,957
Growth		—		—		1,077,461,104		1,238,895,644
Select Value		—		—		305,377,911		315,234,306
Aggressive Opportunities		—		—		544,964,766		684,666,133
Discovery		64,548,754		37,714,464		141,045,912		141,913,570
International		—		—		658,398,220		736,302,764
Diversifying Strategies		163,644,679		85,208,034		589,680,302		569,138,927
Core Bond Index		356,893,545		335,183,915		1,277,158,163		1,198,504,116
500 Stock Index		—		—		102,648,476		42,385,916
Broad Market Index		—		—		103,023,116		55,257,441
Mid/Small Company Index		—		—		255,755,177		215,634,912
Overseas Equity Index		—		—		52,164,802		28,206,595
Model Portfolio Conservative Growth		—		—		77,255,817		68,173,060
Model Portfolio Traditional Growth		—		—		154,755,466		141,994,522
Model Portfolio Long-Term Growth		—		—		222,218,187		204,631,317
Model Portfolio All-Equity Growth		—		—		124,691,866		64,732,684
Milestone Retirement Income		—		—		107,890,883		30,452,398
Milestone 2010		—		—		77,713,742		41,016,440
Milestone 2015		—		—		132,148,792		56,107,007
Milestone 2020		—		—		165,886,036		50,804,986
Milestone 2025		—		—		134,197,636		37,981,445
Milestone 2030		—		—		109,393,805		30,727,048
Milestone 2035		—		—		79,088,968		20,419,823
Milestone 2040		—		—		73,062,083		19,911,885
Milestone 2045		—		—		37,632,134		6,869,786
Milestone 2050		—		—		16,573,685		3,086,293

Tax Basis Unrealized Appreciation (Depreciation)

As of December 31, 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	$	609,431,885	$	6,421,945	$	1,645,180	$	4,776,765
Inflation Protected Securities		597,633,110		5,026,663		20,255,928		(15,229,265	)
Equity Income		1,825,258,350		703,012,416		36,222,525		666,789,891
Growth & Income		1,253,010,565		518,165,946		10,123,721		508,042,225
Growth		1,679,714,591		654,327,521		3,269,835		651,057,686
Select Value		391,012,492		108,586,182		5,394,160		103,192,022
Aggressive Opportunities		955,591,978		323,259,086		8,849,568		314,409,518
Discovery		266,446,202		34,960,976		3,068,319		31,892,657
International		1,227,857,519		273,686,288		42,352,806		231,333,482
Diversifying Strategies		1,064,936,405		38,897,624		5,789,367		33,108,257

194

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NOTES TO FINANCIAL STATEMENTS — (Continued)


Fund	Federal Income Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Tax Basis Net Unrealized Appreciation/ (Depreciation)
Core Bond Index	$	1,388,361,036	$	29,406,777	$	29,205,588	$	201,189
500 Stock Index		389,797,817		281,935,256		7,595,889		274,339,367
Broad Market Index		450,915,673		366,242,406		24,347,398		341,895,008
Mid/Small Company Index		559,156,580		227,899,525		22,232,669		205,666,856
Overseas Equity Index		262,337,327		58,461,173		23,421,340		35,039,833
Model Portfolio Conservative Growth		588,131,188		77,864,978		4,467,323		73,397,655
Model Portfolio Traditional Growth		1,447,548,851		247,403,247		4,670,342		242,732,905
Model Portfolio Long-Term Growth		1,833,539,691		383,705,483		4,858,228		378,847,255
Model Portfolio All-Equity Growth		738,706,204		188,831,360		1,351,698		187,479,662
Milestone Retirement Income		314,658,156		14,573,029		5,571,200		9,001,829
Milestone 2010		269,062,691		25,440,289		4,393,776		21,046,513
Milestone 2015		500,319,637		63,928,584		8,025,205		55,903,379
Milestone 2020		568,867,986		86,198,033		5,955,184		80,242,849
Milestone 2025		461,431,319		82,323,698		2,702,837		79,620,861
Milestone 2030		365,866,093		75,333,327		1,867,487		73,465,840
Milestone 2035		248,676,618		55,651,825		1,061,150		54,590,675
Milestone 2040		236,109,430		59,521,773		852,282		58,669,491
Milestone 2045		83,743,232		14,689,183		240,670		14,448,513
Milestone 2050		20,661,282		1,713,127		33,259		1,679,868

Portfolio Securities Loaned

Certain funds lend securities to approved borrowers to seek to earn additional income. As of December 31, 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.

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.

195

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NOTES TO FINANCIAL STATEMENTS — (Continued)

The market value of the securities on loan and the value of the related collateral as of December 31, 2013, were as follows:


Fund	Securities on Loan		Collateral		Collateralization
Low Duration Bond	$	10,121,348	$	10,332,748		102	%
Equity Income		4,674,325		4,737,432		101	%
Growth & Income		24,623,622		25,057,093		102	%
Select Value		16,907,739		17,144,545		101	%
Aggressive Opportunities		23,976,158		24,403,679		102	%
Discovery		17,958,030		18,578,865		103	%
International		22,232,808		23,247,526		105	%
Core Bond Index		8,827,990		9,023,177		102	%
500 Stock Index		3,085,663		3,179,674		103	%
Broad Market Index		13,005,266		13,336,357		103	%
Mid/Small Company Index		43,990,337		45,190,289		103	%
Overseas Equity Index		3,532,862		3,724,169		105	%

Transactions with Affiliated Funds

As of December 31, 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 Vantagepoint Funds owned by the Model Portfolio and Milestone Funds on December 31, 2013:


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		20.45	%		21.12	%		0.00	%		0.00	%		16.53	%
Inflation Protected Securities		10.98	%		10.60	%		0.00	%		0.00	%		8.26	%
Equity Income		2.99	%		8.37	%		11.72	%		6.67	%		1.32	%
Growth and Income		3.55	%		12.17	%		17.03	%		9.09	%		1.90	%
Growth		1.77	%		7.66	%		11.30	%		6.78	%		0.00	%
Select Value		4.27	%		20.07	%		40.09	%		18.38	%		0.00	%
Aggressive Opportunities		1.66	%		7.85	%		15.67	%		7.13	%		0.00	%
Discovery		0.00	%		19.33	%		37.37	%		30.33	%		0.00	%
International		3.27	%		13.06	%		21.57	%		10.90	%		0.92	%
Diversifying Strategies		11.42	%		22.45	%		23.17	%		0.00	%		5.92	%
Core Bond Index		6.06	%		16.15	%		20.75	%		0.00	%		2.26	%

Vantagepoint Fund	Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025			Milestone 2030
Low Duration Bond		8.18	%		11.28	%		8.92	%		3.99	%		1.24	%
Inflation Protected Securities		7.36	%		11.23	%		4.96	%		0.00	%		0.00	%
Equity Income		2.01	%		4.31	%		5.27	%		4.87	%		4.20	%
Growth and Income		1.87	%		3.60	%		4.27	%		3.88	%		3.49	%
Growth		0.80	%		1.82	%		2.22	%		2.08	%		1.89	%
International		1.57	%		3.43	%		4.46	%		4.38	%		4.07	%
Diversifying Strategies		4.81	%		8.56	%		9.26	%		6.84	%		4.56	%
Core Bond Index		1.48	%		3.49	%		6.25	%		5.90	%	��	3.74	%
Mid/Small Index		0.00	%		2.13	%		7.03	%		7.76	%		7.97	%

Vantagepoint Fund	Milestone 2035			Milestone 2040			Milestone 2045			Milestone 2050
Low Duration Bond		0.33	%		0.00	%		0.00	%		0.00	%
Equity Income		3.06	%		3.14	%		1.08	%		0.24	%
Growth and Income		2.57	%		2.63	%		0.90	%		0.21	%

196

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)



Vantagepoint Fund	Milestone 2035			Milestone 2040			Milestone 2045			Milestone 2050
Growth		1.46	%		1.55	%		0.53	%		0.12	%
International		2.97	%		3.16	%		1.09	%		0.25	%
Diversifying Strategies		2.19	%		0.80	%		0.00	%		0.00	%
Core Bond Index		1.61	%		1.14	%		0.38	%		0.09	%
Mid/Small Index		6.97	%		7.96	%		2.71	%		0.62	%

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 Company’s Adviser (“Adviser”), the 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 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 December 31, 2013:


Fund	% owned by VantageTrust
Low Duration Bond		76.45	%
Inflation Protected Securities		80.85	%
Equity Income		90.02	%
Growth & Income		86.65	%
Growth		94.61	%
Select Value		93.00	%
Aggressive Opportunities		95.40	%
Discovery		93.79	%
International Fund		87.75	%
Diversifying Strategies		87.11	%
Core Bond Index		88.21	%
500 Stock Index		94.81	%
Broad Market Index		83.66	%
Mid/Small Company Index		87.41	%
Overseas Equity Index		95.06	%
Model Portfolio Conservative Growth		84.45	%
Model Portfolio Traditional Growth		92.64	%
Model Portfolio Long-Term Growth		95.10	%
Model Portfolio All-Equity Growth		94.69	%
Milestone Retirement Income		73.41	%
Milestone 2010		75.24	%
Milestone 2015		80.89	%
Milestone 2020		84.43	%
Milestone 2025		83.96	%
Milestone 2030		82.17	%
Milestone 2035		80.67	%
Milestone 2040		81.69	%
Milestone 2045		75.15	%
Milestone 2050		69.27	%

197

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (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 December 31, 2013:


Name	Address	Fund and Class	Percentage Owned
VantageTrust	777 N. Capitol Street, NE Washington, DC 20002	Low Duration Bond Fund—T Shares		83.03	%
	777 N. Capitol Street, NE Washington, DC 20002	Inflation Protected Securities Fund—T Shares		85.00	%
		Equity Income Fund—T Shares		92.27	%
		Growth & Income Fund—T Shares		88.69	%
		Growth Fund—T Shares		95.90	%
		Select Value Fund—T Shares		94.82	%
		Aggressive Opportunities Fund—T Shares		97.96	%
		Discovery Fund—T Shares		95.07	%
		International Fund—T Shares		88.77	%
		Diversifying Strategies Fund—T Shares		87.11	%
		Core Bond Index Fund—T Shares		91.68	%
		500 Stock Index Fund—T Shares		100.00	%
		Broad Market Index Fund—T Shares		89.76	%
		Mid/Small Company Index Fund—T Shares		91.77	%
		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	%

State College Borough General Employees Pension Plan	243 South Allen Street State College, PA 16801	International Fund—Investor Shares		7.71	%
		Growth Fund—Investor Shares		12.20	%
		Growth & Income Fund—Investor Shares		9.52	%
		Equity Income Fund—Investor Shares		6.27	%
		Broad Market Index Fund—Class II		15.96	%
		Core Bond Index Fund—Class II		38.27	%

State College Borough Police Pension Plan	243 South Allen Street State College, PA 16801	International Fund—Investor Shares		8.72	%
		Growth Fund—Investor Shares		13.81	%
		Growth & Income Fund—Investor Shares		10.77	%
		Equity Income Fund—Investor Shares		7.10	%
		Broad Market Index Fund—Class II		18.06	%
		Core Bond Index Fund—Class II		43.33	%

198

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (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		9.53	%

Prudential Retirement & Annuity	One Commercial Plaza 280 Trumbull Street Hartford, CT 06103-3599	Broad Market Index Fund—T Shares		10.24	%
		Inflation Protected Securities Fund—T Shares		5.09	%


New York Life Trust Company	169 Lackawanna Ave Parsippany, NJ 07054- 1007	Aggressive Opportunities Fund—Investor Shares		9.01	%
		International Fund—Investor Shares		9.96	%
		Growth & Income Fund—Investor Shares		6.49	%
		Equity Income Fund—Investor Shares		6.77	%
		Broad Market Index Fund—Class I		12.11	%
		Inflation Protected Securities Fund—Investor Shares		8.28	%
		Discovery Fund—Investor Shares		17.63	%
		Select Value Fund—Investor Shares		16.66	%
		Model Portfolio All-Equity Growth Fund—Investor M Shares		5.02	%

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 2040 Fund—Investor M Shares Milestone 2045 Fund—Investor M Shares Mid/Small Company Index Fund—Class II 500 Stock Index Fund—Class II Overseas Equity Index Fund—Class II		7.38 10.44 12.00 15.58 21.68 12.74 14.55 10.40	% % % % % % % %

County of Orange	333 NW. Santa Anna Blvd. 2^nd Floor Santa Ana, CA 92701	Select Value Fund—Investor Shares Aggressive Opportunities Fund Investor Shares Overseas Equity Index Fund—Class II Mid/Small Company Index Fund—Class II 500 Stock Index Fund—Class II Milestone 2020 Fund—Investor M Shares Milestone 2025 Fund—Investor M Shares Milestone 2030 Fund—Investor M Shares Milestone 2040 Fund—Investor M Shares		6.33 5.02 15.55 39.18 52.19 5.14 6.20 6.01 13.65	% % % % % % % % %

Orange County Library District	101 East Central Blvd. Orlando, FL 32801	Low Duration Bond Fund—Investor Class Overseas Equity Index Fund—Class II Mid/Small Company Index Fund—Class II Broad Market Index Fund—Class II		5.42 6.59 27.68 27.45	% % % %

City of St. Charles	200 North Second Street St. Charles, MO 63301	Core Bond Index Fund—Class II		7.28	%

City of San Ramon	2226 Camino Ramon San Ramon, CA 94582	Model Portfolio Conservative Growth Fund—Investor M Shares		7.42	%
		Model Portfolio Long-Term Growth Fund—Investor M Shares		8.17	%

City of San Pablo	1 Alvarado Square San Pablo, CA 94086	Model Portfolio Long-Term Growth Fund—Investor M Shares		6.35	%

Delta Charter Township	7710 W. Saginaw Hwy Lansing, MI 48917	Model Portfolio Conservative Growth Fund—Investor M Shares		7.95	%

199

THE VANTAGEPOINT FUNDS

NOTES TO FINANCIAL STATEMENTS — (Continued)


Name	Address	Fund and Class	Percentage Owned

City of Port St.Lucie	121 S.W. Port St. Lucie Blvd. Port St. Lucie, FL 34984	Low Duration Bond Fund—Investor Class Broad Market Index Fund—Class II		6.04 29.88	% %

City of Glendale— Management	141 North Glendale Suite 346 Glendale, CA 91206	500 Stock Index Fund—Class II		16.09	%

City of Glendale— Fire	141 North Glendale Suite 346 Glendale, CA 91206	500 Stock Index Fund—Class II		11.06	%

Town of Concord	P.O. Box 535 Concord, MA 01742	Milestone 2030 Fund—Investor M Shares		7.00	%

10.

Rebates of Brokerage Commissions

VIA has entered into agreements with brokers whereby the brokers will rebate a portion of the funds’ brokerage commissions on behalf of certain funds. Such amounts, under such agreements, are included in net realized gain (loss) on the sale of investments presented in the Statements of Operations. For the year ended December 31, 2013, the funds recaptured the following amounts of brokerage commissions:


Fund	Recaptured Brokerage Commissions
Equity Income	$	30,848
Growth & Income		34,021
Growth		222,371
Select Value		92,733
Aggressive Opportunities		100,952
Discovery		10,510
International		194,231
Diversifying Strategies		714

11.

Subsequent Events

Management has evaluated events or transactions that may have occurred since December 31, 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.

12.

Capital Stock Authorization

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

200

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—61.1%
Aerospace & Defense—0.2%
United Technologies Corp.
0.739%		06/01/2015	#	$	1,285,000	$	1,293,512

Auto Components—0.5%
Johnson Controls, Inc.
1.750%		03/01/2014			3,000,000		3,006,716

Automobiles—0.7%
Daimler Finance North America LLC
2.300%		01/09/2015	^		1,290,000		1,308,251
1.250%		01/11/2016	^		650,000		650,783
Jaguar Land Rover Automotive plc (United Kingdom)
4.125%		12/15/2018	^		600,000		606,750
Nissan Motor Acceptance Corp.
1.950%		09/12/2017	^		650,000		645,605
1.000%		03/15/2016	^		1,115,000		1,110,181

							4,321,570

Beverages—0.4%
Anheuser-Busch InBev Worldwide, Inc.
0.800%		07/15/2015			610,000		613,270
Heineken NV (Netherlands)
0.800%		10/01/2015	^		250,000		250,177
SABMiller Holdings, Inc.
2.450%		01/15/2017	^		720,000		737,808
1.850%		01/15/2015	^		590,000		597,225
0.932%		08/01/2018	#^		370,000		372,249

							2,570,729

Biotechnology—0.2%
Amgen, Inc.
1.875%		11/15/2014			860,000		869,770
Gilead Sciences, Inc.
2.400%		12/01/2014			370,000		376,182

							1,245,952

Building Products—0.1%
Masco Corp.
4.800%		06/15/2015			465,000		487,088

Capital Markets—1.9%
Bank of New York Mellon Corp. (The)
0.802%		08/01/2018	#		750,000		752,882
Bank of New York Mellon Corp. (The) MTN
1.200%		02/20/2015			300,000		302,383
E*TRADE Financial Corp.
6.000%		11/15/2017			525,000		560,438
Goldman Sachs Group, Inc. (The)
3.625%		02/07/2016			1,350,000		1,417,516
Goldman Sachs Group, Inc. (The) MTN
1.341%		11/15/2018	#		1,470,000		1,475,183
Hutchison Whampoa International 12 II Ltd. (Cayman Islands)
2.000%		11/08/2017	^		480,000		474,942
ING Bank NV (Netherlands)
3.750%		03/07/2017	^		1,200,000		1,264,813
Morgan Stanley
1.488%		02/25/2016	#		1,150,000		1,165,571
Morgan Stanley MTN
1.518%		04/25/2018	#		1,610,000		1,634,707
Nomura Holdings, Inc. MTN (Japan)
1.694%		09/13/2016	#		1,310,000		1,334,611



Coupon Rate	Maturity Date			Face		Value

TD Ameritrade Holding Corp.
4.150%	12/01/2014		$	1,140,000	$	1,177,270

						11,560,316

Chemicals—0.5%
Ashland, Inc.
3.000%	03/15/2016			900,000		922,500
Dow Chemical Co. (The)
2.500%	02/15/2016			690,000		711,848
Ecolab, Inc.
2.375%	12/08/2014			290,000		294,609
Grupo Idesa SA de CV (Mexico)
7.875%	12/18/2020	^		800,000		812,000

						2,740,957

Commercial Banks—10.3%
ABN AMRO Bank NV (Netherlands)
1.036%	10/28/2016	#^		730,000		731,314
ANZ New Zealand Int’l Ltd. (New Zealand)
1.125%	03/24/2016	^		710,000		709,023
Australia & New Zealand Banking Group Ltd. (Australia)
0.801%	05/15/2018	#		1,380,000		1,380,334
Banco Bradesco SA (Brazil)
2.338%	05/16/2014	#^		300,000		300,307
Banco Nacional de Costa Rica (Costa Rica)
4.875%	11/01/2018	^		600,000		589,500
Bancolombia SA (Colombia)
4.250%	01/12/2016	†		260,000		271,050
Bank of Montreal MTN (Canada)
0.843%	04/09/2018	#		680,000		684,144
0.800%	11/06/2015			1,020,000		1,025,999
Bank of Nova Scotia (Canada)
0.764%	07/15/2016	#		660,000		663,074
0.750%	10/09/2015			1,000,000		1,003,707
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan)
0.687%	02/26/2016	#^		1,250,000		1,251,794
Banque Federative du Credit Mutuel SA (France)
1.089%	10/28/2016	#^		1,500,000		1,505,619
Barclays Bank plc (United Kingdom)
3.900%	04/07/2015			2,590,000		2,696,571
BB&T Corp. MTN
1.600%	08/15/2017			420,000		416,615
BBVA Banco Continental SA (Peru)
2.250%	07/29/2016	^		600,000		600,000
BNP Paribas SA (France)
0.832%	12/12/2016	#		1,520,000		1,523,324
BNP Paribas SA MTN (France)
3.600%	02/23/2016			720,000		758,419
Canadian Imperial Bank of Commerce (Canada)
0.900%	10/01/2015			1,300,000		1,307,687
Capital One Bank USA NA, Bank Note
1.150%	11/21/2016			430,000		428,428
Capital One Financial Corp.
7.375%	05/23/2014			3,630,000		3,723,843
2.150%	03/23/2015			2,250,000		2,287,998
2.125%	07/15/2014			860,000		866,931
CIT Group, Inc.
4.750%	02/15/2015	^		700,000		727,125
Credit Agricole SA (France)
1.404%	04/15/2016	#^		1,080,000		1,094,045
1.096%	10/03/2016	#^†		1,090,000		1,093,693
Discover Bank
2.000%	02/21/2018			1,710,000		1,681,156
Fifth Third Bank/Ohio, Bank Note
1.150%	11/18/2016			900,000		900,011

See accompanying notes to financial statements

201

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
HSBC Bank plc (United Kingdom)
0.881%		05/15/2018	#^	$	1,340,000	$	1,344,344
Huntington National Bank (The)
1.350%		08/02/2016			300,000		300,079
Huntington National Bank (The), Bank Note
1.300%		11/20/2016			590,000		590,506
KeyBank NA, Bank Note
4.950%		09/15/2015			520,000		553,355
1.100%		11/25/2016			320,000		319,550
KeyCorp MTN
3.750%		08/13/2015			560,000		585,846
Lloyds Bank plc (United Kingdom)
2.300%		11/27/2018			320,000		319,538
Macquarie Bank Ltd. (Australia)
2.000%		08/15/2016	^		1,300,000		1,315,618
National Australia Bank Ltd. (Australia)
0.900%		01/20/2016	†		1,500,000		1,500,588
0.788%		07/25/2016	#		1,340,000		1,345,624
National Bank of Canada (Canada)
1.500%		06/26/2015			780,000		790,345
Nordea Bank AB (Sweden)
0.875%		05/13/2016	^		1,490,000		1,483,452
Oversea-Chinese Banking Corp. Ltd. (Singapore)
1.625%		03/13/2015	^		700,000		709,823
PNC Bank NA, Bank Note
1.150%		11/01/2016			400,000		400,760
Regions Financial Corp.
2.000%		05/15/2018			920,000		891,770
Royal Bank of Scotland Group plc (United Kingdom)
2.550%		09/18/2015			445,000		455,317
Royal Bank of Scotland plc (The) (United Kingdom)
4.375%		03/16/2016	†		274,000		292,565
3.950%		09/21/2015			4,990,000		5,228,796
Santander US Debt SAU (Spain)
3.781%		10/07/2015	^		900,000		927,797
Societe Generale SA (France)
1.327%		10/01/2018	#†		1,400,000		1,409,656
Standard Chartered plc (United Kingdom)
3.200%		05/12/2016	^		3,800,000		3,971,794
Sumitomo Mitsui Banking Corp. (Japan)
0.912%		07/19/2016	#		330,000		332,041
0.900%		01/18/2016			480,000		479,327
Svenska Handelsbanken AB (Sweden)
0.696%		03/21/2016	#		1,500,000		1,504,238
Toronto-Dominion Bank (The) MTN (Canada)
2.500%		07/14/2016			1,800,000		1,868,240
Wachovia Bank NA, Bank Note
4.800%		11/01/2014			1,385,000		1,436,724
Wells Fargo & Co.
0.869%		04/23/2018	#		250,000		251,646
Westpac Banking Corp. MTN (Australia)
0.950%		01/12/2016			1,460,000		1,463,232

							62,294,282

Computers & Peripherals—1.7%
Apple, Inc.
1.000%		05/03/2018			685,000		663,057
0.492%		05/03/2018	#		1,410,000		1,409,122
0.450%		05/03/2016			610,000		605,921



Coupon Rate	Maturity Date			Face		Value
Hewlett-Packard Co.
3.000%	09/15/2016		$	4,436,000	$	4,617,419
2.650%	06/01/2016			750,000		773,239
2.350%	03/15/2015			1,100,000		1,117,545
Seagate HDD Cayman (Cayman Islands)
3.750%	11/15/2018	^		780,000		790,725

						9,977,028

Construction & Engineering—0.6%
Heathrow Funding Ltd. (Jersey, Channel Islands)
2.500%	06/25/2015	^		3,500,000		3,547,509

Consumer Finance—5.5%
Ally Financial, Inc.
3.500%	07/18/2016			1,420,000		1,468,768
American Express Co.
0.828%	05/22/2018	#		1,410,000		1,410,540
American Express Credit Corp.
0.747%	07/29/2016	#		1,120,000		1,126,158
American Express Credit Corp. MTN
5.125%	08/25/2014			3,177,000		3,274,264
2.750%	09/15/2015			2,500,000		2,588,222
1.750%	06/12/2015			2,975,000		3,024,085
American Honda Finance Corp.
1.450%	02/27/2015	^		1,190,000		1,201,451
1.125%	10/07/2016			600,000		602,862
0.612%	05/26/2016	#^		200,000		200,579
Caterpillar Financial Services Corp.
0.700%	11/06/2015			1,270,000		1,272,116
Ford Motor Credit Co. LLC
3.875%	01/15/2015			1,280,000		1,321,110
1.489%	05/09/2016	#		690,000		700,528
General Motors Financial Co., Inc.
4.750%	08/15/2017	^		990,000		1,055,588
2.750%	05/15/2016	^		500,000		507,500
Harley-Davidson Financial Services, Inc.
1.150%	09/15/2015	^		420,000		421,562
HSBC Finance Corp.
0.669%	06/01/2016	#		5,347,000		5,341,605
HSBC USA, Inc.
2.375%	02/13/2015			595,000		607,286
1.128%	09/24/2018	#		900,000		902,285
International Lease Finance Corp.
4.875%	04/01/2015			690,000		716,738
2.193%	06/15/2016	#		1,295,000		1,307,950
John Deere Capital Corp.
1.050%	10/11/2016			560,000		561,994
John Deere Capital Corp. MTN
2.950%	03/09/2015			1,210,000		1,245,236
PACCAR Financial Corp. MTN
1.050%	06/05/2015			280,000		282,384
0.842%	12/06/2018	#		290,000		290,766
0.800%	02/08/2016			300,000		299,699
Volkswagen International Finance NV (Netherlands)
1.625%	03/22/2015	^		1,400,000		1,416,226

						33,147,502

Diversified Financial Services—8.6%
Bank of America Corp.
6.500%	08/01/2016			6,600,000		7,456,476
3.700%	09/01/2015			635,000		664,041
Bank of America Corp. MTN
1.316%	03/22/2018	#		1,480,000		1,501,194
1.250%	01/11/2016			790,000		793,951

See accompanying notes to financial statements

202

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Bank of America Corp., Series L MTN
5.650%		05/01/2018		$	1,650,000	$	1,879,972
Bank of America Corp., Series 1
3.750%		07/12/2016			520,000		553,156
Citigroup, Inc.
6.125%		11/21/2017			2,750,000		3,172,733
6.010%		01/15/2015			1,596,000		1,681,083
4.450%		01/10/2017			1,545,000		1,675,659
1.300%		04/01/2016			2,189,000		2,195,300
1.037%		04/01/2016	#		1,320,000		1,329,353
ERAC USA Finance LLC
2.250%		01/10/2014	^		550,000		550,225
1.400%		04/15/2016	^		230,000		230,311
GE Capital UK Funding MTN (Ireland)
0.674%		03/20/2017	#GBP		700,000		1,138,130
General Electric Capital Corp.
2.150%		01/09/2015			1,290,000		1,313,958
1.625%		07/02/2015			1,350,000		1,372,446
General Electric Capital Corp. MTN
0.894%		07/12/2016	#		9,027,000		9,096,002
General Electric Capital Corp., Series A
3.750%		11/14/2014			1,130,000		1,164,061
Hyundai Capital America
1.625%		10/02/2015	^		580,000		583,154
JPMorgan Chase & Co.
3.150%		07/05/2016			8,090,000		8,486,531
1.138%		01/25/2018	#		750,000		758,245
JPMorgan Chase & Co. MTN
1.875%		03/20/2015			1,230,000		1,247,002
NASDAQ OMX Group, Inc. (The)
4.000%		01/15/2015			1,040,000		1,067,464
RCI Banque SA (France)
2.116%		04/11/2014	#^		1,900,000		1,905,928

							51,816,375

Diversified Telecommunication Services—4.6%
AT&T, Inc.
0.900%		02/12/2016			7,869,000		7,833,094
0.875%		02/13/2015			620,000		621,480
British Telecommunications plc (United Kingdom)
1.625%		06/28/2016			320,000		323,016
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%		12/15/2017			370,000		366,821
Deutsche Telekom International Finance BV (Netherlands)
3.125%		04/11/2016	^		5,195,000		5,413,736
Verizon Communications, Inc.
3.650%		09/14/2018			4,881,000		5,172,435
1.993%		09/14/2018	#		4,134,000		4,351,775
1.773%		09/15/2016	#		280,000		288,654
1.250%		11/03/2014			1,680,000		1,690,139
0.700%		11/02/2015			580,000		578,645
Windstream Corp.
7.875%		11/01/2017			880,000		1,009,800

							27,649,595

Electric Utilities—1.6%
Enel Finance International NV (Netherlands)
3.875%		10/07/2014	^		6,034,000		6,166,006
Georgia Power Co.
0.563%		03/15/2016	#		1,394,000		1,394,856



Coupon Rate	Maturity Date			Face		Value
NextEra Energy Capital Holdings, Inc.
1.611%	06/01/2014		$	520,000	$	522,373
1.339%	09/01/2015			1,100,000		1,107,780
1.200%	06/01/2015			210,000		211,150

						9,402,165

Electrical Equipment—0.1%
Eaton Corp.
0.950%	11/02/2015			560,000		562,349

Energy Equipment & Services—0.3%
Nabors Industries, Inc.
2.350%	09/15/2016	^		1,200,000		1,212,881
National Oilwell Varco, Inc.
1.350%	12/01/2017			830,000		816,226

						2,029,107

Food & Staples Retailing—0.6%
CVS Caremark Corp.
1.200%	12/05/2016			290,000		290,502
Kroger Co. (The)
2.200%	01/15/2017			650,000		658,388
0.804%	10/17/2016	#		910,000		912,626
Tesco plc (United Kingdom)
2.000%	12/05/2014	^		1,300,000		1,316,674
Walgreen Co.
1.000%	03/13/2015			570,000		572,512
Woolworths Ltd. (Australia)
2.550%	09/22/2015	^		58,000		59,660

						3,810,362

Food Products—0.8%
ConAgra Foods, Inc.
1.350%	09/10/2015			200,000		201,473
1.300%	01/25/2016			300,000		300,672
Ingredion, Inc.
3.200%	11/01/2015			310,000		321,122
Kraft Foods Group, Inc.
1.625%	06/04/2015			440,000		445,745
Want Want China Finance Ltd. (Cayman Islands)
1.875%	05/14/2018	^		680,000		649,378
Wm. Wrigley Jr. Co.
3.700%	06/30/2014	^		2,190,000		2,223,947
2.000%	10/20/2017	^		200,000		199,626
1.400%	10/21/2016	^		200,000		200,440

						4,542,403

Health Care Equipment & Supplies—0.2%
Baxter International, Inc.
0.950%	06/01/2016			260,000		260,126
Covidien International Finance SA (Luxembourg)
1.350%	05/29/2015			350,000		352,690
Stryker Corp.
3.000%	01/15/2015			680,000		698,150

						1,310,966

Health Care Providers & Services—1.9%
Express Scripts Holding Co.
2.750%	11/21/2014			1,300,000		1,325,360
UnitedHealth Group, Inc.
1.400%	10/15/2017			270,000		266,835
0.850%	10/15/2015			1,358,000		1,364,039
Ventas Realty LP
1.550%	09/26/2016			481,000		484,737

See accompanying notes to financial statements

203

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
WellPoint, Inc.
5.000%		12/15/2014		$	2,000,000	$	2,086,186
2.375%		02/15/2017			5,430,000		5,500,862
1.250%		09/10/2015			550,000		554,054

							11,582,073

Hotels, Restaurants & Leisure—0.1%
Carnival Corp. (Panama)
1.875%		12/15/2017			280,000		278,453
Starbucks Corp.
0.875%		12/05/2016			530,000		527,042

							805,495

Household Durables—0.1%
Toll Brothers Finance Corp.
4.000%		12/31/2018			460,000		469,200

Independent Power Producers & Energy Traders—0.9%
Exelon Generation Co. LLC
5.350%		01/15/2014			5,345,000		5,354,567

Industrial Conglomerates—0.1%
Tyco Electronics Group SA (Luxembourg)
1.600%		02/03/2015			270,000		272,730

Insurance—3.4%
Aflac, Inc.
3.450%		08/15/2015	†		2,937,000		3,068,111
Allstate Corp. (The)
6.200%		05/16/2014			800,000		816,954
American International Group, Inc.
3.000%		03/20/2015			700,000		719,174
2.375%		08/24/2015			400,000		408,741
Berkshire Hathaway Finance Corp.
0.950%		08/15/2016			310,000		311,607
Hartford Financial Services Group, Inc.
4.000%		03/30/2015			510,000		529,997
Metropolitan Life Global Funding I
0.774%		07/15/2016	#^		4,000,000		4,024,680
Principal Life Global Funding II
1.000%		12/11/2015	^		660,000		661,660
Prudential Covered Trust, Series 2012-1
2.997%		09/30/2015	^		1,933,750		1,994,503
Prudential Financial, Inc.
1.021%		08/15/2018	#		600,000		602,582
Prudential Financial, Inc. MTN
6.100%		06/15/2017			2,500,000		2,848,000
3.875%		01/14/2015			1,951,000		2,017,389
Prudential Financial, Inc., Series C MTN
4.750%		06/13/2015			2,290,000		2,418,313

							20,421,711

Internet & Catalog Retail—0.2%
Amazon.com, Inc.
0.650%		11/27/2015			1,150,000		1,150,024

Internet Software & Services—0.1%
Baidu, Inc. (Cayman Islands)
2.250%		11/28/2017			500,000		497,800
IAC/InterActiveCorp
4.875%		11/30/2018	^		350,000		359,625

							857,425



Coupon Rate	Maturity Date			Face		Value
IT Services—0.3%
Computer Sciences Corp.
2.500%	09/15/2015		$	270,000	$	275,708
Fidelity National Information Services, Inc.
2.000%	04/15/2018			380,000		369,887
Total System Services, Inc.
2.375%	06/01/2018			1,320,000		1,285,540

						1,931,135

Life Sciences Tools & Services—0.3%
Life Technologies Corp.
3.500%	01/15/2016			1,300,000		1,354,815
Thermo Fisher Scientific, Inc.
1.300%	02/01/2017			400,000		398,561

						1,753,376

Machinery—0.2%
CNH Capital LLC
3.875%	11/01/2015			1,035,000		1,073,813

Marine—0.1%
Far East Capital Ltd. SA (Luxembourg)
8.000%	05/02/2018	^		600,000		538,500

Media—0.7%
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.750%	10/01/2014			560,000		576,768
3.125%	02/15/2016			500,000		520,379
DISH DBS Corp.
4.625%	07/15/2017			1,000,000		1,050,000
NBCUniversal Enterprise, Inc.
0.929%	04/15/2018	#^		500,000		502,357
Thomson Reuters Corp. (Canada)
1.300%	02/23/2017			400,000		398,541
Time Warner, Inc.
3.150%	07/15/2015			440,000		456,008
Viacom, Inc.
4.375%	09/15/2014			700,000		718,381

						4,222,434

Metals & Mining—4.8%
Anglo American Capital plc (United Kingdom)
2.625%	09/27/2017	^		2,150,000		2,161,176
ArcelorMittal (Luxembourg)
4.250%	08/05/2015			1,000,000		1,038,750
Barrick North America Finance LLC
6.800%	09/15/2018			4,056,000		4,666,988
BHP Billiton Finance USA Ltd. (Australia)
0.508%	02/18/2014	#		2,704,000		2,704,975
FMG Resources August 2006 Pty Ltd. (Australia)
6.000%	04/01/2017	^†		720,000		768,600
Freeport-McMoRan Copper & Gold, Inc.
2.150%	03/01/2017			270,000		271,967
1.400%	02/13/2015			300,000		301,757
Glencore Funding LLC
2.500%	01/15/2019	^		2,636,000		2,555,475
1.604%	01/15/2019	#^		1,230,000		1,207,961
Rio Tinto Finance USA Ltd. (Australia)
8.950%	05/01/2014			2,875,000		2,953,338
1.875%	11/02/2015			3,435,000		3,504,555
Rio Tinto Finance USA plc (United Kingdom)
1.125%	03/20/2015			700,000		704,107
Xstrata Finance Canada Ltd. (Canada)
2.700%	10/25/2017	^		5,735,000		5,805,328

						28,644,977

See accompanying notes to financial statements

204

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Multi-Utilities—0.4%
Sempra Energy
1.003%		03/15/2014	#	$	2,661,000	$	2,664,970

Oil, Gas & Consumable Fuels—2.9%
Boardwalk Pipelines LP
5.875%		11/15/2016			640,000		708,751
BP Capital Markets plc (United Kingdom)
0.749%		05/10/2018	#		240,000		240,059
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
1.125%		05/09/2016			620,000		618,073
ConocoPhillips
4.600%		01/15/2015			455,000		474,401
CONSOL Energy, Inc.
8.000%		04/01/2017			200,000		211,500
Devon Energy Corp.
1.200%		12/15/2016			660,000		660,200
Enterprise Products Operating LLC
1.250%		08/13/2015			280,000		281,973
Marathon Oil Corp.
0.900%		11/01/2015			630,000		630,810
Murphy Oil Corp.
2.500%		12/01/2017			430,000		433,016
Petrohawk Energy Corp.
7.875%		06/01/2015			1,000,000		1,026,500
Phillips 66
2.950%		05/01/2017			270,000		281,128
1.950%		03/05/2015			270,000		273,841
Plains Exploration & Production Co.
6.500%		11/15/2020			615,000		679,494
Rockies Express Pipeline LLC
3.900%		04/15/2015	^		680,000		681,700
Sabine Pass LNG LP
7.500%		11/30/2016			1,010,000		1,146,350
Sinopec Capital 2013 Ltd. (Virgin Islands, British)
1.250%		04/24/2016	^		630,000		627,912
Statoil ASA (Norway)
0.699%		11/08/2018	#		800,000		804,771
0.531%		05/15/2018	#		2,285,000		2,287,555
Tesoro Corp.
4.250%		10/01/2017			700,000		733,250
Total Capital International SA (France)
0.809%		08/10/2018	#		780,000		785,142
TransCanada PipeLines Ltd. (Canada)
3.400%		06/01/2015			550,000		571,615
0.927%		06/30/2016	#		1,960,000		1,979,637
WPX Energy, Inc.
5.250%		01/15/2017			990,000		1,061,775

							17,199,453

Pharmaceuticals—1.4%
AbbVie, Inc.
1.750%		11/06/2017			1,450,000		1,448,856
0.998%		11/06/2015	#		4,100,000		4,144,054
Merck & Co., Inc.
0.598%		05/18/2018	#		1,120,000		1,124,150
Mylan, Inc.
1.800%		06/24/2016	^		200,000		204,015
1.350%		11/29/2016			340,000		339,618
Perrigo Co. plc (Ireland)
1.300%		11/08/2016	^		700,000		698,060



Coupon Rate	Maturity Date			Face		Value
Salix Pharmaceuticals Ltd.
6.000%	01/15/2021	^	$	200,000	$	205,500
Valeant Pharmaceuticals International
6.500%	07/15/2016	^		365,000		376,862

						8,541,115

Professional Services—0.0%
Equifax, Inc.
4.450%	12/01/2014			240,000		247,576

Real Estate Investment Trusts (REITs)—0.7%
Digital Realty Trust LP
4.500%	07/15/2015	†		1,110,000		1,154,948
HCP, Inc.
2.700%	02/01/2014			1,410,000		1,412,333
Health Care REIT, Inc.
3.625%	03/15/2016			440,000		461,233
Simon Property Group LP
4.200%	02/01/2015			210,000		216,218
Vornado Realty LP
4.250%	04/01/2015			1,080,000		1,114,004

						4,358,736

Road & Rail—0.7%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%	11/15/2017	†		760,000		801,800
JB Hunt Transport Services, Inc.
3.375%	09/15/2015			850,000		880,879
Kansas City Southern de Mexico SA de CV (Mexico)
2.350%	05/15/2020			570,000		531,799
Penske Truck Leasing Co. Lp/PTL Finance Corp.
3.125%	05/11/2015	^		800,000		823,058
2.500%	03/15/2016	^		620,000		635,541
Ryder System, Inc. MTN
2.500%	03/01/2017			540,000		549,783

						4,222,860

Semiconductors & Semiconductor Equipment—0.1%
NXP BV/NXP Funding LLC (Netherlands)
3.500%	09/15/2016	^†		300,000		308,250
TSMC Global Ltd. (Virgin Islands, British)
1.625%	04/03/2018	^		410,000		393,656

						701,906

Software—0.1%
Autodesk, Inc.
1.950%	12/15/2017			430,000		425,773

Thrifts & Mortgage Finance—0.3%
Astoria Financial Corp.
5.000%	06/19/2017			690,000		740,698
BPCE SA MTN (France)
1.488%	04/25/2016	#		800,000		810,870

						1,551,568

Tobacco—1.2%
BAT International Finance plc (United Kingdom)
1.400%	06/05/2015	^		800,000		807,014
Lorillard Tobacco Co.
6.875%	05/01/2020			2,834,000		3,274,914
2.300%	08/21/2017	†		2,877,000		2,885,844
Reynolds American, Inc.
1.050%	10/30/2015			290,000		291,053

						7,258,825

See accompanying notes to financial statements

205

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Low Duration Bond Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Trading Companies & Distributors—0.2%
Aircastle Ltd. (Bermuda)
9.750%		08/01/2018		$	900,000	$	985,500
Aviation Capital Group Corp.
4.625%		01/31/2018	^		430,000		445,557

							1,431,057

Wireless Telecommunication Services—0.5%
America Movil SAB de CV (Mexico)
3.625%		03/30/2015			300,000		311,252
SBA Communications Corp.
5.625%		10/01/2019			430,000		445,050
SoftBank Corp. (Japan)
4.500%		04/15/2020	^		460,000		450,800
T-Mobile USA, Inc.
5.250%		09/01/2018	^†		720,000		760,500
Vodafone Group plc (United Kingdom)
0.623%		02/19/2016	#		1,210,000		1,210,075

							3,177,677

TOTAL CORPORATE OBLIGATIONS
(Cost $363,007,293)							368,175,459


FLOATING RATE LOANS—0.7%**
ABC Supply Term Loan
3.500%		01/15/2014			1,000,000		1,003,470
CDW LLC Term Loan
3.250%		03/31/2014			997,488		996,331
Dole Food Co., Inc. Term Loan B
4.500%		06/13/2014			1,000,000		1,005,625
H.J. Heinz Co. 1st Lien Term Loan B2
3.500%		03/31/2014			258,700		261,067
Leap Wireless Inc. Term Loan C
4.750%		03/31/2014			1,044,750		1,050,517

TOTAL FLOATING RATE LOANS
(Cost $4,312,545)							4,317,010


MORTGAGE-BACKED SECURITIES—5.2%
Non-Agency Mortgage-Backed Securities— 3.6%
Banc of America Mortgage Trust, Series 2004-L, Class 1A1
3.040%		01/25/2035	#		452,445		447,885
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%		04/25/2043	#^		1,449,045		1,399,083
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR3, Class A3
1.550%		05/25/2043	#^		733,447		678,703
Fosse Master Issuer plc, Series 2012-1A, Class 2A2 (United Kingdom)
1.646%		10/18/2054	#^		2,102,763		2,137,681
GSAMP Trust, Series 2004-SEA2, Class M1
0.815%		03/25/2034	#		1,500,000		1,495,127
HarborView Mortgage Loan Trust, Series 2005-14, Class 3A1A
2.718%		12/19/2035	#		1,998,855		1,765,591
Hilton USA Trust, Series 2013-HLF, Class AFL
1.169%		11/05/2030	#^		1,410,000		1,411,552
JP Morgan Mortgage Trust, Series 2013-1, Class 2A2
2.500%		03/25/2043	#^		919,362		892,367



Coupon Rate	Maturity Date			Face		Value
MLCC Mortgage Investors Trust, Series 2004-1, Class 2A2
2.143%	12/25/2034	#	$	1,081,535	$	1,109,064
Provident Funding Mortgage Loan Trust, Series 2004-1, Class 1A1
2.573%	04/25/2034	#		164,305		163,684
Sequoia Mortgage Trust, Series 2012-1, Class 1A1
2.865%	01/25/2042	#		1,150,835		1,147,161
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%	04/25/2042	#		1,027,364		1,034,691
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%	02/25/2043	#		1,089,896		1,074,583
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%	04/25/2043	#		1,040,548		1,005,906
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%	12/25/2059	#^		789,723		788,588
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%	06/25/2058	#^		1,336,242		1,336,228
Springleaf Mortgage Loan Trust, Series 2013-2A, Class A
1.780%	12/25/2065	#^		680,762		680,552
Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M1
1.618%	11/25/2023	#		1,110,991		1,109,086
Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 2A1
2.020%	10/19/2034	#		499,520		397,746
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.765%	03/25/2044	#		416,987		404,740
Wells Fargo Mortgage Backed Securities Trust, Series 2004-S, Class B1
2.617%	09/25/2034	#		940,884		746,897

						21,226,915

U.S. Government Agency Mortgage-Backed Securities—1.6%
Federal Deposit Insurance Corporation Structured Sale Guaranteed Notes, Series 2010-S1, Class 2A
3.250%	04/25/2038	^		977,703		1,010,085
Federal National Mortgage Association
3.134%	07/01/2041	#		2,471,200		2,609,192
3.000%	06/01/2041	#		1,413,185		1,491,365
2.113%	10/01/2034	#		949,675		1,001,096
2.069%	09/01/2034	#		93,770		99,169
2.058%	09/01/2034	#		127,780		135,206
1.935%	10/01/2034	#		175,169		183,733
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%	10/07/2020			187,051		188,586
National Credit Union Administration Guaranteed Notes, Series 2010-R3, Class 1A
0.729%	12/08/2020	#		2,983,166		3,001,065

						9,719,497

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $31,423,739)						30,946,412


U.S. TREASURY OBLIGATIONS—16.0%
U.S. Treasury Notes—16.0%
U.S. Treasury Note
1.250%	10/31/2018			6,600,000		6,471,353
0.875%	11/30/2016			29,650,000		29,748,438
0.750%	10/31/2017			5,500,000		5,401,170
0.625%	07/15/2016- 10/15/2016			8,039,000		8,046,315
0.500%	06/15/2016			10,765,000		10,754,483

See accompanying notes to financial statements

206

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Low Duration Bond Fund


Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
0.375%		01/15/2016		$	8,500,000	$	8,497,348
0.375%		03/15/2016	‡‡		1,115,000		1,113,389
0.250%		04/30/2014- 05/15/2016			26,075,000		26,008,418

							96,040,914

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $96,253,382)							96,040,914


GOVERNMENT RELATED OBLIGATIONS—4.5%
U.S. Government Agencies—0.6%
Federal National Mortgage Association
0.500%		03/30/2016			3,210,000		3,208,337

Non-U.S. Government Agencies—0.3%
IPIC Ltd. MTN (Cayman Islands)
3.125%		11/15/2015	^†		500,000		519,375
Petrobras International Finance Co. (Cayman Islands)
2.875%		02/06/2015			410,000		417,176
Petroleos Mexicanos (Mexico)
2.266%		07/18/2018	#		940,000		970,550

							1,907,101

Sovereign Debt—0.3%
Panama Government International Bond (Panama)
7.250%		03/15/2015			60,000		64,650
Qatar Government International Bond (Qatar)
3.125%		01/20/2017	^†		780,000		819,000
South Africa Government International Bond (South Africa)
6.500%		06/02/2014			880,000		902,000

							1,785,650

Supranational—0.9%
European Investment Bank
1.125%		04/15/2015			5,555,000		5,613,839

U.S. Municipal Bonds—2.4%
California General Obligation Bonds (California)
5.450%		04/01/2015			3,635,000		3,858,771
5.250%		04/01/2014			1,655,000		1,674,744
1.050%		02/01/2016			755,000		758,571
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds (Florida)
2.995%		07/01/2020			3,125,000		2,960,843
1.298%		07/01/2016			2,765,000		2,774,954
Illinois State Toll Highway Authority, Series B (Illinois)
5.000%		12/01/2018			2,230,000		2,567,912

							14,595,795

TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $26,689,621)							27,110,722


ASSET-BACKED SECURITIES—9.2%
Automobiles—2.2%
Ally Master Owner Trust Series 2013-2, Class A
0.617%		04/15/2018	#		1,600,000		1,597,617



Coupon Rate	Maturity Date			Face		Value
Ally Master Owner Trust Series 2013-1, Class A1
0.617%	02/15/2018	#	$	1,300,000	$	1,299,307
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%	10/22/2018			330,000		326,124
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%	04/20/2018			330,000		326,806
Enterprise Fleet Financing LLC Series 2012-1, Class A2
1.140%	11/20/2017	^		1,597,263		1,600,786
Ford Credit Auto Owner Trust Series 2013-A, Class A3
0.550%	07/15/2017			3,500,000		3,501,170
Nissan Auto Receivables Owner Trust Series 2011-A, Class A4
1.940%	09/15/2017			1,491,000		1,509,466
Nissan Master Owner Trust Receivables Series 2013-A, Class A
0.467%	02/15/2018	#		2,150,000		2,150,575
World Omni Master Owner Trust Series 2013-1, Class A
0.517%	02/15/2018	#^		950,000		950,867

						13,262,718

Credit Card—6.1%
Capital One Multi-Asset Execution Trust Series 2007-A7, Class A7
5.750%	07/15/2020			2,100,000		2,414,725
Capital One Multi-Asset Execution Trust Series 2007-A5, Class A5
0.207%	07/15/2020	#		4,900,000		4,844,510
Chase Issuance Trust Series 2013-A9, Class A
0.589%	11/16/2020	#		5,500,000		5,506,826
Chase Issuance Trust Series 2006-A2, Class A2
5.160%	04/16/2018			2,114,000		2,312,260
Citibank Credit Card Issuance Trust Series 2013-A6, Class A6
1.320%	09/07/2018			3,897,000		3,925,933
Citibank Credit Card Issuance Trust Series 2006-A3, Class A3
5.300%	03/15/2018			960,000		1,054,030
Citibank Credit Card Issuance Trust Series 2008-A2, Class A2
1.315%	01/23/2020	#		3,300,000		3,405,265
Discover Card Execution Note Trust Series 2012-A1, Class A1
0.810%	08/15/2017			1,450,000		1,455,380
GE Capital Credit Card Master Note Trust Series 2012-3, Class A
0.617%	03/15/2020	#		5,720,000		5,699,142
GE Capital Credit Card Master Note Trust Series 2012-5, Class A
0.950%	06/15/2018			1,390,000		1,395,649
GE Capital Credit Card Master Note Trust Series 2012-1, Class A
1.030%	01/15/2018			2,000,000		2,006,097
Gracechurch Card Funding plc (United Kingdom) Series 2012-1A, Class A1
0.867%	02/15/2017	#^		2,700,000		2,717,075

						36,736,892

See accompanying notes to financial statements

207

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Low Duration Bond Fund


Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Other—0.9%
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%		04/15/2018		$	1,807,628	$	1,808,654
GreatAmerica Leasing Receivables Funding LLC Series 2013-1, Class C
1.830%		06/17/2019	^		250,000		247,899
Invitation Homes Trust Series 2013-SFR1, Class A
1.314%		12/17/2030	#^		940,000		942,186
MMAF Equipment Finance LLC Series 2011-AA, Class A3
1.270%		09/15/2015	^		749,647		750,562
Trade MAPS 1 Ltd. (Ireland) Series 2013-1A, Class A
0.870%		12/10/2018	#^		1,800,000		1,803,312

							5,552,613

TOTAL ASSET-BACKED SECURITIES
(Cost $55,635,472)							55,552,223



					Shares		Value
MONEY MARKET FUNDS—5.3%
Institutional Money Market Funds—5.3%
Dreyfus Institutional Cash Advantage Fund, 0.06%			††¥		1,600,000		1,600,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%			¥		21,733,162		21,733,162
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%			††¥		2,332,748		2,332,748
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.04%			††¥		1,600,000		1,600,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%			††¥		1,600,000		1,600,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.06%			††¥		1,600,000		1,600,000



		Shares		Value
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.06%	††¥	1,600,000	$	1,600,000

TOTAL MONEY MARKET FUNDS
(Cost $32,065,910)				32,065,910

TOTAL INVESTMENTS—102.0%
(Cost $609,387,962)				614,208,650
Other assets less liabilities—(2.0%)				(11,952,309	)

NET ASSETS—100.0%			$	602,256,341

Notes to the Schedule of Investments:


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 $105,723,329, which represents 17.6% of Net Assets. The illiquid 144A securities represented 0.0% of Net Assets, and 0.0% of total 144A securities held.
†		Denotes all or a portion of the security on loan.
**		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.
‡‡		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

208

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Inflation Protected Securities Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—1.4%
Consumer Finance—1.4%
HSBC Finance Corp.
0.494%		01/15/2014	#	$	4,900,000	$	4,900,117
SLM Corp. MTN
6.250%		01/25/2016			2,400,000		2,601,000
5.050%		11/14/2014			500,000		517,500

							8,018,617

Diversified Financial Services—0.0%
Bear Stearns Cos. LLC (The), Series CPI MTN
2.980%		03/10/2014	#		380,000		378,917

TOTAL CORPORATE OBLIGATIONS
(Cost $8,159,126)							8,397,534


MORTGAGE-BACKED SECURITIES—0.5%
U.S. Government Agency Mortgage-Backed Securities—0.5%
Federal National Mortgage Association
3.000%		08/01/2043
(Cost $2,838,024)					2,963,026		2,821,777


U.S. TREASURY OBLIGATIONS—94.9%
U.S. Treasury Inflation Protected Securities Bonds—31.5%
U.S. Treasury Bond
3.875%		04/15/2029	‡‡		6,915,000		13,484,308
3.625%		04/15/2028			8,395,000		16,057,926
3.375%		04/15/2032			869,100		1,524,095
2.500%		01/15/2029			13,715,000		17,555,356
2.375%		01/15/2025- 01/15/2027			49,902,400		69,746,859
2.125%		02/15/2040- 02/15/2041			9,175,100		11,088,178
2.000%		01/15/2026			17,585,000		22,939,131
1.750%		01/15/2028			15,820,000		18,915,443
0.750%		02/15/2042			8,824,500		7,351,817
0.625%		02/15/2043			6,795,000		5,321,345

							183,984,458

U.S. Treasury Inflation Protected Securities Notes—63.3%
U.S. Treasury Note
2.625%		07/15/2017			19,000,000		24,099,800
2.500%		07/15/2016			7,124,800		9,046,367
2.375%		01/15/2017			10,000		12,753
2.125%		01/15/2019			1,992,600		2,422,193
2.000%		07/15/2014- 01/15/2016			8,575,000		10,775,177
1.875%		07/15/2015- 07/15/2019			17,891,900		22,148,737
1.625%		01/15/2015- 01/15/2018			3,800,000		4,786,218
1.375%		07/15/2018- 01/15/2020			7,889,800		9,186,259
1.250%		07/15/2020			21,650,000		24,827,618
1.125%		01/15/2021			26,390,000		29,639,618



Coupon Rate	Maturity Date			Face		Value

0.625%	07/15/2021		$	22,099,500	$	23,267,378
0.500%	04/15/2015			5,726,700		6,311,613
0.375%	07/15/2023			39,345,000		38,110,790
0.125%	04/15/2016- 01/15/2023			160,647,300		164,332,259

						368,966,780

U.S. Treasury Notes—0.1%
U.S. Treasury Note
0.375%	11/15/2014			400,000		400,789

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $563,611,120)						553,352,027


GOVERNMENT RELATED OBLIGATIONS—0.3%
U.S. Government Agencies—0.1%
New Valley Generation I, Series 2000-1
7.299%	03/15/2019			661,818		763,963

Non-U.S. Government Agencies—0.2%
Export-Import Bank of Korea (Korea, Republic of)
4.000%	01/29/2021			1,200,000		1,236,784

TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $1,966,202)						2,000,747


ASSET-BACKED SECURITIES—0.4%
Home Equity—0.2%
Argent Securities, Inc. Series 2005-W2, Class A2B1
0.365%	10/25/2035	#		98,629		97,215
First Franklin Mortgage Loan Asset Backed Certificates Series 2005-FF11, Class A2D
0.505%	11/25/2035	#		982,386		954,038
Saxon Asset Securities Trust SUB Series 2003-1, Class AF7
4.034%	06/25/2033			102,760		104,413

						1,155,666

Manufactured Housing—0.1%
Conseco Finance Securitizations Corp. Series 2002-1, Class A
6.681%	12/01/2033	#		298,184		302,961

Other—0.0%
Park Place Securities, Inc. Series 2004-WWF1, Class M2
1.185%	12/25/2034	#		140,336		140,380

Student Loan—0.1%
North Carolina State Education Assistance Authority Series 2011-2, Class A1
1.010%	10/26/2020	#		207,897		207,859
South Carolina Student Loan Corp. Series 2010-1, Class A1
0.688%	01/25/2021	#		240,705		240,447

						448,306

TOTAL ASSET-BACKED SECURITIES
(Cost $1,912,196)						2,047,313

See accompanying notes to financial statements

209

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Inflation Protected Securities Fund

		Shares		Value

MONEY MARKET FUNDS—2.4%
Institutional Money Market Fund—2.4%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $13,784,447)	¥	13,784,447	$	13,784,447

TOTAL INVESTMENTS—99.9%
(Cost $592,271,115)				582,403,845
Other assets less liabilities—0.1%				414,697

NET ASSETS—100.0%			$	582,818,542

Notes to the Schedule of Investments:


MTN		Medium Term Note
#		Rate is subject to change. Rate shown reflects current rate.
‡‡		Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts.
¥		The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

210

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—93.3%
Aerospace & Defense—3.0%
Boeing Co. (The)			71,100	$	9,704,439
General Dynamics Corp.			125,600		12,001,080
Honeywell International, Inc.			381,700		34,875,929
Raytheon Co.			183,700		16,661,590

					73,243,038

Air Freight & Logistics—2.7%
FedEx Corp.			400,200		57,536,754
United Parcel Service, Inc., Class B			90,100		9,467,708

					67,004,462

Airlines—0.3%
United Continental Holdings, Inc.	*		215,700		8,159,931

Auto Components—1.2%
Delphi Automotive plc (United Kingdom)			414,400		24,917,872
Johnson Controls, Inc.			114,900		5,894,370

					30,812,242

Automobiles—0.4%
Ford Motor Co.			284,400		4,388,292
General Motors Co.	*		133,972		5,475,436

					9,863,728

Beverages—0.3%
Coca-Cola Co. (The)			17,000		702,270
PepsiCo, Inc.			86,200		7,149,428

					7,851,698

Building Products—0.3%
Masco Corp.			207,700		4,729,329
USG Corp.	*		111,900		3,175,722

					7,905,051

Capital Markets—3.6%
Bank of New York Mellon Corp. (The)			1,397,000		48,811,180
Legg Mason, Inc.			179,100		7,787,268
Northern Trust Corp.			129,400		8,008,566
Och-Ziff Capital Management Group LLC, Class A			38,300		566,840
State Street Corp.			326,000		23,925,140

					89,098,994

Chemicals—0.3%
E.I. Du Pont de Nemours & Co.			74,846		4,862,745
Potash Corp. of Saskatchewan, Inc. (Canada)			107,700		3,549,792

					8,412,537

Commercial Banks—4.2%
PNC Financial Services Group, Inc. (The)			462,800		35,904,024
Regions Financial Corp.			316,700		3,132,163
SunTrust Banks, Inc.			219,000		8,061,390
U.S. Bancorp/Minnesota			352,100		14,224,840
Wells Fargo & Co.			941,400		42,739,560

					104,061,977



		Shares		Value
Communications Equipment—0.6%
Cisco Systems, Inc.			300,500	$	6,746,225
Harris Corp.			117,400		8,195,694

					14,941,919

Computers & Peripherals—0.4%
Apple, Inc.			18,700		10,492,757

Construction Materials—0.8%
CRH plc ADR (Ireland)			2,000		50,433
Vulcan Materials Co.			324,867		19,303,597

					19,354,030

Consumer Finance—3.1%
American Express Co.			395,400		35,874,642
Capital One Financial Corp.			321,700		24,645,437
SLM Corp.			631,700		16,601,076

					77,121,155

Containers & Packaging—0.2%
MeadWestvaco Corp.			113,200		4,180,476

Distributors—0.2%
Genuine Parts Co.			55,652		4,629,690

Diversified Financial Services—4.1%
Bank of America Corp.			1,862,706		29,002,332
Citigroup, Inc.			393,399		20,500,022
JPMorgan Chase & Co.			780,100		45,620,248
McGraw Hill Financial, Inc.			79,100		6,185,620

					101,308,222

Diversified Telecommunication Services—5.1%
AT&T, Inc.			691,442		24,311,100
CenturyLink, Inc.			116,290		3,703,836
Level 3 Communications, Inc.	*		1,097,599		36,407,359
Telefonica SA (Spain)			161,958		2,648,138
tw telecom inc.	*		1,062,800		32,383,516
Verizon Communications, Inc.			559,441		27,490,931

					126,944,880

Electric Utilities—1.2%
Duke Energy Corp.			134,623		9,290,333
Entergy Corp.			113,700		7,193,799
Exelon Corp.			199,300		5,458,827
FirstEnergy Corp.			118,000		3,891,640
Xcel Energy, Inc.			166,800		4,660,392

					30,494,991

Electrical Equipment—1.5%
Eaton Corp. plc (Ireland)			63,375		4,824,105
Emerson Electric Co.			470,100		32,991,618

					37,815,723

Electronic Equipment, Instruments & Components—0.3%
Corning, Inc.			431,400		7,687,548

Energy Equipment & Services—1.4%
Diamond Offshore Drilling, Inc.			93,500		5,322,020
National Oilwell Varco, Inc.			199,500		15,866,235
Schlumberger Ltd.			94,200		8,488,362
Seadrill Ltd. (Bermuda)			100,300		4,120,324

					33,796,941

See accompanying notes to financial statements

211

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Food & Staples Retailing—0.9%
Walgreen Co.			409,000	$	23,492,960

Food Products—2.7%
Archer-Daniels-Midland Co.			215,200		9,339,680
Campbell Soup Co.			168,700		7,301,336
McCormick & Co., Inc. (Non-Voting Shares)			47,100		3,246,132
Mondelez International, Inc., Class A			1,326,600		46,828,980

					66,716,128

Health Care Equipment & Supplies—1.9%
Abbott Laboratories			644,262		24,694,562
Medtronic, Inc.			408,400		23,438,076

					48,132,638

Health Care Providers & Services—1.9%
Quest Diagnostics, Inc.	†		79,000		4,229,660
UnitedHealth Group, Inc.			276,900		20,850,570
WellPoint, Inc.			248,900		22,995,871

					48,076,101

Hotels, Restaurants & Leisure—0.8%
Carnival Corp.			501,700		20,153,289

Household Durables—0.0%
Whirlpool Corp.			5,500		862,730

Household Products—0.4%
Clorox Co. (The)			93,200		8,645,232

Independent Power Producers & Energy Traders—0.1%
AES Corp. (The)			222,900		3,234,279

Industrial Conglomerates—2.8%
General Electric Co.			899,800		25,221,394
Koninklijke Philips NV NYRS (Netherlands)			1,165,400		43,084,838

					68,306,232

Insurance—8.4%
Allstate Corp. (The)			373,900		20,392,506
Aon plc (United Kingdom)			474,441		39,800,855
Chubb Corp. (The)			41,700		4,029,471
Fairfax Financial Holdings Ltd. (Canada)			91,500		36,605,490
Lincoln National Corp.			86,190		4,449,128
Loews Corp.			1,169,100		56,397,384
Marsh & McLennan Cos., Inc.			219,200		10,600,512
Sun Life Financial, Inc. (Canada)			95,300		3,366,949
Travelers Cos., Inc. (The)			344,000		31,145,760
Willis Group Holdings plc (United Kingdom)			59,600		2,670,676

					209,458,731

IT Services—1.1%
Computer Sciences Corp.			105,800		5,912,104
International Business Machines Corp.			96,400		18,081,748
Western Union Co. (The)			168,800		2,911,800

					26,905,652



		Shares		Value
Leisure Equipment & Products—0.4%
Mattel, Inc.			190,000	$	9,040,200

Life Sciences Tools & Services—0.1%
Agilent Technologies, Inc.			43,600		2,493,484

Machinery—2.9%
Deere & Co.			57,500		5,251,475
Illinois Tool Works, Inc.			396,700		33,354,536
Joy Global, Inc.	†		78,200		4,573,918
Stanley Black & Decker, Inc.			300,000		24,207,000
Xylem, Inc.			147,600		5,106,960

					72,493,889

Media—4.7%
Cablevision Systems Corp., Class A			210,900		3,781,437
Comcast Corp., Class A			81,000		4,209,165
DIRECTV	*		656,900		45,385,221
Madison Square Garden Co. (The), Class A	*		60,500		3,483,590
New York Times Co. (The), Class A	†		191,200		3,034,344
News Corp., Class A	*		2,344,800		42,253,296
Time Warner, Inc.			143,833		10,028,037
Walt Disney Co. (The)			60,600		4,629,840

					116,804,930

Metals & Mining—0.4%
Newmont Mining Corp.			120,800		2,782,024
Nucor Corp.			144,100		7,692,058

					10,474,082

Multiline Retail—1.5%
Kohl’s Corp.			165,400		9,386,450
Macy’s, Inc.			105,900		5,655,060
Target Corp.			366,900		23,213,763

					38,255,273

Multi-Utilities—0.4%
NiSource, Inc.			280,700		9,229,416

Oil, Gas & Consumable Fuels—13.9%
Anadarko Petroleum Corp.			91,500		7,257,780
Apache Corp.			172,600		14,833,244
BP plc ADR (United Kingdom)			574,898		27,945,792
Chesapeake Energy Corp.			2,120,500		57,550,370
Chevron Corp.			154,358		19,280,858
ConocoPhillips			320,200		22,622,130
CONSOL Energy, Inc.			1,318,400		50,151,936
Eni SpA (Italy)			69,569		1,681,042
Exxon Mobil Corp.			160,060		16,198,072
Hess Corp.			115,000		9,545,000
Marathon Oil Corp.			590,200		20,834,060
Murphy Oil Corp.			849,414		55,109,980
Occidental Petroleum Corp.			201,300		19,143,630
Phillips 66			127,300		9,818,649
Royal Dutch Shell plc ADR (Netherlands)			167,381		11,929,244
Talisman Energy, Inc. (Canada)			154,700		1,802,255

					345,704,042

See accompanying notes to financial statements

212

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Equity Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Paper & Forest Products—0.5%
International Paper Co.			231,200	$	11,335,736

Personal Products—0.2%
Avon Products, Inc.			288,200		4,962,804

Pharmaceuticals—5.3%
Bristol-Myers Squibb Co.			168,700		8,966,405
GlaxoSmithKline plc (United Kingdom)			165,144		4,412,233
Hospira, Inc.	*		71,100		2,935,008
Johnson & Johnson			354,000		32,422,860
Merck & Co., Inc.			597,100		29,884,855
Pfizer, Inc.			1,116,687		34,204,123
Teva Pharmaceutical Industries Ltd. ADR (Israel)			489,600		19,623,168

					132,448,652

Real Estate Investment Trusts (REITs)—0.3%
Weyerhaeuser Co. REIT			194,737		6,147,847

Real Estate Management & Development—0.5%
Cheung Kong Holdings Ltd. ADR (Hong Kong)			755,000		11,936,550

Road & Rail—0.4%
Norfolk Southern Corp.			97,800		9,078,774

Semiconductors & Semiconductor Equipment—2.0%
Analog Devices, Inc.			118,900		6,055,577
Applied Materials, Inc.			362,200		6,407,318
Intel Corp.			488,400		12,678,864
Texas Instruments, Inc.			585,300		25,700,523

					50,842,282

Software—1.5%
CA, Inc.			71,900		2,419,435
Microsoft Corp.			923,300		34,559,119

					36,978,554

Specialty Retail—0.3%
Staples, Inc.			381,100		6,055,679
Tiffany & Co.			5,500		510,290

					6,565,969

Tobacco—1.0%
Altria Group, Inc.			218,100		8,372,859
Philip Morris International, Inc.			192,800		16,798,664

					25,171,523

Wireless Telecommunication Services—0.8%
Vodafone Group plc (United Kingdom)			900,233		3,544,391
Vodafone Group plc ADR (United Kingdom)			428,000		16,824,680

					20,369,071

TOTAL COMMON STOCKS
(Cost $1,626,053,512)					2,319,499,040



		Shares		Value
CONVERTIBLE PREFERRED STOCKS—0.0%
Real Estate Investment Trusts (REITs)—0.0%
Weyerhaeuser Co., Series A 6.375%
(Cost $357,500)	*		7,150	$	400,686


MONEY MARKET FUNDS—6.9%
Institutional Money Market Funds—6.9%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		750,000		750,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	¥		167,411,083		167,411,083
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	††¥		987,432		987,432
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.04%	††¥		750,000		750,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥		750,000		750,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.06%	††¥		750,000		750,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.06%	††¥		750,000		750,000

TOTAL MONEY MARKET FUNDS
(Cost $172,148,515)					172,148,515

TOTAL INVESTMENTS—100.2%
(Cost $1,798,559,527)					2,492,048,241
Other assets less liabilities—(0.2%)					(4,605,887	)

NET ASSETS—100.0%				$	2,487,442,354

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

213

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—95.5%
Aerospace & Defense—2.9%
Boeing Co. (The)			53,500	$	7,302,215
Honeywell International, Inc.			27,900		2,549,223
Precision Castparts Corp.			35,400		9,533,220
Spirit Aerosystems Holdings, Inc., Class A	*		495,500		16,886,640
United Technologies Corp.			122,300		13,917,740

					50,189,038

Air Freight & Logistics—1.2%
Expeditors International of Washington, Inc.			407,000		18,009,750
FedEx Corp.			23,200		3,335,464

					21,345,214

Airlines—0.2%
Delta Air Lines, Inc.			62,400		1,714,128
United Continental Holdings, Inc.	*		68,100		2,576,223

					4,290,351

Auto Components—0.0%
Johnson Controls, Inc.			7,100		364,230

Automobiles—0.2%
Harley-Davidson, Inc.			42,200		2,921,928
Tesla Motors, Inc.	*†		6,200		932,356

					3,854,284

Beverages—1.1%
Anheuser-Busch InBev NV ADR (Belgium)			101,100		10,763,106
Constellation Brands, Inc., Class A	*		6,900		485,622
Diageo plc ADR (United Kingdom)			52,800		6,991,776
Monster Beverage Corp.	*		9,100		616,707
PepsiCo, Inc.			12,500		1,036,750

					19,893,961

Biotechnology—3.2%
Alexion Pharmaceuticals, Inc.	*		32,100		4,271,226
Amgen, Inc.			78,500		8,961,560
Biogen Idec, Inc.	*		32,000		8,952,000
Celgene Corp.	*		48,700		8,228,352
Gilead Sciences, Inc.	*		184,900		13,895,235
Pharmacyclics, Inc.	*		2,400		253,872
Regeneron Pharmaceuticals, Inc.	*		11,600		3,192,784
Vertex Pharmaceuticals, Inc.	*		111,500		8,284,450

					56,039,479

Capital Markets—5.1%
Ameriprise Financial, Inc.			21,000		2,416,050
Bank of New York Mellon Corp. (The)			797,300		27,857,662
BlackRock, Inc.			33,700		10,665,039
Credit Suisse Group AG ADR (Switzerland)	*		313,801		9,740,383
Franklin Resources, Inc.			71,300		4,116,149
Goldman Sachs Group, Inc. (The)			49,400		8,756,644
Invesco Ltd.			416,500		15,160,600
Morgan Stanley			94,100		2,950,976
Northern Trust Corp.			15,000		928,350
State Street Corp.			47,900		3,515,381



		Shares		Value
TD Ameritrade Holding Corp.			76,200	$	2,334,768

					88,442,002

Chemicals—3.5%
Airgas, Inc.			800		89,480
Dow Chemical Co. (The)			210,400		9,341,760
Ecolab, Inc.			50,400		5,255,208
FMC Corp.			14,700		1,109,262
Monsanto Co.			20,300		2,365,965
Potash Corp. of Saskatchewan, Inc. (Canada)			1,004,325		33,102,552
Praxair, Inc.			35,300		4,590,059
Sherwin-Williams Co. (The)			27,100		4,972,850

					60,827,136

Commercial Banks—3.9%
BB&T Corp.			235,400		8,785,128
Comerica, Inc.			464,250		22,070,445
PNC Financial Services Group, Inc. (The)			185,500		14,391,090
U.S. Bancorp/Minnesota			29,200		1,179,680
Wells Fargo & Co.			454,800		20,647,920

					67,074,263

Commercial Services & Supplies—1.0%
Cintas Corp.			302,650		18,034,913

Communications Equipment—1.3%
Cisco Systems, Inc.			778,200		17,470,590
Juniper Networks, Inc.	*		1,800		40,626
QUALCOMM, Inc.			68,700		5,100,975

					22,612,191

Computers & Peripherals—1.7%
Apple, Inc.			22,800		12,793,308
EMC Corp.			650,000		16,347,500

					29,140,808

Consumer Finance—1.7%
American Express Co.			318,925		28,936,065

Diversified Financial Services—5.3%
Berkshire Hathaway, Inc., Class B	*		224,825		26,655,252
Citigroup, Inc.			449,900		23,444,289
IntercontinentalExchange Group, Inc.			53,300		11,988,236
JPMorgan Chase & Co.			504,008		29,474,388

					91,562,165

Diversified Telecommunication Services—0.8%
AT&T, Inc.			186,406		6,554,035
Verizon Communications, Inc.			133,700		6,570,018

					13,124,053

Electric Utilities—0.3%
Edison International			115,000		5,324,500

Electrical Equipment—0.8%
Eaton Corp. plc (Ireland)			150,400		11,448,448
Roper Industries, Inc.			16,200		2,246,616

					13,695,064

See accompanying notes to financial statements

214

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Electronic Equipment, Instruments & Components—1.0%
TE Connectivity Ltd. (Switzerland)			307,775	$	16,961,480
Trimble Navigation Ltd.	*		12,400		430,280

					17,391,760

Energy Equipment & Services—2.2%
Cameron International Corp.	*		1,100		65,483
FMC Technologies, Inc.	*		1,400		73,094
Halliburton Co.			209,500		10,632,125
Schlumberger Ltd.			296,075		26,679,318

					37,450,020

Food & Staples Retailing—1.5%
Costco Wholesale Corp.			10,100		1,202,001
CVS Caremark Corp.			30,600		2,190,042
Wal-Mart Stores, Inc.			261,700		20,593,173
Whole Foods Market, Inc.			50,700		2,931,981

					26,917,197

Food Products—3.7%
Danone SA ADR (France)			1,401,600		20,351,232
Green Mountain Coffee Roasters, Inc.	*†		17,000		1,284,860
Kraft Foods Group, Inc.			162,100		8,740,432
Nestle SA ADR (Switzerland)			273,000		20,090,070
Unilever plc ADR (United Kingdom)	†		351,900		14,498,280

					64,964,874

Health Care Equipment & Supplies—2.6%
Baxter International, Inc.			124,800		8,679,840
Becton Dickinson and Co.			3,700		408,813
Covidien plc (Ireland)			508,950		34,659,495
Stryker Corp.			16,600		1,247,324

					44,995,472

Health Care Providers & Services—2.7%
Aetna, Inc.			600		41,154
AmerisourceBergen Corp.			288,450		20,280,919
Cardinal Health, Inc.			7,200		481,032
Express Scripts Holding Co.	*		8,800		618,112
Henry Schein, Inc.	*		1,000		114,260
McKesson Corp.			58,300		9,409,620
UnitedHealth Group, Inc.			206,425		15,543,803

					46,488,900

Hotels, Restaurants & Leisure—1.8%
Carnival Corp.			5,400		216,918
Chipotle Mexican Grill, Inc.	*		9,200		4,901,576
Hilton Worldwide Holdings, Inc.	*		20,400		453,900
Las Vegas Sands Corp.			93,300		7,358,571
Marriott International, Inc., Class A			24,871		1,227,633
Starbucks Corp.			99,300		7,784,127
Starwood Hotels & Resorts Worldwide, Inc.			52,000		4,131,400
Wynn Macau Ltd. (Macau)			306,000		1,390,966
Wynn Resorts Ltd.			16,200		3,146,202

					30,611,293



		Shares		Value
Household Durables—1.1%
Lennar Corp., Class A			4,000	$	158,240
Newell Rubbermaid, Inc.			277,000		8,977,570
PulteGroup, Inc.			500,000		10,185,000

					19,320,810

Household Products—0.1%
Procter & Gamble Co. (The)			15,800		1,286,278

Industrial Conglomerates—4.4%
3M Co.			228,700		32,075,175
Danaher Corp.			157,000		12,120,400
General Electric Co.			678,700		19,023,961
Koninklijke Philips NV NYRS (Netherlands)			362,300		13,394,231

					76,613,767

Insurance—2.5%
ACE Ltd. (Switzerland)			86,500		8,955,345
Marsh & McLennan Cos., Inc.			250,900		12,133,524
Principal Financial Group, Inc.			190,000		9,368,900
Willis Group Holdings plc (United Kingdom)			274,700		12,309,307

					42,767,076

Internet & Catalog Retail—2.4%
Amazon.com, Inc.	*		57,500		22,930,425
Ctrip.com International Ltd. ADR (China)	*		30,100		1,493,562
Netflix, Inc.	*		8,000		2,945,360
priceline.com, Inc.	*		12,300		14,297,520
TripAdvisor, Inc.	*		6,900		571,527

					42,238,394

Internet Software & Services—3.1%
Akamai Technologies, Inc.	*		35,600		1,679,608
Baidu, Inc. ADR (China)	*		36,600		6,510,408
eBay, Inc.	*		84,100		4,616,249
Facebook, Inc., Class A	*		128,400		7,018,344
Google, Inc., Class A	*		22,400		25,103,904
LinkedIn Corp., Class A	*		13,700		2,970,571
NAVER Corp. (Korea, Republic of)	*		1,531		1,055,054
Tencent Holdings Ltd. (China)			55,000		3,521,511
Twitter, Inc.	*†		9,000		572,850

					53,048,499

IT Services—3.5%
Accenture plc, Class A (Ireland)			344,450		28,320,679
Alliance Data Systems Corp.	*		6,600		1,735,338
Cognizant Technology Solutions Corp., Class A	*		42,000		4,241,160
Fiserv, Inc.	*		40,900		2,415,145
MasterCard, Inc., Class A			17,700		14,787,642
Visa, Inc., Class A			41,700		9,285,756

					60,785,720

Life Sciences Tools & Services—0.3%
Thermo Fisher Scientific, Inc.			43,900		4,888,265

Machinery—3.0%
Flowserve Corp.			21,300		1,679,079
Illinois Tool Works, Inc.			336,275		28,274,002
Ingersoll-Rand plc (Ireland)			104,200		6,418,720
PACCAR, Inc.			265,500		15,709,635

See accompanying notes to financial statements

215

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Wabtec Corp.			11,100	$	824,397

					52,905,833

Media—3.5%
CBS Corp. (Non-Voting Shares), Class B			114,300		7,285,482
Discovery Communications, Inc., Class C	*		68,650		5,756,989
Interpublic Group of Cos., Inc. (The)			504,000		8,920,800
Liberty Global plc, Series A (United Kingdom)	*		3,900		347,061
Thomson Reuters Corp.			231,100		8,740,202
Time Warner Cable, Inc.			84,300		11,422,650
Time Warner, Inc.			207,850		14,491,302
Twenty-First Century Fox, Inc., Class A			54,000		1,899,720
Walt Disney Co. (The)			18,600		1,421,040

					60,285,246

Metals & Mining—0.7%
Barrick Gold Corp. (Canada)			194,500		3,429,035
Steel Dynamics, Inc.			420,900		8,224,386

					11,653,421

Multiline Retail—1.2%
Dollar General Corp.	*		163,800		9,880,416
Dollar Tree, Inc.	*		20,100		1,134,042
Nordstrom, Inc.			148,700		9,189,660

					20,204,118

Multi-Utilities—0.6%
National Grid plc ADR (United Kingdom)	†		162,400		10,607,968

Oil, Gas & Consumable Fuels—6.5%
Anadarko Petroleum Corp.			105,000		8,328,600
BG Group plc (United Kingdom)			549,899		11,832,927
Cabot Oil & Gas Corp.			8,900		344,964
Chevron Corp.			157,400		19,660,834
Concho Resources, Inc.	*		15,700		1,695,600
Devon Energy Corp.			388,950		24,064,336
EOG Resources, Inc.			78,900		13,242,576
EQT Corp.			29,700		2,666,466
Marathon Oil Corp.			315,000		11,119,500
Pioneer Natural Resources Co.			29,600		5,448,472
Range Resources Corp.			41,235		3,476,523
Southwestern Energy Co.	*		300,300		11,810,799

					113,691,597

Paper & Forest Products—0.6%
International Paper Co.			228,500		11,203,355

Pharmaceuticals—2.2%
Allergan, Inc.			6,900		766,452
GlaxoSmithKline plc ADR (United Kingdom)			208,750		11,145,163
Merck & Co., Inc.			257,440		12,884,872
Perrigo Co. plc	†		7,700		1,181,642
Roche Holding AG ADR (Switzerland)			153,400		10,768,680
Valeant Pharmaceuticals International, Inc.	*		14,300		1,678,820

					38,425,629



		Shares		Value
Professional Services—0.0%
IHS, Inc., Class A	*		5,200	$	622,440

Real Estate Investment Trusts (REITs)—0.9%
American Tower Corp. REIT			97,600		7,790,432
Host Hotels & Resorts, Inc. REIT			369,800		7,188,912

					14,979,344

Road & Rail—0.5%
Canadian Pacific Railway Ltd. (Canada)			4,800		726,336
J.B. Hunt Transport Services, Inc.			8,300		641,590
Kansas City Southern			28,600		3,541,538
Union Pacific Corp.			23,100		3,880,800

					8,790,264

Semiconductors & Semiconductor Equipment—1.1%
Intel Corp.			444,500		11,539,220
Maxim Integrated Products, Inc.			259,900		7,253,809

					18,793,029

Software—2.7%
Autodesk, Inc.	*		2,100		105,693
Citrix Systems, Inc.	*		1,400		88,550
Intuit, Inc.			1,100		83,952
Microsoft Corp.			805,750		30,159,223
Red Hat, Inc.	*		29,000		1,625,160
Salesforce.com, Inc.	*		88,900		4,906,391
Symantec Corp.			430,200		10,144,116

					47,113,085

Specialty Retail—2.4%
AutoZone, Inc.	*		24,400		11,661,736
Home Depot, Inc. (The)			168,600		13,882,524
L Brands, Inc.			38,700		2,393,595
Lowe’s Cos., Inc.			83,100		4,117,605
O’Reilly Automotive, Inc.	*		28,700		3,693,977
Ross Stores, Inc.			26,600		1,993,138
Tiffany & Co.			7,200		668,016
Tractor Supply Co.			32,300		2,505,834

					40,916,425

Textiles, Apparel & Luxury Goods—1.2%
Fossil Group, Inc.	*		18,300		2,194,902
Lululemon Athletica, Inc. (Canada)	*†		10,300		608,009
Michael Kors Holdings Ltd. (Hong Kong)	*		4,500		365,355
NIKE, Inc., Class B			27,700		2,178,328
PVH Corp.			95,300		12,962,706
Ralph Lauren Corp.			9,600		1,695,072
V.F. Corp.			7,600		473,784

					20,478,156

Tobacco—0.5%
Imperial Tobacco Group plc ADR (United Kingdom)	†		123,400		9,598,052

Trading Companies & Distributors—0.1%
Fastenal Co.			31,600		1,501,316
W.W. Grainger, Inc.			3,100		791,802

					2,293,118

See accompanying notes to financial statements

216

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Growth & Income Fund		Shares		Value
COMMON STOCKS—(Continued)
Wireless Telecommunication Services—0.7%
SoftBank Corp. (Japan)			13,200	$	1,158,310
Vodafone Group plc ADR (United Kingdom)			258,900		10,177,359

					11,335,669

TOTAL COMMON STOCKS
(Cost $1,141,343,490)					1,658,414,791


MONEY MARKET FUNDS—5.9%
Institutional Money Market Funds—5.9%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		4,000,000		4,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	¥		77,580,906		77,580,906
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	††¥		5,057,093		5,057,093
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.04%	††¥		4,000,000		4,000,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥		4,000,000		4,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.06%	††¥		4,000,000		4,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.06%	††¥		4,000,000		4,000,000

TOTAL MONEY MARKET FUNDS
(Cost $102,637,999)					102,637,999

TOTAL INVESTMENTS—101.4%
(Cost $1,243,981,489)					1,761,052,790
Other assets less liabilities—(1.4%)					(24,986,754	)

NET ASSETS—100.0%				$	1,736,066,036

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

217

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—97.5%
Aerospace & Defense—2.6%
Boeing Co. (The)			83,200	$	11,355,968
Honeywell International, Inc.			105,343		9,625,190
Precision Castparts Corp.			83,388		22,456,388
United Technologies Corp.			146,730		16,697,874

					60,135,420

Airlines—0.5%
Delta Air Lines, Inc.			401,142		11,019,371

Auto Components—1.2%
BorgWarner, Inc.			178,860		10,000,063
Johnson Controls, Inc.			357,468		18,338,108

					28,338,171

Automobiles—0.5%
General Motors Co.	*		289,600		11,835,952

Beverages—0.5%
Coca-Cola Co. (The)			289,983		11,979,198

Biotechnology—7.9%
Alexion Pharmaceuticals, Inc.	*		111,400		14,822,884
Amgen, Inc.			79,875		9,118,530
Biogen Idec, Inc.	*		141,064		39,462,654
Celgene Corp.	*		287,555		48,585,293
Gilead Sciences, Inc.	*		797,848		59,958,277
Pharmacyclics, Inc.	*		44,572		4,714,826
Regeneron Pharmaceuticals, Inc.	*		23,900		6,578,236

					183,240,700

Building Products—0.4%
Masco Corp.			373,265		8,499,244

Capital Markets—2.6%
Affiliated Managers Group, Inc.	*		92,000		19,952,960
Charles Schwab Corp. (The)			663,000		17,238,000
Morgan Stanley			183,200		5,745,152
State Street Corp.			148,110		10,869,793
T. Rowe Price Group, Inc.			65,950		5,524,631

					59,330,536

Chemicals—5.3%
Ecolab, Inc.			257,099		26,807,713
FMC Corp.			154,400		11,651,024
LyondellBasell Industries NV, Class A			73,665		5,913,826
Monsanto Co.			486,059		56,650,177
PPG Industries, Inc.			120,040		22,766,786

					123,789,526

Commercial Banks—0.4%
Wells Fargo & Co.			222,854		10,117,572

Commercial Services & Supplies—0.6%
Tyco International Ltd. (Switzerland)			339,090		13,916,254

Communications Equipment—2.5%
Juniper Networks, Inc.	*		288,861		6,519,593
QUALCOMM, Inc.			680,934		50,559,349

					57,078,942

Computers & Peripherals—4.3%
Apple, Inc.			177,942		99,845,036



		Shares		Value
Consumer Finance—1.5%
American Express Co.		154,356	$	14,004,720
Discover Financial Services		241,791		13,528,207
SLM Corp.		314,073		8,253,838

				35,786,765

Diversified Financial Services—1.6%
CME Group, Inc.		210,200		16,492,292
IntercontinentalExchange Group, Inc.		48,936		11,006,685
JPMorgan Chase & Co.		174,340		10,195,403

				37,694,380

Electrical Equipment—0.9%
AMETEK, Inc.		244,710		12,888,876
Eaton Corp. plc (Ireland)		60,509		4,605,945
Rockwell Automation, Inc.		20,445		2,415,781

				19,910,602

Energy Equipment & Services—3.0%
Cameron International Corp.	*	87,819		5,227,865
FMC Technologies, Inc.	*	264,500		13,809,545
Halliburton Co.		441,170		22,389,377
National Oilwell Varco, Inc.		173,140		13,769,824
Schlumberger Ltd.		152,815		13,770,160

				68,966,771

Food & Staples Retailing—2.1%
Costco Wholesale Corp.		184,925		22,007,924
CVS Caremark Corp.		194,685		13,933,605
Safeway, Inc.		163,500		5,325,195
Whole Foods Market, Inc.		131,320		7,594,236

				48,860,960

Food Products—1.1%
Hershey Co. (The)		129,500		12,591,285
Mondelez International, Inc., Class A		367,290		12,965,337

				25,556,622

Health Care Equipment & Supplies—1.0%
Boston Scientific Corp.	*	456,000		5,481,120
Cooper Cos., Inc. (The)		95,790		11,862,634
St. Jude Medical, Inc.		97,900		6,064,905

				23,408,659

Health Care Providers & Services—2.6%
Cardinal Health, Inc.		178,930		11,954,313
Catamaran Corp.	*	353,700		16,793,676
DaVita HealthCare Partners, Inc.	*	66,643		4,223,167
Express Scripts Holding Co.	*	185,215		13,009,502
McKesson Corp.		38,958		6,287,821
UnitedHealth Group, Inc.		120,738		9,091,571

				61,360,050

Health Care Technology—0.6%
Cerner Corp.	*	268,300		14,955,042

Hotels, Restaurants & Leisure—4.2%
Chipotle Mexican Grill, Inc.	*	21,100		11,241,658
Las Vegas Sands Corp.		294,263		23,208,523
McDonald’s Corp.		83,123		8,065,425
Panera Bread Co., Class A	*	18,382		3,247,916

See accompanying notes to financial statements

218

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Starbucks Corp.			655,704	$	51,400,636

					97,164,158

Household Durables—1.1%
Lennar Corp., Class A			201,950		7,989,142
Mohawk Industries, Inc.	*		83,300		12,403,370
Whirlpool Corp.			38,184		5,989,542

					26,382,054

Household Products—0.4%
Procter & Gamble Co. (The)			125,743		10,236,738

Industrial Conglomerates—1.4%
Danaher Corp.			267,499		20,650,923
General Electric Co.			406,076		11,382,310

					32,033,233

Insurance—0.8%
American International Group, Inc.			251,190		12,823,249
Marsh & McLennan Cos., Inc.			126,138		6,100,034

					18,923,283

Internet & Catalog Retail—5.2%
Amazon.com, Inc.	*		159,480		63,599,029
priceline.com, Inc.	*		48,684		56,590,282

					120,189,311

Internet Software & Services—7.3%
eBay, Inc.	*		248,375		13,633,304
Facebook, Inc., Class A	*		675,077		36,899,709
Google, Inc., Class A	*		85,662		96,002,260
LinkedIn Corp., Class A	*		86,294		18,711,128
Yelp, Inc.	*		63,600		4,385,220

					169,631,621

IT Services—4.5%
Alliance Data Systems Corp.	*		84,946		22,334,852
FleetCor Technologies, Inc.	*		60,775		7,121,007
MasterCard, Inc., Class A			18,368		15,345,729
Visa, Inc., Class A			271,173		60,384,803

					105,186,391

Life Sciences Tools & Services—0.8%
Thermo Fisher Scientific, Inc.			172,330		19,188,946

Machinery—1.4%
Caterpillar, Inc.			118,680		10,777,331
Cummins, Inc.			110,400		15,563,088
PACCAR, Inc.			115,220		6,817,567

					33,157,986

Media—3.7%
Comcast Corp., Class A			621,570		32,299,885
Sirius XM Holdings, Inc.	*		1,218,234		4,251,637
Twenty-First Century Fox, Inc., Class A			388,352		13,662,223
Viacom, Inc., Class B			141,190		12,331,534
Walt Disney Co. (The)			312,842		23,901,129

					86,446,408

Multiline Retail—0.2%
Nordstrom, Inc.			71,052		4,391,014



		Shares		Value
Oil, Gas & Consumable Fuels—2.6%
Noble Energy, Inc.		160,160	$	10,908,498
Occidental Petroleum Corp.		168,235		15,999,148
Pioneer Natural Resources Co.		77,171		14,204,866
Suncor Energy, Inc. (Canada)		230,440		8,076,922
Valero Energy Corp.		217,390		10,956,456

				60,145,890

Personal Products—0.4%
Estee Lauder Cos., Inc. (The), Class A		123,323		9,288,688

Pharmaceuticals—5.5%
AbbVie, Inc.		270,880		14,305,173
Actavis plc	*	162,411		27,285,048
Allergan, Inc.		75,994		8,441,414
Bristol-Myers Squibb Co.		505,381		26,861,000
Perrigo Co. plc		54,301		8,333,032
Pfizer, Inc.		352,424		10,794,747
Teva Pharmaceutical Industries Ltd. ADR (Israel)		500,540		20,061,643
Valeant Pharmaceuticals International, Inc.	*	105,656		12,404,014

				128,486,071

Professional Services—0.5%
Nielsen Holdings NV		246,160		11,296,282

Real Estate Investment Trusts (REITs)—0.3%
American Tower Corp. REIT		78,989		6,304,902

Road & Rail—3.0%
Canadian Pacific Railway Ltd. (Canada)		174,080		26,341,785
CSX Corp.		343,270		9,875,878
Genesee & Wyoming, Inc., Class A	*	21,796		2,093,506
Hertz Global Holdings, Inc.	*	281,150		8,046,513
J.B. Hunt Transport Services, Inc.		197,300		15,251,290
Union Pacific Corp.		47,863		8,040,984

				69,649,956

Semiconductors & Semiconductor Equipment—0.7%
Cree, Inc.	*	91,382		5,717,772
Lam Research Corp.	*	77,189		4,202,941
Texas Instruments, Inc.		142,710		6,266,396

				16,187,109

Software—3.1%
Adobe Systems, Inc.	*	197,300		11,814,324
Citrix Systems, Inc.	*	188,500		11,922,625
Informatica Corp.	*	105,020		4,358,330
Microsoft Corp.		198,865		7,443,517
Oracle Corp.		177,089		6,775,425
Salesforce.com, Inc.	*	260,810		14,394,104
ServiceNow, Inc.	*	67,646		3,788,853
Splunk, Inc.	*	56,593		3,886,241
VMware, Inc., Class A	*	51,364		4,607,864
Workday, Inc., Class A	*	50,100		4,166,316

				73,157,599

Specialty Retail—2.7%
Bed Bath & Beyond, Inc.	*	76,833		6,169,690
Home Depot, Inc. (The)		294,357		24,237,355

See accompanying notes to financial statements

219

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Growth Fund		Shares		Value
COMMON STOCKS—(Continued)
Lowe’s Cos., Inc.			213,503	$	10,579,074
Ross Stores, Inc.			69,906		5,238,057
Tractor Supply Co.			227,600		17,657,208

					63,881,384

Textiles, Apparel & Luxury Goods—2.6%
Michael Kors Holdings Ltd. (Hong Kong)	*		393,128		31,918,062
NIKE, Inc., Class B			266,148		20,929,879
V.F. Corp.			118,612		7,394,272

					60,242,213

Thrifts & Mortgage Finance—0.2%
Ocwen Financial Corp.	*		61,800		3,426,810

Tobacco—0.6%
Philip Morris International, Inc.			150,913		13,149,050

Trading Companies & Distributors—0.3%
Fastenal Co.			145,277		6,902,110

Wireless Telecommunication Services—0.3%
Crown Castle International Corp.	*		104,600		7,680,778

TOTAL COMMON STOCKS
(Cost $1,609,370,365)					2,268,355,758


MONEY MARKET FUNDS—2.7%
Institutional Money Market Fund—2.7%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $62,416,519)	¥		62,416,519		62,416,519

TOTAL INVESTMENTS—100.2%
(Cost $1,671,786,884)					2,330,772,277
Other assets less liabilities—(0.2%)					(5,292,547	)

NET ASSETS—100.0%				$	2,325,479,730

Notes to the Schedule of Investments:


ADR		American Depositary Receipt
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

220

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—94.5%
Aerospace & Defense—4.2%
Alliant Techsystems, Inc.			15,210	$	1,850,753
Huntington Ingalls Industries, Inc.			65,790		5,921,758
L-3 Communications Holdings, Inc.			14,615		1,561,759
Northrop Grumman Corp.			15,100		1,730,611
Rockwell Collins, Inc.			31,704		2,343,560
TransDigm Group, Inc.			39,819		6,411,655

					19,820,096

Airlines—0.8%
American Airlines Group, Inc.	*†		65,325		1,649,456
Delta Air Lines, Inc.			78,450		2,155,022

					3,804,478

Auto Components—1.6%
Dana Holding Corp.			69,500		1,363,590
Delphi Automotive plc (United Kingdom)			53,800		3,234,994
Lear Corp.			13,050		1,056,658
Magna International, Inc. (Canada)			24,360		1,998,982

					7,654,224

Capital Markets—1.1%
Invesco Ltd.			103,950		3,783,780
Northern Trust Corp.			22,787		1,410,287

					5,194,067

Chemicals—1.5%
Ashland, Inc.			49,900		4,842,296
Huntsman Corp.			69,475		1,709,085
Methanex Corp. (Canada)			11,700		693,108

					7,244,489

Commercial Banks—4.4%
CIT Group, Inc.			15,000		781,950
City National Corp./California			41,111		3,256,813
Fifth Third Bancorp			41,400		870,642
Huntington Bancshares, Inc./Ohio			351,125		3,388,356
M&T Bank Corp.	†		51,183		5,958,725
Regions Financial Corp.			357,875		3,539,384
TCF Financial Corp.			95,502		1,551,908
Webster Financial Corp.			51,525		1,606,549

					20,954,327

Commercial Services & Supplies—1.6%
R.R. Donnelley & Sons Co.	†		48,750		988,650
Republic Services, Inc.			90,004		2,988,133
Steelcase, Inc., Class A			229,500		3,639,870

					7,616,653

Communications Equipment—0.5%
Finisar Corp.	*		107,075		2,561,234

Computers & Peripherals—0.5%
Lexmark International, Inc., Class A	†		44,748		1,589,449
SanDisk Corp.			11,500		811,210

					2,400,659



		Shares		Value
Construction & Engineering—1.5%
Jacobs Engineering Group, Inc.	*		35,541	$	2,238,728
URS Corp.			89,700		4,753,203

					6,991,931

Consumer Finance—0.3%
Discover Financial Services			21,975		1,229,501

Containers & Packaging—2.3%
Bemis Co., Inc.			77,500		3,174,400
Graphic Packaging Holding Co.	*		166,825		1,601,520
Owens-Illinois, Inc.	*		71,050		2,542,169
Sonoco Products Co.			92,317		3,851,465

					11,169,554

Diversified Consumer Services—0.6%
H&R Block, Inc.			98,389		2,857,217

Diversified Financial Services—1.7%
ING US, Inc.			100,200		3,522,030
IntercontinentalExchange Group, Inc.			14,809		3,330,840
PHH Corp.	*		57,500		1,400,125

					8,252,995

Electric Utilities—2.6%
Cleco Corp.			42,175		1,966,198
Edison International			64,480		2,985,424
Great Plains Energy, Inc.			121,100		2,935,464
Pinnacle West Capital Corp.			85,800		4,540,536

					12,427,622

Electrical Equipment—0.9%
Generac Holdings, Inc.			37,575		2,128,248
Hubbell, Inc., Class B			20,475		2,229,727

					4,357,975

Electronic Equipment, Instruments & Components—3.1%
Arrow Electronics, Inc.	*		73,645		3,995,241
Avnet, Inc.			111,487		4,917,692
FLIR Systems, Inc.			110,467		3,325,057
Ingram Micro, Inc., Class A	*		115,372		2,706,627

					14,944,617

Energy Equipment & Services—2.1%
Ensco plc, Class A (United Kingdom)			43,784		2,503,569
McDermott International, Inc.	*		185,764		1,701,598
Patterson-UTI Energy, Inc.			115,751		2,930,815
SEACOR Holdings, Inc.	*		31,900		2,909,280
Tidewater, Inc.			2,950		174,847

					10,220,109

Food & Staples Retailing—1.3%
Kroger Co. (The)			95,441		3,772,783
Rite Aid Corp.	*		199,275		1,008,331
SUPERVALU, Inc.	*†		172,300		1,256,067

					6,037,181

Food Products—0.5%
Hillshire Brands Co.			42,770		1,430,229
Tyson Foods, Inc., Class A			22,950		767,907

					2,198,136

See accompanying notes to financial statements

221

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—(Continued)
Gas Utilities—0.9%
Atmos Energy Corp.			59,800	$	2,716,116
UGI Corp.			33,500		1,388,910

					4,105,026

Health Care Equipment & Supplies—1.6%
Becton Dickinson and Co.			13,870		1,532,496
Boston Scientific Corp.	*		110,225		1,324,905
CareFusion Corp.	*		89,520		3,564,686
St. Jude Medical, Inc.			17,225		1,067,089

					7,489,176

Health Care Providers & Services—3.4%
Aetna, Inc.			37,050		2,541,260
Cardinal Health, Inc.			44,625		2,981,396
Cigna Corp.			53,516		4,681,580
HCA Holdings, Inc.	*		62,900		3,000,959
Omnicare, Inc.			23,425		1,413,933
Universal Health Services, Inc., Class B			20,970		1,704,022

					16,323,150

Hotels, Restaurants & Leisure—2.7%
Darden Restaurants, Inc.			85,300		4,637,761
MGM Resorts International	*		64,625		1,519,980
Starwood Hotels & Resorts Worldwide, Inc.			10,160		807,212
Wendy’s Co. (The)			90,725		791,122
Wyndham Worldwide Corp.			66,800		4,922,492

					12,678,567

Household Durables—0.6%
Mohawk Industries, Inc.	*		8,300		1,235,870
Whirlpool Corp.			9,000		1,411,740

					2,647,610

Household Products—0.5%
Energizer Holdings, Inc.			21,130		2,287,111

Independent Power Producers & Energy Traders—0.6%
AES Corp. (The)			185,000		2,684,350

Industrial Conglomerates—0.8%
Carlisle Cos., Inc.			50,700		4,025,580

Insurance—10.4%
Alleghany Corp.	*		8,725		3,489,651
Allied World Assurance Co. Holdings AG (Switzerland)			17,008		1,918,672
Allstate Corp. (The)			192,219		10,483,624
Aon plc (United Kingdom)			34,199		2,868,954
Arch Capital Group Ltd. (Bermuda)	*		53,236		3,177,657
Endurance Specialty Holdings Ltd. (Bermuda)			54,600		3,203,382
Everest Re Group Ltd. (Bermuda)			4,925		767,660
HCC Insurance Holdings, Inc.			105,975		4,889,687
Lincoln National Corp.			162,562		8,391,450
Loews Corp.			52,179		2,517,115
Progressive Corp. (The)			103,862		2,832,317
Torchmark Corp.			33,300		2,602,395
Unum Group			22,925		804,209



		Shares		Value
Validus Holdings Ltd. (Bermuda)			42,284	$	1,703,622

					49,650,395

Internet & Catalog Retail—0.4%
Liberty Interactive Corp., Series A	*		69,692		2,045,460

Internet Software & Services—0.5%
Web.com Group, Inc.	*		74,950		2,382,661

IT Services—3.6%
Broadridge Financial Solutions, Inc.			25,773		1,018,549
Computer Sciences Corp.			112,667		6,295,832
Convergys Corp.			145,700		3,066,985
NeuStar, Inc., Class A	*		38,829		1,936,014
Teradata Corp.	*		42,375		1,927,639
Western Union Co. (The)			172,021		2,967,362

					17,212,381

Leisure Equipment & Products—1.9%
Brunswick Corp.			137,419		6,329,519
Mattel, Inc.			60,270		2,867,647

					9,197,166

Life Sciences Tools & Services—0.5%
Agilent Technologies, Inc.			38,275		2,188,947

Machinery—1.9%
Dover Corp.			23,290		2,248,417
ITT Corp.			32,000		1,389,440
Joy Global, Inc.	†		39,100		2,286,959
Parker Hannifin Corp.			16,005		2,058,883
Terex Corp.			23,900		1,003,561

					8,987,260

Media—1.0%
Gannett Co., Inc.			56,225		1,663,135
Omnicom Group, Inc.			39,134		2,910,396

					4,573,531

Metals & Mining—1.2%
Barrick Gold Corp. (Canada)			77,025		1,357,951
Gerdau SA ADR (Brazil)			367,275		2,879,436
Kinross Gold Corp. (Canada)			377,480		1,653,362

					5,890,749

Multiline Retail—1.7%
Dillard’s, Inc., Class A			11,500		1,117,915
Nordstrom, Inc.			112,597		6,958,495

					8,076,410

Multi-Utilities—2.3%
Ameren Corp.			69,250		2,504,080
CMS Energy Corp.			111,350		2,980,840
PG&E Corp.			114,100		4,595,948
SCANA Corp.			17,626		827,188

					10,908,056

Office Electronics—0.2%
Xerox Corp.			88,125		1,072,481

Oil, Gas & Consumable Fuels—6.7%
Chesapeake Energy Corp.			112,075		3,041,716
Cimarex Energy Co.			65,967		6,920,598
Energen Corp.			22,700		1,606,025
Hess Corp.			36,327		3,015,141

See accompanying notes to financial statements

222

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Select Value Fund		Shares		Value
COMMON STOCKS—(Continued)
Murphy Oil Corp.			47,900	$	3,107,752
Peabody Energy Corp.			107,925		2,107,775
QEP Resources, Inc.			101,000		3,095,650
SM Energy Co.			30,548		2,538,844
Southwestern Energy Co.	*		72,073		2,834,631
Western Refining, Inc.	†		39,500		1,675,195
Whiting Petroleum Corp.	*		35,625		2,204,119

					32,147,446

Professional Services—1.8%
Manpowergroup, Inc.			71,106		6,105,161
Towers Watson & Co., Class A			18,651		2,380,054

					8,485,215

Real Estate Investment Trusts (REITs)—5.8%
Annaly Capital Management, Inc. REIT			84,708		844,539
BioMed Realty Trust, Inc. REIT			126,600		2,293,992
Brandywine Realty Trust REIT			135,525		1,909,547
Capstead Mortgage Corp. REIT			116,900		1,412,152
CBL & Associates Properties, Inc. REIT			303,850		5,457,146
Duke Realty Corp. REIT			319,454		4,804,588
DuPont Fabros Technology, Inc. REIT			56,075		1,385,613
EPR Properties REIT			30,300		1,489,548
Hatteras Financial Corp. REIT			100,725		1,645,847
Liberty Property Trust REIT			71,050		2,406,464
MFA Financial, Inc. REIT			202,200		1,427,532
Weyerhaeuser Co. REIT			89,725		2,832,618

					27,909,586

Real Estate Management & Development—0.2%
CBRE Group, Inc., Class A	*		35,050		921,815

Road & Rail—1.7%
Ryder System, Inc.			23,778		1,754,341
Swift Transportation Co.	*†		70,275		1,560,808
Werner Enterprises, Inc.			185,500		4,587,415

					7,902,564

Semiconductors & Semiconductor Equipment—3.9%
Analog Devices, Inc.			75,246		3,832,279
First Solar, Inc.	*		26,475		1,446,594
KLA-Tencor Corp.			41,281		2,660,973
Lam Research Corp.	*		110,117		5,995,871
Marvell Technology Group Ltd. (Bermuda)			55,675		800,606
Micron Technology, Inc.	*		74,075		1,611,872
NXP Semiconductor NV (Netherlands)	*		35,750		1,641,998
Skyworks Solutions, Inc.	*		28,225		806,106

					18,796,299

Software—1.2%
Autodesk, Inc.	*		3,335		167,851
Electronic Arts, Inc.	*		43,225		991,581
Open Text Corp. (Canada)			15,760		1,449,290
Synopsys, Inc.	*		36,162		1,467,092
TiVo, Inc.	*		114,275		1,499,288

					5,575,102



		Shares		Value
Specialty Retail—1.3%
Bed Bath & Beyond, Inc.	*		36,657	$	2,943,557
Best Buy Co., Inc.			67,175		2,678,939
Guess?, Inc.			18,375		570,911

					6,193,407

Textiles, Apparel & Luxury Goods—0.9%
Coach, Inc.			45,244		2,539,546
Hanesbrands, Inc.			23,250		1,633,777

					4,173,323

Thrifts & Mortgage Finance—0.2%
Nationstar Mortgage Holdings, Inc.	*†		31,350		1,158,696

Tobacco—0.5%
Lorillard, Inc.			44,550		2,257,794

Trading Companies & Distributors—0.5%
MRC Global, Inc.	*		72,200		2,329,172

TOTAL COMMON STOCKS
(Cost $345,398,317)					450,213,551


MONEY MARKET FUNDS—9.2%
Institutional Money Market Funds—9.2%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		3,000,000		3,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	¥		26,846,418		26,846,418
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	††¥		2,144,545		2,144,545
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.04%	††¥		3,000,000		3,000,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥		3,000,000		3,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.06%	††¥		3,000,000		3,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.06%	††¥		3,000,000		3,000,000

TOTAL MONEY MARKET FUNDS
(Cost $43,990,963)					43,990,963

TOTAL INVESTMENTS—103.7%
(Cost $389,389,280)					494,204,514
Other assets less liabilities—(3.7%)					(17,468,955	)

NET ASSETS—100.0%				$	476,735,559

See accompanying notes to financial statements

223

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013

Notes to the Schedule of Investments:


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

See accompanying notes to financial statements

224

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—96.0%
Aerospace & Defense—2.3%
B/E Aerospace, Inc.	*		75,477	$	6,568,763
DigitalGlobe, Inc.	*		148,966		6,129,951
Hexcel Corp.	*		16,600		741,854
Huntington Ingalls Industries, Inc.			8,300		747,083
L-3 Communications Holdings, Inc.			34,100		3,643,926
Rockwell Collins, Inc.			64,746		4,786,024
Spirit Aerosystems Holdings, Inc., Class A	*		21,531		733,777
TransDigm Group, Inc.			26,844		4,322,421
Triumph Group, Inc.			10,133		770,817

					28,444,616

Air Freight & Logistics—1.2%
C.H. Robinson Worldwide, Inc.			12,822		748,035
Expeditors International of Washington, Inc.			16,059		710,611
FedEx Corp.			91,200		13,111,824

					14,570,470

Airlines—1.3%
Alaska Air Group, Inc.			10,100		741,037
Allegiant Travel Co.			34,592		3,647,381
American Airlines Group, Inc.	*		27,900		704,475
Copa Holdings SA, Class A (Panama)			37,804		6,052,798
Delta Air Lines, Inc.			26,492		727,735
Ryanair Holdings plc ADR (Ireland)	*		64,200		3,012,906
Southwest Airlines Co.			38,560		726,470
United Continental Holdings, Inc.	*		19,707		745,516

					16,358,318

Auto Components—1.3%
Allison Transmission Holdings, Inc.			26,542		732,825
BorgWarner, Inc.			200,232		11,194,971
Delphi Automotive plc (United Kingdom)			12,166		731,542
Gentex Corp.			22,144		730,530
Goodyear Tire & Rubber Co. (The)			31,513		751,585
Lear Corp.			9,100		736,827
Visteon Corp.	*		9,355		766,081

					15,644,361

Automobiles—0.2%
Harley-Davidson, Inc.			10,839		750,492
Tesla Motors, Inc.	*†		5,101		767,089
Thor Industries, Inc.			13,718		757,645

					2,275,226

Beverages—0.8%
Brown-Forman Corp., Class B			9,712		733,936
Coca-Cola Enterprises, Inc.			17,366		766,361
Constellation Brands, Inc., Class A	*		100,000		7,038,000
Dr. Pepper Snapple Group, Inc.			15,730		766,366
Monster Beverage Corp.	*		10,880		737,338

					10,042,001



		Shares		Value
Biotechnology—2.5%
Alexion Pharmaceuticals, Inc.	*		5,591	$	743,938
Alkermes plc (Ireland)	*		85,800		3,488,628
Alnylam Pharmaceuticals, Inc.	*		41,000		2,637,530
Ariad Pharmaceuticals, Inc.	*†		104,182		710,521
BioMarin Pharmaceutical, Inc.	*		57,290		4,025,768
Cepheid, Inc.	*		85,317		3,986,010
Cubist Pharmaceuticals, Inc.	*		37,762		2,600,669
Incyte Corp. Ltd.	*		14,220		719,959
Insmed, Inc.	*		104,000		1,769,040
Isis Pharmaceuticals, Inc.	*		18,900		752,976
Keryx Biopharmaceuticals, Inc.	*†		89,300		1,156,435
Medivation, Inc.	*		11,814		753,970
Myriad Genetics, Inc.	*†		30,555		641,044
NPS Pharmaceuticals, Inc.	*		48,239		1,464,536
Pharmacyclics, Inc.	*		6,700		708,726
Puma Biotechnology, Inc.	*		14,800		1,532,244
Seattle Genetics, Inc.	*		18,200		725,998
Theravance, Inc.	*		21,400		762,910
United Therapeutics Corp.	*		6,406		724,390
Vanda Pharmaceuticals, Inc.	*		35,161		436,348
Vertex Pharmaceuticals, Inc.	*		9,909		736,239

					31,077,879

Building Products—0.8%
A.O. Smith Corp.			13,500		728,190
Allegion plc (Ireland)	*		16,286		719,678
Armstrong World Industries, Inc.	*		12,859		740,807
Fortune Brands Home & Security, Inc.			127,942		5,846,950
Lennox International, Inc.			8,672		737,640
Masco Corp.			33,358		759,562

					9,532,827

Capital Markets—2.2%
Affiliated Managers Group, Inc.	*		26,309		5,705,896
Ameriprise Financial, Inc.			6,500		747,825
Artisan Partners Asset Management, Inc., Class A			11,300		736,647
Bank of New York Mellon Corp. (The)			320,000		11,180,800
Carlyle Group LP (The)			103,100		3,672,422
Eaton Vance Corp.			17,510		749,253
Federated Investors, Inc., Class B	†		25,906		746,093
Lazard Ltd., Class A (Bermuda)			16,260		736,903
LPL Financial Holdings, Inc.			15,633		735,220
SEI Investments Co.			21,011		729,712
T. Rowe Price Group, Inc.			8,766		734,328
Waddell & Reed Financial, Inc., Class A			11,203		729,539

					27,204,638

Chemicals—2.0%
Airgas, Inc.			34,603		3,870,346
Albemarle Corp.			11,301		716,370
Celanese Corp., Series A			13,521		747,846
Eastman Chemical Co.			9,114		735,500
Ecolab, Inc.			56,400		5,880,828
FMC Corp.			9,777		737,772
International Flavors & Fragrances, Inc.			8,641		742,953
NewMarket Corp.			2,249		751,503
Rockwood Holdings, Inc.			10,267		738,403
RPM International, Inc.			17,854		741,120

See accompanying notes to financial statements

225

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Scotts Miracle-Gro Co. (The), Class A			11,828	$	735,938
Sherwin-Williams Co. (The)			3,934		721,889
Sigma-Aldrich Corp.			7,967		748,978
Valspar Corp. (The)			10,306		734,715
W.R. Grace & Co.	*		50,290		4,972,172
Westlake Chemical Corp.			6,190		755,613

					24,331,946

Commercial Banks—0.4%
Signature Bank/New York	*		6,701		719,822
Texas Capital Bancshares, Inc.	*		73,306		4,559,633

					5,279,455

Commercial Services & Supplies—1.7%
Cintas Corp.			12,323		734,328
Clean Harbors, Inc.	*		97,958		5,873,562
Copart, Inc.	*		143,822		5,271,076
Iron Mountain, Inc.			25,310		768,158
KAR Auction Services, Inc.			25,600		756,480
Pitney Bowes, Inc.			31,760		740,008
R.R. Donnelley & Sons Co.			38,100		772,668
Rollins, Inc.			24,355		737,713
Stericycle, Inc.	*		40,706		4,728,816
Waste Connections, Inc.			16,928		738,569

					21,121,378

Communications Equipment—0.6%
CommScope Holding Co., Inc.	*		40,400		764,368
F5 Networks, Inc.	*		8,075		733,694
Harris Corp.			10,522		734,541
JDS Uniphase Corp.	*		57,800		750,244
Juniper Networks, Inc.	*		34,100		769,637
Motorola Solutions, Inc.			10,900		735,750
Palo Alto Networks, Inc.	*		12,860		739,064
Riverbed Technology, Inc.	*		41,648		752,996
Ubiquiti Networks, Inc.	*†		41,700		1,916,532

					7,896,826

Computers & Peripherals—0.6%
3D Systems Corp.	*†		8,000		743,440
NCR Corp.	*		21,760		741,146
NetApp, Inc.			18,064		743,153
SanDisk Corp.			10,400		733,616
Stratasys Ltd.	*		36,865		4,965,715

					7,927,070

Construction & Engineering—0.9%
ACS Actividades de Construccion y Servicios SA (Spain)			127,111		4,381,703
AECOM Technology Corp.	*		24,900		732,807
Chicago Bridge & Iron Co. NV (Netherlands)			8,922		741,775
Fluor Corp.			9,237		741,639
Quanta Services, Inc.	*		142,100		4,484,676

					11,082,600

Construction Materials—0.1%
Eagle Materials, Inc.			9,600		743,328
Martin Marietta Materials, Inc.			7,540		753,548

					1,496,876



		Shares		Value
Containers & Packaging—0.6%
AptarGroup, Inc.			11,032	$	748,080
Avery Dennison Corp.			14,700		737,793
Ball Corp.			14,349		741,269
Bemis Co., Inc.			17,900		733,184
Crown Holdings, Inc.	*		16,453		733,310
Greif, Inc., Class A			14,300		749,320
Owens-Illinois, Inc.*			20,788		743,795
Packaging Corp. of America			12,051		762,587
Rock-Tenn Co., Class A			7,091		744,626
Sealed Air Corp.			22,000		749,100
Silgan Holdings, Inc.			14,738		707,719

					8,150,783

Distributors—0.9%
Genuine Parts Co.			8,822		733,902
LKQ Corp.	*		190,469		6,266,430
Pool Corp.			68,100		3,959,334

					10,959,666

Diversified Consumer Services—0.2%
H&R Block, Inc.			25,250		733,260
Service Corp. International			41,800		757,834
Weight Watchers International, Inc.	†		22,463		739,707

					2,230,801

Diversified Financial Services—1.3%
CBOE Holdings, Inc.			13,691		711,384
IntercontinentalExchange Group, Inc.			35,335		7,947,548
Leucadia National Corp.			25,113		711,703
McGraw Hill Financial, Inc.			71,822		5,616,480
Moody’s Corp.			9,434		740,286
MSCI, Inc.	*		17,432		762,127

					16,489,528

Diversified Telecommunication Services—1.7%
Intelsat SA (Luxembourg)	*		33,500		755,090
Level 3 Communications, Inc.	*		423,601		14,050,845
tw telecom inc.	*		197,233		6,009,690
Windstream Holdings, Inc.	†		85,193		679,840

					21,495,465

Electric Utilities—0.1%
ITC Holdings Corp.			7,477		716,446

Electrical Equipment—0.9%
AMETEK, Inc.			80,190		4,223,607
Babcock & Wilcox Co. (The)			20,767		710,024
Hubbell, Inc., Class B			6,607		719,502
Rockwell Automation, Inc.			36,083		4,263,567
Roper Industries, Inc.			5,280		732,231
SolarCity Corp.	*		12,900		732,978

					11,381,909

Electronic Equipment, Instruments & Components—1.1%
Amphenol Corp., Class A			8,328		742,691
CDW Corp.			32,700		763,872
Cognex Corp.	*		65,100		2,485,518
Dolby Laboratories, Inc., Class A	*†		18,914		729,324
FEI Co.			41,024		3,665,905
FLIR Systems, Inc.			24,682		742,928
IPG Photonics Corp.	*†		45,220		3,509,524

See accompanying notes to financial statements

226

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
National Instruments Corp.			22,555	$	722,211
Trimble Navigation Ltd.	*		21,416		743,135

					14,105,108

Energy Equipment & Services—1.1%
Atwood Oceanics, Inc.	*		14,236		760,060
Cameron International Corp.	*		78,132		4,651,198
Dresser-Rand Group, Inc.*			12,605		751,636
Dril-Quip, Inc.*			6,700		736,531
Ensco plc, Class A (United Kingdom)			54,100		3,093,438
FMC Technologies, Inc.	*		14,108		736,579
Frank’s International NV (Netherlands)			27,500		742,500
Oceaneering International, Inc.			9,299		733,505
RPC, Inc.	†		40,848		729,137
Seadrill Ltd. (Bermuda)			18,600		764,088

					13,698,672

Food & Staples Retailing—0.9%
Fresh Market, Inc. (The)	*		18,260		739,530
Kroger Co. (The)			18,280		722,608
Rite Aid Corp.	*		446,000		2,256,760
Safeway, Inc.			21,936		714,456
Sprouts Farmers Market, Inc.	*		87,400		3,358,782
United Natural Foods, Inc.	*		39,800		3,000,522
Whole Foods Market, Inc.			12,166		703,560

					11,496,218

Food Products—2.5%
Annie’s, Inc.	*		73,975		3,183,884
Campbell Soup Co.			17,206		744,676
ConAgra Foods, Inc.			21,900		738,030
Flowers Foods, Inc.			34,514		741,015
Green Mountain Coffee Roasters, Inc.	*†		9,334		705,464
Hershey Co. (The)			45,237		4,398,393
Hillshire Brands Co.			22,989		768,752
Hormel Foods Corp.			16,577		748,783
Ingredion, Inc.			10,447		715,202
J.M. Smucker Co. (The)			7,200		746,064
McCormick & Co., Inc. (Non-Voting Shares)			10,752		741,028
Mead Johnson Nutrition Co.			8,814		738,261
Mondelez International, Inc., Class A			298,300		10,529,990
Pinnacle Foods, Inc.			27,200		746,912
WhiteWave Foods Co., Class A	*		200,977		4,610,412

					30,856,866

Gas Utilities—0.1%
ONEOK, Inc.			12,251		761,767
Questar Corp.			31,519		724,622

					1,486,389

Health Care Equipment & Supplies—1.7%
Boston Scientific Corp.	*		337,700		4,059,154
C.R. Bard, Inc.			5,501		736,804
Cooper Cos., Inc. (The)			35,561		4,403,874
DENTSPLY International, Inc.			14,930		723,806
Edwards Lifesciences Corp.	*		11,182		735,328
Hologic, Inc.	*		32,400		724,140
IDEXX Laboratories, Inc.	*		7,184		764,162



		Shares		Value
Intuitive Surgical, Inc.	*		6,100	$	2,342,888
ResMed, Inc.	†		15,645		736,567
Sirona Dental Systems, Inc.	*		10,468		734,854
St. Jude Medical, Inc.			11,715		725,744
Varian Medical Systems, Inc.	*		9,540		741,163
Wright Medical Group, Inc.	*		106,229		3,262,293
Zimmer Holdings, Inc.			7,792		726,136

					21,416,913

Health Care Providers & Services—3.5%
AmerisourceBergen Corp.			10,462		735,583
Brookdale Senior Living, Inc.	*		26,600		722,988
Catamaran Corp.	*		121,486		5,768,155
Cigna Corp.			8,500		743,580
Community Health Systems, Inc.	*		19,200		753,984
DaVita HealthCare Partners, Inc.	*		211,724		13,416,950
Envision Healthcare Holdings, Inc.	*		236,703		8,407,690
HCA Holdings, Inc.	*		15,872		757,253
Health Management Associates, Inc., Class A	*		56,200		736,220
Henry Schein, Inc.	*		6,383		729,322
Laboratory Corp. of America Holdings	*		8,072		737,539
MEDNAX, Inc.	*		14,000		747,320
Patterson Cos., Inc.			17,425		717,910
Premier, Inc., Class A	*		88,700		3,260,612
Quest Diagnostics, Inc.			13,502		722,897
Team Health Holdings, Inc.	*		56,960		2,594,528
Tenet Healthcare Corp.	*		17,540		738,785
Universal Health Services, Inc., Class B			9,522		773,758

					43,065,074

Health Care Technology—0.3%
athenahealth, Inc.	*		21,500		2,891,750
Cerner Corp.	*		13,386		746,136
Veeva Systems, Inc., Class A	*		22,300		715,830

					4,353,716

Hotels, Restaurants & Leisure—2.0%
Apollo Global Management LLC, Class A			145,000		4,583,450
Bally Technologies, Inc.	*		9,639		756,179
Brinker International, Inc.			16,160		748,854
Burger King Worldwide, Inc.			35,100		802,386
Chipotle Mexican Grill, Inc.	*		1,338		712,860
Choice Hotels International, Inc.			14,896		731,542
Darden Restaurants, Inc.			13,457		731,657
Domino’s Pizza, Inc.			10,500		731,325
Dunkin’ Brands Group, Inc.			15,313		738,087
International Game Technology			41,194		748,083
Krispy Kreme Doughnuts, Inc.	*		108,300		2,089,107
Marriott International, Inc., Class A			15,071		743,905
Norwegian Cruise Line Holdings Ltd.	*		21,000		744,870
Panera Bread Co., Class A	*		4,241		749,342
SeaWorld Entertainment, Inc.			25,300		727,881
Six Flags Entertainment Corp.			20,400		751,128
Starwood Hotels & Resorts Worldwide, Inc.			9,238		733,959
Wyndham Worldwide Corp.			84,075		6,195,487
Wynn Resorts Ltd.			3,942		765,576

					24,785,678

See accompanying notes to financial statements

227

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Household Durables—0.5%
Jarden Corp.	*		12,134	$	744,421
Newell Rubbermaid, Inc.			22,900		742,189
NVR, Inc.	*		733		752,066
PulteGroup, Inc.			37,000		753,690
Taylor Morrison Home Corp., Class A	*		33,100		743,095
Tempur Sealy International, Inc.	*		13,793		744,270
Tupperware Brands Corp.			7,557		714,363
Whirlpool Corp.			4,800		752,928

					5,947,022

Household Products—0.4%
Church & Dwight Co., Inc.			72,298		4,791,912
Clorox Co. (The)			7,840		727,238

					5,519,150

Independent Power Producers & Energy Traders—0.1%
Calpine Corp.	*		38,200		745,282

Industrial Conglomerates—0.8%
Carlisle Cos., Inc.			9,250		734,450
Koninklijke Philips NV NYRS (Netherlands)			256,200		9,471,714

					10,206,164

Insurance—4.8%
Allied World Assurance Co. Holdings AG (Switzerland)			6,632		748,156
American Financial Group, Inc.			13,000		750,360
Aon plc (United Kingdom)			117,669		9,871,252
Arch Capital Group Ltd. (Bermuda)	*		12,946		772,747
Arthur J. Gallagher & Co.			16,154		758,107
Assured Guaranty Ltd. (Bermuda)			188,800		4,453,792
Axis Capital Holdings Ltd. (Bermuda)			16,400		780,148
Brown & Brown, Inc.			23,730		744,885
eHealth, Inc.	*		43,000		1,999,070
Endurance Specialty Holdings Ltd. (Bermuda)			12,755		748,336
Erie Indemnity Co., Class A			10,144		741,729
Fairfax Financial Holdings Ltd. (Canada)			19,400		7,761,164
Hanover Insurance Group, Inc. (The)			12,705		758,616
Loews Corp.			258,800		12,484,512
Progressive Corp. (The)			27,200		741,744
RenaissanceRe Holdings Ltd. (Bermuda)			96,400		9,383,576
Travelers Cos., Inc. (The)			59,000		5,341,860
Validus Holdings Ltd. (Bermuda)			19,066		768,169

					59,608,223

Internet & Catalog Retail—1.0%
Expedia, Inc.			10,653		742,088
Groupon, Inc.	*		338,085		3,979,260
HomeAway, Inc.	*		111,918		4,575,208
Liberty Interactive Corp., Series A	*		25,253		741,176
Liberty Ventures, Series A	*		6,033		739,586
Netflix, Inc.	*		1,873		689,582
TripAdvisor, Inc.	*		8,771		726,502



		Shares		Value
zulily, Inc., Class A	*		16,400	$	679,452

					12,872,854

Internet Software & Services—1.5%
Akamai Technologies, Inc.	*		15,328		723,175
Cornerstone OnDemand, Inc.	*		85,600		4,565,904
CoStar Group, Inc.	*		33,054		6,101,107
Equinix, Inc.	*		4,179		741,564
IAC/InterActiveCorp			10,562		725,504
LinkedIn Corp., Class A	*		3,333		722,694
Pandora Media, Inc.	*		24,673		656,302
Rackspace Hosting, Inc.	*		19,133		748,674
Shutterstock, Inc.	*		29,557		2,471,852
VeriSign, Inc.	*		12,231		731,169

					18,187,945

IT Services—5.7%
Alliance Data Systems Corp.	*		76,711		20,169,623
Amdocs Ltd.			152,800		6,301,472
Booz Allen Hamilton Holding Corp.			39,300		752,595
Broadridge Financial Solutions, Inc.			18,431		728,393
DST Systems, Inc.			8,039		729,459
Fidelity National Information Services, Inc.			13,900		746,152
Fiserv, Inc.	*		12,470		736,353
FleetCor Technologies, Inc.	*		39,456		4,623,060
Gartner, Inc.	*		92,556		6,576,104
Genpact Ltd. (Bermuda)	*		40,979		752,784
Global Payments, Inc.			77,618		5,044,394
Jack Henry & Associates, Inc.			12,480		738,941
Lender Processing Services, Inc.			19,655		734,704
NeuStar, Inc., Class A	*		129,040		6,433,934
Paychex, Inc.			16,012		729,026
Teradata Corp.	*		16,432		747,492
Total System Services, Inc.			22,058		734,090
Vantiv, Inc., Class A	*		380,656		12,413,192
Western Union Co. (The)			42,703		736,627

					70,428,395

Leisure Equipment & Products—0.2%
Hasbro, Inc.			13,757		756,772
Mattel, Inc.			16,620		790,780
Polaris Industries, Inc.			5,114		744,803

					2,292,355

Life Sciences Tools & Services—1.1%
Agilent Technologies, Inc.			12,661		724,083
Bruker Corp.	*		174,687		3,453,562
Charles River Laboratories International, Inc.	*		13,799		731,899
Covance, Inc.	*		8,121		715,135
Illumina, Inc.	*†		39,903		4,414,070
Life Technologies Corp.	*		9,345		708,351
Mettler-Toledo International, Inc.	*		2,913		706,665
Quintiles Transnational Holdings, Inc.	*		15,400		713,636
Techne Corp.			7,872		745,242
Waters Corp.	*		7,317		731,700

					13,644,343

See accompanying notes to financial statements

228

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Machinery—4.1%
Chart Industries, Inc.	*		39,065	$	3,736,177
Colfax Corp.	*		63,327		4,033,297
Crane Co.			11,400		766,650
Donaldson Co., Inc.			16,869		733,127
Dover Corp.			7,900		762,666
Flowserve Corp.			9,538		751,880
Graco, Inc.			66,987		5,233,024
Harsco Corp.			26,200		734,386
IDEX Corp.			9,959		735,472
Ingersoll-Rand plc (Ireland)			11,958		736,613
ITT Corp.			16,900		733,798
Lincoln Electric Holdings, Inc.			10,592		755,633
Manitowoc Co., Inc. (The)			31,678		738,731
Navistar International Corp.	*†		19,300		737,067
Nordson Corp.			48,998		3,640,551
PACCAR, Inc.			12,351		730,809
Pall Corp.			45,013		3,841,860
Proto Labs, Inc.	*†		47,900		3,409,522
Snap-on, Inc.			6,718		735,755
Stanley Black & Decker, Inc.			9,000		726,210
Toro Co. (The)			11,714		745,010
Valmont Industries, Inc.			4,910		732,179
WABCO Holdings, Inc.	*		91,595		8,555,889
Wabtec Corp.			87,206		6,476,790
Xylem, Inc.			21,381		739,783

					51,522,879

Marine—0.1%
Kirby Corp.	*		7,431		737,527

Media—3.5%
AMC Networks, Inc., Class A	*		86,143		5,867,200
Cablevision Systems Corp., Class A			41,586		745,637
Charter Communications, Inc., Class A	*		5,315		726,879
Cinemark Holdings, Inc.			22,404		746,725
Clear Channel Outdoor Holdings, Inc., Class A			72,958		739,794
DIRECTV	*		148,570		10,264,701
Discovery Communications, Inc., Class A	*		8,295		750,034
Discovery Communications, Inc., Class C	*		71,000		5,954,060
DISH Network Corp., Class A	*		12,879		745,952
Interpublic Group of Cos., Inc. (The)			41,191		729,081
Lamar Advertising Co., Class A	*		14,195		741,689
Lions Gate Entertainment Corp.	†		23,500		744,010
Madison Square Garden Co. (The), Class A	*		13,136		756,371
Morningstar, Inc.			8,988		701,873
News Corp., Class A	*		547,800		9,871,356
Omnicom Group, Inc.			10,289		765,193
Regal Entertainment Group, Class A	†		36,516		710,236
Scripps Networks Interactive, Inc., Class A			8,945		772,937
Starz, Class A	*		25,213		737,228

					43,070,956



		Shares		Value
Metals & Mining—0.5%
Compass Minerals International, Inc.			9,312	$	745,426
Reliance Steel & Aluminum Co.			51,700		3,920,928
Royal Gold, Inc.			16,512		760,708
Tahoe Resources, Inc.	*		46,208		768,901

					6,195,963

Multiline Retail—0.4%
Big Lots, Inc.	*		23,171		748,192
Dillard’s, Inc., Class A			7,600		738,796
Dollar General Corp.	*		11,820		712,982
Dollar Tree, Inc.	*		13,053		736,450
Family Dollar Stores, Inc.			11,184		726,624
Macy’s, Inc.			13,807		737,294
Nordstrom, Inc.			11,887		734,617

					5,134,955

Office Electronics—0.1%
Zebra Technologies Corp., Class A	*		13,481		729,052

Oil, Gas & Consumable Fuels—5.8%
Antero Resources Corp.	*		39,700		2,518,568
Bonanza Creek Energy, Inc.	*		30,900		1,343,223
Cabot Oil & Gas Corp.			18,422		714,037
Cheniere Energy, Inc.	*		16,696		719,932
Chesapeake Energy Corp.			488,200		13,249,748
Cobalt International Energy, Inc.	*		45,416		747,093
Concho Resources, Inc.	*		6,568		709,344
CONSOL Energy, Inc.			250,300		9,521,412
Continental Resources, Inc.	*†		6,613		744,095
CVR Energy, Inc.			18,300		794,769
Delek US Holdings, Inc.			55,184		1,898,881
Denbury Resources, Inc.	*		272,300		4,473,889
Diamondback Energy, Inc.	*		26,500		1,400,790
EQT Corp.			7,800		700,284
Gulfport Energy Corp.	*		62,422	��	3,941,949
Kosmos Energy Ltd. (Bermuda)	*		67,212		751,430
Laredo Petroleum Holdings, Inc.	*		26,744		740,541
Murphy Oil Corp.			129,400		8,395,472
Noble Energy, Inc.			10,580		720,604
Oasis Petroleum, Inc.	*		78,200		3,673,054
Pioneer Natural Resources Co.			3,977		732,046
QEP Resources, Inc.			23,900		732,535
Range Resources Corp.			9,137		770,341
SM Energy Co.			9,134		759,127
Southwestern Energy Co.	*		128,165		5,040,729
Whiting Petroleum Corp.	*		83,735		5,180,684
World Fuel Services Corp.			17,030		735,015

					71,709,592

Paper & Forest Products—0.1%
International Paper Co.			15,400		755,062

Personal Products—0.2%
Avon Products, Inc.			42,358		729,405
Coty, Inc., Class A			48,400		738,100
Herbalife Ltd. (Cayman Islands)	†		9,002		708,457
Nu Skin Enterprises, Inc., Class A			5,259		726,899

					2,902,861

See accompanying notes to financial statements

229

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Pharmaceuticals—1.1%
Actavis plc	*		4,415	$	741,720
Endo Health Solutions, Inc.	*		10,879		733,897
Jazz Pharmaceuticals plc (Ireland)	*		5,800		734,048
Mylan, Inc.	*		17,119		742,965
Perrigo Co. plc			4,813		738,603
Salix Pharmaceuticals Ltd.	*		109,859		9,880,718
Zoetis, Inc.			22,600		738,794

					14,310,745

Professional Services—3.0%
Advisory Board Co. (The)	*		63,030		4,013,120
Dun & Bradstreet Corp. (The)			5,938		728,890
Equifax, Inc.			92,457		6,387,854
IHS, Inc., Class A	*		32,430		3,881,871
Nielsen Holdings NV			204,807		9,398,593
Robert Half International, Inc.			18,212		764,722
Towers Watson & Co., Class A			37,600		4,798,136
Verisk Analytics, Inc., Class A	*		107,092		7,038,086

					37,011,272

Real Estate Investment Trusts (REITs)—1.2%
American Homes 4 Rent, Class A REIT			45,300		733,860
Apartment Investment & Management Co., Class A REIT			28,257		732,139
Boston Properties, Inc. REIT			7,023		704,898
Brixmor Property Group, Inc. REIT	*		36,100		733,913
CBL & Associates Properties, Inc. REIT			40,200		721,992
Corrections Corp. of America REIT			22,400		718,368
Digital Realty Trust, Inc. REIT	†		15,073		740,386
Equity Lifestyle Properties, Inc. REIT			20,360		737,643
Extra Space Storage, Inc. REIT			17,281		728,049
Federal Realty Investment Trust REIT			6,925		702,264
Omega Healthcare Investors, Inc. REIT	†		23,400		697,320
Plum Creek Timber Co., Inc. REIT			15,120		703,231
Rayonier, Inc. REIT			17,148		721,931
Regency Centers Corp. REIT			15,679		725,938
Senior Housing Properties Trust REIT			32,800		729,144
Spirit Realty Capital, Inc. REIT			76,000		747,080
Tanger Factory Outlet Centers, Inc. REIT			21,733		695,891
Taubman Centers, Inc. REIT			11,434		730,861
Ventas, Inc. REIT			12,800		733,184
Vornado Realty Trust REIT			8,400		745,836
Weyerhaeuser Co. REIT			24,404		770,434

					15,254,362

Real Estate Management & Development—0.8%
CBRE Group, Inc., Class A	*		92,191		2,424,624
Cheung Kong Holdings Ltd. ADR (Hong Kong)			353,000		5,580,930
Realogy Holdings Corp.	*		14,900		737,103



		Shares		Value
St. Joe Co. (The)	*†		39,770	$	763,186

					9,505,843

Road & Rail—2.7%
AMERCO	*		3,100		737,304
Avis Budget Group, Inc.	*		111,400		4,502,788
Con-way, Inc.			18,715		743,173
Genesee & Wyoming, Inc., Class A	*		50,100		4,812,105
Hertz Global Holdings, Inc.	*		255,674		7,317,390
J.B. Hunt Transport Services, Inc.			54,504		4,213,159
Kansas City Southern			47,723		5,909,539
Landstar System, Inc.			12,527		719,676
Old Dominion Freight Line, Inc.	*		91,600		4,856,632

					33,811,766

Semiconductors & Semiconductor Equipment—1.8%
Advanced Micro Devices, Inc.	*†		194,505		752,734
Altera Corp.			22,843		743,083
Analog Devices, Inc.			14,545		740,777
Applied Materials, Inc.			40,100		709,369
Atmel Corp.	*		95,509		747,836
Avago Technologies Ltd. (Singapore)			13,989		739,878
Cavium, Inc.	*		76,700		2,646,917
Cree, Inc.	*		56,800		3,553,976
Freescale Semiconductor Ltd.	*		47,162		756,950
Lam Research Corp.	*		13,774		749,994
Linear Technology Corp.			16,138		735,086
LSI Corp.			66,242		729,987
Maxim Integrated Products, Inc.			25,879		722,283
Microchip Technology, Inc.	†		16,571		741,552
NXP Semiconductor NV (Netherlands)	*		92,500		4,248,525
ON Semiconductor Corp.	*		91,700		755,608
Silicon Laboratories, Inc.	*		16,774		726,482
Skyworks Solutions, Inc.	*		26,197		748,186
Xilinx, Inc.			16,166		742,343

					22,291,566

Software—4.7%
ACI Worldwide, Inc.	*		49,263		3,202,095
ANSYS, Inc.	*		8,107		706,930
Aspen Technology, Inc.	*		121,699		5,087,018
Autodesk, Inc.	*		14,748		742,267
Cadence Design Systems, Inc.	*		53,154		745,219
Citrix Systems, Inc.	*		74,203		4,693,340
CommVault Systems, Inc.	*		67,745		5,072,746
Concur Technologies, Inc.	*		7,289		752,079
Electronic Arts, Inc.	*		30,600		701,964
FactSet Research Systems, Inc.	†		6,452		700,558
FireEye, Inc.	*		18,300		798,063
FleetMatics Group plc (Ireland)	*		80,537		3,483,225
Fortinet, Inc.	*		38,447		735,491
Guidewire Software, Inc.	*		68,300		3,351,481
Informatica Corp.	*		95,001		3,942,542
Intuit, Inc.			9,590		731,909
MICROS Systems, Inc.	*		12,874		738,581
NetSuite, Inc.	*		7,501		772,753
Red Hat, Inc.	*		12,966		726,615
Rovi Corp.	*		37,182		732,114
ServiceNow, Inc.	*		84,690		4,743,487
SolarWinds, Inc.	*		84,781		3,207,265

See accompanying notes to financial statements

230

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Aggressive Opportunities Fund		Shares		Value
COMMON STOCKS—(Continued)
Solera Holdings, Inc.			76,691	$	5,426,655
Splunk, Inc.	*		31,806		2,184,118
Symantec Corp.			31,847		750,952
Tableau Software, Inc., Class A	*		37,825		2,607,277
TIBCO Software, Inc.	*		32,901		739,615
Workday, Inc., Class A	*		8,700		723,492

					58,799,851

Specialty Retail—6.4%
Aaron’s, Inc.			25,425		747,495
Abercrombie & Fitch Co., Class A	†		21,900		720,729
Advance Auto Parts, Inc.			6,634		734,251
American Eagle Outfitters, Inc.			50,008		720,115
Ascena Retail Group, Inc.	*		35,231		745,488
AutoNation, Inc.	*		14,697		730,294
AutoZone, Inc.	*		1,570		750,366
Bed Bath & Beyond, Inc.	*		9,215		739,965
Best Buy Co., Inc.			18,600		741,768
Cabela’s, Inc.	*		10,900		726,594
CarMax, Inc.	*		15,374		722,886
Chico’s FAS, Inc.			39,047		735,646
Conn’s, Inc.	*		35,500		2,797,045
Dick’s Sporting Goods, Inc.			13,003		755,474
DSW, Inc., Class A			105,882		4,524,338
Finish Line, Inc. (The), Class A			92,400		2,602,908
Foot Locker, Inc.			138,500		5,739,440
Gap, Inc. (The)			18,950		740,566
GNC Holdings, Inc., Class A			201,901		11,801,113
L Brands, Inc.			11,527		712,945
Lithia Motors, Inc., Class A			43,100		2,992,002
Lumber Liquidators Holdings, Inc.	*		34,500		3,549,705
O’Reilly Automotive, Inc.	*		70,735		9,104,302
PetSmart, Inc.			10,050		731,138
Restoration Hardware Holdings, Inc.	*		50,176		3,376,845
Ross Stores, Inc.			69,125		5,179,536
Sally Beauty Holdings, Inc.	*		161,054		4,868,662
Signet Jewelers Ltd. (Bermuda)			9,700		763,390
Tiffany & Co.			44,094		4,091,041
Tractor Supply Co.			58,274		4,520,897
Ulta Salon Cosmetics & Fragrance, Inc.	*		7,806		753,435
Urban Outfitters, Inc.	*		19,023		705,753
Williams-Sonoma, Inc.			12,612		735,027

					79,861,159

Textiles, Apparel & Luxury Goods—2.5%
Carter’s, Inc.			10,275		737,642
Coach, Inc.			13,100		735,303
Deckers Outdoor Corp.	*		8,625		728,467
Fossil Group, Inc.	*		6,022		722,279
Hanesbrands, Inc.			79,516		5,587,589
Michael Kors Holdings Ltd. (Hong Kong)	*		9,023		732,577
Movado Group, Inc.			77,500		3,410,775
PVH Corp.			67,589		9,193,456
Ralph Lauren Corp.			4,240		748,657
Skechers U.S.A., Inc., Class A	*		80,787		2,676,473
Under Armour, Inc., Class A	*		59,652		5,207,620
V.F. Corp.			11,952		745,088

					31,225,926



		Shares		Value
Thrifts & Mortgage Finance—0.1%
Nationstar Mortgage Holdings, Inc.	*†		20,000	$	739,200
Ocwen Financial Corp.	*		13,300		737,485

					1,476,685

Tobacco—0.1%
Lorillard, Inc.			14,555		737,647

Trading Companies & Distributors—1.2%
AerCap Holdings NV (Netherlands)	*		56,600		2,170,610
Fastenal Co.			15,813		751,276
HD Supply Holdings, Inc.	*		29,700		713,097
MRC Global, Inc.	*		23,177		747,690
MSC Industrial Direct Co., Inc., Class A			8,892		719,096
United Rentals, Inc.	*		74,468		5,804,781
W.W. Grainger, Inc.			2,882		736,120
WESCO International, Inc.	*		37,100		3,378,697

					15,021,367

Water Utilities—0.1%
Aqua America, Inc.			30,645		722,915

Wireless Telecommunication Services—1.6%
Crown Castle International Corp.	*		9,808		720,201
SBA Communications Corp., Class A	*		216,140		19,418,018

					20,138,219

TOTAL COMMON STOCKS
(Cost $874,793,651)					1,193,355,622


MONEY MARKET FUNDS—6.2%
Institutional Money Market Funds—6.2%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		4,000,000		4,000,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	¥		52,242,195		52,242,195
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	††¥		4,403,679		4,403,679
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.04%	††¥		4,000,000		4,000,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥		4,000,000		4,000,000

See accompanying notes to financial statements

231

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Aggressive Opportunities Fund		Shares		Value
MONEY MARKET FUNDS—(Continued)
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.06%	††¥		4,000,000	$	4,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.06%	††¥		4,000,000		4,000,000

TOTAL MONEY MARKET FUNDS
(Cost $76,645,874)					76,645,874

TOTAL INVESTMENTS—102.2%
(Cost $951,439,525)					1,270,001,496
Other assets less liabilities—(2.2%)					(27,285,895	)

NET ASSETS—100.0%				$	1,242,715,601

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

232

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Discovery Fund		Shares		Value

COMMON STOCKS—49.3%
Aerospace & Defense—1.2%
Astronics Corp.	*		20,100	$	1,025,100
Astronics Corp., Class B	*		12,550		636,913
DigitalGlobe, Inc.	*		40,495		1,666,369

					3,328,382

Air Freight & Logistics—0.6%
Park-Ohio Holdings Corp.	*		32,500		1,703,000

Auto Components—0.6%
Standard Motor Products, Inc.			42,377		1,559,474

Biotechnology—2.9%
Agios Pharmaceuticals, Inc.	*†		81,300		1,947,135
Arena Pharmaceuticals, Inc.	*†		331,658		1,940,199
Exelixis, Inc.	*†		293,400		1,798,542
Foundation Medicine, Inc.	*†		47,000		1,119,540
Ironwood Pharmaceuticals, Inc.	*†		106,000		1,230,660

					8,036,076

Capital Markets—1.2%
Fifth Street Finance Corp.			166,200		1,537,350
Marcus & Millichap, Inc.	*		116,200		1,731,380

					3,268,730

Chemicals—1.3%
Advanced Emissions Solutions, Inc.	*		31,700		1,719,091
LSB Industries, Inc.	*		46,900		1,923,838

					3,642,929

Commercial Banks—1.2%
Bank of Marin Bancorp			38,800		1,683,532
Flushing Financial Corp.			79,217		1,639,792

					3,323,324

Commercial Services & Supplies—0.4%
Performant Financial Corp.	*		114,600		1,180,380

Communications Equipment—4.0%
ARRIS Group, Inc.	*		87,400		2,129,501
Emulex Corp.	*		163,900		1,173,524
Mitel Networks Corp. (Canada)	*†		174,270		1,758,384
NETGEAR, Inc.	*		51,500		1,696,410
Parkervision, Inc.	*†		618,477		2,814,071
Polycom, Inc.	*		138,100		1,550,863

					11,122,753

Construction & Engineering—0.6%
EMCOR Group, Inc.			39,100		1,659,404

Consumer Finance—0.7%
Regional Management Corp.	*		56,599		1,920,404

Containers & Packaging—0.6%
Myers Industries, Inc.			73,343		1,549,004

Diversified Consumer Services—0.1%
Steiner Leisure Ltd. (Bahamas)	*		6,600		324,654

Electric Utilities—0.8%
ALLETE, Inc.			26,400		1,316,832
Westar Energy, Inc.			32,000		1,029,440

					2,346,272



		Shares		Value

Electronic Equipment, Instruments & Components—0.7%
Speed Commerce, Inc.	*		407,800	$	1,904,426

Energy Equipment & Services—0.6%
C&J Energy Services, Inc.	*^‡		74,600		1,723,260

Food Products—0.9%
Alliance Grain Traders, Inc. (Canada)			66,000		1,023,940
Darling International, Inc.	*		66,700		1,392,696

					2,416,636

Health Care Equipment & Supplies—2.6%
Globus Medical, Inc., Class A	*†		89,743		1,811,013
Greatbatch, Inc.	*		42,000		1,858,080
ICU Medical, Inc.	*		23,000		1,465,330
Natus Medical, Inc.	*		75,932		1,708,470
PhotoMedex, Inc.	*†		25,744		333,385

					7,176,278

Health Care Providers & Services—1.1%
Amsurg Corp.	*		28,600		1,313,312
Ensign Group, Inc. (The)			37,500		1,660,125

					2,973,437

Hotels, Restaurants & Leisure—1.2%
Del Frisco’s Restaurant Group, Inc.	*		91,500		2,156,655
Ignite Restaurant Group, Inc.	*†		96,300		1,203,750

					3,360,405

Household Durables—1.2%
LGI Homes, Inc.	*		94,500		1,681,155
M/I Homes, Inc.	*		68,700		1,748,415

					3,429,570

Independent Power Producers & Energy Traders—0.5%
Pattern Energy Group, Inc.			49,600		1,503,376

Industrial Conglomerates—0.5%
Carlisle Cos., Inc.			18,600		1,476,840

Internet Software & Services—1.1%
Constant Contact, Inc.	*		63,000		1,957,410
Digital River, Inc.	*		66,200		1,224,700

					3,182,110

IT Services—0.4%
ExlService Holdings, Inc.	*		37,000		1,021,940

Leisure Equipment & Products—0.1%
LeapFrog Enterprises, Inc.	*†		39,900		316,806

Life Sciences Tools & Services—0.6%
Albany Molecular Research, Inc.	*		165,500		1,668,240

Machinery—2.6%
Altra Industrial Motion Corp.			59,700		2,042,934
John Bean Technologies Corp.			53,700		1,575,021
Luxfer Holdings plc ADR (United Kingdom)			85,592		1,785,449
Titan International, Inc.			103,800		1,866,324

					7,269,728

See accompanying notes to financial statements

233

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Discovery Fund		Shares		Value

COMMON STOCKS—(Continued)
Metals & Mining—0.5%
New Gold, Inc. (Canada)	*		210,400	$	1,102,496
Romarco Minerals, Inc. (Canada)	*		796,150		281,060

					1,383,556

Oil, Gas & Consumable Fuels—3.1%
BPZ Resources, Inc.	*†		1,081,600		1,968,512
Diamondback Energy, Inc.	*		20,300		1,073,058
EPL Oil & Gas, Inc.	*		45,500		1,296,750
Jones Energy, Inc., Class A	*		113,100		1,637,688
Karoon Gas Australia Ltd. (Australia)	*		328,927		1,280,625
Synergy Resources Corp.	*		150,600		1,394,556

					8,651,189

Pharmaceuticals—0.9%
Medicines Co. (The)	*		41,700		1,610,454
XenoPort, Inc.	*		160,200		921,150

					2,531,604

Professional Services—0.8%
RPX Corp.	*		125,800		2,126,020

Real Estate Investment Trusts (REITs)—3.7%
Arbor Realty Trust, Inc. REIT			178,347		1,187,791
Armada Hoffler Properties, Inc. REIT			127,300		1,181,344
Capstead Mortgage Corp. REIT			96,600		1,166,928
Gladstone Commercial Corp. REIT			76,000		1,365,720
Medical Properties Trust, Inc. REIT			105,800		1,292,876
Pebblebrook Hotel Trust REIT			45,500		1,399,580
STAG Industrial, Inc. REIT			64,800		1,321,272
Summit Hotel Properties, Inc. REIT			153,100		1,377,900

					10,293,411

Road & Rail—0.6%
Celadon Group, Inc.			87,100		1,696,708

Semiconductors & Semiconductor Equipment—0.8%
Inphi Corp.	*		124,900		1,611,210
Integrated Silicon Solution, Inc.	*		47,712		576,838

					2,188,048

Software—2.1%
Actuate Corp.	*		218,400		1,683,864
ePlus, Inc.	*		34,700		1,972,348
Kofax Ltd.	*		134,800		1,002,912
SeaChange International, Inc.	*		107,093		1,302,251

					5,961,375

Specialty Retail—2.5%
Cato Corp. (The), Class A			56,900		1,809,420
Destination Maternity Corp.			53,125		1,587,375
Finish Line, Inc. (The), Class A			62,700		1,766,259
Shoe Carnival, Inc.			59,350		1,721,743

					6,884,797



				Shares		Value

Thrifts & Mortgage Finance—2.0%
EverBank Financial Corp.					105,500	$	1,934,870
Home Loan Servicing Solutions Ltd. (Cayman Islands)					73,400		1,685,998
WSFS Financial Corp.					27,000		2,093,310

							5,714,178

Trading Companies & Distributors—2.0%
CAI International, Inc.			*		72,300		1,704,111
Cervus Equipment Corp. (Canada)					28,200		634,749
H&E Equipment Services, Inc.			*		56,645		1,678,391
Textainer Group Holdings Ltd. (Bermuda)			†		39,300		1,580,646

							5,597,897

TOTAL COMMON STOCKS
(Cost $105,503,143)							137,416,621



Coupon Rate	Maturity Date				Face		Value

CORPORATE OBLIGATIONS—22.6%
Aerospace & Defense—0.2%
United Technologies Corp.
0.739%	06/01/2015		#	$	545,000		548,610

Automobiles—0.1%
Jaguar Land Rover Automotive plc (United Kingdom)
4.125%	12/15/2018		^		300,000		303,375

Beverages—0.4%
PepsiCo, Inc.
0.700%	08/13/2015				1,000,000		1,001,459

Biotechnology—0.2%
Amgen, Inc.
1.875%	11/15/2014				330,000		333,749
Gilead Sciences, Inc.
2.400%	12/01/2014				140,000		142,339

							476,088

Building Products—0.1%
Masco Corp.
4.800%	06/15/2015				165,000		172,838

Capital Markets—1.7%
Bank of New York Mellon Corp. (The) MTN
2.500%	01/15/2016				525,000		541,892
1.200%	02/20/2015				100,000		100,794
E*TRADE Financial Corp.
6.000%	11/15/2017				190,000		202,825
Goldman Sachs Group, Inc. (The)
3.625%	02/07/2016	��			1,225,000		1,286,265
ING Bank NV (Netherlands)
3.750%	03/07/2017		^		500,000		527,005
Morgan Stanley
1.488%	02/25/2016		#		450,000		456,093
Morgan Stanley MTN
1.518%	04/25/2018		#		620,000		629,515
Nomura Holdings, Inc. MTN (Japan)
1.694%	09/13/2016		#		500,000		509,394

See accompanying notes to financial statements

234

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Discovery Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
TD Ameritrade Holding Corp.
4.150%		12/01/2014		$	410,000	$	423,404

							4,677,187

Chemicals—0.2%
Ashland, Inc.
3.000%		03/15/2016			400,000		410,000
Ecolab, Inc.
2.375%		12/08/2014			110,000		111,748

							521,748

Commercial Banks—3.1%
ABN AMRO Bank NV (Netherlands)
1.036%		10/28/2016	#^		200,000		200,360
Australia & New Zealand Banking Group Ltd. (Australia)
0.801%		05/15/2018	#		580,000		580,140
Banco Nacional de Costa Rica (Costa Rica)
4.875%		11/01/2018	^		200,000		196,500
Banque Federative du Credit Mutuel SA (France)
1.089%		10/28/2016	#^		600,000		602,248
BB&T Corp. MTN
1.600%		08/15/2017			150,000		148,791
Capital One Financial Corp.
2.125%		07/15/2014			340,000		342,740
CIT Group, Inc.
4.750%		02/15/2015	^		270,000		280,462
Credit Agricole SA (France)
1.404%		04/15/2016	#^		440,000		445,722
Discover Bank
2.000%		02/21/2018			650,000		639,036
Fifth Third Bank/Ohio, Bank Note
1.150%		11/18/2016			400,000		400,005
HSBC Bank plc (United Kingdom)
0.881%		05/15/2018	#^		560,000		561,816
Huntington National Bank (The), Bank Note
1.300%		11/20/2016			260,000		260,223
KeyBank NA, Bank Note
4.950%		09/15/2015			200,000		212,829
KeyCorp MTN
3.750%		08/13/2015			230,000		240,615
Macquarie Bank Ltd. (Australia)
2.000%		08/15/2016	^		600,000		607,208
PNC Bank NA, Bank Note
1.150%		11/01/2016			250,000		250,475
Regions Financial Corp.
2.000%		05/15/2018			370,000		358,647
Royal Bank of Scotland Group plc (United Kingdom)
2.550%		09/18/2015			695,000		711,114
US Bancorp
4.200%		05/15/2014			500,000		507,090
US Bank NA, Bank Note
0.524%		10/14/2014	#		400,000		400,543
Wachovia Bank NA, Bank Note
4.800%		11/01/2014			545,000		565,354
Wells Fargo & Co.
0.869%		04/23/2018	#		170,000		171,119

							8,683,037



Coupon Rate	Maturity Date			Face		Value

Computers & Peripherals—0.6%
Apple, Inc.
1.000%	05/03/2018		$	280,000	$	271,030
0.492%	05/03/2018	#		575,000		574,642
0.450%	05/03/2016			250,000		248,329
Hewlett-Packard Co.
1.794%	09/19/2014	#		300,000		302,602
Seagate HDD Cayman (Cayman Islands)
3.750%	11/15/2018	^		350,000		354,812

						1,751,415

Consumer Finance—2.4%
Ally Financial, Inc.
3.500%	07/18/2016			610,000		630,950
American Express Co.
0.828%	05/22/2018	#		590,000		590,226
American Express Credit Corp.
0.747%	07/29/2016	#		550,000		553,024
American Express Credit Corp. MTN
5.125%	08/25/2014			300,000		309,184
1.750%	06/12/2015			100,000		101,650
Caterpillar Financial Services Corp.
0.700%	11/06/2015			150,000		150,250
Caterpillar Financial Services Corp. MTN
1.000%	11/25/2016			130,000		129,338
Ford Motor Credit Co. LLC
3.875%	01/15/2015			470,000		485,095
1.489%	05/09/2016	#		280,000		284,273
General Motors Financial Co., Inc.
4.750%	08/15/2017	^		350,000		373,187
2.750%	05/15/2016	^		200,000		203,000
Harley-Davidson Financial Services, Inc.
1.150%	09/15/2015	^		160,000		160,595
HSBC USA, Inc.
1.128%	09/24/2018	#		400,000		401,016
International Lease Finance Corp.
6.500%	09/01/2014	^		200,000		207,500
4.875%	04/01/2015			210,000		218,137
2.193%	06/15/2016	#		560,000		565,600
John Deere Capital Corp.
1.050%	10/11/2016			240,000		240,855
0.700%	09/04/2015			280,000		281,215
John Deere Capital Corp. MTN
1.600%	03/03/2014			270,000		270,592
PACCAR Financial Corp. MTN
1.550%	09/29/2014			210,000		211,801
1.050%	06/05/2015			90,000		90,766
0.842%	12/06/2018	#		130,000		130,344

						6,588,598

Diversified Financial Services—2.7%
Bank of America Corp.
3.700%	09/01/2015			425,000		444,437
Bank of America Corp. MTN
1.316%	03/22/2018	#		590,000		598,449
1.250%	01/11/2016			190,000		190,950
Bank of America Corp., Series 1
3.750%	07/12/2016			130,000		138,289
Citigroup, Inc.
4.450%	01/10/2017			225,000		244,028
2.250%	08/07/2015			500,000		510,590
1.037%	04/01/2016	#		540,000		543,826
ERAC USA Finance LLC
2.250%	01/10/2014	^		400,000		400,164

See accompanying notes to financial statements

235

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Discovery Fund

Coupon Rate		Maturity Date			Face		Value
	��
CORPORATE OBLIGATIONS—(Continued)
General Electric Capital Corp.
5.900%			05/13/2014		$	260,000	$	265,284
2.150%			01/09/2015			240,000		244,457
1.625%			07/02/2015			400,000		406,651
General Electric Capital Corp. MTN
0.894%			07/12/2016	#		670,000		675,121
0.873%			04/07/2014	#		300,000		300,499
General Electric Capital Corp., Series A
3.750%			11/14/2014			390,000		401,755
JPMorgan Chase & Co.
1.138%			01/25/2018	#		280,000		283,078
JPMorgan Chase & Co. MTN
1.875%			03/20/2015			105,000		106,451
1.100%			10/15/2015			250,000		251,064
NASDAQ OMX Group, Inc. (The)
4.000%			01/15/2015			460,000		472,148
National Rural Utilities Cooperative Finance Corp.
1.000%			02/02/2015			200,000		201,230
RCI Banque SA (France)
2.116%			04/11/2014	#^		800,000		802,496

								7,480,967

Diversified Telecommunication Services—0.8%
AT&T, Inc.
0.875%			02/13/2015			780,000		781,863
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%			12/15/2017			130,000		128,883
Verizon Communications, Inc.
1.993%			09/14/2018	#		280,000		294,750
1.773%			09/15/2016	#		120,000		123,709
0.700%			11/02/2015			210,000		209,509
0.442%			03/06/2015	#^		300,000		299,579
Windstream Corp.
7.875%			11/01/2017			340,000		390,150

								2,228,443

Electric Utilities—0.4%
Georgia Power Co.
0.750%			08/10/2015			500,000		501,123
NextEra Energy Capital Holdings, Inc.
1.611%			06/01/2014			180,000		180,821
1.339%			09/01/2015			500,000		503,537
1.200%			06/01/2015			80,000		80,438

								1,265,919

Energy Equipment & Services—0.3%
Cameron International Corp.
1.150%			12/15/2016			300,000		299,224
Nabors Industries, Inc.
2.350%			09/15/2016	^		500,000		505,367

								804,591

Food & Staples Retailing—0.5%
CVS Caremark Corp.
1.200%			12/05/2016			130,000		130,225
Kroger Co. (The)
2.200%			01/15/2017			500,000		506,452
0.804%			10/17/2016	#		400,000		401,154
Walgreen Co.
1.000%			03/13/2015			210,000		210,926



Coupon Rate	Maturity Date			Face		Value

Wal-Mart Stores, Inc.
0.600%	04/11/2016		$	120,000	$	119,893

						1,368,650

Food Products—0.6%
BRF SA (Brazil)
7.750%	05/22/2018	^ BRL		1,200,000		423,694
ConAgra Foods, Inc.
1.350%	09/10/2015			70,000		70,515
1.300%	01/25/2016			110,000		110,247
General Mills, Inc.
0.875%	01/29/2016			90,000		89,789
Kellogg Co.
1.125%	05/15/2015			350,000		352,502
Kraft Foods Group, Inc.
1.625%	06/04/2015			150,000		151,958
Want Want China Finance Ltd. (Cayman Islands)
1.875%	05/14/2018	^		290,000		276,941
Wm. Wrigley Jr. Co.
2.000%	10/20/2017	^		100,000		99,813
1.400%	10/21/2016	^		100,000		100,220

						1,675,679

Health Care Equipment & Supplies—0.1%
Baxter International, Inc.
0.950%	06/01/2016			110,000		110,054
Stryker Corp.
3.000%	01/15/2015			300,000		308,007

						418,061

Health Care Providers & Services—0.6%
Express Scripts Holding Co.
2.750%	11/21/2014			500,000		509,754
Quest Diagnostics, Inc.
1.098%	03/24/2014	#		160,000		160,211
UnitedHealth Group, Inc.
1.400%	10/15/2017			100,000		98,828
Ventas Realty LP
1.550%	09/26/2016			211,000		212,639
WellPoint, Inc.
2.375%	02/15/2017			465,000		471,068
1.250%	09/10/2015			190,000		191,401

						1,643,901

Hotels, Restaurants & Leisure—0.2%
McDonald’s Corp. MTN
0.750%	05/29/2015			190,000		191,175
Starbucks Corp.
0.875%	12/05/2016			240,000		238,660

						429,835

Household Durables—0.1%
Toll Brothers Finance Corp.
4.000%	12/31/2018			200,000		204,000

Insurance—0.9%
Allstate Corp. (The)
6.200%	05/16/2014			300,000		306,357
American International Group, Inc.
2.375%	08/24/2015			150,000		153,278
Berkshire Hathaway Finance Corp.
0.950%	08/15/2016			130,000		130,674

See accompanying notes to financial statements

236

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Discovery Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Metropolitan Life Global Funding I
0.994%		01/10/2014	#^	$	700,000	$	700,147
0.774%		07/15/2016	#^		320,000		321,975
New York Life Global Funding
0.504%		04/04/2014	#^		500,000		500,424
Principal Life Global Funding II
1.000%		12/11/2015	^		230,000		230,579
Prudential Financial, Inc.
1.021%		08/15/2018	#		300,000		301,291

							2,644,725

Internet & Catalog Retail—0.1%
Amazon.com, Inc.
0.650%		11/27/2015			400,000		400,008

Internet Software & Services—0.2%
Baidu, Inc. (Cayman Islands)
2.250%		11/28/2017			200,000		199,120
eBay, Inc.
0.700%		07/15/2015			220,000		220,675
IAC/InterActiveCorp
4.875%		11/30/2018	^		150,000		154,125

							573,920

IT Services—0.5%
Computer Sciences Corp.
2.500%		09/15/2015			100,000		102,114
Fidelity National Information Services, Inc.
2.000%		04/15/2018			150,000		146,008
International Business Machines Corp.
0.550%		02/06/2015			610,000		611,070
Total System Services, Inc.
2.375%		06/01/2018			530,000		516,164

							1,375,356

Life Sciences Tools & Services—0.1%
Thermo Fisher Scientific, Inc.
1.300%		02/01/2017			180,000		179,353

Marine—0.1%
Far East Capital Ltd. SA (Luxembourg)
8.000%		05/02/2018	^		250,000		224,375

Media—0.2%
DISH DBS Corp.
4.625%		07/15/2017			245,000		257,250
NBCUniversal Enterprise, Inc.
0.929%		04/15/2018	#^		240,000		241,131
Viacom, Inc.
4.375%		09/15/2014			200,000		205,252

							703,633

Metals & Mining—0.8%
ArcelorMittal (Luxembourg)
4.250%		08/05/2015			350,000		363,563
FMG Resources August 2006 Pty Ltd. (Australia)
6.000%		04/01/2017	^†		280,000		298,900
Freeport-McMoRan Copper & Gold, Inc.
1.400%		02/13/2015			100,000		100,586
Glencore Funding LLC
1.604%		01/15/2019	#^		600,000		589,249
Xstrata Finance Canada Ltd. (Canada)
2.700%		10/25/2017	^		800,000		809,810

							2,162,108



Coupon Rate	Maturity Date			Face		Value

Oil, Gas & Consumable Fuels—1.3%
Boardwalk Pipelines LP
5.875%	11/15/2016		$	575,000	$	636,769
ConocoPhillips
4.750%	02/01/2014			53,000		53,190
CONSOL Energy, Inc.
8.000%	04/01/2017			100,000		105,750
Devon Energy Corp.
1.200%	12/15/2016			300,000		300,091
Enterprise Products Operating LLC
1.250%	08/13/2015			100,000		100,704
Marathon Oil Corp.
0.900%	11/01/2015			220,000		220,283
Murphy Oil Corp.
2.500%	12/01/2017			250,000		251,753
Phillips 66
1.950%	03/05/2015			230,000		233,272
Plains Exploration & Production Co.
6.500%	11/15/2020			260,000		287,266
Rockies Express Pipeline LLC
3.900%	04/15/2015	^		290,000		290,725
Sabine Pass LNG LP
7.500%	11/30/2016			370,000		419,950
Tesoro Corp.
4.250%	10/01/2017			260,000		272,350
WPX Energy, Inc.
5.250%	01/15/2017			355,000		380,737

						3,552,840

Pharmaceuticals—0.8%
AbbVie, Inc.
1.750%	11/06/2017			520,000		519,590
1.200%	11/06/2015			520,000		525,524
Merck & Co., Inc.
0.598%	05/18/2018	#		470,000		471,741
Mylan, Inc.
1.800%	06/24/2016	^		80,000		81,606
1.350%	11/29/2016			150,000		149,831
Perrigo Co. plc (Ireland)
1.300%	11/08/2016	^		300,000		299,169
Valeant Pharmaceuticals International
6.500%	07/15/2016	^		203,000		209,598

						2,257,059

Professional Services—0.0%
Equifax, Inc.
4.450%	12/01/2014			80,000		82,525

Real Estate Investment Trusts (REITs)—0.8%
Digital Realty Trust LP
4.500%	07/15/2015	†		550,000		572,272
HCP, Inc.
2.700%	02/01/2014			570,000		570,943
Health Care REIT, Inc.
3.625%	03/15/2016			375,000		393,096
Simon Property Group LP
4.200%	02/01/2015			90,000		92,665
Vornado Realty LP
4.250%	04/01/2015			470,000		484,798

						2,113,774

Road & Rail—0.4%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%	11/15/2017	†		270,000		284,850

See accompanying notes to financial statements

237

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Discovery Fund

Coupon Rate	Maturity Date			Face		Value

CORPORATE OBLIGATIONS—(Continued)
Kansas City Southern de Mexico SA de CV (Mexico)
2.350%		05/15/2020		$	230,000	$	214,586
Penske Truck Leasing Co. Lp/PTL Finance Corp.
3.125%		05/11/2015	^		300,000		308,647
2.500%		03/15/2016	^		230,000		235,765

							1,043,848

Semiconductors & Semiconductor Equipment—0.2%
Texas Instruments, Inc.
0.450%		08/03/2015			420,000		419,876
TSMC Global Ltd. (Virgin Islands, British)
1.625%		04/03/2018	^		200,000		192,027

							611,903

Software—0.4%
Autodesk, Inc.
1.950%		12/15/2017			150,000		148,525
Microsoft Corp.
2.950%		06/01/2014			500,000		505,296
Oracle Corp.
3.750%		07/08/2014			480,000		488,350

							1,142,171

Thrifts & Mortgage Finance—0.2%
Astoria Financial Corp.
5.000%		06/19/2017			240,000		257,634
BPCE SA MTN (France)
1.488%		04/25/2016	#		350,000		354,756

							612,390

Tobacco—0.0%
Reynolds American, Inc.
1.050%		10/30/2015			100,000		100,363

Trading Companies & Distributors—0.2%
Aircastle Ltd. (Bermuda)
9.750%		08/01/2018			390,000		427,050
Aviation Capital Group Corp.
4.625%		01/31/2018	^		160,000		165,789

							592,839

Wireless Telecommunication Services—0.1%
SBA Communications Corp.
5.625%		10/01/2019			150,000		155,250
SoftBank Corp. (Japan)
4.500%		04/15/2020	^		200,000		196,000

							351,250

TOTAL CORPORATE OBLIGATIONS
(Cost $62,476,554)							62,968,841


MORTGAGE-BACKED SECURITIES—2.7%
Commercial Mortgage-Backed Securities— 0.3%
Hilton USA Trust, Series 2013-HLF, Class AFL
1.169%		11/05/2030	#^		610,000		610,671
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A1
1.600%		10/29/2020			284,505		286,865

							897,536



Coupon Rate	Maturity Date			Face		Value

Non-Agency Mortgage-Backed Securities— 2.0%
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%	04/25/2043	#^	$	568,253	$	548,660
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR3, Class A3
1.550%	05/25/2043	#^		283,600		262,432
GSAMP Trust, Series 2004-SEA2, Class M1
0.815%	03/25/2034	#		600,000		598,051
HarborView Mortgage Loan Trust, Series 2005-14, Class 3A1A
2.718%	12/19/2035	#		584,461		516,255
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%	04/25/2042	#		395,140		397,958
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%	02/25/2043	#		363,299		358,194
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%	04/25/2043	#		420,038		406,054
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%	12/25/2059	#^		287,172		286,759
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%	06/25/2058	#^		545,904		545,898
Springleaf Mortgage Loan Trust, Series 2013-2A, Class A
1.780%	12/25/2065	#^		272,305		272,221
Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M1
1.618%	11/25/2023	#		487,277		486,441
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.765%	03/25/2044	#		805,543		781,884
WaMu Mortgage Pass Through Certificates, Series 2006-AR12, Class 1A1
2.420%	10/25/2036	#		84,208		72,445

						5,533,252

U.S. Government Agency Mortgage-Backed Securities—0.4%
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.619%	10/07/2020	#		480,825		483,412
National Credit Union Administration Guaranteed Notes, Series 2011-R6, Class 1A
0.549%	05/07/2020	#		484,489		484,962

						968,374

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $7,508,242)						7,399,162


U.S. TREASURY OBLIGATIONS—18.3%
U.S. Treasury Notes—18.3%
U.S. Treasury Note
0.625%	07/15/2016			6,730,000		6,738,675
0.500%	06/15/2016			3,825,000		3,821,263
0.375%	11/15/2014	‡‡		6,590,000		6,603,002
0.375%	06/30/2015- 03/15/2016			19,375,000		19,368,927
0.250%	03/31/2015	‡‡		2,000,000		2,001,250
0.250%	07/31/2015- 05/15/2016			12,590,000		12,569,469

						51,102,586

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $51,074,786)						51,102,586

See accompanying notes to financial statements

238

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Discovery Fund


Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—1.2%
U.S. Government Agencies—0.5%
Federal National Mortgage Association
0.500%		03/30/2016		$	1,140,000	$	1,139,410
National Credit Union Administration Guaranteed Notes, Series A2
1.400%		06/12/2015			180,000		182,777

							1,322,187

Non-U.S. Government Agencies—0.3%
IPIC Ltd. MTN (Cayman Islands)
3.125%		11/15/2015	^†		250,000		259,688
Petrobras International Finance Co. (Cayman Islands)
2.875%		02/06/2015			160,000		162,800
Petroleos Mexicanos (Mexico)
2.266%		07/18/2018	#		410,000		423,325

							845,813

Sovereign Debt—0.0%
Panama Government International Bond (Panama)
7.250%		03/15/2015			23,000		24,782

U.S. Municipal Bonds—0.4%
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds (Florida)
1.298%		07/01/2016			330,000		331,188
Missouri Higher Education Loan Authority, Series 2012-1, Class A1 (Missouri)
0.995%		01/26/2026	#		562,999		563,017
South Carolina State Public Service Authority, Series D (South Carolina)
1.044%		06/01/2015	#		260,000		260,811

							1,155,016

TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $3,314,149)							3,347,798


ASSET-BACKED SECURITIES—2.5%
Automobiles—1.2%
Ally Master Owner Trust Series 2013-2, Class A
0.617%		04/15/2018	#		600,000		599,106
Ally Master Owner Trust Series 2013-1, Class A1
0.617%		02/15/2018	#		500,000		499,734
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%		10/22/2018			120,000		118,591
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%		04/20/2018			120,000		118,838
Enterprise Fleet Financing LLC Series 2012-1, Class A2
1.140%		11/20/2017	^		570,451		571,709
Nissan Master Owner Trust Receivables Series 2013-A, Class A
0.467%		02/15/2018	#		1,250,000		1,250,334
World Omni Master Owner Trust Series 2013-1, Class A
0.517%		02/15/2018	#^		325,000		325,297

							3,483,609



Coupon Rate	Maturity Date			Face		Value

Credit Card—0.5%
Discover Card Execution Note Trust Series 2012-A1, Class A1
0.810%	08/15/2017		$	600,000	$	602,226
GE Capital Credit Card Master Note Trust Series 2012-1, Class A
1.030%	01/15/2018			750,000		752,287

						1,354,513

Other—0.5%
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%	04/15/2018			668,189		668,569
GreatAmerica Leasing Receivables Funding LLC Series 2013-1, Class C
1.830%	06/17/2019	^		100,000		99,159
Invitation Homes Trust Series 2013-SFR1, Class A
1.314%	12/17/2030	#^		400,000		400,930
MMAF Equipment Finance LLC Series 2011-AA, Class A3
1.270%	09/15/2015	^		278,715		279,055

						1,447,713

Student Loan—0.3%
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.517%	12/07/2020	#		751,290		752,086

TOTAL ASSET-BACKED SECURITIES
(Cost $7,033,340)						7,037,921



				Shares		Value
WARRANTS—0.0%
Food Products—0.0%
Kulim Malaysia Berhad (Malaysia), Expires 02/27/2016, Strike MYR 3.85		*
(Cost $—)				60,350		12,713


MONEY MARKET FUNDS—10.4%
Institutional Money Market Funds—10.4%
Dreyfus Institutional Cash Advantage Fund, 0.06%		††¥		2,900,000		2,900,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%		¥		10,474,352		10,474,352
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%		††¥		4,078,865		4,078,865
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.04%		††¥		2,900,000		2,900,000

See accompanying notes to financial statements

239

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Discovery Fund		Shares		Value

MONEY MARKET FUNDS—(Continued)
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥	$	2,900,000	$	2,900,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.06%	††¥		2,900,000		2,900,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.06%	††¥		2,900,000		2,900,000

TOTAL MONEY MARKET FUNDS
(Cost $29,053,217)					29,053,217

TOTAL INVESTMENTS—107.0%
(Cost $265,963,431)					298,338,859
Other assets less liabilities—(7.0%)					(19,488,882	)

NET ASSETS—100.0%				$	278,849,977

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 $20,167,844, which represents 7.2% of Net Assets. The illiquid 144A securities represented 0.6% of Net Assets, and 8.5% 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. (Total Market Value $1,723,260)
‡‡		Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts.
¥		The rate quoted is the annualized seven-day yield of the fund at period end.

See accompanying notes to financial statements

240

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint International Fund		Shares		Value
COMMON STOCKS—97.3%
Australia—3.9%
AMP Ltd.			824,771	$	3,241,704
Beach Energy Ltd.	†		1,298,300		1,662,314
BHP Billiton Ltd.			80,000		2,727,436
Brambles Ltd.			218,200		1,787,701
Coca-Cola Amatil Ltd.			345,000		3,711,368
Cochlear Ltd.			29,000		1,527,931
CSL Ltd.			127,700		7,872,305
Fortescue Metals Group Ltd.			465,900		2,433,781
Insurance Australia Group Ltd.			531,700		2,768,370
Oil Search Ltd.			122,107		887,092
QBE Insurance Group Ltd.			600,887		6,198,574
REA Group Ltd.			85,300		2,881,232
Recall Holdings Ltd.	*		43,640		158,203
Suncorp Group Ltd.			198,100		2,325,270
Telstra Corp. Ltd.			514,700		2,415,799
Westpac Banking Corp.			85,100		2,466,937
Woodside Petroleum Ltd.			122,000		4,249,079
Woolworths Ltd.			226,900		6,870,841

					56,185,937

Austria—0.3%
OMV AG			42,800		2,049,323
Zumtobel AG			148,900		2,325,372

					4,374,695

Belgium—1.3%
Ageas			78,100		3,330,462
Anheuser-Busch InBev NV			59,516		6,328,709
Colruyt SA			87,200		4,872,158
Telenet Group Holding NV			36,071		2,153,632
UCB SA			31,851		2,372,955

					19,057,916

Brazil—1.6%
AMBEV SA ADR			23,500		172,725
AMBEV SA ADR			187,500		1,378,125
Banco do Brasil SA			76,700		793,252
CCR SA			251,000		1,890,546
Cia Brasileira de Distribuicao Grupo Pao de Acucar (Preference) ADR			19,400		866,598
Cia Hering			62,900		797,164
Cielo SA			83,340		2,319,072
CPFL Energia SA ADR			105,800		1,693,858
EcoRodovias Infraestrutura e Logistica SA			241,200		1,513,091
Natura Cosmeticos SA			50,500		885,529
Petroleo Brasileiro SA			173,700		1,257,517
Petroleo Brasileiro SA ADR			65,800		966,602
Petroleo Brasileiro SA ADR			186,400		2,738,216
Souza Cruz SA			69,600		711,267
Vale SA ADR			18,700		285,175
Vale SA ADR			23,100		352,275
Vale SA (Preference) ADR			261,700		3,666,417

					22,287,429

Canada—2.4%
BCE, Inc.			135,400		5,863,403
Canadian Natural Resources Ltd.			62,300		2,107,848
Canadian Pacific Railway Ltd.			12,636		1,912,080



		Shares		Value
Canfor Corp.	*	110,700	$	2,778,312
CGI Group, Inc., Class A	*	79,400		2,656,508
Genworth MI Canada, Inc.		75,400		2,600,049
Husky Energy, Inc.		70,200		2,227,103
Norbord, Inc.		63,400		2,020,922
Stantec, Inc.		42,100		2,610,220
Suncor Energy, Inc.		203,900		7,148,257
Westjet Airlines Ltd.		97,700		2,561,492

				34,486,194

Chile—0.2%
Enersis SA ADR		156,400		2,344,436

China—2.5%
AAC Technologies Holdings, Inc.		222,000		1,080,205
Baidu, Inc. ADR	*	72,624		12,918,357
China Shenhua Energy Co. Ltd., H Shares		1,565,866		4,955,595
CNOOC Ltd.		3,027,000		5,629,548
ENN Energy Holdings Ltd.		166,000		1,230,289
Hengan International Group Co. Ltd.		214,500		2,537,815
Mindray Medical International Ltd. ADR		76,800		2,792,448
Tencent Holdings Ltd.		77,200		4,942,921

				36,087,178

Denmark—1.2%
Chr Hansen Holding A/S		61,081		2,421,282
Coloplast A/S, Class B		57,176		3,790,517
Novo Nordisk A/S, Class B		40,831		7,486,574
Rockwool International A/S, Class B		5,950		1,053,665
Topdanmark A/S	*	116,676		3,074,790

				17,826,828

Finland—0.7%
Huhtamaki Oyj		113,800		2,927,193
Kone Oyj, Class B		82,000		3,698,086
Pohjola Bank plc, Class A		141,500		2,837,174

				9,462,453

France—8.3%
Air Liquide SA		34,100		4,826,303
AXA SA		171,700		4,781,438
Carrefour SA		145,227		5,764,544
Casino Guichard Perrachon SA		23,200		2,676,956
Cie de Saint-Gobain		193,559		10,662,603
Danone SA		69,500		5,013,864
Essilor International SA		46,600		4,958,586
Etablissements Maurel et Prom		147,800		2,472,315
L’Oreal SA		28,800		5,057,654
LVMH Moet Hennessy Louis Vuitton SA		6,234		1,138,915
Mercialys SA REIT		248,600		5,217,846
Orange SA		816,711		10,139,575
Pernod Ricard SA		19,591		2,232,027
Plastic Omnium SA		95,600		2,674,454
Rallye SA		58,400		2,450,318
Safran SA		54,200		3,768,444
Sanofi		117,038		12,499,066
Schneider Electric SA		61,116		5,331,855
Technip SA		15,300		1,472,789
Total SA		243,830		14,966,156

See accompanying notes to financial statements

241

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Unibail-Rodamco SE (Paris Exchange) REIT			12,173	$	3,119,446
Valeo SA			28,100		3,114,081
Zodiac Aerospace	†		27,917		4,947,176

					119,286,411

Germany—7.2%
Adidas AG			41,900		5,343,001
Axel Springer SE			4,121		265,313
BASF SE			27,107		2,893,237
Bayer AG (Registered)			96,969		13,615,482
Beiersdorf AG			38,843		3,938,084
Continental AG			17,535		3,852,255
Daimler AG (Registered)			89,168		7,738,401
Deutsche Post AG (Registered)			196,441		7,175,009
Deutsche Telekom AG (Registered)			817,719		14,089,459
Duerr AG			38,500		3,440,357
Hannover Rueck SE			24,410		2,098,548
HeidelbergCement AG			32,869		2,495,916
Linde AG			47,303		9,904,591
Merck KGaA			15,500		2,781,134
MTU Aero Engines AG			34,156		3,356,545
Muenchener Rueckversicherungs AG (Registered)			19,580		4,318,761
RWE AG			167,112		6,122,822
SAP AG			58,900		5,107,906
Volkswagen AG			15,563		4,225,634

					102,762,455

Hong Kong—4.2%
AIA Group Ltd.			2,721,000		13,696,120
ASM Pacific Technology Ltd.			119,800		1,003,420
Beijing Enterprises Holdings Ltd.			709,000		7,042,695
Belle International Holdings Ltd.	†		1,604,837		1,864,439
China Mobile Ltd.			960,734		10,007,319
China Resources Land Ltd.	†		822,000		2,045,098
China Resources Power Holdings Co. Ltd.			1,004,000		2,382,950
CLP Holdings Ltd.			372,500		2,946,235
Galaxy Entertainment Group Ltd.	*		665,000		5,987,169
Hang Lung Properties Ltd.			743,000		2,355,227
Hong Kong & China Gas Co. Ltd.			2,452,893		5,631,809
Hongkong Land Holdings Ltd.			188,970		1,116,548
Hopewell Holdings Ltd.			269,000		912,127
SJM Holdings Ltd.			953,000		3,203,479

					60,194,635

India—0.6%
Axis Bank Ltd. GDR			77,553		1,626,736
ICICI Bank Ltd. ADR			28,800		1,070,496
Infosys Ltd. ADR			38,500		2,179,100
Larsen & Toubro Ltd. GDR	†		127,968		2,307,494
Tata Motors Ltd. ADR			51,300		1,580,040

					8,763,866



		Shares		Value
Indonesia—0.8%
Astra International Tbk PT		2,848,500	$	1,595,313
Bank Mandiri Persero Tbk PT		2,805,500		1,815,751
Bank Rakyat Indonesia Persero Tbk PT		5,022,500		3,002,052
Bumitama Agri Ltd.		472,000		352,139
Global Mediacom Tbk PT		4,581,500		716,020
Perusahaan Gas Negara Persero Tbk PT		5,396,000		1,989,035
Semen Indonesia Persero Tbk PT		839,000		978,362
Telekomunikasi Indonesia Persero Tbk PT ADR		23,000		824,550

				11,273,222

Ireland—1.0%
Beazley plc		620,100		2,799,322
Covidien plc		73,338		4,994,318
Shire plc		74,159		3,494,906
Smurfit Kappa Group plc		123,900		3,048,406

				14,336,952

Israel—1.4%
Bank Hapoalim BM		512,393		2,870,987
Delek Group Ltd.		10,669		4,075,406
Teva Pharmaceutical Industries Ltd. ADR		319,100		12,789,528
Teva Pharmaceutical Industries Ltd. ADR		6,000		240,480

				19,976,401

Italy—1.8%
ACEA SpA		190,239		2,159,092
Eni SpA		436,717		10,552,683
Exor SpA		86,200		3,426,103
Industria Macchine Automatiche SpA		90,400		3,490,633
Mediolanum SpA		441,400		3,824,942
Recordati SpA		194,600		2,801,997

				26,255,450

Japan—16.3%
Aeon Mall Co. Ltd.		125,510		3,515,956
Aiful Corp.	*	859,200		3,599,273
Aisin Seiki Co. Ltd.		59,900		2,435,299
Aoyama Trading Co. Ltd.		84,500		2,285,242
Autobacs Seven Co. Ltd.	†	135,800		2,115,255
Canon, Inc.	†	364,300		11,624,228
Chugai Pharmaceutical Co. Ltd.		167,200		3,700,983
Dai Nippon Printing Co. Ltd.		254,200		2,700,154
Daihatsu Motor Co. Ltd.		122,900		2,084,723
Daikin Industries Ltd.		85,100		5,310,473
Daito Trust Construction Co. Ltd.		78,400		7,329,457
Denso Corp.		137,200		7,248,097
FANUC Corp.		29,700		5,442,248
FUJIFILM Holdings Corp.		105,400		2,991,783
Honda Motor Co. Ltd.		282,300		11,652,533
IHI Corp.		888,000		3,840,281
INPEX Corp.		392,000		5,027,859
Japan Exchange Group, Inc.		112,400		3,194,845
Japan Tobacco, Inc.		59,400		1,932,802
JX Holdings, Inc.		203,700		1,048,943

See accompanying notes to financial statements

242

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Kao Corp.			318,700	$	10,033,260
KDDI Corp.			54,700		3,370,355
Keyence Corp.			13,892		5,948,351
Komatsu Ltd.			243,700		5,003,475
Komori Corp.			235,700		4,019,031
Kuroda Electric Co. Ltd.	†		179,800		2,698,128
Kyowa Exeo Corp.			189,200		2,502,033
Lintec Corp.			106,200		1,968,926
Matsumotokiyoshi Holdings Co. Ltd.			83,900		2,925,346
Medipal Holdings Corp.			204,900		2,704,980
Mitsubishi Estate Co. Ltd.			74,000		2,214,527
MS&AD Insurance Group Holdings			103,200		2,773,910
NGK Insulators Ltd.			282,000		5,366,709
Nippon Telegraph & Telephone Corp.			65,727		3,540,083
NKSJ Holdings, Inc.			98,600		2,744,395
NTT DOCOMO, Inc.			93,000		1,531,365
Olympus Corp.	*		23,500		745,343
Ono Pharmaceutical Co. Ltd.			28,400		2,489,416
ORIX Corp.			85,500		1,502,395
Paltac Corp.			178,300		2,310,470
Seiko Epson Corp.			135,600		3,650,966
Seven & I Holdings Co. Ltd.			285,500		11,367,590
Shimamura Co. Ltd.			27,000		2,530,888
Shin-Etsu Chemical Co. Ltd.			79,400		4,644,049
Showa Corp.			191,400		3,087,713
Suzuken Co. Ltd.			80,400		2,604,395
T&D Holdings, Inc.			221,500		3,100,245
Takeda Pharmaceutical Co. Ltd.			206,600		9,475,719
Tokai Rika Co. Ltd.			119,200		2,373,363
Tokio Marine Holdings, Inc.			477,800		15,991,816
Tokyo Electron Ltd.			102,300		5,637,008
Tokyo Gas Co. Ltd.			415,000		2,045,413
Toyoda Gosei Co. Ltd.			124,200		2,893,314
Toyota Motor Corp.			97,500		5,945,071
Warabeya Nichiyo Co. Ltd.			135,500		2,453,599

					233,274,081

Jersey, Channel Islands—0.1%
Phoenix Group Holdings			149,600		1,807,015

Kazakhstan—0.1%
KazMunaiGas Exploration Production JSC GDR			79,138		1,242,114

Korea, Republic of—2.2%
Dongbu Insurance Co. Ltd.			43,610		2,323,589
Hanwha Corp.	*		152,100		5,659,213
Hyundai Marine & Fire Insurance Co. Ltd.			71,640		2,207,164
Hyundai Mobis	*		15,215		4,235,916
Hyundai Motor Co.			7,980		1,791,244
Korea Gas Corp.	*		28,190		1,781,881
LG Display Co. Ltd.	*		104,350		2,519,879
Samsung Electronics Co. Ltd.			5,786		7,539,432
Samsung Electronics Co. Ltd. GDR			1,400		916,078
SK Holdings Co. Ltd.			12,150		2,202,847

					31,177,243



		Shares		Value
Luxembourg—0.1%
Millicom International Cellular SA SDR		10,000	$	996,458
Tenaris SA ADR		18,300		799,527

				1,795,985

Macau—0.5%
MGM China Holdings Ltd.		859,000		3,676,408
Sands China Ltd.		476,400		3,904,258

				7,580,666

Malaysia—0.4%
AMMB Holdings Bhd		1,112,500		2,461,893
Genting Malaysia Bhd		985,800		1,319,756
Guinness Anchor Bhd		164,700		805,107
Top Glove Corp. Bhd		472,700		813,059

				5,399,815

Mexico—1.0%
America Movil SAB de CV, Series L ADR		86,600		2,023,842
Coca-Cola Femsa SAB de CV ADR		8,700		1,059,399
Fibra Uno Administracion SA de CV REIT		1,060,700		3,397,425
Grupo Financiero Santander Mexico SAB de CV, Class B ADR		140,400		1,915,056
Grupo Financiero Santander Mexico SAB de CV, Class B ADR		18,100		246,884
Grupo Televisa SAB ADR		123,471		3,736,232
Kimberly-Clark de Mexico SAB de CV, Class A		234,600		666,256
Wal-Mart de Mexico SAB de CV, Series V		383,600		1,006,559

				14,051,653

Netherlands—4.0%
ASML Holding NV		32,485		3,042,601
Koninklijke Ahold NV		735,792		13,223,023
Randstad Holding NV		43,800		2,842,320
Reed Elsevier NV		505,983		10,754,047
Royal Dutch Shell plc, Class A	†	367,606		13,124,556
Royal Dutch Shell plc, Class A		76,200		2,730,877
Royal Dutch Shell plc, Class B		69,000		2,602,693
Unilever NV CVA		174,131		7,000,990
Ziggo NV		58,566		2,678,110

				57,999,217

Norway—0.3%
Statoil ASA		98,400		2,392,745
TGS Nopec Geophysical Co. ASA		67,700		1,798,903

				4,191,648

Peru—0.2%
Credicorp Ltd.		17,056		2,263,843

Philippines—0.2%
Jollibee Foods Corp.		103,490		404,448
Philippine Long Distance Telephone Co. ADR		44,300		2,661,544

				3,065,992

See accompanying notes to financial statements

243

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
Russia—0.3%
Gazprom OAO ADR			280,921	$	2,409,559
Sberbank of Russia ADR			168,721		2,120,823

					4,530,382

Singapore—1.6%
DBS Group Holdings Ltd.			360,605		4,900,538
Flextronics International Ltd.	*		210,700		1,637,139
Global Logistic Properties Ltd.			341,000		782,233
Singapore Telecommunications Ltd.			1,668,000		4,850,737
SunVic Chemical Holdings Ltd.	*		5,957,900		2,011,121
United Overseas Bank Ltd.			471,236		7,957,787
Wing Tai Holdings Ltd.			829,600		1,295,889

					23,435,444

South Africa—0.2%
Bidvest Group Ltd.			63,496		1,626,662
Shoprite Holdings Ltd.			39,900		624,809

					2,251,471

Spain—2.6%
Grifols SA			32,149		1,538,439
Grifols SA ADR	†		6,206		224,161
Grifols SA, Class B			2,427		86,822
Grupo Catalana Occidente SA			94,300		3,380,476
Iberdrola SA			2,195,297		14,009,867
Inditex SA			32,600		5,382,625
Telefonica SA			808,945		13,226,872

					37,849,262

Sweden—1.1%
Hennes & Mauritz AB, Class B			130,300		6,001,159
Hexpol AB			38,900		2,916,417
ICA Gruppen AB	*		64,100		2,004,921
Investor AB, Class A			82,500		2,764,589
Svenska Cellulosa AB SCA, Class B			91,900		2,831,243

					16,518,329

Switzerland—7.7%
ABB Ltd. (Registered)	*		502,360		13,282,406
Actelion Ltd. (Registered)	*		12,868		1,091,474
Nestle SA (Registered)			277,748		20,356,168
Novartis AG (Registered)			258,148		20,690,402
Roche Holding AG (Genusschein)			52,995		14,845,292
SGS SA (Registered)			2,150		4,949,843
Swatch Group AG (The) (Bearer)			8,692		5,761,091
Swiss Life Holding AG (Registered)	*		17,196		3,575,045
Swiss Re AG	*		64,271		5,925,044
Syngenta AG (Registered)			12,500		4,983,714
UBS AG (Registered)	*		150,276		2,877,388
Zurich Insurance Group AG	*		41,832		12,133,962

					110,471,829



		Shares		Value
Taiwan—0.8%
Taiwan Mobile Co. Ltd.		720,000	$	2,327,193
Taiwan Semiconductor Manufacturing Co. Ltd.		1,029,000		3,633,358
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		330,100		5,756,944

				11,717,495

Thailand—0.3%
BEC World PCL	‡	475,600		733,163
PTT Exploration & Production PCL	‡	183,200		930,546
PTT PCL	‡	309,900		2,702,972

				4,366,681

Turkey—0.3%
Tupras Turkiye Petrol Rafinerileri AS		117,936		2,354,977
Turk Telekomunikasyon AS		788,423		2,186,862

				4,541,839

United Arab Emirates—0.2%
Dragon Oil plc		235,400		2,214,030

United Kingdom—16.6%
3i Group plc		395,600		2,527,860
AstraZeneca plc (London Exchange)		72,299		4,289,280
Babcock International Group plc		107,300		2,411,035
BAE Systems plc		376,900		2,719,256
BG Group plc		240,600		5,177,318
BP plc		1,949,971		15,802,789
British American Tobacco plc		16,900		907,093
British Sky Broadcasting Group plc		205,500		2,874,771
BT Group plc		456,280		2,877,275
Centrica plc		1,396,300		8,051,939
Compass Group plc		523,200		8,399,913
easyJet plc		203,400		5,184,059
EnQuest plc	*	1,093,000		2,437,738
GlaxoSmithKline plc		490,556		13,106,424
Hammerson plc REIT		255,000		2,122,920
Home Retail Group plc		1,094,800		3,487,093
HSBC Holdings plc (London Exchange)		751,079		8,242,457
Imperial Tobacco Group plc		140,776		5,457,620
InterContinental Hotels Group plc		59,936		1,999,248
Johnson Matthey plc		62,106		3,379,368
Land Securities Group plc REIT		216,637		3,460,667
Legal & General Group plc		1,132,600		4,186,610
Liberty Global plc, Series A	*	52,260		4,650,617
Liberty Global plc, Series C	*	3,896		328,511
Meggitt plc		263,965		2,311,130
Mondi plc		116,300		2,018,795
National Grid plc		1,165,215		15,240,094
Pace plc		738,599		3,899,930
Prudential plc		93,186		2,082,149
Reckitt Benckiser Group plc		87,600		6,958,584
Rolls-Royce Holdings plc	*	529,253		11,194,434
Royal Mail plc	*	183,773		1,734,618

See accompanying notes to financial statements

244

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint International Fund		Shares		Value
COMMON STOCKS—(Continued)
SABMiller plc			70,336	$	3,575,472
SABMiller plc			120,324		6,193,688
Schroders plc (Non-Voting Shares)			64,500		2,158,341
Smith & Nephew plc			394,900		5,640,234
Standard Chartered plc (Hong Kong Exchange)			40,000		897,987
Standard Chartered plc (London Exchange)			197,400		4,458,665
Tesco plc			3,263,838		18,125,195
TUI Travel plc			516,100		3,537,563
Unilever plc			370,105		15,228,269
Vodafone Group plc			3,917,241		15,422,935
WPP plc			161,223		3,692,644

					238,452,588

United States—0.8%
Catamaran Corp.	*		34,400		1,633,777
Nielsen Holdings NV			11,430		524,523
Schlumberger Ltd.			21,620		1,948,178
Valeant Pharmaceuticals International, Inc.	*		30,200		3,542,974
Yum! Brands, Inc.			47,100		3,561,231

					11,210,683

TOTAL COMMON STOCKS
(Cost $1,156,826,600)					1,396,371,763


PREFERRED STOCKS—0.7%
Germany—0.7%
Draegerwerk AG & Co. KGaA	†		15,506		2,028,150
Henkel AG & Co. KGaA			62,150		7,223,981

					9,252,131

United Kingdom—0.0%
Rolls-Royce Holdings plc, Class C	*‡		35,336,368		58,515

TOTAL PREFERRED STOCKS
(Cost $7,350,850)					9,310,646


MONEY MARKET FUNDS—3.7%
Institutional Money Market Funds—3.7%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		4,200,000		4,200,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	¥		30,261,066		30,261,066
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	††¥		2,247,526		2,247,526
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.04%	††¥		4,200,000		4,200,000



			Shares		Value
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥	$	4,200,000	$	4,200,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.06%	††¥		4,200,000		4,200,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.06%	††¥		4,200,000		4,200,000

TOTAL MONEY MARKET FUNDS
(Cost $53,508,592)					53,508,592

TOTAL INVESTMENTS—101.7%
(Cost $1,217,686,042)					1,459,191,001
Other assets less liabilities—(1.7%)					(23,755,566	)

NET ASSETS—100.0%				$	1,435,435,435

Notes to the Schedule of Investments:


ADR		American Depositary Receipt
CVA		Dutch Certificate of Shares
GDR		Global 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. (Total Market Value $58,517)
††		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

245

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint International Fund
Percentage of Portfolio by Industry (unaudited):

COMMON STOCKS
Pharmaceuticals			9.1%
Oil, Gas & Consumable Fuels			9.1%
Insurance			8.0%
Food & Staples Retailing			5.1%
Diversified Telecommunication Services			4.4%
Food Products			3.5%
Chemicals			3.2%
Commercial Banks			3.2%
Wireless Telecommunication Services			2.7%
Hotels, Restaurants & Leisure			2.5%
Automobiles			2.5%
Machinery			2.4%
Media			2.3%
Auto Components			2.2%
Multi-Utilities			2.2%
Aerospace & Defense			2.0%
Semiconductors & Semiconductor Equipment			1.9%
Health Care Equipment & Supplies			1.8%
Beverages			1.8%
Personal Products			1.6%
Electrical Equipment			1.5%
Specialty Retail			1.5%
Electric Utilities			1.5%
Real Estate Management & Development			1.4%
Internet Software & Services			1.2%
Building Products			1.2%
Real Estate Investment Trusts (REITs)			1.2%
Diversified Financial Services			1.1%
Electronic Equipment, Instruments & Components			0.9%
Gas Utilities			0.9%
Textiles, Apparel & Luxury Goods			0.8%
Professional Services			0.8%
Biotechnology			0.8%
Office Electronics			0.8%
Industrial Conglomerates			0.8%
Metals & Mining			0.7%
Household Products			0.7%
Air Freight & Logistics			0.6%
Tobacco			0.6%
Capital Markets			0.5%
Commercial Services & Supplies			0.5%
IT Services			0.5%
Paper & Forest Products			0.5%
Airlines			0.5%
Health Care Providers & Services			0.5%
Containers & Packaging			0.4%
Energy Equipment & Services			0.4%
Software			0.4%
Communications Equipment			0.3%
Computers & Peripherals			0.3%
Construction & Engineering			0.3%
Independent Power Producers & Energy Traders			0.2%
Consumer Finance			0.2%
Trading Companies & Distributors			0.2%
Distributors			0.2%
Transportation Infrastructure			0.2%



Construction Materials			0.2%
Thrifts & Mortgage Finance			0.2%
Internet & Catalog Retail			0.2%
Road & Rail			0.1%

TOTAL COMMON STOCKS			97.3%

PREFERRED STOCKS
Household Products			0.5%
Health Care Equipment & Supplies			0.2%
Aerospace & Defense			0.0%

TOTAL PREFERRED STOCKS			0.7%

MONEY MARKET FUNDS
Institutional Money Market Funds			3.7%

TOTAL INVESTMENTS			101.7%
Other assets less liabilities			(1.7)%

TOTAL NET ASSETS			100.0%

See accompanying notes to financial statements

246

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Diversifying Strategies Fund		Shares		Value
COMMON STOCKS—2.9%
Automobiles—0.2%
Hyundai Motor Co. (Korea, Republic of)	*		4,435	$	995,510
Toyota Motor Corp. (Japan)			31,000		1,890,228

					2,885,738

Beverages—0.1%
AMBEV SA ADR (Brazil)			136,900		1,006,215

Capital Markets—0.3%
Credit Suisse Group AG (Registered) (Switzerland)	*		35,000		1,080,218
Franklin Resources, Inc.			20,400		1,177,692
T. Rowe Price Group, Inc.			12,000		1,005,240

					3,263,150

Commercial Banks—0.1%
HSBC Holdings plc (London Exchange) (United Kingdom)			86,000		943,777

Communications Equipment—0.1%
Telefonaktiebolaget LM Ericsson, Class B (Sweden)			70,000		854,665

Computers & Peripherals—0.3%
Apple, Inc.			3,500		1,963,885
Catcher Technology Co. Ltd. (Taiwan)			185,000		1,204,665

					3,168,550

Diversified Financial Services—0.3%
Citigroup, Inc.			18,800		979,668
JPMorgan Chase & Co.			36,600		2,140,368

					3,120,036

Electrical Equipment—0.1%
ABB Ltd. (Registered) (Switzerland)	*		30,000		793,200

Energy Equipment & Services—0.2%
Schlumberger Ltd.			25,936		2,337,093

IT Services—0.1%
Accenture plc, Class A (Ireland)			12,850		1,056,527

Semiconductors & Semiconductor Equipment—0.5%
MediaTek, Inc. (Taiwan)			82,000		1,222,201
Samsung Electronics Co. Ltd. (Korea, Republic of)			2,100		2,736,399
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)			106,235		1,852,739

					5,811,339

Software—0.1%
SAP AG (Germany)			12,950		1,123,046



			Shares		Value
Textiles, Apparel & Luxury Goods—0.5%
Cie Financiere Richemont SA (Registered) (Switzerland)				10,500	$	1,048,923
Swatch Group AG (The) (Bearer) (Switzerland)				6,300		4,175,664

						5,224,587

TOTAL COMMON STOCKS
(Cost $27,057,410)						31,587,923


CONVERTIBLE PREFERRED STOCKS—2.9%
Aerospace & Defense—0.5%
United Technologies Corp. 7.500%				78,300		5,126,301

Commercial Banks—0.2%
KeyCorp, Perpetual, Series A 7.750%		*		16,125		2,080,125

Electric Utilities—0.7%
NextEra Energy, Inc. 5.889%		*		17,000		962,710
NextEra Energy, Inc. 5.599%		*		70,500		4,053,750
PPL Corp. 8.750%		*		59,250		3,133,140

						8,149,600

Insurance—0.7%
Maiden Holdings Ltd., Series B (Bermuda) 7.250%		*		20,350		927,350
MetLife, Inc. 5.000%		*		216,400		6,825,256

						7,752,606

Metals & Mining—0.2%
Cliffs Natural Resources, Inc. 7.000%		*		88,490		2,031,730

Oil, Gas & Consumable Fuels—0.3%
Chesapeake Energy Corp., Perpetual 5.750%		^		2,776		3,246,185

Wireless Telecommunication Services—0.3%
Crown Castle International Corp., Series A 4.500%		*		30,775		3,078,731

TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $30,126,782)						31,465,278



Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—32.4%
Aerospace & Defense—0.1%
United Technologies Corp.
0.739%	06/01/2015	#§	$	1,055,000		1,061,988

Auto Components—0.2%
Goodyear Tire & Rubber Co. (The)
7.000%	05/15/2022			825,000		892,031
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.750%	01/15/2016	§		1,035,000		1,056,994

						1,949,025

See accompanying notes to financial statements

247

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Automobiles—0.7%
Daimler Finance North America LLC
2.300%		01/09/2015	^§	$	1,480,000	$	1,500,939
1.875%		09/15/2014	^		870,000		877,680
1.300%		07/31/2015	^		910,000		915,695
1.250%		01/11/2016	^		740,000		740,892
0.922%		08/01/2016	#^		580,000		581,562
0.843%		01/09/2015	#^		780,000		782,810
Nissan Motor Acceptance Corp.
1.000%		03/15/2016	^§		1,920,000		1,911,702

							7,311,280

Beverages—0.9%
Anheuser-Busch InBev Finance, Inc.
0.800%		01/15/2016	§		1,700,000		1,699,674
Anheuser-Busch InBev Worldwide, Inc.
0.800%		07/15/2015	§		820,000		824,395
Coca-Cola Co. (The)
0.342%		11/01/2016	#§		840,000		841,297
Heineken NV (Netherlands)
0.800%		10/01/2015	^		440,000		440,312
PepsiCo, Inc.
0.700%		08/13/2015	§		1,810,000		1,812,641
0.447%		02/26/2016	#		980,000		981,172
SABMiller Holdings, Inc.
2.450%		01/15/2017	^		810,000		830,035
1.850%		01/15/2015	^§		1,870,000		1,892,900
0.932%		08/01/2018	#^		550,000		553,342

							9,875,768

Biotechnology—0.1%
Amgen, Inc.
1.875%		11/15/2014	§		970,000		981,020
Gilead Sciences, Inc.
2.400%		12/01/2014			420,000		427,017

							1,408,037

Capital Markets—1.7%
Bank of New York Mellon Corp. (The)
0.802%		08/01/2018	#§		980,000		983,765
Bank of New York Mellon Corp. (The) MTN
1.200%		02/20/2015			300,000		302,383
0.522%		01/31/2014	#§		1,000,000		1,000,254
Credit Suisse (Switzerland)
1.204%		01/14/2014	#§		1,000,000		1,000,334
E*TRADE Financial Corp.
6.000%		11/15/2017	§		585,000		624,488
Goldman Sachs Group, Inc. (The)
3.625%		02/07/2016	§		1,575,000		1,653,769
Goldman Sachs Group, Inc. (The) MTN
1.341%		11/15/2018	#§		2,750,000		2,759,697
Hutchison Whampoa International 12 II Ltd. (Cayman Islands)
2.000%		11/08/2017	^		530,000		524,415
ING Bank NV (Netherlands)
3.750%		03/07/2017	^		1,500,000		1,581,016
1.886%		09/25/2015	#^		980,000		1,001,564
Morgan Stanley
1.488%		02/25/2016	#§		1,990,000		2,016,945
Morgan Stanley MTN
1.518%		04/25/2018	#§		3,090,000		3,137,419



Coupon Rate	Maturity Date			Face		Value
Nomura Holdings, Inc. MTN (Japan)
1.694%	09/13/2016	#§	$	1,510,000	$	1,538,368
TD Ameritrade Holding Corp.
4.150%	12/01/2014	§		760,000		784,847

						18,909,264

Chemicals—0.2%
Ashland, Inc.
3.000%	03/15/2016			400,000		410,000
Ecolab, Inc.
2.375%	12/08/2014	§		600,000		609,536
1.000%	08/09/2015			230,000		230,807
EI du Pont de Nemours & Co.
0.666%	03/25/2014	#§		620,000		620,690

						1,871,033

Commercial Banks—8.4%
ABN AMRO Bank NV (Netherlands)
1.036%	10/28/2016	#^§		2,580,000		2,584,644
ANZ New Zealand Int’l Ltd. (New Zealand)
1.125%	03/24/2016	^		1,220,000		1,218,321
Australia & New Zealand Banking Group Ltd. (Australia)
0.801%	05/15/2018	#§		2,570,000		2,570,622
Banco do Nordeste do Brasil SA (Brazil)
3.625%	11/09/2015	^§		1,320,000		1,331,550
Bancolombia SA (Colombia)
4.250%	01/12/2016	§		300,000		312,750
Bank of Montreal MTN (Canada)
0.843%	04/09/2018	#§		1,260,000		1,267,680
0.800%	11/06/2015	§		1,140,000		1,146,704
0.764%	07/15/2016	#		980,000		984,564
0.713%	09/11/2015	#§		930,000		934,728
Bank of Nova Scotia (Canada)
1.850%	01/12/2015	§		2,000,000		2,030,812
0.750%	10/09/2015	§		1,780,000		1,786,598
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (Japan)
0.687%	02/26/2016	#^§		2,150,000		2,153,085
Banque Federative du Credit Mutuel SA (France)
1.089%	10/28/2016	#^§		2,730,000		2,740,227
Barclays Bank plc (United Kingdom)
3.900%	04/07/2015	§		925,000		963,061
1.284%	01/13/2014	#§		880,000		880,303
BB&T Corp.
0.938%	04/28/2014	#		850,000		851,575
BB&T Corp. MTN
1.600%	08/15/2017			480,000		476,132
BBVA Banco Continental SA (Peru)
2.250%	07/29/2016	^§		770,000		770,000
BNP Paribas SA (France)
0.832%	12/12/2016	#§		2,860,000		2,866,255
BNP Paribas SA MTN (France)
3.600%	02/23/2016			930,000		979,625
Canadian Imperial Bank of Commerce (Canada)
0.900%	10/01/2015	§		2,280,000		2,293,482
Capital One Bank USA NA, Bank Note
1.150%	11/21/2016			570,000		567,916
Capital One Financial Corp.
2.125%	07/15/2014	§		1,780,000		1,794,347
CBQ Finance Ltd. (Bermuda)
5.000%	11/18/2014	^		750,000		775,292
Commonwealth Bank of Australia (Australia)
0.745%	09/20/2016	#^§		830,000		832,573
Credit Agricole SA (France)
1.404%	04/15/2016	#^		1,350,000		1,367,557
1.096%	10/03/2016	#^§		2,050,000		2,056,945

See accompanying notes to financial statements

248

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Discover Bank
2.000%		02/21/2018	§	$	1,980,000	$	1,946,601
Fifth Third Bank/Ohio, Bank Note
1.150%		11/18/2016	§		1,100,000		1,100,013
0.748%		11/18/2016	#		300,000		301,007
Hana Bank (Korea, Republic of)
1.375%		02/05/2016	^		255,000		253,708
HSBC Bank plc (United Kingdom)
0.881%		05/15/2018	#^§		2,500,000		2,508,105
Huntington National Bank (The)
1.350%		08/02/2016			400,000		400,105
Huntington National Bank (The), Bank Note
1.300%		11/20/2016			1,100,000		1,100,943
KeyBank NA
0.727%		11/25/2016	#§		380,000		380,922
KeyBank NA, Bank Note
4.950%		09/15/2015			600,000		638,487
1.100%		11/25/2016			610,000		609,142
KeyCorp MTN
3.750%		08/13/2015			630,000		659,077
Lloyds Bank plc (United Kingdom)
2.300%		11/27/2018			420,000		419,394
Macquarie Bank Ltd. (Australia)
3.450%		07/27/2015	^§		1,210,000		1,251,801
2.000%		08/15/2016	^		4,740,000		4,796,946
Manufacturers & Traders Trust Co., Bank Note
0.542%		03/07/2016	#§		800,000		798,737
National Australia Bank Ltd. (Australia)
0.900%		01/20/2016			1,720,000		1,720,674
0.788%		07/25/2016	#		1,800,000		1,807,555
0.541%		01/22/2015	#^		870,000		872,447
National Bank of Canada (Canada)
1.500%		06/26/2015	§		600,000		607,958
Nordea Bank AB (Sweden)
0.875%		05/13/2016	^		1,850,000		1,841,869
0.699%		05/13/2016	#^		840,000		842,888
Oversea-Chinese Banking Corp. Ltd. (Singapore)
1.625%		03/13/2015	^		800,000		811,226
PNC Bank NA, Bank Note
1.150%		11/01/2016	§		750,000		751,424
Regions Financial Corp.
2.000%		05/15/2018	§		1,150,000		1,114,712
Royal Bank of Canada MTN (Canada)
0.850%		03/08/2016	§		2,300,000		2,298,038
Royal Bank of Scotland Group plc (United Kingdom)
2.550%		09/18/2015			2,400,000		2,455,644
Societe Generale SA (France)
1.327%		10/01/2018	#§		2,590,000		2,607,863
Sumitomo Mitsui Banking Corp. (Japan)
0.912%		07/19/2016	#		450,000		452,784
0.900%		01/18/2016			1,070,000		1,068,500
SunTrust Bank
0.528%		08/24/2015	#§		450,000		446,469
Svenska Handelsbanken AB (Sweden)
0.696%		03/21/2016	#§		2,580,000		2,587,288
Toronto-Dominion Bank (The) MTN (Canada)
2.500%		07/14/2016	§		1,000,000		1,037,911
0.702%		09/09/2016	#§		830,000		833,003
Union Bank NA
1.192%		06/06/2014	#§		1,360,000		1,365,024



Coupon Rate	Maturity Date			Face		Value
US Bank NA, Bank Note
0.524%		10/14/2014	#§	$	1,500,000	$	1,502,035
Wachovia Bank NA, Bank Note
4.800%		11/01/2014	§		1,390,000		1,441,911
Wells Fargo & Co.
1.166%		06/26/2015	#§		1,000,000		1,011,512
0.869%		04/23/2018	#§		1,040,000		1,046,847
Westpac Banking Corp. (Australia)
1.006%		09/25/2015	#§		2,540,000		2,568,042
Westpac Banking Corp. MTN (Australia)
0.950%		01/12/2016	§		2,520,000		2,525,579

							91,321,539

Computers & Peripherals—0.4%
Apple, Inc.
0.492%		05/03/2018	#		850,000		849,471
0.450%		05/03/2016	§		1,170,000		1,162,177
0.292%		05/03/2016	#§		715,000		715,264
Hewlett-Packard Co.
2.350%		03/15/2015	§		1,200,000		1,219,140
1.794%		09/19/2014	#§		900,000		907,805

							4,853,857

Consumer Finance—3.3%
American Express Centurion Bank
0.689%		11/13/2015	#§		890,000		894,434
American Express Co.
0.828%		05/22/2018	#§		1,770,000		1,770,678
American Express Credit Corp.
0.747%		07/29/2016	#§		1,600,000		1,608,797
American Express Credit Corp. MTN
1.750%		06/12/2015			530,000		538,744
American Honda Finance Corp.
1.450%		02/27/2015	^§		2,410,000		2,433,191
1.125%		10/07/2016			700,000		703,338
0.743%		10/07/2016	#§		330,000		331,943
0.612%		05/26/2016	#^§		1,120,000		1,123,244
Banque PSA Finance SA (France)
2.143%		04/04/2014	#^§		1,360,000		1,359,524
Caterpillar Financial Services Corp. MTN
1.000%		11/25/2016			200,000		198,981
0.589%		02/09/2015	#§		1,200,000		1,203,677
0.477%		02/26/2016	#§		800,000		801,166
Ford Motor Credit Co. LLC
3.875%		01/15/2015	§		2,620,000		2,704,147
3.000%		06/12/2017	§		1,275,000		1,326,214
1.489%		05/09/2016	#§		1,270,000		1,289,379
General Motors Financial Co., Inc.
4.750%		08/15/2017	^§		1,130,000		1,204,863
2.750%		05/15/2016	^		620,000		629,300
Harley-Davidson Financial Services, Inc.
1.150%		09/15/2015	^		915,000		918,403
HSBC USA, Inc.
2.375%		02/13/2015	§		680,000		694,041
1.128%		09/24/2018	#§		1,750,000		1,754,443
International Lease Finance Corp.
6.500%		09/01/2014	^		600,000		622,500
John Deere Capital Corp.
1.050%		10/11/2016			720,000		722,564
0.536%		10/11/2016	#§		360,000		360,644
John Deere Capital Corp. MTN
1.600%		03/03/2014	§		2,720,000		2,725,968
1.400%		03/15/2017			433,000		432,173
0.413%		06/16/2014	#§		850,000		850,647

See accompanying notes to financial statements

249

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
PACCAR Financial Corp. MTN
1.050%		06/05/2015		$	320,000	$	322,724
0.842%		12/06/2018	#		560,000		561,480
0.750%		05/16/2016			380,000		378,405
0.700%		11/16/2015	§		910,000		912,385
0.491%		06/05/2014	#§		380,000		380,434
Toyota Motor Credit Corp.
0.875%		07/17/2015	§		810,000		815,288
Volkswagen International Finance NV (Netherlands)
1.625%		03/22/2015	^		1,600,000		1,618,544
0.996%		03/21/2014	#^		1,250,000		1,252,172
0.675%		11/18/2016	#^		830,000		832,476

							36,276,911

Containers & Packaging—0.0%
Bemis Co., Inc.
5.650%		08/01/2014			290,000		298,143

Diversified Financial Services—2.6%
Bank of America Corp.
4.500%		04/01/2015	§		600,000		627,897
3.700%		09/01/2015			1,370,000		1,432,656
1.500%		10/09/2015	§		360,000		363,783
Bank of America Corp. MTN
1.316%		03/22/2018	#§		1,700,000		1,724,344
1.250%		01/11/2016			570,000		572,851
1.066%		03/22/2016	#§		840,000		846,438
Bank of America Corp., Series 1
3.750%		07/12/2016			385,000		409,548
Citigroup, Inc.
4.450%		01/10/2017			675,000		732,084
2.250%		08/07/2015	§		1,540,000		1,572,616
1.037%		04/01/2016	#§		2,420,000		2,437,148
CME Group, Inc.
5.750%		02/15/2014			1,000,000		1,006,055
ERAC USA Finance LLC
1.400%		04/15/2016	^		260,000		260,351
General Electric Capital Corp.
5.900%		05/13/2014			430,000		438,738
2.150%		01/09/2015	§		1,740,000		1,772,315
1.625%		07/02/2015	§		1,100,000		1,118,290
1.000%		12/11/2015	§		1,310,000		1,321,128
General Electric Capital Corp. MTN
0.894%		07/12/2016	#§		2,100,000		2,116,052
General Electric Capital Corp., Series A
3.750%		11/14/2014	§		750,000		772,606
Hyundai Capital America
1.625%		10/02/2015	^		1,010,000		1,015,491
JPMorgan Chase & Co.
5.250%		05/01/2015	§		1,335,000		1,409,502
1.138%		01/25/2018	#§		1,300,000		1,314,291
JPMorgan Chase & Co. MTN
1.100%		10/15/2015	§		780,000		783,320
0.857%		02/26/2016	#§		870,000		874,041
MPH Intermediate Holding Co. 2
8.375%		08/01/2018	^		1,250,000		1,304,688
NASDAQ OMX Group, Inc. (The)
4.000%		01/15/2015	§		1,210,000		1,241,954
National Rural Utilities Cooperative Finance Corp.
1.000%		02/02/2015			470,000		472,891



Coupon Rate	Maturity Date			Face		Value
National Rural Utilities Cooperative Finance Corp. MTN
0.493%		04/04/2014	#§	$	420,000	$	420,276

							28,361,354

Diversified Telecommunication Services—0.9%
AT&T, Inc.
0.875%		02/13/2015	§		3,410,000		3,418,143
British Telecommunications plc (United Kingdom)
1.625%		06/28/2016			430,000		434,053
CC Holdings GS V LLC/Crown Castle GS III Corp.
2.381%		12/15/2017			430,000		426,306
Frontier Communications Corp.
8.500%		04/15/2020			1,080,000		1,215,000
Verizon Communications, Inc.
1.993%		09/14/2018	#		860,000		905,304
1.773%		09/15/2016	#§		900,000		927,818
0.442%		03/06/2015	#^		1,500,000		1,497,895
Windstream Corp.
7.875%		11/01/2017	§		990,000		1,136,025

							9,960,544

Electric Utilities—0.6%
Duke Energy Corp.
3.950%		09/15/2014			290,000		296,935
Georgia Power Co.
0.563%		03/15/2016	#§		470,000		470,289
NextEra Energy Capital Holdings, Inc.
2.600%		09/01/2015	§		2,000,000		2,053,950
1.611%		06/01/2014	§		340,000		341,551
1.339%		09/01/2015	§		2,040,000		2,054,429
1.200%		06/01/2015	§		130,000		130,712
NSTAR Electric Co.
0.478%		05/17/2016	#§		720,000		719,427
Xcel Energy, Inc.
0.750%		05/09/2016			860,000		853,242

							6,920,535

Electrical Equipment—0.1%
Eaton Corp.
0.950%		11/02/2015	§		980,000		984,111

Energy Equipment & Services—0.3%								��
Cameron International Corp.
1.169%		06/02/2014	#§		1,010,000		1,013,080
Nabors Industries, Inc.
2.350%		09/15/2016	^		1,550,000		1,566,638
National Oilwell Varco, Inc.
1.350%		12/01/2017			930,000		914,567

							3,494,285

Food & Staples Retailing—0.4%
CVS Caremark Corp.
1.200%		12/05/2016			390,000		390,675
Kroger Co. (The)
2.200%		01/15/2017			750,000		759,679
0.804%		10/17/2016	#§		1,700,000		1,704,904
Walgreen Co.
1.000%		03/13/2015	§		650,000		652,865
0.744%		03/13/2014	#§		910,000		910,953
Wal-Mart Stores, Inc.
0.600%		04/11/2016			180,000		179,840

							4,598,916

See accompanying notes to financial statements

250

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Food Products—0.9%
ARAMARK Corp.
5.750%		03/15/2020	^§	$	720,000	$	756,000
Campbell Soup Co.
0.542%		08/01/2014	#§		560,000		560,816
ConAgra Foods, Inc.
1.350%		09/10/2015			220,000		221,620
1.300%		01/25/2016			510,000		511,143
General Mills, Inc.
0.537%		01/29/2016	#		240,000		240,331
Hawk Acquisition Sub, Inc.
4.250%		10/15/2020	^§		1,200,000		1,164,000
Ingredion, Inc.
3.200%		11/01/2015			350,000		362,557
Kellogg Co.
1.125%		05/15/2015	§		1,100,000		1,107,864
0.469%		02/13/2015	#		270,000		270,388
Kraft Foods Group, Inc.
1.625%		06/04/2015			500,000		506,528
Unilever Capital Corp.
0.450%		07/30/2015			680,000		680,439
Want Want China Finance Ltd. (Cayman Islands)
1.875%		05/14/2018	^§		850,000		811,723
Wm. Wrigley Jr. Co.
3.700%		06/30/2014	^		2,510,000		2,548,908
2.000%		10/20/2017	^		300,000		299,439
1.400%		10/21/2016	^		300,000		300,660

							10,342,416

Gas Utilities—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
6.250%		08/20/2019			800,000		864,000

Health Care Equipment & Supplies—0.1%
Baxter International, Inc.
0.950%		06/01/2016			350,000		350,170
Covidien International Finance SA (Luxembourg)
1.350%		05/29/2015			400,000		403,074
Stryker Corp.
3.000%		01/15/2015	§		790,000		811,086

							1,564,330

Health Care Providers & Services—0.7%
Express Scripts Holding Co.
2.750%		11/21/2014	§		1,500,000		1,529,262
2.100%		02/12/2015			330,000		334,874
HCA Holdings, Inc.
7.750%		05/15/2021			600,000		657,000
Quest Diagnostics, Inc.
1.098%		03/24/2014	#§		890,000		891,176
UnitedHealth Group, Inc.
0.850%		10/15/2015			180,000		180,800
Ventas Realty LP
1.550%		09/26/2016	§		906,000		913,038
WellPoint, Inc.
2.375%		02/15/2017	§		1,645,000		1,666,467
1.250%		09/10/2015	§		1,060,000		1,067,814

							7,240,431



Coupon Rate	Maturity Date			Face		Value
Hotels, Restaurants & Leisure—0.1%
Carnival Corp. (Panama)
1.875%	12/15/2017		$	320,000	$	318,232
1.200%	02/05/2016			450,000		448,986
Starbucks Corp.
0.875%	12/05/2016			700,000		696,093

						1,463,311

Household Products—0.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC
9.875%	08/15/2019			1,000,000		1,117,500

Industrial Conglomerates—0.0%
Tyco Electronics Group SA (Luxembourg)
1.600%	02/03/2015			310,000		313,134

Insurance—0.7%
Allstate Corp. (The)
6.200%	05/16/2014	§		510,000		520,808
American International Group, Inc.
2.375%	08/24/2015			460,000		470,052
Berkshire Hathaway Finance Corp.
0.950%	08/15/2016			580,000		583,007
Hartford Financial Services Group, Inc.
4.000%	03/30/2015			570,000		592,350
MetLife Institutional Funding II
0.613%	01/06/2015	#^		500,000		501,692
MetLife, Inc.
2.375%	02/06/2014	§		470,000		470,924
Metropolitan Life Global Funding I
0.774%	07/15/2016	#^		980,000		986,047
Pricoa Global Funding I
0.508%	08/19/2015	#^		490,000		490,844
Principal Life Global Funding II
1.000%	12/11/2015	^		1,150,000		1,152,893
Prudential Financial, Inc.
1.021%	08/15/2018	#		800,000		803,443
Prudential Financial, Inc., Series B MTN
4.750%	04/01/2014	§		600,000		606,394
QBE Insurance Group Ltd. (Australia)
2.400%	05/01/2018	^		460,000		442,371

						7,620,825

Internet & Catalog Retail—0.2%
Amazon.com, Inc.
0.650%	11/27/2015	§		2,020,000		2,020,042

Internet Software & Services—0.1%
Baidu, Inc. (Cayman Islands)
2.250%	11/28/2017	§		560,000		557,536

IT Services—0.5%
Alliance Data Systems Corp.
5.250%	12/01/2017	^		1,000,000		1,042,500
Computer Sciences Corp.
2.500%	09/15/2015			300,000		306,343
Fidelity National Information Services, Inc.
2.000%	04/15/2018			470,000		457,492
Total System Services, Inc.
2.375%	06/01/2018			1,640,000		1,597,186
Western Union Co. (The)
1.239%	08/21/2015	#§		1,800,000		1,806,876

						5,210,397

See accompanying notes to financial statements

251

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Life Sciences Tools & Services—0.2%
Life Technologies Corp.
3.500%		01/15/2016	§	$	1,500,000	$	1,563,247
Thermo Fisher Scientific, Inc.
1.300%		02/01/2017			520,000		518,130

							2,081,377

Marine—0.1%
Far East Capital Ltd. SA (Luxembourg)
8.000%		05/02/2018	^§		750,000		673,125

Media—0.8%
CCO Holdings LLC/CCO Holdings Capital Corp.
5.250%		09/30/2022			925,000		868,344
COX Communications, Inc.
5.450%		12/15/2014			160,000		167,247
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.750%		10/01/2014			630,000		648,864
3.125%		02/15/2016	§		570,000		593,232
DISH DBS Corp.
6.625%		10/01/2014	§		850,000		886,125
4.625%		07/15/2017	§		1,120,000		1,176,000
Mediacom LLC/Mediacom Capital Corp.
7.250%		02/15/2022			800,000		852,000
NBCUniversal Enterprise, Inc.
0.929%		04/15/2018	#^		570,000		572,688
NBCUniversal Media LLC
2.100%		04/01/2014	§		1,600,000		1,606,926
Thomson Reuters Corp. (Canada)
1.300%		02/23/2017			700,000		697,446
Time Warner, Inc.
3.150%		07/15/2015	§		500,000		518,191
Viacom, Inc.
4.375%		09/15/2014	§		500,000		513,130

							9,100,193

Metals & Mining—1.0%
ArcelorMittal (Luxembourg)
4.250%		08/05/2015	§		1,100,000		1,142,625
BHP Billiton Finance USA Ltd. (Australia)
1.000%		02/24/2015	§		1,840,000		1,850,613
FMG Resources August 2006 Pty Ltd. (Australia)
6.000%		04/01/2017	^§		835,000		891,363
Freeport-McMoRan Copper & Gold, Inc.
2.150%		03/01/2017			310,000		312,258
1.400%		02/13/2015			700,000		704,100
Glencore Funding LLC
1.604%		01/15/2019	#^		1,880,000		1,846,314
Rio Tinto Finance USA plc (United Kingdom)
1.125%		03/20/2015	§		800,000		804,694
Xstrata Finance Canada Ltd. (Canada)
2.700%		10/25/2017	^		2,480,000		2,510,412
2.050%		10/23/2015	^		630,000		638,300

							10,700,679

Multiline Retail—0.1%
Target Corp.
1.125%		07/18/2014	§		600,000		602,485



Coupon Rate	Maturity Date			Face		Value
Oil, Gas & Consumable Fuels—2.2%
Boardwalk Pipelines LP
5.875%	11/15/2016		$	800,000	$	885,939
BP Capital Markets plc (United Kingdom)
3.875%	03/10/2015			805,000		837,684
0.749%	05/10/2018	#§		440,000		440,109
0.700%	11/06/2015	§		1,850,000		1,855,456
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
1.125%	05/09/2016			340,000		338,943
ConocoPhillips
4.750%	02/01/2014			199,000		199,712
CONSOL Energy, Inc.
8.000%	04/01/2017			230,000		243,225
Devon Energy Corp.
1.200%	12/15/2016			870,000		870,264
0.784%	12/15/2016	#§		630,000		631,554
Enbridge, Inc. (Canada)
0.897%	10/01/2016	#§		1,310,000		1,315,867
Enterprise Products Operating LLC
1.250%	08/13/2015			320,000		322,254
Husky Energy, Inc. (Canada)
5.900%	06/15/2014	§		550,000		563,012
Marathon Oil Corp.
0.900%	11/01/2015	§		1,080,000		1,081,389
Murphy Oil Corp.
2.500%	12/01/2017			500,000		503,507
Petrobras Global Finance BV (Netherlands)
2.000%	05/20/2016	§		1,170,000		1,172,000
Petrohawk Energy Corp.
7.875%	06/01/2015	§		1,000,000		1,026,500
Phillips 66
2.950%	05/01/2017			310,000		322,777
1.950%	03/05/2015			310,000		314,409
Plains Exploration & Production Co.
6.500%	11/15/2020	§		1,120,000		1,237,452
Rockies Express Pipeline LLC
3.900%	04/15/2015	^§		770,000		771,925
Sabine Pass LNG LP
7.500%	11/30/2016	§		1,140,000		1,293,900
Statoil ASA (Norway)
0.699%	11/08/2018	#§		1,450,000		1,458,648
Tesoro Corp.
4.250%	10/01/2017	§		780,000		817,050
Total Capital Canada Ltd. (Canada)
0.624%	01/15/2016	#§		760,000		764,403
Total Capital International SA (France)
0.809%	08/10/2018	#§		1,470,000		1,479,690
TransCanada PipeLines Ltd. (Canada)
3.400%	06/01/2015	§		630,000		654,758
0.927%	06/30/2016	#§		890,000		898,917
0.750%	01/15/2016			300,000		299,400
WPX Energy, Inc.
5.250%	01/15/2017			1,145,000		1,228,013

						23,828,757

Pharmaceuticals—0.9%
AbbVie, Inc.
1.750%	11/06/2017	§		1,620,000		1,618,722
0.998%	11/06/2015	#§		1,800,000		1,819,341
Merck & Co., Inc.
0.598%	05/18/2018	#§		1,400,000		1,405,187
Mylan, Inc.
1.800%	06/24/2016	^		270,000		275,420
1.350%	11/29/2016			440,000		439,505

See accompanying notes to financial statements

252

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Perrigo Co. plc (Ireland)
1.300%		11/08/2016	^	$	1,100,000	$	1,096,951
Takeda Pharmaceutical Co. Ltd. (Japan)
1.031%		03/17/2015	^§		2,500,000		2,513,255
Teva Pharmaceutical Finance III BV (Curacao)
0.746%		03/21/2014	#§		470,000		470,374
Zoetis, Inc.
1.150%		02/01/2016			170,000		170,280

							9,809,035

Professional Services—0.0%
Equifax, Inc.
4.450%		12/01/2014			160,000		165,051

Real Estate Investment Trusts (REITs)—0.5%
Digital Realty Trust LP
4.500%		07/15/2015	§		1,680,000		1,748,030
HCP, Inc.
2.700%		02/01/2014	§		1,610,000		1,612,664
Health Care REIT, Inc.
3.625%		03/15/2016			564,000		591,217
Simon Property Group LP
4.200%		02/01/2015			250,000		257,403
Vornado Realty LP
4.250%		04/01/2015	§		1,240,000		1,279,041

							5,488,355

Road & Rail—0.7%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.875%		11/15/2017			840,000		886,200
Canadian National Railway Co. (Canada)
0.438%		11/06/2015	#§		760,000		760,902
JB Hunt Transport Services, Inc.
3.375%		09/15/2015	§		970,000		1,005,238
Kansas City Southern de Mexico SA de CV (Mexico)
2.350%		05/15/2020			710,000		662,416
0.937%		10/28/2016	#		630,000		630,608
Penske Truck Leasing Co. Lp/PTL Finance Corp.
3.125%		05/11/2015	^§		1,400,000		1,440,352
2.500%		03/15/2016	^		1,100,000		1,127,573
Ryder System, Inc. MTN
2.500%		03/01/2017	§		620,000		631,233

							7,144,522

Semiconductors & Semiconductor Equipment—0.2%
Texas Instruments, Inc.
0.450%		08/03/2015	§		1,380,000		1,379,590
TSMC Global Ltd. (Virgin Islands, British)
1.625%		04/03/2018	^		510,000		489,670
0.950%		04/03/2016	^		260,000		258,577

							2,127,837

Software—0.1%
Autodesk, Inc.
1.950%		12/15/2017			490,000		485,184
Oracle Corp.
3.750%		07/08/2014	§		750,000		763,046

							1,248,230



Coupon Rate	Maturity Date			Face		Value
Specialty Retail—0.1%
Michaels FinCo Holdings LLC/Michaels FinCo, Inc.
7.500%	08/01/2018	^	$	1,250,000	$	1,306,250

Thrifts & Mortgage Finance—0.3%
Astoria Financial Corp.
5.000%	06/19/2017	§		1,120,000		1,202,292
BPCE SA MTN (France)
1.488%	04/25/2016	#§		1,500,000		1,520,382

						2,722,674

Tobacco—0.2%
BAT International Finance plc (United Kingdom)
1.400%	06/05/2015	^		1,460,000		1,472,800
Reynolds American, Inc.
1.050%	10/30/2015			510,000		511,853

						1,984,653

Trading Companies & Distributors—0.0%
Aviation Capital Group Corp.
4.625%	01/31/2018	^§		490,000		507,728

Wireless Telecommunication Services—0.6%
Rogers Communications, Inc. (Canada)
6.375%	03/01/2014	§		1,390,000		1,403,323
SBA Communications Corp.
5.625%	10/01/2019	§		500,000		517,500
SoftBank Corp. (Japan)
4.500%	04/15/2020	^		200,000		196,000
Sprint Corp.
7.125%	06/15/2024	^		250,000		254,375
T-Mobile USA, Inc.
6.125%	01/15/2022			1,000,000		1,020,000
Vodafone Group plc (United Kingdom)
4.150%	06/10/2014	§		1,090,000		1,107,510
0.900%	02/19/2016	§		2,580,000		2,590,395

						7,089,103

TOTAL CORPORATE OBLIGATIONS
(Cost $350,607,337)						354,350,566


MORTGAGE-BACKED SECURITIES—4.4%
Commercial Mortgage-Backed Securities—0.5%
Del Coronado Trust, Series 2013-HDC, Class A
0.967%	03/15/2026	#^		1,040,000		1,035,842
Hilton USA Trust, Series 2013-HLF, Class AFL
1.169%	11/05/2030	#^		2,670,000		2,672,940
LA Arena Funding LLC, Series 1, Class A
7.656%	12/15/2026	^		502,825		572,770
Motel 6 Trust, Series 2012-MTL6, Class A1
1.500%	10/05/2025	^		959,454		952,530
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A1
1.600%	10/29/2020	§		675,700		681,304

						5,915,386

Non-Agency Mortgage-Backed Securities—2.6%
Argent Securities, Inc., Series 2006-W3, Class A2B
0.285%	04/25/2036	#		68,165		26,566
Bank of America Mortgage Securities, Inc., Series 2002-K, Class 1A4
2.747%	10/20/2032	#		510,907		516,839
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-3, Class 2A1
5.000%	04/25/2019			67,225		69,180

See accompanying notes to financial statements

253

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
Credit Suisse Mortgage Capital Certificates, Series 2011-1R, Class A1
1.164%		02/27/2047	#^	$	1,841,904	$	1,837,808
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR2, Class AD
1.550%		04/25/2043	#^		2,661,317		2,569,558
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR3, Class A3
1.550%		05/25/2043	#^		1,349,542		1,248,814
Fosse Master Issuer plc, Series 2012-1A, Class 2A2 (United Kingdom)
1.646%		10/18/2054	#^		3,775,627		3,838,325
GSAMP Trust, Series 2004-SEA2, Class M1
0.815%		03/25/2034	#		1,700,000		1,694,477
JP Morgan Mortgage Trust, Series 2013-1, Class 2A2
2.500%		03/25/2043	#^		1,053,087		1,022,166
Option One Mortgage Loan Trust, Series 2005-4, Class A3
0.425%		11/25/2035	#		474,710		467,565
Saxon Asset Securities Trust, Series 2005-4, Class A2C
0.415%		11/25/2037	#		99,892		99,907
Sequoia Mortgage Trust, Series 2012-1, Class 1A1
2.865%		01/25/2042	#		1,193,458		1,189,649
Sequoia Mortgage Trust, Series 2012-2, Class A2
3.500%		04/25/2042	#		1,185,420		1,193,874
Sequoia Mortgage Trust, Series 2013-1, Class 1A1
1.450%		02/25/2043	#		1,235,215		1,217,861
Sequoia Mortgage Trust, Series 2013-4, Class A3
1.550%		04/25/2043	#§		1,794,706		1,734,958
Springleaf Mortgage Loan Trust, Series 2012-2A, Class A
2.220%		10/25/2057	#^		672,566		687,574
Springleaf Mortgage Loan Trust, Series 2012-3A, Class A
1.570%		12/25/2059	#^		861,516		860,278
Springleaf Mortgage Loan Trust, Series 2013-1A, Class A
1.270%		06/25/2058	#^		2,452,492		2,452,468
Springleaf Mortgage Loan Trust, Series 2013-2A, Class A
1.780%		12/25/2065	#^		907,682		907,402
Structured Agency Credit Risk Debt Notes, Series 2013-DN2, Class M1
1.618%		11/25/2023	#§		2,075,799		2,072,239
Structured Asset Investment Loan Trust, Series 2003-BC1, Class A2
0.845%		01/25/2033	#		1,599,769		1,559,558
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
1.765%		03/25/2044	#		710,395		689,530

							27,956,596

U.S. Government Agency Mortgage-Backed Securities—1.3%
Federal Home Loan Mortgage Corp.
3.913%		12/01/2039	#		195,356		209,219
2.375%		09/01/2035	#		3,559,068		3,761,887
Federal National Mortgage Association
5.000%		01/01/2018			495,351		528,585
3.134%		07/01/2041	#		2,831,583		2,989,700
3.000%		06/01/2041	#		1,589,833		1,677,785
2.616%		03/01/2036	#§		134,150		143,458
2.378%		03/01/2036	#		1,418,677		1,515,281
Federal National Mortgage Association, Series 2013-C01, Class M1
2.165%		10/25/2023	#§		370,566		372,387



Coupon Rate	Maturity Date			Face		Value
FHLMC Multifamily Structured Pass Through Certificates, Series KF01, Class A
0.518%	04/25/2019	#	$	682,002	$	681,349
Government National Mortgage Association, Series 2004-19, Class FC
0.467%	03/20/2034	#		22,128		22,130
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A
0.619%	10/07/2020	#§		1,149,558		1,155,742
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A
1.840%	10/07/2020			213,030		214,779
National Credit Union Administration Guaranteed Notes, Series 2011-R4, Class 1A
0.549%	03/06/2020	#§		968,393		971,782

						14,244,084

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $48,124,247)						48,116,066


CONVERTIBLE DEBT OBLIGATIONS—36.7%
Aerospace & Defense—0.5%
Alliant Techsystems, Inc.
3.000%	08/15/2024			430,000		689,344
L-3 Communications Holdings, Inc.
3.000%	08/01/2035			3,705,000		4,480,734

						5,170,078

Beverages—0.5%
Asahi Group Holdings Ltd. (Japan)
0.000%	05/26/2028	JPY		360,000,000		4,952,521

Biotechnology—0.2%
Gilead Sciences, Inc., Series D
1.625%	05/01/2016			565,000		1,864,503

Building Products—0.2%
Griffon Corp.
4.000%	01/15/2017	^		1,745,000		2,055,828

Capital Markets—2.1%
Ares Capital Corp.
5.750%	02/01/2016			867,000		936,902
4.750%	01/15/2018			3,900,000		4,136,437
Azimut Holding SpA (Italy)
2.125%	11/25/2020	EUR		1,500,000		2,082,741
Jefferies Group LLC
3.875%	11/01/2029			226,000		239,984
Misarte (France)
3.250%	01/01/2016	EUR		312,500		752,558
Prospect Capital Corp.
5.875%	01/15/2019			1,960,000		2,037,175
5.375%	10/15/2017			1,750,000		1,836,032
Temasek Financial III Pte Ltd. (Singapore)
0.000%	10/24/2014	SGD		7,750,000		6,165,854
Walter Investment Management Corp.
4.500%	11/01/2019			5,200,000		5,219,500

						23,407,183

Commercial Services & Supplies—0.1%
Covanta Holding Corp.
3.250%	06/01/2014			1,175,000		1,379,891

See accompanying notes to financial statements

254

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Communications Equipment—0.5%
Ciena Corp.
0.875%		06/15/2017		$	5,575,000	$	5,728,312

Computers & Peripherals—0.5%
Pegatron Corp., Series 4938 (Taiwan)
0.000%		02/06/2017			600,000		674,850
SanDisk Corp.
1.500%		08/15/2017			3,225,000		4,768,969

							5,443,819

Construction Materials—0.4%
Buzzi Unicem SpA, Series BZU (Italy)
1.375%		07/17/2019	EUR		1,500,000		2,253,603
Cemex SAB de CV (Mexico)
4.875%		03/15/2015			1,800,000		2,137,500

							4,391,103

Containers & Packaging—0.2%
Owens-Brockway Glass Container, Inc.
3.000%		06/01/2015	^		2,505,000		2,622,422

Diversified Financial Services—0.8%
Industrivarden AB, Series INDU (Sweden)
2.500%		02/27/2015	EUR		4,750,000		8,423,067

Diversified Telecommunication Services—0.2%
Inmarsat plc, Series ISAT (United Kingdom)
1.750%		11/16/2017			1,900,000		2,584,950

Energy Equipment & Services—1.1%
Bristow Group, Inc.
3.000%		06/15/2038			2,265,000		2,788,781
Exterran Holdings, Inc.
4.250%		06/15/2014			630,000		941,456
SEACOR Holdings, Inc.
2.500%		12/15/2027			3,200,000		3,938,000
Technip SA (France)
0.500%		01/01/2016	EUR		1,032,800		1,291,992
0.250%		01/01/2017	EUR		2,240,000		3,156,137

							12,116,366

Food Products—0.3%
Archer-Daniels-Midland Co.
0.875%		02/15/2014			3,580,000		3,792,562

Health Care Equipment & Supplies—2.4%
Alere, Inc.
3.000%		05/15/2016			3,075,000		3,470,906
Hologic, Inc.
0.000%		12/15/2043			415,000		436,788
Hologic, Inc., Series 2010
2.000%		12/15/2037			2,410,000		2,815,181
Hologic, Inc., Series 2012
2.000%		03/01/2042			5,360,000		5,487,300
Integra LifeSciences Holdings Corp.
1.625%		12/15/2016			3,850,000		4,153,188
NuVasive, Inc.
2.750%		07/01/2017			5,435,000		5,913,959
Volcano Corp.
1.750%		12/01/2017			3,925,000		3,871,031

							26,148,353



Coupon Rate	Maturity Date			Face		Value
Health Care Providers & Services—1.3%
LifePoint Hospitals, Inc.
3.500%	05/15/2014		$	2,720,000	$	2,969,900
Omnicare, Inc., Series OCR
3.250%	12/15/2035			5,775,000		6,200,906
WellPoint, Inc.
2.750%	10/15/2042			3,860,000		5,244,775

						14,415,581

Hotels, Restaurants & Leisure—1.7%
International Game Technology
3.250%	05/01/2014			10,404,000		11,041,245
MGM Resorts International
4.250%	04/15/2015			5,610,000		7,727,775

						18,769,020

Household Durables—1.1%
Jarden Corp.
1.875%	09/15/2018			2,130,000		3,019,275
Ryland Group, Inc. (The)
0.250%	06/01/2019			5,425,000		5,089,328
Toll Brothers Finance Corp.
0.500%	09/15/2032			3,705,000		3,871,725

						11,980,328

Industrial Conglomerates—1.5%
Danaher Corp.
0.000%	01/22/2021			865,000		1,942,466
Siemens Financieringsmaatschappij NV (Netherlands)
1.050%	08/16/2017			12,250,000		14,160,510

						16,102,976

Insurance—0.5%
Old Republic International Corp.
3.750%	03/15/2018			4,600,000		5,744,250

Internet & Catalog Retail—1.6%
Ctrip.com International Ltd. (Cayman Islands)
1.250%	10/15/2018	^		6,200,000		6,145,750
priceline.com, Inc.
1.000%	03/15/2018			3,960,000		5,479,650
0.350%	06/15/2020	^		4,050,000		4,634,719
Shutterfly, Inc.
0.250%	05/15/2018	^		870,000		934,706

						17,194,825

Internet Software & Services—0.9%
Dealertrack Technologies, Inc.
1.500%	03/15/2017			1,020,000		1,415,250
SINA Corp. (Cayman Islands)
1.000%	12/01/2018	^		1,600,000		1,633,000
WebMD Health Corp.
2.500%	01/31/2018			5,575,000		5,505,312
Yandex NV (Netherlands)
1.125%	12/15/2018	^		1,050,000		1,151,719

						9,705,281

IT Services—0.4%
Cap Gemini SA (France)
0.000%	01/01/2019	EUR		3,740,000		3,730,211
Cardtronics, Inc.
1.000%	12/01/2020	^		1,050,000		1,049,349

						4,779,560

See accompanying notes to financial statements

255

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Life Sciences Tools & Services—0.8%
Illumina, Inc.
0.250%		03/15/2016	^	$	5,950,000	$	8,281,656

Machinery—1.8%
Greenbrier Cos., Inc. (The)
3.500%		04/01/2018			3,755,000		4,459,063
Meritor, Inc.
7.875%		03/01/2026	^		2,650,000		3,817,656
Navistar International Corp.
3.000%		10/15/2014			5,310,000		5,456,025
Trinity Industries, Inc.
3.875%		06/01/2036			4,495,000		5,941,828

							19,674,572

Media—1.6%
Liberty Interactive LLC
1.000%		09/30/2043	^		5,990,000		6,334,425
0.750%		03/30/2043	^		960,000		1,201,200
Live Nation Entertainment, Inc.
2.875%		07/15/2027			2,725,000		2,776,094
Omnicom Group, Inc.
0.000%		07/31/2032			5,025,000		6,629,859
XM Satellite Radio, Inc.
7.000%		12/01/2014	^		145,000		282,388

							17,223,966

Metals & Mining—2.0%
ArcelorMittal (Luxembourg)
5.000%		05/15/2014			2,595,000		2,632,303
Glencore Finance Europe SA (Luxembourg)
5.000%		12/31/2014			5,000,000		5,612,500
Goldcorp, Inc. (Canada)
2.000%		08/01/2014			4,220,000		4,241,100
Newmont Mining Corp., Series A
1.250%		07/15/2014			1,065,000		1,066,997
Royal Gold, Inc.
2.875%		06/15/2019			5,040,000		4,869,900
RTI International Metals, Inc.
3.000%		12/01/2015			1,700,000		1,934,813
Steel Dynamics, Inc.
5.125%		06/15/2014			1,725,000		2,036,578

							22,394,191

Oil, Gas & Consumable Fuels—0.9%
Beach Energy Ltd. (Australia)
3.950%		04/03/2017	AUD		3,500,000		3,269,688
Chesapeake Energy Corp.
2.500%		05/15/2037			6,125,000		6,247,500

							9,517,188

Pharmaceuticals—0.9%
ALZA Corp.
0.000%		07/28/2020			1,853,000		2,341,729
Magyar Nemzeti Vagyonkezelo Zrt (Hungary)
3.375%		04/02/2019	EUR		700,000		999,319
Salix Pharmaceuticals Ltd.
1.500%		03/15/2019			1,200,000		1,794,750
Teva Pharmaceutical Finance Co. LLC, Series C
0.250%		02/01/2026			4,020,000		4,288,837

							9,424,635



Coupon Rate	Maturity Date			Face			Value
Real Estate Investment Trusts (REITs)—2.5%
American Realty Capital Properties, Inc.
3.750%	12/15/2020		$	3,660,000		$	3,714,918
3.000%	08/01/2018			2,840,000			2,841,775
Boston Properties LP
3.625%	02/15/2014	^		5,030,000			5,053,495
Extra Space Storage LP
2.375%	07/01/2033	^		6,525,000			6,553,547
Health Care REIT, Inc.
3.000%	12/01/2029			3,940,000			4,400,487
ProLogis LP
3.250%	03/15/2015			4,625,000			5,174,219

							27,738,441

Real Estate Management & Development—0.0%
Forest City Enterprises, Inc.
3.625%	08/15/2020	^		100,000			102,375

Semiconductors & Semiconductor Equipment—2.7%
Advanced Semiconductor Engineering, Inc. (Taiwan)
0.000%	09/05/2018			2,000,000			2,124,500
Disco Corp. (Japan)
0.000%	12/16/2014	JPY		140,000,000			1,632,846
Lam Research Corp.
0.500%	05/15/2016			6,035,000			6,902,531
Linear Technology Corp., Series A
3.000%	05/01/2027			8,380,000			9,574,150
NVIDIA Corp.
1.000%	12/01/2018	^		4,600,000			4,732,250
SK Hynix, Inc. (Korea, Republic of)
2.650%	05/14/2015			3,400,000			4,199,000

					��		29,165,277

Software—3.0%
Electronic Arts, Inc.
0.750%	07/15/2016			6,090,000			6,508,688
Mentor Graphics Corp.
4.000%	04/01/2031			1,300,000			1,734,687
Nuance Communications, Inc.
2.750%	11/01/2031			4,650,000			4,565,719
Proofpoint, Inc.
1.250%	12/15/2018	^		1,000,000			1,083,125
Rovi Corp.
2.625%	02/15/2040			2,000,000			2,025,000
Salesforce.com, Inc.
0.250%	04/01/2018	^		7,250,000			7,888,906
ServiceNow, Inc.
0.000%	11/01/2018	^		1,050,000			1,067,719
Take-Two Interactive Software, Inc.
1.000%	07/01/2018			950,000			1,018,281
TIBCO Software, Inc.
2.250%	05/01/2032			5,580,000			5,618,363
Workday, Inc.
1.500%	07/15/2020	^		950,000			1,150,687

							32,661,175

Specialty Retail—0.4%
Group 1 Automotive, Inc.
2.250%	06/15/2036			3,025,000			3,836,078

Textiles, Apparel & Luxury Goods—0.5%
Iconix Brand Group, Inc.
2.500%	06/01/2016			3,880,000			5,347,125

See accompanying notes to financial statements

256

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—(Continued)
Trading Companies & Distributors—0.2%
Titan Machinery, Inc.
3.750%		05/01/2019		$	2,450,000	$	2,094,750

Wireless Telecommunication Services—0.4%
Leap Wireless International, Inc.
4.500%		07/15/2014			4,655,000		4,736,463

TOTAL CONVERTIBLE DEBT OBLIGATIONS
(Cost $373,902,396)							400,970,671


U.S. TREASURY OBLIGATIONS—11.7%
U.S. Treasury Bills—2.1%
U.S. Treasury Bill
0.075%		06/26/2014			7,640,000		7,637,028
0.066%		03/27/2014			1,850,000		1,849,730
0.062%		03/20/2014			10,700,000		10,698,737
0.042%		01/23/2014			2,000,000		1,999,969
0.023%		01/30/2014			1,000,000		999,987

							23,185,451

U.S. Treasury Notes—9.6%
U.S. Treasury Note
0.625%		07/15/2016-
		10/15/2016			15,689,000		15,703,129
0.500%		06/15/2016			14,585,000		14,570,751
0.375%		03/15/2016	‡‡		2,510,000		2,506,373
0.375%		11/15/2014-
		02/15/2016			17,250,000		17,269,804
0.250%		04/30/2014-
		05/15/2016			55,075,000		54,922,795

							104,972,852

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $128,128,530)							128,158,303


GOVERNMENT RELATED OBLIGATIONS—0.9%
U.S. Government Agencies—0.3%
Federal National Mortgage Association
0.500%		03/30/2016			3,650,000		3,648,109

Non-U.S. Government Agencies—0.1%
IPIC Ltd. MTN (Cayman Islands)
3.125%		11/15/2015	^		600,000		623,250
Petrobras International Finance Co. (Cayman Islands)
2.875%		02/06/2015	§		470,000		478,226

							1,101,476

U.S. Municipal Bonds—0.5%
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds (Florida)
1.298%		07/01/2016			1,500,000		1,505,400
Jobsohio Beverage Systems Ohio Statewide Liquor Profits, Series B (Ohio)
0.872%		01/01/2015			510,000		510,770
Massachusetts State Development Finance Agency ()
5.500%		05/01/2027			1,000,000		1,015,280



Coupon Rate	Maturity Date			Face		Value
South Carolina State Public Service Authority, Series D (South Carolina)
1.044%	06/01/2015	#	$	1,140,000	$	1,143,557
University of California Revenue Bonds, Series Y-1 (California)
0.749%	07/01/2041	#		1,000,000		1,000,180

						5,175,187

TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $9,883,627)						9,924,772


ASSET-BACKED SECURITIES—4.3%
Automobiles—1.9%
Ally Auto Receivables Trust Series 2012-SN1, Class A2
0.510%	12/22/2014			236,267		236,301
Ally Master Owner Trust Series 2013-1, Class A1
0.617%	02/15/2018	#		2,200,000		2,198,827
Ally Master Owner Trust Series 2013-2, Class A
0.617%	04/15/2018	#		1,900,000		1,897,170
AmeriCredit Automobile Receivables Trust Series 2012-1, Class A2
0.910%	10/08/2015			68,331		68,336
Capital Auto Receivables Asset Trust Series 2013-1, Class A2
0.620%	07/20/2016			1,800,000		1,800,026
Capital Auto Receivables Asset Trust Series 2013-1, Class C
1.740%	10/22/2018			380,000		375,537
Capital Auto Receivables Asset Trust Series 2013-1, Class B
1.290%	04/20/2018			370,000		366,419
Enterprise Fleet Financing LLC Series 2012-1, Class A2
1.140%	11/20/2017	^		1,825,444		1,829,470
First Investors Auto Owner Trust Series 2011-1, Class C
3.400%	03/15/2016	^		821,188		824,990
Ford Credit Auto Lease Trust Series 2013-B, Class A3
0.760%	09/15/2016			410,000		410,709
Hertz Fleet Lease Funding LP Series 2013-3, Class A
0.716%	12/10/2027	#^		820,000		820,415
Hyundai Auto Receivables Trust Series 2012-A, Class A3
0.720%	03/15/2016			1,478,938		1,481,330
Nissan Master Owner Trust Receivables Series 2013-A, Class A
0.467%	02/15/2018	#		5,450,000		5,451,458
Santander Drive Auto Receivables Trust Series 2013-1, Class A2
0.480%	02/16/2016			471,185		471,190
World Omni Automobile Lease Securitization Trust Series 2013-A, Class A2A
0.730%	05/16/2016			750,000		750,907
World Omni Master Owner Trust Series 2013-1, Class A
0.517%	02/15/2018	#^		1,575,000		1,576,437

						20,559,522

See accompanying notes to financial statements

257

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Diversifying Strategies Fund

Coupon Rate	Maturity Date			Face		Value
ASSET-BACKED SECURITIES—(Continued)
Credit Card—1.6%
Cards II Trust (Canada) Series 2012-4A, Class A
0.617%		09/15/2017	#^	$	1,000,000	$	1,001,614
Chester Asset Receivables Dealings plc (United Kingdom) Series 2004-1, Class A
0.714%		04/15/2016	# GBP		1,040,000		1,722,028
Citibank Credit Card Issuance Trust Series 2003-A7, Class A7
4.150%		07/07/2017			2,700,000		2,846,282
Discover Card Execution Note Trust Series 2012-A1, Class A1
0.810%		08/15/2017			3,000,000		3,011,131
GE Capital Credit Card Master Note Trust Series 2012-1, Class A
1.030%		01/15/2018			2,200,000		2,206,707
Golden Credit Card Trust (Canada) Series 2012-3A, Class A
0.617%		07/17/2017	#^		1,900,000		1,904,636
Gracechurch Card Funding plc (United Kingdom) Series 2012-1A, Class A1
0.867%		02/15/2017	#^		3,950,000		3,974,980
Gracechurch Card Funding plc (United Kingdom) Series 2012-1A, Class A2
1.019%		02/15/2017	#^EUR		1,200,000		1,659,685

							18,327,063

Other—0.6%
CenterPoint Energy Transition Bond Co. IV LLC Series 2012-1, Class A1
0.901%		04/15/2018			1,863,897		1,864,954
GreatAmerica Leasing Receivables Funding LLC Series 2013-1, Class A2
0.610%		05/15/2015	^		883,540		883,622
GreatAmerica Leasing Receivables Funding LLC Series 2013-1, Class C
1.830%		06/17/2019	^		270,000		267,731
Invitation Homes Trust Series 2013-SFR1, Class A
1.314%		12/17/2030	#^		1,220,000		1,222,837
Trade MAPS 1 Ltd. (Ireland) Series 2013-1A, Class A
0.870%		12/10/2018	#^		2,300,000		2,304,232

							6,543,376

Student Loan—0.2%
National Credit Union Administration Guaranteed Notes Series 2010-A1, Class A
0.521%		12/07/2020	#§		1,928,310		1,930,354

TOTAL ASSET-BACKED SECURITIES
(Cost $47,181,927)							47,360,315



				Contracts		Value
PURCHASED OPTIONS—0.0%
Put—Swiss Market Index, Expires 03/21/2014, Strike CHF 7,800.00				910	$	89,404
Call—U.S. 10 Year Treasury Note, Expires 02/21/2014, Strike $105.00				2		36,094

TOTAL PURCHASED OPTIONS
(Cost $219,506)						125,498



Coupon Rate	Maturity Date			Face		Value
COMMERCIAL PAPER—0.1%
Biotechnology—0.1%
Celgene Corp.
0.280%	02/19/2014	^
(Cost $1,599,390)			$	1,600,000		1,599,397



				Shares		Value
MONEY MARKET FUNDS—4.1%
Institutional Money Market Fund—4.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07% (Cost $44,385,873)		¥		44,385,873		44,385,873

TOTAL INVESTMENTS—100.4%
(Cost $1,061,217,025)						1,098,044,662
Other assets less liabilities—(0.4%)						(4,455,290	)

NET ASSETS—100.0%					$	1,093,589,372

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
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 $202,298,361, which represents 18.5% of Net Assets. The illiquid 144A securities represented 1.0% of Net Assets, and 5.2% 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.

See accompanying notes to financial statements

258

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—22.7%
Aerospace & Defense—0.4%
Boeing Co. (The)
6.125%		02/15/2033		$	100,000	$	118,966
4.875%		02/15/2020			200,000		223,285
Honeywell International, Inc.
5.700%		03/15/2036			300,000		339,265
3.350%		12/01/2023			300,000		294,256
L-3 Communications Corp.
4.950%		02/15/2021			300,000		314,254
Lockheed Martin Corp.
4.070%		12/15/2042			285,000		250,209
Northrop Grumman Corp.
3.500%		03/15/2021			300,000		298,651
Precision Castparts Corp.
2.500%		01/15/2023			200,000		181,557
0.700%		12/20/2015			300,000		300,182
Raytheon Co.
6.750%		03/15/2018			1,150,000		1,362,779
United Technologies Corp.
6.700%		08/01/2028			150,000		183,891
4.875%		05/01/2015			500,000		528,574
4.500%		06/01/2042			200,000		194,984
3.100%		06/01/2022			200,000		195,915
1.800%		06/01/2017			300,000		304,876

							5,091,644

Air Freight & Logistics—0.1%
FedEx Corp.
3.875%		08/01/2042			200,000		164,914
2.625%		08/01/2022			200,000		181,136
United Parcel Service, Inc.
6.200%		01/15/2038			300,000		365,877
2.450%		10/01/2022			400,000		368,278

							1,080,205

Airlines—0.0%
American Airlines, Inc., Series 2011-1 A
5.250%		01/31/2021			256,903		271,675
Continental Airlines, Inc., Series 2010-1 A
4.750%		01/12/2021	†		267,628		284,356

							556,031

Auto Components—0.0%
Johnson Controls, Inc.
5.500%		01/15/2016			250,000		271,690
4.250%		03/01/2021			300,000		312,186

							583,876

Automobiles—0.0%
Ford Motor Co.
7.450%		07/16/2031			200,000		245,579
4.750%		01/15/2043			200,000		181,050

							426,629

Beverages—0.7%
Anheuser-Busch InBev Finance, Inc.
2.625%		01/17/2023			200,000		184,033
0.800%		01/15/2016			200,000		199,961
Anheuser-Busch InBev Worldwide, Inc.
8.200%		01/15/2039			300,000		440,189



Coupon Rate	Maturity Date			Face		Value
7.750%	01/15/2019		$	500,000	$	625,002
6.875%	11/15/2019			300,000		368,233
5.375%	01/15/2020			500,000		574,579
3.750%	07/15/2042			200,000		170,314
0.800%	07/15/2015			500,000		502,680
Beam, Inc.
5.375%	01/15/2016			90,000		97,450
Bottling Group LLC
5.500%	04/01/2016			500,000		551,107
Coca-Cola Co. (The)
5.350%	11/15/2017			500,000		569,797
4.875%	03/15/2019			300,000		336,691
3.150%	11/15/2020			200,000		203,204
0.750%	03/13/2015			300,000		301,039
Coca-Cola Enterprises, Inc.
4.500%	09/01/2021			300,000		312,196
Coca-Cola Femsa SAB de CV (Mexico)
2.375%	11/26/2018			350,000		348,289
Diageo Capital plc (United Kingdom)
1.125%	04/29/2018			750,000		723,826
Diageo Finance BV (Netherlands)
5.300%	10/28/2015			750,000		812,273
Dr Pepper Snapple Group, Inc.
2.600%	01/15/2019			300,000		301,960
PepsiCo, Inc.
5.000%	06/01/2018			400,000		449,138
3.000%	08/25/2021			500,000		493,897
2.750%	03/01/2023			400,000		370,963

						8,936,821

Biotechnology—0.2%
Amgen, Inc.
6.900%	06/01/2038			267,000		324,274
6.150%	06/01/2018			500,000		584,391
5.850%	06/01/2017			250,000		283,872
5.150%	11/15/2041			300,000		299,986
3.875%	11/15/2021			300,000		308,664
Genentech, Inc.
5.250%	07/15/2035			100,000		105,722
Gilead Sciences, Inc.
4.400%	12/01/2021			300,000		320,907

						2,227,816

Capital Markets—1.5%
Bank of New York Mellon Corp. (The)
3.550%	09/23/2021			300,000		307,454
Bank of New York Mellon Corp. (The) MTN
2.300%	07/28/2016			100,000		103,342
Bank of New York Mellon Corp. (The), Series 1
2.950%	06/18/2015	†		500,000		517,786
BlackRock, Inc.
4.250%	05/24/2021			500,000		529,881
3.375%	06/01/2022			500,000		495,442
Credit Suisse (Switzerland)
5.400%	01/14/2020			200,000		222,555
Credit Suisse USA, Inc.
5.125%	08/15/2015			500,000		536,016
Deutsche Bank AG (Germany)
6.000%	09/01/2017			650,000		743,031
Deutsche Bank Financial LLC MTN
5.375%	03/02/2015			250,000		261,760
Goldman Sachs Group, Inc. (The)
6.250%	09/01/2017			500,000		572,906
6.250%	02/01/2041			500,000		578,211

See accompanying notes to financial statements

259

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
6.150%		04/01/2018		$	500,000	$	573,882
6.125%		02/15/2033			600,000		676,878
5.950%		01/15/2027			300,000		319,321
5.750%		01/24/2022			300,000		338,259
5.250%		07/27/2021			300,000		328,969
5.125%		01/15/2015			500,000		522,426
3.625%		02/07/2016			500,000		525,006
Goldman Sachs Group, Inc. (The) MTN
7.500%		02/15/2019			300,000		365,790
5.375%		03/15/2020			300,000		334,083
1.600%		11/23/2015			300,000		303,365
Jefferies Group LLC
6.250%		01/15/2036			230,000		223,100
5.125%		04/13/2018			300,000		325,629
Lazard Group LLC
4.250%		11/14/2020			400,000		399,721
Merrill Lynch & Co., Inc.
6.875%		11/15/2018			250,000		297,528
6.110%		01/29/2037			300,000		324,571
6.050%		05/16/2016			890,000		979,746
Merrill Lynch & Co., Inc. MTN
6.875%		04/25/2018			500,000		591,747
Morgan Stanley
7.250%		04/01/2032			100,000		124,096
5.750%		01/25/2021			600,000		679,757
4.750%		03/22/2017			300,000		327,642
3.750%		02/25/2023			300,000		292,478
1.750%		02/25/2016			300,000		304,187
Morgan Stanley MTN
5.450%		01/09/2017			500,000		554,890
Morgan Stanley, Series F MTN
6.625%		04/01/2018			500,000		585,599
6.000%		04/28/2015			1,000,000		1,065,376
5.950%		12/28/2017			500,000		571,773
Nomura Holdings, Inc. (Japan)
6.700%		03/04/2020			300,000		344,446
Northern Trust Corp.
3.375%		08/23/2021			500,000		508,227
State Street Corp.
3.700%		11/20/2023			400,000		397,670
3.100%		05/15/2023			200,000		186,333
UBS AG (Switzerland)
7.000%		10/15/2015			100,000		110,410
UBS AG MTN (Switzerland)
7.375%		06/15/2017			100,000		113,844
UBS Preferred Funding Trust V, Perpetual Bond
6.243%		05/29/2049	#		300,000		321,000

							18,786,133

Chemicals—0.5%
Agrium, Inc. (Canada)
6.125%		01/15/2041			400,000		432,004
Airgas, Inc.
2.950%		06/15/2016			200,000		207,393
2.375%		02/15/2020			300,000		283,762
CF Industries, Inc.
3.450%		06/01/2023			400,000		366,010
Dow Chemical Co. (The)
8.550%		05/15/2019			629,000		813,073



Coupon Rate	Maturity Date			Face		Value
5.250%	11/15/2041		$	300,000	$	299,985
4.125%	11/15/2021			150,000		155,198
E.I. du Pont de Nemours & Co.
4.900%	01/15/2041			200,000		197,930
4.250%	04/01/2021			300,000		317,806
2.800%	02/15/2023			300,000		275,296
2.750%	04/01/2016			300,000		312,852
Ecolab, Inc.
5.500%	12/08/2041			300,000		322,441
LyondellBasell Industries NV (Netherlands)
5.000%	04/15/2019			500,000		555,961
Monsanto Co.
5.500%	08/15/2025			200,000		226,043
Mosaic Co. (The)
5.625%	11/15/2043			400,000		407,268
PPG Industries, Inc.
3.600%	11/15/2020			400,000		406,550
Praxair, Inc.
3.250%	09/15/2015			500,000		522,558
2.200%	08/15/2022			400,000		356,596

						6,458,726

Commercial Banks—1.8%
Bank of Montreal MTN (Canada)
2.500%	01/11/2017			400,000		412,336
Bank of Nova Scotia (Canada)
3.400%	01/22/2015			500,000		515,963
2.050%	10/07/2015			400,000		410,509
1.450%	04/25/2018			300,000		291,865
Barclays Bank plc (United Kingdom)
5.125%	01/08/2020			500,000		555,139
3.900%	04/07/2015			700,000		728,803
2.750%	02/23/2015			300,000		306,863
BB&T Corp.
5.250%	11/01/2019			500,000		561,109
5.200%	12/23/2015			300,000		324,306
BB&T Corp. MTN
1.600%	08/15/2017			400,000		396,776
BBVA US Senior SAU (Spain)
4.664%	10/09/2015			400,000		420,690
BNP Paribas SA MTN (France)
2.400%	12/12/2018			600,000		601,078
BNP Paribas SA, Bank Note (France)
5.000%	01/15/2021			400,000		439,450
BNP Paribas SA, Series 0212 (France)
3.250%	03/11/2015			500,000		515,433
Capital One Bank USA NA
8.800%	07/15/2019			500,000		636,261
Commonwealth Bank of Australia (Australia)
1.250%	09/18/2015			300,000		303,421
Discover Bank
7.000%	04/15/2020			200,000		232,899
HSBC Bank USA NA
4.875%	08/24/2020			400,000		432,308
HSBC Finance Capital Trust IX
5.911%	11/30/2035	#		500,000		517,500
HSBC Holdings plc (United Kingdom)
6.100%	01/14/2042			500,000		597,839
4.000%	03/30/2022			500,000		514,824
Intesa Sanpaolo SpA (Italy)
3.875%	01/15/2019			400,000		398,137
3.125%	01/15/2016			300,000		305,869
KeyCorp MTN
5.100%	03/24/2021			500,000		547,288

See accompanying notes to financial statements

260

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face			Value
CORPORATE OBLIGATIONS—(Continued)
LBBW (Germany)
7.625%		02/01/2023		$	200,000		$	240,490
National Australia Bank Ltd. (Australia)
1.600%		08/07/2015			500,000			508,171
National City Corp.
6.875%		05/15/2019			500,000			593,147
PNC Bank NA, Bank Note
1.300%		10/03/2016			250,000			251,509
1.150%		11/01/2016			500,000			500,950
PNC Funding Corp.
2.700%		09/19/2016			400,000			417,490
Royal Bank of Canada MTN (Canada)
2.875%		04/19/2016			300,000			312,868
2.625%		12/15/2015			300,000			311,172
Royal Bank of Scotland plc (The) (United Kingdom)
6.125%		01/11/2021			300,000			340,050
4.375%		03/16/2016	†		500,000			533,877
Sumitomo Mitsui Banking Corp. (Japan)
3.200%		07/18/2022			200,000			190,460
1.350%		07/18/2015			300,000			302,528
SunTrust Banks, Inc.
3.600%		04/15/2016			500,000			526,947
U.S. Bank NA, Bank Note
4.800%		04/15/2015			250,000			263,041
UBS AG MTN (Switzerland)
5.875%		07/15/2016			700,000			778,817
Union Bank NA
2.625%		09/26/2018			500,000			509,531
US Bancorp MTN
2.950%		07/15/2022			200,000			186,170
1.650%		05/15/2017			500,000			501,451
Wachovia Bank NA, Bank Note
6.600%		01/15/2038			300,000			374,525
Wells Fargo & Co.						��
4.480%		01/16/2024	^		784,000			781,991
3.676%		06/15/2016			400,000			426,149
3.625%		04/15/2015			300,000			312,139
1.500%		01/16/2018			500,000			497,254
1.250%		07/20/2016			560,000			564,507
Wells Fargo & Co. MTN
4.600%		04/01/2021			500,000			548,964
3.500%		03/08/2022			300,000			300,610
2.100%		05/08/2017			300,000			305,841
Wells Fargo & Co., Series M
3.450%		02/13/2023			300,000			284,177
Wells Fargo Bank NA
5.950%		08/26/2036			100,000			114,115
Westpac Banking Corp. (Australia)
4.200%		02/27/2015			400,000			417,143
3.000%		08/04/2015			400,000			415,720

								23,578,470

Commercial Services & Supplies—0.1%
Republic Services, Inc.
5.700%		05/15/2041			200,000			214,807
5.500%		09/15/2019			300,000			337,989
Waste Management, Inc.
7.000%		07/15/2028			50,000			60,644
6.375%		03/11/2015			400,000			426,136

								1,039,576



Coupon Rate	Maturity Date			Face		Value
Communications Equipment—0.2%
Cisco Systems, Inc.
5.500%	02/22/2016		$	500,000	$	550,348
4.950%	02/15/2019			500,000		563,059
Harris Corp.
6.150%	12/15/2040			250,000		267,914
Juniper Networks, Inc.
3.100%	03/15/2016			400,000		412,128
Motorola Solutions, Inc.
7.500%	05/15/2025			340,000		404,163

						2,197,612

Computers & Peripherals—0.2%
Apple, Inc.
3.850%	05/04/2043			300,000		251,650
2.400%	05/03/2023			300,000		270,317
1.000%	05/03/2018			200,000		193,593
0.450%	05/03/2016			200,000		198,663
Hewlett-Packard Co.
4.650%	12/09/2021	†		300,000		309,414
3.300%	12/09/2016			300,000		314,208
2.200%	12/01/2015			250,000		255,622
2.125%	09/13/2015			500,000		509,349
Seagate HDD Cayman (Cayman Islands)
4.750%	06/01/2023	^		400,000		376,000
Seagate Technology HDD Holdings (Cayman Islands)
6.800%	10/01/2016			75,000		85,125

						2,763,941

Construction Materials—0.0%
CRH America, Inc.
6.000%	09/30/2016			250,000		279,459

Consumer Finance—0.7%
American Express Centurion Bank
0.875%	11/13/2015			400,000		401,078
American Express Co.
4.050%	12/03/2042			472,000		416,953
American Express Credit Corp. MTN
2.800%	09/19/2016			400,000		418,226
2.750%	09/15/2015			400,000		414,115
American Honda Finance Corp.
2.125%	10/10/2018			500,000		498,503
Capital One Financial Corp.
6.150%	09/01/2016			200,000		223,836
Caterpillar Financial Services Corp. MTN
2.850%	06/01/2022			300,000		285,877
2.750%	06/24/2015			200,000		206,368
2.650%	04/01/2016			400,000		414,976
1.625%	06/01/2017			300,000		302,128
Ford Motor Credit Co. LLC
5.875%	08/02/2021			500,000		567,735
5.000%	05/15/2018			200,000		223,002
4.250%	02/03/2017			200,000		215,310
4.250%	09/20/2022			200,000		201,283
3.984%	06/15/2016			300,000		319,207
3.000%	06/12/2017			300,000		312,050
2.750%	05/15/2015			500,000		513,094
HSBC USA, Inc.
2.375%	02/13/2015			400,000		408,259
John Deere Capital Corp.
1.200%	10/10/2017			300,000		292,810
1.050%	10/11/2016			750,000		752,671

See accompanying notes to financial statements

261

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
John Deere Capital Corp. MTN
3.900%		07/12/2021	$	300,000	$	311,282
2.250%		06/07/2016		200,000		206,569
Toyota Motor Credit Corp.
0.875%		07/17/2015		500,000		503,264
Toyota Motor Credit Corp. MTN
4.500%		06/17/2020		300,000		325,847
2.625%		01/10/2023		300,000		278,724
1.250%		10/05/2017		400,000		393,029

						9,406,196

Containers & Packaging—0.0%
MeadWestvaco Corp.
7.375%		09/01/2019		300,000		356,481
Packaging Corp. of America
4.500%		11/01/2023		250,000		251,137

						607,618

Diversified Financial Services—2.2%
Bank of America Corp.
7.750%		08/15/2015		250,000		275,160
5.875%		01/05/2021		400,000		460,426
5.625%		07/01/2020		500,000		572,145
4.500%		04/01/2015		700,000		732,546
3.875%		03/22/2017		700,000		747,690
1.500%		10/09/2015		400,000		404,204
Bank of America Corp. MTN
5.875%		02/07/2042		300,000		344,363
5.000%		05/13/2021		300,000		328,341
3.625%		03/17/2016		500,000		526,313
3.300%		01/11/2023		500,000		474,043
Bank of America Corp., Series L MTN
5.650%		05/01/2018		500,000		569,689
Bank One Corp.
8.000%		04/29/2027		300,000		383,992
7.625%		10/15/2026		300,000		371,409
Bear Stearns Cos. LLC (The)
7.250%		02/01/2018		350,000		419,458
6.400%		10/02/2017		400,000		464,618
4.650%		07/02/2018		400,000		435,991
Citigroup, Inc.
8.500%		05/22/2019		300,000		384,909
8.125%		07/15/2039		500,000		703,602
6.625%		06/15/2032		350,000		390,499
6.125%		11/21/2017		750,000		865,291
6.125%		08/25/2036		300,000		320,854
6.010%		01/15/2015		121,000		127,451
6.000%		08/15/2017		600,000		684,420
5.375%		08/09/2020		400,000		455,698
4.500%		01/14/2022		500,000		530,750
4.050%		07/30/2022		300,000		297,189
3.953%		06/15/2016		200,000		212,905
3.875%		10/25/2023		200,000		197,009
2.650%		03/02/2015		400,000		408,230
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
3.875%		02/08/2022		400,000		402,875
3.375%		01/19/2017		300,000		316,096
2.125%		10/13/2015		200,000		205,245



Coupon Rate	Maturity Date			Face		Value
General Electric Capital Corp.
2.950%	05/09/2016		$	400,000	$	419,028
General Electric Capital Corp. MTN
6.375%	11/15/2067	#		600,000		653,250
5.875%	01/14/2038			700,000		800,083
5.400%	02/15/2017			650,000		723,926
General Electric Capital Corp., Series A MTN
6.875%	01/10/2039			300,000		386,974
6.750%	03/15/2032			750,000		931,349
5.625%	09/15/2017			300,000		341,568
5.500%	01/08/2020			500,000		573,325
4.625%	01/07/2021			300,000		327,627
ING US, Inc.
5.500%	07/15/2022			500,000		544,679
IntercontinentalExchange Group, Inc.
2.500%	10/15/2018			300,000		302,546
JPMorgan Chase & Co.
6.400%	05/15/2038			300,000		359,245
6.300%	04/23/2019			500,000		590,806
5.600%	07/15/2041			200,000		217,838
4.750%	03/01/2015			500,000		523,259
4.625%	05/10/2021			300,000		323,907
4.500%	01/24/2022			400,000		423,809
3.450%	03/01/2016			500,000		524,696
3.200%	01/25/2023			500,000		474,933
JPMorgan Chase & Co. MTN
1.875%	03/20/2015			500,000		506,912
0.800%	04/23/2015			350,000		350,186
JPMorgan Chase Bank NA, Bank Note
6.000%	10/01/2017			500,000		572,546
Leucadia National Corp.
6.625%	10/23/2043			200,000		196,283
National Rural Utilities Cooperative Finance Corp.
10.375%	11/01/2018			281,000		380,401
3.050%	03/01/2016			250,000		260,329
Shell International Finance BV (Netherlands)
5.200%	03/22/2017			500,000		558,951
3.625%	08/21/2042			300,000		251,956
3.100%	06/28/2015			500,000		519,081
2.375%	08/21/2022			500,000		458,714

						27,511,618

Diversified Telecommunication Services—1.0%
AT&T, Inc.
6.150%	09/15/2034			500,000		545,042
5.800%	02/15/2019			550,000		631,205
5.550%	08/15/2041			300,000		305,538
5.500%	02/01/2018			510,000		574,627
5.350%	09/01/2040			307,000		304,825
4.350%	06/15/2045			758,000		644,254
1.600%	02/15/2017			400,000		399,742
British Telecommunications plc (United Kingdom)
9.625%	12/15/2030			250,000		373,985
Cellco Partnership/Verizon Wireless Capital LLC
8.500%	11/15/2018			250,000		316,860
Deutsche Telekom International Finance BV (Netherlands)
8.750%	06/15/2030			300,000		424,290
Embarq Corp.
7.082%	06/01/2016			250,000		279,507
Orange SA (France)
8.750%	03/01/2031			500,000		692,084
Qwest Corp.
6.500%	06/01/2017			250,000		282,738

See accompanying notes to financial statements

262

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Telefonica Emisiones SAU (Spain)
5.134%		04/27/2020		$	600,000	$	638,915
3.729%		04/27/2015			200,000		207,129
Verizon Communications, Inc.
7.750%		12/01/2030			130,000		166,469
6.550%		09/15/2043			1,150,000		1,350,239
6.400%		02/15/2038			500,000		563,296
6.350%		04/01/2019			500,000		588,363
6.000%		04/01/2041			300,000		330,532
5.850%		09/15/2035			250,000		266,249
5.150%		09/15/2023			750,000		806,816
4.500%		09/15/2020			150,000		160,818
3.650%		09/14/2018			200,000		211,942
3.500%		11/01/2021			400,000		397,798
3.000%		04/01/2016			400,000		417,349
2.450%		11/01/2022			300,000		266,090
0.700%		11/02/2015			400,000		399,065

							12,545,767

Electric Utilities—1.4%
Alabama Power Co., Series Q
5.500%		10/15/2017			150,000		169,553
Arizona Public Service Co.
4.500%		04/01/2042			300,000		288,389
Commonwealth Edison Co.
5.900%		03/15/2036			300,000		343,849
5.875%		02/01/2033			200,000		227,476
5.800%		03/15/2018			100,000		114,966
Connecticut Light & Power Co. (The), Series 09-A
5.500%		02/01/2019			300,000		344,032
Constellation Energy Group, Inc.
5.150%		12/01/2020			400,000		426,260
Dominion Gas Holdings LLC
3.550%		11/01/2023	^		250,000		241,299
Duke Energy Carolinas LLC
6.450%		10/15/2032			330,000		389,164
4.300%		06/15/2020			100,000		107,384
4.000%		09/30/2042			300,000		271,890
Duke Energy Corp.
2.150%		11/15/2016			200,000		205,112
Duke Energy Florida, Inc.
6.400%		06/15/2038			350,000		432,993
0.650%		11/15/2015			300,000		300,229
Duke Energy Indiana, Inc.
3.750%		07/15/2020			300,000		311,437
Entergy Corp.
4.700%		01/15/2017			500,000		537,990
Exelon Corp.
4.900%		06/15/2015			350,000		369,136
Florida Power & Light Co.
5.625%		04/01/2034			50,000		56,915
5.125%		06/01/2041			200,000		215,606
4.950%		06/01/2035			100,000		105,153
Georgia Power Co., Series 07-A
5.650%		03/01/2037			200,000		215,693
Great Plains Energy, Inc.
4.850%		06/01/2021			400,000		422,112
Indiana Michigan Power Co.
7.000%		03/15/2019			250,000		297,653
Jersey Central Power & Light
5.625%		05/01/2016			500,000		543,519



Coupon Rate	Maturity Date		Face		Value
Kentucky Utilities Co.
5.125%	11/01/2040	$	500,000	$	530,605
MidAmerican Energy Co.
3.700%	09/15/2023		500,000		498,739
MidAmerican Energy Co. MTN
5.800%	10/15/2036		500,000		567,305
Mississippi Power Co., Series 2012-A
4.250%	03/15/2042		300,000		261,261
NextEra Energy Capital Holdings, Inc.
6.000%	03/01/2019		250,000		283,541
4.500%	06/01/2021		200,000		206,602
1.200%	06/01/2015		500,000		502,738
Northern States Power Co.
5.250%	03/01/2018		500,000		565,388
Ohio Power Co., Series K
6.000%	06/01/2016		500,000		553,839
Pacific Gas & Electric Co.
6.050%	03/01/2034		500,000		574,495
4.450%	04/15/2042		300,000		282,503
Peco Energy Co.
2.375%	09/15/2022		200,000		182,104
Potomac Electric Power Co.
7.900%	12/15/2038		200,000		283,262
PPL Capital Funding, Inc.
4.700%	06/01/2043		200,000		180,838
3.400%	06/01/2023		200,000		186,467
Progress Energy, Inc.
7.050%	03/15/2019		400,000		479,973
4.400%	01/15/2021		300,000		317,070
PSEG Power LLC
8.625%	04/15/2031		300,000		409,038
2.750%	09/15/2016		200,000		207,238
Public Service Electric & Gas Co. MTN
3.650%	09/01/2042		200,000		169,343
Sierra Pacific Power Co., Series T
3.375%	08/15/2023		350,000		338,629
South Carolina Electric & Gas Co.
5.300%	05/15/2033		150,000		160,958
Southern California Edison Co.
6.650%	04/01/2029		500,000		594,948
4.050%	03/15/2042		300,000		272,744
Southern Power Co., Series D
4.875%	07/15/2015		350,000		371,476
Union Electric Co.
6.400%	06/15/2017		250,000		286,841
Virginia Electric and Power Co.
5.400%	04/30/2018		250,000		284,030
1.200%	01/15/2018		300,000		291,528
Westar Energy, Inc.
4.625%	09/01/2043		350,000		345,805
Wisconsin Electric Power
5.625%	05/15/2033		150,000		167,101
Xcel Energy, Inc.
4.800%	09/15/2041		200,000		195,493

					17,489,712

Electrical Equipment—0.1%
Eaton Corp.
4.150%	11/02/2042		100,000		89,188
2.750%	11/02/2022		100,000		93,466
1.500%	11/02/2017		300,000		294,372
0.950%	11/02/2015		100,000		100,420
Emerson Electric Co.
5.000%	12/15/2014		150,000		156,523
5.000%	04/15/2019		500,000		561,985
2.625%	02/15/2023		270,000		252,682

See accompanying notes to financial statements

263

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Roper Industries, Inc.
1.850%		11/15/2017		$	200,000	$	198,437

							1,747,073

Electronic Equipment, Instruments & Components—0.1%
Arrow Electronics, Inc.
4.500%		03/01/2023			300,000		289,048
3.000%		03/01/2018			400,000		400,595
Corning, Inc.
4.750%		03/15/2042			400,000		386,708
Jabil Circuit, Inc.
4.700%		09/15/2022			200,000		193,000

							1,269,351

Energy Equipment & Services—0.3%
Cameron International Corp.
1.150%		12/15/2016			250,000		249,354
Diamond Offshore Drilling, Inc.
4.875%		11/01/2043			300,000		295,580
Halliburton Co.
7.450%		09/15/2039			400,000		540,159
Nabors Industries, Inc.
2.350%		09/15/2016	^		150,000		151,610
Noble Holding International Ltd. (Cayman Islands)
6.200%		08/01/2040			200,000		209,541
3.450%		08/01/2015			200,000		207,462
2.500%		03/15/2017			300,000		301,179
Pride International, Inc.
6.875%		08/15/2020			200,000		239,802
Rowan Cos., Inc.
4.875%		06/01/2022			250,000		254,112
Transocean, Inc. (Cayman Islands)
6.800%		03/15/2038			500,000		558,240
Weatherford International Ltd. (Bermuda)
9.625%		03/01/2019			400,000		514,491
6.750%		09/15/2040			300,000		325,510
4.500%		04/15/2022			300,000		302,395

							4,149,435

Food & Staples Retailing—0.4%
Costco Wholesale Corp.
0.650%		12/07/2015			300,000		300,696
CVS Caremark Corp.
4.125%		05/15/2021			200,000		207,643
2.250%		12/05/2018			750,000		750,651
Kroger Co. (The)
7.500%		04/01/2031			200,000		243,413
5.400%		07/15/2040			200,000		198,604
4.950%		01/15/2015			300,000		313,076
Walgreen Co.
4.400%		09/15/2042			200,000		178,456
1.000%		03/13/2015			300,000		301,322
Wal-Mart Stores, Inc.
7.550%		02/15/2030			250,000		337,417
5.250%		09/01/2035			750,000		817,454
4.875%		07/08/2040			300,000		306,995
4.250%		04/15/2021			300,000		323,529
3.625%		07/08/2020			300,000		314,812
2.550%		04/11/2023			500,000		457,764

							5,051,832



Coupon Rate	Maturity Date		Face		Value
Food Products—0.4%
Archer-Daniels Midland Co.
5.450%	03/15/2018	$	500,000	$	565,668
ConAgra Foods, Inc.
4.650%	01/25/2043		300,000		276,667
3.250%	09/15/2022		200,000		187,927
2.100%	03/15/2018		200,000		198,000
1.300%	01/25/2016		400,000		400,896
General Mills, Inc.
5.400%	06/15/2040		300,000		318,868
3.150%	12/15/2021		200,000		196,119
Hillshire Brands Co.
2.750%	09/15/2015		300,000		308,626
Kellogg Co.
4.000%	12/15/2020		300,000		311,794
Kraft Foods Group, Inc.
6.875%	01/26/2039		380,000		464,297
6.500%	02/09/2040		200,000		234,028
5.375%	02/10/2020		209,000		236,104
1.625%	06/04/2015		300,000		303,917
Mondelez International, Inc.
6.500%	02/09/2040		200,000		239,817
4.125%	02/09/2016		100,000		106,069
Unilever Capital Corp.
4.250%	02/10/2021		300,000		322,217

					4,671,014

Gas Utilities—0.0%
Southern California Gas Co.
5.125%	11/15/2040		400,000		429,603

Health Care Equipment & Supplies—0.3%
Baxter International, Inc.
5.900%	09/01/2016		400,000		451,004
3.200%	06/15/2023		300,000		287,182
2.400%	08/15/2022		300,000		272,467
Becton Dickinson and Co.
5.000%	11/12/2040		300,000		310,375
Boston Scientific Corp.
7.375%	01/15/2040		200,000		249,303
6.250%	11/15/2015		200,000		218,550
6.000%	01/15/2020		200,000		229,901
CareFusion Corp.
6.375%	08/01/2019		250,000		283,267
Covidien International Finance SA (Luxembourg)
6.000%	10/15/2017		250,000		286,637
Medtronic, Inc.
4.450%	03/15/2020		300,000		329,223
3.000%	03/15/2015		380,000		392,192
2.750%	04/01/2023		100,000		92,685
Stryker Corp.
4.100%	04/01/2043		200,000		177,823

					3,580,609

Health Care Providers & Services—0.4%
Aetna, Inc.
6.625%	06/15/2036		250,000		299,861
4.125%	11/15/2042		200,000		175,622
1.500%	11/15/2017		200,000		197,242
Cardinal Health, Inc.
4.600%	03/15/2043		200,000		187,481
3.200%	03/15/2023		300,000		281,429
1.700%	03/15/2018		300,000		293,879

See accompanying notes to financial statements

264

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Cigna Corp.
5.125%		06/15/2020		$	300,000	$	333,205
Express Scripts Holding Co.
6.125%		11/15/2041			200,000		225,775
4.750%		11/15/2021			200,000		211,680
McKesson Corp.
2.850%		03/15/2023			300,000		271,904
Quest Diagnostics, Inc.
6.950%		07/01/2037			300,000		332,019
4.700%		04/01/2021			300,000		308,121
UnitedHealth Group, Inc.
6.000%		02/15/2018			500,000		578,193
5.950%		02/15/2041			200,000		227,384
5.375%		03/15/2016			200,000		219,038
1.625%		03/15/2019			400,000		385,666
WellPoint, Inc.
5.250%		01/15/2016			500,000		540,875
4.650%		01/15/2043			200,000		185,871
3.300%		01/15/2023			300,000		280,502

							5,535,747

Hotels, Restaurants & Leisure—0.2%
Carnival Corp. (Panama)
3.950%		10/15/2020			400,000		400,900
McDonald’s Corp., Series I MTN
5.350%		03/01/2018			500,000		568,664
Starbucks Corp.
2.000%		12/05/2018			400,000		397,003
Wyndham Worldwide Corp.
3.900%		03/01/2023			300,000		283,125
Yum! Brands, Inc.
6.875%		11/15/2037			52,000		59,392
5.350%		11/01/2043			250,000		243,802

							1,952,886

Household Durables—0.0%
Whirlpool Corp. MTN
4.850%		06/15/2021			200,000		210,450

Household Products—0.1%
Clorox Co. (The)
3.800%		11/15/2021			400,000		403,219
Kimberly-Clark Corp.
6.125%		08/01/2017			500,000		577,208
Procter & Gamble Co. (The)
5.800%		08/15/2034			250,000		289,305
4.700%		02/15/2019			500,000		559,110

							1,828,842

Industrial Conglomerates—0.2%
3M Co. MTN
5.700%		03/15/2037			100,000		115,739
2.000%		06/26/2022			300,000		274,271
GE Capital Trust I
6.375%		11/15/2067	#		130,000		140,725
General Electric Co.
5.250%		12/06/2017			500,000		566,480
4.125%		10/09/2042			300,000		278,285
2.700%		10/09/2022			300,000		281,340
0.850%		10/09/2015			300,000		301,533

							1,958,373



Coupon Rate	Maturity Date			Face		Value
Insurance—1.0%
AEGON Funding Co. LLC
5.750%	12/15/2020		$	290,000	$	326,166
Aflac, Inc.
3.625%	06/15/2023			400,000		387,956
American International Group, Inc.
8.175%	05/15/2058	#		300,000		364,500
6.400%	12/15/2020			400,000		473,423
3.800%	03/22/2017			500,000		534,356
3.000%	03/20/2015			400,000		410,957
American International Group, Inc. MTN
5.850%	01/16/2018			500,000		574,572
Aon plc (United Kingdom)
4.450%	05/24/2043			400,000		356,708
Arch Capital Group US, Inc.
5.144%	11/01/2043			150,000		150,554
AXA SA (France)
8.600%	12/15/2030			250,000		308,438
Berkshire Hathaway Finance Corp.
4.300%	05/15/2043			300,000		271,256
4.250%	01/15/2021			300,000		319,292
3.200%	02/11/2015			400,000		412,392
2.000%	08/15/2018			500,000		500,849
1.600%	05/15/2017			400,000		404,188
Chubb Corp. (The)
6.375%	03/29/2067	#		200,000		217,500
CNA Financial Corp.
5.850%	12/15/2014			430,000		450,481
5.750%	08/15/2021			300,000		336,659
Fidelity National Financial, Inc.
6.600%	05/15/2017			300,000		335,233
Genworth Financial, Inc.
7.700%	06/15/2020	†		200,000		238,741
Genworth Holdings, Inc.
4.900%	08/15/2023			250,000		250,351
Hartford Financial Services Group, Inc.
6.100%	10/01/2041			150,000		172,127
4.000%	10/15/2017			300,000		319,367
Hartford Financial Services Group, Inc. MTN
6.000%	01/15/2019			500,000		574,089
Lincoln National Corp.
6.150%	04/07/2036			250,000		283,952
Markel Corp.
5.000%	03/30/2043			300,000		281,599
MetLife, Inc.
6.750%	06/01/2016			600,000		682,605
5.700%	06/15/2035			250,000		273,906
Progressive Corp. (The)
6.625%	03/01/2029			150,000		180,685
Prudential Financial, Inc. MTN
6.625%	06/21/2040			100,000		121,682
5.800%	11/16/2041			200,000		222,294
5.375%	06/21/2020			300,000		339,503
Prudential Financial, Inc., Series D MTN
5.700%	12/14/2036			250,000		269,439
4.750%	09/17/2015			300,000		319,825
Trinity Acquisition plc (United Kingdom)
4.625%	08/15/2023			500,000		492,135
Validus Holdings Ltd. (Bermuda)
8.875%	01/26/2040			200,000		264,870
XLIT Ltd. (Cayman Islands)
2.300%	12/15/2018			400,000		393,332

						12,815,982

See accompanying notes to financial statements

265

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face			Value
CORPORATE OBLIGATIONS—(Continued)
Internet & Catalog Retail—0.1%
Amazon.com, Inc.
2.500%		11/29/2022	†	$	200,000		$	180,639
1.200%		11/29/2017			200,000			196,004
0.650%		11/27/2015			400,000			400,008
Expedia, Inc.
7.456%		08/15/2018			500,000			582,667

								1,359,318

Internet Software & Services—0.1%
eBay, Inc.
4.000%		07/15/2042			100,000			85,022
2.600%		07/15/2022			100,000			92,146
1.350%		07/15/2017			100,000			99,516
0.700%		07/15/2015			200,000			200,613
Google, Inc.
3.625%		05/19/2021			300,000			313,316
2.125%		05/19/2016			300,000			310,138

								1,100,751

IT Services—0.2%
Computer Sciences Corp.
4.450%		09/15/2022			200,000			193,251
2.500%		09/15/2015			300,000			306,342
Fiserv, Inc.
3.500%		10/01/2022			200,000			186,065
International Business Machines Corp.
7.000%		10/30/2025			300,000			377,290
5.700%		09/14/2017			500,000			574,635
1.625%		05/15/2020			400,000			375,654
Western Union Co. (The)
5.253%		04/01/2020			502,000			535,543

								2,548,780

Life Sciences Tools & Services—0.1%
Agilent Technologies, Inc.
5.000%		07/15/2020			100,000			107,959
Thermo Fisher Scientific, Inc.
2.400%		02/01/2019			750,000			743,901

								851,860

Machinery—0.1%
Caterpillar, Inc.
3.803%		08/15/2042			685,000			578,376
Dover Corp.
5.375%		03/01/2041			300,000			322,674
Parker Hannifin Corp. MTN
3.500%		09/15/2022			100,000			97,931

								998,981

Media—1.1%
21st Century Fox America, Inc.
8.000%		10/17/2016			150,000			176,666
7.750%		12/01/2045			200,000			253,585
6.150%		02/15/2041			300,000			335,518
5.650%		08/15/2020			500,000			561,077
CBS Corp.
7.875%		07/30/2030			250,000			311,824
5.750%		04/15/2020			200,000	��		224,804
4.850%		07/01/2042			250,000			226,089
1.950%		07/01/2017			300,000			300,797



Coupon Rate	Maturity Date			Face		Value
Comcast Corp.
6.450%	03/15/2037		$	500,000	$	582,130
6.300%	11/15/2017			700,000		815,957
5.850%	11/15/2015			400,000		437,828
5.650%	06/15/2035			200,000		213,700
4.500%	01/15/2043			200,000		181,362
2.850%	01/15/2023	†		500,000		463,210
COX Communications, Inc.
5.500%	10/01/2015			75,000		80,537
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
6.375%	03/01/2041			500,000		520,128
5.200%	03/15/2020			200,000		218,085
3.800%	03/15/2022			300,000		288,692
3.550%	03/15/2015			200,000		206,654
3.500%	03/01/2016			400,000		420,095
Discovery Communications LLC
5.625%	08/15/2019			400,000		449,684
Historic TW, Inc.
9.150%	02/01/2023			300,000		398,481
NBCUniversal Media LLC
6.400%	04/30/2040			200,000		230,707
5.950%	04/01/2041			250,000		274,419
4.375%	04/01/2021			250,000		265,017
Omnicom Group, Inc.
5.900%	04/15/2016			500,000		553,008
Thomson Reuters Corp. (Canada)
6.500%	07/15/2018			300,000		348,178
Time Warner Cable, Inc.
6.750%	06/15/2039			200,000		188,892
5.850%	05/01/2017			400,000		436,611
Time Warner Entertainment Co. LP
8.375%	03/15/2023			250,000		288,019
8.375%	07/15/2033			250,000		273,050
Time Warner, Inc.
5.875%	11/15/2016			700,000		790,250
5.375%	10/15/2041			250,000		253,790
4.050%	12/15/2023			750,000		749,332
Viacom, Inc.
6.875%	04/30/2036			300,000		347,528
4.500%	03/01/2021			200,000		209,581
4.375%	03/15/2043			200,000		169,518
2.500%	12/15/2016			300,000		310,478
Walt Disney Co. (The) MTN
3.700%	12/01/2042			200,000		167,718
2.350%	12/01/2022			200,000		182,076
1.100%	12/01/2017			250,000		246,580
0.450%	12/01/2015			350,000		349,808
Walt Disney Co. (The), Series B MTN
7.000%	03/01/2032			210,000		269,454

						14,570,917

Metals & Mining—0.6%
Alcoa, Inc.
5.550%	02/01/2017			290,000		312,366
5.400%	04/15/2021	†		300,000		306,845
Barrick PD Australia Finance Pty Ltd. (Australia)
5.950%	10/15/2039			400,000		347,153
BHP Billiton Finance USA Ltd. (Australia)
6.500%	04/01/2019			500,000		600,128
4.125%	02/24/2042			400,000		356,843
1.625%	02/24/2017			400,000		401,390
Freeport-McMoRan Copper & Gold, Inc.
3.875%	03/15/2023			800,000		757,956
3.550%	03/01/2022			400,000		380,824
1.400%	02/13/2015			400,000		402,343

See accompanying notes to financial statements

266

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Newmont Mining Corp.
6.250%		10/01/2039	$	200,000	$	177,432
3.500%		03/15/2022		400,000		341,062
Rio Tinto Alcan, Inc. (Canada)
6.125%		12/15/2033		150,000		169,308
Rio Tinto Finance USA plc (United Kingdom)
4.750%		03/22/2042		300,000		292,695
2.250%		12/14/2018		400,000		398,490
2.000%		03/22/2017		500,000		502,817
Southern Copper Corp.
7.500%		07/27/2035		250,000		263,017
Teck Resources Ltd. (Canada)
5.200%		03/01/2042		300,000		265,698
3.000%		03/01/2019		300,000		301,297
Vale Overseas Ltd. (Cayman Islands)
6.875%		11/21/2036		400,000		415,101
6.250%		01/23/2017		500,000		557,068
4.625%		09/15/2020		500,000		514,601

						8,064,434

Multiline Retail—0.2%
Dollar General Corp.
1.875%		04/15/2018		500,000		484,179
Kohl’s Corp.
4.000%		11/01/2021		300,000		300,372
Macy’s Retail Holdings, Inc.
6.900%		04/01/2029		100,000		113,755
6.650%		07/15/2024		100,000		115,775
5.900%		12/01/2016		500,000		561,219
4.300%		02/15/2043		200,000		169,439
Nordstrom, Inc.
4.000%		10/15/2021		100,000		103,885
Target Corp.
6.000%		01/15/2018		500,000		577,941
4.000%		07/01/2042		200,000		174,177

						2,600,742

Multi-Utilities—0.3%
Ameren Illinois Co.
2.700%		09/01/2022		400,000		375,092
Consolidated Edison Co. of New York, Inc., Series 06-C
5.500%		09/15/2016		500,000		558,509
Consumers Energy Co., Series P
5.500%		08/15/2016		150,000		167,350
Dominion Resources, Inc., Series A
5.600%		11/15/2016		300,000		334,206
Dominion Resources, Inc., Series C
4.900%		08/01/2041		300,000		289,013
MidAmerican Energy Holdings Co.
6.125%		04/01/2036		200,000		227,937
Nisource Finance Corp.
5.450%		09/15/2020		500,000		556,784
5.250%		02/15/2043		300,000		292,613
Puget Sound Energy, Inc.
4.434%		11/15/2041		300,000		286,766
Sempra Energy
6.150%		06/15/2018		250,000		287,278

						3,375,548



Coupon Rate	Maturity Date			Face		Value
Office Electronics—0.1%
Xerox Corp.
6.350%	05/15/2018	†	$	500,000	$	571,992
4.500%	05/15/2021			200,000		206,179
4.250%	02/15/2015			300,000		311,314

						1,089,485

Oil, Gas & Consumable Fuels—2.2%
Alberta Energy Co. Ltd. (Canada)
7.375%	11/01/2031			400,000		470,865
Anadarko Petroleum Corp.
8.700%	03/15/2019			500,000		633,723
Apache Corp.
5.250%	02/01/2042			500,000		521,059
Apache Finance Canada Corp. (Canada)
7.750%	12/15/2029			150,000		199,524
Boardwalk Pipelines LP
3.375%	02/01/2023			200,000		180,171
BP Capital Markets plc (United Kingdom)
4.500%	10/01/2020			300,000		324,598
3.245%	05/06/2022			200,000		194,203
3.200%	03/11/2016			400,000		420,255
2.750%	05/10/2023			500,000		457,473
1.846%	05/05/2017			200,000		202,171
Buckeye Partners LP
2.650%	11/15/2018			250,000		246,605
Canadian Natural Resources Ltd. (Canada)
5.850%	02/01/2035			500,000		532,011
3.450%	11/15/2021			200,000		196,866
Cenovus Energy, Inc. (Canada)
5.700%	10/15/2019			200,000		228,111
CenterPoint Energy Resources Corp.
4.500%	01/15/2021			434,000		463,615
Chevron Corp.
3.191%	06/24/2023			400,000		384,756
2.355%	12/05/2022			400,000		364,556
CNOOC Finance 2013 Ltd. (Virgin Islands, British)
4.250%	05/09/2043			200,000		169,165
3.000%	05/09/2023			200,000		178,993
1.750%	05/09/2018			200,000		195,704
1.125%	05/09/2016			200,000		199,378
ConocoPhillips Canada Funding Co. I (Canada)
5.950%	10/15/2036			500,000		585,251
5.625%	10/15/2016			500,000		559,798
ConocoPhillips Holding Co.
6.950%	04/15/2029			500,000		634,287
Devon Energy Corp.
5.600%	07/15/2041			100,000		104,579
2.400%	07/15/2016	†		300,000		308,670
1.875%	05/15/2017			300,000		302,425
Ecopetrol SA (Colombia)
4.250%	09/18/2018			500,000		528,750
El Paso Pipeline Partners Operating Co. LLC
4.700%	11/01/2042			200,000		172,216
Enbridge Energy Partners LP
9.875%	03/01/2019			300,000		388,574
Encana Corp. (Canada)
5.150%	11/15/2041			300,000		282,257
3.900%	11/15/2021			300,000		298,366
Energy Transfer Partners LP
6.500%	02/01/2042			400,000		431,329
5.950%	02/01/2015			500,000		526,913
5.200%	02/01/2022			300,000		316,346

See accompanying notes to financial statements

267

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Enterprise Products Operating LLC
5.950%		02/01/2041	$	200,000	$	218,572
4.450%		02/15/2043		200,000		177,344
3.700%		06/01/2015		100,000		104,149
3.200%		02/01/2016		200,000		208,731
Enterprise Products Operating LLC, Series D
6.875%		03/01/2033		150,000		179,828
EOG Resources, Inc.
4.100%		02/01/2021		300,000		313,860
Hess Corp.
7.300%		08/15/2031		250,000		306,131
Kinder Morgan Energy Partners LP
6.550%		09/15/2040		300,000		332,524
6.500%		02/01/2037		300,000		329,764
5.950%		02/15/2018		300,000		341,234
5.000%		03/01/2043		200,000		185,270
4.150%		03/01/2022		500,000		497,214
3.500%		09/01/2023		400,000		368,011
Magellan Midstream Partners LP
4.200%		12/01/2042		200,000		169,724
Marathon Oil Corp.
5.900%		03/15/2018		455,000		518,223
Nexen Energy ULC (Canada)
6.400%		05/15/2037		500,000		570,978
Noble Energy, Inc.
5.250%		11/15/2043		300,000		300,882
Occidental Petroleum Corp.
2.700%		02/15/2023		300,000		275,186
ONEOK Partners LP
6.150%		10/01/2016		160,000		179,791
3.375%		10/01/2022		300,000		280,965
Petrobras Global Finance BV (Netherlands)
4.375%		05/20/2023		400,000		360,357
Petro-Canada (Canada)
5.950%		05/15/2035		100,000		108,651
Phillips 66
4.300%		04/01/2022		400,000		407,188
1.950%		03/05/2015		500,000		507,112
Pioneer Natural Resources Co.
3.950%		07/15/2022		200,000		201,119
Plains All American Pipeline LP/PAA Finance Corp.
4.300%		01/31/2043		200,000		173,971
3.950%		09/15/2015		300,000		315,614
2.850%		01/31/2023		400,000		364,392
Southern Natural Gas Co./Southern Natural Issuing Corp.
4.400%		06/15/2021		200,000		205,894
Statoil ASA (Norway)
5.100%		08/17/2040		300,000		312,512
3.150%		01/23/2022		500,000		489,151
2.650%		01/15/2024		300,000		271,185
1.150%		05/15/2018		300,000		290,108
Suncor Energy, Inc. (Canada)
7.150%		02/01/2032		500,000		639,506
Sunoco Logistics Partners Operations LP
4.950%		01/15/2043		200,000		178,571
3.450%		01/15/2023		200,000		184,119
Talisman Energy, Inc. (Canada)
6.250%		02/01/2038		300,000		306,009
Tennessee Gas Pipeline Co. LLC
7.000%		10/15/2028		350,000		413,920



Coupon Rate	Maturity Date		Face		Value
Texas Eastern Transmission LP
7.000%	07/15/2032	$	150,000	$	179,465
Total Capital International SA (France)
3.700%	01/15/2024		250,000		247,707
2.875%	02/17/2022		400,000		381,063
Total Capital SA (France)
4.450%	06/24/2020		300,000		327,255
3.000%	06/24/2015		300,000		310,857
TransCanada PipeLines Ltd. (Canada)
5.850%	03/15/2036		500,000		545,946
3.750%	10/16/2023		400,000		390,653
Valero Energy Corp.
6.125%	06/15/2017		250,000		285,273
Western Gas Partners LP
2.600%	08/15/2018		250,000		247,237
Williams Cos., Inc. (The)
7.875%	09/01/2021		230,000		265,606
Williams Partners LP
6.300%	04/15/2040		100,000		107,828
5.250%	03/15/2020		100,000		109,493
4.500%	11/15/2023		350,000		348,308
3.800%	02/15/2015		100,000		103,340

					27,641,354

Paper & Forest Products—0.0%
International Paper Co.
7.500%	08/15/2021		500,000		613,869

Pharmaceuticals—0.9%
AbbVie, Inc.
4.400%	11/06/2042		300,000		280,909
2.900%	11/06/2022		300,000		280,935
2.000%	11/06/2018		300,000		297,104
1.750%	11/06/2017		300,000		299,763
1.200%	11/06/2015		300,000		303,187
AstraZeneca plc (United Kingdom)
5.900%	09/15/2017		250,000		286,108
4.000%	09/18/2042		300,000		261,954
Bristol-Myers Squibb Co.
5.875%	11/15/2036		155,000		177,972
5.450%	05/01/2018		250,000		286,461
3.250%	08/01/2042		200,000		155,971
Eli Lilly & Co.
6.770%	01/01/2036		250,000		314,478
GlaxoSmithKline Capital plc (United Kingdom)
2.850%	05/08/2022		300,000		283,462
0.750%	05/08/2015		300,000		301,293
GlaxoSmithKline Capital, Inc.
2.800%	03/18/2023		200,000		185,599
Johnson & Johnson
4.950%	05/15/2033		200,000		215,864
4.850%	05/15/2041		200,000		210,298
3.550%	05/15/2021		200,000		208,417
2.150%	05/15/2016		200,000		206,845
Merck & Co., Inc.
6.550%	09/15/2037		200,000		250,199
6.500%	12/01/2033		250,000		312,632
3.600%	09/15/2042		200,000		166,351
2.400%	09/15/2022		200,000		183,040
1.100%	01/31/2018		200,000		194,591
Merck Sharp & Dohme Corp.
4.750%	03/01/2015		350,000		367,454
Mylan, Inc.
5.400%	11/29/2043		250,000		252,948
1.350%	11/29/2016		250,000		249,719

See accompanying notes to financial statements

268

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Novartis Capital Corp.
2.900%		04/24/2015		$	200,000	$	206,734
Novartis Securities Investment Ltd. (Bermuda)
5.125%		02/10/2019			500,000		566,828
Perrigo Co. plc (Ireland)
2.300%		11/08/2018	^		300,000		296,446
Pfizer, Inc.
5.350%		03/15/2015			500,000		528,482
3.000%		06/15/2023			1,000,000		941,476
Pharmacia Corp.
6.500%		12/01/2018			350,000		421,114
Sanofi (France)
2.625%		03/29/2016			400,000		416,168
Teva Pharmaceutical Finance Co. LLC
6.150%		02/01/2036			250,000		274,690
Teva Pharmaceutical Finance II BV / Teva Pharmaceutical Finance III LLC (Curacao)
3.000%		06/15/2015			300,000		309,721
Wyeth LLC
6.500%		02/01/2034			250,000		306,950
Zoetis, Inc.
4.700%		02/01/2043			200,000		187,649
3.250%		02/01/2023			300,000		281,244
1.150%		02/01/2016			300,000		300,494

							11,571,550

Real Estate Investment Trusts (REITs)—0.7%
American Tower Corp.
4.500%		01/15/2018			500,000		536,127
3.500%		01/31/2023			400,000		365,392
AvalonBay Communities, Inc. MTN
2.850%		03/15/2023			300,000		270,828
Boston Properties LP
4.125%		05/15/2021			300,000		307,448
3.125%		09/01/2023			450,000		411,866
Brandywine Operating Partnership LP
3.950%		02/15/2023			300,000		281,744
Camden Property Trust
5.000%		06/15/2015			200,000		211,460
CubeSmart LP
4.375%		12/15/2023			300,000		293,699
DDR Corp.
4.625%		07/15/2022			200,000		204,345
Duke Realty LP
7.375%		02/15/2015			150,000		160,487
3.875%		10/15/2022			200,000		190,433
ERP Operating LP
5.375%		08/01/2016			500,000		551,623
3.000%		04/15/2023			200,000		182,991
Federal Realty Investment Trust
2.750%		06/01/2023			200,000		180,099
HCP, Inc.
4.250%		11/15/2023			400,000		392,058
HCP, Inc. MTN
6.700%		01/30/2018			250,000		290,844
Health Care REIT, Inc.
6.125%		04/15/2020			300,000		338,092
4.500%		01/15/2024			200,000		197,865
Hospitality Properties Trust
5.000%		08/15/2022			300,000		305,376



Coupon Rate	Maturity Date			Face		Value
Host Hotels & Resorts LP
6.000%	10/01/2021		$	300,000	$	327,142
Kimco Realty Corp.
3.125%	06/01/2023			200,000		182,243
Liberty Property LP
3.375%	06/15/2023			300,000		273,580
Realty Income Corp.
5.875%	03/15/2035			200,000		208,791
Simon Property Group LP
4.750%	03/15/2042			400,000		388,480
4.375%	03/01/2021			400,000		423,568
2.800%	01/30/2017			500,000		517,505
Ventas Realty LP/Ventas Capital Corp.
4.250%	03/01/2022			400,000		403,188
Weyerhaeuser Co.
7.375%	03/15/2032			300,000		368,088

						8,765,362

Road & Rail—0.4%
Burlington Northern Santa Fe LLC
5.650%	05/01/2017			500,000		561,186
5.150%	09/01/2043			350,000		356,907
3.450%	09/15/2021			200,000		197,848
Canadian National Railway Co. (Canada)
2.250%	11/15/2022			300,000		269,468
Canadian Pacific Railway Co. (Canada)
7.250%	05/15/2019			300,000		363,728
CSX Corp.
7.375%	02/01/2019			300,000		364,359
6.250%	04/01/2015			20,000		21,383
6.000%	10/01/2036			334,000		367,007
Norfolk Southern Corp.
5.900%	06/15/2019			300,000		347,338
4.800%	08/15/2043			350,000		340,284
3.250%	12/01/2021			200,000		194,129
Ryder System, Inc. MTN
3.150%	03/02/2015			300,000		307,412
2.350%	02/26/2019			400,000		392,153
Union Pacific Corp.
4.821%	02/01/2044	^		557,000		541,568

						4,624,770

Semiconductors & Semiconductor Equipment—0.1%
Intel Corp.
4.800%	10/01/2041			300,000		293,677
4.250%	12/15/2042			200,000		177,459
3.300%	10/01/2021			300,000		298,554
1.350%	12/15/2017			400,000		395,714

						1,165,404

Software—0.3%
Microsoft Corp.
4.500%	10/01/2040			300,000		286,074
3.625%	12/15/2023			750,000		752,698
1.625%	09/25/2015			400,000		408,506
Oracle Corp.
5.750%	04/15/2018			500,000		578,341
5.375%	07/15/2040			500,000		535,828
5.250%	01/15/2016			500,000		546,068
2.500%	10/15/2022			400,000		367,086

						3,474,601

See accompanying notes to financial statements

269

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Specialty Retail—0.2%
Gap, Inc. (The)
5.950%		04/12/2021	$	200,000	$	221,324
Home Depot, Inc. (The)
5.875%		12/16/2036		550,000		636,756
5.400%		03/01/2016		400,000		438,982
Lowe’s Cos., Inc.
5.800%		04/15/2040		300,000		338,202
5.400%		10/15/2016		400,000		448,309

						2,083,573

Textiles, Apparel & Luxury Goods—0.0%
NIKE, Inc.
3.625%		05/01/2043		300,000		252,732
2.250%		05/01/2023		300,000		268,793

						521,525

Thrifts & Mortgage Finance—0.0%
Abbey National Treasury Services plc (United Kingdom)
3.050%		08/23/2018		350,000		360,024

Tobacco—0.2%
Altria Group, Inc.
9.950%		11/10/2038		97,000		148,401
9.250%		08/06/2019		524,000		691,061
Lorillard Tobacco Co.
6.875%		05/01/2020		300,000		346,674
Philip Morris International, Inc.
5.650%		05/16/2018		500,000		574,825
4.375%		11/15/2041		200,000		182,990
2.900%		11/15/2021		200,000		191,263
1.125%		08/21/2017		300,000		294,350

						2,429,564

Trading Companies & Distributors—0.0%
Air Lease Corp.
3.375%		01/15/2019		200,000		201,000
GATX Corp.
4.750%		06/15/2022		300,000		305,623

						506,623

Wireless Telecommunication Services—0.3%
America Movil SAB de CV (Mexico)
6.125%		03/30/2040		300,000		320,435
5.000%		03/30/2020		400,000		435,225
Rogers Communications, Inc. (Canada)
6.800%		08/15/2018		500,000		596,521
Telefonica Europe BV (Netherlands)
8.250%		09/15/2030		350,000		418,547
Vodafone Group plc (United Kingdom)
7.875%		02/15/2030		250,000		313,835
6.150%		02/27/2037		200,000		217,443
5.625%		02/27/2017		500,000		559,751
5.375%		01/30/2015		250,000		262,367
1.500%		02/19/2018		300,000		292,787

						3,416,911

TOTAL CORPORATE OBLIGATIONS
(Cost $275,929,212)						290,504,993



Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—31.5%
Commercial Mortgage-Backed Securities— 1.6%
Banc of America Commercial Mortgage Trust, Series 2006-3, Class A4
5.889%	07/10/2044	#	$	497,212	$	541,588
Banc of America Commercial Mortgage Trust, Series 2007-2, Class A2
5.633%	04/10/2049	#		121,186		121,644
Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4
5.492%	02/10/2051			2,000,000		2,188,406
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4
5.184%	09/10/2047	#		800,000		852,169
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class AM
5.184%	09/10/2047	#		1,000,000		1,075,214
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR8, Class A4
4.674%	06/11/2041			718,308		747,456
Bear Stearns Commercial Mortgage Securities, Series 2005-T20, Class A4A
5.138%	10/12/2042	#		921,000		978,585
Bear Stearns Commercial Mortgage Securities, Series 2006-T24, Class A4
5.537%	10/12/2041			1,000,000		1,094,119
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class A4
5.218%	07/15/2044	#		900,000		954,908
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4
5.322%	12/11/2049			1,000,000		1,096,680
GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class AM
5.290%	11/10/2045	#		750,000		795,149
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4
5.736%	12/10/2049			1,000,000		1,118,643
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4
5.444%	03/10/2039			1,000,000		1,100,013
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A4
5.553%	04/10/2038	#		800,000		862,134
GS Mortgage Securities Corp. II, Series 2006-GG8, Class A4
5.560%	11/10/2039			1,200,000		1,317,113
GS Mortgage Securities Corp. II, Series 2012-GCJ7, Class A4
3.377%	05/10/2045			1,000,000		995,635
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class A4
4.738%	07/15/2042			935,000		974,596
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB20, Class A4
5.794%	02/12/2051	#		500,000		561,391
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3
5.420%	01/15/2049			500,000		549,326
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4
5.414%	07/12/2046	#		749,135		813,028
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C6, Class A4
2.858%	11/15/2045			500,000		471,673

See accompanying notes to financial statements

270

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A5
2.850%		12/10/2045		$	500,000	$	467,663
Wachovia Bank Commercial Mortgage Trust, Series 2006-C27, Class AM
5.795%		07/15/2045	#		1,000,000		1,091,071

							20,768,204

U.S. Government Agency Mortgage-Backed Securities—29.9%
Federal Home Loan Mortgage Corp.
7.500%		06/01/2027-
		10/01/2029			182,770		209,222
7.000%		02/01/2016-
		09/01/2036			337,542		368,325
6.500%		07/01/2014-
		01/01/2039			1,414,886		1,577,986
6.201%		01/01/2037	#		76,891		79,755
6.000%		11/01/2016-
		10/01/2038			3,870,489		4,299,516
5.711%		01/01/2037	#		43,886		46,387
5.669%		02/01/2037	#		142,798		149,573
5.500%		02/01/2018-
		08/01/2039			6,552,678		7,167,894
5.000%		08/01/2017-
		04/01/2041			9,634,039		10,408,599
4.500%		08/01/2018-
		08/01/2041			13,407,579		14,242,510
4.000%		05/01/2019-
		03/01/2042			11,966,987		12,404,616
3.500%		10/01/2025-
		12/01/2043			10,446,706		10,574,034
3.441%		06/01/2041	#		111,167		117,578
3.000%		03/01/2027-
		10/01/2043			12,165,011		11,819,612
2.662%		01/01/2042	#		274,583		287,552
2.500%		08/01/2027-
		01/15/2044			5,162,780		5,112,470
2.463%		10/01/2043	#		793,735		800,814
2.138%		08/01/2043	#		892,636		888,945
Federal Home Loan Mortgage Corp. TBA
5.000%		01/15/2044			400,000		431,438
4.500%		01/15/2029-
		01/15/2044			400,000		423,152
4.000%		01/15/2029-
		01/15/2044			2,900,000		2,987,672
3.500%		01/15/2029-
		01/15/2044			7,100,000		7,026,625
3.000%		01/15/2029-
		01/15/2044			8,500,000		8,182,140
2.500%		01/15/2029			3,600,000		3,567,797
Federal National Mortgage Association
7.500%		06/01/2030-
		07/01/2031			20,347		22,224
7.000%		03/01/2030-
		04/01/2038			741,362		819,075
6.500%		02/01/2017-
		10/01/2039			1,665,802		1,869,837
6.000%		04/01/2014-
		11/01/2039			5,250,019		5,844,470



Coupon Rate	Maturity Date			Face		Value
5.500%	01/01/2018-
	05/01/2040		$	10,472,858	$	11,531,114
5.000%	03/01/2018-
	05/01/2041			11,476,324		12,480,763
4.970%	01/01/2037	#		324,438		347,216
4.500%	03/01/2018-
	11/01/2041			20,128,050		21,396,494
4.000%	08/01/2018-
	03/01/2042			21,309,067		22,117,763
3.605%	08/01/2040	#		163,368		172,264
3.581%	05/01/2041	#		234,075		246,618
3.500%	10/01/2025-
	12/01/2043			23,193,061		23,373,378
3.476%	02/01/2041	#		108,609		112,719
3.260%	07/01/2040	#		337,982		360,153
3.143%	06/01/2040	#		142,037		150,626
3.000%	07/01/2027-
	09/01/2043			16,700,179		16,121,702
2.832%	01/01/2042	#		524,735		542,045
2.722%	12/01/2043	#		98,652		101,335
2.705%	05/01/2035	#		192,356		206,316
2.701%	02/01/2037	#		80,091		85,494
2.500%	08/01/2027-
	07/01/2033			4,820,808		4,771,325
2.442%	05/01/2035	#		335,624		356,793
2.392%	10/01/2035	#		434,324		459,477
2.354%	03/01/2037	#		1,479,534		1,570,440
Federal National Mortgage Association TBA
5.000%	01/25/2029-
	01/25/2044			1,500,000		1,617,149
4.500%	01/25/2029-
	01/25/2044			1,200,000		1,271,414
4.000%	01/25/2044			8,690,000		8,947,984
3.500%	01/25/2029-
	01/25/2044			10,400,000		10,370,856
3.000%	01/25/2029-
	01/25/2044			20,100,000		19,485,930
2.500%	01/25/2029-
	01/25/2044			9,000,000		8,825,235
Government National Mortgage Association
7.500%	12/15/2029-
	05/15/2032			278,246		332,529
6.500%	03/15/2026-
	01/15/2039			1,054,651		1,178,362
6.000%	02/15/2033-
	12/15/2039			2,367,729		2,648,137
5.500%	01/15/2024-
	07/20/2040			4,105,361		4,543,139
5.000%	05/15/2033-
	11/20/2043			10,079,448		11,008,144
4.500%	04/20/2026-
	05/20/2043			15,166,235		16,275,244
4.000%	08/15/2024-
	03/20/2042			10,565,256		11,040,649
3.500%	12/15/2025-
	04/20/2043			13,197,923		13,360,511
3.500%	12/20/2040-
	05/20/2041	#		1,226,367		1,289,800
3.000%	02/20/2041-
	07/20/2042	#		1,660,397		1,734,547
3.000%	04/15/2027-
	10/20/2043			7,619,615		7,453,486
2.500%	12/20/2027-
	07/20/2043			898,833		883,599

See accompanying notes to financial statements

271

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value
MORTGAGE-BACKED SECURITIES—(Continued)
2.500%		11/20/2040-
		11/20/2043	#	$	1,072,143	$	1,111,745
2.000%		10/20/2042-
		06/20/2043	#		743,376		770,685
Government National Mortgage Association TBA
5.000%		01/15/2044			100,000		108,371
4.500%		01/15/2044			1,900,000		2,031,961
4.000%		01/15/2044			5,300,000		5,512,207
3.500%		01/15/2044			9,800,000		9,888,633
3.000%		01/15/2044			12,200,000		11,789,985
2.500%		01/15/2044			500,000		459,121

							382,173,276

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $398,837,427)							402,941,480


U.S. TREASURY OBLIGATIONS—35.2%
U.S. Treasury Bonds—4.7%
U.S. Treasury Bond
11.250%		02/15/2015			1,300,000		1,460,875
9.875%		11/15/2015			2,470,000		2,908,183
9.125%		05/15/2018			1,060,000		1,406,819
8.750%		05/15/2017-
		08/15/2020			795,000		1,094,736
8.500%		02/15/2020			991,000		1,359,258
8.125%		08/15/2019-
		08/15/2021			575,000		779,537
8.000%		11/15/2021			920,000		1,278,369
7.625%		11/15/2022			250,000		346,592
7.500%		11/15/2016			800,000		953,750
7.250%		05/15/2016			577,000		668,419
6.875%		08/15/2025			370,000		503,951
6.625%		02/15/2027			300,000		405,492
6.500%		11/15/2026			920,000		1,229,207
6.375%		08/15/2027			300,000		398,461
6.250%		08/15/2023			738,000		948,330
6.125%		11/15/2027-
		08/15/2029			1,710,000		2,228,244
6.000%		02/15/2026			265,000		338,434
5.500%		08/15/2028			1,160,000		1,430,335
5.375%		02/15/2031			1,400,000		1,716,313
5.250%		11/15/2028	†		860,000		1,035,763
4.750%		02/15/2041			2,120,000		2,439,989
4.625%		02/15/2040			1,470,000		1,660,641
4.500%		02/15/2036			1,250,000		1,391,406
4.375%		11/15/2039-
		05/15/2041			5,560,000		6,040,010
4.250%		05/15/2039-
		11/15/2040			3,330,000		3,547,053
3.875%		08/15/2040			1,730,000		1,731,081
3.750%		08/15/2041-
		11/15/2043			4,540,000		4,408,647
3.500%		02/15/2039			1,540,000		1,450,728
3.125%		11/15/2041-
		02/15/2043			7,980,000		6,873,302
3.000%		05/15/2042			1,581,000		1,326,310
2.875%		05/15/2043			3,175,000		2,573,982
2.750%		08/15/2042-
		11/15/2042			5,573,000		4,411,717

							60,345,934



Coupon Rate	Maturity Date			Face		Value
U.S. Treasury Notes—30.5%
U.S. Treasury Note
5.125%	05/15/2016		$	330,000	$	365,785
4.875%	08/15/2016			1,050,000		1,166,772
4.750%	08/15/2017			529,000		597,791
4.625%	11/15/2016			1,520,000		1,687,496
4.500%	02/15/2016			1,360,000		1,477,885
4.250%	08/15/2015-
	11/15/2017			2,530,000		2,723,271
4.125%	05/15/2015			1,070,000		1,127,136
4.000%	02/15/2015			1,626,000		1,695,295
3.875%	05/15/2018			500,000		551,250
3.625%	08/15/2019-
	02/15/2021			11,000,000		11,939,509
3.500%	02/15/2018-
	05/15/2020			4,891,000		5,294,402
3.375%	11/15/2019			1,495,000		1,608,527
3.250%	05/31/2016-
	03/31/2017			8,990,000		9,624,163
3.125%	10/31/2016-
	05/15/2021			10,015,000		10,611,323
3.000%	08/31/2016-
	02/28/2017			4,947,000		5,263,331
2.875%	03/31/2018			1,060,000		1,123,724
2.750%	11/30/2016-
	02/28/2018			4,830,000		5,106,893
2.750%	11/15/2023	†		2,780,000		2,719,838
2.625%	02/29/2016-
	11/15/2020			9,052,000		9,343,043
2.500%	03/31/2015-
	08/15/2023			9,566,000		9,504,722
2.375%	02/28/2015-
	12/31/2020			10,789,000		11,088,890
2.250%	01/31/2015-
	11/30/2017			5,510,000		5,680,818
2.125%	05/31/2015-
	08/15/2021			8,750,000		8,869,944
2.000%	01/31/2016-
	02/15/2023			23,555,000		22,870,087
1.875%	06/30/2015-
	06/30/2020			9,471,000		9,561,775
1.750%	07/31/2015-
	05/15/2023			14,020,000		13,315,667
1.625%	08/15/2022-
	11/15/2022			4,075,000		3,681,749
1.500%	06/30/2016-
	03/31/2019			12,557,000		12,557,792
1.375%	11/30/2015-
	05/31/2020			20,807,000		20,381,023
1.250%	08/31/2015-
	10/31/2019			17,790,000		17,637,860
1.125%	05/31/2019-
	04/30/2020			8,320,000		7,843,070
1.000%	08/31/2016-
	09/30/2019			26,248,000		25,747,464
0.875%	09/15/2016-
	07/31/2019			21,897,000		21,774,583
0.750%	06/30/2017-
	03/31/2018			14,510,000		14,201,010
0.625%	07/15/2016-
	04/30/2018			26,550,000		26,179,498
0.500%	06/15/2016-
	07/31/2017			5,500,000		5,444,922
0.375%	03/15/2015-
	03/15/2016			26,160,000		26,181,566

See accompanying notes to financial statements

272

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
0.250%		01/15/2015-
		05/15/2016		$	50,448,000	$	50,404,505
0.125%		04/30/2015			3,000,000		2,996,718

							389,951,097

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $459,249,522)							450,297,031


GOVERNMENT RELATED OBLIGATIONS—9.4%
U.S. Government Agencies—3.8%
Federal Farm Credit Bank
4.875%		12/16/2015			1,245,000		1,353,930
0.730%		08/15/2016			100,000		100,005
0.540%		11/07/2016			300,000		298,251
Federal Home Loan Bank
5.500%		07/15/2036			500,000		580,385
4.875%		09/08/2017			1,250,000		1,409,395
4.750%		12/16/2016			1,000,000		1,117,648
2.875%		06/12/2015			900,000		933,394
1.625%		06/14/2019			1,000,000		975,283
1.250%		02/28/2018			300,000		294,148
0.450%		12/28/2015			250,000		249,856
0.375%		06/24/2016			500,000		498,611
Federal Home Loan Bank, Series 1
1.000%		06/21/2017			1,500,000		1,496,594
Federal Home Loan Bank, Series 656
5.375%		05/18/2016			900,000		1,002,583
Federal Home Loan Mortgage Corp.
6.250%		07/15/2032			650,000		824,695
5.500%		07/18/2016			1,000,000		1,122,662
5.125%		11/17/2017			800,000		913,609
4.875%		06/13/2018			1,000,000		1,137,453
4.750%		11/17/2015			1,000,000		1,081,351
4.500%		01/15/2015			350,000		365,661
4.375%		07/17/2015			1,400,000		1,488,655
3.750%		03/27/2019			500,000		545,636
2.875%		02/09/2015			1,000,000		1,029,526
2.375%		01/13/2022			1,000,000		957,695
2.250%		03/13/2020			450,000		442,867
2.000%		08/25/2016			1,500,000		1,552,170
1.250%		05/12/2017-
		08/01/2019			2,000,000		1,960,861
1.200%		06/12/2018			200,000		196,610
0.950%		10/17/2016	��		500,000		500,146
0.700%		09/27/2016			280,000		279,263
0.500%		04/17/2015-
		01/28/2016			1,300,000		1,303,392
0.420%		09/18/2015			700,000		700,640
0.320%		04/29/2015			510,000		510,064
Federal Home Loan Mortgage Corp. MTN
5.050%		01/26/2015			300,000		315,550
Federal National Mortgage Association
7.250%		05/15/2030			400,000		550,549
6.625%		11/15/2030			500,000		652,185
6.250%		05/15/2029			740,000		930,136
6.000%		04/18/2036			250,000		273,965
5.000%		04/15/2015-
		05/11/2017			2,550,000		2,785,463
4.375%		10/15/2015			1,000,000		1,070,965
2.500%		02/22/2023			300,000		274,436



Coupon Rate	Maturity Date			Face		Value
2.375%	07/28/2015		$	1,000,000	$	1,032,006
1.250%	09/28/2016-
	01/30/2017			1,000,000		1,013,878
1.125%	04/27/2017			1,000,000		1,004,707
1.070%	09/27/2017			500,000		494,564
1.000%	12/28/2017-
	04/30/2018			1,470,000		1,433,715
0.950%	08/23/2017			750,000		742,099
0.550%	02/27/2015			650,000		650,409
0.520%	05/27/2016			500,000		498,978
0.500%	07/02/2015-
	04/29/2016			1,985,000		1,985,483
0.375%	07/05/2016			1,000,000		993,688
0.000%	06/01/2017			400,000		381,957
Federal National Mortgage Association, Series 1
0.500%	09/28/2015			1,000,000		1,002,200
Financing Corp. Fico
8.600%	09/26/2019			500,000		661,943
Financing Corp. Fico, Series E
9.650%	11/02/2018			500,000		676,220
Israel Government AID Bond (Israel)
5.500%	04/26/2024			350,000		405,193
Tennessee Valley Authority
5.250%	09/15/2039			500,000		535,585
Tennessee Valley Authority, Series E
6.250%	12/15/2017			1,200,000		1,421,298

						49,010,211

Non-U.S. Government Agencies—1.4%
Export Development Canada (Canada)
2.250%	05/28/2015			300,000		308,195
0.625%	12/15/2016	†		350,000		347,817
Export-Import Bank of Korea (Korea, Republic of)
5.125%	03/16/2015			500,000		526,009
5.000%	04/11/2022			400,000		436,197
FMS Wertmanagement AoeR (Germany)
1.625%	11/20/2018			350,000		345,853
0.625%	04/18/2016			400,000		396,078
Japan Bank for International Cooperation (Japan)
2.500%	05/18/2016			400,000		416,258
1.750%	07/31/2018			500,000		496,484
Japan Bank for International Cooperation, Series DTC (Japan)
1.125%	07/19/2017	†		500,000		497,465
KFW (Germany)
4.875%	01/17/2017			500,000		559,600
4.500%	07/16/2018			500,000		560,481
4.000%	01/27/2020			300,000		327,104
2.625%	03/03/2015			1,050,000		1,078,819
2.125%	01/17/2023			500,000		460,031
2.000%	10/04/2022			500,000		458,823
1.250%	02/15/2017			400,000		404,176
0.625%	04/24/2015-
	12/15/2016			1,350,000		1,352,581
KFW MTN (Germany)
4.375%	03/15/2018			500,000		556,683
2.750%	09/08/2020-
	10/01/2020			1,000,000		1,009,488
0.500%	04/19/2016			500,000		494,465
Korea Development Bank (The) (Korea, Republic of)
3.875%	05/04/2017			300,000		316,959
Korea Finance Corp. (Korea, Republic of)
2.875%	08/22/2018			350,000		352,971
Landwirtschaftliche Rentenbank (Germany)
5.125%	02/01/2017			300,000		337,762

See accompanying notes to financial statements

273

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Landwirtschaftliche Rentenbank, Series G13 (Germany)
4.875%		11/16/2015		$	750,000	$	811,117
Oesterreichische Kontrollbank AG (Austria)
2.000%		06/03/2016			300,000		309,087
Pemex Project Funding Master Trust
6.625%		06/15/2035			500,000		528,750
Petrobras International Finance Co. (Cayman Islands)
8.375%		12/10/2018			250,000		294,463
6.750%		01/27/2041			300,000		280,630
6.125%		10/06/2016			500,000		544,031
5.375%		01/27/2021			600,000		598,433
2.875%		02/06/2015			500,000		508,751
Petroleos Mexicanos (Mexico)
8.000%		05/03/2019			250,000		303,750
5.500%		01/21/2021-
		06/27/2044			900,000		907,000
4.875%		03/15/2015			400,000		420,800
Svensk Exportkredit AB (Sweden)
5.125%		03/01/2017			500,000		562,360

							18,109,471

Sovereign Debt—1.5%
Brazilian Government International Bond (Brazil)
11.000%		08/17/2040			260,000		295,750
10.125%		05/15/2027			435,000		643,800
8.875%		04/15/2024			400,000		534,800
7.875%		03/07/2015			455,000		491,173
7.125%		01/20/2037			460,000		529,000
5.875%		01/15/2019			500,000		562,500
4.875%		01/22/2021			200,000		212,000
Chile Government International Bond (Chile)
3.875%		08/05/2020			500,000		522,500
Colombia Government International Bond (Colombia)
11.750%		02/25/2020			200,000		288,000
8.125%		05/21/2024			200,000		258,000
7.375%		09/18/2037			200,000		247,000
Israel Government International Bond (Israel)
4.000%		06/30/2022			400,000		416,748
Mexico Government International Bond (Mexico)
6.050%		01/11/2040			500,000		546,250
3.625%		03/15/2022	†		300,000		300,750
Mexico Government International Bond MTN (Mexico)
4.750%		03/08/2044			200,000		181,250
Panama Government International Bond (Panama)
6.700%		01/26/2036			288,000		323,280
5.200%		01/30/2020			300,000		328,125
Peruvian Government International Bond (Peru)
7.350%		07/21/2025			400,000		506,000
6.550%		03/14/2037			500,000		577,500
Philippine Government International Bond (Philippines)
10.625%		03/16/2025			600,000		923,250
9.500%		02/02/2030			600,000		900,000
9.375%		01/18/2017			200,000		245,250
8.875%		03/17/2015			200,000		218,650
6.500%		01/20/2020			300,000		353,625
5.000%		01/13/2037			500,000		521,250
Poland Government International Bond (Poland)
6.375%		07/15/2019			500,000		585,625
5.125%		04/21/2021			300,000		326,625
3.875%		07/16/2015			300,000		314,640



Coupon Rate	Maturity Date			Face		Value
Republic of Finland (Finland)
6.950%	02/15/2026		$	150,000	$	192,042
Republic of Italy (Italy)
6.875%	09/27/2023			450,000		537,923
5.375%	06/15/2033	†		500,000		522,083
Republic of Korea (Korea, Republic of)
3.875%	09/11/2023			250,000		254,753
South Africa Government International Bond (South Africa)
6.875%	05/27/2019			500,000		574,375
State of Israel (Israel)
5.500%	11/09/2016			300,000		335,864
Turkey Government International Bond (Turkey)
8.000%	02/14/2034			600,000		669,000
7.250%	03/15/2015			300,000		317,970
7.000%	09/26/2016			200,000		220,000
4.875%	04/16/2043			1,000,000		770,500
3.250%	03/23/2023			800,000		662,000
United Mexican States (Mexico)
8.125%	12/30/2019	†		750,000		1,000,125
United Mexican States MTN (Mexico)
8.300%	08/15/2031			200,000		271,000
Uruguay Government International Bond (Uruguay)
8.000%	11/18/2022			330,815		410,211
6.875%	09/28/2025			100,000		114,750
4.125%	11/20/2045			200,000		155,500

						19,161,437

Supranational—1.3%
African Development Bank
0.750%	10/18/2016			830,000		832,357
African Development Bank, Series GDIF
1.250%	09/02/2016			400,000		404,865
Asian Development Bank MTN
2.500%	03/15/2016			400,000		416,575
1.750%	09/11/2018			500,000		500,643
1.375%	03/23/2020	†		300,000		283,064
1.125%	03/15/2017			500,000		502,744
Corp. Andina de Fomento
3.750%	01/15/2016			300,000		313,409
Council Of Europe Development Bank MTN
1.500%	02/22/2017			400,000		405,390
European Bank for Reconstruction & Development MTN
2.500%	03/15/2016			500,000		520,816
1.000%	02/16/2017			500,000		501,565
European Investment Bank
5.125%	09/13/2016-
	05/30/2017			1,000,000		1,124,204
4.875%	02/16/2016-
	01/17/2017			800,000		882,025
2.875%	09/15/2020			500,000		504,992
1.750%	03/15/2017			500,000		511,683
1.125%	04/15/2015-
	09/15/2017			1,200,000		1,204,963
1.000%	03/15/2018-
	06/15/2018			900,000		876,837
European Investment Bank MTN
1.625%	09/01/2015	†		700,000		714,853
Inter-American Development Bank
2.250%	07/15/2015			200,000		205,774
1.750%	08/24/2018			400,000		399,488
1.375%	10/18/2016			300,000		304,970
1.125%	03/15/2017			500,000		503,397
Inter-American Development Bank MTN
3.875%	02/14/2020			400,000		434,267
0.875%	11/15/2016			500,000		501,949

See accompanying notes to financial statements

274

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date			Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
International Bank for Reconstruction & Development
2.375%		05/26/2015		$	200,000	$	205,837
2.125%		03/15/2016	†		500,000		517,636
1.125%		07/18/2017	†		750,000		750,730
0.875%		04/17/2017	†		700,000		698,741
International Finance Corp.
0.625%		11/15/2016			650,000		646,357
International Finance Corp. MTN
2.125%		11/17/2017			500,000		514,095
Nordic Investment Bank
2.500%		07/15/2015			500,000		516,543

							16,700,769

U.S. Municipal Bonds—1.0%
American Municipal Power-Ohio, Inc. Revenue Bonds, Series 2010 B (Ohio)
7.499%		02/15/2050			200,000		244,416
Bay Area Toll Authority Revenue Bonds, Series 2009 F-2 (California)
6.263%		04/01/2049			400,000		480,124
California General Obligation Bonds (California)
7.550%		04/01/2039			500,000		647,235
California State Public Works Board Revenue Bonds, Series 2009 G-2 (California)
8.361%		10/01/2034			400,000		489,084
City of New York General Obligation Bonds (New York)
5.846%		06/01/2040			200,000		218,818
City of New York General Obligation Bonds, Series 2010 C-1 (New York)
5.517%		10/01/2037			100,000		104,676
County of Cook Illinois General Obligation Bonds, Series 2010 D (Illinois)
6.229%		11/15/2034			400,000		401,564
Dallas Area Rapid Transit Revenue Bonds, Series 2010 B (Texas)
5.022%		12/01/2048			300,000		305,097
Dallas Convention Center Hotel Development Corp. Revenue Bonds, Series 2009 B (Texas)
7.088%		01/01/2042			200,000		226,370
Dallas County Hospital District General Obligation Bonds, Series 2009 C (Texas)
5.621%		08/15/2044			300,000		328,773
Dallas Independent School District General Obligation Bonds, Series 2010 C (Texas)
6.450%		02/15/2035			300,000		334,014
Florida Hurricane Catastrophe Fund Finance Corp. Revenue Bonds, Series 2013 A (Florida)
2.107%		07/01/2018			200,000		195,418
Government Development Bank for Puerto Rico Revenue Bonds, Series 2011 B (Puerto Rico)
4.704%		05/01/2016			400,000		328,192
Illinois General Obligation Bonds (Illinois)
5.100%		06/01/2033			500,000		464,970
Los Angeles Unified School District General Obligation Bonds, Series 2009 KRY (California)
5.755%		07/01/2029			200,000		222,242
5.750%		07/01/2034			300,000		332,421
Metropolitan Government of Nashville & Davidson County Authority General Obligation Bonds, Series 2010 B (Tennessee)
5.707%		07/01/2034			300,000		318,360



Coupon Rate	Maturity Date		Face		Value
Metropolitan Transportation Authority Revenue Bonds, Series 2010 B-1 (New York)
6.648%	11/15/2039	$	300,000	$	350,346
6.548%	11/15/2031		200,000		228,966
Municipal Electric Authority of Georgia Revenue Bonds, Series 2010 A (Georgia)
6.637%	04/01/2057		300,000		315,642
New Jersey Economic Development Authority Revenue Bonds, Series 1997 A (New Jersey)
7.425%	02/15/2029		200,000		241,480
New Jersey State Turnpike Authority Revenue Bonds, Series 2003 B (New Jersey)
4.252%	01/01/2016		25,000		25,911
New Jersey State Turnpike Authority Revenue Bonds, Series 2010 A (New Jersey)
7.102%	01/01/2041		500,000		637,220
New York City Municipal Water Finance Authority Revenue Bonds, Series 2010 GG (New York)
5.724%	06/15/2042		300,000		334,587
New York State Dormitory Authority Revenue Bonds, Series 2010 D (New York)
5.600%	03/15/2040		200,000		219,820
North Texas Tollway Authority Revenue Bonds, Series 2010 B-2 (Texas)
8.910%	02/01/2030		200,000		225,308
Ohio State University General Obligation Bonds, Series 2010 C (Ohio)
4.910%	06/01/2040		300,000		300,870
Oregon General Obligation Bonds (Oregon)
5.762%	06/01/2023		200,000		232,042
Oregon State Department of Transportation Revenue Bonds, Series 2010 A (Oregon)
5.834%	11/15/2034		300,000		339,717
Port Authority of New York & New Jersey Revenue Bonds (New York)
6.040%	12/01/2029		255,000		289,892
4.458%	10/01/2062		200,000		170,576
San Francisco California City & County General Obligation Bonds (California)
6.000%	11/01/2040		200,000		228,138
State of California General Obligation Bonds (California)
7.625%	03/01/2040		600,000		785,322
State of Connecticut General Obligation Bonds, Series 2008 A (Connecticut)
5.850%	03/15/2032		200,000		223,272
State of Georgia General Obligation Bonds, Series 2009 H (Georgia)
4.503%	11/01/2025		300,000		317,760
State of Illinois General Obligation Bonds (Illinois)
4.961%	03/01/2016		300,000		320,004
State of Texas General Obligation Bonds, Series 2010 A (Texas)
4.681%	04/01/2040		300,000		296,079
State of Utah, Series 2010 B (Utah)
3.539%	07/01/2025		300,000		294,288
University of California Revenue Bonds, Series 2009 R (California)
1.796%	07/01/2019		300,000		288,651
University of California Revenue Bonds, Series 2010 H (California)
6.548%	05/15/2048		300,000		350,220
University of California Revenue Bonds, Series 2013 AH (California)
5.770%	05/15/2043		200,000		220,602

					12,878,487

See accompanying notes to financial statements

275

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Core Bond Index Fund

Coupon Rate	Maturity Date		Face		Value
GOVERNMENT RELATED OBLIGATIONS—(Continued)
Non-U.S. Regional Authority Bonds—0.4%
Hydro-Quebec, Series IO (Canada)
8.050%		07/07/2024	$	250,000	$	333,621
Province of British Columbia (Canada)
2.850%		06/15/2015		200,000		207,264
Province of Manitoba, Series FH (Canada)
4.900%		12/06/2016		500,000		558,065
Province of Nova Scotia (Canada)
2.375%		07/21/2015		300,000		308,545
Province of Ontario (Canada)
5.450%		04/27/2016		1,000,000		1,107,111
4.500%		02/03/2015		650,000		679,308
4.400%		04/14/2020		200,000		219,743
2.700%		06/16/2015	��	200,000		206,652
1.200%		02/14/2018		400,000		392,672
Province of Quebec (Canada)
4.600%		05/26/2015		500,000		529,570
2.750%		08/25/2021		300,000		289,919
Region of Lombardy (Italy)
5.804%		10/25/2032		100,000		93,318

						4,925,788

TOTAL GOVERNMENT RELATED OBLIGATIONS
(Cost $120,358,229)						120,786,163


ASSET-BACKED SECURITIES—0.4%
Automobiles—0.1%
Ally Auto Receivables Trust Series 2012-4, Class A3
0.590%		01/17/2017		450,000		450,491
Ford Credit Auto Owner Trust Series 2012-A, Class A4
1.150%		06/15/2017		500,000		503,823
Honda Auto Receivables Owner Trust Series 2012-4, Class A3
0.520%		08/18/2016		250,000		250,289
Nissan Auto Receivables Owner Trust Series 2012-A, Class A4
1.000%		07/16/2018		450,000		453,243

						1,657,846

Credit Card—0.2%
Capital One Multi-Asset Execution Trust Series 2007-A7, Class A7
5.750%		07/15/2020		1,500,000		1,724,804
Chase Issuance Trust Series 2012-A8, Class A8
0.540%		10/16/2017		200,000		199,804
Citibank Credit Card Issuance Trust Series 2005-A5, Class A5
4.550%		06/20/2017		500,000		529,387

						2,453,995

Other—0.1%
CenterPoint Energy Restoration Bond Co. LLC Series 2009-1, Class A2
3.460%		08/15/2019		400,000		425,618

TOTAL ASSET-BACKED SECURITIES
(Cost $4,528,457)						4,537,459



		Shares		Value
MONEY MARKET FUNDS—9.3%
Institutional Money Market Funds—9.3%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥	1,500,000	$	1,500,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	¥	110,471,922		110,471,922
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	††¥	1,523,177		1,523,177
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.04%	††¥	1,500,000		1,500,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥	1,500,000		1,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.06%	††¥	1,500,000		1,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.06%	††¥	1,500,000		1,500,000

TOTAL MONEY MARKET FUNDS
(Cost $119,495,099)				119,495,099

TOTAL INVESTMENTS—108.5%
(Cost $1,378,397,946)				1,388,562,225
Other assets less liabilities—(8.5%)				(109,017,367	)

NET ASSETS—100.0%			$	1,279,544,858

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 $2,388,914, which represents 0.2% of Net Assets. The illiquid 144A securities represented 0.2% of Net Assets, and 100.0% 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

276

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—98.0%
Aerospace & Defense—2.7%
Boeing Co. (The)			27,158	$	3,706,795
General Dynamics Corp.			13,151		1,256,578
Honeywell International, Inc.			30,685		2,803,689
L-3 Communications Holdings, Inc.			3,483		372,193
Lockheed Martin Corp.			10,679		1,587,540
Northrop Grumman Corp.			8,834		1,012,465
Precision Castparts Corp.			5,670		1,526,931
Raytheon Co.			12,693		1,151,255
Rockwell Collins, Inc.			5,306		392,220
Textron, Inc.			10,583		389,031
United Technologies Corp.			33,035		3,759,383

					17,958,080

Air Freight & Logistics—0.8%
C.H. Robinson Worldwide, Inc.			6,138		358,091
Expeditors International of Washington, Inc.			8,169		361,478
FedEx Corp.			11,576		1,664,282
United Parcel Service, Inc., Class B			28,202		2,963,466

					5,347,317

Airlines—0.2%
Delta Air Lines, Inc.			34,070		935,903
Southwest Airlines Co.			27,222		512,862

					1,448,765

Auto Components—0.4%
BorgWarner, Inc.			9,040		505,426
Delphi Automotive plc (United Kingdom)			10,907		655,838
Goodyear Tire & Rubber Co. (The)			9,204		219,515
Johnson Controls, Inc.			26,609		1,365,042

					2,745,821

Automobiles—0.7%
Ford Motor Co.			154,039		2,376,822
General Motors Co.	*		43,988		1,797,789
Harley-Davidson, Inc.			8,600		595,464

					4,770,075

Beverages—2.1%
Beam, Inc.			6,449		438,919
Brown-Forman Corp., Class B			6,560		495,739
Coca-Cola Co. (The)			149,372		6,170,557
Coca-Cola Enterprises, Inc.			9,508		419,588
Constellation Brands, Inc., Class A	*		6,689		470,772
Dr. Pepper Snapple Group, Inc.			7,761		378,116
Molson Coors Brewing Co., Class B			6,443		361,774
Monster Beverage Corp.	*		5,550		376,124
PepsiCo, Inc.			60,405		5,009,991

					14,121,580

Biotechnology—2.4%
Alexion Pharmaceuticals, Inc.	*		7,719		1,027,090
Amgen, Inc.			29,479		3,365,323
Biogen Idec, Inc.	*		9,287		2,598,038



		Shares		Value
Celgene Corp.	*		16,077	$	2,716,370
Gilead Sciences, Inc.	*		59,916		4,502,687
Regeneron Pharmaceuticals, Inc.	*		3,029		833,702
Vertex Pharmaceuticals, Inc.	*		9,259		687,944

					15,731,154

Building Products—0.1%
Allegion plc (Ireland)	*		3,566		157,582
Masco Corp.			13,673		311,334

					468,916

Capital Markets—2.2%
Ameriprise Financial, Inc.			7,757		892,443
Bank of New York Mellon Corp. (The)			45,578		1,592,495
BlackRock, Inc.			4,990		1,579,185
Charles Schwab Corp. (The)			44,917		1,167,842
E*TRADE Financial Corp.	*		10,643		209,029
Franklin Resources, Inc.			16,039		925,931
Goldman Sachs Group, Inc. (The)			16,329		2,894,479
Invesco Ltd.			17,068		621,275
Legg Mason, Inc.			3,941		171,355
Morgan Stanley			54,208		1,699,963
Northern Trust Corp.			8,909		551,378
State Street Corp.			17,424		1,278,747
T. Rowe Price Group, Inc.			10,071		843,648

					14,427,770

Chemicals—2.5%
Air Products & Chemicals, Inc.			8,133		909,107
Airgas, Inc.			2,476		276,941
CF Industries Holdings, Inc.			2,202		513,154
Dow Chemical Co. (The)			47,247		2,097,767
E.I. Du Pont de Nemours & Co.			36,073		2,343,663
Eastman Chemical Co.			6,152		496,466
Ecolab, Inc.			10,774		1,123,405
FMC Corp.			5,406		407,937
International Flavors & Fragrances, Inc.			3,351		288,119
LyondellBasell Industries NV, Class A			17,321		1,390,530
Monsanto Co.			20,767		2,420,394
Mosaic Co. (The)			13,601		642,919
PPG Industries, Inc.			5,550		1,052,613
Praxair, Inc.			11,681		1,518,880
Sherwin-Williams Co. (The)			3,430		629,405
Sigma-Aldrich Corp.			4,802		451,436

					16,562,736

Commercial Banks—2.7%
BB&T Corp.			27,897		1,041,116
Comerica, Inc.			7,037		334,539
Fifth Third Bancorp			34,254		720,361
Huntington Bancshares, Inc./Ohio			31,006		299,208
KeyCorp			35,171		471,995
M&T Bank Corp.			5,252		611,438
PNC Financial Services Group, Inc. (The)			20,724		1,607,768
Regions Financial Corp.			54,720		541,181
SunTrust Banks, Inc.			21,380		786,998
U.S. Bancorp/Minnesota			71,916		2,905,406
Wells Fargo & Co.			188,582		8,561,623

See accompanying notes to financial statements

277

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Zions Bancorporation			6,864	$	205,645

					18,087,278

Commercial Services & Supplies—0.5%
ADT Corp. (The)	†		8,210		332,259
Cintas Corp.			4,181		249,146
Iron Mountain, Inc.			6,801		206,410
Pitney Bowes, Inc.	†		8,116		189,103
Republic Services, Inc.			10,984		364,669
Stericycle, Inc.	*		3,415		396,720
Tyco International Ltd. (Switzerland)			18,500		759,240
Waste Management, Inc.			17,174		770,597

					3,268,144

Communications Equipment—1.7%
Cisco Systems, Inc.			210,004		4,714,590
F5 Networks, Inc.	*		3,153		286,482
Harris Corp.			4,033		281,544
Juniper Networks, Inc.	*		19,565		441,582
Motorola Solutions, Inc.			9,124		615,870
QUALCOMM, Inc.			66,534		4,940,149

					11,280,217

Computers & Peripherals—4.0%
Apple, Inc.			35,365		19,843,655
EMC Corp.			81,280		2,044,192
Hewlett-Packard Co.			75,947		2,124,997
NetApp, Inc.			13,112		539,428
SanDisk Corp.			9,056		638,810
Seagate Technology plc (Ireland)			11,964		671,898
Western Digital Corp.			8,419		706,354

					26,569,334

Construction & Engineering—0.2%
Fluor Corp.			6,454		518,192
Jacobs Engineering Group, Inc.	*		5,135		323,454
Quanta Services, Inc.	*		8,631		272,394

					1,114,040

Construction Materials—0.0%
Vulcan Materials Co.			5,181		307,855

Consumer Finance—1.0%
American Express Co.			36,281		3,291,775
Capital One Financial Corp.			22,822		1,748,393
Discover Financial Services			18,788		1,051,189
SLM Corp.			17,698		465,104

					6,556,461

Containers & Packaging—0.2%
Avery Dennison Corp.			3,890		195,239
Ball Corp.			5,864		302,934
Bemis Co., Inc.			3,884		159,089
MeadWestvaco Corp.			6,883		254,189
Owens-Illinois, Inc.	*		6,064		216,970
Sealed Air Corp.			7,825		266,441

					1,394,862

Distributors—0.1%
Genuine Parts Co.			6,184		514,447



		Shares		Value
Diversified Consumer Services—0.1%
Graham Holdings Co., Class B	*		183	$	121,388
H&R Block, Inc.			10,285		298,676

					420,064

Diversified Financial Services—5.1%
Bank of America Corp.			419,802		6,536,317
Berkshire Hathaway, Inc., Class B	*		70,558		8,365,357
Citigroup, Inc.			119,153		6,209,063
CME Group, Inc.			12,529		983,025
IntercontinentalExchange Group, Inc.			4,546		1,022,486
JPMorgan Chase & Co.			147,551		8,628,783
Leucadia National Corp.			12,642		358,274
McGraw Hill Financial, Inc.			10,839		847,610
Moody’s Corp.			7,605		596,764
NASDAQ OMX Group, Inc. (The)			4,812		191,518

					33,739,197

Diversified Telecommunication Services—2.1%
AT&T, Inc.			207,303		7,288,773
CenturyLink, Inc.			23,678		754,144
Frontier Communications Corp.	†		37,781		175,682
Verizon Communications, Inc.			112,109		5,509,036
Windstream Holdings, Inc.	†		24,372		194,489

					13,922,124

Electric Utilities—1.6%
American Electric Power Co., Inc.			19,414		907,410
Duke Energy Corp.			27,557		1,901,709
Edison International			13,140		608,382
Entergy Corp.			7,068		447,192
Exelon Corp.			34,157		935,560
FirstEnergy Corp.			16,698		550,700
NextEra Energy, Inc.			16,543		1,416,412
Northeast Utilities			12,648		536,149
Pepco Holdings, Inc.			10,620		203,161
Pinnacle West Capital Corp.			4,394		232,530
PPL Corp.			24,462		736,062
Southern Co. (The)			34,054		1,399,960
Xcel Energy, Inc.			19,996		558,688

					10,433,915

Electrical Equipment—0.8%
AMETEK, Inc.			9,582		504,684
Eaton Corp. plc (Ireland)			18,452		1,404,566
Emerson Electric Co.			27,841		1,953,882
Rockwell Automation, Inc.			5,483		647,871
Roper Industries, Inc.			3,816		529,203

					5,040,206

Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp., Class A			6,116		545,425
Corning, Inc.			57,573		1,025,951
FLIR Systems, Inc.			5,744		172,894
Jabil Circuit, Inc.			7,681		133,957
TE Connectivity Ltd. (Switzerland)			16,300		898,293

					2,776,520

Energy Equipment & Services—1.8%
Baker Hughes, Inc.			17,648		975,228
Cameron International Corp.	*		9,557		568,928

See accompanying notes to financial statements

278

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Diamond Offshore Drilling, Inc.			2,523	$	143,609
Ensco plc, Class A (United Kingdom)			9,255		529,201
FMC Technologies, Inc.	*		9,425		492,079
Halliburton Co.			33,530		1,701,648
Helmerich & Payne, Inc.			4,270		359,022
Nabors Industries Ltd. (Bermuda)			11,142		189,303
National Oilwell Varco, Inc.			16,931		1,346,522
Noble Corp. plc (United Kingdom)			10,355		388,002
Rowan Cos. plc, Class A	*		4,737		167,500
Schlumberger Ltd.			51,823		4,669,771
Transocean Ltd. (Switzerland)			13,175		651,108

					12,181,921

Food & Staples Retailing—2.3%
Costco Wholesale Corp.			17,052		2,029,359
CVS Caremark Corp.			46,942		3,359,639
Kroger Co. (The)			20,092		794,237
Safeway, Inc.			9,150		298,015
Sysco Corp.			23,192		837,231
Walgreen Co.			33,944		1,949,743
Wal-Mart Stores, Inc.			63,750		5,016,488
Whole Foods Market, Inc.			14,453		835,817

					15,120,529

Food Products—1.5%
Archer-Daniels-Midland Co.			25,600		1,111,040
Campbell Soup Co.	†		7,028		304,172
ConAgra Foods, Inc.			16,444		554,163
General Mills, Inc.			24,983		1,246,901
Hershey Co. (The)			5,760		560,045
Hormel Foods Corp.			5,329		240,711
J.M. Smucker Co. (The)			4,032		417,796
Kellogg Co.			10,054		613,998
Kraft Foods Group, Inc.			23,191		1,250,459
McCormick & Co., Inc. (Non-Voting Shares)			5,067		349,217
Mead Johnson Nutrition Co.			8,085		677,199
Mondelez International, Inc., Class A			69,259		2,444,843
Tyson Foods, Inc., Class A			11,046		369,599

					10,140,143

Gas Utilities—0.1%
AGL Resources, Inc.			4,393		207,481
ONEOK, Inc.			7,967		495,388

					702,869

Health Care Equipment & Supplies—2.0%
Abbott Laboratories			60,702		2,326,708
Baxter International, Inc.			21,515		1,496,368
Becton Dickinson and Co.			7,523		831,216
Boston Scientific Corp.	*		52,793		634,572
C.R. Bard, Inc.			3,176		425,393
CareFusion Corp.	*		8,194		326,285
Covidien plc (Ireland)			18,199		1,239,352
DENTSPLY International, Inc.			5,867		284,432
Edwards Lifesciences Corp.	*		4,230		278,165
Intuitive Surgical, Inc.	*		1,533		588,795
Medtronic, Inc.			38,961		2,235,972
St. Jude Medical, Inc.			11,316		701,026



		Shares		Value
Stryker Corp.			11,769	$	884,323
Varian Medical Systems, Inc.	*		4,052		314,800
Zimmer Holdings, Inc.			6,717		625,957

					13,193,364

Health Care Providers & Services—2.0%
Aetna, Inc.			14,626		1,003,197
AmerisourceBergen Corp.			9,001		632,860
Cardinal Health, Inc.			13,371		893,317
Cigna Corp.			11,007		962,892
DaVita HealthCare Partners, Inc.	*		7,118		451,068
Express Scripts Holding Co.	*		31,798		2,233,492
Humana, Inc.			6,147		634,493
Laboratory Corp. of America Holdings	*		3,573		326,465
McKesson Corp.			9,047		1,460,186
Patterson Cos., Inc.			3,274		134,889
Quest Diagnostics, Inc.	†		5,946		318,349
Tenet Healthcare Corp.	*		4,228		178,083
UnitedHealth Group, Inc.			39,767		2,994,455
WellPoint, Inc.			11,748		1,085,398

					13,309,144

Health Care Technology—0.1%
Cerner Corp.	*		11,559		644,299

Hotels, Restaurants & Leisure—1.7%
Carnival Corp.			17,489		702,533
Chipotle Mexican Grill, Inc.	*		1,236		658,516
Darden Restaurants, Inc.			5,316		289,031
International Game Technology			9,854		178,949
Marriott International, Inc., Class A			8,867		437,675
McDonald’s Corp.			39,131		3,796,881
Starbucks Corp.			29,363		2,301,765
Starwood Hotels & Resorts Worldwide, Inc.			7,688		610,812
Wyndham Worldwide Corp.			5,296		390,262
Wynn Resorts Ltd.			3,249		630,988
Yum! Brands, Inc.			17,667		1,335,802

					11,333,214

Household Durables—0.4%
D.R. Horton, Inc.	*		11,310		252,439
Garmin Ltd. (Switzerland)	†		4,380		202,444
Harman International Industries, Inc.			2,804		229,507
Leggett & Platt, Inc.			5,707		176,575
Lennar Corp., Class A			6,984		276,287
Mohawk Industries, Inc.	*		2,173		323,560
Newell Rubbermaid, Inc.			11,694		379,002
PulteGroup, Inc.			13,136		267,580
Whirlpool Corp.			3,145		493,325

					2,600,719

Household Products—2.0%
Clorox Co. (The)			5,204		482,723
Colgate-Palmolive Co.			34,422		2,244,659
Kimberly-Clark Corp.			15,113		1,578,704
Procter & Gamble Co. (The)			106,930		8,705,171

					13,011,257

See accompanying notes to financial statements

279

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Independent Power Producers & Energy Traders—0.1%
AES Corp. (The)			24,364	$	353,522
NRG Energy, Inc.			12,918		371,005

					724,527

Industrial Conglomerates—2.5%
3M Co.			25,220		3,537,105
Danaher Corp.			23,719		1,831,107
General Electric Co.			397,885		11,152,716

					16,520,928

Insurance—3.0%
ACE Ltd. (Switzerland)			13,500		1,397,655
Aflac, Inc.			18,097		1,208,880
Allstate Corp. (The)			18,106		987,501
American International Group, Inc.			57,742		2,947,729
Aon plc (United Kingdom)			11,930		1,000,808
Assurant, Inc.			2,740		181,854
Chubb Corp. (The)			10,024		968,619
Cincinnati Financial Corp.			5,603		293,429
Genworth Financial, Inc., Class A	*		18,819		292,259
Hartford Financial Services Group, Inc.			17,919		649,205
Lincoln National Corp.			10,227		527,918
Loews Corp.			11,798		569,136
Marsh & McLennan Cos., Inc.			21,341		1,032,051
MetLife, Inc.			43,741		2,358,515
Principal Financial Group, Inc.			10,602		522,785
Progressive Corp. (The)			21,341		581,969
Prudential Financial, Inc.			18,329		1,690,300
Torchmark Corp.			3,582		279,933
Travelers Cos., Inc. (The)			14,445		1,307,850
Unum Group			10,478		367,568
XL Group plc (Ireland)			10,982		349,667

					19,515,631

Internet & Catalog Retail—1.5%
Amazon.com, Inc.	*		14,493		5,779,664
Expedia, Inc.			4,233		294,871
Netflix, Inc.	*		2,282		840,164
priceline.com, Inc.	*		2,011		2,337,586
TripAdvisor, Inc.	*		4,434		367,268

					9,619,553

Internet Software & Services—3.1%
Akamai Technologies, Inc.	*		7,177		338,611
eBay, Inc.	*		45,547		2,500,075
Facebook, Inc., Class A	*		64,639		3,533,168
Google, Inc., Class A	*		10,969		12,293,068
VeriSign, Inc.	*		5,121		306,133
Yahoo!, Inc.	*		37,375		1,511,445

					20,482,500

IT Services—3.6%
Accenture plc, Class A (Ireland)			25,173		2,069,724
Alliance Data Systems Corp.	*		1,787		469,856
Automatic Data Processing, Inc.			19,073		1,541,289
Cognizant Technology Solutions Corp., Class A	*		11,908		1,202,470
Computer Sciences Corp.			5,934		331,592



		Shares		Value
Fidelity National Information Services, Inc.			11,570	$	621,078
Fiserv, Inc.	*		10,204		602,546
International Business Machines Corp.			40,165		7,533,749
MasterCard, Inc., Class A			4,057		3,389,461
Paychex, Inc.			12,817		583,558
Teradata Corp.	*		6,621		301,189
Total System Services, Inc.			6,301		209,697
Visa, Inc., Class A			20,062		4,467,406
Western Union Co. (The)			21,283		367,132

					23,690,747

Leisure Equipment & Products—0.1%
Hasbro, Inc.			4,823		265,313
Mattel, Inc.			13,573		645,804

					911,117

Life Sciences Tools & Services—0.5%
Agilent Technologies, Inc.			13,021		744,671
Life Technologies Corp.	*		6,644		503,615
PerkinElmer, Inc.			4,587		189,122
Thermo Fisher Scientific, Inc.			14,042		1,563,577
Waters Corp.	*		3,407		340,700

					3,341,685

Machinery—1.7%
Caterpillar, Inc.			24,852		2,256,810
Cummins, Inc.			6,877		969,451
Deere & Co.			15,158		1,384,380
Dover Corp.			6,829		659,272
Flowserve Corp.			5,649		445,311
Illinois Tool Works, Inc.			16,040		1,348,643
Ingersoll-Rand plc (Ireland)			10,700		659,120
Joy Global, Inc.	†		4,192		245,190
PACCAR, Inc.			13,712		811,339
Pall Corp.			4,519		385,697
Parker Hannifin Corp.			5,761		741,095
Pentair Ltd. (Registered) (Switzerland)			7,664		595,263
Snap-on, Inc.			2,151		235,577
Stanley Black & Decker, Inc.			6,173		498,099
Xylem, Inc.			6,916		239,294

					11,474,541

Media—3.6%
Cablevision Systems Corp., Class A			8,537		153,068
CBS Corp. (Non-Voting Shares), Class B			22,135		1,410,885
Comcast Corp., Class A			102,435		5,323,035
DIRECTV	*		19,386		1,339,379
Discovery Communications, Inc., Class A	*		9,039		817,306
Gannett Co., Inc.			8,486		251,016
Interpublic Group of Cos., Inc. (The)			15,943		282,191
News Corp., Class A	*		20,291		365,644
Omnicom Group, Inc.			10,121		752,699
Scripps Networks Interactive, Inc., Class A			4,374		377,957
Time Warner Cable, Inc.			11,167		1,513,128
Time Warner, Inc.			35,729		2,491,026
Twenty-First Century Fox, Inc., Class A			77,464		2,725,184

See accompanying notes to financial statements

280

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Viacom, Inc., Class B			15,931	$	1,391,414
Walt Disney Co. (The)			64,373		4,918,097

					24,112,029

Metals & Mining—0.5%
Alcoa, Inc.			42,231		448,916
Allegheny Technologies, Inc.			4,521		161,083
Cliffs Natural Resources, Inc.	†		5,496		144,050
Freeport-McMoRan Copper & Gold, Inc.			41,116		1,551,718
Newmont Mining Corp.			19,894		458,159
Nucor Corp.			12,284		655,720
United States Steel Corp.	†		5,205		153,547

					3,573,193

Multiline Retail—0.7%
Dollar General Corp.	*		11,785		710,871
Dollar Tree, Inc.	*		8,398		473,815
Family Dollar Stores, Inc.			3,966		257,671
Kohl’s Corp.			7,884		447,417
Macy’s, Inc.			14,536		776,223
Nordstrom, Inc.			5,484		338,911
Target Corp.			25,023		1,583,205

					4,588,113

Multi-Utilities—1.1%
Ameren Corp.			9,760		352,922
CenterPoint Energy, Inc.			17,012		394,338
CMS Energy Corp.			10,742		287,563
Consolidated Edison, Inc.			11,733		648,600
Dominion Resources, Inc.			22,942		1,484,118
DTE Energy Co.			6,968		462,606
Integrys Energy Group, Inc.			2,985		162,414
NiSource, Inc.			12,358		406,331
PG&E Corp.			17,937		722,502
Public Service Enterprise Group, Inc.			20,262		649,195
SCANA Corp.			5,312		249,292
Sempra Energy			8,800		789,888
TECO Energy, Inc.			8,085		139,385
Wisconsin Energy Corp.			8,687		359,121

					7,108,275

Office Electronics—0.1%
Xerox Corp.			44,862		545,970

Oil, Gas & Consumable Fuels—8.2%
Anadarko Petroleum Corp.			19,625		1,556,655
Apache Corp.			15,829		1,360,344
Cabot Oil & Gas Corp.			16,648		645,276
Chesapeake Energy Corp.			19,874		539,380
Chevron Corp.			75,650		9,449,441
ConocoPhillips			47,863		3,381,521
CONSOL Energy, Inc.			9,227		350,995
Denbury Resources, Inc.	*		14,441		237,266
Devon Energy Corp.			14,809		916,233
EOG Resources, Inc.			10,808		1,814,015
EQT Corp.			5,795		520,275
Exxon Mobil Corp.			171,730		17,379,076
Hess Corp.			11,197		929,351
Kinder Morgan, Inc.			26,143		941,148
Marathon Oil Corp.			27,568		973,150
Marathon Petroleum Corp.			11,970		1,098,008



		Shares		Value
Murphy Oil Corp.			7,132	$	462,724
Newfield Exploration Co.	*		5,063		124,702
Noble Energy, Inc.			14,298		973,837
Occidental Petroleum Corp.			31,522		2,997,742
Peabody Energy Corp.			11,203		218,795
Phillips 66			23,722		1,829,678
Pioneer Natural Resources Co.			5,379		990,113
QEP Resources, Inc.			6,758		207,133
Range Resources Corp.			6,462		544,811
Southwestern Energy Co.	*		14,099		554,514
Spectra Energy Corp.			25,980		925,408
Tesoro Corp.			5,437		318,064
Valero Energy Corp.			20,987		1,057,745
Williams Cos., Inc. (The)			27,048		1,043,241
WPX Energy, Inc.	*		7,464		152,116

					54,492,757

Paper & Forest Products—0.1%
International Paper Co.			17,645		865,134

Personal Products—0.2%
Avon Products, Inc.			17,240		296,873
Estee Lauder Cos., Inc. (The), Class A			9,892		745,065

					1,041,938

Pharmaceuticals—5.7%
AbbVie, Inc.			62,012		3,274,854
Actavis plc	*		6,906		1,160,208
Allergan, Inc.			11,540		1,281,863
Bristol-Myers Squibb Co.			64,406		3,423,179
Eli Lilly & Co.			38,705		1,973,955
Forest Laboratories, Inc.	*		9,553		573,467
Hospira, Inc.	*		6,375		263,160
Johnson & Johnson			110,493		10,120,054
Merck & Co., Inc.			114,651		5,738,283
Mylan, Inc.	*		14,738		639,629
Perrigo Co. plc	†		5,220		801,061
Pfizer, Inc.			254,999		7,810,619
Zoetis, Inc.			19,313		631,342

					37,691,674

Professional Services—0.2%
Dun & Bradstreet Corp. (The)			1,418		174,059
Equifax, Inc.			4,544		313,945
Nielsen Holdings NV			9,249		424,437
Robert Half International, Inc.			5,337		224,101

					1,136,542

Real Estate Investment Trusts (REITs)—1.8%
American Tower Corp. REIT			15,367		1,226,594
Apartment Investment & Management Co., Class A REIT			5,887		152,532
AvalonBay Communities, Inc. REIT			4,694		554,972
Boston Properties, Inc. REIT			6,026		604,830
Equity Residential REIT			12,965		672,495
General Growth Properties, Inc. REIT			21,732		436,161
HCP, Inc. REIT			18,114		657,900
Health Care REIT, Inc. REIT			11,533		617,823
Host Hotels & Resorts, Inc. REIT			29,186		567,376
Kimco Realty Corp. REIT			16,772		331,247

See accompanying notes to financial statements

281

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint 500 Stock Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Macerich Co. (The) REIT			5,462	$	321,657
Plum Creek Timber Co., Inc. REIT			6,721		312,594
Prologis, Inc. REIT			19,306		713,357
Public Storage REIT			5,610		844,417
Simon Property Group, Inc. REIT			12,114		1,843,266
Ventas, Inc. REIT			11,718		671,207
Vornado Realty Trust REIT			6,875		610,431
Weyerhaeuser Co. REIT			23,306		735,770

					11,874,629

Real Estate Management & Development—0.0%
CBRE Group, Inc., Class A	*		10,491		275,913

Road & Rail—0.9%
CSX Corp.			40,270		1,158,568
Kansas City Southern			4,378		542,128
Norfolk Southern Corp.			12,274		1,139,395
Ryder System, Inc.			2,024		149,331
Union Pacific Corp.			18,141		3,047,688

					6,037,110

Semiconductors & Semiconductor Equipment—2.0%
Altera Corp.			12,379		402,689
Analog Devices, Inc.			12,190		620,837
Applied Materials, Inc.			48,064		850,252
Broadcom Corp., Class A			21,636		641,507
First Solar, Inc.	*†		2,927		159,931
Intel Corp.			195,106		5,064,952
KLA-Tencor Corp.			6,657		429,110
Lam Research Corp.	*		6,211		338,189
Linear Technology Corp.			9,266		422,066
LSI Corp.			22,124		243,807
Microchip Technology, Inc.	†		7,642		341,980
Micron Technology, Inc.	*		41,167		895,794
NVIDIA Corp.			22,217		355,916
Texas Instruments, Inc.			43,290		1,900,864
Xilinx, Inc.			10,440		479,405

					13,147,299

Software—3.4%
Adobe Systems, Inc.	*		18,455		1,105,085
Autodesk, Inc.	*		8,514		428,510
CA, Inc.			13,070		439,805
Citrix Systems, Inc.	*		7,537		476,715
Electronic Arts, Inc.	*		12,404		284,548
Intuit, Inc.			11,356		866,690
Microsoft Corp.			297,225		11,125,132
Oracle Corp.			138,219		5,288,259
Red Hat, Inc.	*		7,147		400,518
Salesforce.com, Inc.	*		21,330		1,177,203
Symantec Corp.			27,973		659,603

					22,252,068

Specialty Retail—2.2%
AutoNation, Inc.	*		2,537		126,063
AutoZone, Inc.	*		1,370		654,778
Bed Bath & Beyond, Inc.	*		8,417		675,885
Best Buy Co., Inc.			10,320		411,562
CarMax, Inc.	*		9,072		426,565
GameStop Corp., Class A			4,389		216,202
Gap, Inc. (The)			10,732		419,406



			Shares		Value
Home Depot, Inc. (The)				55,476	$	4,567,894
L Brands, Inc.				9,527		589,245
Lowe’s Cos., Inc.				41,072		2,035,118
O’Reilly Automotive, Inc.		*		4,183		538,394
PetSmart, Inc.				3,907		284,234
Ross Stores, Inc.				8,518		638,254
Staples, Inc.				25,425		404,003
Tiffany & Co.				4,464		414,170
TJX Cos., Inc.				28,140		1,793,362
Urban Outfitters, Inc.		*		4,636		171,996

						14,367,131

Textiles, Apparel & Luxury Goods—0.8%
Coach, Inc.				11,243		631,070
Fossil Group, Inc.		*		1,891		226,807
Michael Kors Holdings Ltd. (Hong Kong)		*		7,008		568,979
NIKE, Inc., Class B				29,216		2,297,546
PVH Corp.				3,149		428,327
Ralph Lauren Corp.				2,414		426,240
V.F. Corp.				14,048		875,752

						5,454,721

Thrifts & Mortgage Finance—0.1%
Hudson City Bancorp, Inc.				17,847		168,297
People’s United Financial, Inc.				11,867		179,429

						347,726

Tobacco—1.5%
Altria Group, Inc.				78,386		3,009,239
Lorillard, Inc.				14,722		746,111
Philip Morris International, Inc.				63,083		5,496,422
Reynolds American, Inc.				12,448		622,275

						9,874,047

Trading Companies & Distributors—0.2%
Fastenal Co.				10,523		499,948
W.W. Grainger, Inc.				2,477		632,675

						1,132,623

Wireless Telecommunication Services—0.1%
Crown Castle International Corp.		*		12,917		948,495

TOTAL COMMON STOCKS
(Cost $369,403,530)						648,392,953



Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.072%	06/26/2014	‡‡	$	20,000		19,992
0.072%	03/27/2014	‡‡		705,000		704,897

						724,889

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $724,874)						724,889

See accompanying notes to financial statements

282

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint 500 Stock Index Fund		Shares		Value

MONEY MARKET FUNDS—2.3%
Institutional Money Market Funds—2.3%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥		550,000	$	550,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	¥		11,839,668		11,839,668
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	††¥		429,674		429,674
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.04%	††¥		550,000		550,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥		550,000		550,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.06%	††¥		550,000		550,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.06%	††¥		550,000		550,000

TOTAL MONEY MARKET FUNDS
(Cost $15,019,342)					15,019,342

TOTAL INVESTMENTS—100.4%
(Cost $385,147,746)					664,137,184
Other assets less liabilities—(0.4%)					(2,349,753	)

NET ASSETS—100.0%				$	661,787,431

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

283

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—98.3%
Aerospace & Defense—2.6%
AAR Corp.			1,489	$	41,707
Alliant Techsystems, Inc.			1,550		188,604
American Science & Engineering, Inc.			435		31,281
B/E Aerospace, Inc.	*		4,159		361,958
Boeing Co. (The)			27,728		3,784,595
Cubic Corp.			476		25,066
Curtiss-Wright Corp.			2,112		131,430
DigitalGlobe, Inc.	*		1,249		51,396
Engility Holdings, Inc.	*		622		20,775
Esterline Technologies Corp.	*		1,049		106,956
Exelis, Inc.			4,977		94,862
GenCorp, Inc.	*†		1,629		29,354
General Dynamics Corp.			11,394		1,088,697
HEICO Corp.			3,163		183,296
Hexcel Corp.	*		4,757		212,590
Honeywell International, Inc.			28,740		2,625,974
Huntington Ingalls Industries, Inc.			1,577		141,946
Kratos Defense & Security Solutions, Inc.	*		832		6,390
L-3 Communications Holdings, Inc.			2,864		306,047
Lockheed Martin Corp.			9,381		1,394,579
Moog, Inc., Class A	*		1,446		98,241
National Presto Industries, Inc.	*†		535		43,067
Northrop Grumman Corp.			7,805		894,531
Orbital Sciences Corp.	*		2,123		49,466
Precision Castparts Corp.			5,732		1,543,627
Raytheon Co.			12,251		1,111,166
Rockwell Collins, Inc.			5,705		421,714
Spirit Aerosystems Holdings, Inc., Class A	*		7,021		239,276
Taser International, Inc.	*		2,292		36,397
Teledyne Technologies, Inc.	*		1,228		112,804
Textron, Inc.			12,971		476,814
TransDigm Group, Inc.			2,305		371,151
Triumph Group, Inc.			1,644		125,059
United Technologies Corp.			33,445		3,806,041

					20,156,857

Air Freight & Logistics—0.7%
Atlas Air Worldwide Holdings, Inc.	*		600		24,690
C.H. Robinson Worldwide, Inc.			6,357		370,867
Expeditors International of Washington, Inc.			7,178		317,627
FedEx Corp.			11,246		1,616,837
Forward Air Corp.			1,431		62,835
Hub Group, Inc., Class A	*		2,400		95,712
Pacer International, Inc.	*		1,664		13,745
United Parcel Service, Inc., Class B			26,404		2,774,532
UTi Worldwide, Inc.			2,208		38,773

					5,315,618



		Shares		Value
Airlines—0.4%
Alaska Air Group, Inc.		2,686	$	197,072
American Airlines Group, Inc.	*	8,660		218,665
Copa Holdings SA, Class A (Panama)		1,841		294,762
Delta Air Lines, Inc.		32,014		879,424
JetBlue Airways Corp.	*	6,414		54,840
SkyWest, Inc.		2,390		35,444
Southwest Airlines Co.		26,758		504,121
Spirit Airlines, Inc.	*	3,308		150,216
United Continental Holdings, Inc.	*	12,259		463,758

				2,798,302

Auto Components—0.5%
American Axle & Manufacturing Holdings, Inc.	*	2,113		43,211
BorgWarner, Inc.		8,218		459,468
Cooper Tire & Rubber Co.		3,066		73,707
Dana Holding Corp.		5,645		110,755
Delphi Automotive plc (United Kingdom)		12,145		730,279
Drew Industries, Inc.		2,820		144,384
Fuel Systems Solutions, Inc.	*	769		10,666
Gentex Corp.		6,594		217,536
Gentherm, Inc.	*	2,107		56,489
Goodyear Tire & Rubber Co. (The)		7,281		173,652
Johnson Controls, Inc.		24,673		1,265,725
Lear Corp.		3,353		271,492
Modine Manufacturing Co.	*	1,208		15,487
Shiloh Industries, Inc.	*	1,441		28,099
Superior Industries International, Inc.		1,102		22,734
Tenneco, Inc.	*	1,600		90,512
TRW Automotive Holdings Corp.	*	3,548		263,936
Visteon Corp.	*	3,044		249,273

				4,227,405

Automobiles—0.6%
Ford Motor Co.		142,848		2,204,145
General Motors Co.	*	30,714		1,255,281
Harley-Davidson, Inc.		7,622		527,747
Tesla Motors, Inc.	*†	3,137		471,742
Thor Industries, Inc.		1,221		67,436
Winnebago Industries, Inc.	*	1,432		39,308

				4,565,659

Beverages—1.7%
Beam, Inc.		4,803		326,892
Boston Beer Co., Inc. (The), Class A	*†	609		147,250
Brown-Forman Corp., Class B		5,077		383,669
Coca-Cola Bottling Co. Consolidated		437		31,984
Coca-Cola Co. (The)		144,066		5,951,366
Coca-Cola Enterprises, Inc.		8,850		390,551
Constellation Brands, Inc., Class A	*	6,550		460,989

See accompanying notes to financial statements

284

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Dr. Pepper Snapple Group, Inc.			7,323	$	356,777
Molson Coors Brewing Co., Class B			6,229		349,758
Monster Beverage Corp.	*		5,360		363,247
PepsiCo, Inc.			58,219		4,828,684

					13,591,167

Biotechnology—2.4%
ACADIA Pharmaceuticals, Inc.	*†		1,825		45,607
Acorda Therapeutics, Inc.	*		674		19,681
Aegerion Pharmaceuticals, Inc.	*†		1,499		106,369
Alexion Pharmaceuticals, Inc.	*		6,664		886,712
Alkermes plc (Ireland)	*		3,579		145,522
Alnylam Pharmaceuticals, Inc.	*		2,390		153,749
AMAG Pharmaceuticals, Inc.	*		834		20,241
Amgen, Inc.			27,538		3,143,738
Arena Pharmaceuticals, Inc.	*†		9,689		56,681
Ariad Pharmaceuticals, Inc.	*†		5,175		35,293
Arqule, Inc.	*		864		1,858
Array BioPharma, Inc.	*		4,333		21,708
Biogen Idec, Inc.	*		8,798		2,461,240
BioMarin Pharmaceutical, Inc.	*		4,531		318,393
Celgene Corp.	*		15,744		2,660,106
Celldex Therapeutics, Inc.	*		6,204		150,199
Cepheid, Inc.	*†		1,692		79,050
Chelsea Therapeutics International Ltd.	*†		14,392		63,757
Clovis Oncology, Inc.	*		478		28,809
Cubist Pharmaceuticals, Inc.	*		1,762		121,349
Dendreon Corp.	*†		4,737		14,164
Dynavax Technologies Corp.	*		29,475		57,771
Emergent Biosolutions, Inc.	*		1,319		30,324
Enzon Pharmaceuticals, Inc.			1,765		2,047
Exact Sciences Corp.	*		1,250		14,612
Exelixis, Inc.	*†		2,695		16,520
Galena Biopharma, Inc.	*		15,289		75,833
Genomic Health, Inc.	*		1,284		37,583
Geron Corp.	*		4,719		22,368
Gilead Sciences, Inc.	*		56,275		4,229,066
GTx, Inc.	*†		200		330
Halozyme Therapeutics, Inc.	*†		6,362		95,366
ImmunoGen, Inc.	*†		1,323		19,408
Immunomedics, Inc.	*†		2,141		9,849
Incyte Corp. Ltd.	*		3,102		157,054
Insmed, Inc.	*		2,696		45,859
InterMune, Inc.	*		1,586		23,362
Ironwood Pharmaceuticals, Inc.	*†		7,019		81,491
Isis Pharmaceuticals, Inc.	*		6,737		268,402
Keryx Biopharmaceuticals, Inc.	*†		5,221		67,612
Lexicon Pharmaceuticals, Inc.	*		2,343		4,217
Ligand Pharmaceuticals, Inc., Class B	*†		815		42,869



		Shares		Value
MannKind Corp.	*†	4,492	$	23,403
Medivation, Inc.	*	3,462		220,945
Momenta Pharmaceuticals, Inc.	*	2,618		46,286
Myriad Genetics, Inc.	*†	4,124		86,522
Neurocrine Biosciences, Inc.	*	1,479		13,814
NewLink Genetics Corp.	*†	3,326		73,205
Novavax, Inc.	*†	1,550		7,936
NPS Pharmaceuticals, Inc.	*	1,660		50,398
Opko Health, Inc.	*†	14,466		122,093
Osiris Therapeutics, Inc.	*†	1,402		22,544
PDL BioPharma, Inc.	†	3,841		32,418
Peregrine Pharmaceuticals, Inc.	*†	20,036		27,850
Pharmacyclics, Inc.	*	1,782		188,500
Progenics Pharmaceuticals, Inc.	*	793		4,227
Raptor Pharmaceutical Corp.	*†	3,794		49,398
Regeneron Pharmaceuticals, Inc.	*	3,165		871,135
Rigel Pharmaceuticals, Inc.	*	1,882		5,364
Sarepta Therapeutics, Inc.	*†	787		16,031
Seattle Genetics, Inc.	*†	3,191		127,289
SIGA Technologies, Inc.	*†	4,649		15,202
Synageva BioPharma Corp.	*†	242		15,662
Synergy Pharmaceuticals, Inc.	*	6,708		37,766
Theravance, Inc.	*†	3,224		114,936
Threshold Pharmaceuticals, Inc.	*	6,119		28,576
United Therapeutics Corp.	*	1,828		206,710
Vanda Pharmaceuticals, Inc.	*	2,680		33,259
Vertex Pharmaceuticals, Inc.	*	9,991		742,331
XOMA Corp.	*†	331		2,228
ZIOPHARM Oncology, Inc.	*†	16,393		71,146

				19,093,343

Building Products—0.2%
A.O. Smith Corp.		4,024		217,055
Allegion plc (Ireland)	*	3,761		166,199
American Woodmark Corp.	*	800		31,624
Apogee Enterprises, Inc.		1,250		44,888
Fortune Brands Home & Security, Inc.		3,861		176,448
Gibraltar Industries, Inc.	*	1,188		22,085
Griffon Corp.		1,288		17,014
Lennox International, Inc.		2,437		207,291
Masco Corp.		16,508		375,887
NCI Building Systems, Inc.	*	246		4,315
Owens Corning, Inc.	*	3,682		149,931
Quanex Building Products Corp.		1,671		33,286
Simpson Manufacturing Co., Inc.		2,084		76,545
Trex Co., Inc.	*	731		58,136
Universal Forest Products, Inc.		1,121		58,449
USG Corp.	*	3,348		95,016

				1,734,169

See accompanying notes to financial statements

285

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Capital Markets—2.4%
Affiliated Managers Group, Inc.	*		2,083	$	451,761
American Capital Ltd.	*		10,947		171,211
Ameriprise Financial, Inc.			7,046		810,642
Apollo Investment Corp.			17,052		144,601
Ares Capital Corp.			14,456		256,883
Arlington Asset Investment Corp., Class A			304		8,023
Bank of New York Mellon Corp. (The)			41,637		1,454,797
BGC Partners, Inc., Class A			7,270		44,056
BlackRock, Inc.			5,053		1,599,123
Calamos Asset Management, Inc., Class A			1,800		21,312
Charles Schwab Corp. (The)			39,829		1,035,554
CIFC Corp.			4,547		35,376
Cowen Group, Inc., Class A	*		2,582		10,096
Diamond Hill Investment Group, Inc.			331		39,171
E*TRADE Financial Corp.	*		13,474		264,629
Eaton Vance Corp.			5,282		226,017
Evercore Partners, Inc., Class A			2,789		166,726
Federated Investors, Inc., Class B	†		3,745		107,856
Fifth Street Finance Corp.			14,566		134,735
Financial Engines, Inc.			1,762		122,424
Franklin Resources, Inc.			15,516		895,739
GAMCO Investors, Inc., Class A			558		48,529
GFI Group, Inc.			2,520		9,853
Goldman Sachs Group, Inc. (The)			17,015		3,016,079
Greenhill & Co., Inc.			495		28,680
ICG Group, Inc.	*		4,779		89,033
INTL FCStone, Inc.	*		507		9,400
Invesco Ltd.			16,610		604,604
Investment Technology Group, Inc.	*		2,078		42,724
Janus Capital Group, Inc.			6,411		79,304
JMP Group, Inc.			4,495		33,263
KCG Holdings, Inc., Class A	*		444		5,310
Ladenburg Thalmann Financial Services, Inc.	*		18,032		56,440
Lazard Ltd., Class A (Bermuda)			6,921		313,660
Legg Mason, Inc.			3,981		173,094
Main Street Capital Corp.	†		4,799		156,879
Medallion Financial Corp.			958		13,747
Morgan Stanley			57,026		1,788,335
Northern Trust Corp.			8,495		525,756
PennantPark Investment Corp.			8,005		92,858
Piper Jaffray Cos.	*		963		38,087
Prospect Capital Corp.			18,643		209,174
Pzena Investment Management, Inc., Class A			6,659		78,310
Raymond James Financial, Inc.			3,472		181,204
Safeguard Scientifics, Inc.	*		678		13,621
SEI Investments Co.			5,918		205,532



		Shares		Value
Solar Senior Capital Ltd.		3,820	$	69,600
State Street Corp.		15,937		1,169,616
Stifel Financial Corp.	*	2,724		130,534
SWS Group, Inc.	*	1,323		8,044
T. Rowe Price Group, Inc.		9,852		825,302
TD Ameritrade Holding Corp.		8,355		255,997
THL Credit, Inc.		5,201		85,764
Virtus Investment Partners, Inc.	*	210		42,010
Waddell & Reed Financial, Inc., Class A		3,971		258,592
Walter Investment Management Corp.	*	1,972		69,730
Westwood Holdings Group, Inc.		1,027		63,582
WisdomTree Investments, Inc.	*	3,701		65,545

				18,858,524

Chemicals—2.5%
A. Schulman, Inc.		1,444		50,915
Air Products & Chemicals, Inc.		8,124		908,101
Airgas, Inc.		2,915		326,043
Albemarle Corp.		3,712		235,304
Ashland, Inc.		2,794		271,130
Axiall Corp.		2,616		124,103
Cabot Corp.		2,693		138,420
Calgon Carbon Corp.	*	3,184		65,495
Celanese Corp., Series A		5,277		291,871
CF Industries Holdings, Inc.		2,079		484,490
Chemtura Corp.	*	5,201		145,212
Cytec Industries, Inc.		1,644		153,155
Dow Chemical Co. (The)		44,682		1,983,881
E.I. Du Pont de Nemours & Co.		34,621		2,249,326
Eastman Chemical Co.		6,221		502,035
Ecolab, Inc.		9,129		951,881
Ferro Corp.	*	1,818		23,325
FMC Corp.		5,510		415,785
H.B. Fuller Co.		2,570		133,743
Huntsman Corp.		5,470		134,562
International Flavors & Fragrances, Inc.		3,643		313,225
Intrepid Potash, Inc.	*†	1,172		18,564
Koppers Holdings, Inc.		1,582		72,376
Kronos Worldwide, Inc.	†	2,262		43,091
Landec Corp.	*	986		11,950
LSB Industries, Inc.	*	1,411		57,879
LyondellBasell Industries NV, Class A		14,648		1,175,941
Minerals Technologies, Inc.		1,736		104,281
Monsanto Co.		19,538		2,277,154
Mosaic Co. (The)		10,146		479,601
NewMarket Corp.		378		126,309
Olin Corp.	†	2,796		80,665
OM Group, Inc.	*	1,147		41,762
OMNOVA Solutions, Inc.	*	6,478		59,015
PolyOne Corp.		3,321		117,397
PPG Industries, Inc.		4,963		941,283
Praxair, Inc.		11,160		1,451,135
Quaker Chemical Corp.		483		37,225
Rockwood Holdings, Inc.		2,347		168,796

See accompanying notes to financial statements

286

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
RPM International, Inc.			4,832	$	200,576
Scotts Miracle-Gro Co. (The), Class A			1,662		103,410
Sensient Technologies Corp.			2,027		98,350
Sherwin-Williams Co. (The)			3,473		637,295
Sigma-Aldrich Corp.			3,395		319,164
Stepan Co.			1,112		72,981
Tredegar Corp.			1,606		46,269
Valspar Corp. (The)			4,361		310,896
W.R. Grace & Co.	*		3,427		338,827
Westlake Chemical Corp.			1,279		156,128
Zep, Inc.			936		16,998

					19,467,320

Commercial Banks—3.1%
1st Source Corp.			1,180		37,689
Associated Banc-Corp			5,110		88,914
BancFirst Corp.			642		35,991
BancorpSouth, Inc.			3,611		91,792
Bank of Hawaii Corp.			1,898		112,248
BankUnited, Inc.			4,777		157,259
BB&T Corp.			24,485		913,780
BBCN Bancorp, Inc./California			9,619		159,579
BOK Financial Corp.			801		53,122
Boston Private Financial Holdings, Inc.			1,297		16,368
Bridge Bancorp, Inc.			3,091		80,366
Bryn Mawr Bank Corp.			1,058		31,930
Capital City Bank Group, Inc.	*		1,113		13,100
CapitalSource, Inc.			7,766		111,597
Cardinal Financial Corp.			1,142		20,556
Cascade Bancorp	*†		219		1,145
Cathay General Bancorp			2,082		55,652
Catskill Litigation Trust	*‡d		582		—
Central Pacific Financial Corp.			103		2,068
Chemical Financial Corp.			1,552		49,152
CIT Group, Inc.			7,587		395,510
Citizens & Northern Corp.			3,618		74,639
City Holding Co.			250		11,582
City National Corp./California			1,548		122,633
CNB Financial Corp./Pennsylvania			4,147		78,793
CoBiz Financial, Inc.			1,063		12,713
Comerica, Inc.			7,542		358,547
Commerce Bancshares, Inc./Missouri			3,001		134,775
Community Bank System, Inc.			1,402		55,631
Community Trust Bancorp, Inc.			665		30,031
Cullen/Frost Bankers, Inc.			2,502		186,224
CVB Financial Corp.			4,084		69,714
East West Bancorp, Inc.			6,997		244,685
Fidelity Southern Corp.			1,586		26,343
Fifth Third Bancorp			32,850		690,835
Financial Institutions, Inc.			749		18,508



		Shares		Value
First BanCorp. (Puerto Rico)	*	322	$	1,993
First Bancorp/North Carolina		643		10,687
First Busey Corp.		2,407		13,961
First Citizens BancShares, Inc./North Carolina, Class A		254		56,548
First Commonwealth Financial Corp.		2,619		23,100
First Connecticut Bancorp, Inc./Farmington CT		5,036		81,180
First Financial Bancorp		1,895		33,030
First Financial Bankshares, Inc.	†	500		33,160
First Financial Holdings, Inc.		2,377		158,094
First Horizon National Corp.		8,735		101,763
First Merchants Corp.		874		19,892
First Midwest Bancorp, Inc./Illinois		2,002		35,095
First Niagara Financial Group, Inc.		10,034		106,561
First of Long Island Corp. (The)		986		42,270
First Republic Bank/California		4,803		251,437
First Security Group, Inc./Tennesse	*	14,959		34,406
FirstMerit Corp.		8,833		196,358
FNB Corp./Pennsylvania		4,685		59,125
Fulton Financial Corp.		6,533		85,452
Glacier Bancorp, Inc.		1,771		52,758
Guaranty Bancorp		1,060		14,893
Hancock Holding Co.		2,032		74,534
Hanmi Financial Corp.		900		19,701
Heritage Financial Corp./Washington		332		5,681
Home Bancshares, Inc./Arkansas		2,340		87,399
Huntington Bancshares, Inc./Ohio		26,837		258,977
IBERIABANK Corp.		966		60,713
Independent Bank Corp./Massachusetts		874		34,252
International Bancshares Corp.		3,248		85,715
KeyCorp		27,431		368,124
M&T Bank Corp.	†	5,079		591,297
MB Financial, Inc.		931		29,876
Merchants Bancshares, Inc.		571		19,129
MidSouth Bancorp, Inc.		522		9,323
MidWestOne Financial Group, Inc.		552		15,014
National Penn Bancshares, Inc.		2,758		31,248
NBT Bancorp, Inc.		1,000		25,900
Old National Bancorp/Indiana		3,552		54,594
PacWest Bancorp	†	894		37,745
Park National Corp.	†	728		61,931
Peoples Bancorp, Inc./Ohio		814		18,323
Pinnacle Financial Partners, Inc.		1,818		59,140
PNC Financial Services Group, Inc. (The)		19,925		1,545,782
Popular, Inc. (Puerto Rico)	*	5,380		154,567

See accompanying notes to financial statements

287

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
PrivateBancorp, Inc.			1,200	$	34,716
Prosperity Bancshares, Inc.			2,300		145,797
Regions Financial Corp.			41,501		410,445
Republic Bancorp, Inc./Kentucky, Class A			1,603		39,338
S&T Bancorp, Inc.			955		24,171
Sandy Spring Bancorp, Inc.			344		9,697
Signature Bank/New York	*		1,900		204,098
Simmons First National Corp., Class A			911		33,844
State Bank Financial Corp.			4,194		76,289
Sterling Bancorp/New York			5,533		73,976
Sterling Financial Corp./Washington			38		1,295
Suffolk Bancorp	*		1,100		22,880
SunTrust Banks, Inc.			19,144		704,691
Susquehanna Bancshares, Inc.			15,304		196,503
SVB Financial Group	*		1,437		150,684
Synovus Financial Corp.			41,667		150,001
TCF Financial Corp.			6,104		99,190
Texas Capital Bancshares, Inc.	*		2,821		175,466
Tompkins Financial Corp.			730		37,515
TowneBank/Virginia	†		1,448		22,285
Trustmark Corp.			2,635		70,723
U.S. Bancorp/Minnesota			68,636		2,772,894
UMB Financial Corp.			1,211		77,843
Umpqua Holdings Corp.	†		9,658		184,854
United Bankshares, Inc./West Virginia	†		2,134		67,114
United Community Banks, Inc./Georgia	*		454		8,059
Valley National Bancorp	†		6,899		69,818
Washington Banking Co.			4,949		87,746
Washington Trust Bancorp, Inc.			500		18,610
Webster Financial Corp.			2,393		74,614
Wells Fargo & Co.			180,372		8,188,889
WesBanco, Inc.			1,699		54,368
Westamerica Bancorporation	†		288		16,260
Western Alliance Bancorp	*		1,400		33,404
Wintrust Financial Corp.			1,017		46,904
Zions Bancorporation			10,153		304,184

					24,293,364

Commercial Services & Supplies—0.6%
ABM Industries, Inc.			2,291		65,500
ACCO Brands Corp.	*		2,302		15,469
ADT Corp. (The)	†		7,488		303,039
Brink’s Co. (The)			2,084		71,148
Cenveo, Inc.	*†		4,741		16,309
Cintas Corp.			2,017		120,193
Clean Harbors, Inc.	*		2,414		144,743
Consolidated Graphics, Inc.	*		776		52,333
Copart, Inc.	*		2,852		104,526
Courier Corp.			424		7,670
Covanta Holding Corp.			4,185		74,284
Deluxe Corp.			2,098		109,495
Ennis, Inc.			695		12,302
G&K Services, Inc., Class A			1,008		62,728
Healthcare Services Group, Inc.			4,963		140,800



		Shares		Value
Herman Miller, Inc.		3,155	$	93,136
HNI Corp.		2,512		97,541
Interface, Inc.		3,357		73,720
Iron Mountain, Inc.		7,780		236,123
Kimball International, Inc., Class B		1,500		22,545
Knoll, Inc.		2,701		49,455
McGrath RentCorp		916		36,457
Mine Safety Appliances Co.		1,444		73,947
Mobile Mini, Inc.	*	2,000		82,360
NL Industries, Inc.		2,111		23,601
Pitney Bowes, Inc.		5,918		137,889
R.R. Donnelley & Sons Co.	†	8,887		180,228
Republic Services, Inc.		11,229		372,803
Rollins, Inc.		1,486		45,011
Steelcase, Inc., Class A		1,992		31,593
Stericycle, Inc.	*	3,138		364,541
Tetra Tech, Inc.	*	2,114		59,150
TRC Cos., Inc.	*	327		2,335
United Stationers, Inc.		2,556		117,295
Viad Corp.		937		26,030
Waste Connections, Inc.		3,543		154,581
Waste Management, Inc.		17,744		796,173

				4,377,053

Communications Equipment—1.6%
ADTRAN, Inc.		3,197		86,351
Anaren, Inc.	*	813		22,756
ARRIS Group, Inc.	*	3,613		88,031
Aruba Networks, Inc.	*	2,125		38,038
Aviat Networks, Inc.	*	2,182		4,931
Black Box Corp.		865		25,777
Brocade Communications Systems, Inc.	*	14,008		124,251
CalAmp Corp.	*	550		15,384
Ciena Corp.	*	5,950		142,384
Cisco Systems, Inc.		196,805		4,418,272
Comtech Telecommunications Corp.		1,350		42,552
Digi International, Inc.	*	1,976		23,949
EchoStar Corp., Class A	*	1,877		93,324
Emulex Corp.	*	3,408		24,401
Extreme Networks, Inc.	*	4,491		31,437
F5 Networks, Inc.	*	2,664		242,051
Finisar Corp.	*	7,171		171,530
Harmonic, Inc.	*	2,820		20,812
Harris Corp.		3,891		271,631
Infinera Corp.	*†	4,191		40,988
InterDigital, Inc.	†	2,803		82,660
Ixia	*	2,330		31,012
JDS Uniphase Corp.	*	7,444		96,623
Juniper Networks, Inc.	*	17,553		396,171
KVH Industries, Inc.	*	375		4,886
Motorola Solutions, Inc.		8,298		560,115
NETGEAR, Inc.	*	1,206		39,726
Numerex Corp., Class A	*	1,800		23,310
Oplink Communications, Inc.	*	758		14,099
Palo Alto Networks, Inc.	*	3,567		204,995
Parkervision, Inc.	*†	1,052		4,787
Plantronics, Inc.		1,826		84,818
Polycom, Inc.	*	8,354		93,815
QUALCOMM, Inc.		63,584		4,721,112

See accompanying notes to financial statements

288

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Riverbed Technology, Inc.	*		3,698	$	66,860
Sonus Networks, Inc.	*		10,700		33,705
ViaSat, Inc.	*		1,190		74,554
Westell Technologies, Inc., Class A	*		1,821		7,375

					12,469,473

Computers & Peripherals—3.4%
3D Systems Corp.	*†		3,474		322,839
Apple, Inc.			34,859		19,559,734
Avid Technology, Inc.	*		1,448		11,801
Cray, Inc.	*		714		19,606
Diebold, Inc.	†		3,079		101,638
Electronics For Imaging, Inc.	*		2,638		102,170
EMC Corp.			80,313		2,019,872
Fusion-io, Inc.	*†		5,678		50,591
Hewlett-Packard Co.			71,885		2,011,342
Hutchinson Technology, Inc.	*		6,180		19,776
Imation Corp.	*		1,564		7,320
Lexmark International, Inc., Class A	†		1,492		52,996
NCR Corp.	*		6,904		235,150
NetApp, Inc.			11,382		468,255
QLogic Corp.	*		3,731		44,138
Quantum Corp.	*		6,681		8,017
SanDisk Corp.			8,969		632,673
Silicon Graphics International Corp.	*		1,843		24,715
Stratasys Ltd.	*		1,440		193,968
Western Digital Corp.			8,356		701,068

					26,587,669

Construction & Engineering—0.3%
AECOM Technology Corp.	*		3,236		95,236
Aegion Corp.	*		1,223		26,771
Chicago Bridge & Iron Co. NV (Netherlands)			3,194		265,549
Comfort Systems USA, Inc.			2,179		42,251
Dycom Industries, Inc.	*		2,076		57,692
EMCOR Group, Inc.			2,908		123,416
Fluor Corp.			6,816		547,257
Furmanite Corp.	*		1,100		11,682
Granite Construction, Inc.			1,889		66,077
Jacobs Engineering Group, Inc.	*		4,968		312,934
KBR, Inc.			6,464		206,137
Layne Christensen Co.	*†		510		8,711
MasTec, Inc.	*		2,049		67,043
Quanta Services, Inc.	*		8,861		279,653
Tutor Perini Corp.	*		960		25,248
URS Corp.			2,934		155,473

					2,291,130

Construction Materials—0.1%
Eagle Materials, Inc.			2,083		161,287
Headwaters, Inc.	*		2,095		20,510
Martin Marietta Materials, Inc.			801		80,052
Texas Industries, Inc.	*†		1,116		76,758
Vulcan Materials Co.			6,242		370,900

					709,507



		Shares		Value
Consumer Finance—0.9%
American Express Co.		35,120	$	3,186,438
Capital One Financial Corp.		22,188		1,699,823
Cash America International, Inc.		685		26,235
Consumer Portfolio Services, Inc.	*	5,110		47,983
Discover Financial Services		18,027		1,008,611
Ezcorp, Inc., Class A	*	2,031		23,742
First Cash Financial Services, Inc.	*	2,461		152,188
First Marblehead Corp. (The)	*	3,218		23,781
Imperial Holdings, Inc.	*	8,933		58,422
Nelnet, Inc., Class A		481		20,269
Portfolio Recovery Associates, Inc.	*	1,512		79,894
SLM Corp.		18,104		475,773
World Acceptance Corp.	*†	639		55,932

				6,859,091

Containers & Packaging—0.3%
AEP Industries, Inc.	*	372		19,653
AptarGroup, Inc.		3,130		212,245
Avery Dennison Corp.		3,924		196,946
Ball Corp.		6,557		338,735
Bemis Co., Inc.		1,316		53,903
Crown Holdings, Inc.	*	3,283		146,323
Greif, Inc., Class A		852		44,645
MeadWestvaco Corp.		6,183		228,338
Myers Industries, Inc.		1,716		36,242
Owens-Illinois, Inc.	*	6,064		216,970
Packaging Corp. of America		4,339		274,572
Rock-Tenn Co., Class A		2,588		271,766
Sealed Air Corp.		7,726		263,070
Silgan Holdings, Inc.		820		39,376
Sonoco Products Co.		3,353		139,887

				2,482,671

Distributors—0.1%
Genuine Parts Co.		6,041		502,551
LKQ Corp.	*	11,438		376,310
Pool Corp.		2,434		141,513
VOXX International Corp.	*	1,218		20,340

				1,040,714

Diversified Consumer Services—0.2%
American Public Education, Inc.	*	698		30,342
Apollo Education Group, Inc.	*	3,118		85,184
Ascent Capital Group, Inc., Class A	*	545		46,630
Career Education Corp.	*	4,167		23,752
Corinthian Colleges, Inc.	*†	3,624		6,451
DeVry Education Group, Inc.		2,980		105,790
Graham Holdings Co., Class B	*	258		171,137
Grand Canyon Education, Inc.	*	3,129		136,424
H&R Block, Inc.		11,402		331,114
Hillenbrand, Inc.		1,576		46,366
ITT Educational Services, Inc.	*†	335		11,249

See accompanying notes to financial statements

289

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Matthews International Corp., Class A			1,052	$	44,826
Regis Corp.			1,818		26,379
Service Corp. International			10,864		196,964
Sotheby’s			2,623		139,544
Steiner Leisure Ltd. (Bahamas)	*		1,503		73,933
Strayer Education, Inc.	*†		551		18,993
Universal Technical Institute, Inc.			418		5,814
Weight Watchers International, Inc.	†		1,826		60,130

					1,561,022

Diversified Financial Services—4.2%
Bank of America Corp.			397,605		6,190,710
Berkshire Hathaway, Inc., Class B	*		66,657		7,902,854
CBOE Holdings, Inc.			3,873		201,241
Citigroup, Inc.			112,846		5,880,405
CME Group, Inc.			11,807		926,377
ING US, Inc.			4,191		147,314
Interactive Brokers Group, Inc., Class A			1,570		38,214
IntercontinentalExchange Group, Inc.			4,413		992,572
JPMorgan Chase & Co.			139,421		8,153,340
Leucadia National Corp.			9,873		279,801
McGraw Hill Financial, Inc.			9,601		750,798
Moody’s Corp.			8,073		633,488
MSCI, Inc.	*		3,439		150,353
NASDAQ OMX Group, Inc. (The)			5,431		216,154
PHH Corp.	*		2,212		53,862
PICO Holdings, Inc.	*		1,150		26,577
Resource America, Inc., Class A			1,287		12,046

					32,556,106

Diversified Telecommunication Services—1.8%
8x8, Inc.	*		3,048		30,968
AT&T, Inc.			199,454		7,012,803
CenturyLink, Inc.			22,585		719,332
Cincinnati Bell, Inc.	*		8,448		30,075
Cogent Communications Group, Inc.			2,886		116,623
Consolidated Communications Holdings, Inc.			80		1,571
Frontier Communications Corp.	†		39,354		182,996
General Communication, Inc., Class A	*		2,516		28,053
HickoryTech Corp.			651		8,352
IDT Corp., Class B			1,600		28,592
Level 3 Communications, Inc.	*		8,634		286,390
Lumos Networks Corp.			1,350		28,350
Premiere Global Services, Inc.	*		2,174		25,197
Straight Path Communications, Inc., Class B	*		800		6,552



		Shares		Value
Towerstream Corp.	*†	27,749	$	82,137
tw telecom inc.	*	4,305		131,173
Verizon Communications, Inc.		105,428		5,180,732
Windstream Holdings, Inc.	†	21,003		167,604

				14,067,500

Electric Utilities—1.4%
ALLETE, Inc.		1,243		62,001
American Electric Power Co., Inc.		17,879		835,665
Cleco Corp.		2,109		98,322
Duke Energy Corp.		27,217		1,878,245
Edison International		12,222		565,879
El Paso Electric Co.		1,748		61,372
Empire District Electric Co. (The)		1,197		27,160
Entergy Corp.		5,375		340,076
Exelon Corp.		31,805		871,139
FirstEnergy Corp.		16,831		555,086
Great Plains Energy, Inc.		3,450		83,628
Hawaiian Electric Industries, Inc.	†	3,066		79,900
IDACORP, Inc.		1,515		78,538
ITC Holdings Corp.		1,539		147,467
MGE Energy, Inc.		1,559		90,266
NextEra Energy, Inc.		16,412		1,405,196
Northeast Utilities		10,939		463,704
OGE Energy Corp.		6,716		227,672
Otter Tail Corp.		1,095		32,051
Pepco Holdings, Inc.		7,066		135,173
Pinnacle West Capital Corp.		3,789		200,514
PNM Resources, Inc.		2,169		52,316
Portland General Electric Co.		1,100		33,220
PPL Corp.		22,170		667,095
Southern Co. (The)		33,220		1,365,674
UIL Holdings Corp.		1,496		57,970
Unitil Corp.		2,609		79,548
UNS Energy Corp.		1,571		94,024
Westar Energy, Inc.		4,032		129,709
Xcel Energy, Inc.		16,552		462,463

				11,181,073

Electrical Equipment—0.8%
Acuity Brands, Inc.		1,873		204,756
American Superconductor Corp.	*†	1,147		1,881
AMETEK, Inc.		9,526		501,734
AZZ, Inc.		2,357		115,163
Babcock & Wilcox Co. (The)		5,852		200,080
Brady Corp., Class A		2,402		74,294
Capstone Turbine Corp.	*†	34,249		44,181
Eaton Corp. plc (Ireland)		17,125		1,303,555
Emerson Electric Co.		27,226		1,910,721
Encore Wire Corp.		1,400		75,880
EnerSys, Inc.		2,156		151,114
Enphase Energy, Inc.	*†	4,495		28,498
Franklin Electric Co., Inc.		1,804		80,531
FuelCell Energy, Inc.	*†	56,398		79,521
Generac Holdings, Inc.		3,020		171,053
General Cable Corp.		1,732		50,938
GrafTech International Ltd.	*†	3,487		39,159

See accompanying notes to financial statements

290

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Hubbell, Inc., Class B			2,078	$	226,294
II-VI, Inc.	*		1,364		24,006
LSI Industries, Inc.			1,083		9,390
Polypore International, Inc.	*†		2,675		104,058
Powell Industries, Inc.			1,045		70,005
Regal-Beloit Corp.			1,272		93,772
Revolution Lighting Technologies, Inc.	*†		8,587		29,410
Rockwell Automation, Inc.			4,331		511,751
Roper Industries, Inc.			2,980		413,266
SolarCity Corp.	*		851		48,354
Vicor Corp.	*		1,380		18,520

					6,581,885

Electronic Equipment, Instruments & Components—0.7%
Agilysys, Inc.	*		1,335		18,583
Amphenol Corp., Class A			5,423		483,623
Anixter International, Inc.			1,723		154,794
Arrow Electronics, Inc.	*		4,585		248,736
Avnet, Inc.			5,129		226,240
AVX Corp.			2,270		31,621
Badger Meter, Inc.			1,134		61,803
Belden, Inc.			1,894		133,432
Benchmark Electronics, Inc.	*		2,520		58,162
Checkpoint Systems, Inc.	*		1,441		22,725
Cognex Corp.	*		4,046		154,476
Coherent, Inc.	*		1,348		100,278
Corning, Inc.			57,318		1,021,407
CTS Corp.			1,580		31,458
Daktronics, Inc.			927		14,535
Dolby Laboratories, Inc., Class A	*†		1,370		52,827
DTS, Inc.	*		755		18,105
Electro Rent Corp.			950		17,594
Electro Scientific Industries, Inc.			1,421		14,864
FARO Technologies, Inc.	*		453		26,410
FEI Co.			1,368		122,245
FLIR Systems, Inc.			5,608		168,801
Ingram Micro, Inc., Class A	*		7,190		168,677
Insight Enterprises, Inc.	*		2,054		46,646
IPG Photonics Corp.	*†		2,130		165,309
Itron, Inc.	*		955		39,566
Jabil Circuit, Inc.			8,287		144,525
Littelfuse, Inc.			909		84,473
Maxwell Technologies, Inc.	*		370		2,875
Mercury Systems, Inc.	*		963		10,545
Mesa Laboratories, Inc.			1,200		94,296
Methode Electronics, Inc.			1,383		47,285
MTS Systems Corp.			1,342		95,618
National Instruments Corp.			5,121		163,974
Newport Corp.	*		1,614		29,165
OSI Systems, Inc.	*		867		46,046
Park Electrochemical Corp.			1,086		31,190
PC Connection, Inc.			854		21,222
Plexus Corp.	*		1,884		81,558
Radisys Corp.	*		961		2,201
Rofin-Sinar Technologies, Inc.	*		2,200		59,444
Rogers Corp.	*		803		49,385
Sanmina Corp.	*		3,577		59,736
ScanSource, Inc.	*		1,126		47,776
SYNNEX Corp.	*		104		7,010



		Shares		Value
Tech Data Corp.	*	2,057	$	106,141
Trimble Navigation Ltd.	*	8,636		299,669
TTM Technologies, Inc.	*	1,639		14,063
Uni-Pixel, Inc.	*†	2,120		21,221
Universal Display Corp.	*†	1,350		46,386
Vishay Intertechnology, Inc.	*	6,172		81,841
Vishay Precision Group, Inc.	*	440		6,552
Zygo Corp.	*	967		14,292

				5,271,406

Energy Equipment & Services—1.7%
Atwood Oceanics, Inc.	*	1,298		69,300
Baker Hughes, Inc.		17,431		963,237
Basic Energy Services, Inc.	*	1,600		25,248
Bristow Group, Inc.		982		73,709
Cal Dive International, Inc.	*†	4,816		9,680
Cameron International Corp.	*	9,319		554,760
CARBO Ceramics, Inc.	†	1,137		132,495
Dawson Geophysical Co.	*	924		31,250
Diamond Offshore Drilling, Inc.		1,577		89,763
Dresser-Rand Group, Inc.	*	2,924		174,358
Dril-Quip, Inc.	*	880		96,738
Era Group, Inc.	*	713		22,003
Exterran Holdings, Inc.	*	2,465		84,303
FMC Technologies, Inc.	*	8,237		430,054
Geospace Technologies Corp.	*	1,100		104,313
Gulfmark Offshore, Inc., Class A		1,000		47,130
Halliburton Co.		33,840		1,717,380
Helix Energy Solutions Group, Inc.	*	3,853		89,313
Helmerich & Payne, Inc.		3,926		330,098
Hercules Offshore, Inc.	*	5,226		34,126
Hornbeck Offshore Services, Inc.	*	1,800		88,614
ION Geophysical Corp.	*	6,136		20,249
Key Energy Services, Inc.	*	7,257		57,330
Matrix Service Co.	*	468		11,452
McDermott International, Inc.	*	11,704		107,209
Mitcham Industries, Inc.	*	1,100		19,481
Nabors Industries Ltd. (Bermuda)		10,988		186,686
National Oilwell Varco, Inc.		14,826		1,179,112
Newpark Resources, Inc.	*	3,484		42,818
Oceaneering International, Inc.		4,464		352,120
Oil States International, Inc.	*	2,026		206,085
Parker Drilling Co.	*	3,755		30,528
Patterson-UTI Energy, Inc.		6,712		169,948
PHI, Inc.	*	774		33,592
Pioneer Energy Services Corp.	*	2,700		21,627
Rowan Cos. plc, Class A	*	3,918		138,540
Schlumberger Ltd.		49,959		4,501,805
SEACOR Holdings, Inc.	*	713		65,026
Seadrill Ltd. (Bermuda)		15,030		617,432
Superior Energy Services, Inc.	*	9,385		249,735
Tesco Corp.	*	3,185		62,999
TETRA Technologies, Inc.	*	2,352		29,071

See accompanying notes to financial statements

291

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Tidewater, Inc.			2,250	$	133,358
Unit Corp.	*		1,702		87,857

					13,491,932

Food & Staples Retailing—2.0%
Andersons, Inc. (The)			700		62,419
Arden Group, Inc., Class A			260		32,893
Casey’s General Stores, Inc.			1,608		112,962
Costco Wholesale Corp.			15,557		1,851,439
CVS Caremark Corp.			44,969		3,218,431
Fresh Market, Inc. (The)	*		1,489		60,304
Harris Teeter Supermarkets, Inc.			1,967		97,071
Kroger Co. (The)			20,480		809,574
Pantry, Inc. (The)	*		1,200		20,136
PriceSmart, Inc.			1,212		140,034
Rite Aid Corp.	*		25,982		131,469
Safeway, Inc.			8,825		287,430
Spartan Stores, Inc.			808		19,618
SUPERVALU, Inc.	*		8,154		59,443
Sysco Corp.			20,649		745,429
United Natural Foods, Inc.	*		1,912		144,146
Walgreen Co.			34,513		1,982,427
Wal-Mart Stores, Inc.			59,717		4,699,131
Weis Markets, Inc.			382		20,078
Whole Foods Market, Inc.			14,831		857,677

					15,352,111

Food Products—1.6%
Archer-Daniels-Midland Co.			23,265		1,009,701
B&G Foods, Inc.			4,432		150,289
Bunge Ltd.			4,700		385,917
Campbell Soup Co.			5,629		243,623
Chiquita Brands International, Inc.	*		2,150		25,155
ConAgra Foods, Inc.			14,190		478,203
Darling International, Inc.	*		3,150		65,772
Dean Foods Co.	*		3,140		53,977
Farmer Bros. Co.	*		930		21,632
Flowers Foods, Inc.			7,909		169,806
Fresh Del Monte Produce, Inc.			567		16,046
General Mills, Inc.			24,219		1,208,770
Green Mountain Coffee Roasters, Inc.	*†		6,872		519,386
Griffin Land & Nurseries, Inc.			650		21,697
Hain Celestial Group, Inc. (The)	*		1,426		129,452
Hershey Co. (The)			5,148		500,540
Hillshire Brands Co.			4,327		144,695
Hormel Foods Corp.			6,390		288,636
Ingredion, Inc.			3,164		216,607
Inventure Foods, Inc.	*		5,272		69,907
J&J Snack Foods Corp.			761		67,417
J.M. Smucker Co. (The)			4,332		448,882
Kellogg Co.			11,040		674,213
Kraft Foods Group, Inc.			22,510		1,213,739
Lancaster Colony Corp.			1,389		122,440
McCormick & Co., Inc. (Non-Voting Shares)			4,101		282,641
Mead Johnson Nutrition Co.			7,038		589,503



		Shares		Value
Mondelez International, Inc., Class A		66,427	$	2,344,873
Post Holdings, Inc.	*	1,156		56,956
Sanderson Farms, Inc.		864		62,493
Seaboard Corp.	*	18		50,310
Snyders-Lance, Inc.		1,370		39,346
Tootsie Roll Industries, Inc.	†	681		22,160
TreeHouse Foods, Inc.	*	1,256		86,564
Tyson Foods, Inc., Class A		10,231		342,329
WhiteWave Foods Co., Class A	*	1,604		36,796

				12,160,473

Gas Utilities—0.2%
AGL Resources, Inc.		3,698		174,657
Atmos Energy Corp.		2,732		124,087
Chesapeake Utilities Corp.		949		56,959
Delta Natural Gas Co., Inc.		760		17,009
Laclede Group, Inc. (The)		1,025		46,679
National Fuel Gas Co.		3,639		259,825
New Jersey Resources Corp.		1,681		77,729
Northwest Natural Gas Co.		1,183		50,656
ONEOK, Inc.		7,816		485,999
Piedmont Natural Gas Co., Inc.		2,740		90,858
Questar Corp.		7,412		170,402
South Jersey Industries, Inc.		2,014		112,703
Southwest Gas Corp.		1,252		69,999
UGI Corp.		2,720		112,771
WGL Holdings, Inc.		2,315		92,739

				1,943,072

Health Care Equipment & Supplies—2.0%
Abaxis, Inc.	*	749		29,975
Abbott Laboratories		57,095		2,188,451
ABIOMED, Inc.	*	886		23,692
Alere, Inc.	*	3,011		108,998
Align Technology, Inc.	*	2,449		139,960
Analogic Corp.		593		52,516
Baxter International, Inc.		21,536		1,497,829
Becton Dickinson and Co.		7,370		814,311
Boston Scientific Corp.	*	47,653		572,789
C.R. Bard, Inc.		2,876		385,211
CareFusion Corp.	*	10,625		423,087
Cerus Corp.	*†	1,010		6,514
CONMED Corp.		1,362		57,885
Cooper Cos., Inc. (The)		1,627		201,488
Covidien plc (Ireland)		17,848		1,215,449
CryoLife, Inc.		937		10,391
Cyberonics, Inc.	*	956		62,628
Cynosure, Inc., Class A	*	314		8,378
DENTSPLY International, Inc.		5,668		274,785
DexCom, Inc.	*	4,391		155,485
Edwards Lifesciences Corp.	*	3,593		236,276
Greatbatch, Inc.	*	942		41,674
Haemonetics Corp.	*	2,314		97,489
HeartWare International, Inc.	*	664		62,389
Hill-Rom Holdings, Inc.		1,576		65,152
Hologic, Inc.	*	9,792		218,851
ICU Medical, Inc.	*	605		38,545
IDEXX Laboratories, Inc.	*	1,985		211,144
Insulet Corp.	*	2,469		91,600

See accompanying notes to financial statements

292

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Integra LifeSciences Holdings Corp.	*		1,190	$	56,775
Intuitive Surgical, Inc.	*		1,385		531,951
Invacare Corp.			1,333		30,939
Masimo Corp.	*		1,500		43,845
Medtronic, Inc.			35,844		2,057,087
Meridian Bioscience, Inc.	†		1,158		30,722
Merit Medical Systems, Inc.	*		3,149		49,565
Neogen Corp.	*		3,150		143,955
NuVasive, Inc.	*		990		32,007
OraSure Technologies, Inc.	*		1,687		10,611
ResMed, Inc.	†		6,068		285,681
RTI Surgical, Inc.	*		807		2,857
Sirona Dental Systems, Inc.	*		1,664		116,813
Spectranetics Corp.	*		1,045		26,125
St. Jude Medical, Inc.			10,767		667,016
Staar Surgical Co.	*		848		13,729
STERIS Corp.			2,777		133,435
Stryker Corp.			12,580		945,261
SurModics, Inc.	*		9		220
Teleflex, Inc.			1,322		124,083
Thoratec Corp.	*		2,306		84,400
Varian Medical Systems, Inc.	*		4,761		369,882
Volcano Corp.	*		1,970		43,045
West Pharmaceutical Services, Inc.			3,408		167,196
Wright Medical Group, Inc.	*		1,309		40,199
Zimmer Holdings, Inc.			5,894		549,262

					15,849,603

Health Care Providers & Services—2.2%
Aetna, Inc.			14,039		962,935
Air Methods Corp.	*		2,900		169,157
Almost Family, Inc.	*		422		13,643
Amedisys, Inc.	*		1,698		24,842
AmerisourceBergen Corp.			9,159		643,969
AMN Healthcare Services, Inc.	*		1,507		22,153
Amsurg Corp.	*		1,423		65,344
BioScrip, Inc.	*		1,095		8,103
Brookdale Senior Living, Inc.	*		2,200		59,796
Cardinal Health, Inc.			13,757		919,105
Catamaran Corp.	*		7,215		342,568
Centene Corp.	*		1,972		116,249
Chemed Corp.	†		1,162		89,033
Chindex International, Inc.	*		822		14,328
Cigna Corp.			11,100		971,028
Community Health Systems, Inc.	*		4,282		168,154
Cross Country Healthcare, Inc.	*		1,339		13,363
DaVita HealthCare Partners, Inc.	*		7,014		444,477
Express Scripts Holding Co.	*		31,121		2,185,939
Gentiva Health Services, Inc.	*		1,474		18,292
Hanger, Inc.	*		1,083		42,605
HCA Holdings, Inc.	*		10,023		478,197
Health Management Associates, Inc., Class A	*		9,953		130,384
Health Net, Inc.	*		3,209		95,211
HealthSouth Corp.			2,220		73,970
Healthways, Inc.	*		1,362		20,907
Henry Schein, Inc.	*		3,652		417,278



		Shares		Value
Humana, Inc.		6,153	$	635,113
Kindred Healthcare, Inc.		2,148		42,402
Laboratory Corp. of America Holdings	*	3,138		286,719
Landauer, Inc.		598		31,461
LifePoint Hospitals, Inc.	*	2,149		113,553
Magellan Health Services, Inc.	*	1,400		83,874
McKesson Corp.		8,824		1,424,194
MEDNAX, Inc.	*	4,364		232,950
MWI Veterinary Supply, Inc.	*	519		88,536
National Healthcare Corp.		431		23,235
National Research Corp., Class A	*	3,750		70,575
Omnicare, Inc.		4,277		258,160
Owens & Minor, Inc.		2,434		88,987
Patterson Cos., Inc.		4,679		192,775
PharMerica Corp.	*	1,365		29,348
Quest Diagnostics, Inc.		6,754		361,609
Team Health Holdings, Inc.	*	3,999		182,155
Tenet Healthcare Corp.	*	4,822		203,103
U.S. Physical Therapy, Inc.		1,300		45,838
UnitedHealth Group, Inc.		37,671		2,836,626
Universal American Corp.		1,812		13,228
Universal Health Services, Inc., Class B		2,466		200,387
VCA Antech, Inc.	*	3,442		107,941
WellCare Health Plans, Inc.	*	1,500		105,630
WellPoint, Inc.		10,501		970,187

				17,139,616

Health Care Technology—0.2%
Allscripts Healthcare Solutions, Inc.	*	4,515		69,802
athenahealth, Inc.	*	1,151		154,810
Cerner Corp.	*	11,584		645,692
HMS Holdings Corp.	*	4,230		96,148
Medidata Solutions, Inc.	*	2,616		158,451
Omnicell, Inc.	*	783		19,990
Quality Systems, Inc.		1,536		32,348

				1,177,241

Hotels, Restaurants & Leisure—2.0%
Bally Technologies, Inc.	*	1,971		154,625
Biglari Holdings, Inc.	*	75		37,998
Bob Evans Farms, Inc.		1,465		74,114
Boyd Gaming Corp.	*	2,619		29,490
Brinker International, Inc.		2,003		92,819
Buffalo Wild Wings, Inc.	*	867		127,622
Carnival Corp.		17,391		698,596
CEC Entertainment, Inc.		1,614		71,468
Cheesecake Factory, Inc. (The)		3,444		166,242
Chipotle Mexican Grill, Inc.	*	1,003		534,378
Choice Hotels International, Inc.		1,616		79,362
Churchill Downs, Inc.		638		57,197
Cracker Barrel Old Country Store, Inc.		919		101,154
Darden Restaurants, Inc.		3,930		213,674
DineEquity, Inc.		1,079		90,150
Domino’s Pizza, Inc.		532		37,054
Dunkin’ Brands Group, Inc.		4,613		222,347
International Game Technology		7,153		129,898

See accompanying notes to financial statements

293

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
International Speedway Corp., Class A			1,190	$	42,233
Interval Leisure Group, Inc.			1,886		58,277
Isle of Capri Casinos, Inc.	*		1,250		11,250
Jack in the Box, Inc.	*		2,874		143,757
Krispy Kreme Doughnuts, Inc.	*		2,573		49,633
Las Vegas Sands Corp.			15,680		1,236,682
Life Time Fitness, Inc.	*†		1,774		83,378
Marcus Corp. (The)			1,505		20,227
Marriott International, Inc., Class A			9,639		475,781
Marriott Vacations Worldwide Corp.	*		1,075		56,717
McDonald’s Corp.			37,192		3,608,740
MGM Resorts International	*		16,457		387,069
Morgans Hotel Group Co.	*		2,300		18,699
Multimedia Games Holding Co., Inc.	*		1,202		37,695
Panera Bread Co., Class A	*		1,250		220,863
Papa John’s International, Inc.			3,220		146,188
Penn National Gaming, Inc.	*		2,586		37,057
Pinnacle Entertainment, Inc.	*		1,629		42,338
Red Robin Gourmet Burgers, Inc.	*		692		50,890
Royal Caribbean Cruises Ltd.			5,925		280,964
Ruby Tuesday, Inc.	*		2,816		19,515
Scientific Games Corp., Class A	*		2,517		42,613
Six Flags Entertainment Corp.			2,984		109,871
Sonic Corp.	*		3,730		75,309
Speedway Motorsports, Inc.			149		2,958
Starbucks Corp.			28,124		2,204,640
Starwood Hotels & Resorts Worldwide, Inc.			7,446		591,585
Texas Roadhouse, Inc.			3,070		85,346
Vail Resorts, Inc.			1,491		112,168
Wendy’s Co. (The)			11,481		100,114
Wyndham Worldwide Corp.			5,799		427,328
Wynn Resorts Ltd.			3,423		664,781
Yum! Brands, Inc.			16,971		1,283,177

					15,646,031

Household Durables—0.5%
Bassett Furniture Industries, Inc.			1,139		17,404
Beazer Homes USA, Inc.	*†		4,467		109,084
Blyth, Inc.	†		920		10,010
CSS Industries, Inc.			2,711		77,752
D.R. Horton, Inc.	*		8,007		178,716
Ethan Allen Interiors, Inc.			1,551		47,181
Garmin Ltd. (Switzerland)	†		3,151		145,639
Harman International Industries, Inc.			2,728		223,287
Helen of Troy Ltd. (Bermuda)	*		1,333		65,997
Hooker Furniture Corp.			4,293		71,607
Hovnanian Enterprises, Inc., Class A	*†		13,407		88,754
Jarden Corp.	*		3,082		189,081



		Shares		Value
KB Home	†	3,248	$	59,374
La-Z-Boy, Inc.		2,404		74,524
Leggett & Platt, Inc.		2,928		90,592
Lennar Corp., Class A		5,675		224,503
M/I Homes, Inc.	*	610		15,525
MDC Holdings, Inc.	*	1,091		35,174
Meritage Homes Corp.	*	1,300		62,387
Mohawk Industries, Inc.	*	1,833		272,934
NACCO Industries, Inc., Class A		309		19,217
Newell Rubbermaid, Inc.		7,929		256,979
NVR, Inc.	*	112		114,913
PulteGroup, Inc.		13,539		275,789
Ryland Group, Inc. (The)		1,852		80,395
Standard Pacific Corp.	*†	2,568		23,240
Tempur Sealy International, Inc.	*	1,346		72,630
Toll Brothers, Inc.	*	4,132		152,884
Tupperware Brands Corp.		2,427		229,424
Universal Electronics, Inc.	*	639		24,352
Whirlpool Corp.		2,800		439,208

				3,748,556

Household Products—1.7%
Central Garden and Pet Co., Class A	*	1,230		8,303
Church & Dwight Co., Inc.		5,138		340,547
Clorox Co. (The)		4,503		417,698
Colgate-Palmolive Co.		34,209		2,230,769
Energizer Holdings, Inc.		1,856		200,893
Kimberly-Clark Corp.		14,543		1,519,162
Procter & Gamble Co. (The)		102,031		8,306,344
WD-40 Co.		949		70,871

				13,094,587

Independent Power Producers & Energy Traders—0.2%
AES Corp. (The)		26,935		390,827
Calpine Corp.	*	16,000		312,160
Dynegy, Inc.	*†	7,118		153,179
Genie Energy Ltd., Class B	*	1,600		16,336
NRG Energy, Inc.		15,295		439,273

				1,311,775

Industrial Conglomerates—2.1%
3M Co.		25,190		3,532,898
Carlisle Cos., Inc.		2,452		194,689
Danaher Corp.		23,171		1,788,801
General Electric Co.		382,675		10,726,380

				16,242,768

Insurance—3.1%
ACE Ltd. (Switzerland)		12,470		1,291,019
Aflac, Inc.		18,456		1,232,861
Alleghany Corp.	*	614		245,576
Allied World Assurance Co. Holdings AG (Switzerland)		1,675		188,957
Allstate Corp. (The)		16,311		889,602
American Equity Investment Life Holding Co.		4,302		113,487
American Financial Group, Inc.		2,657		153,362
American International Group, Inc.		54,063		2,759,916

See accompanying notes to financial statements

294

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
American National Insurance Co.			374	$	42,838
Aon plc (United Kingdom)			12,144		1,018,760
Arch Capital Group Ltd. (Bermuda)	*		4,284		255,712
Argo Group International Holdings Ltd. (Bermuda)			988		45,932
Arthur J. Gallagher & Co.			3,230		151,584
Aspen Insurance Holdings Ltd. (Bermuda)			3,512		145,081
Assurant, Inc.			1,358		90,131
Assured Guaranty Ltd. (Bermuda)			7,538		177,821
Axis Capital Holdings Ltd. (Bermuda)			5,691		270,721
Baldwin & Lyons, Inc., Class B			945		25,817
Brown & Brown, Inc.			5,036		158,080
Chubb Corp. (The)			8,832		853,436
Cincinnati Financial Corp.			6,036		316,105
CNA Financial Corp.			1,422		60,990
CNO Financial Group, Inc.			6,600		116,754
Crawford & Co., Class B			1,891		17,473
EMC Insurance Group, Inc.			341		10,441
Employers Holdings, Inc.			2,770		87,671
Endurance Specialty Holdings Ltd. (Bermuda)			2,698		158,292
Enstar Group Ltd. (Bermuda)	*		1,080		150,023
Erie Indemnity Co., Class A			1,023		74,802
Everest Re Group Ltd. (Bermuda)			2,228		347,278
FBL Financial Group, Inc., Class A			1,275		57,107
Fidelity National Financial, Inc., Class A			8,236		267,258
First American Financial Corp.			3,159		89,084
Genworth Financial, Inc., Class A	*		16,181		251,291
Hanover Insurance Group, Inc. (The)			2,346		140,080
Hartford Financial Services Group, Inc.			15,915		576,601
HCC Insurance Holdings, Inc.			3,999		184,514
Health Insurance Innovations, Inc., Class A	*		3,279		33,151
Hilltop Holdings, Inc.	*		1,180		27,293
Horace Mann Educators Corp.			2,000		63,080
Independence Holding Co.			1,056		14,245
Infinity Property & Casualty Corp.			810		58,118
Kansas City Life Insurance Co.			902		43,062
Kemper Corp.			1,906		77,917
Lincoln National Corp.			10,899		562,606
Loews Corp.			11,788		568,653
Markel Corp.	*		352		204,283
Marsh & McLennan Cos., Inc.			18,811		909,700
MBIA, Inc.	*		5,212		62,231
Mercury General Corp.			1,109		55,128



		Shares		Value
MetLife, Inc.		31,039	$	1,673,623
Montpelier Re Holdings Ltd. (Bermuda)		3,734		108,659
Navigators Group, Inc. (The)	*	938		59,244
Old Republic International Corp.		10,195		176,068
PartnerRe Ltd. (Bermuda)		2,300		242,489
Phoenix Cos., Inc. (The)	*	210		12,894
Platinum Underwriters Holdings Ltd. (Bermuda)		2,206		135,184
Principal Financial Group, Inc.		10,891		537,035
ProAssurance Corp.		2,054		99,578
Progressive Corp. (The)		23,937		652,762
Protective Life Corp.		3,130		158,566
Prudential Financial, Inc.		16,151		1,489,445
Reinsurance Group of America, Inc.		1,440		111,470
RenaissanceRe Holdings Ltd. (Bermuda)		2,164		210,644
RLI Corp.		1,164		113,350
Safety Insurance Group, Inc.		850		47,855
Selective Insurance Group, Inc.		2,122		57,421
StanCorp Financial Group, Inc.		2,460		162,975
State Auto Financial Corp.		488		10,365
Stewart Information Services Corp.		1,239		39,983
Torchmark Corp.		4,030		314,945
Travelers Cos., Inc. (The)		13,074		1,183,720
United Fire Group, Inc.		1,250		35,825
Unum Group		12,054		422,854
Validus Holdings Ltd. (Bermuda)		3,553		143,150
W.R. Berkley Corp.		2,501		108,518
White Mountains Insurance Group Ltd.		300		180,924
XL Group plc (Ireland)		7,279		231,763

				24,417,233

Internet & Catalog Retail—1.3%
1-800-Flowers.com, Inc., Class A	*	793		4,290
Amazon.com, Inc.	*	13,601		5,423,943
Expedia, Inc.		3,588		249,940
FTD Cos., Inc.	*	501		16,323
Groupon, Inc.	*	10,416		122,596
HomeAway, Inc.	*	4,242		173,413
HSN, Inc.		1,886		117,498
Liberty Interactive Corp., Series A	*	21,689		636,572
Liberty Ventures, Series A	*	1,648		202,028
Netflix, Inc.	*	1,859		684,428
Orbitz Worldwide, Inc.	*	4,023		28,885
Overstock.com, Inc.	*†	770		23,708
priceline.com, Inc.	*	1,880		2,185,312
Shutterfly, Inc.	*	2,976		151,568
TripAdvisor, Inc.	*	3,588		297,194

				10,317,698

See accompanying notes to financial statements

295

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Internet Software & Services—2.9%
Akamai Technologies, Inc.	*		7,479	$	352,859
Angie’s List, Inc.	*†		1,166		17,665
AOL, Inc.	*		3,989		185,967
Blucora, Inc.	*		1,323		38,579
Brightcove, Inc.	*		3,636		51,413
CoStar Group, Inc.	*		770		142,127
Dealertrack Technologies, Inc.	*		1,800		86,544
Digital River, Inc.	*		1,627		30,099
EarthLink, Inc.			5,814		29,477
eBay, Inc.	*		47,745		2,620,723
Equinix, Inc.	*		1,616		286,759
Facebook, Inc., Class A	*		62,983		3,442,651
Google, Inc., Class A	*		10,004		11,211,583
IAC/InterActiveCorp			2,481		170,420
Internap Network Services Corp.	*		1,297		9,753
j2 Global, Inc.			1,614		80,716
LinkedIn Corp., Class A	*		3,488		756,303
LivePerson, Inc.	*		3,333		49,395
Marin Software, Inc.	*†		3,014		30,863
Monster Worldwide, Inc.	*		4,681		33,376
Move, Inc.	*		1,840		29,422
Net Element International, Inc.	*†		5,378		23,502
NIC, Inc.			2,450		60,932
OpenTable, Inc.	*		1,772		140,644
Pandora Media, Inc.	*		5,054		134,436
Rackspace Hosting, Inc.	*		6,130		239,867
RealNetworks, Inc.	*		1,461		11,031
Stamps.com, Inc.	*		1,050		44,205
support.com, Inc.	*		1,562		5,920
Trulia, Inc.	*†		998		35,199
Twitter, Inc.	*†		1,758		111,897
United Online, Inc.			358		4,926
Unwired Planet, Inc.	*		2,763		3,813
ValueClick, Inc.	*		4,058		94,835
VeriSign, Inc.	*		4,905		293,221
VistaPrint NV (Netherlands)	*†		2,666		151,562
Web.com Group, Inc.	*		308		9,791
WebMD Health Corp.	*		2,106		83,187
XO Group, Inc.	*		2,304		34,237
Yahoo!, Inc.	*		33,133		1,339,899
Yelp, Inc.	*		985		67,916
Zillow, Inc., Class A	*†		1,791		146,378
Zix Corp.	*		1,015		4,628

					22,698,720

IT Services—3.5%
Accenture plc, Class A (Ireland)			23,994		1,972,787
Acxiom Corp.	*		3,451		127,618
Alliance Data Systems Corp.	*		1,955		514,028
Amdocs Ltd.			6,782		279,690
Automatic Data Processing, Inc.			17,041		1,377,083
Broadridge Financial Solutions, Inc.			5,748		227,161
CACI International, Inc., Class A	*		1,198		87,718
Cardtronics, Inc.	*		3,545		154,030



		Shares		Value
CIBER, Inc.	*	2,444	$	10,118
Cognizant Technology Solutions Corp., Class A	*	11,127		1,123,605
Computer Sciences Corp.		5,963		333,212
Convergys Corp.		5,933		124,890
CoreLogic, Inc.	*	3,159		112,239
CSG Systems International, Inc.		2,153		63,298
DST Systems, Inc.		2,122		192,550
Euronet Worldwide, Inc.	*	1,056		50,530
Fidelity National Information Services, Inc.		9,512		510,604
Fiserv, Inc.	*	10,252		605,381
FleetCor Technologies, Inc.	*	2,714		317,999
Forrester Research, Inc.		963		36,844
Gartner, Inc.	*	3,107		220,752
Genpact Ltd. (Bermuda)	*	6,727		123,575
Global Payments, Inc.		3,238		210,438
Hackett Group, Inc. (The)		1,140		7,079
Heartland Payment Systems, Inc.	†	3,370		167,961
iGATE Corp.	*	1,397		56,104
International Business Machines Corp.		38,599		7,240,014
Jack Henry & Associates, Inc.		3,591		212,623
Leidos Holdings, Inc.		2,132		99,117
Lender Processing Services, Inc.		4,048		151,314
Lionbridge Technologies, Inc.	*	1,165		6,943
ManTech International Corp., Class A	†	1,217		36,425
MasterCard, Inc., Class A		4,327		3,615,035
MAXIMUS, Inc.		4,208		185,110
ModusLink Global Solutions, Inc.	*	1,007		5,770
MoneyGram International, Inc.	*	468		9,725
NeuStar, Inc., Class A	*	3,140		156,560
Paychex, Inc.		9,849		448,425
Sapient Corp.	*	4,150		72,044
Science Applications International Corp.		1,218		40,279
Sykes Enterprises, Inc.	*	1,423		31,036
Syntel, Inc.	*	1,554		141,336
TeleTech Holdings, Inc.	*	2,738		65,548
Teradata Corp.	*	5,364		244,008
Total System Services, Inc.		6,935		230,797
Unisys Corp.	*	1,371		46,025
VeriFone Systems, Inc.	*	3,103		83,222
Visa, Inc., Class A		19,386		4,316,875
Western Union Co. (The)		23,068		397,923
WEX, Inc.	*	1,750		173,303

				27,016,751

Leisure Equipment & Products—0.2%
Arctic Cat, Inc.		689		39,259
Brunswick Corp.		3,797		174,890
Callaway Golf Co.		2,881		24,287
Hasbro, Inc.		4,899		269,494
JAKKS Pacific, Inc.	†	765		5,148
LeapFrog Enterprises, Inc.	*†	1,261		10,012
Mattel, Inc.		10,938		520,430

See accompanying notes to financial statements

296

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Polaris Industries, Inc.			2,406	$	350,410
Sturm Ruger & Co., Inc.	†		1,052		76,891

					1,470,821

Life Sciences Tools & Services—0.7%
Affymetrix, Inc.	*		2,525		21,639
Agilent Technologies, Inc.			13,260		758,339
Bio-Rad Laboratories, Inc., Class A	*		623		77,009
Bruker Corp.	*		1,667		32,957
Cambrex Corp.	*		1,258		22,430
Charles River Laboratories International, Inc.	*		2,755		146,125
Covance, Inc.	*		2,839		250,002
Furiex Pharmaceuticals, Inc.	*		394		16,552
Illumina, Inc.	*		4,535		501,662
Life Technologies Corp.	*		6,618		501,644
Luminex Corp.	*		1,070		20,758
Mettler-Toledo International, Inc.	*		913		221,485
PAREXEL International Corp.	*		2,306		104,185
PerkinElmer, Inc.			5,266		217,117
QIAGEN NV (Netherlands)	*		6,882		163,861
Sequenom, Inc.	*†		19,756		46,229
Techne Corp.			1,736		164,347
Thermo Fisher Scientific, Inc.			13,988		1,557,564
Waters Corp.	*		3,591		359,100

					5,183,005

Machinery—2.2%
Actuant Corp., Class A			2,022		74,086
AGCO Corp.			3,068		181,595
Albany International Corp., Class A			1,437		51,631
American Railcar Industries, Inc.	†		1,200		54,900
Ampco-Pittsburgh Corp.			613		11,923
Astec Industries, Inc.			821		31,715
Barnes Group, Inc.			2,018		77,310
Blount International, Inc.	*		1,532		22,168
Briggs & Stratton Corp.			1,822		39,647
Caterpillar, Inc.			24,443		2,219,669
Chart Industries, Inc.	*		1,070		102,335
CIRCOR International, Inc.			711		57,435
CLARCOR, Inc.			2,354		151,480
Colfax Corp.	*		3,666		233,488
Crane Co.			2,467		165,906
Cummins, Inc.			7,207		1,015,971
Deere & Co.			14,974		1,367,575
Donaldson Co., Inc.			4,058		176,361
Dover Corp.			5,761		556,167
EnPro Industries, Inc.	*		981		56,555
ESCO Technologies, Inc.			1,222		41,866
Federal Signal Corp.	*		2,159		31,629
Flow International Corp.	*		2,200		8,888
Flowserve Corp.			5,994		472,507
FreightCar America, Inc.			900		23,958
Graco, Inc.			2,883		225,220
Harsco Corp.			3,646		102,197
Hurco Cos., Inc.			300		7,503



		Shares		Value
Hyster-Yale Materials Handling, Inc.		618	$	57,573
IDEX Corp.		3,304		244,000
Illinois Tool Works, Inc.		13,130		1,103,970
Ingersoll-Rand plc (Ireland)		11,284		695,094
ITT Corp.		2,488		108,029
John Bean Technologies Corp.		1,164		34,140
Joy Global, Inc.	†	4,237		247,822
Kadant, Inc.		721		29,215
Kennametal, Inc.		3,196		166,416
Lincoln Electric Holdings, Inc.		3,754		267,810
Lindsay Corp.	†	808		66,862
Manitowoc Co., Inc. (The)		5,044		117,626
Meritor, Inc.	*	2,791		29,110
Middleby Corp. (The)	*	984		236,130
Mueller Industries, Inc.		1,592		100,312
Mueller Water Products, Inc., Class A		3,000		28,110
Navistar International Corp.	*†	2,436		93,031
Nordson Corp.		3,044		226,169
Oshkosh Corp.		2,868		144,490
PACCAR, Inc.		13,455		796,132
Pall Corp.		3,831		326,976
Parker Hannifin Corp.		5,068		651,948
Pentair Ltd. (Registered) (Switzerland)		6,813		529,166
Snap-on, Inc.		2,419		264,929
SPX Corp.		2,157		214,859
Standex International Corp.		724		45,525
Stanley Black & Decker, Inc.		5,209		420,314
Tennant Co.		1,280		86,797
Terex Corp.		4,124		173,167
Timken Co.		3,702		203,869
Titan International, Inc.		1,356		24,381
Toro Co. (The)		2,040		129,744
Trimas Corp.	*	3,917		156,249
Trinity Industries, Inc.		3,051		166,341
Valmont Industries, Inc.		1,162		173,277
Wabash National Corp.	*	6,441		79,546
WABCO Holdings, Inc.	*	2,354		219,887
Wabtec Corp.		3,474		258,014
Watts Water Technologies, Inc., Class A		1,225		75,791
Woodward, Inc.		2,448		111,653
Xylem, Inc.		4,977		172,204

				16,838,363

Marine—0.0%
Kirby Corp.	*	2,358		234,032
Matson, Inc.		1,466		38,277

				272,309

Media—3.8%
AMC Networks, Inc., Class A	*	2,261		153,997
Cablevision Systems Corp., Class A		9,044		162,159
CBS Corp. (Non-Voting Shares), Class B		23,813		1,517,841
Charter Communications, Inc., Class A	*	2,812		384,569
Cinemark Holdings, Inc.		3,727		124,221

See accompanying notes to financial statements

297

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Clear Channel Outdoor Holdings, Inc., Class A			2,500	$	25,350
Comcast Corp., Class A			96,980		5,039,566
Crown Media Holdings, Inc., Class A	*		5,899		20,824
Cumulus Media, Inc., Class A	*		2,174		16,805
DIRECTV	*		18,126		1,252,325
Discovery Communications, Inc., Class A	*		8,104		732,764
DISH Network Corp., Class A	*		9,231		534,660
DreamWorks Animation SKG, Inc., Class A	*		1,300		46,150
Entercom Communications Corp., Class A	*		2,183		22,943
Entravision Communications Corp., Class A			2,852		17,369
EW Scripps Co. (The), Class A	*		1,204		26,151
Gannett Co., Inc.			7,301		215,964
Harte-Hanks, Inc.			3,119		24,391
Interpublic Group of Cos., Inc. (The)			17,203		304,493
John Wiley & Sons, Inc., Class A			2,491		137,503
Journal Communications, Inc., Class A	*		3,900		36,309
Lamar Advertising Co., Class A	*		3,479		181,778
Liberty Global plc, Series A (United Kingdom)	*		13,767		1,225,125
Liberty Global plc, Series C (United Kingdom)	*		988		83,308
Liberty Media Corp., Series A	*		3,556		520,776
Lions Gate Entertainment Corp.	†		5,038		159,503
Live Nation Entertainment, Inc.	*		5,485		108,384
Madison Square Garden Co. (The), Class A	*		2,261		130,188
McClatchy Co. (The), Class A	*†		2,444		8,310
Meredith Corp.			2,083		107,899
National CineMedia, Inc.			2,226		44,431
New York Times Co. (The), Class A			5,682		90,173
News Corp., Class A	*		17,563		316,485
Nexstar Broadcasting Group, Inc., Class A			902		50,268
Omnicom Group, Inc.			9,924		738,048
Radio Unica Communications Corp.	*‡d		1,900		—
Regal Entertainment Group, Class A	†		2,743		53,351
Salem Communications Corp., Class A			850		7,395
Scholastic Corp.			1,845		62,748



		Shares		Value
Scripps Networks Interactive, Inc., Class A		3,612	$	312,113
Sinclair Broadcast Group, Inc., Class A		2,049		73,211
Sirius XM Holdings, Inc.	*	109,168		380,996
Starz, Class A	*	4,301		125,761
Thomson Reuters Corp.		13,044		493,324
Time Warner Cable, Inc.		10,238		1,387,249
Time Warner, Inc.		35,102		2,447,311
Twenty-First Century Fox, Inc., Class A		74,643		2,625,941
Valassis Communications, Inc.	†	2,236		76,583
Viacom, Inc., Class B		17,970		1,569,500
Walt Disney Co. (The)		66,428		5,075,099
World Wrestling Entertainment, Inc., Class A		1,030		17,077

				29,268,689

Metals & Mining—0.7%
AK Steel Holding Corp.	*†	5,009		41,074
Alcoa, Inc.		35,958		382,234
Allegheny Technologies, Inc.		3,760		133,969
Allied Nevada Gold Corp.	*†	3,041		10,796
AMCOL International Corp.		1,186		40,300
Carpenter Technology Corp.		1,882		117,060
Century Aluminum Co.	*	865		9,048
Cliffs Natural Resources, Inc.	†	4,448		116,582
Coeur Mining, Inc.	*	7,315		79,368
Commercial Metals Co.		4,080		82,946
Compass Minerals International, Inc.		1,915		153,296
Freeport-McMoRan Copper & Gold, Inc.		40,638		1,533,678
Hecla Mining Co.	†	20,609		63,476
Kaiser Aluminum Corp.		2,266		159,164
Materion Corp.		1,122		34,614
Molycorp, Inc.	*†	7,253		40,762
Newmont Mining Corp.		16,854		388,148
Nucor Corp.		10,963		585,205
Paramount Gold and Silver Corp.	*†	26,200		24,413
Reliance Steel & Aluminum Co.		2,966		224,941
Royal Gold, Inc.		1,153		53,119
RTI International Metals, Inc.	*	1,363		46,628
Schnitzer Steel Industries, Inc., Class A		693		22,640
Southern Copper Corp.		7,739		222,187
Steel Dynamics, Inc.		8,080		157,883
Stillwater Mining Co.	*	3,727		45,991
SunCoke Energy, Inc.	*	1,473		33,599
Tahoe Resources, Inc.	*	5,318		88,491
United States Steel Corp.	†	5,607		165,406
Walter Energy, Inc.	†	1,840		30,599
Worthington Industries, Inc.		3,575		150,436

				5,238,053

See accompanying notes to financial statements

298

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Multiline Retail—0.6%
Big Lots, Inc.	*		1,874	$	60,512
Dillard’s, Inc., Class A			1,535		149,217
Dollar General Corp.	*		12,040		726,253
Dollar Tree, Inc.	*		8,356		471,446
Family Dollar Stores, Inc.			3,743		243,183
Fred’s, Inc., Class A			1,781		32,984
J.C. Penney Co., Inc.	*†		7,928		72,541
Kohl’s Corp.			7,696		436,748
Macy’s, Inc.			14,423		770,188
Nordstrom, Inc.			6,080		375,744
Sears Holdings Corp.	*†		2,729		133,830
Target Corp.			23,009		1,455,779
Tuesday Morning Corp.	*		1,816		28,983

					4,957,408

Multi-Utilities—0.9%
Alliant Energy Corp.			4,491		231,736
Ameren Corp.			8,429		304,793
Avista Corp.			1,759		49,586
Black Hills Corp.			2,041		107,173
CenterPoint Energy, Inc.			12,705		294,502
CMS Energy Corp.			11,539		308,899
Consolidated Edison, Inc.			9,508		525,602
Dominion Resources, Inc.			21,301		1,377,962
DTE Energy Co.			5,654		375,369
Integrys Energy Group, Inc.			3,108		169,106
MDU Resources Group, Inc.			7,657		233,921
NiSource, Inc.			10,893		358,162
NorthWestern Corp.			1,449		62,771
PG&E Corp.			17,518		705,625
Public Service Enterprise Group, Inc.			17,215		551,569
SCANA Corp.			4,791		224,842
Sempra Energy			9,100		816,816
TECO Energy, Inc.			7,797		134,420
Vectren Corp.			3,706		131,563
Wisconsin Energy Corp.			9,128		377,351

					7,341,768

Office Electronics—0.1%
Xerox Corp.			37,010		450,412
Zebra Technologies Corp., Class A	*		2,988		161,591

					612,003

Oil, Gas & Consumable Fuels—7.4%
Adams Resources & Energy, Inc.			1,006		68,911
Alpha Natural Resources, Inc.	*		8,351		59,626
Anadarko Petroleum Corp.			17,995		1,427,363
Apache Corp.			15,202		1,306,460
Apco Oil and Gas International, Inc.	*		1,181		18,412
Arch Coal, Inc.	†		7,214		32,102
Bill Barrett Corp.	*†		5,171		138,479
Bonanza Creek Energy, Inc.	*		2,837		123,324
BPZ Resources, Inc.	*†		4,003		7,286
Cabot Oil & Gas Corp.			16,664		645,897
Callon Petroleum Co.	*		779		5,087
Carrizo Oil & Gas, Inc.	*		1,800		80,586
Cheniere Energy, Inc.	*		6,673		287,740



		Shares		Value
Chesapeake Energy Corp.		20,459	$	555,257
Chevron Corp.		72,329		9,034,615
Cimarex Energy Co.		2,681		281,264
Clayton Williams Energy, Inc.	*	550		45,073
Cobalt International Energy, Inc.	*	13,233		217,683
Comstock Resources, Inc.		1,735		31,733
Concho Resources, Inc.	*	3,943		425,844
ConocoPhillips		45,189		3,192,603
CONSOL Energy, Inc.		7,662		291,463
Contango Oil & Gas Co.	*	400		18,904
Continental Resources, Inc.	*†	2,212		248,894
Crosstex Energy, Inc.		2,100		75,936
Denbury Resources, Inc.	*	16,015		263,126
Devon Energy Corp.		14,461		894,702
Emerald Oil, Inc.	*	4,541		34,784
Energen Corp.		2,644		187,063
Energy XXI Bermuda Ltd. (Bermuda)		3,270		88,486
EOG Resources, Inc.		10,198		1,711,632
EQT Corp.		5,288		474,757
EXCO Resources, Inc.	†	8,720		46,303
Exxon Mobil Corp.		166,083		16,807,600
Forest Oil Corp.	*	3,820		13,790
FX Energy, Inc.	*†	3,496		12,795
Gastar Exploration Ltd.	*	11,611		80,348
Golar LNG Ltd. (Bermuda)	†	3,300		119,757
Goodrich Petroleum Corp.	*†	1,566		26,653
Gulfport Energy Corp.	*	3,188		201,322
Halcon Resources Corp.	*†	5,474		21,130
Hess Corp.		10,275		852,825
HollyFrontier Corp.		7,651		380,178
Kinder Morgan, Inc.		25,064		902,304
Kodiak Oil & Gas Corp.	*	13,664		153,173
L&L Energy, Inc.	*†‡	8,563		10,789
Magnum Hunter Resources Corp.	*†	8,937		65,330
Marathon Oil Corp.		25,577		902,868
Marathon Petroleum Corp.		12,128		1,112,501
Murphy Oil Corp.		8,206		532,405
Newfield Exploration Co.	*	3,712		91,427
Noble Energy, Inc.		11,892		809,964
Oasis Petroleum, Inc.	*	3,200		150,304
Occidental Petroleum Corp.		29,608		2,815,721
PDC Energy, Inc.	*	1,250		66,525
Peabody Energy Corp.		10,624		207,487
Penn Virginia Corp.	*	13,955		131,596
PetroQuest Energy, Inc.	*	3,346		14,455
Phillips 66		23,728		1,830,141
Pioneer Natural Resources Co.		5,081		935,260
QEP Resources, Inc.		7,412		227,178
Quicksilver Resources, Inc.	*†	3,960		12,157
Range Resources Corp.		5,516		465,054
Rentech, Inc.	*	38,127		66,722
Rosetta Resources, Inc.	*	3,400		163,336
SandRidge Energy, Inc.	*†	26,990		163,829
Scorpio Tankers, Inc. (Monaco)		12,382		145,984
SemGroup Corp., Class A		2,433		158,705
Ship Finance International Ltd. (Norway)	†	3,352		54,906

See accompanying notes to financial statements

299

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
SM Energy Co.			2,262	$	187,995
Southwestern Energy Co.	*		12,344		485,490
Spectra Energy Corp.			23,691		843,873
Stone Energy Corp.	*		1,208		41,785
Swift Energy Co.	*†		1,142		15,417
Targa Resources Corp.			1,879		165,671
Teekay Corp. (Bermuda)			1,691		81,185
Tesoro Corp.			6,597		385,925
Ultra Petroleum Corp.	*†		7,839		169,714
Uranium Energy Corp. (Canada)	*†		16,570		33,140
Vaalco Energy, Inc.	*		3,800		26,182
Valero Energy Corp.			20,375		1,026,900
Warren Resources, Inc.	*		3,600		11,304
Western Refining, Inc.	†		2,500		106,025
Whiting Petroleum Corp.	*		4,736		293,016
Williams Cos., Inc. (The)			24,207		933,664
World Fuel Services Corp.			1,920		82,867
WPX Energy, Inc.	*		8,069		164,446

					58,082,513

Paper & Forest Products—0.2%
Clearwater Paper Corp.	*		924		48,510
Deltic Timber Corp.			724		49,188
Domtar Corp. (Canada)			1,388		130,944
International Paper Co.			17,689		867,292
KapStone Paper and Packaging Corp.	*		2,858		159,648
Louisiana-Pacific Corp.	*		4,396		81,370
Neenah Paper, Inc.			652		27,886
P.H. Glatfelter Co.			1,740		48,094
Schweitzer-Mauduit International, Inc.			1,448		74,528
Wausau Paper Corp.			1,903		24,130

					1,511,590

Personal Products—0.2%
Avon Products, Inc.			14,351		247,124
Elizabeth Arden, Inc.	*		1,017		36,053
Estee Lauder Cos., Inc. (The), Class A			9,518		716,896
Herbalife Ltd. (Cayman Islands)	†		3,985		313,619
Medifast, Inc.	*		734		19,179
Nu Skin Enterprises, Inc., Class A			2,249		310,857
USANA Health Sciences, Inc.	*†		593		44,819

					1,688,547

Pharmaceuticals—4.9%
AbbVie, Inc.			58,793		3,104,858
AcelRx Pharmaceuticals, Inc.	*†		3,645		41,225
Actavis plc	*		5,902		991,536
Alimera Sciences, Inc.	*†		6,205		29,226
Allergan, Inc.			11,483		1,275,532
AVANIR Pharmaceuticals, Inc., Class A	*		19,069		64,072
Bristol-Myers Squibb Co.			60,619		3,221,900
Eli Lilly & Co.			37,950		1,935,450
Endo Health Solutions, Inc.	*		4,151		280,027
Forest Laboratories, Inc.	*		9,208		552,756
Hi-Tech Pharmacal Co., Inc.	*		862		37,402



		Shares		Value
Hospira, Inc.	*	5,415	$	223,531
Impax Laboratories, Inc.	*	6,278		157,829
Jazz Pharmaceuticals plc (Ireland)	*	1,945		246,159
Johnson & Johnson		104,783		9,597,075
Mallinckrodt plc (Ireland)	*	1,947		101,750
Medicines Co. (The)	*	2,018		77,935
Merck & Co., Inc.		112,101		5,610,655
Mylan, Inc.	*	13,150		570,710
Nektar Therapeutics	*	2,368		26,877
Pacira Pharmaceuticals, Inc.	*	2,705		155,510
Perrigo Co. plc		4,089		627,498
Pfizer, Inc.		248,312		7,605,797
Pozen, Inc.	*	1,014		8,153
Questcor Pharmaceuticals, Inc.	†	2,231		121,478
Salix Pharmaceuticals Ltd.	*	2,346		210,999
Santarus, Inc.	*	4,624		147,783
Sciclone Pharmaceuticals, Inc.	*	1,700		8,568
ViroPharma, Inc.	*	4,061		202,441
Vivus, Inc.	*†	1,630		14,800
XenoPort, Inc.	*	1,939		11,149
Zoetis, Inc.		19,148		625,948

				37,886,629

Professional Services—0.4%
Acacia Research Corp.	†	2,593		37,702
Advisory Board Co. (The)	*	1,900		120,973
Barrett Business Services, Inc.		1,310		121,489
CDI Corp.		1,131		20,957
Corporate Executive Board Co. (The)		1,507		116,687
CRA International, Inc.	*	986		19,523
Dun & Bradstreet Corp. (The)		1,546		189,771
Equifax, Inc.		3,044		210,310
FTI Consulting, Inc.	*	1,735		71,378
Heidrick & Struggles International, Inc.		865		17,421
Huron Consulting Group, Inc.	*	988		61,967
IHS, Inc., Class A	*	2,723		325,943
Insperity, Inc.		1,143		41,297
Kelly Services, Inc., Class A		1,173		29,255
Kforce, Inc.		297		6,077
Korn/Ferry International	*	1,624		42,419
Manpowergroup, Inc.		3,593		308,495
Navigant Consulting, Inc.	*	2,313		44,410
Nielsen Holdings NV		8,545		392,130
On Assignment, Inc.	*	1,243		43,405
Resources Connection, Inc.		2,060		29,520
Robert Half International, Inc.		3,922		164,685
Towers Watson & Co., Class A		2,923		373,004
TrueBlue, Inc.	*	2,485		64,063
Verisk Analytics, Inc., Class A	*	4,073		267,678

				3,120,559

Real Estate Investment Trusts (REITs)—3.0%
Acadia Realty Trust REIT		1,368		33,967
Agree Realty Corp. REIT		814		23,622

See accompanying notes to financial statements

300

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Alexander’s, Inc. REIT			78	$	25,740
Alexandria Real Estate Equities, Inc. REIT			3,569		227,060
American Campus Communities, Inc. REIT			5,228		168,394
American Capital Agency Corp. REIT			11,950		230,515
American Realty Capital Properties, Inc. REIT	†		11,217		144,251
American Tower Corp. REIT			15,051		1,201,371
AmREIT, Inc. REIT			1,682		28,258
Annaly Capital Management, Inc. REIT			37,828		377,145
Anworth Mortgage Asset Corp. REIT			12,920		54,393
Apartment Investment & Management Co., Class A REIT			5,659		146,625
Armada Hoffler Properties, Inc. REIT			2,694		25,000
ARMOUR Residential REIT, Inc. REIT			15,586		62,500
Ashford Hospitality Prime, Inc. REIT			840		15,288
Ashford Hospitality Trust, Inc. REIT			4,200		34,776
Associated Estates Realty Corp. REIT			5,662		90,875
AvalonBay Communities, Inc. REIT			5,028		594,460
BioMed Realty Trust, Inc. REIT			6,210		112,525
Boston Properties, Inc. REIT			4,757		477,460
Brandywine Realty Trust REIT			6,105		86,019
BRE Properties, Inc. REIT			2,433		133,109
Camden Property Trust REIT			4,497		255,789
Capstead Mortgage Corp. REIT			2,400		28,992
CBL & Associates Properties, Inc. REIT			7,509		134,862
Cedar Realty Trust, Inc. REIT			10,942		68,497
Chambers Street Properties REIT	†		6,657		50,926
Chatham Lodging Trust REIT			3,723		76,135
Chimera Investment Corp. REIT			42,645		132,199
Colony Financial, Inc. REIT			7,422		150,592
CommonWealth REIT REIT			2,285		53,263
Corporate Office Properties Trust REIT			1,904		45,106
Corrections Corp. of America REIT			5,829		186,936
Cousins Properties, Inc. REIT			2,489		25,637
CubeSmart REIT			8,821		140,607
DCT Industrial Trust, Inc. REIT			6,576		46,887
DDR Corp. REIT			5,227		80,339
DiamondRock Hospitality Co. REIT			4,047		46,743
Digital Realty Trust, Inc. REIT	†		5,165		253,705



		Shares		Value
Douglas Emmett, Inc. REIT		4,212	$	98,097
Duke Realty Corp. REIT		14,966		225,089
DuPont Fabros Technology, Inc. REIT		4,666		115,297
EastGroup Properties, Inc. REIT		1,538		89,096
Ellington Residential Mortgage REIT REIT		2,341		36,005
EPR Properties REIT		2,733		134,354
Equity Lifestyle Properties, Inc. REIT		2,280		82,604
Equity One, Inc. REIT		2,619		58,770
Equity Residential REIT		14,255		739,407
Essex Property Trust, Inc. REIT		1,723		247,268
Excel Trust, Inc. REIT		2,765		31,493
Extra Space Storage, Inc. REIT		3,500		147,455
Federal Realty Investment Trust REIT		2,295		232,736
FelCor Lodging Trust, Inc. REIT	*	14,860		121,258
First Industrial Realty Trust, Inc. REIT		6,729		117,421
First Potomac Realty Trust REIT		1,628		18,934
Franklin Street Properties Corp. REIT		2,200		26,290
Gaming and Leisure Properties, Inc. REIT	*	2,586		131,395
General Growth Properties, Inc. REIT		21,432		430,140
Geo Group, Inc. (The) REIT		2,829		91,150
Getty Realty Corp. REIT		1,747		32,092
Glimcher Realty Trust REIT		9,231		86,402
Government Properties Income Trust REIT	†	3,576		88,864
Gramercy Property Trust, Inc. REIT	*	10,832		62,284
Hatteras Financial Corp. REIT		1,935		31,618
HCP, Inc. REIT		16,845		611,810
Health Care REIT, Inc. REIT		9,130		489,094
Healthcare Realty Trust, Inc. REIT		1,881		40,084
Highwoods Properties, Inc. REIT		2,393		86,555
Home Properties, Inc. REIT		1,390		74,532
Hospitality Properties Trust REIT		2,923		79,009
Host Hotels & Resorts, Inc. REIT		29,698		577,329
Inland Real Estate Corp. REIT		2,302		24,217
Invesco Mortgage Capital, Inc. REIT		3,087		45,317
Investors Real Estate Trust REIT	†	2,989		25,646
iStar Financial, Inc. REIT	*	7,235		103,243
Kilroy Realty Corp. REIT		3,732		187,272
Kimco Realty Corp. REIT		15,341		302,985
Kite Realty Group Trust REIT		2,654		17,437
LaSalle Hotel Properties REIT		6,253		192,968

See accompanying notes to financial statements

301

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Lexington Realty Trust REIT			9,308	$	95,035
Liberty Property Trust REIT			3,372		114,210
LTC Properties, Inc. REIT			2,385		84,405
Macerich Co. (The) REIT			5,275		310,645
Mack-Cali Realty Corp. REIT			2,488		53,442
Medical Properties Trust, Inc. REIT			9,571		116,958
MFA Financial, Inc. REIT			10,801		76,255
Mid-America Apartment Communities, Inc. REIT			1,946		118,200
Monmouth Real Estate Investment Corp., Class A REIT			3,275		29,770
National Health Investors, Inc. REIT			979		54,922
National Retail Properties, Inc. REIT	†		2,356		71,457
New York Mortgage Trust, Inc. REIT			8,120		56,759
NorthStar Realty Finance Corp. REIT			9,319		125,341
Omega Healthcare Investors, Inc. REIT	†		4,100		122,180
Parkway Properties, Inc. REIT			5,570		107,445
Pebblebrook Hotel Trust REIT			4,976		153,062
Pennsylvania Real Estate Investment Trust REIT			1,510		28,660
PennyMac Mortgage Investment Trust REIT			6,735		154,636
Piedmont Office Realty Trust, Inc., Class A REIT	†		3,057		50,502
Plum Creek Timber Co., Inc. REIT			6,990		325,105
Post Properties, Inc. REIT			2,078		93,988
Potlatch Corp. REIT			1,618		67,535
Prologis, Inc. REIT			18,429		680,952
PS Business Parks, Inc. REIT			599		45,776
Public Storage REIT			5,376		809,196
RAIT Financial Trust REIT	†		7,882		70,702
Ramco-Gershenson Properties Trust REIT			1,275		20,068
Rayonier, Inc. REIT			5,004		210,668
Realty Income Corp. REIT	†		6,943		259,182
Redwood Trust, Inc. REIT	†		1,008		19,525
Regency Centers Corp. REIT			2,745		127,093
Retail Opportunity Investments Corp. REIT			7,505		110,474
RLJ Lodging Trust REIT			1,393		33,878
Rouse Properties, Inc. REIT	†		579		12,848
Ryman Hospitality Properties, Inc. REIT	†		2,005		83,769
Sabra Health Care REIT, Inc. REIT			694		18,141
Saul Centers, Inc. REIT			987		47,109
Senior Housing Properties Trust REIT			3,680		81,806
Silver Bay Realty Trust Corp. REIT	†		489		7,819
Simon Property Group, Inc. REIT			11,684		1,777,837



		Shares		Value
SL Green Realty Corp. REIT		3,603	$	332,845
Sovran Self Storage, Inc. REIT		1,269		82,701
Spirit Realty Capital, Inc. REIT		14,667		144,177
Starwood Property Trust, Inc. REIT		8,338		230,963
Strategic Hotels & Resorts, Inc. REIT	*	13,392		126,554
Sun Communities, Inc. REIT		1,061		45,241
Sunstone Hotel Investors, Inc. REIT		5,275		70,685
Tanger Factory Outlet Centers, Inc. REIT		2,442		78,193
Taubman Centers, Inc. REIT		2,083		133,145
Terreno Realty Corp. REIT		4,464		79,013
Two Harbors Investment Corp. REIT		10,028		93,060
UDR, Inc. REIT		12,278		286,691
Universal Health Realty Income Trust REIT		1,333		53,400
Ventas, Inc. REIT		10,699		612,839
Vornado Realty Trust REIT		7,263		644,882
Washington Real Estate Investment Trust REIT		1,834		42,842
Weingarten Realty Investors REIT		3,474		95,257
Weyerhaeuser Co. REIT		21,444		676,987
WP Carey, Inc. REIT		562		34,479
ZAIS Financial Corp. REIT		1,699		27,235

				23,122,129

Real Estate Management & Development—0.1%
Alexander & Baldwin, Inc.		1,466		61,176
CBRE Group, Inc., Class A	*	9,507		250,034
Forest City Enterprises, Inc., Class A	*	9,240		176,484
Forestar Group, Inc.	*	1,502		31,948
Howard Hughes Corp. (The)	*	1,160		139,316
Jones Lang LaSalle, Inc.		1,311		134,233
Realogy Holdings Corp.	*	5,690		281,484
St. Joe Co. (The)	*†	3,582		68,739
Tejon Ranch Co.	*	858		31,540

				1,174,954

Road & Rail—1.0%
AMERCO	*	434		103,223
Arkansas Best Corp.		903		30,413
Avis Budget Group, Inc.	*	4,424		178,818
Con-way, Inc.		2,160		85,774
CSX Corp.		34,403		989,774
Genesee & Wyoming, Inc., Class A	*	1,576		151,375
Heartland Express, Inc.		4,220		82,796
Hertz Global Holdings, Inc.	*	15,313		438,258
J.B. Hunt Transport Services, Inc.		2,208		170,678
Kansas City Southern		4,402		545,100
Knight Transportation, Inc.		3,879		71,141
Landstar System, Inc.		2,256		129,607
Norfolk Southern Corp.		11,527		1,070,051

See accompanying notes to financial statements

302

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Old Dominion Freight Line, Inc.	*		4,011	$	212,663
Ryder System, Inc.			2,947		217,430
Saia, Inc.	*		2,493		79,901
Swift Transportation Co.	*†		6,729		149,451
Union Pacific Corp.			17,233		2,895,144
Werner Enterprises, Inc.			2,915		72,088
YRC Worldwide, Inc.	*†		1,193		20,722

					7,694,407

Semiconductors & Semiconductor Equipment—2.1%
Advanced Energy Industries, Inc.	*		1,428		32,644
Advanced Micro Devices, Inc.	*†		21,447		83,000
Alpha & Omega Semiconductor Ltd.	*		8,591		66,237
Altera Corp.			11,427		371,720
Amkor Technology, Inc.	*†		7,211		44,203
ANADIGICS, Inc.	*		9,445		17,379
Analog Devices, Inc.			11,925		607,340
Applied Materials, Inc.			43,119		762,775
Applied Micro Circuits Corp.	*		3,186		42,629
Atmel Corp.	*		18,733		146,679
ATMI, Inc.	*		1,559		47,097
Avago Technologies Ltd. (Singapore)			8,310		439,516
Axcelis Technologies, Inc.	*		4,095		9,992
Broadcom Corp., Class A			23,587		699,355
Brooks Automation, Inc.			3,103		32,550
Cabot Microelectronics Corp.	*		1,049		47,939
Cavium, Inc.	*		1,864		64,327
Ceva, Inc.	*		692		10,532
Cirrus Logic, Inc.	*†		2,946		60,187
Cohu, Inc.			859		9,019
Cree, Inc.	*		5,646		353,270
Cypress Semiconductor Corp.	*†		4,876		51,198
Diodes, Inc.	*		2,400		56,544
DSP Group, Inc.	*		1,194		11,594
Entegris, Inc.	*		5,738		66,561
Exar Corp.	*		1,758		20,727
Fairchild Semiconductor International, Inc.	*		4,903		65,455
First Solar, Inc.	*		2,540		138,786
FormFactor, Inc.	*		1,417		8,530
Hittite Microwave Corp.	*		1,112		68,644
Integrated Device Technology, Inc.	*		8,168		83,232
Integrated Silicon Solution, Inc.	*		1,269		15,342
Intel Corp.			183,911		4,774,330
International Rectifier Corp.	*		2,631		68,590
Intersil Corp., Class A			5,757		66,033
IXYS Corp.			1,329		17,237
KLA-Tencor Corp.			5,600		360,976
Kopin Corp.	*		2,431		10,259
Lam Research Corp.	*		6,125		333,506
Lattice Semiconductor Corp.	*		4,395		24,216
Linear Technology Corp.			6,084		277,126
LSI Corp.			28,032		308,913



		Shares		Value
LTX-Credence Corp.	*	1,358	$	10,850
Marvell Technology Group Ltd. (Bermuda)		18,500		266,030
Maxim Integrated Products, Inc.		9,481		264,615
Micrel, Inc.		3,731		36,825
Microchip Technology, Inc.	†	6,639		297,095
Micron Technology, Inc.	*	35,271		767,497
Microsemi Corp.	*	2,474		61,726
MKS Instruments, Inc.		2,455		73,503
MoSys, Inc.	*	1,251		6,905
NVE Corp.	*	348		20,281
NVIDIA Corp.		20,184		323,348
OmniVision Technologies, Inc.	*	2,354		40,489
ON Semiconductor Corp.	*	30,400		250,496
PDF Solutions, Inc.	*	974		24,954
Pericom Semiconductor Corp.	*	1,023		9,064
Photronics, Inc.	*	1,388		12,534
PLX Technology, Inc.	*	1,050		6,909
PMC—Sierra, Inc.	*	7,045		45,299
Power Integrations, Inc.		1,952		108,961
Rambus, Inc.	*	4,071		38,552
RF Micro Devices, Inc.	*	8,143		42,018
Rudolph Technologies, Inc.	*	1,247		14,640
Semtech Corp.	*	2,970		75,082
Sigma Designs, Inc.	*	1,320		6,230
Silicon Image, Inc.	*	2,948		18,130
Silicon Laboratories, Inc.	*	2,124		91,990
Skyworks Solutions, Inc.	*	5,822		166,276
SunEdison, Inc.	*	8,113		105,875
SunPower Corp.	*†	1,759		52,436
Synaptics, Inc.	*†	1,586		82,171
Teradyne, Inc.	*	7,938		139,868
Tessera Technologies, Inc.		1,560		30,748
Texas Instruments, Inc.		39,030		1,713,807
TriQuint Semiconductor, Inc.	*	4,918		41,016
Ultratech, Inc.	*	971		28,159
Veeco Instruments, Inc.	*	1,294		42,586
Xilinx, Inc.		7,420		340,726

				16,433,880

Software—3.6%
Accelrys, Inc.	*	2,216		21,141
ACI Worldwide, Inc.	*	1,653		107,445
Activision Blizzard, Inc.		17,758		316,625
Actuate Corp.	*	2,084		16,068
Adobe Systems, Inc.	*	17,358		1,039,397
Advent Software, Inc.		2,902		101,541
American Software, Inc., Class A		1,950		19,246
ANSYS, Inc.	*	2,396		208,931
Aspen Technology, Inc.	*	3,661		153,030
Autodesk, Inc.	*	9,258		465,955
Blackbaud, Inc.		2,650		99,773
CA, Inc.		11,593		390,104
Cadence Design Systems, Inc.	*	10,745		150,645
Callidus Software, Inc.	*	172		2,362
Citrix Systems, Inc.	*	7,179		454,072
CommVault Systems, Inc.	*	1,510		113,069
Compuware Corp.		7,505		84,131
Concur Technologies, Inc.	*†	2,083		214,924

See accompanying notes to financial statements

303

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Ebix, Inc.	†		2,802	$	41,245
Electronic Arts, Inc.	*		12,060		276,656
Epiq Systems, Inc.			1,087		17,620
FactSet Research Systems, Inc.	†		1,490		161,784
Fair Isaac Corp.			2,628		165,144
Fortinet, Inc.	*		5,654		108,161
Guidewire Software, Inc.	*		3,146		154,374
Informatica Corp.	*		3,171		131,597
Interactive Intelligence Group, Inc.	*		950		63,992
Intuit, Inc.			11,315		863,561
Manhattan Associates, Inc.	*		1,346		158,128
Mentor Graphics Corp.			2,745		66,072
MICROS Systems, Inc.	*		3,428		196,664
Microsoft Corp.			309,545		11,586,269
MicroStrategy, Inc., Class A	*		513		63,735
Mitek Systems, Inc.	*†		5,828		34,618
Netscout Systems, Inc.	*		1,250		36,988
NetSuite, Inc.	*		1,276		131,454
Nuance Communications, Inc.	*†		9,517		144,658
Oracle Corp.			130,442		4,990,711
Pegasystems, Inc.			2,141		105,294
Progress Software Corp.	*		1,983		51,221
PTC, Inc.	*		4,423		156,530
Qlik Technologies, Inc.	*		5,245		139,674
Red Hat, Inc.	*		7,251		406,346
Rovi Corp.	*		3,917		77,126
Salesforce.com, Inc.	*		20,430		1,127,532
SeaChange International, Inc.	*		958		11,649
ServiceNow, Inc.	*		3,535		197,995
SolarWinds, Inc.	*		1,876		70,969
Solera Holdings, Inc.			3,377		238,957
Splunk, Inc.	*		3,859		264,998
SS&C Technologies Holdings, Inc.	*		3,677		162,744
Symantec Corp.			26,135		616,263
Synopsys, Inc.	*		6,501		263,746
Take-Two Interactive Software, Inc.	*		2,643		45,909
TIBCO Software, Inc.	*		4,452		100,081
TiVo, Inc.	*		2,696		35,372
Tyler Technologies, Inc.	*		1,886		192,617
Ultimate Software Group, Inc. (The)	*		1,242		190,299
VASCO Data Security International, Inc.	*		3,804		29,405
Verint Systems, Inc.	*		4,064		174,508
VMware, Inc., Class A	*		3,264		292,813
Vringo, Inc.	*†		10,252		30,346
Workday, Inc., Class A	*		987		82,079
Zynga, Inc., Class A	*		11,188		42,514

					28,458,877

Specialty Retail—2.4%
Aaron’s, Inc.			2,908		85,495
Abercrombie & Fitch Co., Class A	†		3,072		101,100
Advance Auto Parts, Inc.			3,235		358,050
Aeropostale, Inc.	*†		2,075		18,862



		Shares		Value
American Eagle Outfitters, Inc.		12,752	$	183,629
America’s Car-Mart, Inc.	*	354		14,949
ANN, Inc.	*	2,733		99,918
Asbury Automotive Group, Inc.	*	1,342		72,119
Ascena Retail Group, Inc.	*	5,194		109,905
AutoNation, Inc.	*	2,555		126,958
AutoZone, Inc.	*	1,308		625,146
Barnes & Noble, Inc.	*	828		12,379
bebe stores, Inc.		790		4,203
Bed Bath & Beyond, Inc.	*	7,504		602,571
Best Buy Co., Inc.		9,299		370,844
Big 5 Sporting Goods Corp.		1,071		21,227
Brown Shoe Co., Inc.		1,791		50,399
Buckle, Inc. (The)	†	1,236		64,964
Cabela’s, Inc.	*	1,696		113,055
CarMax, Inc.	*	7,970		374,749
Cato Corp. (The), Class A		1,761		56,000
Chico’s FAS, Inc.		7,236		136,326
Children’s Place Retail Stores, Inc. (The)	*	1,144		65,174
CST Brands, Inc.		2,444		89,744
Destination Maternity Corp.		1,200		35,856
Destination XL Group, Inc.	*	1,930		12,680
Dick’s Sporting Goods, Inc.		2,480		144,088
DSW, Inc., Class A		1,192		50,934
Express, Inc.	*	6,015		112,300
Finish Line, Inc. (The), Class A		1,917		54,002
Foot Locker, Inc.		5,840		242,010
GameStop Corp., Class A		4,171		205,463
Gap, Inc. (The)		11,079		432,967
Genesco, Inc.	*	921		67,288
GNC Holdings, Inc., Class A		2,440		142,618
Group 1 Automotive, Inc.		1,068		75,849
Guess?, Inc.		1,639		50,924
Haverty Furniture Cos., Inc.		1,111		34,774
Hibbett Sports, Inc.	*†	1,396		93,825
Home Depot, Inc. (The)		53,787		4,428,822
Jos A. Bank Clothiers, Inc.	*	865		47,341
Kirkland’s, Inc.	*	833		19,717
L Brands, Inc.		9,309		575,762
Lithia Motors, Inc., Class A		862		59,840
Lowe’s Cos., Inc.		41,485		2,055,582
Lumber Liquidators Holdings, Inc.	*	769		79,122
MarineMax, Inc.	*	800		12,864
Men’s Wearhouse, Inc. (The)		2,437		124,482
Monro Muffler Brake, Inc.		1,487		83,807
Murphy USA, Inc.	*	1,451		60,304
Office Depot, Inc.	*	21,441		113,423
O’Reilly Automotive, Inc.	*	3,911		503,385
Outerwall, Inc.	*†	1,075		72,315
Penske Automotive Group, Inc.		1,654		78,003
Pep Boys-Manny, Moe & Jack (The)	*	2,200		26,708
PetSmart, Inc.		3,546		257,972
Pier 1 Imports, Inc.		3,712		85,673
RadioShack Corp.	*†	2,569		6,679
Rent-A-Center, Inc.		1,769		58,978

See accompanying notes to financial statements

304

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Ross Stores, Inc.			6,787	$	508,550
Sally Beauty Holdings, Inc.	*		9,008		272,312
Select Comfort Corp.	*		2,104		44,373
Signet Jewelers Ltd. (Bermuda)			3,344		263,173
Sonic Automotive, Inc., Class A			1,649		40,368
Stage Stores, Inc.			2,236		49,684
Staples, Inc.			22,960		364,834
Stein Mart, Inc.			1,261		16,960
Systemax, Inc.	*		1,358		15,278
Tiffany & Co.			4,057		376,408
TJX Cos., Inc.			25,282		1,611,222
Tractor Supply Co.			5,080		394,106
Ulta Salon Cosmetics & Fragrance, Inc.	*		2,434		234,930
Urban Outfitters, Inc.	*		5,012		185,945
Vitamin Shoppe, Inc.	*		2,795		145,368
West Marine, Inc.	*		803		11,427
Wet Seal, Inc. (The), Class A	*		1,246		3,402
Williams-Sonoma, Inc.			3,877		225,952

					19,028,415

Textiles, Apparel & Luxury Goods—0.9%
Carter’s, Inc.			1,476		105,962
Coach, Inc.			10,479		588,186
Columbia Sportswear Co.	†		652		51,345
Crocs, Inc.	*		3,600		57,312
Culp, Inc.			888		18,160
Deckers Outdoor Corp.	*		1,935		163,430
Fifth & Pacific Cos., Inc.	*		4,930		158,105
Fossil Group, Inc.	*		1,614		193,583
Hanesbrands, Inc.			4,099		288,037
Iconix Brand Group, Inc.	*		2,737		108,659
Jones Group, Inc. (The)			4,641		69,429
Michael Kors Holdings Ltd. (Hong Kong)	*		7,314		593,824
Movado Group, Inc.			1,678		73,849
NIKE, Inc., Class B			25,176		1,979,841
Oxford Industries, Inc.			936		75,507
PVH Corp.			2,525		343,450
Quiksilver, Inc.	*		4,288		37,606
Ralph Lauren Corp.			1,773		313,059
Skechers U.S.A., Inc., Class A	*		1,935		64,107
Steven Madden Ltd.	*		2,533		92,682
Under Armour, Inc., Class A	*		3,874		338,200
Unifi, Inc.	*		876		23,862
V.F. Corp.			12,436		775,260
Wolverine World Wide, Inc.			5,178		175,845

					6,689,300

Thrifts & Mortgage Finance—0.3%
Astoria Financial Corp.			3,465		47,921
Bank Mutual Corp.			3,756		26,330
Beneficial Mutual Bancorp, Inc.	*		969		10,581
Brookline Bancorp, Inc.			3,765		36,031
Capitol Federal Financial, Inc.			4,787		57,971
Dime Community Bancshares, Inc.			1,638		27,715
Doral Financial Corp. (Puerto Rico)	*		2,222		34,797



		Shares		Value
ESB Financial Corp.		5,450	$	77,390
EverBank Financial Corp.		9,739		178,613
Home Loan Servicing Solutions Ltd. (Cayman Islands)		6,384		146,640
Hudson City Bancorp, Inc.		30,824		290,670
MGIC Investment Corp.	*	16,751		141,378
NASB Financial, Inc.	†	528		15,946
New York Community Bancorp, Inc.	†	12,640		212,984
Northwest Bancshares, Inc.		4,608		68,106
Ocwen Financial Corp.	*	3,358		186,201
People’s United Financial, Inc.		15,654		236,688
Provident Financial Services, Inc.		943		18,219
Radian Group, Inc.		8,446		119,258
Territorial Bancorp, Inc.		2,649		61,457
TFS Financial Corp.	*	3,398		41,167
Tree.com, Inc.	*	314		10,312
TrustCo Bank Corp. NY		3,435		24,663
Washington Federal, Inc.		3,379		78,697
Westfield Financial, Inc.		4,068		30,347

				2,180,082

Tobacco—1.2%
Alliance One International, Inc.	*	2,000		6,100
Altria Group, Inc.		74,463		2,858,635
Lorillard, Inc.		13,374		677,794
Philip Morris International, Inc.		61,517		5,359,976
Reynolds American, Inc.		11,115		555,639
Universal Corp.	†	1,078		58,859
Vector Group Ltd.	†	3,197		52,335

				9,569,338

Trading Companies & Distributors—0.3%
Air Lease Corp.		2,229		69,277
Aircastle Ltd.		7,818		149,793
Applied Industrial Technologies, Inc.		2,056		100,929
Beacon Roofing Supply, Inc.	*	2,570		103,520
Fastenal Co.		11,276		535,723
GATX Corp.		1,766		92,132
H&E Equipment Services, Inc.	*	1,600		47,408
MSC Industrial Direct Co., Inc., Class A		1,782		144,110
TAL International Group, Inc.	†	2,773		159,032
United Rentals, Inc.	*	2,798		218,104
W.W. Grainger, Inc.		2,301		587,721
Watsco, Inc.		553		53,121
WESCO International, Inc.	*	1,550		141,159

				2,402,029

Water Utilities—0.1%
American States Water Co.		2,522		72,457
American Water Works Co., Inc.		8,019		338,883
Aqua America, Inc.		5,411		127,646
California Water Service Group		1,930		44,525

See accompanying notes to financial statements

305

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Broad Market Index Fund			Shares		Value
COMMON STOCKS—(Continued)
Connecticut Water Service, Inc.				500	$	17,755
SJW Corp.				1,010		30,088

						631,354

Wireless Telecommunication Services—0.3%
Crown Castle International Corp.		*		12,722		934,176
Leap Wireless International, Inc.		*		3,300		57,420
NII Holdings, Inc.		*†		5,995		16,486
NTELOS Holdings Corp.				1,350		27,311
SBA Communications Corp., Class A		*		5,704		512,447
Shenandoah Telecommunications Co.				1,200		30,804
Sprint Corp.		*		24,376		262,042
Telephone & Data Systems, Inc.				3,217		82,934
T-Mobile US, Inc.		*		9,242		310,901
United States Cellular Corp.				680		28,438

						2,262,959

TOTAL COMMON STOCKS
(Cost $422,922,429)						766,866,176



Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.075%	06/26/2014	‡‡	$	335,000		334,870
0.070%	03/27/2014	‡‡		205,000		204,970
0.046%	03/13/2014	‡‡		55,000		54,996

						594,836

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $594,834)						594,836



				Shares		Value
RIGHTS—0.0%
Machinery—0.0%
Gerber Scientific, Inc.		*†‡d		1,608		—

Oil, Gas & Consumable Fuels—0.0%
EXCO Resources, Inc., Expires 01/09/2014		*†		8,720		1,395

Pharmaceuticals—0.0%
Forest Laboratories, Inc.		*‡		1,998		1,099

Textiles, Apparel & Luxury Goods—0.0%
Mossimo, Inc.		*‡d		2,806		—

TOTAL RIGHTS
(Cost $–)						2,494



		Shares		Value
WARRANTS—0.0%
Communications Equipment—0.0%
Pegasus Wireless Corp.	*‡d	540	$	—

Oil, Gas & Consumable Fuels—0.0%
Magnum Hunter Resources Corp., Expires 04/15/2016, Strike $1.00	*†‡	893		1,045

TOTAL WARRANTS
(Cost $–)				1,045


MONEY MARKET FUNDS—3.2%
Institutional Money Market Funds—3.2%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥	2,200,000		2,200,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	¥	12,009,773		12,009,773
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	††¥	2,336,357		2,336,357
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.04%	††¥	2,200,000		2,200,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥	2,200,000		2,200,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.06%	††¥	2,200,000		2,200,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.06%	††¥	2,200,000		2,200,000

TOTAL MONEY MARKET FUNDS
(Cost $25,346,130)				25,346,130

TOTAL INVESTMENTS—101.6%
(Cost $448,863,393)				792,810,681
Other assets less liabilities—(1.6%)				(12,729,530	)

NET ASSETS—100.0%			$	780,081,151

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 December 31, 2013.
‡		Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $12,933)
‡‡		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

306

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—97.8%
Aerospace & Defense—1.8%
AAR Corp.			6,897	$	193,185
Aerovironment, Inc.	*		3,832		111,626
Alliant Techsystems, Inc.			6,101		742,370
American Science & Engineering, Inc.			1,394		100,243
API Technologies Corp.	*		5,462		18,625
Astronics Corp.	*		3,084		157,284
B/E Aerospace, Inc.	*		18,257		1,588,907
Cubic Corp.			3,920		206,427
Curtiss-Wright Corp.			8,952		557,083
DigitalGlobe, Inc.	*		13,689		563,302
Ducommun, Inc.	*		1,702		50,737
Engility Holdings, Inc.	*		3,630		121,242
Erickson Air-Crane, Inc.	*†		603		12,536
Esterline Technologies Corp.	*		5,743		585,556
Exelis, Inc.			35,218		671,255
GenCorp, Inc.	*†		11,785		212,366
HEICO Corp.			12,141		703,571
Hexcel Corp.	*		18,978		848,127
Huntington Ingalls Industries, Inc.			9,498		854,915
Innovative Solutions & Support, Inc.	*		2,046		14,915
KEYW Holding Corp. (The)	*†		5,318		71,474
Kratos Defense & Security Solutions, Inc.	*		9,324		71,608
LMI Aerospace, Inc.	*†		1,056		15,565
Moog, Inc., Class A	*		8,506		577,898
National Presto Industries, Inc.	*†		975		78,488
Orbital Sciences Corp.	*		11,370		264,921
Sparton Corp.	*		1,633		45,642
Spirit Aerosystems Holdings, Inc., Class A	*		21,856		744,853
Taser International, Inc.	*		9,624		152,829
Teledyne Technologies, Inc.	*		6,838		628,139
TransDigm Group, Inc.			9,693		1,560,767
Triumph Group, Inc.			9,630		732,554

					13,259,010

Air Freight & Logistics—0.2%
Air Transport Services Group, Inc.	*		10,717		86,700
Atlas Air Worldwide Holdings, Inc.	*		4,497		185,051
Echo Global Logistics, Inc.	*		3,023		64,934
Forward Air Corp.			5,836		256,259
Hub Group, Inc., Class A	*		7,193		286,857
Pacer International, Inc.	*		8,126		67,121
Park-Ohio Holdings Corp.	*		1,449		75,928
UTi Worldwide, Inc.			16,303		286,281
XPO Logistics, Inc.	*†		5,038		132,449

					1,441,580

Airlines—0.5%
Alaska Air Group, Inc.			13,065		958,579
Allegiant Travel Co.			2,901		305,882
Copa Holdings SA, Class A (Panama)			6,294		1,007,732
Hawaiian Holdings, Inc.	*		10,774		103,754
JetBlue Airways Corp.	*		42,091		359,878



		Shares		Value

Republic Airways Holdings, Inc.	*	9,724	$	103,950
SkyWest, Inc.		8,900		131,987
Spirit Airlines, Inc.	*	11,040		501,326

				3,473,088

Auto Components—1.2%
Allison Transmission Holdings, Inc.		5,794		159,972
American Axle & Manufacturing Holdings, Inc.	*	11,716		239,592
Cooper Tire & Rubber Co.		12,290		295,452
Dana Holding Corp.		27,984		549,046
Dorman Products, Inc.	*	4,696		263,305
Drew Industries, Inc.		4,435		227,072
Federal-Mogul Corp.	*	4,327		85,155
Fox Factory Holding Corp.	*	1,589		27,998
Fuel Systems Solutions, Inc.	*	2,164		30,015
Gentex Corp.		26,752		882,549
Gentherm, Inc.	*	6,384		171,155
Goodyear Tire & Rubber Co. (The)		46,366		1,105,829
Lear Corp.		15,191		1,230,015
Modine Manufacturing Co.	*	9,793		125,546
Remy International, Inc.		2,247		52,400
Shiloh Industries, Inc.	*	1,469		28,646
Spartan Motors, Inc.		7,093		47,523
Standard Motor Products, Inc.		3,701		136,197
Stoneridge, Inc.	*	4,564		58,191
Superior Industries International, Inc.		3,960		81,695
Tenneco, Inc.	*	11,055		625,381
Tower International, Inc.	*	1,272		27,221
TRW Automotive Holdings Corp.	*	19,904		1,480,659
Visteon Corp.	*	9,432		772,386

				8,703,000

Automobiles—0.1%
Thor Industries, Inc.		8,062		445,264
Winnebago Industries, Inc.	*	5,233		143,646

				588,910

Beverages—0.1%
Boston Beer Co., Inc. (The), Class A	*	1,496		361,718
Coca-Cola Bottling Co. Consolidated		798		58,405
Craft Brew Alliance, Inc.	*	1,788		29,359
National Beverage Corp.	*	1,873		37,760

				487,242

Biotechnology—2.8%
ACADIA Pharmaceuticals, Inc.	*†	13,001		324,895
Acceleron Pharma, Inc.	*†	1,076		42,610
Achillion Pharmaceuticals, Inc.	*†	15,783		52,400
Acorda Therapeutics, Inc.	*	7,064		206,269
Aegerion Pharmaceuticals, Inc.	*	5,288		375,236

See accompanying notes to financial statements

307

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Agios Pharmaceuticals, Inc.	*†		1,102	$	26,393
Alkermes plc (Ireland)	*		23,879		970,920
Alnylam Pharmaceuticals, Inc.	*		10,660		685,758
AMAG Pharmaceuticals, Inc.	*		3,480		84,460
Amicus Therapeutics, Inc.	*†		5,087		11,954
Anacor Pharmaceuticals, Inc.	*†		5,844		98,062
Arena Pharmaceuticals, Inc.	*†		39,027		228,308
Ariad Pharmaceuticals, Inc.	*†		32,716		223,123
Arqule, Inc.	*		6,240		13,416
Array BioPharma, Inc.	*		23,016		115,310
AVEO Pharmaceuticals, Inc.	*		10,510		19,338
BIND Therapeutics, Inc.	*†		887		13,385
Biotime, Inc.	*†		5,653		20,351
Bluebird Bio, Inc.	*†		1,101		23,099
Cell Therapeutics, Inc.	*†		17,863		34,297
Celldex Therapeutics, Inc.	*		15,390		372,592
Cellular Dynamics International, Inc.	*†		620		10,236
Cepheid, Inc.	*†		12,602		588,765
Chelsea Therapeutics International Ltd.	*†		10,821		47,937
ChemoCentryx, Inc.	*†		4,080		23,623
Chimerix, Inc.	*		1,348		20,368
Clovis Oncology, Inc.	*		3,164		190,694
Conatus Pharmaceuticals, Inc.	*		967		6,237
Coronado Biosciences, Inc.	*†		3,351		8,813
Cubist Pharmaceuticals, Inc.	*		12,346		850,269
Curis, Inc.	*†		13,154		37,094
Cytokinetics, Inc.	*		3,923		25,499
Cytori Therapeutics, Inc.	*†		10,004		25,710
Dendreon Corp.	*†		30,192		90,274
Durata Therapeutics, Inc.	*†		2,219		28,381
Dyax Corp.	*		22,226		167,362
Dynavax Technologies Corp.	*		40,913		80,189
Emergent Biosolutions, Inc.	*		4,839		111,249
Enanta Pharmaceuticals, Inc.	*		579		15,795
Enzon Pharmaceuticals, Inc.			7,159		8,304
Epizyme, Inc.	*†		936		19,469
Esperion Therapeutics, Inc.	*		738		10,140
Exact Sciences Corp.	*		11,760		137,474
Exelixis, Inc.	*†		35,337		216,616
Fibrocell Science, Inc.	*		2,671		10,844
Five Prime Therapeutics, Inc.	*†		941		15,799
Foundation Medicine, Inc.	*		1,152		27,441
Galena Biopharma, Inc.	*		22,766		112,919
Genomic Health, Inc.	*		3,336		97,645
Geron Corp.	*		36,667		173,802
GTx, Inc.	*†		4,210		6,947
Halozyme Therapeutics, Inc.	*†		17,334		259,837
Harvard Apparatus Regenerative Technology, Inc.	*		1,009		4,793
Hyperion Therapeutics, Inc.	*†		1,530		30,937
Idenix Pharmaceuticals, Inc.	*†		16,973		101,499
ImmunoGen, Inc.	*†		16,516		242,290
Immunomedics, Inc.	*†		12,320		56,672
Incyte Corp. Ltd.	*		18,893		956,553
Infinity Pharmaceuticals, Inc.	*		7,990		110,342
Insmed, Inc.	*		7,258		123,459
Insys Therapeutics, Inc.	*		803		31,084
Intercept Pharmaceuticals, Inc.	*		1,187		81,048
InterMune, Inc.	*		15,347		226,061



		Shares		Value

Intrexon Corp.	*†	1,853	$	44,101
Ironwood Pharmaceuticals, Inc.	*†	16,020		185,992
Isis Pharmaceuticals, Inc.	*	21,257		846,879
Karyopharm Therapeutics, Inc.	*	1,310		30,025
Keryx Biopharmaceuticals, Inc.	*†	16,251		210,450
KYTHERA Biopharmaceuticals, Inc.	*†	2,509		93,460
Lexicon Pharmaceuticals, Inc.	*	45,225		81,405
Ligand Pharmaceuticals, Inc., Class B	*†	3,489		183,521
MacroGenics, Inc.		964		26,443
MannKind Corp.	*†	25,750		134,158
Medivation, Inc.	*	14,178		904,840
MEI Pharma, Inc.	*†	1,537		12,311
Merrimack Pharmaceuticals, Inc.	*†	21,566		115,162
MiMedx Group, Inc.	*	13,338		116,574
Momenta Pharmaceuticals, Inc.	*	9,022		159,509
Myriad Genetics, Inc.	*†	14,360		301,273
Nanosphere, Inc.	*	6,754		15,467
Navidea Biopharmaceuticals, Inc.	*†	24,451		50,614
Neurocrine Biosciences, Inc.	*	11,394		106,420
NewLink Genetics Corp.	*†	2,675		58,877
Novavax, Inc.	*†	39,570		202,598
NPS Pharmaceuticals, Inc.	*	18,616		565,182
OncoGenex Pharmaceutical, Inc.	*	4,342		36,212
OncoMed Pharmaceuticals, Inc.	*†	758		22,376
Onconova Therapeutics, Inc.	*†	958		10,998
Ophthotech Corp.	*	1,485		48,040
Opko Health, Inc.	*†	35,792		302,084
Orexigen Therapeutics, Inc.	*	15,768		88,774
Osiris Therapeutics, Inc.	*	4,513		72,569
OvaScience, Inc.	*	1,458		13,326
PDL BioPharma, Inc.	†	26,041		219,786
Peregrine Pharmaceuticals, Inc.	*†	21,962		30,527
Pharmacyclics, Inc.	*	11,006		1,164,215
Portola Pharmaceuticals, Inc.	*	1,551		39,938
Progenics Pharmaceuticals, Inc.	*	12,608		67,201
Prothena Corp. plc (Ireland)	*	3,249		86,163
PTC Therapeutics, Inc.	*†	1,549		26,287
Puma Biotechnology, Inc.	*†	4,141		428,718
Raptor Pharmaceutical Corp.	*†	12,085		157,347
Receptos, Inc.	*	934		27,077
Regulus Therapeutics, Inc.	*	3,193		23,596
Repligen Corp.	*	4,933		67,286
Rigel Pharmaceuticals, Inc.	*	12,762		36,372
Sangamo Biosciences, Inc.	*†	10,702		148,651
Sarepta Therapeutics, Inc.	*†	5,928		120,753
Seattle Genetics, Inc.	*	19,013		758,429
SIGA Technologies, Inc.	*†	7,831		25,607
Spectrum Pharmaceuticals, Inc.	*†	11,842		104,802
Stemline Therapeutics, Inc.	*	1,454		28,498
Sunesis Pharmaceuticals, Inc.	*†	8,964		42,489
Synageva BioPharma Corp.	*†	3,787		245,095

See accompanying notes to financial statements

308

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Synergy Pharmaceuticals, Inc.	*†		13,464	$	75,802
Synta Pharmaceuticals Corp.	*†		9,125		47,815
Targacept, Inc.	*		4,421		18,347
TESARO, Inc.	*		2,274		64,218
Tetraphase Pharmaceuticals, Inc.	*		1,882		25,445
TG Therapeutics, Inc.	*†		2,066		8,057
Theravance, Inc.	*		15,003		534,857
Threshold Pharmaceuticals, Inc.	*		7,764		36,258
United Therapeutics Corp.	*		8,807		995,896
Vanda Pharmaceuticals, Inc.	*†		6,002		74,485
Verastem, Inc.	*†		2,285		26,049
Vical, Inc.	*		16,264		19,192
XOMA Corp.	*†		17,238		116,012
ZIOPHARM Oncology, Inc.	*†		10,632		46,143

					20,309,699

Building Products—0.9%
A.O. Smith Corp.			14,650		790,221
AAON, Inc.			5,633		179,974
American Woodmark Corp.	*		1,937		76,570
Apogee Enterprises, Inc.			5,631		202,209
Armstrong World Industries, Inc.	*		4,751		273,705
Builders FirstSource, Inc.	*		9,415		67,223
Fortune Brands Home & Security, Inc.			30,557		1,396,455
Gibraltar Industries, Inc.	*		5,228		97,189
Griffon Corp.			8,735		115,389
Insteel Industries, Inc.			2,829		64,303
Lennox International, Inc.			9,543		811,728
NCI Building Systems, Inc.	*		4,108		72,054
Norcraft Cos., Inc.	*		1,233		24,192
Nortek, Inc.	*		1,847		137,786
Owens Corning, Inc.	*		22,481		915,426
Patrick Industries, Inc.	*		1,056		30,550
PGT, Inc.	*		5,599		56,662
Ply Gem Holdings, Inc.	*		2,526		45,544
Quanex Building Products Corp.			6,170		122,906
Simpson Manufacturing Co., Inc.			7,310		268,496
Trex Co., Inc.	*		3,364		267,539
Universal Forest Products, Inc.			3,904		203,555
USG Corp.	*		14,490		411,226

					6,630,902

Capital Markets—2.6%
American Capital Ltd.	*		55,009		860,341
Apollo Investment Corp.			40,588		344,186
Ares Capital Corp.			54,687		971,788
Arlington Asset Investment Corp., Class A			3,155		83,261
Artisan Partners Asset Management, Inc., Class A			2,528		164,800
BGC Partners, Inc., Class A			21,607		130,938
BlackRock Kelso Capital Corp.			14,156		132,076
Calamos Asset Management, Inc., Class A			3,748		44,376



		Shares		Value

Capital Southwest Corp.		2,132	$	74,343
Capitala Finance Corp.	†	671		13,353
CIFC Corp.		2,540		19,761
Cohen & Steers, Inc.	†	3,785		151,627
Cowen Group, Inc., Class A	*	18,898		73,891
Diamond Hill Investment Group, Inc.		582		68,874
E*TRADE Financial Corp.	*	54,162		1,063,742
Eaton Vance Corp.		22,674		970,221
Evercore Partners, Inc., Class A		5,811		347,382
FBR & Co.	*	2,187		57,693
Federated Investors, Inc., Class B	†	16,888		486,374
Fidus Investment Corp.	†	2,264		49,219
Fifth Street Finance Corp.		26,255		242,859
Financial Engines, Inc.		9,169		637,062
Firsthand Technology Value Fund, Inc.		1,355		31,395
FXCM, Inc., Class A		7,654		136,547
GAMCO Investors, Inc., Class A		1,052		91,492
Garrison Capital, Inc.		981		13,616
GFI Group, Inc.		14,329		56,026
Gladstone Capital Corp.		3,326		31,930
Gladstone Investment Corp.		4,193		33,796
Golub Capital BDC, Inc.	†	7,712		147,376
Greenhill & Co., Inc.		5,109		296,016
GSV Capital Corp.	*†	3,060		36,995
Hercules Technology Growth Capital, Inc.		10,586		173,610
HFF, Inc., Class A	*	6,615		177,613
Horizon Technology Finance Corp.		1,405		19,965
ICG Group, Inc.	*	7,645		142,426
INTL FCStone, Inc.	*	2,698		50,021
Investment Technology Group, Inc.	*	7,705		158,415
Janus Capital Group, Inc.		28,857		356,961
JMP Group, Inc.		2,681		19,839
KCAP Financial, Inc.	†	4,478		36,138
KCG Holdings, Inc., Class A	*	12,692		151,796
Ladenburg Thalmann Financial Services, Inc.	*	25,346		79,333
Lazard Ltd., Class A (Bermuda)		24,149		1,094,433
Legg Mason, Inc.		20,691		899,645
LPL Financial Holdings, Inc.		10,346		486,572
Main Street Capital Corp.	†	7,553		246,908
Manning & Napier, Inc.		2,151		37,965
MCG Capital Corp.		11,279		49,628
Medallion Financial Corp.		4,381		62,867
Medley Capital Corp.		6,922		95,870
MVC Capital, Inc.		4,303		58,091
New Mountain Finance Corp.		7,475		112,424
NGP Capital Resources Co.		3,329		24,868
Oppenheimer Holdings, Inc., Class A		2,362		58,530
PennantPark Floating Rate Capital Ltd.		3,849		52,847
PennantPark Investment Corp.		13,532		156,971
Piper Jaffray Cos.	*	2,965		117,266
Prospect Capital Corp.		52,122		584,809

See accompanying notes to financial statements

309

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Pzena Investment Management, Inc., Class A			1,908	$	22,438
Raymond James Financial, Inc.			22,989		1,199,796
Safeguard Scientifics, Inc.	*		3,658		73,489
SEI Investments Co.			26,803		930,868
Silvercrest Asset Management Group, Inc., Class A			887		15,123
Solar Capital Ltd.			8,719		196,613
Solar Senior Capital Ltd.			1,823		33,215
Stellus Capital Investment Corp.			1,909		28,540
Stifel Financial Corp.	*		11,543		553,141
SWS Group, Inc.	*		6,080		36,966
TCP Capital Corp.			5,177		86,870
THL Credit, Inc.			7,161		118,085
TICC Capital Corp.			10,963		113,357
Triangle Capital Corp.	†		4,766		131,780
Virtus Investment Partners, Inc.	*		1,297		259,465
Waddell & Reed Financial, Inc., Class A			16,218		1,056,116
Walter Investment Management Corp.	*		7,174		253,673
Westwood Holdings Group, Inc.			1,390		86,055
WhiteHorse Finance, Inc.	†		1,426		21,547
WisdomTree Investments, Inc.	*		18,871		334,205

					18,920,509

Chemicals—2.7%
A. Schulman, Inc.			5,791		204,191
Advanced Emissions Solutions, Inc.	*		1,650		89,480
Albemarle Corp.			15,106		957,569
American Pacific Corp.	*		939		34,987
American Vanguard Corp.			5,182		125,871
Arabian American Development Co.	*		3,148		39,507
Ashland, Inc.			14,632		1,419,889
Axiall Corp.			13,090		620,990
Balchem Corp.			5,542		325,315
Cabot Corp.			11,960		614,744
Calgon Carbon Corp.	*		10,032		206,358
Chase Corp.			1,020		36,006
Chemtura Corp.	*		18,538		517,581
Cytec Industries, Inc.			6,632		617,837
Ferro Corp.	*		13,500		173,205
Flotek Industries, Inc.	*		8,704		174,689
FutureFuel Corp.			3,443		54,399
H.B. Fuller Co.			9,608		500,000
Hawkins, Inc.			1,492		55,487
Huntsman Corp.			36,546		899,032
Innophos Holdings, Inc.			3,822		185,749
Innospec, Inc.			4,218		194,956
International Flavors & Fragrances, Inc.			15,088		1,297,266
Intrepid Potash, Inc.	*†		10,243		162,249
KMG Chemicals, Inc.			1,157		19,542
Koppers Holdings, Inc.			4,084		186,843
Kraton Performance Polymers, Inc.	*		6,464		148,995



		Shares		Value

Kronos Worldwide, Inc.	†	3,735	$	71,152
Landec Corp.	*	4,989		60,467
LSB Industries, Inc.	*	3,576		146,688
Marrone Bio Innovations, Inc.	*	880		15,646
Minerals Technologies, Inc.		6,508		390,936
NewMarket Corp.		1,777		593,785
Olin Corp.	†	14,705		424,239
OM Group, Inc.	*	5,836		212,489
OMNOVA Solutions, Inc.	*	9,679		88,176
Penford Corp.	*	1,563		20,085
PolyOne Corp.		18,618		658,146
Quaker Chemical Corp.		2,270		174,949
Rockwood Holdings, Inc.		14,153		1,017,884
RPM International, Inc.		25,017		1,038,456
Scotts Miracle-Gro Co. (The), Class A		7,921		492,845
Sensient Technologies Corp.		9,570		464,336
Stepan Co.		3,691		242,240
Taminco Corp.	*	2,528		51,091
Tredegar Corp.		4,146		119,446
Valspar Corp. (The)		16,794		1,197,244
W.R. Grace & Co.	*	14,292		1,413,050
Westlake Chemical Corp.		3,659		446,654
Zep, Inc.		4,143		75,237
Zoltek Cos., Inc.	*	6,079		101,823

				19,379,801

Commercial Banks—5.2%
1st Source Corp.		3,248		103,741
1st United Bancorp, Inc./Boca Raton		6,773		51,543
Access National Corp.		1,241		18,553
American National Bankshares, Inc.		1,246		32,707
Ameris Bancorp	*	4,403		92,947
Ames National Corp.	†	1,475		33,025
Arrow Financial Corp.		2,129		56,546
Associated Banc-Corp		31,950		555,930
BancFirst Corp.		1,092		61,218
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		5,927		166,075
Bancorp, Inc. (The)/Delaware	*	6,092		109,108
BancorpSouth, Inc.		18,226		463,305
Bank of Hawaii Corp.		8,560		506,238
Bank of Kentucky Financial Corp.		972		35,867
Bank of Marin Bancorp		862		37,402
Bank of the Ozarks, Inc.		5,690		321,997
BankUnited, Inc.		11,828		389,378
Banner Corp.		3,350		150,147
Bar Harbor Bankshares		622		24,874
BBCN Bancorp, Inc./California		14,858		246,494
BNC Bancorp		2,917		49,997
BOK Financial Corp.		4,915		325,963
Boston Private Financial Holdings, Inc.		15,034		189,729
Bridge Bancorp, Inc.		2,704		70,304
Bridge Capital Holdings	*	1,525		31,324
Bryn Mawr Bank Corp.		2,581		77,895
C&F Financial Corp.		518		23,657
Camden National Corp.		1,411		59,572
Capital Bank Financial Corp., Class A	*	5,231		119,005

See accompanying notes to financial statements

310

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Capital City Bank Group, Inc.	*		1,724	$	20,291
CapitalSource, Inc.			35,892		515,768
Cardinal Financial Corp.			5,568		100,224
Cascade Bancorp	*†		479		2,505
Cathay General Bancorp			14,388		384,591
Catskill Litigation Trust	*‡d		583		—
Center Bancorp, Inc.			3,097		58,100
Centerstate Banks, Inc.			4,967		50,415
Central Pacific Financial Corp.			4,653		93,432
Century Bancorp, Inc./Massachussetts, Class A			582		19,352
Chemical Financial Corp.			5,880		186,220
Chemung Financial Corp.			584		19,955
Citizens & Northern Corp.			1,953		40,290
City Holding Co.			2,691		124,674
City National Corp./California			8,859		701,810
CNB Financial Corp./Pennsylvania			3,476		66,044
CoBiz Financial, Inc.			6,918		82,739
Columbia Banking System, Inc.			9,330		256,668
Commerce Bancshares, Inc./Missouri			14,739		661,928
Community Bank System, Inc.			7,504		297,759
Community Trust Bancorp, Inc.			2,928		132,228
CommunityOne Bancorp	*		4,390		55,973
CU Bancorp	*		1,509		26,377
Cullen/Frost Bankers, Inc.			9,868		734,475
Customers Bancorp, Inc.	*		3,163		64,715
CVB Financial Corp.			17,733		302,702
Eagle Bancorp, Inc.	*		3,732		114,311
East West Bancorp, Inc.			25,746		900,338
Enterprise Bancorp, Inc./Massachussetts			1,147		24,282
Enterprise Financial Services Corp.			2,867		58,544
Farmers Capital Bank Corp.	*		1,187		25,817
Fidelity Southern Corp.			2,398		39,831
Financial Institutions, Inc.			2,448		60,490
First Bancorp, Inc./Maine			1,513		26,356
First BanCorp. (Puerto Rico)	*		13,990		86,598
First Bancorp/North Carolina			5,052		83,964
First Busey Corp.			14,438		83,740
First Citizens BancShares, Inc./North Carolina, Class A			1,460		325,040
First Commonwealth Financial Corp.			18,567		163,761
First Community Bancshares, Inc./Virginia			2,951		49,282
First Connecticut Bancorp, Inc./Farmington CT			2,809		45,281
First Financial Bancorp			9,825		171,250
First Financial Bankshares, Inc.	†		6,057		401,700
First Financial Corp./Indiana			1,835		67,088



		Shares		Value

First Financial Holdings, Inc.		4,489	$	298,563
First Horizon National Corp.		45,336		528,164
First Interstate BancSystem, Inc.		3,848		109,168
First Merchants Corp.		7,037		160,162
First Midwest Bancorp, Inc./Illinois		14,625		256,376
First NBC Bank Holding Co.	*	667		21,544
First Niagara Financial Group, Inc.		67,092		712,517
First of Long Island Corp. (The)		1,432		61,390
First Republic Bank/California		21,951		1,149,135
First Security Group, Inc./Tennesse	*	9,923		22,823
FirstMerit Corp.		30,214		671,657
Flushing Financial Corp.		5,182		107,267
FNB Corp./Pennsylvania		28,506		359,746
Fulton Financial Corp.		35,195		460,351
German American Bancorp, Inc.		2,006		57,171
Glacier Bancorp, Inc.		13,371		398,322
Great Southern Bancorp, Inc.		1,938		58,935
Guaranty Bancorp		3,103		43,597
Hampton Roads Bankshares, Inc.	*	5,516		9,653
Hancock Holding Co.		15,930		584,312
Hanmi Financial Corp.		5,822		127,444
Heartland Financial USA, Inc.		2,967		85,420
Heritage Commerce Corp.		4,197		34,583
Heritage Financial Corp./Washington		2,948		50,440
Heritage Oaks Bancorp	*	3,455		25,913
Home Bancshares, Inc./Arkansas		8,643		322,816
Home Federal Bancorp, Inc./Idaho		2,295		34,196
HomeTrust Bancshares, Inc.	*	3,407		54,478
Horizon Bancorp/Indiana		1,400		35,462
Hudson Valley Holding Corp.		2,708		55,108
Huntington Bancshares, Inc./Ohio		155,218		1,497,854
IBERIABANK Corp.		5,329		334,928
Independent Bank Corp./Massachusetts		4,722		185,055
Independent Bank Group, Inc.		611		30,342
International Bancshares Corp.		10,389		274,166
Intervest Bancshares Corp.	*	2,892		21,719
Investors Bancorp, Inc.		9,582		245,108
Lakeland Bancorp, Inc.		7,890		97,599
Lakeland Financial Corp.		3,085		120,315
LCNB Corp.		959		17,137
Macatawa Bank Corp.	*†	3,843		19,215
MainSource Financial Group, Inc.		4,454		80,306
MB Financial, Inc.		10,454		335,469
Mercantile Bank Corp.		1,379		29,759
Merchants Bancshares, Inc.		1,246		41,741
Metro Bancorp, Inc.	*	2,334		50,274
MetroCorp Bancshares, Inc.		2,525		38,052

See accompanying notes to financial statements

311

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Middleburg Financial Corp.			906	$	16,344
MidSouth Bancorp, Inc.			1,585		28,308
MidWestOne Financial Group, Inc.			1,528		41,562
National Bank Holdings Corp., Class A			9,798		209,677
National Bankshares, Inc.			1,101		40,616
National Penn Bancshares, Inc.			22,622		256,307
NBT Bancorp, Inc.			8,605		222,870
NewBridge Bancorp	*		4,001		30,008
Northrim BanCorp, Inc.			1,031		27,053
OFG Bancorp (Puerto Rico)			8,948		155,158
Old National Bancorp/Indiana			19,139		294,166
OmniAmerican Bancorp, Inc.	*		1,885		40,301
Pacific Continental Corp.			2,833		45,158
Pacific Premier Bancorp, Inc.	*		2,487		39,145
PacWest Bancorp	†		7,111		300,226
Palmetto Bancshares, Inc.	*		743		9,629
Park National Corp.	†		1,966		167,248
Park Sterling Corp.			7,082		50,565
Peapack Gladstone Financial Corp.			1,381		26,377
Penns Woods Bancorp, Inc.			1,191		60,741
Peoples Bancorp, Inc./Ohio			2,337		52,606
Pinnacle Financial Partners, Inc.			6,115		198,921
Popular, Inc. (Puerto Rico)	*		19,386		556,960
Preferred Bank/California	*		2,248		45,072
PrivateBancorp, Inc.			12,103		350,140
Prosperity Bancshares, Inc.			11,247		712,947
Renasant Corp.			6,084		191,403
Republic Bancorp, Inc./Kentucky, Class A			2,055		50,430
S&T Bancorp, Inc.			5,786		146,444
Sandy Spring Bancorp, Inc.			4,178		117,778
Seacoast Banking Corp of Florida	*		3,384		41,285
Sierra Bancorp			2,504		40,289
Signature Bank/New York	*		8,930		959,261
Simmons First National Corp., Class A			3,697		137,344
Southside Bancshares, Inc.			3,011		82,321
Southwest Bancorp, Inc./Oklahoma	*		4,075		64,874
State Bank Financial Corp.			5,308		96,553
StellarOne Corp.			3,710		89,300
Sterling Bancorp/New York			14,340		191,726
Sterling Financial Corp./Washington			6,680		227,654
Suffolk Bancorp	*		2,229		46,363
Sun Bancorp, Inc./New Jersey	*		6,405		22,546
Susquehanna Bancshares, Inc.			35,211		452,109
SVB Financial Group	*		8,525		893,932
SY Bancorp, Inc.			2,661		84,939
Synovus Financial Corp.			183,113		659,207
Taylor Capital Group, Inc.	*		2,736		72,723
TCF Financial Corp.			30,121		489,466
Texas Capital Bancshares, Inc.	*		7,710		479,562
Tompkins Financial Corp.			2,487		127,807
TowneBank/Virginia	†		4,995		76,873
Trico Bancshares			2,628		74,556
Tristate Capital Holdings, Inc.	*		1,067		12,655
Trustmark Corp.			12,758		342,425



		Shares		Value

UMB Financial Corp.		6,835	$	439,354
Umpqua Holdings Corp.	†	21,252		406,763
Union First Market Bankshares Corp.		4,226		104,847
United Bankshares, Inc./West Virginia	†	9,635		303,021
United Community Banks, Inc./Georgia	*	8,268		146,757
Univest Corp of Pennsylvania		2,741		56,684
Valley National Bancorp	†	36,283		367,184
VantageSouth Bancshares, Inc.	*	2,017		10,630
ViewPoint Financial Group, Inc.		7,553		207,330
Virginia Commerce Bancorp, Inc.	*	5,289		89,860
Washington Banking Co.		2,583		45,797
Washington Trust Bancorp, Inc.		3,111		115,791
Webster Financial Corp.		16,461		513,254
WesBanco, Inc.		4,384		140,288
West Bancorporation, Inc.		2,473		39,123
Westamerica Bancorporation	†	4,848		273,718
Western Alliance Bancorp	*	13,905		331,773
Wilshire Bancorp, Inc.		11,523		125,946
Wintrust Financial Corp.		7,068		325,976
Yadkin Financial Corp.	*	2,278		38,817
Zions Bancorporation		34,774		1,041,829

				37,821,873

Commercial Services & Supplies—1.8%
ABM Industries, Inc.		9,730		278,181
ACCO Brands Corp.	*	19,480		130,906
Acorn Energy, Inc.	†	2,865		11,661
ARC Document Solutions, Inc.	*	7,490		61,568
Brink’s Co. (The)		9,284		316,956
Casella Waste Systems, Inc., Class A	*	5,820		33,756
Ceco Environmental Corp.		3,330		53,846
Cenveo, Inc.	*	10,269		35,325
Cintas Corp.		19,125		1,139,659
Clean Harbors, Inc.	*	11,311		678,208
Consolidated Graphics, Inc.	*	1,217		82,074
Copart, Inc.	*	20,371		746,597
Costa, Inc.	*	1,508		32,769
Courier Corp.		1,904		34,443
Covanta Holding Corp.		19,254		341,758
Deluxe Corp.		9,388		489,960
EnerNOC, Inc.	*	4,402		75,758
Ennis, Inc.		4,365		77,260
G&K Services, Inc., Class A		3,785		235,541
Healthcare Services Group, Inc.		12,994		368,640
Heritage-Crystal Clean, Inc.	*	1,400		28,686
Herman Miller, Inc.		10,436		308,071
HNI Corp.		8,770		340,539
InnerWorkings, Inc.	*	7,289		56,781
Interface, Inc.		11,468		251,837
Intersections, Inc.		4,413		34,377
KAR Auction Services, Inc.		13,936		411,809
Kimball International, Inc., Class B		6,806		102,294
Knoll, Inc.		8,621		157,851
McGrath RentCorp		4,288		170,662

See accompanying notes to financial statements

312

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Mine Safety Appliances Co.			5,239	$	268,289
Mobile Mini, Inc.	*		7,349		302,632
Multi-Color Corp.			2,526		95,331
NL Industries, Inc.			412		4,606
Performant Financial Corp.	*		3,538		36,441
Pitney Bowes, Inc.			38,114		888,056
Quad/Graphics, Inc.	†		4,134		112,569
R.R. Donnelley & Sons Co.			33,026		669,767
Rollins, Inc.			11,788		357,059
Schawk, Inc.			3,488		51,867
SP Plus Corp.	*		3,417		88,979
Steelcase, Inc., Class A			15,256		241,960
Swisher Hygiene, Inc.	*†		19,333		9,939
Team, Inc.	*		4,053		171,604
Tetra Tech, Inc.	*		12,362		345,889
TRC Cos., Inc.	*		3,666		26,175
Unifirst Corp.			2,842		304,094
United Stationers, Inc.			7,455		342,110
US Ecology, Inc.			3,604		134,033
Viad Corp.			3,417		94,924
Waste Connections, Inc.			22,926		1,000,261
West Corp.			3,374		86,746

					12,721,104

Communications Equipment—1.2%
ADTRAN, Inc.			10,673		288,278
Alliance Fiber Optic Products, Inc.	†		1,860		27,993
Anaren, Inc.	*		2,003		56,064
Applied Optoelectronics, Inc.	*		694		10,417
ARRIS Group, Inc.	*		22,065		537,614
Aruba Networks, Inc.	*		21,903		392,064
Aviat Networks, Inc.	*		11,965		27,041
Bel Fuse, Inc., Class B			1,562		33,286
Black Box Corp.			2,697		80,370
Brocade Communications Systems, Inc.	*		82,900		735,323
CalAmp Corp.	*		6,551		183,231
Calix, Inc.	*		6,802		65,571
Ciena Corp.	*		18,562		444,189
CommScope Holding Co., Inc.	*		6,987		132,194
Comtech Telecommunications Corp.			3,106		97,901
Digi International, Inc.	*		4,346		52,673
EchoStar Corp., Class A	*		7,521		373,944
Emulex Corp.	*		15,840		113,414
Extreme Networks, Inc.	*		15,723		110,061
Finisar Corp.	*		17,651		422,212
Harmonic, Inc.	*		19,391		143,105
Infinera Corp.	*†		22,813		223,111
InterDigital, Inc.			7,655		225,746
Ixia	*		9,680		128,841
JDS Uniphase Corp.	*		42,458		551,105
KVH Industries, Inc.	*		3,755		48,928
NETGEAR, Inc.	*		7,470		246,062
Numerex Corp., Class A	*		1,800		23,310
Oplink Communications, Inc.	*		3,197		59,464
Palo Alto Networks, Inc.	*		6,163		354,188
Parkervision, Inc.	*†		17,722		80,635
PC-Tel, Inc.			2,924		27,983
Plantronics, Inc.			7,822		363,332
Polycom, Inc.	*		33,242		373,308



		Shares		Value

Procera Networks, Inc.	*	3,968	$	59,599
Riverbed Technology, Inc.	*	30,760		556,141
Ruckus Wireless, Inc.	*	7,098		100,792
ShoreTel, Inc.	*	9,728		90,276
Sonus Networks, Inc.	*	42,907		135,157
Tessco Technologies, Inc.		867		34,957
Ubiquiti Networks, Inc.	*†	2,651		121,840
ViaSat, Inc.	*	7,192		450,579
Westell Technologies, Inc., Class A	*	13,644		55,258

				8,637,557

Computers & Peripherals—0.8%
3D Systems Corp.	*†	18,626		1,730,914
Avid Technology, Inc.	*	7,519		61,280
Cray, Inc.	*	6,853		188,183
Datalink Corp.	*	4,947		53,922
Diebold, Inc.		11,573		382,025
Electronics For Imaging, Inc.	*	8,854		342,916
Fusion-io, Inc.	*†	12,959		115,465
Hutchinson Technology, Inc.	*	3,764		12,045
Imation Corp.	*	7,222		33,799
Immersion Corp.	*	5,977		62,041
Lexmark International, Inc., Class A		11,893		422,439
NCR Corp.	*	31,036		1,057,086
QLogic Corp.	*	16,769		198,377
Quantum Corp.	*	33,664		40,397
Silicon Graphics International Corp.	*	6,293		84,389
Stratasys Ltd.	*	6,516		877,705
Super Micro Computer, Inc.	*	5,215		89,490
Violin Memory, Inc.	*†	3,125		12,375

				5,764,848

Construction & Engineering—1.1%
AECOM Technology Corp.	*	18,809		553,549
Aegion Corp.	*	6,611		144,715
Ameresco, Inc., Class A	*	5,077		49,044
Argan, Inc.		2,317		63,856
Chicago Bridge & Iron Co. NV (Netherlands)		18,611		1,547,319
Comfort Systems USA, Inc.		6,272		121,614
Dycom Industries, Inc.	*	6,558		182,247
EMCOR Group, Inc.		12,302		522,097
Furmanite Corp.	*	7,017		74,521
Granite Construction, Inc.		6,711		234,751
Great Lakes Dredge & Dock Corp.	*	9,800		90,160
KBR, Inc.		27,461		875,731
Layne Christensen Co.	*	3,389		57,884
MasTec, Inc.	*	10,983		359,364
MYR Group, Inc.	*	3,419		85,748
Northwest Pipe Co.	*	2,458		92,814
Orion Marine Group, Inc.	*	6,042		72,685
Pike Corp.	*	4,864		51,412
Primoris Services Corp.		6,986		217,474
Quanta Services, Inc.	*	38,741		1,222,666
Sterling Construction Co., Inc.	*	5,331		62,533
Tutor Perini Corp.	*	7,347		193,226
URS Corp.		14,378		761,890

				7,637,300

See accompanying notes to financial statements

313

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Construction Materials—0.3%
Eagle Materials, Inc.			9,389	$	726,990
Headwaters, Inc.	*		14,630		143,228
Martin Marietta Materials, Inc.			8,712		870,677
Texas Industries, Inc.	*		4,254		292,590
United States Lime & Minerals, Inc.	*		481		29,423
US Concrete, Inc.	*		2,151		48,677

					2,111,585

Consumer Finance—0.3%
Cash America International, Inc.			5,250		201,075
Consumer Portfolio Services, Inc.	*		2,748		25,804
Credit Acceptance Corp.	*		1,300		168,987
DFC Global Corp.	*		7,457		85,383
Encore Capital Group, Inc.	*		4,850		243,761
Ezcorp, Inc., Class A	*		8,825		103,164
First Cash Financial Services, Inc.	*		5,377		332,514
First Marblehead Corp. (The)	*		1,233		9,112
Green Dot Corp., Class A	*†		4,362		109,704
Imperial Holdings, Inc.	*		2,792		18,260
JGWPT Holdings, Inc., Class A	*		1,635		28,433
Nelnet, Inc., Class A			4,517		190,346
Nicholas Financial, Inc.			1,628		25,625
Portfolio Recovery Associates, Inc.	*		9,315		492,204
Regional Management Corp.	*		850		28,840
Springleaf Holdings, Inc.	*		4,063		102,712
World Acceptance Corp.	*†		1,607		140,661

					2,306,585

Containers & Packaging—1.7%
AEP Industries, Inc.	*		838		44,272
AptarGroup, Inc.			12,624		856,033
Avery Dennison Corp.			18,817		944,425
Ball Corp.			27,529		1,422,148
Bemis Co., Inc.			19,180		785,613
Berry Plastics Group, Inc.	*		10,277		244,490
Crown Holdings, Inc.	*		26,663		1,188,370
Graphic Packaging Holding Co.	*		37,441		359,434
Greif, Inc., Class A			5,997		314,243
Myers Industries, Inc.			4,506		95,167
Owens-Illinois, Inc.	*		31,038		1,110,540
Packaging Corp. of America			18,185		1,150,747
Rock-Tenn Co., Class A			13,318		1,398,523
Sealed Air Corp.			36,910		1,256,785
Silgan Holdings, Inc.			7,880		378,398
Sonoco Products Co.			18,866		787,089
UFP Technologies, Inc.	*		952		24,009

					12,360,286

Distributors—0.4%
Core-Mark Holding Co., Inc.			2,291		173,956
LKQ Corp.	*		56,084		1,845,164
Pool Corp.			8,766		509,655
VOXX International Corp.	*		2,945		49,181



		Shares		Value

Weyco Group, Inc.		1,031	$	30,342

				2,608,298

Diversified Consumer Services—0.8%
American Public Education, Inc.	*	3,033		131,845
Apollo Education Group, Inc.	*	18,344		501,158
Ascent Capital Group, Inc., Class A	*	2,543		217,579
Bridgepoint Education, Inc.	*†	3,328		58,939
Bright Horizons Family Solutions, Inc.	*	1,996		73,333
Capella Education Co.		2,073		137,730
Career Education Corp.	*	11,632		66,302
Carriage Services, Inc.		2,616		51,090
Corinthian Colleges, Inc.	*†	17,447		31,056
DeVry Education Group, Inc.		11,303		401,257
Education Management Corp.	*†	5,027		50,722
Graham Holdings Co., Class B	*	803		532,646
Grand Canyon Education, Inc.	*	8,434		367,722
Hillenbrand, Inc.		10,140		298,319
Houghton Mifflin Harcourt Co.	*	3,517		59,648
ITT Educational Services, Inc.	*†	4,643		155,912
JTH Holding, Inc., Class A	*†	737		17,909
K12, Inc.	*	5,107		111,077
LifeLock, Inc.	*	11,972		196,461
Lincoln Educational Services Corp.		3,801		18,929
Mac-Gray Corp.		1,917		40,698
Matthews International Corp., Class A		5,159		219,825
Regis Corp.		8,692		126,121
Service Corp. International		40,123		727,430
Sotheby’s		12,498		664,894
Steiner Leisure Ltd. (Bahamas)	*	2,781		136,797
Strayer Education, Inc.	*	1,807		62,287
Universal Technical Institute, Inc.		4,524		62,929
Weight Watchers International, Inc.	†	5,074		167,087

				5,687,702

Diversified Financial Services—0.5%
CBOE Holdings, Inc.		16,510		857,860
Gain Capital Holdings, Inc.		1,849		13,886
MarketAxess Holdings, Inc.		6,806		455,117
Marlin Business Services Corp.		1,306		32,911
MSCI, Inc.	*	22,434		980,814
NASDAQ OMX Group, Inc. (The)		20,778		826,964
NewStar Financial, Inc.	*	5,723		101,698
PHH Corp.	*	10,225		248,979
PICO Holdings, Inc.	*	3,754		86,755
Resource America, Inc., Class A		3,696		34,595

				3,639,579

Diversified Telecommunication Services—0.7%
8x8, Inc.	*	14,799		150,358
Atlantic Tele-Network, Inc.		1,558		88,136

See accompanying notes to financial statements

314

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Cbeyond, Inc.	*		5,638	$	38,902
Cincinnati Bell, Inc.	*		38,778		138,050
Cogent Communications Group, Inc.			8,853		357,750
Consolidated Communications Holdings, Inc.			7,943		155,921
Fairpoint Communications, Inc.	*†		2,675		30,254
Frontier Communications Corp.	†		188,706		877,483
General Communication, Inc., Class A	*		6,831		76,166
Hawaiian Telcom Holdco, Inc.	*		1,637		48,079
HickoryTech Corp.			2,808		36,026
IDT Corp., Class B			2,274		40,636
inContact, Inc.	*		8,949		69,892
Inteliquent, Inc.			6,478		73,979
Intelsat SA (Luxembourg)	*		3,546		79,927
Iridium Communications, Inc.	*†		10,823		67,752
Level 3 Communications, Inc.	*		30,170		1,000,739
Lumos Networks Corp.			2,601		54,621
magicJack VocalTec Ltd. (Israel)	*		3,040		36,237
ORBCOMM, Inc.	*		7,135		45,236
Premiere Global Services, Inc.	*		8,185		94,864
Straight Path Communications, Inc., Class B	*		1,137		9,312
Towerstream Corp.	*†		9,781		28,952
tw telecom inc.	*		28,448		866,810
Vonage Holdings Corp.	*		26,128		87,006
Windstream Holdings, Inc.	†		112,048		894,143

					5,447,231

Electric Utilities—1.4%
ALLETE, Inc.			7,371		367,666
Cleco Corp.			11,068		515,990
El Paso Electric Co.			7,508		263,606
Empire District Electric Co. (The)			7,796		176,891
Great Plains Energy, Inc.			29,161		706,863
Hawaiian Electric Industries, Inc.	†		18,088		471,373
IDACORP, Inc.			9,449		489,836
ITC Holdings Corp.			9,715		930,891
MGE Energy, Inc.			4,136		239,475
NRG Yield, Inc., Class A			4,569		182,806
OGE Energy Corp.			36,680		1,243,452
Otter Tail Corp.			6,778		198,392
Pepco Holdings, Inc.			46,995		899,014
Pinnacle West Capital Corp.			20,383		1,078,668
PNM Resources, Inc.			15,338		369,953
Portland General Electric Co.			13,925		420,535
UIL Holdings Corp.			10,668		413,385
Unitil Corp.			2,617		79,792
UNS Energy Corp.			7,848		469,703
Westar Energy, Inc.			25,129		808,400

					10,326,691



		Shares		Value

Electrical Equipment—1.1%
Acuity Brands, Inc.		8,105	$	886,039
American Superconductor Corp.	*†	6,746		11,063
AZZ, Inc.		4,607		225,098
Babcock & Wilcox Co. (The)		21,289		727,871
Brady Corp., Class A		8,619		266,586
Capstone Turbine Corp.	*†	49,493		63,846
Coleman Cable, Inc.		2,304		60,411
Encore Wire Corp.		4,068		220,486
EnerSys, Inc.		8,778		615,250
Enphase Energy, Inc.	*†	4,304		27,287
Franklin Electric Co., Inc.		8,722		389,350
FuelCell Energy, Inc.	*†	23,381		32,967
Generac Holdings, Inc.		9,432		534,229
General Cable Corp.		9,667		284,306
Global Power Equipment Group, Inc.		2,804		54,874
GrafTech International Ltd.	*†	22,518		252,877
Hubbell, Inc., Class B		11,185		1,218,047
II-VI, Inc.	*	8,787		154,651
LSI Industries, Inc.		3,003		26,036
Polypore International, Inc.	*†	8,493		330,378
Powell Industries, Inc.		1,563		104,705
Power Solutions International, Inc.	*	305		22,906
PowerSecure International, Inc.	*	4,744		81,454
Preformed Line Products Co.		638		46,676
Regal-Beloit Corp.		8,416		620,428
Revolution Lighting Technologies, Inc.	*†	4,765		16,320
SolarCity Corp.	*	4,497		255,520
Thermon Group Holdings, Inc.	*	4,483		122,520
Vicor Corp.	*	3,481		46,715

				7,698,896

Electronic Equipment, Instruments & Components—2.3%
Aeroflex Holding Corp.	*	2,268		14,742
Agilysys, Inc.	*	4,188		58,297
Anixter International, Inc.		4,879		438,329
Arrow Electronics, Inc.	*	19,442		1,054,728
Audience, Inc.	*	1,525		17,751
Avnet, Inc.		25,442		1,122,247
AVX Corp.		9,165		127,668
Badger Meter, Inc.		2,704		147,368
Belden, Inc.		8,256		581,635
Benchmark Electronics, Inc.	*	10,071		232,439
CDW Corp.		4,309		100,658
Checkpoint Systems, Inc.	*	8,101		127,753
Cognex Corp.	*	16,331		623,518
Coherent, Inc.	*	4,645		345,542
Control4 Corp.	*†	742		13,133
CTS Corp.		6,621		131,824
Daktronics, Inc.		7,523		117,961
Dolby Laboratories, Inc., Class A	*†	8,312		320,511
DTS, Inc.	*	3,053		73,211
Electro Rent Corp.		4,267		79,025
Electro Scientific Industries, Inc.		3,685		38,545
Fabrinet (Cayman Islands)	*	4,614		94,864
FARO Technologies, Inc.	*	3,399		198,162

See accompanying notes to financial statements

315

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
FEI Co.			7,793	$	696,382
FLIR Systems, Inc.			26,450		796,145
GSI Group, Inc.	*		5,025		56,481
Ingram Micro, Inc., Class A	*		28,453		667,507
Insight Enterprises, Inc.	*		8,626		195,896
InvenSense Inc.	*†		11,228		233,318
IPG Photonics Corp.	*†		6,135		476,137
Itron, Inc.	*		7,053		292,206
Jabil Circuit, Inc.			38,372		669,208
Kemet Corp.	*		8,699		49,062
Littelfuse, Inc.			4,198		390,120
Maxwell Technologies, Inc.	*		5,615		43,629
Measurement Specialties, Inc.	*		3,063		185,893
Mercury Systems, Inc.	*		6,981		76,442
Mesa Laboratories, Inc.			539		42,355
Methode Electronics, Inc.			7,481		255,775
MTS Systems Corp.			2,686		191,377
Multi-Fineline Electronix, Inc.	*		1,120		15,557
National Instruments Corp.			18,032		577,385
Neonode, Inc. (Sweden)	*†		3,979		25,147
Newport Corp.	*		6,603		119,316
OSI Systems, Inc.	*		3,433		182,327
Park Electrochemical Corp.			3,495		100,376
PC Connection, Inc.			2,755		68,462
Plexus Corp.	*		6,633		287,143
Radisys Corp.	*		4,878		11,171
RealD, Inc.	*		6,791		57,995
Richardson Electronics Ltd./United States			1,926		21,879
Rofin-Sinar Technologies, Inc.	*		4,789		129,399
Rogers Corp.	*		3,354		206,271
Sanmina Corp.	*		15,958		266,499
ScanSource, Inc.	*		5,403		229,249
Speed Commerce, Inc.	*		6,434		30,047
SYNNEX Corp.	*		4,962		334,439
Tech Data Corp.	*		7,261		374,668
Trimble Navigation Ltd.	*		47,299		1,641,275
TTM Technologies, Inc.	*		9,730		83,483
Uni-Pixel, Inc.	*†		1,630		16,316
Universal Display Corp.	*		7,843		269,485
Vishay Intertechnology, Inc.	*		25,419		337,056
Vishay Precision Group, Inc.	*		2,712		40,382
Zygo Corp.	*		2,997		44,296

					16,847,467

Energy Equipment & Services—2.4%
Atwood Oceanics, Inc.	*		10,471		559,047
Basic Energy Services, Inc.	*		5,491		86,648
Bolt Technology Corp.			1,856		40,851
Bristow Group, Inc.			6,783		509,132
C&J Energy Services, Inc.	*		8,503		196,419
Cal Dive International, Inc.	*†		20,032		40,264
CARBO Ceramics, Inc.			3,679		428,714
Dawson Geophysical Co.	*		1,539		52,049
Dresser-Rand Group, Inc.	*		14,411		859,328
Dril-Quip, Inc.	*		7,679		844,153
Era Group, Inc.	*		3,470		107,084
Exterran Holdings, Inc.	*		10,606		362,725
Forum Energy Technologies, Inc.	*		7,619		215,313
Frank’s International NV (Netherlands)			6,714		181,278



		Shares		Value

Geospace Technologies Corp.	*	2,532	$	240,110
Global Geophysical Services, Inc.	*	3,880		6,247
Gulf Island Fabrication, Inc.		2,377		55,194
Gulfmark Offshore, Inc., Class A		5,207		245,406
Helix Energy Solutions Group, Inc.	*	19,957		462,603
Helmerich & Payne, Inc.		17,852		1,500,996
Hercules Offshore, Inc.	*	29,491		192,576
Hornbeck Offshore Services, Inc.	*	6,789		334,223
ION Geophysical Corp.	*	22,870		75,471
Key Energy Services, Inc.	*	29,567		233,579
Matrix Service Co.	*	4,454		108,989
McDermott International, Inc.	*	45,471		416,514
Mitcham Industries, Inc.	*	1,935		34,269
Nabors Industries Ltd. (Bermuda)		55,669		945,816
Natural Gas Services Group, Inc.	*	2,483		68,456
Newpark Resources, Inc.	*	16,681		205,010
Nuverra Environmental Solutions, Inc.	*†	2,403		40,346
Oceaneering International, Inc.		19,988		1,576,653
Oil States International, Inc.	*	10,194		1,036,934
Parker Drilling Co.	*	23,214		188,730
Patterson-UTI Energy, Inc.		27,432		694,578
PHI, Inc.	*	2,638		114,489
Pioneer Energy Services Corp.	*	11,528		92,339
RigNet, Inc.	*	1,876		89,917
Rowan Cos. plc, Class A	*	23,107		817,064
RPC, Inc.	†	12,219		218,109
SEACOR Holdings, Inc.	*	3,616		329,779
Superior Energy Services, Inc.	*	30,226		804,314
Tesco Corp.	*	6,389		126,374
TETRA Technologies, Inc.	*	13,294		164,314
TGC Industries, Inc.	*	2,392		17,462
Tidewater, Inc.		9,431		558,975
Unit Corp.	*	9,048		467,058
Vantage Drilling Co.	*†	44,721		82,287
Willbros Group, Inc.	*	6,569		61,880

				17,090,066

Food & Staples Retailing—0.7%
Andersons, Inc. (The)		3,587		319,853
Arden Group, Inc., Class A		241		30,489
Casey’s General Stores, Inc.		7,187		504,887
Chefs’ Warehouse, Inc. (The)	*	3,665		106,871
Fairway Group Holdings Corp.	*†	2,487		45,064
Fresh Market, Inc. (The)	*	7,516		304,398
Harris Teeter Supermarkets, Inc.		9,315		459,695
Ingles Markets, Inc., Class A		1,996		54,092
Natural Grocers by Vitamin Cottage, Inc.	*†	1,404		59,600
Pantry, Inc. (The)	*	3,943		66,163
PriceSmart, Inc.		3,563		411,669
Rite Aid Corp.	*	134,552		680,833
Roundy’s, Inc.		3,989		39,332
Spartan Stores, Inc.		7,304		177,341
Sprouts Farmers Market, Inc.	*	3,981		152,990

See accompanying notes to financial statements

316

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
SUPERVALU, Inc.	*		39,641	$	288,983
Susser Holdings Corp.	*†		3,451		226,006
United Natural Foods, Inc.	*		9,033		680,998
Village Super Market, Inc., Class A			1,280		39,693
Weis Markets, Inc.			2,120		111,427

					4,760,384

Food Products—1.2%
Alico, Inc.			494		19,202
Annie’s, Inc.	*†		2,802		120,598
B&G Foods, Inc.			9,578		324,790
Boulder Brands, Inc.	*		11,006		174,555
Calavo Growers, Inc.			2,244		67,903
Cal-Maine Foods, Inc.			2,754		165,873
Chiquita Brands International, Inc.	*		10,131		118,533
Darling International, Inc.	*		28,785		601,031
Dean Foods Co.	*		17,722		304,641
Diamond Foods, Inc.	*†		4,466		115,401
Farmer Bros. Co.	*		930		21,632
Flowers Foods, Inc.			32,424		696,143
Fresh Del Monte Produce, Inc.			7,228		204,552
Griffin Land & Nurseries, Inc.			620		20,696
Hain Celestial Group, Inc. (The)	*		7,301		662,785
Hillshire Brands Co.			23,311		779,520
Ingredion, Inc.			14,626		1,001,296
Inventure Foods, Inc.	*		3,145		41,703
J&J Snack Foods Corp.			2,916		258,328
John B. Sanfilippo & Son, Inc.			1,899		46,867
Lancaster Colony Corp.			3,541		312,139
Lifeway Foods, Inc.	†		778		12,432
Limoneira Co.			1,586		42,172
Omega Protein Corp.	*		4,824		59,287
Pilgrim’s Pride Corp.	*		11,995		194,919
Pinnacle Foods, Inc.			6,337		174,014
Post Holdings, Inc.	*		6,309		310,844
Sanderson Farms, Inc.			4,402		318,397
Seaboard Corp.	*		51		142,544
Seneca Foods Corp., Class A	*		1,290		41,138
Snyders-Lance, Inc.			8,591		246,734
Tootsie Roll Industries, Inc.	†		3,351		109,042
TreeHouse Foods, Inc.	*		6,813		469,552
WhiteWave Foods Co., Class A	*		28,001		642,343

					8,821,606

Gas Utilities—1.0%
AGL Resources, Inc.			22,309		1,053,654
Atmos Energy Corp.			17,152		779,044
Chesapeake Utilities Corp.			1,819		109,176
Delta Natural Gas Co., Inc.			1,837		41,112
Laclede Group, Inc. (The)			6,241		284,215
National Fuel Gas Co.			13,663		975,538
New Jersey Resources Corp.			7,441		344,072
Northwest Natural Gas Co.			4,635		198,471
Piedmont Natural Gas Co., Inc.			14,437		478,731
Questar Corp.			33,167		762,509



		Shares		Value

South Jersey Industries, Inc.		6,062	$	339,230
Southwest Gas Corp.		8,465		473,278
UGI Corp.		21,525		892,427
WGL Holdings, Inc.		9,748		390,505

				7,121,962

Health Care Equipment & Supplies—2.5%
Abaxis, Inc.	*	3,746		149,915
ABIOMED, Inc.	*	6,733		180,040
Accuray, Inc.	*†	15,070		131,260
Alere, Inc.	*	14,908		539,670
Align Technology, Inc.	*	13,372		764,210
Alphatec Holdings, Inc.	*	9,819		19,736
Analogic Corp.		2,120		187,747
AngioDynamics, Inc.	*	5,314		91,348
Anika Therapeutics, Inc.	*	1,903		72,619
Antares Pharma, Inc.	*†	19,090		85,523
ArthroCare Corp.	*	5,452		219,389
AtriCure, Inc.	*	3,315		61,924
Atrion Corp.		291		86,209
Biolase, Inc.	*†	5,185		14,674
Cantel Medical Corp.		6,207		210,479
Cardiovascular Systems, Inc.	*	3,524		120,838
Cerus Corp.	*†	16,123		103,993
CONMED Corp.		5,352		227,460
Cooper Cos., Inc. (The)		9,109		1,128,059
CryoLife, Inc.		6,833		75,778
Cutera, Inc.	*	2,327		23,689
Cyberonics, Inc.	*	5,278		345,762
Cynosure, Inc., Class A	*	2,936		78,333
Derma Sciences, Inc.	*†	2,171		23,490
DexCom, Inc.	*	13,408		474,777
Endologix, Inc.	*	11,389		198,624
Exactech, Inc.	*	1,480		35,165
GenMark Diagnostics, Inc.	*	7,868		104,723
Globus Medical, Inc., Class A	*†	10,657		215,058
Greatbatch, Inc.	*	4,737		209,565
Haemonetics Corp.	*	9,672		407,481
HeartWare International, Inc.	*	3,167		297,571
Hill-Rom Holdings, Inc.		11,018		455,484
Hologic, Inc.	*	50,782		1,134,978
ICU Medical, Inc.	*	2,188		139,397
IDEXX Laboratories, Inc.	*	10,035		1,067,423
Insulet Corp.	*	10,118		375,378
Integra LifeSciences Holdings Corp.	*	4,183		199,571
Invacare Corp.		6,320		146,687
LDR Holding Corp.	*	964		22,750
Masimo Corp.	*	9,466		276,691
Medical Action Industries, Inc.	*	2,332		19,962
Meridian Bioscience, Inc.		7,174		190,326
Merit Medical Systems, Inc.	*	7,183		113,060
Natus Medical, Inc.	*	6,365		143,213
Neogen Corp.	*	6,836		312,405
NuVasive, Inc.	*	8,592		277,779
NxStage Medical, Inc.	*	11,835		118,350
OraSure Technologies, Inc.	*	12,739		80,128
Orthofix International NV (Curacao)	*	3,796		86,625
Oxford Immunotec Global plc (United Kingdom)	*	1,033		20,020
PhotoMedex, Inc.	*†	2,664		34,499
Quidel Corp.	*†	5,467		168,876
ResMed, Inc.	†	26,374		1,241,688

See accompanying notes to financial statements

317

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Rockwell Medical, Inc.	*†		6,217	$	64,905
RTI Surgical, Inc.	*		13,504		47,804
Sirona Dental Systems, Inc.	*		10,243		719,059
Solta Medical, Inc.	*		11,237		33,149
Spectranetics Corp.	*		8,093		202,325
Staar Surgical Co.	*		7,139		115,580
STERIS Corp.			10,645		511,492
SurModics, Inc.	*		3,217		78,463
Symmetry Medical, Inc.	*		5,904		59,512
Tandem Diabetes Care, Inc.	*		1,542		39,737
TearLab Corp.	*†		4,055		37,874
Teleflex, Inc.			7,670		719,906
Thoratec Corp.	*		10,517		384,922
Tornier NV (Netherlands)	*		4,118		77,377
Unilife Corp.	*†		15,695		69,058
Utah Medical Products, Inc.			525		30,009
Vascular Solutions, Inc.	*		2,721		62,991
Veracyte, Inc.	*		845		12,253
Volcano Corp.	*		10,713		234,079
West Pharmaceutical Services, Inc.			12,945		635,082
Wright Medical Group, Inc.	*		7,473		229,496
Zeltiq Aesthetics, Inc.	*		3,019		57,089

					17,932,561

Health Care Providers & Services—2.3%
Acadia Healthcare Co., Inc.	*		6,649		314,697
Accretive Health, Inc.	*†		9,701		88,861
Addus HomeCare Corp.	*		874		19,621
Air Methods Corp.	*		7,403		431,817
Alliance HealthCare Services, Inc.	*		806		19,940
Almost Family, Inc.	*		2,502		80,890
Amedisys, Inc.	*		5,275		77,173
AMN Healthcare Services, Inc.	*		7,678		112,867
Amsurg Corp.	*		6,144		282,132
Bio-Reference Labs, Inc.	*†		4,688		119,732
BioScrip, Inc.	*		9,835		72,779
Brookdale Senior Living, Inc.	*		17,941		487,636
Capital Senior Living Corp.	*		5,534		132,761
Centene Corp.	*		9,888		582,898
Chemed Corp.	†		3,466		265,565
Chindex International, Inc.	*		2,406		41,937
Community Health Systems, Inc.	*		17,866		701,598
Corvel Corp.	*		2,370		110,679
Cross Country Healthcare, Inc.	*		7,318		73,034
Emeritus Corp.	*		6,981		150,999
Ensign Group, Inc. (The)			3,393		150,208
Envision Healthcare Holdings, Inc.	*		9,272		329,341
ExamWorks Group, Inc.	*		6,025		179,967
Five Star Quality Care, Inc.	*		9,106		49,992
Gentiva Health Services, Inc.	*		5,336		66,220
Hanger, Inc.	*		6,290		247,449
Health Management Associates, Inc., Class A	*		49,261		645,319
Health Net, Inc.	*		15,182		450,450
HealthSouth Corp.			16,598		553,045
Healthways, Inc.	*		5,769		88,554
IPC The Hospitalist Co., Inc.	*		3,142		186,603



		Shares		Value

Kindred Healthcare, Inc.		9,246	$	182,516
Landauer, Inc.		1,882		99,012
LHC Group, Inc.	*	2,770		66,591
LifePoint Hospitals, Inc.	*	8,646		456,855
Magellan Health Services, Inc.	*	4,963		297,333
MEDNAX, Inc.	*	18,646		995,323
Molina Healthcare, Inc.	*	4,825		167,669
MWI Veterinary Supply, Inc.	*	2,422		413,169
National Healthcare Corp.		1,812		97,685
National Research Corp., Class A	*	1,929		36,304
Omnicare, Inc.		19,462		1,174,726
Owens & Minor, Inc.		11,941		436,563
Patterson Cos., Inc.		16,316		672,219
PharMerica Corp.	*	5,445		117,067
Premier, Inc., Class A	*	5,426		199,460
Providence Service Corp. (The)	*	2,069		53,215
Select Medical Holdings Corp.		8,061		93,588
Skilled Healthcare Group, Inc., Class A	*	4,230		20,346
Surgical Care Affiliates, Inc.	*	1,885		65,673
Team Health Holdings, Inc.	*	12,486		568,737
Tenet Healthcare Corp.	*	19,583		824,836
Triple-S Management Corp., Class B (Puerto Rico)	*	4,524		87,947
U.S. Physical Therapy, Inc.		2,234		78,771
Universal American Corp.		7,130		52,049
Universal Health Services, Inc., Class B		16,792		1,364,518
USMD Holdings, Inc.	*	174		3,499
VCA Antech, Inc.	*	16,891		529,702
WellCare Health Plans, Inc.	*	8,148		573,782

				16,843,919

Health Care Technology—0.5%
Allscripts Healthcare Solutions, Inc.	*	32,155		497,116
athenahealth, Inc.	*	6,943		933,834
Computer Programs & Systems, Inc.		2,114		130,666
HealthStream, Inc.	*	3,356		109,976
HMS Holdings Corp.	*	16,863		383,296
MedAssets, Inc.	*	11,090		219,915
Medidata Solutions, Inc.	*	9,732		589,467
Merge Healthcare, Inc.	*	9,619		22,316
Omnicell, Inc.	*	6,227		158,975
Quality Systems, Inc.		6,901		145,335
Veeva Systems, Inc., Class A	*	2,515		80,732
Vocera Communications, Inc.	*	3,339		52,122

				3,323,750

Hotels, Restaurants & Leisure—2.1%
AFC Enterprises, Inc.	*	4,381		168,668
Bally Technologies, Inc.	*	7,358		577,235
Biglari Holdings, Inc.	*	243		123,114
BJ’s Restaurants, Inc.	*	4,349		135,080
Bloomin’ Brands, Inc.	*	10,231		245,646
Bob Evans Farms, Inc.		5,219		264,029
Boyd Gaming Corp.	*	12,175		137,090
Bravo Brio Restaurant Group, Inc.	*	3,101		50,453
Brinker International, Inc.		12,927		599,037
Buffalo Wild Wings, Inc.	*	3,576		526,387
Burger King Worldwide, Inc.	†	18,369		419,915

See accompanying notes to financial statements

318

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Caesars Entertainment Corp.	*†		8,076	$	173,957
Carrols Restaurant Group, Inc.	*		3,749		24,781
CEC Entertainment, Inc.			3,600		159,408
Cheesecake Factory, Inc. (The)			10,028		484,052
Choice Hotels International, Inc.			5,105		250,707
Churchill Downs, Inc.			2,690		241,158
Chuy’s Holdings, Inc.	*		3,373		121,495
ClubCorp Holdings, Inc.			3,469		61,540
Cracker Barrel Old Country Store, Inc.			3,710		408,360
Del Frisco’s Restaurant Group, Inc.	*		1,694		39,928
Denny’s Corp.	*		15,003		107,872
Diamond Resorts International, Inc.	*		2,873		53,036
DineEquity, Inc.			3,180		265,689
Diversified Restaurant Holdings, Inc.	*		1,746		8,328
Domino’s Pizza, Inc.			10,659		742,399
Dunkin’ Brands Group, Inc.			20,134		970,459
Einstein Noah Restaurant Group, Inc.			1,279		18,546
Fiesta Restaurant Group, Inc.	*		3,950		206,348
Ignite Restaurant Group, Inc.	*†		1,280		16,000
International Game Technology			49,229		893,999
International Speedway Corp., Class A			5,069		179,899
Interval Leisure Group, Inc.			6,806		210,305
Isle of Capri Casinos, Inc.	*		5,204		46,836
Jack in the Box, Inc.	*		8,142		407,263
Jamba, Inc.	*		3,273		40,683
Krispy Kreme Doughnuts, Inc.	*		12,266		236,611
Life Time Fitness, Inc.	*		7,740		363,780
Luby’s, Inc.	*		4,603		35,535
Marcus Corp. (The)			4,188		56,287
Marriott Vacations Worldwide Corp.	*		5,657		298,463
Monarch Casino & Resort, Inc.	*		2,050		41,164
Morgans Hotel Group Co.	*		5,643		45,878
Multimedia Games Holding Co., Inc.	*		4,998		156,737
Nathan’s Famous, Inc.	*		431		21,727
Noodles & Co.	*†		993		35,669
Orient-Express Hotels Ltd., Class A (Bermuda)	*		18,365		277,495
Panera Bread Co., Class A	*		5,310		938,224
Papa John’s International, Inc.			6,232		282,933
Penn National Gaming, Inc.	*		12,185		174,611
Pinnacle Entertainment, Inc.	*		10,729		278,847
Potbelly Corp.			1,446		35,109
Red Robin Gourmet Burgers, Inc.	*		2,741		201,573
Ruby Tuesday, Inc.	*		11,736		81,330
Ruth’s Hospitality Group, Inc.			7,796		110,781
Scientific Games Corp., Class A	*		8,925		151,100



		Shares		Value

SeaWorld Entertainment, Inc.		5,684	$	163,529
Six Flags Entertainment Corp.		12,629		465,000
Sonic Corp.	*	10,276		207,472
Speedway Motorsports, Inc.		1,680		33,348
Texas Roadhouse, Inc.		11,362		315,864
Town Sports International Holdings, Inc.		4,025		59,409
Vail Resorts, Inc.		6,756		508,254
Wendy’s Co. (The)		51,279		447,153

				15,403,585

Household Durables—2.0%
Bassett Furniture Industries, Inc.		1,779		27,183
Beazer Homes USA, Inc.	*†	4,831		117,973
Blyth, Inc.	†	1,754		19,084
Cavco Industries, Inc.	*	1,216		83,539
CSS Industries, Inc.		1,140		32,695
D.R. Horton, Inc.	*	52,371		1,168,921
Ethan Allen Interiors, Inc.		4,278		130,137
EveryWare Global, Inc.	*	1,582		13,099
Flexsteel Industries, Inc.		839		25,782
Harman International Industries, Inc.		12,614		1,032,456
Helen of Troy Ltd. (Bermuda)	*	6,111		302,556
Hooker Furniture Corp.		2,097		34,978
Hovnanian Enterprises, Inc., Class A	*†	21,157		140,059
iRobot Corp.	*	5,589		194,330
Jarden Corp.	*	23,538		1,444,056
KB Home		16,227		296,630
La-Z-Boy, Inc.		9,601		297,631
Leggett & Platt, Inc.		27,050		836,927
Lennar Corp., Class A		31,185		1,233,679
LGI Homes, Inc.	*	1,508		26,827
Libbey, Inc.	*	3,551		74,571
Lifetime Brands, Inc.		1,617		25,435
M/I Homes, Inc.	*	4,003		101,876
MDC Holdings, Inc.	*	6,746		217,491
Meritage Homes Corp.	*	6,902		331,227
Mohawk Industries, Inc.	*	11,214		1,669,765
NACCO Industries, Inc., Class A		829		51,555
NVR, Inc.	*	882		904,941
Ryland Group, Inc. (The)		8,272		359,088
Skullcandy, Inc.	*	3,066		22,106
Standard Pacific Corp.	*	28,766		260,332
Taylor Morrison Home Corp., Class A	*	6,556		147,182
Tempur Sealy International, Inc.	*	11,368		613,417
Toll Brothers, Inc.	*	31,914		1,180,818
TRI Pointe Homes, Inc.	*†	2,341		46,656
Tupperware Brands Corp.		9,837		929,892
UCP, Inc., Class A	*	1,249		18,285
Universal Electronics, Inc.	*	3,125		119,094
WCI Communities, Inc.	*	1,099		20,980
William Lyon Homes, Class A	*	2,179		48,243
Zagg, Inc.	*†	4,869		21,180

				14,622,676

Household Products—0.3%
Central Garden and Pet Co., Class A	*	6,906		46,615
Energizer Holdings, Inc.		11,719		1,268,465

See accompanying notes to financial statements

319

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Harbinger Group, Inc.	*		7,514	$	89,041
Oil-Dri Corp of America			764		28,910
Orchids Paper Products Co.			947		31,099
Spectrum Brands Holdings, Inc.			4,173		294,405
WD-40 Co.			2,756		205,818

					1,964,353

Independent Power Producers & Energy Traders—0.1%
Atlantic Power Corp.	†		20,459		71,197
Dynegy, Inc.	*†		18,273		393,235
Genie Energy Ltd., Class B	*		1,703		17,388
Ormat Technologies, Inc.	†		3,707		100,867
Pattern Energy Group, Inc.			3,084		93,476

					676,163

Industrial Conglomerates—0.2%
Carlisle Cos., Inc.			12,019		954,308
Raven Industries, Inc.			6,841		281,439

					1,235,747

Insurance—4.7%
Alleghany Corp.	*		3,162		1,264,674
Allied World Assurance Co. Holdings AG (Switzerland)			6,453		727,963
Ambac Financial Group, Inc.	*		8,936		219,468
American Equity Investment Life Holding Co.			12,306		324,632
American Financial Group, Inc.			14,468		835,093
American National Insurance Co.			1,400		160,356
AMERISAFE, Inc.			3,489		147,375
Amtrust Financial Services, Inc.	†		5,869		191,858
Arch Capital Group Ltd. (Bermuda)	*		24,618		1,469,448
Argo Group International Holdings Ltd. (Bermuda)			5,302		246,490
Arthur J. Gallagher & Co.			23,902		1,121,721
Aspen Insurance Holdings Ltd. (Bermuda)			12,105		500,058
Assurant, Inc.			14,324		950,684
Assured Guaranty Ltd. (Bermuda)			31,937		753,394
Axis Capital Holdings Ltd. (Bermuda)			22,487		1,069,707
Baldwin & Lyons, Inc., Class B			1,792		48,957
Blue Capital Reinsurance Holdings Ltd. (Bermuda)	*		1,048		19,252
Brown & Brown, Inc.			22,011		690,925
Citizens, Inc.	*		8,606		75,302
CNO Financial Group, Inc.			40,617		718,515
Crawford & Co., Class B			6,546		60,485
Donegal Group, Inc., Class A			1,264		20,098
Eastern Insurance Holdings, Inc.			1,019		24,955
eHealth, Inc.	*		3,998		185,867
EMC Insurance Group, Inc.			1,041		31,875
Employers Holdings, Inc.			5,724		181,165
Endurance Specialty Holdings Ltd. (Bermuda)			8,239		483,382



		Shares		Value

Enstar Group Ltd. (Bermuda)	*	1,836	$	255,039
Erie Indemnity Co., Class A		4,544		332,257
Everest Re Group Ltd. (Bermuda)		9,230		1,438,680
FBL Financial Group, Inc., Class A		1,304		58,406
Fidelity National Financial, Inc., Class A		46,215		1,499,677
First American Financial Corp.		20,314		572,855
Genworth Financial, Inc., Class A	*	92,797		1,441,137
Global Indemnity plc (Ireland)	*	1,488		37,646
Greenlight Capital Re Ltd., Class A (Cayman Islands)	*	5,625		189,619
Hallmark Financial Services, Inc.	*	2,249		19,982
Hanover Insurance Group, Inc. (The)		8,274		494,041
HCC Insurance Holdings, Inc.		18,680		861,895
HCI Group, Inc.	†	1,471		78,698
Hilltop Holdings, Inc.	*	11,655		269,580
Horace Mann Educators Corp.		7,441		234,689
Independence Holding Co.		1,901		25,644
Infinity Property & Casualty Corp.		1,953		140,128
Investors Title Co.		224		18,140
Kansas City Life Insurance Co.		1,203		57,431
Kemper Corp.		8,711		356,106
Maiden Holdings Ltd. (Bermuda)		8,262		90,304
Markel Corp.	*	2,551		1,480,473
MBIA, Inc.	*	27,028		322,714
Meadowbrook Insurance Group, Inc.		10,981		76,428
Mercury General Corp.		5,177		257,349
Montpelier Re Holdings Ltd. (Bermuda)		8,461		246,215
National Interstate Corp.		1,051		24,173
National Western Life Insurance Co., Class A		368		82,266
Navigators Group, Inc. (The)	*	1,745		110,214
Old Republic International Corp.		49,114		848,199
OneBeacon Insurance Group Ltd., Class A		4,581		72,471
PartnerRe Ltd. (Bermuda)		10,210		1,076,440
Phoenix Cos., Inc. (The)	*	1,471		90,319
Platinum Underwriters Holdings Ltd. (Bermuda)		5,531		338,940
Primerica, Inc.		10,411		446,736
ProAssurance Corp.		11,295		547,582
Protective Life Corp.		14,319		725,401
Reinsurance Group of America, Inc.		13,683		1,059,201
RenaissanceRe Holdings Ltd. (Bermuda)		8,290		806,949
RLI Corp.		4,029		392,344
Safety Insurance Group, Inc.		2,194		123,522
Selective Insurance Group, Inc.		10,774		291,544
StanCorp Financial Group, Inc.		8,100		536,625
State Auto Financial Corp.		2,585		54,905
Stewart Information Services Corp.		3,543		114,333

See accompanying notes to financial statements

320

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Symetra Financial Corp.			15,274	$	289,595
Third Point Reinsurance Ltd. (Bermuda)	*		4,088		75,751
Tower Group International Ltd. (Bermuda)	†		9,683		32,729
United Fire Group, Inc.			3,518		100,826
Universal Insurance Holdings, Inc.			4,648		67,303
Validus Holdings Ltd. (Bermuda)			19,760		796,130
W.R. Berkley Corp.			20,500		889,495
White Mountains Insurance Group Ltd.			1,171		706,207

					34,079,032

Internet & Catalog Retail—0.5%
1-800-Flowers.com, Inc., Class A	*		6,281		33,980
Blue Nile, Inc.	*		2,444		115,088
FTD Cos., Inc.	*		2,967		96,665
Groupon, Inc.	*		79,534		936,115
HomeAway, Inc.	*		10,363		423,639
HSN, Inc.			6,425		400,278
Liberty Ventures, Series A	*		6,963		853,594
Nutrisystem, Inc.			5,029		82,677
Orbitz Worldwide, Inc.	*		5,907		42,412
Overstock.com, Inc.	*†		2,104		64,782
PetMed Express, Inc.	†		3,185		52,967
RetailMeNot, Inc.	*		1,514		43,588
Shutterfly, Inc.	*		7,318		372,706
ValueVision Media, Inc., Class A	*		6,239		43,611
Vitacost.com, Inc.	*		5,941		34,398
zulily, Inc., Class A	*		2,217		91,850

					3,688,350

Internet Software & Services—1.7%
Angie’s List, Inc.	*†		7,000		106,050
AOL, Inc.	*		14,126		658,554
Bankrate, Inc.	*		9,244		165,837
Bazaarvoice, Inc.	*†		8,939		70,797
Benefitfocus, Inc.	*		852		49,195
Blucora, Inc.	*		7,679		223,920
Brightcove, Inc.	*		6,369		90,058
Carbonite, Inc.	*		1,699		20,099
ChannelAdvisor Corp.	*		978		40,792
Chegg, Inc.	*		2,514		21,394
comScore, Inc.	*		6,023		172,318
Constant Contact, Inc.	*		5,890		183,002
Cornerstone OnDemand, Inc.	*		7,409		395,196
CoStar Group, Inc.	*		5,388		994,517
Cvent, Inc.	*		1,038		37,773
Dealertrack Technologies, Inc.	*		8,039		386,515
Demand Media, Inc.	*		4,535		26,167
Demandware, Inc.	*		3,369		216,020
Dice Holdings, Inc.	*		6,835		49,554
Digital River, Inc.	*		5,786		107,041
E2open, Inc.	*		2,458		58,771
EarthLink, Inc.			20,557		104,224
eGain Corp.	*		2,108		21,586
Endurance International Group Holdings, Inc.	*†		3,650		51,757



		Shares		Value

Envestnet, Inc.	*	4,359	$	175,668
Global Eagle Entertainment, Inc.	*	3,438		51,123
Gogo, Inc.	*	1,773		43,988
IAC/InterActiveCorp		14,134		970,864
Internap Network Services Corp.	*	12,196		91,714
IntraLinks Holdings, Inc.	*	8,511		103,068
j2 Global, Inc.	†	8,665		433,337
Limelight Networks, Inc.	*	6,937		13,735
Liquidity Services, Inc.	*†	4,692		106,321
LivePerson, Inc.	*	11,777		174,535
LogMeIn, Inc.	*	4,468		149,901
Marchex, Inc., Class B	*	5,699		49,296
Marin Software, Inc.	*†	1,504		15,401
Marketo, Inc.	*†	1,125		41,704
Millennial Media, Inc.	*†	8,132		59,120
Monster Worldwide, Inc.	*	21,639		154,286
Move, Inc.	*	7,747		123,875
Net Element International, Inc.	*†	362		1,582
NIC, Inc.		12,220		303,911
OpenTable, Inc.	*	4,249		337,243
Pandora Media, Inc.	*	26,455		703,703
Perficient, Inc.	*	5,746		134,571
QuinStreet, Inc.	*	5,214		45,310
Rackspace Hosting, Inc.	*	21,423		838,282
RealNetworks, Inc.	*	4,328		32,676
Reis, Inc.	*	1,345		25,864
Responsys, Inc.	*	6,331		173,533
Rocket Fuel, Inc.	*†	825		50,729
SciQuest, Inc.	*	3,675		104,664
Shutterstock, Inc.	*	1,263		105,625
Spark Networks, Inc.	*	1,965		12,104
SPS Commerce, Inc.	*	2,907		189,827
Stamps.com, Inc.	*	2,445		102,935
support.com, Inc.	*	10,899		41,307
TechTarget, Inc.	*	2,374		16,286
Textura Corp.	*†	846		25,329
Travelzoo, Inc.	*	1,808		38,547
Tremor Video, Inc.	*†	1,209		7,012
Trulia, Inc.	*†	5,165		182,170
United Online, Inc.		2,119		29,157
Unwired Planet, Inc.	*	23,320		32,182
ValueClick, Inc.	*	13,525		316,079
VistaPrint NV (Netherlands)	*†	6,206		352,811
Vocus, Inc.	*	4,079		46,460
Web.com Group, Inc.	*	7,545		239,856
WebMD Health Corp.	*†	5,809		229,456
Wix.com Ltd. (Israel)	*	1,393		37,402
XO Group, Inc.	*	5,737		85,252
Xoom Corp.	*	1,855		50,771
Yelp, Inc.	*	5,557		383,155
Zillow, Inc., Class A	*	4,130		337,545
Zix Corp.	*	9,536		43,484

				12,665,893

IT Services—2.6%
Acxiom Corp.	*	13,925		514,947
Blackhawk Network Holdings, Inc.	*	1,822		46,024
Booz Allen Hamilton Holding Corp.		5,188		99,350
Broadridge Financial Solutions, Inc.		22,585		892,559

See accompanying notes to financial statements

321

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
CACI International, Inc., Class A	*		4,457	$	326,342
Cardtronics, Inc.	*		8,528		370,542
Cass Information Systems, Inc.			2,024		136,316
CIBER, Inc.	*		14,012		58,010
Computer Task Group, Inc.			2,532		47,855
Convergys Corp.			20,160		424,368
CoreLogic, Inc.	*		17,877		635,170
CSG Systems International, Inc.			5,860		172,284
DST Systems, Inc.			6,148		557,870
EPAM Systems, Inc.	*		3,695		129,103
Euronet Worldwide, Inc.	*		9,421		450,795
EVERTEC, Inc. (Puerto Rico)			5,923		146,061
ExlService Holdings, Inc.	*		5,435		150,115
FleetCor Technologies, Inc.	*		12,560		1,471,655
Forrester Research, Inc.			2,455		93,928
Gartner, Inc.	*		17,403		1,236,483
Genpact Ltd. (Bermuda)	*		32,012		588,060
Global Cash Access Holdings, Inc.	*		13,203		131,898
Global Payments, Inc.			14,182		921,688
Hackett Group, Inc. (The)			7,902		49,071
Heartland Payment Systems, Inc.			6,660		331,934
Higher One Holdings, Inc.	*		7,479		72,995
iGATE Corp.	*		6,743		270,799
Jack Henry & Associates, Inc.			16,013		948,130
Leidos Holdings, Inc.			13,906		646,490
Lender Processing Services, Inc.			15,945		596,024
Lionbridge Technologies, Inc.	*		13,699		81,646
Luxoft Holding, Inc. (Virgin Islands, British)	*		758		28,789
ManTech International Corp., Class A	†		4,079		122,084
MAXIMUS, Inc.			13,002		571,958
ModusLink Global Solutions, Inc.	*		10,739		61,534
MoneyGram International, Inc.	*		4,578		95,131
NeuStar, Inc., Class A	*		12,510		623,749
Planet Payment, Inc.	*†		6,859		19,068
PRGX Global, Inc.	*		4,569		30,704
Sapient Corp.	*		20,009		347,356
Science Applications International Corp.			7,547		249,579
ServiceSource International, Inc.	*		9,931		83,222
Sykes Enterprises, Inc.	*		6,572		143,335
Syntel, Inc.	*		2,923		265,847
TeleTech Holdings, Inc.	*		3,025		72,419
Total System Services, Inc.			30,369		1,010,680
Unisys Corp.	*		8,649		290,347
Vantiv, Inc., Class A	*		15,940		519,803
VeriFone Systems, Inc.	*		19,931		534,549
Virtusa Corp.	*		3,400		129,506



		Shares		Value

WEX, Inc.	*	7,357	$	728,564

				18,526,736

Leisure Equipment & Products—0.5%
Arctic Cat, Inc.		2,262		128,889
Black Diamond, Inc.	*	3,789		50,507
Brunswick Corp.		17,127		788,870
Callaway Golf Co.		13,092		110,366
JAKKS Pacific, Inc.	†	3,244		21,832
Johnson Outdoors, Inc., Class A		785		21,156
LeapFrog Enterprises, Inc.	*†	12,080		95,915
Marine Products Corp.		3,091		31,064
Nautilus, Inc.	*	4,916		41,442
Polaris Industries, Inc.		11,973		1,743,748
Smith & Wesson Holding Corp.	*†	12,690		171,188
Sturm Ruger & Co., Inc.	†	3,706		270,871

				3,475,848

Life Sciences Tools & Services—1.1%
Accelerate Diagnostics, Inc.	*†	1,793		21,875
Affymetrix, Inc.	*	13,418		114,992
Albany Molecular Research, Inc.	*	3,704		37,336
Bio-Rad Laboratories, Inc., Class A	*	3,744		462,796
Bruker Corp.	*	19,689		389,251
Cambrex Corp.	*	6,259		111,598
Charles River Laboratories International, Inc.	*	9,037		479,322
Covance, Inc.	*	10,559		929,826
Fluidigm Corp.	*	5,173		198,229
Furiex Pharmaceuticals, Inc.	*	1,264		53,101
Harvard Bioscience, Inc.	*	4,039		18,983
Luminex Corp.	*	7,419		143,929
Mettler-Toledo International, Inc.	*	5,586		1,355,108
NeoGenomics, Inc.	*	5,221		18,900
Pacific Biosciences of California, Inc.	*	7,617		39,837
PAREXEL International Corp.	*	10,419		470,730
PerkinElmer, Inc.		21,185		873,458
QIAGEN NV (Netherlands)	*	44,171		1,051,711
Quintiles Transnational Holdings, Inc.	*	5,268		244,119
Sequenom, Inc.	*†	20,997		49,133
Techne Corp.		6,895		652,750

				7,716,984

Machinery—4.4%
Accuride Corp.	*	5,687		21,213
Actuant Corp., Class A		13,737		503,324
AGCO Corp.		18,353		1,086,314
Alamo Group, Inc.		1,174		71,250
Albany International Corp., Class A		5,205		187,016
Altra Industrial Motion Corp.		5,386		184,309
American Railcar Industries, Inc.	†	2,078		95,068
Ampco-Pittsburgh Corp.		986		19,178
Astec Industries, Inc.		3,451		133,312
Barnes Group, Inc.		10,180		389,996

See accompanying notes to financial statements

322

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Blount International, Inc.	*		9,180	$	132,835
Briggs & Stratton Corp.			9,174		199,626
Chart Industries, Inc.	*		5,535		529,367
CIRCOR International, Inc.			3,375		272,632
CLARCOR, Inc.			9,456		608,494
Colfax Corp.	*		16,171		1,029,931
Columbus McKinnon Corp.	*		3,189		86,549
Commercial Vehicle Group, Inc.	*		6,660		48,418
Crane Co.			9,084		610,899
Donaldson Co., Inc.			27,667		1,202,408
Douglas Dynamics, Inc.			3,681		61,914
Dynamic Materials Corp.			3,125		67,937
Energy Recovery, Inc.	*†		6,998		38,909
EnPro Industries, Inc.	*		3,892		224,374
ESCO Technologies, Inc.			4,458		152,731
ExOne Co. (The)	*†		966		58,404
Federal Signal Corp.	*		11,860		173,749
Flow International Corp.	*		9,896		39,980
FreightCar America, Inc.			2,798		74,483
Global Brass & Copper Holdings, Inc.			1,289		21,333
Gorman-Rupp Co. (The)			3,896		130,243
Graco, Inc.			11,581		904,708
Graham Corp.			1,617		58,681
Greenbrier Cos., Inc. (The)	*		4,956		162,755
Hardinge, Inc.			1,862		26,943
Harsco Corp.			14,896		417,535
Hurco Cos., Inc.			1,248		31,212
Hyster-Yale Materials Handling, Inc.			2,095		195,170
IDEX Corp.			15,255		1,126,582
ITT Corp.			16,791		729,065
John Bean Technologies Corp.			5,724		167,885
Kadant, Inc.			2,468		100,003
Kennametal, Inc.			14,370		748,246
L.B. Foster Co., Class A			1,705		80,629
Lincoln Electric Holdings, Inc.			15,664		1,117,470
Lindsay Corp.			2,395		198,186
Lydall, Inc.	*		2,982		52,543
Manitex International, Inc.	*		1,949		30,950
Manitowoc Co., Inc. (The)			25,441		593,284
Meritor, Inc.	*		19,272		201,007
Middleby Corp. (The)	*		3,558		853,813
Miller Industries, Inc.			1,779		33,143
Mueller Industries, Inc.			5,028		316,814
Mueller Water Products, Inc., Class A			30,046		281,531
Navistar International Corp.	*†		10,261		391,868
NN, Inc.			3,390		68,444
Nordson Corp.			12,138		901,853
Oshkosh Corp.			16,649		838,777
PMFG, Inc.	*		3,313		29,983
Proto Labs, Inc.	*		3,182		226,495
RBC Bearings, Inc.	*		4,314		305,216
Rexnord Corp.	*		5,002		135,104
Snap-on, Inc.			10,984		1,202,968
SPX Corp.			8,853		881,847
Standex International Corp.			2,170		136,450
Sun Hydraulics Corp.			4,279		174,712



		Shares		Value

COMMON STOCKS—(Continued)
Tecumseh Products Co., Class A	*	2,932	$	26,535
Tennant Co.		3,185		215,975
Terex Corp.		21,047		883,764
Timken Co.		16,064		884,644
Titan International, Inc.		9,793		176,078
Toro Co. (The)		10,819		688,088
Trimas Corp.	*	8,555		341,259
Trinity Industries, Inc.		15,009		818,291
Twin Disc, Inc.		1,926		49,864
Valmont Industries, Inc.		5,071		756,188
Wabash National Corp.	*	12,487		154,214
WABCO Holdings, Inc.	*	10,844		1,012,938
Wabtec Corp.		17,829		1,324,160
Watts Water Technologies, Inc., Class A		5,244		324,446
Woodward, Inc.		12,597		574,549
Xerium Technologies, Inc.	*	1,744		28,759
Xylem, Inc.		34,925		1,208,405

				31,646,225

Marine—0.2%
International Shipholding Corp.		724		21,358
Kirby Corp.	*	10,715		1,063,464
Matson, Inc.		7,328		191,334
Ultrapetrol Bahamas Ltd. (Bahamas)	*	3,567		13,340

				1,289,496

Media—1.9%
A.H. Belo Corp., Class A		2,998		22,395
AMC Networks, Inc., Class A	*	11,185		761,810
Cablevision Systems Corp., Class A		35,534		637,125
Carmike Cinemas, Inc.	*	4,840		134,746
Central European Media Enterprises Ltd., Class A (Bermuda)	*†	20,704		79,503
Cinemark Holdings, Inc.		21,864		728,727
Clear Channel Outdoor Holdings, Inc., Class A		8,401		85,186
Crown Media Holdings, Inc., Class A	*	4,399		15,529
Cumulus Media, Inc., Class A	*	17,734		137,084
Daily Journal Corp.	*	156		28,858
Dex Media, Inc.	*†	2,722		18,455
Digital Generation, Inc.	*	5,674		72,344
DreamWorks Animation SKG, Inc., Class A	*	13,912		493,876
Entercom Communications Corp., Class A	*	3,975		41,777
Entravision Communications Corp., Class A		9,227		56,192
EW Scripps Co. (The), Class A	*	5,253		114,095
Gannett Co., Inc.		43,175		1,277,117
Global Sources Ltd. (Bermuda)	*	3,330		27,073
Gray Television, Inc.	*	10,278		152,937
Harte-Hanks, Inc.		7,272		56,867
Hemisphere Media Group, Inc.	*†	1,387		16,464

See accompanying notes to financial statements

323

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Interpublic Group of Cos., Inc. (The)			79,292	$	1,403,468
John Wiley & Sons, Inc., Class A			8,182		451,646
Journal Communications, Inc., Class A	*		9,165		85,326
Lamar Advertising Co., Class A	*		14,385		751,616
Lions Gate Entertainment Corp.	†		14,824		469,328
Live Nation Entertainment, Inc.	*		26,867		530,892
Loral Space & Communications, Inc.	*		2,438		197,429
Madison Square Garden Co. (The), Class A	*		11,610		668,504
Martha Stewart Living Omnimedia, Inc., Class A	*†		6,601		27,724
McClatchy Co. (The), Class A	*†		14,513		49,344
MDC Partners, Inc., Class A			7,656		195,305
Media General, Inc.	*†		3,104		70,150
Meredith Corp.			6,486		335,975
Morningstar, Inc.			3,829		299,007
National CineMedia, Inc.			10,391		207,404
New York Times Co. (The), Class A			24,566		389,862
Nexstar Broadcasting Group, Inc., Class A			5,657		315,265
Radio Unica Communications Corp.	*‡d		1,900		—
ReachLocal, Inc.	*		2,912		37,012
Reading International, Inc., Class A	*		2,976		22,290
Regal Entertainment Group, Class A	†		15,242		296,457
Rentrak Corp.	*		1,647		62,405
Saga Communications, Inc., Class A			1,196		60,159
Salem Communications Corp., Class A			3,266		28,414
Scholastic Corp.			4,805		163,418
SFX Entertainment, Inc.	*†		3,352		40,224
Sinclair Broadcast Group, Inc., Class A			12,521		447,375
Starz, Class A	*		21,150		618,426
Valassis Communications, Inc.	†		6,961		238,414
World Wrestling Entertainment, Inc., Class A			6,474		107,339

					13,528,338

Metals & Mining—1.4%
AK Steel Holding Corp.	*†		22,896		187,747
Allegheny Technologies, Inc.			20,156		718,158
Allied Nevada Gold Corp.	*†		17,040		60,492
AM Castle & Co.	*		3,161		46,688
AMCOL International Corp.			4,673		158,788
Carpenter Technology Corp.			8,458		526,088
Century Aluminum Co.	*		9,652		100,960
Cliffs Natural Resources, Inc.	†		29,026		760,771



		Shares		Value

Coeur Mining, Inc.	*	19,056	$	206,758
Commercial Metals Co.		22,078		448,846
Compass Minerals International, Inc.		6,051		484,382
General Moly, Inc.	*	9,796		13,127
Globe Specialty Metals, Inc.		11,348		204,377
Gold Resource Corp.	†	6,352		28,774
Handy & Harman Ltd.	*	1,465		35,468
Haynes International, Inc.		2,542		140,420
Hecla Mining Co.	†	57,658		177,587
Horsehead Holding Corp.	*	8,375		135,759
Kaiser Aluminum Corp.		3,645		256,025
Materion Corp.		3,982		122,845
Midway Gold Corp.	*†	19,115		15,483
Molycorp, Inc.	*†	29,774		167,330
Noranda Aluminum Holding Corp.		4,196		13,805
Olympic Steel, Inc.		1,772		51,353
Paramount Gold and Silver Corp.	*†	21,835		20,346
Reliance Steel & Aluminum Co.		14,229		1,079,127
Royal Gold, Inc.		12,232		563,528
RTI International Metals, Inc.	*	6,083		208,099
Schnitzer Steel Industries, Inc., Class A		4,380		143,095
Steel Dynamics, Inc.		41,022		801,570
Stillwater Mining Co.	*	20,578		253,932
SunCoke Energy, Inc.	*	13,564		309,395
Tahoe Resources, Inc.	*	15,705		261,331
United States Steel Corp.	†	27,350		806,825
Universal Stainless & Alloy Products, Inc.	*	2,058		74,211
US Silica Holdings, Inc.		3,654		124,638
Walter Energy, Inc.	†	10,993		182,814
Worthington Industries, Inc.		9,711		408,639

				10,299,581

Multiline Retail—0.3%
Big Lots, Inc.	*	10,372		334,912
Bon-Ton Stores, Inc. (The)		2,140		34,839
Burlington Stores, Inc.	*	2,570		82,240
Dillard’s, Inc., Class A		5,159		501,507
Fred’s, Inc., Class A		5,995		111,028
Gordmans Stores, Inc.		1,503		11,528
J.C. Penney Co., Inc.	*†	45,529		416,590
Sears Holdings Corp.	*†	7,950		389,868
Tuesday Morning Corp.	*	6,966		111,177

				1,993,689

Multi-Utilities—1.1%
Alliant Energy Corp.		20,577		1,061,773
Avista Corp.		11,016		310,541
Black Hills Corp.		8,511		446,913
CMS Energy Corp.		49,383		1,321,983
Integrys Energy Group, Inc.		14,719		800,861
MDU Resources Group, Inc.		35,630		1,088,496
NorthWestern Corp.		7,207		312,207
SCANA Corp.		25,840		1,212,671
TECO Energy, Inc.	†	39,656		683,669
Vectren Corp.		15,433		547,872

				7,786,986

See accompanying notes to financial statements

324

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Office Electronics—0.1%
Zebra Technologies Corp., Class A	*		9,296	$	502,728

Oil, Gas & Consumable Fuels—3.3%
Abraxas Petroleum Corp.	*		16,099		52,805
Adams Resources & Energy, Inc.			479		32,811
Alon USA Energy, Inc.			3,922		64,870
Alpha Natural Resources, Inc.	*		42,685		304,771
Amyris, Inc.	*†		6,091		32,221
Apco Oil and Gas International, Inc.	*		2,488		38,788
Approach Resources, Inc.	*†		6,656		128,394
Arch Coal, Inc.	†		37,708		167,801
Athlon Energy, Inc.	*		2,927		88,542
Bill Barrett Corp.	*		9,354		250,500
Bonanza Creek Energy, Inc.	*		5,506		239,346
BPZ Resources, Inc.	*†		27,149		49,411
Callon Petroleum Co.	*		8,345		54,493
Carrizo Oil & Gas, Inc.	*		7,586		339,625
Cheniere Energy, Inc.	*		45,307		1,953,638
Clayton Williams Energy, Inc.	*		1,241		101,700
Clean Energy Fuels Corp.	*†		11,637		149,885
Cloud Peak Energy, Inc.	*		11,802		212,436
Comstock Resources, Inc.			8,808		161,098
Contango Oil & Gas Co.	*		3,036		143,481
Crosstex Energy, Inc.			8,856		320,233
CVR Energy, Inc.			2,695		117,044
Delek US Holdings, Inc.			6,946		239,012
Diamondback Energy, Inc.	*		3,805		201,132
Emerald Oil, Inc.	*		9,095		69,668
Endeavour International Corp.	*†		7,460		39,165
Energen Corp.			13,647		965,525
Energy XXI Bermuda Ltd. (Bermuda)			14,643		396,240
EPL Oil & Gas, Inc.	*		5,691		162,193
Equal Energy Ltd.			5,695		30,411
Evolution Petroleum Corp.			2,183		26,938
EXCO Resources, Inc.	†		25,463		135,209
Forest Oil Corp.	*		19,596		70,742
Frontline Ltd. (Bermuda)	*†		8,754		32,740
FX Energy, Inc.	*†		10,537		38,565
GasLog Ltd. (Monaco)			4,325		73,914
Gastar Exploration Ltd.	*		9,755		67,505
Golar LNG Ltd. (Bermuda)	†		8,340		302,659
Goodrich Petroleum Corp.	*		5,095		86,717
Green Plains Renewable Energy, Inc.	†		4,187		81,186
Gulfport Energy Corp.	*		15,745		994,297
Halcon Resources Corp.	*†		45,027		173,804
Hallador Energy Co.			3,197		25,768
Isramco, Inc.	*		156		19,820
Jones Energy, Inc., Class A	*		1,795		25,992
KiOR, Inc., Class A	*†		11,289		18,966
Knightsbridge Tankers Ltd. (Bermuda)			7,348		67,528
Kodiak Oil & Gas Corp.	*		50,572		566,912
Kosmos Energy Ltd. (Bermuda)	*		19,857		222,001
L&L Energy, Inc.	*†‡		4,777		6,019



		Shares		Value

Laredo Petroleum Holdings, Inc.	*	7,513	$	208,035
Magnum Hunter Resources Corp.	*†	33,259		243,123
Matador Resources Co.	*	11,333		211,247
Midstates Petroleum Co., Inc.	*	5,381		35,622
Miller Energy Resources, Inc.	*†	4,833		34,024
Newfield Exploration Co.	*	25,244		621,760
Nordic American Tankers Ltd. (Norway)	†	12,057		116,953
Northern Oil and Gas, Inc.	*	12,515		188,601
Oasis Petroleum, Inc.	*	18,680		877,400
Panhandle Oil and Gas, Inc., Class A		1,620		54,124
PBF Energy, Inc., Class A	†	4,025		126,626
PDC Energy, Inc.	*	6,839		363,972
Peabody Energy Corp.		50,922		994,507
Penn Virginia Corp.	*	9,218		86,926
PetroQuest Energy, Inc.	*	13,685		59,119
QEP Resources, Inc.		33,828		1,036,828
Quicksilver Resources, Inc.	*†	22,131		67,942
Renewable Energy Group, Inc.	*	5,520		63,259
Rentech, Inc.	*	43,798		76,646
Resolute Energy Corp.	*	11,308		102,111
REX American Resources Corp.	*	1,034		46,230
Rex Energy Corp.	*	9,028		177,942
Rosetta Resources, Inc.	*	11,412		548,232
Sanchez Energy Corp.	*†	6,613		162,085
SandRidge Energy, Inc.	*†	92,657		562,428
Scorpio Tankers, Inc. (Monaco)		34,877		411,200
SemGroup Corp., Class A		7,738		504,750
Ship Finance International Ltd. (Norway)	†	10,743		175,970
SM Energy Co.		12,507		1,039,457
Solazyme, Inc.	*†	7,574		82,481
Stone Energy Corp.	*	9,408		325,423
Swift Energy Co.	*†	7,371		99,508
Synergy Resources Corp.	*	10,554		97,730
Targa Resources Corp.		6,062		534,487
Teekay Corp. (Bermuda)		6,856		329,157
Teekay Tankers Ltd., Class A (Bermuda)		9,900		38,907
Triangle Petroleum Corp.	*	11,688		97,244
Ultra Petroleum Corp.	*†	29,073		629,430
Uranium Energy Corp. (Canada)	*†	13,541		27,082
Ur-Energy, Inc.	*†	19,514		26,929
Vaalco Energy, Inc.	*	12,065		83,128
W&T Offshore, Inc.		5,802		92,832
Warren Resources, Inc.	*	10,845		34,053
Western Refining, Inc.	†	10,072		427,154
Westmoreland Coal Co.	*	1,584		30,555
World Fuel Services Corp.		13,335		575,539
WPX Energy, Inc.	*	36,507		744,013
ZaZa Energy Corp.	*†	22,201		21,215

				23,638,507

Paper & Forest Products—0.4%
Boise Cascade Co.	*	2,264		66,743
Clearwater Paper Corp.	*	3,863		202,807
Deltic Timber Corp.		1,869		126,980
Domtar Corp. (Canada)		6,286		593,021

See accompanying notes to financial statements

325

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
KapStone Paper and Packaging Corp.	*		7,731	$	431,854
Louisiana-Pacific Corp.	*		25,478		471,598
Neenah Paper, Inc.			2,742		117,275
P.H. Glatfelter Co.			8,163		225,625
Resolute Forest Products, Inc. (Canada)	*		13,110		210,022
Schweitzer-Mauduit International, Inc.			5,613		288,901
Wausau Paper Corp.			7,879		99,906

					2,834,732

Personal Products—0.5%
Coty, Inc., Class A	†		11,258		171,684
Elizabeth Arden, Inc.	*		4,409		156,299
Female Health Co. (The)			5,170		43,945
Herbalife Ltd. (Cayman Islands)	†		15,830		1,245,821
Inter Parfums, Inc.			2,745		98,298
Lifevantage Corp.	*†		18,012		29,720
Medifast, Inc.	*		2,861		74,758
Nature’s Sunshine Products, Inc.			1,727		29,912
Nu Skin Enterprises, Inc., Class A			10,817		1,495,126
Nutraceutical International Corp.	*		1,355		36,287
Revlon, Inc., Class A	*		1,782		44,479
Star Scientific, Inc.	*†		39,623		45,963
Synutra International, Inc.	*		2,931		26,027
USANA Health Sciences, Inc.	*		1,221		92,283

					3,590,602

Pharmaceuticals—1.3%
AcelRx Pharmaceuticals, Inc.	*†		3,351		37,900
Aerie Pharmaceuticals, Inc.	*		1,295		23,258
Akorn, Inc.	*		11,298		278,270
Alimera Sciences, Inc.	*†		2,748		12,943
Ampio Pharmaceuticals, Inc.	*†		7,534		53,717
Aratana Therapeutics, Inc.	*		1,066		20,361
Auxilium Pharmaceuticals, Inc.	*		9,100		188,734
AVANIR Pharmaceuticals, Inc., Class A	*		28,713		96,476
BioDelivery Sciences International, Inc.	*†		3,972		23,395
Cadence Pharmaceuticals, Inc.	*		9,924		89,812
Cempra, Inc.	*		4,933		61,120
Corcept Therapeutics, Inc.	*		20,997		67,610
Cornerstone Therapeutics, Inc.	*		1,926		18,278
Depomed, Inc.	*		11,672		123,490
Endo Health Solutions, Inc.	*		21,125		1,425,092
Endocyte, Inc.	*†		5,585		59,704
Hi-Tech Pharmacal Co., Inc.	*		2,404		104,310
Horizon Pharma, Inc.	*†		8,159		62,172
Impax Laboratories, Inc.	*		13,250		333,105
Jazz Pharmaceuticals plc (Ireland)	*		9,777		1,237,377
Lannett Co., Inc.	*		4,735		156,728
Medicines Co. (The)	*		12,102		467,379
Nektar Therapeutics	*		21,602		245,183
Omeros Corp.	*†		4,721		53,300



		Shares		Value

Pacira Pharmaceuticals, Inc.	*	5,292	$	304,237
Pernix Therapeutics Holdings	*†	2,943		7,416
Pozen, Inc.	*	5,088		40,908
Prestige Brands Holdings, Inc.	*	9,444		338,095
Questcor Pharmaceuticals, Inc.	†	9,466		515,424
Relypsa, Inc.	*	1,017		25,425
Repros Therapeutics, Inc.	*†	4,662		85,315
Sagent Pharmaceuticals, Inc.	*	4,122		104,616
Salix Pharmaceuticals Ltd.	*	11,576		1,041,145
Santarus, Inc.	*	9,954		318,130
Sciclone Pharmaceuticals, Inc.	*	10,639		53,621
Sucampo Pharmaceuticals, Inc., Class A	*	1,783		16,760
Supernus Pharmaceuticals, Inc.	*†	3,172		23,917
TherapeuticsMD, Inc.	*†	18,397		95,848
ViroPharma, Inc.	*	12,065		601,440
Vivus, Inc.	*†	18,805		170,749
XenoPort, Inc.	*	8,506		48,910
Zogenix, Inc.	*†	22,351		76,887

				9,108,557

Professional Services—1.5%
Acacia Research Corp.	†	8,726		126,876
Advisory Board Co. (The)	*	6,712		427,353
Barrett Business Services, Inc.		1,514		140,408
CBIZ, Inc.	*	9,278		84,615
CDI Corp.		2,129		39,450
Corporate Executive Board Co. (The)		6,042		467,832
CRA International, Inc.	*	1,427		28,255
Dun & Bradstreet Corp. (The)		7,438		913,015
Equifax, Inc.		22,298		1,540,569
Exponent, Inc.		2,267		175,556
Franklin Covey Co.	*	1,232		24,492
FTI Consulting, Inc.	*	7,311		300,775
GP Strategies Corp.	*	2,402		71,556
Heidrick & Struggles International, Inc.		3,000		60,420
Huron Consulting Group, Inc.	*	4,527		283,933
ICF International, Inc.	*	3,982		138,215
Insperity, Inc.		3,965		143,255
Kelly Services, Inc., Class A		4,508		112,430
Kforce, Inc.		5,728		117,195
Korn/Ferry International	*	8,421		219,957
Manpowergroup, Inc.		14,538		1,248,233
Mistras Group, Inc.	*	3,345		69,844
Navigant Consulting, Inc.	*	10,052		192,998
Odyssey Marine Exploration, Inc.	*†	14,969		30,237
On Assignment, Inc.	*	8,870		309,740
Pendrell Corp.	*	26,471		53,207
Resources Connection, Inc.		6,845		98,089
Robert Half International, Inc.		26,329		1,105,555
RPX Corp.	*	5,414		91,497
Towers Watson & Co., Class A		12,068		1,539,997
TrueBlue, Inc.	*	7,816		201,496
VSE Corp.		653		31,351
WageWorks, Inc.	*	4,709		279,903

				10,668,304

See accompanying notes to financial statements

326

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Real Estate Investment Trusts (REITs)—7.2%
Acadia Realty Trust REIT			10,332	$	256,544
AG Mortgage Investment Trust, Inc. REIT			4,573		71,522
Agree Realty Corp. REIT			2,737		79,428
Alexander’s, Inc. REIT			383		126,390
Alexandria Real Estate Equities, Inc. REIT			13,510		859,506
American Assets Trust, Inc. REIT			6,527		205,144
American Campus Communities, Inc. REIT			19,568		630,285
American Capital Mortgage Investment Corp. REIT			11,522		201,174
American Homes 4 Rent, Class A REIT			10,050		162,810
American Realty Capital Properties, Inc. REIT	†		28,107		361,456
American Residential Properties, Inc. REIT	*		2,190		37,580
AmREIT, Inc. REIT			4,135		69,468
Anworth Mortgage Asset Corp. REIT			27,380		115,270
Apartment Investment & Management Co., Class A REIT			27,666		716,826
Apollo Commercial Real Estate Finance, Inc. REIT			6,767		109,964
Apollo Residential Mortgage, Inc. REIT			5,862		86,640
Ares Commercial Real Estate Corp. REIT			4,696		61,518
Armada Hoffler Properties, Inc. REIT			3,047		28,276
ARMOUR Residential REIT, Inc. REIT			65,367		262,122
Ashford Hospitality Prime, Inc. REIT			2,145		39,039
Ashford Hospitality Trust, Inc. REIT			10,729		88,836
Associated Estates Realty Corp. REIT			11,260		180,723
Aviv REIT, Inc. REIT			1,842		43,655
BioMed Realty Trust, Inc. REIT			33,948		615,138
Brandywine Realty Trust REIT			29,584		416,839
BRE Properties, Inc. REIT			14,359		785,581
Brixmor Property Group, Inc. REIT	*†		7,652		155,565
Camden Property Trust REIT			16,026		911,559
Campus Crest Communities, Inc. REIT			10,695		100,640
Capstead Mortgage Corp. REIT			17,141		207,063
CBL & Associates Properties, Inc. REIT			31,054		557,730
Cedar Realty Trust, Inc. REIT			13,395		83,853
Chambers Street Properties REIT	†		45,393		347,256
Chatham Lodging Trust REIT			5,559		113,682



		Shares		Value

Chesapeake Lodging Trust REIT		9,527	$	240,938
Chimera Investment Corp. REIT		195,394		605,721
Colony Financial, Inc. REIT		12,611		255,877
CommonWealth REIT REIT		22,203		517,552
CoreSite Realty Corp. REIT		3,409		109,736
Corporate Office Properties Trust REIT		16,231		384,512
Corrections Corp. of America REIT		21,829		700,056
Cousins Properties, Inc. REIT		31,920		328,776
CubeSmart REIT		24,215		385,987
CyrusOne, Inc. REIT		3,038		67,839
CYS Investments, Inc. REIT		31,116		230,570
DCT Industrial Trust, Inc. REIT		54,868		391,209
DDR Corp. REIT		55,099		846,872
DiamondRock Hospitality Co. REIT		37,464		432,709
Douglas Emmett, Inc. REIT		27,097		631,089
Duke Realty Corp. REIT		59,744		898,550
DuPont Fabros Technology, Inc. REIT		11,161		275,788
Dynex Capital, Inc. REIT		9,171		73,368
EastGroup Properties, Inc. REIT		5,650		327,304
Education Realty Trust, Inc. REIT		21,399		188,739
Ellington Residential Mortgage REIT REIT		1,039		15,980
Empire State Realty Trust, Inc., Class A REIT		13,808		211,262
EPR Properties REIT		9,704		477,049
Equity Lifestyle Properties, Inc. REIT		15,607		565,442
Equity One, Inc. REIT		10,911		244,843
Essex Property Trust, Inc. REIT		7,166		1,028,393
Excel Trust, Inc. REIT		10,056		114,538
Extra Space Storage, Inc. REIT		20,982		883,972
Federal Realty Investment Trust REIT		12,081		1,225,134
FelCor Lodging Trust, Inc. REIT	*	23,021		187,851
First Industrial Realty Trust, Inc. REIT		20,382		355,666
First Potomac Realty Trust REIT		11,442		133,070
Franklin Street Properties Corp. REIT		16,006		191,272
Gaming and Leisure Properties, Inc. REIT	*	14,211		722,061
Geo Group, Inc. (The) REIT		13,484		434,454
Getty Realty Corp. REIT		4,999		91,832
Gladstone Commercial Corp. REIT		2,393		43,002
Glimcher Realty Trust REIT		28,107		263,082
Government Properties Income Trust REIT		10,092		250,786
Gramercy Property Trust, Inc. REIT	*	11,512		66,194
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		2,349		32,792

See accompanying notes to financial statements

327

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Hatteras Financial Corp. REIT			17,493	$	285,836
Healthcare Realty Trust, Inc. REIT			18,090		385,498
Healthcare Trust of America, Inc., Class A REIT			20,683		203,521
Hersha Hospitality Trust REIT			37,283		207,666
Highwoods Properties, Inc. REIT			16,801		607,692
Home Properties, Inc. REIT			10,370		556,039
Hospitality Properties Trust REIT			27,769		750,596
Hudson Pacific Properties, Inc. REIT			8,157		178,394
Inland Real Estate Corp. REIT			16,167		170,077
Invesco Mortgage Capital, Inc. REIT			24,680		362,302
Investors Real Estate Trust REIT			18,364		157,563
iStar Financial, Inc. REIT	*		16,514		235,655
JAVELIN Mortgage Investment Corp. REIT	†		2,138		29,782
Kilroy Realty Corp. REIT			15,169		761,180
Kite Realty Group Trust REIT			23,613		155,137
LaSalle Hotel Properties REIT			19,449		600,196
Lexington Realty Trust REIT			34,030		347,446
Liberty Property Trust REIT			24,092		815,996
LTC Properties, Inc. REIT			6,423		227,310
Mack-Cali Realty Corp. REIT			16,724		359,232
Medical Properties Trust, Inc. REIT			30,549		373,309
MFA Financial, Inc. REIT			66,233		467,605
Mid-America Apartment Communities, Inc. REIT			13,876		842,828
Monmouth Real Estate Investment Corp., Class A REIT			7,811		71,002
National Health Investors, Inc. REIT			5,376		301,594
National Retail Properties, Inc. REIT	†		22,451		680,939
New Residential Investment Corp. REIT			46,548		310,941
New York Mortgage Trust, Inc. REIT			10,634		74,332
NorthStar Realty Finance Corp. REIT			53,173		715,177
Omega Healthcare Investors, Inc. REIT	†		22,771		678,576
One Liberty Properties, Inc. REIT			1,927		38,790
Parkway Properties, Inc. REIT			10,778		207,908
Pebblebrook Hotel Trust REIT			11,832		363,952
Pennsylvania Real Estate Investment Trust REIT			13,304		252,510
PennyMac Mortgage Investment Trust REIT			13,445		308,697
Physicians Realty Trust REIT			1,894		24,130
Piedmont Office Realty Trust, Inc., Class A REIT			31,422		519,091
Post Properties, Inc. REIT			10,280		464,964
Potlatch Corp. REIT			7,237		302,072
PS Business Parks, Inc. REIT			3,550		271,291



		Shares		Value

QTS Realty Trust, Inc., Class A REIT		2,361	$	58,506
RAIT Financial Trust REIT		13,669		122,611
Ramco-Gershenson Properties Trust REIT		11,310		178,019
Rayonier, Inc. REIT		23,783		1,001,264
Redwood Trust, Inc. REIT	†	14,817		287,005
Regency Centers Corp. REIT		17,331		802,425
Resource Capital Corp. REIT		25,000		148,250
Retail Opportunity Investments Corp. REIT		14,126		207,935
Retail Properties of America, Inc., Class A REIT		24,528		311,996
Rexford Industrial Realty, Inc. REIT		2,728		36,010
RLJ Lodging Trust REIT		22,647		550,775
Rouse Properties, Inc. REIT	†	4,591		101,874
Ryman Hospitality Properties, Inc. REIT	†	8,002		334,324
Sabra Health Care REIT, Inc. REIT		6,872		179,634
Saul Centers, Inc. REIT		1,580		75,413
Select Income REIT REIT		4,354		116,426
Senior Housing Properties Trust REIT		35,598		791,344
Silver Bay Realty Trust Corp. REIT	†	3,004		48,034
Sovran Self Storage, Inc. REIT		5,793		377,530
Spirit Realty Capital, Inc. REIT		69,068		678,938
STAG Industrial, Inc. REIT		8,311		169,461
Starwood Property Trust, Inc. REIT		36,249		1,004,097
Strategic Hotels & Resorts, Inc. REIT	*	33,776		319,183
Summit Hotel Properties, Inc. REIT		16,339		147,051
Sun Communities, Inc. REIT		6,851		292,127
Sunstone Hotel Investors, Inc. REIT		33,780		452,652
Tanger Factory Outlet Centers, Inc. REIT		17,965		575,239
Taubman Centers, Inc. REIT		12,070		771,514
Terreno Realty Corp. REIT		5,103		90,323
Two Harbors Investment Corp. REIT		68,265		633,499
UMH Properties, Inc. REIT		3,071		28,929
Universal Health Realty Income Trust REIT		2,317		92,819
Urstadt Biddle Properties, Inc., Class A REIT		4,932		90,995
Washington Real Estate Investment Trust REIT		12,190		284,758
Weingarten Realty Investors REIT		23,123		634,033
Western Asset Mortgage Capital Corp. REIT	†	4,020		59,818
Whitestone REIT		5,035		67,318
Winthrop Realty Trust REIT		5,324		58,830
WP Carey, Inc. REIT		10,899		668,654
ZAIS Financial Corp. REIT		962		15,421

				52,052,809

See accompanying notes to financial statements

328

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Real Estate Management & Development—0.7%
Alexander & Baldwin, Inc.			8,319	$	347,152
Altisource Residential Corp. (Virgin Islands, U.S.)			8,250		248,408
AV Homes, Inc.	*		1,495		27,164
Consolidated-Tomoka Land Co.			1,195		43,367
Forest City Enterprises, Inc., Class A	*		30,060		574,146
Forestar Group, Inc.	*		6,325		134,533
Howard Hughes Corp. (The)	*		7,474		897,627
Jones Lang LaSalle, Inc.			8,344		854,342
Kennedy-Wilson Holdings, Inc.			10,976		244,216
RE/MAX Holdings, Inc., Class A	*		1,946		62,408
Realogy Holdings Corp.	*		22,657		1,120,842
St. Joe Co. (The)	*†		11,522		221,107
Tejon Ranch Co.	*		2,591		95,245

					4,870,557

Road & Rail—0.8%
AMERCO	*		1,307		310,857
Arkansas Best Corp.			4,354		146,643
Avis Budget Group, Inc.	*		20,414		825,134
Celadon Group, Inc.			4,371		85,147
Con-way, Inc.			10,630		422,117
Genesee & Wyoming, Inc., Class A	*		8,061		774,259
Heartland Express, Inc.			8,826		173,166
Knight Transportation, Inc.			10,752		197,192
Landstar System, Inc.			8,890		510,730
Marten Transport Ltd.			3,709		74,885
Old Dominion Freight Line, Inc.	*		13,469		714,126
Patriot Transportation Holding, Inc.	*		1,038		43,087
Quality Distribution, Inc.	*		5,838		74,902
Roadrunner Transportation Systems, Inc.	*		2,955		79,637
Ryder System, Inc.			9,486		699,877
Saia, Inc.	*		4,169		133,616
Swift Transportation Co.	*†		15,398		341,990
Universal Truckload Services, Inc.			1,615		49,274
Werner Enterprises, Inc.			8,408		207,930
YRC Worldwide, Inc.	*†		1,506		26,159

					5,890,728

Semiconductors & Semiconductor Equipment—2.4%
Advanced Energy Industries, Inc.	*		7,214		164,912
Advanced Micro Devices, Inc.	*†		110,379		427,167
Alpha & Omega Semiconductor Ltd.	*		2,749		21,195
Ambarella, Inc.	*		3,046		103,351
Amkor Technology, Inc.	*		12,795		78,433
ANADIGICS, Inc.	*		15,184		27,939
Applied Micro Circuits Corp.	*		14,794		197,944
Atmel Corp.	*		81,517		638,278
ATMI, Inc.	*		5,396		163,013
Axcelis Technologies, Inc.	*		20,883		50,954



		Shares		Value

Brooks Automation, Inc.		11,493	$	120,562
Cabot Microelectronics Corp.	*	4,276		195,413
Cavium, Inc.	*	9,259		319,528
Ceva, Inc.	*	3,801		57,851
Cirrus Logic, Inc.	*†	11,941		243,955
Cohu, Inc.		4,103		43,081
Cree, Inc.	*	21,835		1,366,216
Cypress Semiconductor Corp.	*	28,584		300,132
Diodes, Inc.	*	6,017		141,760
DSP Group, Inc.	*	4,251		41,277
Entegris, Inc.	*	25,104		291,206
Entropic Communications, Inc.	*	14,187		66,821
Exar Corp.	*	7,230		85,242
Fairchild Semiconductor International, Inc.	*	22,826		304,727
First Solar, Inc.	*	12,628		689,994
FormFactor, Inc.	*	11,437		68,851
Freescale Semiconductor Ltd.	*	11,271		180,899
GSI Technology, Inc.	*	3,251		21,587
GT Advanced Technologies, Inc.	*†	23,592		205,722
Hittite Microwave Corp.	*	5,664		349,639
Inphi Corp.	*	4,292		55,367
Integrated Device Technology, Inc.	*	24,178		246,374
Integrated Silicon Solution, Inc.	*	4,746		57,379
Intermolecular, Inc.	*	2,026		9,968
International Rectifier Corp.	*	12,910		336,564
Intersil Corp., Class A		24,427		280,178
IXYS Corp.		5,795		75,161
Kopin Corp.	*	10,484		44,242
Lattice Semiconductor Corp.	*	22,371		123,264
LSI Corp.		103,971		1,145,760
LTX-Credence Corp.	*	8,847		70,687
M/A-COM Technology Solutions Holdings, Inc.	*	1,263		21,458
MaxLinear, Inc., Class A	*	3,663		38,205
Micrel, Inc.		7,091		69,988
Microsemi Corp.	*	17,114		426,994
MKS Instruments, Inc.		10,273		307,574
Monolithic Power Systems, Inc.	*	7,140		247,472
MoSys, Inc.	*	9,117		50,326
Nanometrics, Inc.	*	3,660		69,723
NeoPhotonics Corp.	*	2,624		18,525
NVE Corp.	*	771		44,934
OmniVision Technologies, Inc.	*	9,688		166,634
ON Semiconductor Corp.	*	84,344		694,995
PDF Solutions, Inc.	*	4,882		125,077
Peregrine Semiconductor Corp.	*	4,359		32,300
Pericom Semiconductor Corp.	*	5,204		46,107
Photronics, Inc.	*	11,167		100,838
PLX Technology, Inc.	*	8,946		58,865
PMC—Sierra, Inc.	*	37,964		244,108
Power Integrations, Inc.		5,526		308,461
Rambus, Inc.	*	19,057		180,470
RF Micro Devices, Inc.	*	51,143		263,898
Rubicon Technology, Inc.	*†	2,802		27,880
Rudolph Technologies, Inc.	*	5,424		63,678
Semtech Corp.	*	12,745		322,194

See accompanying notes to financial statements

329

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Sigma Designs, Inc.	*		8,818	$	41,621
Silicon Image, Inc.	*		13,062		80,331
Silicon Laboratories, Inc.	*		7,560		327,424
Skyworks Solutions, Inc.	*		35,530		1,014,737
Spansion, Inc., Class A	*		9,327		129,552
SunEdison, Inc.	*		49,945		651,782
SunPower Corp.	*†		7,788		232,160
Supertex, Inc.	*		1,876		46,994
Synaptics, Inc.	*		6,286		325,678
Teradyne, Inc.	*		35,663		628,382
Tessera Technologies, Inc.			9,035		178,080
TriQuint Semiconductor, Inc.	*		29,317		244,504
Ultra Clean Holdings, Inc.	*		6,562		65,817
Ultratech, Inc.	*		4,638		134,502
Veeco Instruments, Inc.	*		7,670		252,420

					17,697,281

Software—3.8%
Accelrys, Inc.	*		9,479		90,430
ACI Worldwide, Inc.	*		7,536		489,840
Actuate Corp.	*		9,173		70,724
Advent Software, Inc.			6,076		212,599
American Software, Inc., Class A			3,570		35,236
ANSYS, Inc.	*		17,233		1,502,718
Aspen Technology, Inc.	*		17,503		731,625
AVG Technologies NV (Netherlands)	*		3,792		65,260
Barracuda Networks, Inc.	*		698		27,697
Blackbaud, Inc.			8,708		327,856
Bottomline Technologies de, Inc.	*		7,299		263,932
BroadSoft, Inc.	*		4,735		129,455
Cadence Design Systems, Inc.	*		52,820		740,536
Callidus Software, Inc.	*		7,373		101,231
CommVault Systems, Inc.	*		8,682		650,108
Compuware Corp.			40,292		451,673
Comverse, Inc.	*		3,789		147,013
Concur Technologies, Inc.	*		8,829		910,976
Covisint Corp.	*		1,233		15,474
Cyan, Inc.	*†		1,292		6,835
Digimarc Corp.			993		19,125
Ebix, Inc.	†		6,537		96,225
Ellie Mae, Inc.	*†		4,322		116,132
Epiq Systems, Inc.			6,758		109,547
ePlus, Inc.	*		596		33,877
FactSet Research Systems, Inc.	†		8,178		887,967
Fair Isaac Corp.			6,796		427,061
FireEye, Inc.	*		2,925		127,559
FleetMatics Group plc (Ireland)	*		2,761		119,413
Fortinet, Inc.	*		25,484		487,509
Gigamon, Inc.	*		1,252		35,156
Glu Mobile, Inc.	*†		8,971		34,897
Guidance Software, Inc.	*		2,669		26,957
Guidewire Software, Inc.	*		9,348		458,706
Imperva, Inc.	*		3,842		184,915
Infoblox, Inc.	*		9,240		305,105
Informatica Corp.	*		20,453		848,800
Interactive Intelligence Group, Inc.	*		2,618		176,349
Jive Software, Inc.	*		6,532		73,485
Manhattan Associates, Inc.	*		3,680		432,326



		Shares		Value

Mavenir Systems, Inc.	*	940	$	10,490
Mentor Graphics Corp.		17,566		422,814
MICROS Systems, Inc.	*	14,652		840,585
MicroStrategy, Inc., Class A	*	1,777		220,775
Mitek Systems, Inc.	*†	3,615		21,473
Model N, Inc.	*†	1,301		15,339
Monotype Imaging Holdings, Inc.		7,430		236,720
Netscout Systems, Inc.	*	6,836		202,277
NetSuite, Inc.	*	6,549		674,678
Nuance Communications, Inc.	*	48,708		740,362
Pegasystems, Inc.		2,969		146,015
Progress Software Corp.	*	9,932		256,544
Proofpoint, Inc.	*	3,579		118,715
PROS Holdings, Inc.	*	3,855		153,815
PTC, Inc.	*	22,668		802,221
QAD, Inc., Class A		986		17,413
Qlik Technologies, Inc.	*	16,686		444,348
Qualys, Inc.	*	3,457		79,891
Rally Software Development Corp.	*	1,100		21,395
RealPage, Inc.	*	8,084		189,004
Rosetta Stone, Inc.	*	2,755		33,666
Rovi Corp.	*	19,697		387,834
Sapiens International Corp. NV (Israel)		3,979		30,678
SeaChange International, Inc.	*	5,522		67,148
ServiceNow, Inc.	*	14,954		837,574
Silver Spring Networks, Inc.	*†	944		19,824
SolarWinds, Inc.	*	12,044		455,625
Solera Holdings, Inc.		12,842		908,700
Splunk, Inc.	*	19,013		1,305,623
SS&C Technologies Holdings, Inc.	*	10,671		472,298
Synchronoss Technologies, Inc.	*	5,012		155,723
Synopsys, Inc.	*	29,002		1,176,611
Tableau Software, Inc., Class A	*	1,964		135,379
Take-Two Interactive Software, Inc.	*	15,130		262,808
Tangoe, Inc.	*†	4,906		88,357
TeleCommunication Systems, Inc., Class A	*	7,640		17,725
TeleNav, Inc.	*	4,267		28,120
TIBCO Software, Inc.	*	31,097		699,061
TiVo, Inc.	*	22,968		301,340
Tyler Technologies, Inc.	*	5,903		602,873
Ultimate Software Group, Inc. (The)	*	5,233		801,800
VASCO Data Security International, Inc.	*	4,225		32,659
Verint Systems, Inc.	*	9,660		414,800
VirnetX Holding Corp.	*†	7,740		150,233
Vringo, Inc.	*†	10,670		31,583
Zynga, Inc., Class A	*	107,050		406,790

				27,412,035

Specialty Retail—3.5%
Aaron’s, Inc.		13,685		402,339
Abercrombie & Fitch Co., Class A	†	14,262		469,362
Aeropostale, Inc.	*†	13,291		120,815

See accompanying notes to financial statements

330

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
American Eagle Outfitters, Inc.			36,160	$	520,704
America’s Car-Mart, Inc.	*		1,569		66,259
ANN, Inc.	*		8,527		311,747
Asbury Automotive Group, Inc.	*		5,664		304,383
Ascena Retail Group, Inc.	*		24,015		508,157
AutoNation, Inc.	*		9,272		460,726
Barnes & Noble, Inc.	*		6,505		97,250
bebe stores, Inc.			4,090		21,759
Big 5 Sporting Goods Corp.			4,027		79,815
Body Central Corp.	*†		2,618		10,315
Brown Shoe Co., Inc.			8,500		239,190
Buckle, Inc. (The)	†		5,434		285,611
Cabela’s, Inc.	*		9,046		603,006
Cato Corp. (The), Class A			4,713		149,873
Chico’s FAS, Inc.			29,738		560,264
Children’s Place Retail Stores, Inc. (The)	*		4,359		248,332
Christopher & Banks Corp.	*		5,820		49,703
Citi Trends, Inc.	*		3,282		55,794
Conn’s, Inc.	*		4,337		341,712
Container Store Group, Inc.(The)	*†		2,409		112,283
CST Brands, Inc.			11,057		406,013
Destination Maternity Corp.			2,707		80,885
Destination XL Group, Inc.	*		8,855		58,177
Dick’s Sporting Goods, Inc.			18,646		1,083,333
DSW, Inc., Class A			13,331		569,634
Express, Inc.	*		16,183		302,137
Finish Line, Inc. (The), Class A			9,621		271,024
Five Below, Inc.	*		6,097		263,390
Foot Locker, Inc.			27,877		1,155,223
Francesca’s Holdings Corp.	*†		7,474		137,596
GameStop Corp., Class A			22,017		1,084,557
Genesco, Inc.	*		4,586		335,053
GNC Holdings, Inc., Class A			18,547		1,084,072
Group 1 Automotive, Inc.			4,050		287,631
Guess?, Inc.			10,555		327,944
Haverty Furniture Cos., Inc.			3,359		105,137
hhgregg, Inc.	*		2,033		28,401
Hibbett Sports, Inc.	*†		4,967		333,832
Jos A. Bank Clothiers, Inc.	*		5,414		296,308
Kirkland’s, Inc.	*		2,193		51,908
Lithia Motors, Inc., Class A			4,128		286,566
Lumber Liquidators Holdings, Inc.	*		5,235		538,629
MarineMax, Inc.	*		5,242		84,291
Mattress Firm Holding Corp.	*†		2,112		90,900
Men’s Wearhouse, Inc. (The)			9,504		485,464
Monro Muffler Brake, Inc.	†		5,979		336,976
New York & Co., Inc.	*		3,724		16,274
Office Depot, Inc.	*		89,117		471,429
Outerwall, Inc.	*†		5,002		336,485
Pacific Sunwear of California, Inc.	*		7,414		24,763
Penske Automotive Group, Inc.			7,830		369,263
Pep Boys-Manny, Moe & Jack (The)	*		10,379		126,001
Pier 1 Imports, Inc.			18,214		420,379
RadioShack Corp.	*†		19,631		51,041



		Shares		Value

Rent-A-Center, Inc.		10,379	$	346,036
Restoration Hardware Holdings, Inc.	*	3,414		229,762
Sally Beauty Holdings, Inc.	*	32,098		970,323
Sears Hometown and Outlet Stores, Inc.	*	1,371		34,961
Select Comfort Corp.	*	10,963		231,210
Shoe Carnival, Inc.		3,350		97,184
Signet Jewelers Ltd. (Bermuda)		14,992		1,179,870
Sonic Automotive, Inc., Class A		7,614		186,391
Stage Stores, Inc.		6,014		133,631
Stein Mart, Inc.		5,811		78,158
Systemax, Inc.	*	1,358		15,278
Tile Shop Holdings, Inc.	*†	2,923		52,819
Tilly’s, Inc., Class A	*	1,567		17,942
Trans World Entertainment Corp.	*	1,749		7,731
Ulta Salon Cosmetics & Fragrance, Inc.	*	11,771		1,136,137
Urban Outfitters, Inc.	*	20,403		756,951
Vitamin Shoppe, Inc.	*	5,873		305,455
West Marine, Inc.	*	3,373		47,998
Wet Seal, Inc. (The), Class A	*	18,979		51,813
Williams-Sonoma, Inc.		18,433		1,074,275
Winmark Corp.		356		32,973
Zale Corp.	*	5,195		81,925
Zumiez, Inc.	*	3,482		90,532

				25,079,470

Textiles, Apparel & Luxury Goods—1.3%
American Apparel, Inc.	*†	9,346		11,496
Carter’s, Inc.		10,696		767,866
Columbia Sportswear Co.	†	2,546		200,497
Crocs, Inc.	*	15,828		251,982
Culp, Inc.		1,780		36,401
Deckers Outdoor Corp.	*	6,235		526,608
Fifth & Pacific Cos., Inc.	*	21,977		704,802
Fossil Group, Inc.	*	9,528		1,142,788
G-III Apparel Group Ltd.	*	3,293		242,990
Hanesbrands, Inc.		18,560		1,304,211
Iconix Brand Group, Inc.	*	10,387		412,364
Jones Group, Inc. (The)		15,747		235,575
Movado Group, Inc.		2,952		129,917
Oxford Industries, Inc.		2,482		200,223
Perry Ellis International, Inc.	*	2,045		32,291
Quiksilver, Inc.	*	22,620		198,377
RG Barry Corp.		1,580		30,494
Skechers U.S.A., Inc., Class A	*	7,438		246,421
Steven Madden Ltd.	*	11,537		422,139
Tumi Holdings, Inc.	*	8,914		201,011
Under Armour, Inc., Class A	*	15,512		1,354,198
Unifi, Inc.	*	3,223		87,794
Vera Bradley, Inc.	*†	3,595		86,424
Vince Holding Corp.	*	1,928		59,132
Wolverine World Wide, Inc.		18,384		624,321

				9,510,322

Thrifts & Mortgage Finance—1.2%
Astoria Financial Corp.		17,289		239,107
Banc of California, Inc.		3,678		49,322
Bank Mutual Corp.		9,174		64,310
BankFinancial Corp.		3,338		30,576
BBX Capital Corp., Class A	*	1,182		18,439

See accompanying notes to financial statements

331

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund		Shares		Value

COMMON STOCKS—(Continued)
Beneficial Mutual Bancorp, Inc.	*		7,279	$	79,487
Berkshire Hills Bancorp, Inc.			4,121		112,380
BofI Holding, Inc.	*		2,398		188,075
Brookline Bancorp, Inc.			13,692		131,032
Capitol Federal Financial, Inc.			26,548		321,496
Charter Financial Corp.			5,539		59,655
Clifton Savings Bancorp, Inc.			1,464		18,739
Dime Community Bancshares, Inc.			5,399		91,351
Doral Financial Corp. (Puerto Rico)	*		1,389		21,752
ESB Financial Corp.			2,032		28,854
ESSA Bancorp, Inc.			2,018		23,328
Essent Group Ltd. (Bermuda)	*		3,799		91,404
EverBank Financial Corp.			14,911		273,468
Federal Agricultural Mortgage Corp., Class C			2,090		71,583
First Defiance Financial Corp.			1,548		40,202
First Financial Northwest, Inc.			4,938		51,207
Flagstar Bancorp, Inc.	*		3,160		61,999
Fox Chase Bancorp, Inc.			2,827		49,133
Franklin Financial Corp.	*		2,537		50,182
Hingham Institution for Savings			216		16,954
Home Bancorp, Inc.	*		1,026		19,340
Home Loan Servicing Solutions Ltd. (Cayman Islands)			13,537		310,945
HomeStreet, Inc.			1,829		36,580
Hudson City Bancorp, Inc.			99,851		941,595
Kearny Financial Corp.	*		3,008		34,983
Meridian Interstate Bancorp, Inc.	*		2,252		50,850
Meta Financial Group, Inc.			883		35,611
MGIC Investment Corp.	*		59,562		502,703
NASB Financial, Inc.			529		15,976
Nationstar Mortgage Holdings, Inc.	*†		4,170		154,123
Northfield Bancorp, Inc.			11,875		156,750
Northwest Bancshares, Inc.			16,950		250,521
OceanFirst Financial Corp.			3,947		67,612
Ocwen Financial Corp.	*		19,245		1,067,135
Oritani Financial Corp.			8,540		137,067
PennyMac Financial Services, Inc., Class A	*		2,032		35,662
People’s United Financial, Inc.			57,625		871,290
Provident Financial Holdings, Inc.			1,454		21,810
Provident Financial Services, Inc.			11,086		214,182
Radian Group, Inc.			31,780		448,734
Rockville Financial, Inc.			4,636		65,878
Stonegate Mortgage Corp.	*†		1,368		22,613
Territorial Bancorp, Inc.			1,756		40,739
TFS Financial Corp.	*		13,499		163,540
Tree.com, Inc.	*		1,518		49,851
TrustCo Bank Corp. NY			15,928		114,363
United Community Financial Corp./OH	*		6,335		22,616



		Shares		Value

United Financial Bancorp, Inc.		3,096	$	58,483
Walker & Dunlop, Inc.	*	2,337		37,789
Washington Federal, Inc.		19,186		446,842
Waterstone Financial, Inc.	*	1,236		13,720
Westfield Financial, Inc.		3,887		28,997
WSFS Financial Corp.		1,658		128,545

				8,751,480

Tobacco—0.1%
Alliance One International, Inc.	*	16,723		51,005
Universal Corp.	†	4,071		222,277
Vector Group Ltd.	†	12,325		201,760

				475,042

Trading Companies & Distributors—1.0%
Aceto Corp.		4,950		123,799
Air Lease Corp.		13,434		417,529
Aircastle Ltd.		12,914		247,432
Applied Industrial Technologies, Inc.		8,098		397,531
Beacon Roofing Supply, Inc.	*	8,899		358,452
BlueLinx Holdings, Inc.	*	7,803		15,216
CAI International, Inc.	*	2,855		67,292
DXP Enterprises, Inc.	*	1,862		214,502
GATX Corp.		8,813		459,774
H&E Equipment Services, Inc.	*	5,923		175,498
HD Supply Holdings, Inc.	*	11,871		285,023
Houston Wire & Cable Co.		3,458		46,268
Kaman Corp.		5,326		211,602
MRC Global, Inc.	*	15,142		488,481
MSC Industrial Direct Co., Inc., Class A		8,612		696,452
Rush Enterprises, Inc., Class A	*	5,884		174,461
Stock Building Supply Holdings, Inc.	*	2,416		44,020
TAL International Group, Inc.	†	6,450		369,908
Textainer Group Holdings Ltd. (Bermuda)	†	4,142		166,591
Titan Machinery, Inc.	*†	2,896		51,607
United Rentals, Inc.	*	17,467		1,361,553
Watsco, Inc.		4,911		471,751
WESCO International, Inc.	*	8,362		761,527

				7,606,269

Transportation Infrastructure—0.0%
Wesco Aircraft Holdings, Inc.	*	6,864		150,459

Water Utilities—0.4%
American States Water Co.		7,394		212,430
American Water Works Co., Inc.		32,873		1,389,213
Aqua America, Inc.		32,739		772,313
Artesian Resources Corp., Class A		1,201		27,563
California Water Service Group		9,216		212,613
Connecticut Water Service, Inc.		2,093		74,322

See accompanying notes to financial statements

332

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Mid/Small Company Index Fund			Shares		Value

COMMON STOCKS—(Continued)
Consolidated Water Co. Ltd. (Cayman Islands)				2,318	$	32,684
Middlesex Water Co.				2,518		52,727
Pure Cycle Corp.		*†		2,739		17,338
SJW Corp.				2,960		88,178
York Water Co.				2,142		44,832

						2,924,213

Wireless Telecommunication Services—0.1%
Boingo Wireless, Inc.		*		3,174		20,345
Leap Wireless International, Inc.		*		10,198		177,445
NII Holdings, Inc.		*†		29,822		82,011
NTELOS Holdings Corp.				2,906		58,788
RingCentral, Inc., Class A		*		1,445		26,545
Shenandoah Telecommunications Co.				4,013		103,014
Telephone & Data Systems, Inc.				17,675		455,662
United States Cellular Corp.				2,164		90,498
USA Mobility, Inc.				3,582		51,151

						1,065,459

TOTAL COMMON STOCKS
(Cost $500,109,721)						705,134,227



Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.075%	06/26/2014	‡‡	$	620,000		619,759
0.044%	03/13/2014	‡‡		165,000		164,988

						784,747

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $784,761)						784,747



				Shares		Value
RIGHTS—0.0%
Machinery—0.0%
Gerber Scientific, Inc.		*‡d		3,478		—

Oil, Gas & Consumable Fuels—0.0%
EXCO Resources, Inc., Expires 01/09/2014		*†		25,463		4,074

Pharmaceuticals—0.0%
Forest Laboratories, Inc.		*‡		2,916		1,604

Textiles, Apparel & Luxury Goods—0.0%
Mossimo, Inc.		*‡d		2,807		—

TOTAL RIGHTS
(Cost $—)						5,678



		Shares		Value

WARRANTS—0.0%
Communications Equipment—0.0%
Pegasus Wireless Corp.	*‡d	200	$	—

Oil, Gas & Consumable Fuels—0.0%
Magnum Hunter Resources Corp., Expires 04/15/2016, Strike $1.00	*†‡	2,734		3,199

TOTAL WARRANTS
(Cost $—)				3,199


MONEY MARKET FUNDS—8.2%
Institutional Money Market Funds—8.2%
Dreyfus Institutional Cash Advantage Fund, 0.06%	††¥	7,350,000		7,350,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	¥	13,705,295		13,705,296
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%	††¥	8,440,289		8,440,289
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.04%	††¥	7,350,000		7,350,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%	††¥	7,350,000		7,350,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.06%	††¥	7,350,000		7,350,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.06%	††¥	7,350,000		7,350,000

TOTAL MONEY MARKET FUNDS
(Cost $58,895,585)				58,895,585

TOTAL INVESTMENTS—106.1%
(Cost $559,790,067)				764,823,436
Other assets less liabilities—(6.1%)				(43,976,895	)

NET ASSETS—100.0%			$	720,846,541

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 December 31, 2013.
‡		Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $10,822)
‡‡		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

333

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—98.2%
Australia—7.3%
AGL Energy Ltd.			12,177	$	163,693
ALS Ltd.			9,199		72,575
Alumina Ltd.	*		55,712		55,312
Amcor Ltd.			27,599		260,694
AMP Ltd.			64,050		251,744
APA Group			20,321		109,066
Asciano Ltd.			20,252		104,408
ASX Ltd.			4,313		141,833
Aurizon Holdings Ltd.			43,743		191,049
Australia & New Zealand Banking Group Ltd.			60,507		1,746,730
Bank of Queensland Ltd.			6,134		66,781
Bendigo and Adelaide Bank Ltd.	†		9,416		98,982
BHP Billiton Ltd.			70,875		2,416,337
Boral Ltd.	†		17,810		76,167
Brambles Ltd.			33,965		278,274
Caltex Australia Ltd.			2,894		52,008
CFS Retail Property Trust Group REIT			47,514		82,707
Coca-Cola Amatil Ltd.			11,996		129,048
Cochlear Ltd.	†		1,448		76,291
Commonwealth Bank of Australia			35,574		2,478,694
Computershare Ltd.			10,442		106,408
Crown Resorts Ltd.			9,289		140,150
CSL Ltd.			10,699		659,560
Dexus Property Group REIT			114,468		102,951
Echo Entertainment Group Ltd.			19,164		42,214
Federation Centres Ltd. REIT			29,361		61,547
Flight Centre Travel Group Ltd.	†		1,102		46,933
Fortescue Metals Group Ltd.	†		34,217		178,744
Goodman Group REIT			36,901		156,341
GPT Group REIT			38,412		116,817
Harvey Norman Holdings Ltd.	†		10,998		31,123
Iluka Resources Ltd.	†		8,956		69,400
Incitec Pivot Ltd.			36,840		88,377
Insurance Australia Group Ltd.			47,574		247,701
Leighton Holdings Ltd.			3,887		56,135
Lend Lease Group			12,847		128,209
Macquarie Group Ltd.			6,287		308,583
Metcash Ltd.			22,706		64,122
Mirvac Group REIT			80,365		120,846
National Australia Bank Ltd.			51,791		1,616,503
Newcrest Mining Ltd.			17,344		121,795
Orica Ltd.			8,537		182,553
Origin Energy Ltd.			23,882		300,976
Orora Ltd.	*		27,599		28,586
Qantas Airways Ltd.	*		24,422		23,956
QBE Insurance Group Ltd.			27,279		281,402
Ramsay Health Care Ltd.			3,118		120,671
REA Group Ltd.			1,010		34,115
Rio Tinto Ltd.			9,669		591,812
Santos Ltd.			21,571		282,707
Seek Ltd.			7,951		95,590
Sonic Healthcare Ltd.			7,976		118,368



		Shares		Value
SP AusNet			35,545	$	39,582
Stockland REIT	†		53,247		172,154
Suncorp Group Ltd.			28,036		329,083
Sydney Airport			23,555		80,055
Tabcorp Holdings Ltd.			17,824		57,871
Tatts Group Ltd.			29,615		82,106
Telstra Corp. Ltd.			96,860		454,623
Toll Holdings Ltd.			13,967		71,038
Transurban Group			30,231		184,875
Treasury Wine Estates Ltd.			12,953		55,866
Wesfarmers Ltd.			21,974		865,181
Westfield Group REIT			45,074		406,898
Westfield Retail Trust REIT			65,659		174,432
Westpac Banking Corp.			68,468		1,984,797
Woodside Petroleum Ltd.			14,636		509,750
Woolworths Ltd.			28,029		848,756
WorleyParsons Ltd.			4,768		70,927

					21,765,582

Austria—0.3%
Andritz AG	†		1,731		108,480
Erste Group Bank AG			5,834		203,376
IMMOFINANZ AG	*		22,198		102,861
OMV AG			3,271		156,620
Raiffeisen Bank International AG			930		32,839
Telekom Austria AG			4,876		36,940
Vienna Insurance Group AG Wiener Versicherung Gruppe			952		47,579
Voestalpine AG			2,547		122,394

					811,089

Belgium—1.2%
Ageas			5,094		217,226
Anheuser-Busch InBev NV			17,725		1,884,810
Belgacom SA			3,304		97,773
Colruyt SA			1,560		87,163
Delhaize Group SA			2,269		134,987
Groupe Bruxelles Lambert SA			1,702		156,348
Groupe Bruxelles Lambert SA STRIP VVPR	*‡d		127		—
KBC Groep NV			5,505		312,990
Solvay SA			1,276		201,952
Telenet Group Holding NV			1,140		68,064
UCB SA			2,456		182,976
Umicore SA			2,564		119,802

					3,464,091

Bermuda—0.1%
Seadrill Ltd.			8,376		343,286

China—0.0%
Yangzijiang Shipbuilding Holdings Ltd.			53,000		49,882

Denmark—1.2%
A.P. Moller-Maersk A/S, Class A			12		123,612
A.P. Moller-Maersk A/S, Class B			29		313,837
Carlsberg A/S, Class B			2,349		259,926
Coloplast A/S, Class B			2,584		171,308
Danske Bank A/S	*		14,344		329,506

See accompanying notes to financial statements

334

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
DSV A/S			3,830	$	125,748
Novo Nordisk A/S, Class B			8,781		1,610,042
Novozymes A/S, Class B			5,104		215,594
TDC A/S			16,300		158,185
Tryg A/S			491		47,480
William Demant Holding A/S	*		482		46,824

					3,402,062

Finland—0.9%
Elisa Oyj			3,556		94,300
Fortum Oyj			10,216		233,504
Kone Oyj, Class B	†		6,800		306,671
Metso Oyj	†		3,020		129,141
Neste Oil Oyj			3,215		63,581
Nokia Oyj	*		82,247		664,556
Nokian Renkaat Oyj			2,497		119,742
Orion Oyj, Class B			2,366		66,501
Pohjola Bank plc, Class A			3,375		67,671
Sampo, Class A			9,333		458,742
Stora Enso Oyj, Class R			12,981		130,443
UPM-Kymmene Oyj			12,193		206,794
Wartsila Oyj Abp			3,825		188,577

					2,730,223

France—9.6%
Accor SA			3,556		167,950
Aeroports de Paris			710		80,621
Air Liquide SA			6,899		976,442
Alcatel-Lucent	*		54,619		242,384
Alstom SA			4,650		169,569
Arkema SA			1,446		168,832
AtoS			1,515		137,265
AXA SA			39,507		1,100,176
BNP Paribas SA			21,953		1,712,494
Bouygues SA			4,268		161,398
Bureau Veritas SA	†		4,918		143,580
Cap Gemini SA			3,325		225,054
Carrefour SA			13,646		541,655
Casino Guichard Perrachon SA			1,263		145,733
CGG SA	*†		3,682		63,901
Christian Dior SA			1,168		221,080
Cie de Saint-Gobain			9,023		497,051
Cie Generale des Etablissements Michelin			4,066		432,625
CNP Assurances			3,589		73,597
Credit Agricole SA	*		22,015		282,209
Danone SA			12,494		901,341
Dassault Systemes SA			1,458		181,042
Edenred			4,650		155,693
Electricite de France SA			5,483		193,973
Essilor International SA			4,528		481,813
Eurazeo SA			672		52,704
European Aeronautic Defence and Space Co. NV			13,125		1,007,609
Eutelsat Communications SA			3,163		98,693
Fonciere Des Regions REIT			530		45,752
GDF Suez			29,154		685,686
Gecina SA REIT			463		61,304
Groupe Eurotunnel SA (Registered)			12,467		131,069



		Shares		Value
ICADE REIT			860	$	80,058
Iliad SA			568		116,378
Imerys SA			759		66,069
JCDecaux SA			1,658		68,448
Kering			1,685		356,176
Klepierre REIT			2,095		97,108
Lafarge SA			4,083		306,470
Lagardere SCA			2,409		89,551
Legrand SA			5,801		319,708
L’Oreal SA			5,321		934,437
LVMH Moet Hennessy Louis Vuitton SA			5,589		1,021,077
Natixis			19,877		116,941
Orange SA			41,287		512,584
Pernod Ricard SA			4,707		536,274
Publicis Groupe SA			3,953		362,195
Remy Cointreau SA	†		585		49,140
Renault SA			4,294		345,566
Rexel SA			4,637		121,692
Safran SA			5,996		416,893
Sanofi			26,357		2,814,794
Schneider Electric SA			11,866		1,035,208
SCOR SE			3,478		127,213
Societe BIC SA			579		70,959
Societe Generale SA			15,960		928,082
Sodexo			2,173		220,359
Suez Environnement Co.			6,656		119,363
Technip SA			2,285		219,956
Thales SA			2,014		129,789
Total SA			47,219		2,898,277
Unibail-Rodamco SE (Paris Exchange) REIT			2,183		559,414
Valeo SA			1,403		155,482
Vallourec SA			2,319		126,516
Veolia Environnement SA			7,983		130,382
Vinci SA			10,629		698,658
Vivendi SA			26,419		696,865
Wendel SA			697		101,596
Zodiac Aerospace	†		770		136,452

					28,626,425

Germany—8.7%
Adidas AG			4,645		592,321
Allianz SE (Registered)			10,056		1,809,333
Axel Springer SE			720		46,354
BASF SE			20,265		2,162,963
Bayer AG (Registered)			18,251		2,562,635
Bayerische Motoren Werke AG			7,328		860,547
Beiersdorf AG			2,318		235,010
Brenntag AG			1,169		216,962
Celesio AG	†		2,112		66,965
Commerzbank AG	*		21,269		343,354
Continental AG			2,412		529,891
Daimler AG (Registered)			21,229		1,842,349
Deutsche Bank AG (Registered)			22,447		1,078,386
Deutsche Boerse AG			4,217		349,480
Deutsche Lufthansa AG (Registered)	*		5,181		109,819
Deutsche Post AG (Registered)			19,928		727,870
Deutsche Telekom AG (Registered)			64,329		1,108,401

See accompanying notes to financial statements

335

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Deutsche Wohnen AG			6,646	$	128,329
E.ON SE			39,578		731,715
Fraport AG Frankfurt Airport Services Worldwide			826		61,897
Fresenius Medical Care AG & Co. KGaA			4,912		350,352
Fresenius SE & Co. KGaA			2,785		428,262
GEA Group AG			3,970		189,311
Hannover Rueck SE			1,362		117,092
HeidelbergCement AG			3,165		240,335
Henkel AG & Co. KGaA			2,922		304,645
Hochtief AG			766		65,556
Hugo Boss AG			710		101,123
Infineon Technologies AG			23,785		254,060
K+S AG (Registered)	†		3,611		111,265
Kabel Deutschland Holding AG			485		62,969
Lanxess AG			1,821		121,678
Linde AG			4,096		857,646
MAN SE			786		96,520
Merck KGaA			1,385		248,508
Metro AG			2,787		135,113
Muenchener Rueckversicherungs AG (Registered)			3,967		875,001
OSRAM Licht AG	*		1,704		96,201
ProSiebenSat.1 Media AG (Registered)			3,911		194,204
RWE AG			11,109		407,023
SAP AG			20,319		1,762,097
Siemens AG (Registered)			17,498		2,399,302
Sky Deutschland AG	*		8,411		92,967
Suedzucker AG			1,523		41,144
Telefonica Deutschland Holding AG			5,613		46,389
ThyssenKrupp AG	*		10,097		246,216
United Internet AG (Registered)			2,133		90,930
Volkswagen AG	†		642		174,315

					25,674,805

Guernsey, Channel Islands—0.1%
Resolution Ltd.			32,337		189,811

Hong Kong—2.6%
AIA Group Ltd.			265,400		1,335,888
ASM Pacific Technology Ltd.			5,500		46,067
Bank of East Asia Ltd.			27,720		117,672
BOC Hong Kong Holdings Ltd.			84,500		271,385
Cathay Pacific Airways Ltd.			23,000		48,734
Cheung Kong Holdings Ltd.			31,000		490,444
Cheung Kong Infrastructure Holdings Ltd.			14,000		88,496
CLP Holdings Ltd.			38,500		304,510
First Pacific Co. Ltd.			47,250		53,874
Galaxy Entertainment Group Ltd.	*		46,000		414,150
Hang Lung Properties Ltd.			49,000		155,325
Hang Seng Bank Ltd.			16,700		271,234
Henderson Land Development Co. Ltd.			23,900		136,635



		Shares			Value
HKT Trust/HKT Ltd.			45,000		$	44,526
Hong Kong & China Gas Co. Ltd.			128,514			295,066
Hong Kong Exchanges and Clearing Ltd.			24,900			416,212
Hopewell Holdings Ltd.			11,000			37,299
Hutchison Whampoa Ltd.			47,000			640,411
Hysan Development Co. Ltd.			16,000			69,068
Kerry Properties Ltd.			15,500			53,970
Li & Fung Ltd.	†		125,200			161,836
Link (The) REIT			51,500			249,778
MTR Corp. Ltd.			30,000			113,706
New World Development Co. Ltd.			86,900			110,038
Noble Group Ltd.			95,309			81,169
NWS Holdings Ltd.			26,500			40,448
PCCW Ltd.			84,000			37,623
Power Assets Holdings Ltd.			30,500			242,794
Shangri-La Asia Ltd.			34,000			66,386
Sino Land Co. Ltd.			67,000			91,883
SJM Holdings Ltd.			43,000			144,543
Sun Hung Kai Properties Ltd.			36,000			457,537
Swire Pacific Ltd., Class A			15,000			176,245
Swire Properties Ltd.			23,400			59,257
Wharf Holdings Ltd.			33,637			257,664
Wheelock & Co. Ltd.			19,000			87,531
Yue Yuen Industrial Holdings Ltd.			14,000			46,812

						7,716,216

Ireland—0.6%
Bank of Ireland	*		424,026			147,784
CRH plc			16,213			410,868
Experian plc			22,488			415,407
Irish Bank Resolution Corp. Ltd.	*‡d		11,206			—
James Hardie Industries plc CDI			9,395			109,036
Kerry Group plc, Class A			3,295			229,084
Shire plc			12,394			584,095

						1,896,274

Israel—0.4%
Bank Hapoalim BM			22,018			123,369
Bank Leumi Le-Israel BM	*		25,559			104,373
Bezeq Israeli Telecommunication Corp. Ltd.			45,959			77,940
Delek Group Ltd.			117			44,692
Israel Chemicals Ltd.			9,457			78,882
Israel Corp. Ltd. (The)	*		66	��		34,755
Mizrahi Tefahot Bank Ltd.			3,622			47,409
NICE Systems Ltd.			1,431			58,518
Teva Pharmaceutical Industries Ltd.			18,791			751,854

						1,321,792

Italy—2.0%
Assicurazioni Generali SpA			25,923			609,042
Atlantia SpA	†		7,578			169,746
Banca Monte dei Paschi di Siena SpA	*†		100,790			24,258

See accompanying notes to financial statements

336

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Enel Green Power SpA			39,986	$	100,598
Enel SpA			144,508		630,546
Eni SpA			56,060		1,354,615
Exor SpA			2,150		85,454
Fiat SpA	*		18,972		155,285
Finmeccanica SpA	*		10,305		78,220
Intesa Sanpaolo SpA			258,184		635,056
Luxottica Group SpA			3,654		195,823
Mediobanca SpA	*		12,327		107,797
Pirelli & C. SpA			4,877		84,373
Prysmian SpA			4,169		107,340
Saipem SpA			6,092		130,647
Snam SpA			44,592		249,241
Telecom Italia SpA			217,256		216,638
Telecom Italia SpA RSP			146,457		114,916
Terna Rete Elettrica Nazionale SpA			32,722		163,416
UniCredit SpA			96,215		709,744
Unione di Banche Italiane ScpA			20,529		139,172

					6,061,927

Japan—20.7%
ABC-Mart, Inc.			600		26,213
Acom Co. Ltd.	*		8,000		27,258
Advantest Corp.			2,800		34,889
Aeon Co. Ltd.			13,000		176,237
Aeon Credit Service Co. Ltd.			1,400		37,542
Aeon Mall Co. Ltd.			2,640		73,955
Air Water, Inc.			3,000		40,659
Aisin Seiki Co. Ltd.			4,400		178,887
Ajinomoto Co., Inc.			13,000		188,197
Alfresa Holdings Corp.			900		44,671
Amada Co. Ltd.			9,000		79,482
ANA Holdings, Inc.			26,000		51,945
Aozora Bank Ltd.			27,000		76,515
Asahi Glass Co. Ltd.			22,000		136,989
Asahi Group Holdings Ltd.			8,700		245,511
Asahi Kasei Corp.			27,000		211,783
Asics Corp.			3,900		66,660
Astellas Pharma, Inc.			9,675		573,600
Bank of Kyoto Ltd. (The)			8,000		66,878
Bank of Yokohama Ltd. (The)			27,000		150,639
Benesse Holdings, Inc.			1,700		68,296
Bridgestone Corp.			14,700		556,937
Brother Industries Ltd.			4,600		62,921
Calbee, Inc.			2,000		48,571
Canon, Inc.	†		25,100		800,901
Casio Computer Co. Ltd.			4,500		55,142
Central Japan Railway Co.			3,300		388,912
Chiba Bank Ltd. (The)			16,000		107,978
Chiyoda Corp.			3,000		43,550
Chubu Electric Power Co., Inc.			14,200		183,575
Chugai Pharmaceutical Co. Ltd.			5,200		115,102
Chugoku Bank Ltd. (The)			4,000		50,841
Chugoku Electric Power Co., Inc. (The)			6,000		93,422
Citizen Holdings Co. Ltd.			5,200		43,873
Coca-Cola West Holdings Co. Ltd.			1,200		25,416



		Shares		Value
Credit Saison Co. Ltd.			3,800	$	100,176
Dai Nippon Printing Co. Ltd.			13,000		138,088
Daicel Corp.			7,000		57,049
Daido Steel Co. Ltd.			6,000		29,860
Daihatsu Motor Co. Ltd.			4,000		67,851
Dai-ichi Life Insurance Co. Ltd. (The)			18,600		311,234
Daiichi Sankyo Co. Ltd.			14,702		268,826
Daikin Industries Ltd.			5,100		318,254
Dainippon Sumitomo Pharma Co. Ltd.			3,000		46,989
Daito Trust Construction Co. Ltd.			1,700		158,930
Daiwa House Industry Co. Ltd.			13,000		251,878
Daiwa Securities Group, Inc.			37,000		370,575
Dena Co. Ltd.	†		2,100		44,269
Denso Corp.			10,700		565,267
Dentsu, Inc.			4,900		200,403
Don Quijote Holdings Co. Ltd.			1,100		66,682
East Japan Railway Co.			7,400		589,468
Eisai Co. Ltd.			5,400		209,288
Electric Power Development Co. Ltd.			2,440		71,143
FamilyMart Co. Ltd.	†		1,200		54,824
FANUC Corp.			4,300		787,935
Fast Retailing Co. Ltd.			1,200		495,627
Fuji Electric Co. Ltd.			14,000		65,596
Fuji Heavy Industries Ltd.			13,000		373,606
FUJIFILM Holdings Corp.			10,200		289,527
Fujitsu Ltd.	*		41,000		212,490
Fukuoka Financial Group, Inc.			17,000		74,621
Gree, Inc.	†		1,800		17,747
GungHo Online Entertainment, Inc.	*†		7,000		50,421
Gunma Bank Ltd. (The)			8,000		44,699
Hachijuni Bank Ltd. (The)			11,000		64,215
Hakuhodo DY Holdings, Inc.			4,800		37,213
Hamamatsu Photonics KK			1,400		56,021
Hankyu Hanshin Holdings, Inc.			25,000		135,087
Hino Motors Ltd.			6,000		94,516
Hirose Electric Co. Ltd.			630		89,807
Hiroshima Bank Ltd. (The)			10,000		41,437
Hisamitsu Pharmaceutical Co., Inc.			1,200		60,471
Hitachi Chemical Co. Ltd.			2,300		36,681
Hitachi Construction Machinery Co. Ltd.	†		2,300		49,216
Hitachi High-Technologies Corp.			1,100		27,695
Hitachi Ltd.			107,000		811,290
Hitachi Metals Ltd.			5,000		70,746
Hokkaido Electric Power Co., Inc.	*		4,400		50,634
Hokuhoku Financial Group, Inc.			24,007		47,998
Hokuriku Electric Power Co.			4,400		59,754
Honda Motor Co. Ltd.			35,900		1,481,849
HOYA Corp.			9,400		261,432

See accompanying notes to financial statements

337

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Hulic Co. Ltd.			6,400	$	94,715
Ibiden Co. Ltd.	†		2,200		41,195
Idemitsu Kosan Co. Ltd.			2,400		54,638
IHI Corp.			30,000		129,739
Iida Group Holdings Co. Ltd.	*		2,900		57,884
INPEX Corp.			20,200		259,089
Isetan Mitsukoshi Holdings Ltd.			7,540		107,337
Isuzu Motors Ltd.			25,000		155,924
ITOCHU Corp.			33,500		414,148
Itochu Techno-Solutions Corp.			600		24,320
Iyo Bank Ltd. (The)			5,100		50,036
J. Front Retailing Co. Ltd.			10,600		80,415
Japan Airlines Co. Ltd.			1,200		59,198
Japan Exchange Group, Inc.			5,800		164,859
Japan Petroleum Exploration Co.			500		18,963
Japan Prime Realty Investment Corp. REIT			16		51,206
Japan Real Estate Investment Corp. REIT			28		149,802
Japan Retail Fund Investment Corp. REIT			50		101,735
Japan Steel Works Ltd. (The)			6,000		33,621
Japan Tobacco, Inc.			24,300		790,692
JFE Holdings, Inc.			10,800		257,365
JGC Corp.			4,000		156,975
Joyo Bank Ltd. (The)			16,000		81,811
JSR Corp.			4,300		83,347
JTEKT Corp.			4,700		80,196
JX Holdings, Inc.			51,410		264,733
Kajima Corp.			21,000		78,981
Kakaku.com, Inc.			2,800		49,186
Kamigumi Co. Ltd.			5,000		45,877
Kaneka Corp.			6,000		39,397
Kansai Electric Power Co., Inc. (The)	*		14,900		171,489
Kansai Paint Co. Ltd.			5,000		73,940
Kao Corp.			11,700		368,337
Kawasaki Heavy Industries Ltd.			33,000		138,593
KDDI Corp.			11,900		733,222
Keikyu Corp.			11,000		90,696
Keio Corp.			13,000		86,632
Keisei Electric Railway Co. Ltd.			7,000		64,410
Keyence Corp.			972		416,196
Kikkoman Corp.			4,000		75,633
Kinden Corp.			2,000		20,939
Kintetsu Corp.			42,000		147,372
Kirin Holdings Co. Ltd.			19,000		273,628
Kobe Steel Ltd.	*		54,000		92,577
Koito Manufacturing Co. Ltd.			2,000		38,215
Komatsu Ltd.			20,800		427,051
Konami Corp.			2,000		46,248
Konica Minolta, Inc.			10,500		104,930
Kubota Corp.			24,000		398,094
Kuraray Co. Ltd.			8,100		96,688
Kurita Water Industries Ltd.			2,700		56,012
Kyocera Corp.			7,400		369,938



		Shares		Value
Kyowa Hakko Kirin Co. Ltd.			5,000	$	55,175
Kyushu Electric Power Co., Inc.	*		9,300		118,778
Lawson, Inc.			1,500		112,254
LIXIL Group Corp.			5,900		161,969
M3, Inc.			18		45,079
Mabuchi Motor Co. Ltd.			700		41,655
Makita Corp.			2,600		136,741
Marubeni Corp.			38,000		273,565
Marui Group Co. Ltd.			5,400		54,925
Maruichi Steel Tube Ltd.			1,000		25,259
Mazda Motor Corp.	*		59,000		305,742
McDonald’s Holdings Co. Japan Ltd.	†		1,400		35,751
Medipal Holdings Corp.			2,800		36,964
MEIJI Holdings Co. Ltd.			1,502		96,544
Miraca Holdings, Inc.			1,300		61,329
Mitsubishi Chemical Holdings Corp.			28,500		131,890
Mitsubishi Corp.			31,100		597,055
Mitsubishi Electric Corp.			43,000		540,702
Mitsubishi Estate Co. Ltd.			27,411		820,303
Mitsubishi Gas Chemical Co., Inc.			9,000		66,346
Mitsubishi Heavy Industries Ltd.			69,000		427,356
Mitsubishi Logistics Corp.			3,000		47,491
Mitsubishi Materials Corp.			26,000		96,108
Mitsubishi Motors Corp.	*		9,400		101,128
Mitsubishi Tanabe Pharma Corp.			4,600		64,156
Mitsubishi UFJ Financial Group, Inc.			281,140		1,866,600
Mitsubishi UFJ Lease & Finance Co. Ltd.			11,800		72,545
Mitsui & Co. Ltd.			38,600		538,128
Mitsui Chemicals, Inc.			21,000		50,778
Mitsui Fudosan Co. Ltd.			18,000		649,272
Mitsui OSK Lines Ltd.			23,000		103,803
Mizuho Financial Group, Inc.			505,980		1,098,499
MS&AD Insurance Group Holdings			11,074		297,658
Murata Manufacturing Co. Ltd.			4,500		400,200
Nabtesco Corp.			2,600		60,005
Namco Bandai Holdings, Inc.			3,850		85,480
NEC Corp.			54,000		121,889
Nexon Co. Ltd.			2,100		19,404
NGK Insulators Ltd.			6,000		114,185
NGK Spark Plug Co. Ltd.			4,000		94,803
NHK Spring Co. Ltd.			3,000		33,896
Nidec Corp.			2,200		216,732
Nikon Corp.			7,100		135,686
Nintendo Co. Ltd.			2,300		307,863
Nippon Building Fund, Inc. REIT			30		174,306
Nippon Electric Glass Co. Ltd.			7,500		39,399
Nippon Express Co. Ltd.			16,000		77,450
Nippon Meat Packers, Inc.			4,000		68,750
Nippon Paint Co. Ltd.			3,000		49,914
Nippon Prologis REIT, Inc. REIT			5		47,895

See accompanying notes to financial statements

338

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Nippon Steel & Sumitomo Metal Corp.			167,245	$	560,907
Nippon Telegraph & Telephone Corp.			8,200		441,655
Nippon Yusen K.K.			38,000		121,502
Nishi-Nippon City Bank Ltd. (The)			15,000		40,409
Nissan Motor Co. Ltd.			56,300		471,794
Nisshin Seifun Group, Inc.			4,620		47,781
Nissin Foods Holdings Co. Ltd.			1,500		63,302
Nitori Holdings Co. Ltd.			700		66,274
Nitto Denko Corp.			3,600		152,225
NKSJ Holdings, Inc.			7,775		216,406
NOK Corp.			2,000		32,758
Nomura Holdings, Inc.			79,700		615,907
Nomura Real Estate Holdings, Inc.			2,500		56,332
Nomura Real Estate Office Fund, Inc. REIT			10		46,476
Nomura Research Institute Ltd.			2,150		67,946
NSK Ltd.			10,000		124,623
NTT Data Corp.			2,600		96,053
NTT DOCOMO, Inc.			33,900		558,207
NTT Urban Development Corp.			2,400		27,665
Obayashi Corp.			16,000		91,260
Odakyu Electric Railway Co. Ltd.			13,000		117,570
Oji Holdings Corp.			18,000		92,329
Olympus Corp.	*		5,100		161,755
Omron Corp.			4,700		207,708
Ono Pharmaceutical Co. Ltd.			1,900		166,545
Oracle Corp. Japan			900		32,899
Oriental Land Co. Ltd.			1,100		158,635
ORIX Corp.			27,400		481,469
Osaka Gas Co. Ltd.			41,000		161,032
Otsuka Corp.			300		38,326
Otsuka Holdings Co. Ltd.			7,900		228,104
Panasonic Corp.			49,100		572,369
Park24 Co. Ltd.			2,000		37,718
Rakuten, Inc.			16,400		244,744
Resona Holdings, Inc.			41,500		211,752
Ricoh Co. Ltd.			14,000		148,887
Rinnai Corp.			800		62,327
Rohm Co. Ltd.			2,100		102,432
Sankyo Co. Ltd.			1,300		59,957
Sanrio Co. Ltd.			900		37,897
Santen Pharmaceutical Co. Ltd.			1,700		79,207
SBI Holdings, Inc.			4,710		71,518
Secom Co. Ltd.			4,700		283,574
Sega Sammy Holdings, Inc.			4,048		103,164
Sekisui Chemical Co. Ltd.			9,000		110,444
Sekisui House Ltd.			12,000		167,918
Seven & I Holdings Co. Ltd.			16,740		666,527
Seven Bank Ltd.			12,200		47,715
Sharp Corp.	*		35,000		111,437
Shikoku Electric Power Co., Inc.	*		3,600		53,987
Shimadzu Corp.			5,000		43,530



		Shares		Value
Shimamura Co. Ltd.			500	$	46,868
Shimano, Inc.			1,700		145,944
Shimizu Corp.			13,000		65,690
Shin-Etsu Chemical Co. Ltd.			9,100		532,253
Shinsei Bank Ltd.			37,000		90,572
Shionogi & Co. Ltd.			7,000		151,968
Shiseido Co. Ltd.			8,000		128,651
Shizuoka Bank Ltd. (The)			13,000		138,858
Showa Denko K.K.			32,000		45,386
Showa Shell Sekiyu K.K.			4,400		44,726
SMC Corp.			1,100		277,627
SoftBank Corp.			21,200		1,860,316
Sojitz Corp.			26,800		47,715
Sony Corp.			22,500		387,862
Sony Financial Holdings, Inc.			3,400		61,933
Stanley Electric Co. Ltd.			3,200		73,362
Sumco Corp.			1,900		16,762
Sumitomo Chemical Co. Ltd.			32,000		125,595
Sumitomo Corp.			25,100		315,460
Sumitomo Electric Industries Ltd.			16,600		277,486
Sumitomo Heavy Industries Ltd.			12,000		55,294
Sumitomo Metal Mining Co. Ltd.			11,000		144,136
Sumitomo Mitsui Financial Group, Inc.			28,000		1,456,095
Sumitomo Mitsui Trust Holdings, Inc.			72,740		384,883
Sumitomo Realty & Development Co. Ltd.			7,500		373,706
Sumitomo Rubber Industries Ltd.			3,600		51,245
Suntory Beverage & Food Ltd.	†		2,600		82,945
Suruga Bank Ltd.			4,000		71,829
Suzuken Co. Ltd.			1,460		47,294
Suzuki Motor Corp.			7,800		210,184
Sysmex Corp.			1,500		88,598
T&D Holdings, Inc.			12,500		174,957
Taiheiyo Cement Corp.			27,000		103,835
Taisei Corp.			20,000		91,018
Taisho Pharmaceutical Holdings Co. Ltd.			690		47,430
Taiyo Nippon Sanso Corp.			5,000		35,603
Takashimaya Co. Ltd.			7,000		69,844
Takeda Pharmaceutical Co. Ltd.			17,320		794,383
TDK Corp.			2,600		124,732
Teijin Ltd.			19,000		42,321
Terumo Corp.			3,500		168,979
THK Co. Ltd.			2,500		62,439
Tobu Railway Co. Ltd.			22,000		106,677
Toho Co. Ltd.			2,400		52,799
Toho Gas Co. Ltd.			9,000		43,811
Tohoku Electric Power Co., Inc.	*		10,100		113,778
Tokio Marine Holdings, Inc.			15,400		515,433
Tokyo Electric Power Co., Inc.	*		31,900		157,174
Tokyo Electron Ltd.			3,700		203,880
Tokyo Gas Co. Ltd.			55,000		271,079
Tokyo Tatemono Co. Ltd.	†		8,351		92,863

See accompanying notes to financial statements

339

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Tokyu Corp.			24,000	$	155,499
Tokyu Fudosan Holdings Corp.	*		12,400		116,570
TonenGeneral Sekiyu K.K.	†		7,000		64,232
Toppan Printing Co. Ltd.			12,000		96,055
Toray Industries, Inc.			32,000		221,664
Toshiba Corp.			92,000		387,303
TOTO Ltd.			6,000		95,167
Toyo Seikan Group Holdings Ltd.			3,400		73,196
Toyo Suisan Kaisha Ltd.			2,000		60,082
Toyoda Gosei Co. Ltd.			1,200		27,955
Toyota Boshoku Corp.			1,400		17,505
Toyota Industries Corp.			3,700		167,257
Toyota Motor Corp.			60,900		3,713,383
Toyota Tsusho Corp.			5,000		123,994
Trend Micro, Inc.			2,200		77,095
Tsumura & Co.			1,500		39,750
Ube Industries Ltd.			21,000		44,978
Unicharm Corp.			2,600		148,352
United Urban Investment Corp. REIT			57		81,928
USS Co. Ltd.			4,600		63,096
West Japan Railway Co.			3,700		160,315
Yahoo! Japan Corp.			33,100		184,579
Yakult Honsha Co. Ltd.			1,900		96,004
Yamada Denki Co. Ltd.			21,200		69,345
Yamaguchi Financial Group, Inc.			4,000		37,093
Yamaha Corp.			3,900		62,004
Yamaha Motor Co. Ltd.	†		6,600		99,227
Yamato Holdings Co. Ltd.			8,100		163,809
Yamato Kogyo Co. Ltd.			1,200		38,378
Yamazaki Baking Co. Ltd.			2,000		20,516
Yaskawa Electric Corp.			5,000		79,228
Yokogawa Electric Corp.			4,300		66,112
Yokohama Rubber Co. Ltd. (The)			4,000		39,334

					61,319,202

Jersey, Channel Islands—0.0%
Randgold Resources Ltd.			2,012		126,520

Luxembourg—0.4%
ArcelorMittal			21,868		390,610
Millicom International Cellular SA SDR			1,447		144,187
RTL Group SA			742		96,040
SES SA FDR			6,694		216,861
Tenaris SA			10,124		220,607

					1,068,305

Macau—0.2%
MGM China Holdings Ltd.			18,400		78,750
Sands China Ltd.			52,894		433,484
Wynn Macau Ltd.			36,456		165,716

					677,950

Malta—0.0%
BGP Holdings plc	*‡d		142,647		—

Mexico—0.0%
Fresnillo plc			4,532		56,351



		Shares		Value
Netherlands—4.5%
Aegon NV			40,579	$	384,548
Akzo Nobel NV			5,446		422,315
ASML Holding NV			7,908		740,677
Corio NV REIT			1,472		66,059
Delta Lloyd NV			3,918		97,299
Fugro NV CVA			1,491		88,940
Gemalto NV			1,831		201,512
Heineken Holding NV			2,357		149,198
Heineken NV			5,139		347,328
ING Groep NV CVA	*		84,541		1,180,914
Koninklijke Ahold NV			22,480		403,991
Koninklijke Boskalis Westminster NV			1,837		97,166
Koninklijke DSM NV			3,384		266,315
Koninklijke KPN NV	*		72,649		234,736
Koninklijke Philips NV			21,568		794,160
Koninklijke Vopak NV			1,683		98,527
OCI	*		1,944		87,607
Qiagen NV	*		5,577		130,201
Randstad Holding NV			2,875		186,568
Reed Elsevier NV			15,462		328,626
Royal Dutch Shell plc, Class A			84,368		3,023,604
Royal Dutch Shell plc, Class B			55,429		2,090,792
TNT Express NV			8,743		81,323
Unilever NV CVA			35,904		1,443,531
Wolters Kluwer NV			6,716		191,771
Ziggo NV			3,347		153,052

					13,290,760

New Zealand—0.1%
Auckland International Airport Ltd.			26,856		77,995
Contact Energy Ltd.			7,698		32,503
Fletcher Building Ltd.			16,159		113,236
Ryman Healthcare Ltd.			7,157		46,237
Telecom Corp of New Zealand Ltd.			37,893		71,928

					341,899

Norway—0.7%
Aker Solutions ASA	†		3,966		71,006
DnB ASA			21,797		391,216
Gjensidige Forsikring ASA			4,268		81,629
Norsk Hydro ASA	†		28,905		129,308
Orkla ASA			16,610		129,830
Statoil ASA			24,770		602,320
Telenor ASA			14,906		356,158
Yara International ASA			4,276		184,416

					1,945,883

Portugal—0.2%
Banco Espirito Santo SA (Registered)	*		36,677		52,379
EDP—Energias de Portugal SA			44,604		163,835
Galp Energia SGPS SA			7,587		124,346
Jeronimo Martins SGPS SA			5,514		107,819
Portugal Telecom SGPS SA (Registered)			15,686		68,288

					516,667

See accompanying notes to financial statements

340

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Singapore—1.4%
Ascendas Real Estate Investment Trust REIT			41,786	$	73,131
CapitaCommercial Trust REIT			40,000		46,066
CapitaLand Ltd.			58,500		141,009
CapitaMall Trust REIT			54,000		81,720
CapitaMalls Asia Ltd.			25,000		38,965
City Developments Ltd.			10,000		76,410
ComfortDelGro Corp. Ltd.			47,000		75,153
DBS Group Holdings Ltd.			37,730		512,742
Genting Singapore plc			132,000		156,973
Global Logistic Properties Ltd.			70,779		162,363
Golden Agri-Resources Ltd.			136,320		59,013
Hutchison Port Holdings Trust			119,000		80,423
Jardine Cycle & Carriage Ltd.			2,349		67,113
Keppel Corp. Ltd.			31,400		278,915
Keppel Land Ltd.			16,000		42,470
Olam International Ltd.			30,672		37,415
Oversea-Chinese Banking Corp. Ltd.			57,600		466,862
SembCorp Industries Ltd.			22,340		97,462
Sembcorp Marine Ltd.			17,000		60,107
Singapore Airlines Ltd.			12,400		102,420
Singapore Exchange Ltd.			20,000		115,332
Singapore Press Holdings Ltd.			35,500		116,005
Singapore Technologies Engineering Ltd.			35,000		110,156
Singapore Telecommunications Ltd.			177,159		515,199
StarHub Ltd.			12,730		43,394
United Overseas Bank Ltd.			28,000		472,837
UOL Group Ltd.			9,000		44,297
Wilmar International Ltd.			40,000		108,651

					4,182,603

Spain—3.3%
Abertis Infraestructuras SA			8,558		190,355
ACS Actividades de Construccion y Servicios SA			3,542		122,098
Amadeus IT Holding SA, Class A			8,318		356,304
Banco Bilbao Vizcaya Argentaria SA			128,711		1,592,225
Banco de Sabadell SA			78,549		205,108
Banco Popular Espanol SA	*		27,652		167,022
Banco Santander SA			250,720		2,254,600
Bankia SA	*		86,411		146,815
CaixaBank SA			37,132		193,413
Distribuidora Internacional de Alimentacion SA			12,771		114,351
Enagas SA			4,452		116,294
Ferrovial SA			8,975		173,862
Gas Natural SDG SA			7,760		199,737
Grifols SA			3,344		160,022
Iberdrola SA			104,756		668,528
Inditex SA			4,796		791,873



		Shares		Value
Mapfre SA			23,259	$	99,767
Red Electrica Corp. SA			2,484		165,831
Repsol SA	†		19,360		488,513
Telefonica SA			90,286		1,476,246
Zardoya Otis SA			3,986		72,166

					9,755,130

Sweden—3.2%
Alfa Laval AB			7,040		180,880
Assa Abloy AB, Class B			7,296		386,280
Atlas Copco AB, Class A			15,237		423,071
Atlas Copco AB, Class B			8,814		224,063
Boliden AB			6,529		100,100
Electrolux AB, Series B			5,643		147,466
Elekta AB, Class B	†		8,106		124,047
Getinge AB, Class B			4,683		160,524
Hennes & Mauritz AB, Class B			20,996		967,002
Hexagon AB, Class B			5,503		174,072
Husqvarna AB, Class B			10,183		61,316
Industrivarden AB, Class C			2,912		55,408
Investment AB Kinnevik, Class B			5,173		239,826
Investor AB, Class B			9,958		343,188
Lundin Petroleum AB	*		5,158		100,377
Nordea Bank AB			67,191		905,923
Sandvik AB			23,844		336,527
Scania AB, Class B			7,479		146,584
Securitas AB, Class B			6,530		69,482
Skandinaviska Enskilda Banken AB, Class A			33,873		447,505
Skanska AB, Class B			7,994		163,542
SKF AB, Class B			8,416		220,713
Svenska Cellulosa AB SCA, Class B			12,709		391,537
Svenska Handelsbanken AB, Class A			11,040		542,802
Swedbank AB, Class A			20,120		566,767
Swedish Match AB			4,560		146,609
Tele2 AB, Class B			7,906		89,794
Telefonaktiebolaget LM Ericsson, Class B			67,274		821,382
TeliaSonera AB			53,094		442,826
Volvo AB, Class B			33,419		439,740

					9,419,353

Switzerland—9.4%
ABB Ltd. (Registered)	*		48,450		1,281,019
Actelion Ltd. (Registered)	*		2,209		187,369
Adecco SA (Registered)	*		3,048		241,971
Aryzta AG	*		2,023		155,445
Baloise Holding AG (Registered)			1,105		140,903
Barry Callebaut AG (Registered)	*		42		52,778
Cie Financiere Richemont SA (Registered)			11,497		1,148,521
Coca-Cola HBC AG CDI	*		4,538		132,817
Credit Suisse Group AG (Registered)	*		33,696		1,039,972
EMS-Chemie Holding AG (Registered)			163		58,122
Geberit AG (Registered)			833		252,716
Givaudan SA (Registered)	*		191		273,238

See accompanying notes to financial statements

341

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Glencore Xstrata plc	*		233,731	$	1,215,999
Holcim Ltd. (Registered)	*		4,981		372,403
Julius Baer Group Ltd.	*		4,814		231,342
Kuehne + Nagel International AG (Registered)			1,232		161,933
Lindt & Spruengli AG (Participation Certificates)			21		94,714
Lindt & Spruengli AG (Registered)			2		107,945
Lonza Group AG (Registered)	*		1,286		122,213
Nestle SA (Registered)			71,235		5,220,818
Novartis AG (Registered)			50,800		4,071,588
Pargesa Holding SA (Bearer)			689		55,495
Partners Group Holding AG			354		94,312
Roche Holding AG (Genusschein)			15,517		4,346,719
Schindler Holding AG (Participation Certificates)			1,021		150,305
Schindler Holding AG (Registered)	†		416		61,370
SGS SA (Registered)			119		273,968
Sika AG (Bearer)			47		167,482
Sonova Holding AG (Registered)	*		1,063		143,340
STMicroelectronics NV			13,478		108,197
Sulzer AG (Registered)			491		79,336
Swatch Group AG (The) (Bearer)			700		463,963
Swatch Group AG (The) (Registered)			1,011		113,963
Swiss Life Holding AG (Registered)	*		719		149,480
Swiss Prime Site AG (Registered)	*		1,132		87,661
Swiss Re AG	*		7,738		713,354
Swisscom AG (Registered)			512		270,589
Syngenta AG (Registered)			2,059		820,917
Transocean Ltd.			8,018		392,398
UBS AG (Registered)	*		80,408		1,539,600
Wolseley plc			5,790		329,180
Zurich Insurance Group AG	*		3,277		950,540

					27,875,995

United Kingdom—19.1%
3i Group plc			20,647		131,933
Aberdeen Asset Management plc			21,473		178,562
Admiral Group plc			3,873		84,188
Aggreko plc			5,953		168,831
AMEC plc			6,987		126,149
Anglo American plc			30,822		674,549
Antofagasta plc			8,361		114,625
ARM Holdings plc			31,088		565,269
Associated British Foods plc			8,140		330,123
AstraZeneca plc (London Exchange)			27,619		1,638,551
Aviva plc			66,758		499,447
Babcock International Group plc			7,618		171,177
BAE Systems plc			72,157		520,598
Barclays plc			336,857		1,523,228
BG Group plc			75,066		1,615,297



		Shares		Value
BHP Billiton plc			46,550	$	1,444,443
BP plc			416,191		3,372,860
British American Tobacco plc			41,987		2,253,615
British Land Co. plc REIT			21,737		226,619
British Sky Broadcasting Group plc			22,960		321,191
BT Group plc			174,144		1,098,142
Bunzl plc			6,996		168,121
Burberry Group plc			9,954		250,794
Capita plc			14,771		254,257
Carnival plc			4,082		168,987
Centrica plc			115,056		663,485
CNH Industrial NV	*		21,683		247,763
Cobham plc			26,184		119,193
Compass Group plc			39,700		637,379
Croda International plc			3,042		124,001
Diageo plc			55,378		1,835,148
Direct Line Insurance Group plc			23,843		98,637
easyJet plc			3,777		96,264
G4S plc			36,265		157,795
GKN plc			37,669		233,424
GlaxoSmithKline plc			108,138		2,889,176
Hammerson plc REIT			15,069		125,452
Hargreaves Lansdown plc			4,746		106,604
HSBC Holdings plc (London Exchange)			412,053		4,521,933
ICAP plc			12,886		96,515
IMI plc			7,162		181,370
Imperial Tobacco Group plc			21,702		841,346
Inmarsat plc			9,544		119,665
InterContinental Hotels Group plc			6,091		203,174
International Consolidated Airlines Group SA	*		19,566		130,334
Intertek Group plc			3,732		194,778
Intu Properties plc REIT			13,800		70,840
Invensys plc			15,216		128,615
Investec plc			13,127		95,338
ITV plc			85,574		275,390
J. Sainsbury plc			27,239		164,857
Johnson Matthey plc			4,522		246,055
Kingfisher plc			51,823		330,840
Land Securities Group plc REIT			17,922		286,295
Legal & General Group plc			134,094		495,673
Lloyds Banking Group plc	*		1,103,402		1,447,871
London Stock Exchange Group plc			3,970		114,203
Marks & Spencer Group plc			36,242		260,250
Meggitt plc			16,572		145,095
Melrose Industries plc			29,387		149,090
National Grid plc			82,456		1,078,460
Next plc			3,430		310,043
Old Mutual plc			106,780		335,034
Pearson plc			18,231		406,475
Persimmon plc	*		6,790		139,597
Petrofac Ltd.			5,685		115,280
Prudential plc			56,385		1,259,867
Reckitt Benckiser Group plc			14,243		1,131,405
Reed Elsevier plc			26,043		388,395
Rexam plc			17,291		152,130
Rio Tinto plc			28,029		1,583,909

See accompanying notes to financial statements

342

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Overseas Equity Index Fund		Shares		Value
COMMON STOCKS—(Continued)
Rolls-Royce Holdings plc	*		41,595	$	879,792
Royal Bank of Scotland Group plc	*		49,109		276,573
RSA Insurance Group plc			79,868		120,944
SABMiller plc			21,181		1,090,294
Sage Group plc (The)			25,181		168,566
Schroders plc			2,378		102,561
Segro plc REIT			15,885		87,927
Serco Group plc			10,407		86,114
Severn Trent plc			5,019		141,902
Smith & Nephew plc			20,726		296,023
Smiths Group plc			8,690		213,388
SSE plc			21,838		496,252
Standard Chartered plc (London Exchange)			53,387		1,205,850
Standard Life plc			51,488		307,481
Subsea 7 SA			5,664		108,584
Tate & Lyle plc			9,844		132,051
Tesco plc			177,887		987,867
Travis Perkins plc			5,478		170,169
TUI Travel plc			9,107		62,423
Tullow Oil plc			19,781		280,744
Unilever plc			28,267		1,163,069
United Utilities Group plc			14,722		163,908
Vodafone Group plc			1,070,045		4,212,974
Weir Group plc (The)			4,948		175,189
Whitbread plc			4,060		252,672
William Hill plc			19,270		128,460
Wm Morrison Supermarkets plc			49,809		215,614
WPP plc			29,726		680,843

					56,844,233

TOTAL COMMON STOCKS
(Cost $254,625,352)					291,474,316


PREFERRED STOCKS—0.6%
Germany—0.6%
Bayerische Motoren Werke AG			1,318		112,706
Fuchs Petrolub SE			720		70,536
Henkel AG & Co. KGaA			3,969		461,335
Porsche Automobil Holding SE			3,428		357,854
Volkswagen AG			3,198		899,977

					1,902,408

United Kingdom—0.0%
Rolls-Royce Holdings plc, Class C	*‡		4,366,229		7,230
Rolls-Royce Holdings plc, Class C	*‡		3,577,170		5,924

					13,154

TOTAL PREFERRED STOCKS
(Cost $1,069,283)					1,915,562



Coupon Rate	Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.076%	06/26/2014
(Cost $249,908)		‡‡	$	250,000	$	249,903



				Shares		Value
RIGHTS—0.0%
Spain—0.0%
Repsol SA, Expires 01/09/14		*†
(Cost $—)				19,360		13,210


MONEY MARKET FUNDS—1.3%
Institutional Money Market Funds—1.3%
Dreyfus Institutional Cash Advantage Fund, 0.06%		††¥		600,000		600,000
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%		††¥		724,169		724,169
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.04%		††¥		600,000		600,000
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.07%		††¥		600,000		600,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.06%		††¥		600,000		600,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.06%		††¥		600,000		600,000

TOTAL MONEY MARKET FUNDS
(Cost $3,724,169)						3,724,169

TOTAL INVESTMENTS—100.2%
(Cost $259,668,712)						297,377,160
Other assets less liabilities—(0.2%)						(465,597	)

NET ASSETS—100.0%					$	296,911,563

See accompanying notes to financial statements

343

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013

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)
*		Non-income producing.
†		Denotes all or a portion of the security on loan.
d		Security has no market value at December 31, 2013.
‡		Security valued at fair value as determined by policies approved by the Board of Directors. (Total Market Value $13,154)
‡‡		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

344

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2013


Vantagepoint Overseas Equity Index Fund
Percentage of Portfolio by Industry (unaudited):

COMMON STOCKS
Commercial Banks			13.1%
Pharmaceuticals			8.3%
Oil, Gas & Consumable Fuels			6.1%
Insurance			5.2%
Metals & Mining			3.7%
Food Products			3.7%
Automobiles			3.5%
Chemicals			3.3%
Diversified Telecommunication Services			3.1%
Machinery			2.7%
Wireless Telecommunication Services			2.6%
Beverages			2.4%
Capital Markets			2.1%
Real Estate Management & Development			2.0%
Food & Staples Retailing			2.0%
Industrial Conglomerates			1.6%
Textiles, Apparel & Luxury Goods			1.6%
Media			1.5%
Electric Utilities			1.5%
Real Estate Investment Trusts (REITs)			1.4%
Tobacco			1.4%
Diversified Financial Services			1.4%
Electrical Equipment			1.4%
Multi-Utilities			1.3%
Hotels, Restaurants & Leisure			1.3%
Electronic Equipment, Instruments & Components			1.2%
Auto Components			1.2%
Aerospace & Defense			1.2%
Trading Companies & Distributors			1.1%
Software			1.0%
Specialty Retail			1.0%
Road & Rail			0.9%
Semiconductors & Semiconductor Equipment			0.7%
Energy Equipment & Services			0.7%
Construction & Engineering			0.7%
Household Products			0.7%
Personal Products			0.6%
Communications Equipment			0.6%
Building Products			0.6%
Construction Materials			0.6%
Commercial Services & Supplies			0.6%
Health Care Equipment & Supplies			0.6%
Professional Services			0.6%
Household Durables			0.6%
Gas Utilities			0.5%
Office Electronics			0.4%
IT Services			0.4%
Air Freight & Logistics			0.4%
Biotechnology			0.4%
Health Care Providers & Services			0.4%
Transportation Infrastructure			0.4%
Multiline Retail			0.3%
Marine			0.3%
Airlines			0.2%
Containers & Packaging			0.2%
Leisure Equipment & Products			0.2%
Internet & Catalog Retail			0.1%
Life Sciences Tools & Services			0.1%



Consumer Finance			0.1%
Internet Software & Services			0.1%
Independent Power Producers & Energy Traders			0.1%
Paper & Forest Products			0.1%
Water Utilities			0.1%
Distributors			0.0%
Computers & Peripherals			0.0%
Diversified Consumer Services			0.0%
Health Care Technology			0.0%

			98.2%

PREFERRED STOCKS
Automobiles			0.5%
Household Products			0.1%
Aerospace & Defense			0.0%
Chemicals			0.0%

			0.6%

RIGHTS
Oil, Gas & Consumable Fuels			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			1.3%

TOTAL INVESTMENTS			100.2%
Other assets less liabilities			(0.2)%

TOTAL NET ASSETS			100.0%

See accompanying notes to financial statements

345

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Model Portfolio Conservative Growth Fund		Shares	Value
AFFILIATED MUTUAL FUNDS—99.0%
Vantagepoint Aggressive Opportunities Fund Class T		1,603,133	$	20,600,254
Vantagepoint Core Bond Index Fund Class T		7,758,340		77,583,397
Vantagepoint Diversifying Strategies Fund		11,970,867		124,856,141
Vantagepoint Equity Income Fund Class T		6,708,046		74,459,315
Vantagepoint Growth & Income Fund Class T		4,658,910		61,590,785
Vantagepoint Growth Fund Class T		3,234,573		41,111,417
Vantagepoint Inflation Protected Securities Fund Class T		6,094,369		63,990,872
Vantagepoint International Fund Class T		4,236,447		46,982,198
Vantagepoint Low Duration Bond Fund Class T		12,173,108		123,191,855
Vantagepoint Select Value Fund Class T		1,581,873		20,358,708

TOTAL AFFILIATED MUTUAL FUNDS (Cost $567,762,315)				654,724,942


EXCHANGE TRADED FUND—0.9%
Vanguard FTSE Emerging Markets ETF (Cost $6,313,545)		147,650		6,074,321


MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $729,580)	¥	729,580		729,580

TOTAL INVESTMENTS—100.0%
(Cost $574,805,440)				661,528,843
Other assets less liabilities—(0.0%)				(97,985	)

NET ASSETS—100.0%			$	661,430,858

Notes 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

346

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Model Portfolio Traditional Growth Fund		Shares	Value
AFFILIATED MUTUAL FUNDS—99.0%
Vantagepoint Aggressive Opportunities Fund Class T		7,594,846	$	97,593,776
Vantagepoint Core Bond Index Fund Class T		20,662,265		206,622,649
Vantagepoint Discovery Fund Class T		4,962,580		53,893,622
Vantagepoint Diversifying Strategies Fund		23,543,036		245,553,860
Vantagepoint Equity Income Fund Class T		18,741,178		208,027,070
Vantagepoint Growth & Income Fund Class T		15,987,238		211,351,290
Vantagepoint Growth Fund Class T		14,012,167		178,094,644
Vantagepoint Inflation Protected Securities Fund Class T		5,885,600		61,798,800
Vantagepoint International Fund Class T		16,908,289		187,512,923
Vantagepoint Low Duration Bond Fund Class T		12,573,833		127,247,186
Vantagepoint Select Value Fund Class T		7,435,554		95,695,586

TOTAL AFFILIATED MUTUAL FUNDS (Cost $1,398,983,071)				1,673,391,406


EXCHANGE TRADED FUND—0.9%
Vanguard FTSE Emerging Markets ETF
(Cost $16,085,068)		374,800		15,419,272


MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $1,471,078)	¥	1,471,078		1,471,078

TOTAL INVESTMENTS—100.0%
(Cost $1,416,539,217)				1,690,281,756
Other assets less liabilities—(0.0%)				(195,625	)

NET ASSETS—100.0%			$	1,690,086,131

Notes 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

347

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Model Portfolio Long-Term Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.1%
Vantagepoint Aggressive Opportunities Fund Class T			15,156,292	$	194,758,356
Vantagepoint Core Bond Index Fund Class T			26,555,750		265,557,503
Vantagepoint Discovery Fund Class T			9,594,698		104,198,421
Vantagepoint Diversifying Strategies Fund			24,296,681		253,414,381
Vantagepoint Equity Income Fund Class T			26,258,793		291,472,604
Vantagepoint Growth & Income Fund Class T			22,366,916		295,690,624
Vantagepoint Growth Fund Class T			20,683,906		262,892,449
Vantagepoint International Fund Class T			27,931,296		309,758,076
Vantagepoint Select Value Fund Class T			14,850,541		191,126,460

TOTAL AFFILIATED MUTUAL FUNDS (Cost $1,767,597,231)					2,168,868,874


EXCHANGE TRADED FUND—1.9%
Vanguard FTSE Emerging Markets ETF
(Cost $44,629,849)			1,034,450		42,557,273


MONEY MARKET FUND—0.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $960,799)	¥		960,799		960,799

TOTAL INVESTMENTS—100.0%
(Cost $1,813,187,879)					2,212,386,946
Other assets less liabilities—(0.0%)					(247,073	)

NET ASSETS—100.0%				$	2,212,139,873

Notes 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

348

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Model Portfolio All-Equity Growth Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.0%
Vantagepoint Aggressive Opportunities Fund Class T			6,891,937	$	88,561,386
Vantagepoint Discovery Fund Class T			7,786,977		84,566,571
Vantagepoint Equity Income Fund Class T			14,939,269		165,825,887
Vantagepoint Growth & Income Fund Class T			11,938,525		157,827,300
Vantagepoint Growth Fund Class T			12,401,391		157,621,682
Vantagepoint International Fund Class T			14,115,153		156,537,048
Vantagepoint Select Value Fund Class T			6,807,758		87,615,840

TOTAL AFFILIATED MUTUAL FUNDS (Cost $694,384,900)					898,555,714


EXCHANGE TRADED FUND—2.9%
Vanguard FTSE Emerging Markets ETF
(Cost $28,230,682)			655,650		26,973,441


MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $656,711)	¥		656,711		656,711

TOTAL INVESTMENTS—100.0%
(Cost $723,272,293)					926,185,866
Other assets less liabilities—(0.0%)					(118,314	)

NET ASSETS—100.0%				$	926,067,552

Notes 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

349

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Milestone Retirement Income Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—99.0%
Vantagepoint Core Bond Index Fund Class T			2,890,093	$	28,900,932
Vantagepoint Diversifying Strategies Fund			6,210,387		64,774,340
Vantagepoint Equity Income Fund Class T			2,955,875		32,810,213
Vantagepoint Growth & Income Fund Class T			2,493,470		32,963,673
Vantagepoint Inflation Protected Securities Fund Class T			4,586,895		48,162,401
Vantagepoint International Fund Class T			1,187,806		13,172,769
Vantagepoint Low Duration Bond Fund Class T			9,838,056		99,561,129

TOTAL AFFILIATED MUTUAL FUNDS (Cost $308,548,704)					320,345,457


EXCHANGE TRADED FUND—0.9%
Vanguard FTSE Emerging Markets ETF
(Cost $3,109,468)			72,600		2,986,764


MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $327,764)	¥		327,764		327,764

TOTAL INVESTMENTS—100.0%
(Cost $311,985,936)					323,659,985
Other assets less liabilities—(0.0%)					(27,724	)

NET ASSETS—100.0%				$	323,632,261

Notes 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

350

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Milestone 2010 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.9%
Vantagepoint Core Bond Index Fund Class T			1,891,230	$	18,912,298
Vantagepoint Diversifying Strategies Fund			5,048,287		52,653,631
Vantagepoint Equity Income Fund Class T			4,493,981		49,883,190
Vantagepoint Growth & Income Fund Class T			2,450,990		32,402,089
Vantagepoint Growth Fund Class T			1,456,291		18,509,460
Vantagepoint Inflation Protected Securities Fund Class T			4,084,869		42,891,121
Vantagepoint International Fund Class T			2,026,423		22,473,034
Vantagepoint Low Duration Bond Fund Class T			4,870,314		49,287,580

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $263,698,752)					287,012,403


EXCHANGE TRADED FUND—0.9%
Vanguard FTSE Emerging Markets ETF
(Cost $2,771,933)			64,600		2,657,644


MONEY MARKET FUND—0.2%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $439,157)	¥		439,157		439,157

TOTAL INVESTMENTS—100.0%
(Cost $266,909,842)					290,109,204
Other assets less liabilities—(0.0%)					(56,643	)

NET ASSETS—100.0%				$	290,052,561

Notes 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

351

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Milestone 2015 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.6%
Vantagepoint Core Bond Index Fund Class T			4,459,879	$	44,598,787
Vantagepoint Diversifying Strategies Fund			8,975,425		93,613,681
Vantagepoint Equity Income Fund Class T			9,654,362		107,163,416
Vantagepoint Growth & Income Fund Class T			4,721,906		62,423,602
Vantagepoint Growth Fund Class T			3,334,565		42,382,319
Vantagepoint Inflation Protected Securities Fund Class T			6,234,574		65,463,027
Vantagepoint International Fund Class T			4,447,337		49,320,972
Vantagepoint Low Duration Bond Fund Class T			6,713,013		67,935,696
Vantagepoint Mid/Small Company Index Fund Class T			776,692		15,347,425

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $480,315,776)					548,248,925


EXCHANGE TRADED FUND—1.3%
Vanguard FTSE Emerging Markets ETF
(Cost $7,679,215)			178,450		7,341,433


MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $632,658)	¥		632,658		632,658

TOTAL INVESTMENTS—100.0%
(Cost $488,627,649)					556,223,016
Other assets less liabilities—(0.0%)					(66,507	)

NET ASSETS—100.0%				$	556,156,509

Notes 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

352

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Milestone 2020 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.9%
Vantagepoint Core Bond Index Fund Class T			7,991,667	$	79,916,673
Vantagepoint Diversifying Strategies Fund			9,711,000		101,285,734
Vantagepoint Equity Income Fund Class T			11,801,033		130,991,462
Vantagepoint Growth & Income Fund Class T			5,607,845		74,135,709
Vantagepoint Growth Fund Class T			4,064,022		51,653,713
Vantagepoint Inflation Protected Securities Fund Class T			2,752,045		28,896,469
Vantagepoint International Fund Class T			5,777,099		64,068,033
Vantagepoint Low Duration Bond Fund Class T			5,309,518		53,732,319
Vantagepoint Mid/Small Company Index Fund Class T			2,566,015		50,704,466

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $542,404,026)					635,384,578


EXCHANGE TRADED FUND—1.9%
Vanguard FTSE Emerging Markets ETF
(Cost $12,996,527)			303,900		12,502,446


MONEY MARKET FUND—0.2%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $1,223,811)	¥		1,223,811		1,223,811

TOTAL INVESTMENTS—100.0%
(Cost $556,624,364)					649,110,835
Other assets less liabilities—(0.0%)					(4,293	)

NET ASSETS—100.0%				$	649,106,542

Notes 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

353

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Milestone 2025 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—98.0%
Vantagepoint Core Bond Index Fund Class T			7,544,358	$	75,443,583
Vantagepoint Diversifying Strategies Fund			7,175,672		74,842,257
Vantagepoint Equity Income Fund Class T			10,903,007		121,023,372
Vantagepoint Growth & Income Fund Class T			5,098,850		67,406,793
Vantagepoint Growth Fund Class T			3,800,250		48,301,178
Vantagepoint International Fund Class T			5,664,910		62,823,854
Vantagepoint Low Duration Bond Fund Class T			2,378,102		24,066,394
Vantagepoint Mid/Small Company Index Fund Class T			2,834,462		56,008,973

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $440,581,922)					529,916,404


EXCHANGE TRADED FUND—1.9%
Vanguard FTSE Emerging Markets ETF
(Cost $10,788,869)			252,750		10,398,135


MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $737,641)	¥		737,641		737,641

TOTAL INVESTMENTS—100.0%
(Cost $452,108,432)					541,052,180
Other assets less liabilities—(0.0%)					(19,343	)

NET ASSETS—100.0%				$	541,032,837

Notes 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

354

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Milestone 2030 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.9%
Vantagepoint Core Bond Index Fund Class T			4,789,902	$	47,899,023
Vantagepoint Diversifying Strategies Fund			4,784,559		49,902,951
Vantagepoint Equity Income Fund Class T			9,414,762		104,503,857
Vantagepoint Growth & Income Fund Class T			4,578,339		60,525,641
Vantagepoint Growth Fund Class T			3,449,824		43,847,267
Vantagepoint International Fund Class T			5,271,972		58,466,165
Vantagepoint Low Duration Bond Fund Class T			739,224		7,480,946
Vantagepoint Mid/Small Company Index Fund Class T			2,911,136		57,524,045

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $348,614,377)					430,149,895


EXCHANGE TRADED FUND—1.9%
Vanguard FTSE Emerging Markets ETF
(Cost $8,768,664)			205,450		8,452,213


MONEY MARKET FUND—0.2%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $729,825)	¥		729,825		729,825

TOTAL INVESTMENTS—100.0%
(Cost $358,112,866)					439,331,933
Other assets less liabilities—(0.0%)					(31,838	)

NET ASSETS—100.0%				$	439,300,095

Notes 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

355

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Milestone 2035 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.1%
Vantagepoint Core Bond Index Fund Class T			2,066,076	$	20,660,759
Vantagepoint Diversifying Strategies Fund			2,301,512		24,004,775
Vantagepoint Equity Income Fund Class T			6,861,893		76,167,009
Vantagepoint Growth & Income Fund Class T			3,371,225		44,567,599
Vantagepoint Growth Fund Class T			2,668,121		33,911,812
Vantagepoint International Fund Class T			3,848,433		42,679,127
Vantagepoint Low Duration Bond Fund Class T			198,180		2,005,577
Vantagepoint Mid/Small Company Index Fund Class T			2,543,797		50,265,427

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $233,979,850)					294,262,085


EXCHANGE TRADED FUND—2.8%
Vanguard FTSE Emerging Markets ETF
(Cost $8,901,269)			208,100		8,561,234


MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $443,974)	¥		443,974		443,974

TOTAL INVESTMENTS—100.0%
(Cost $243,325,093)					303,267,293
Other assets less liabilities—(0.0%)					(25,129	)

NET ASSETS—100.0%				$	303,242,164

Notes 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

356

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Milestone 2040 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—97.0%
Vantagepoint Core Bond Index Fund Class T			1,452,907	$	14,529,074
Vantagepoint Diversifying Strategies Fund			838,752		8,748,188
Vantagepoint Equity Income Fund Class T			7,040,631		78,151,008
Vantagepoint Growth & Income Fund Class T			3,447,777		45,579,614
Vantagepoint Growth Fund Class T			2,835,561		36,039,976
Vantagepoint International Fund Class T			4,092,069		45,381,044
Vantagepoint Mid/Small Company Index Fund Class T			2,906,729		57,436,964

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $220,493,901)					285,865,868


EXCHANGE TRADED FUND—2.9%
Vanguard FTSE Emerging Markets ETF
(Cost $8,924,689)			208,950		8,596,203


MONEY MARKET FUND—0.1%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $316,850)	¥		316,850		316,850

TOTAL INVESTMENTS—100.0%
(Cost $229,735,440)					294,778,921
Other assets less liabilities—0.0%					3,835

NET ASSETS—100.0%				$	294,782,756

Notes 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

357

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Milestone 2045 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.6%
Vantagepoint Core Bond Index Fund Class T			488,493	$	4,884,926
Vantagepoint Equity Income Fund Class T			2,412,523		26,779,003
Vantagepoint Growth & Income Fund Class T			1,184,558		15,659,852
Vantagepoint Growth Fund Class T			971,503		12,347,804
Vantagepoint International Fund Class T			1,410,280		15,640,001
Vantagepoint Mid/Small Company Index Fund Class T			989,638		19,555,247

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $80,312,546)					94,866,833


EXCHANGE TRADED FUND—2.9%
Vanguard FTSE Emerging Markets ETF
(Cost $2,902,661)			68,850		2,832,489


MONEY MARKET FUND—0.5%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $492,423)	¥		492,423		492,423

TOTAL INVESTMENTS—100.0%
(Cost $83,707,630)					98,191,745
Other assets less liabilities—0.0%					3,941

NET ASSETS—100.0%				$	98,195,686

Notes 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

358

SCHEDULE OF INVESTMENTS

December 31, 2013


Vantagepoint Milestone 2050 Fund		Shares		Value
AFFILIATED MUTUAL FUNDS—96.9%
Vantagepoint Core Bond Index Fund Class T			110,204	$	1,102,044
Vantagepoint Equity Income Fund Class T			547,934		6,082,067
Vantagepoint Growth & Income Fund Class T			271,488		3,589,074
Vantagepoint Growth Fund Class T			219,620		2,791,367
Vantagepoint International Fund Class T			320,154		3,550,504
Vantagepoint Mid/Small Company Index Fund Class T			227,576		4,496,904

TOTAL AFFILIATED MUTUAL FUNDS
(Cost $19,910,983)					21,611,960


EXCHANGE TRADED FUND—2.9%
Vanguard FTSE Emerging Markets ETF
(Cost $650,857)			15,750		647,955


MONEY MARKET FUND—0.4%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.07%
(Cost $81,235)	¥		81,235		81,235

TOTAL INVESTMENTS—100.2%
(Cost $20,643,075)					22,341,150
Other assets less liabilities—(0.2%)					(51,255	)

NET ASSETS—100.0%				$	22,289,895

Notes 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

359

THE VANTAGEPOINT FUNDS

Additional Information (Unaudited)

Tax Disclosure

For corporate shareholder, a portion of the ordinary dividends paid during the fund’s year ended December 31, 2013, qualified for the dividends received deduction as follows:


Fund	Corporate Dividend Received Deduction
Equity Income		83.88	%
Growth & Income		71.87	%
Growth		100.00	%
Select Value		28.70	%
Aggressive Opportunities		15.46	%
Discovery		4.30	%
International		0.21	%
Diversifying Strategies		5.37	%
500 Stock Index		100.00	%
Broad Market Index		89.31	%
Mid/Small Company Index		44.79	%
Model Portfolio Conservative Growth		22.98	%
Model Portfolio Traditional Growth		28.79	%
Model Portfolio Long-Term Growth		25.73	%
Model Portfolio All-Equity Growth		27.38	%
Milestone Retirement Income		19.97	%
Milestone 2010		31.00	%
Milestone 2015		33.84	%
Milestone 2020		35.91	%
Milestone 2025		39.73	%
Milestone 2030		43.83	%
Milestone 2035		49.01	%
Milestone 2040		52.96	%
Milestone 2045		57.11	%
Milestone 2050		35.18	%

Pursuant to Section 852 of the Internal Revenue Code, the Company designated the following capital gain dividends for the year ended December 31, 2013:


Fund	Long Term Capital Gain Dividend
Low Duration Bond	$	1,509,632
Inflation Protected Securities		8,974,277
Equity Income		106,020,635
Growth & Income		111,699,235
Select Value		39,536,586
Aggressive Opportunities		66,939,790
Discovery		25,798,289
Diversifying Strategies		11,992,223
500 Stock Index		1,698,318
Broad Market Index		8,981,718
Mid/Small Company Index		44,613,956
Model Conservative Growth		9,507,066
Model Traditional Growth		28,932,875
Model Long-Term Growth		44,573,892
Model All-Equity Growth		7,618,002
Milestone Retirement Income		5,062,522
Milestone 2010		8,502,311

360

THE VANTAGEPOINT FUNDS

Additional Information (Unaudited) — (Continued)


Fund	Long Term Capital Gain Dividend
Milestone 2015		12,336,153
Milestone 2020		13,428,042
Milestone 2025		9,863,758
Milestone 2030		8,871,634
Milestone 2035		7,072,377
Milestone 2040		10,019,247
Milestone 2045		3,721,269
Milestone 2050		7,977

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

Foreign Taxes Paid

For the year ended December 31, 2013, dividends from foreign countries and taxes paid to foreign countries that qualify for foreign tax credits are as follows:


Fund	Net Foreign Source Income		Foreign Tax Credit
International	$	37,001,061	$	1,627,899
Overseas Equity Index		7,287,580		151,086
Model Portfolio Conservative Growth		1,227,972		53,444
Model Portfolio Traditional Growth		4,897,109		213,059
Model Portfolio Long-Term Growth		8,089,249		351,921
Model Portfolio All-Equity Growth		4,077,999		177,112
Milestone Retirement Income		345,208		15,071
Milestone 2010		587,378		25,576
Milestone 2015		1,288,454		56,058
Milestone 2020		1,673,218		72,797
Milestone 2025		1,640,512		71,365
Milestone 2030		1,526,254		66,343

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Fund	Net Foreign Source Income		Foreign Tax Credit
Milestone 2035		1,112,967		48,351
Milestone 2040		1,184,277		51,486
Milestone 2045		405,785		17,560
Milestone 2050		91,619		3,956

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

Sources of Income

The following table summarizes the percentage of income received by the Company in 2013 from various obligors:


Fund	U.S. Treasury Obligations			GNMA			FNMA			FHL Bank			FHLMC			Tennessee Valley Authority			Other U.S. Government Agency
Low Duration Bond		3.29	%		0.00	%		2.55	%		0.00	%		0.00	%		0.00	%		0.00	%
Inflation Protected Securities		34.85	%		0.00	%		0.23	%		0.08	%		0.00	%		0.00	%		1.21	%
Discovery		0.29	%		0.00	%		0.11	%		0.00	%		0.03	%		0.00	%		0.00	%
Diversifying Strategies		0.68	%		0.01	%		1.15	%		0.00	%		0.34	%		0.00	%		0.00	%
Core Bond Index		23.56	%		7.87	%		14.44	%		1.03	%		9.98	%		0.26	%		0.20	%
500 Stock Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Broad Market Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Mid/Small Company Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Overseas Equity Index		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

Qualified Dividend Income

The following are estimates of qualified dividend income received by the Company through December 31, 2013 that qualify for a reduced tax rate pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003 as extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010:


Fund	Qualified Dividend Income
Equity Income		95.19	%
Growth & Income		95.35	%
Growth		100.00	%
Select Value		31.41	%
Aggressive Opportunities		17.71	%
Discovery		4.65	%
International		86.22	%
Diversifying Strategies		7.95	%
500 Stock Index		100.00	%
Broad Market Index		90.51	%
Mid/Small Company Index		46.91	%
Overseas Equity Index		68.52	%
Model Portfolio Conservative Growth		35.02	%
Model Portfolio Traditional Growth		39.26	%
Model Portfolio Long-Term Growth		41.03	%
Model Portfolio All-Equity Growth		42.87	%
Milestone Retirement Income		29.66	%
Milestone 2010		46.77	%
Milestone 2015		50.69	%
Milestone 2020		53.31	%

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Fund	Qualified Dividend Income
Milestone 2025		58.79	%
Milestone 2030		65.98	%
Milestone 2035		73.00	%
Milestone 2040		78.98	%
Milestone 2045		85.34	%
Milestone 2050		52.61	%

Directors Table

Independent Directors


Name, Address* and Age	Positions Held with the Company	Term/Service Expiration and Length of Time Served†	Principal Occupation(s) During the Past Five Years	Directorship(s) of Public Companies and Other Registered Investment Companies During the Past Five Years
George M. Chamberlain, Jr. (66)	Director, Audit Committee Member, Investment Committee Member, and Nominating and Governance Committee Member	October 31, 2014; Director since January 2012	Director and Vice President, Legal and Business Affairs—SCM Advantage LLC (supply chain consulting) (October 2009–present); Principal—GMC Consulting (corporate consulting) (May 1999–present); Board member—Alzheimer’s Association Delaware Valley Chapter (January 2008–present); Board member—Trapp Family Lodge Cooperative (non-profit) (April 2008–present); Board member and Vice Chair—Walnut Street Theater (January 2000–June 2010)	N/A
Dorothy D. Hayes (63)	Director, Audit Committee Member and Chair, Investment Committee Member, and Nominating and Governance Committee Member	October 31, 2014; Director since April 2013	Director, Chair of the Enterprise Risk Committee, and member of Executive Committee—First Tech Federal Credit Union (2011–present); Director and Chair of the Finance Committee— American Leadership Forum—Silicon Valley (2011–present); Director (2010–present), Chair of the Audit Committee (2010–2013) and Chair of the Board of Directors and member of Executive and Fund Development Committees (2012– present)—Silicon Valley FACES; Trustee, chair of the finance committee, member of the executive committee, and member of the investment committee— Computer History Museum (2006– present); Director and Chair of the Audit Committee—Range Fuels (development-stage biofuels company) (2008–2012); Director and Chair of the Finance Committee—Addison Avenue Federal Credit Union (2002–2010); Trustee—Foothills Foundation, Foothills Congregational Church (church foundation) (2004–present); Vice President, Internal Audit—Intuit, Inc. (financial software and services company) (2005–2008)	N/A

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Name, Address* and Age	Positions Held with the Company	Term/Service Expiration and Length of Time Served†	Principal Occupation(s) During the Past Five Years	Directorship(s) of Public Companies and Other Registered Investment Companies During the Past Five Years
JoAnn H. Price (64)	Director, Investment Committee Member	October 31, 2016; Director since October 2013	President—Fairview Capital Partners, Inc. (private equity advisory firm) (October 1994–present); Treasurer (2011–present) and Director (October 2001–present)—Apollo Theater Foundation; Director—Hartford Foundation for Public Giving (January 2010–present); Vice Chair (2009–present) and Director (January 2003– present);—YMCA of Greater Hartford; Trustee (January 2002–present) and Former President (2004–2010)—The Amistad Center for Art and Culture; Director—Hartford Communities that Care, Inc. (January 2012–present); Member—Howard University School of Business Board of Visitors (January 2002–present); Trustee—Connecticut Women’s Hall of Fame (January 2012–present).	N/A
Timothy M. O’Brien (64)	Chair of the Board and Director, Audit Committee Member, Investment Committee Member and Chair, and Nominating and Governance Committee Member	October 31, 2014; Director since September 2005	Independent Consultant (pension consulting) (2003–present); Trustee, Chair of Audit Committee and member of Investment and Benefits Committees— Public Employees Retirement Association of Colorado (July 2011–present)	N/A
Harold Singleton, III (51)	Director, Investment Committee Member	October 31, 2016; Director since October 2013	Managing Director (January 2007–May 2012), Head of Asset Management Companies and Global Head of Retail and Intermediary Sales (December 2010–May 2012), Global Head of Equities and Fixed Income Product Specialists (June 2009–December 2010), Equity Product Specialist (January 2007–June 2009)—PineBridge Investments, LLC (investment management firm); Chair of the Board—PineBridge Investments East Africa Limited (January 2011–May 2012); Chair of the Board—PineBridge Investments Taiwan Limited (January 2011–May 2012); Director—PineBridge Investments Ireland Limited (December 2010–May 2012); Director—PineBridge Investments India Limited (April 2011–May 2012); Trustee—Illinois Institute of Technology (May 2012–present).	N/A

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Interested Director and Officers


Name and Age	Positions Held with the Company	Term/Service Expiration and Length of Time Served†	Principal Occupation(s) During the Past Five Years	Directorship(s) of Public Companies and Other Registered Investment Companies During the Past Five Years
David R. Mora (68)*	Director	October 31, 2014; Director since November 2011	Board member (January 2005–present) and former Chair of the Board of Directors (January 2010–December 2013)–ICMA Retirement Corporation; West Coast Regional Director—International City/County Management Association (February 2009–April 2011); City Manager—City of Salinas, CA (September 1990–September 2008); Board member—Public Entity Risk Institute (non-profit) (January 2000–December 2008)	N/A
Joan W. McCallen (61)***	President and Principal Executive Officer	Since September 2003	Chief Executive Officer—ICMA Retirement Corporation (Aug. 2003–present); President and Manager—Vantagepoint Investment Advisers, LLC, and ICMA-RC Services, LLC (broker-dealer); President and Manager—Vantagepoint Transfer Agents, LLC (2003–present); Director and President, VantageTrust Company, LLC (2003–present)	N/A
Bruce James Rohrbacher (61)***	Vice President and Chief Compliance Officer	Since September 2004	Senior Vice President and Chief Compliance Officer—ICMA Retirement Corporation (2004–present); Chief Compliance Officer, Vantagepoint Investment Advisers, LLC (2004–present) and Chief Compliance Officer, ICMA-RC Services, LLC (broker-dealer) (2004–present); Chief Compliance Officer—VantageTrust Company, LLC (2004–present)	N/A
Elizabeth S. Glista (49)***	Treasurer and Principal Financial Officer	Since March 2009	Senior Vice President and Chief Financial Officer—ICMA Retirement Corporation (April 2009–present); Treasurer–Vantagepoint Investment Advisers, LLC, and Vantagepoint Transfer Agents, LLC (April 2009– present); Treasurer–ICMA-RC Services, LLC (broker-dealer) (April 2009–present); Treasurer—VantageTrust Company, LLC (April 2009–present); Managing Vice President, Financial Operations, Analysis & Treasury—ICMA Retirement Corporation (January 2009–April 2009); Vice President, Financial Planning & Analysis and Treasury—ICMA-RC (January 2000–September 2007 and March 2008–January 2009)	N/A

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Name and Age	Positions Held with the Company	Term/Service Expiration and Length of Time Served†	Principal Occupation(s) During the Past Five Years	Directorship(s) of Public Companies and Other Registered Investment Companies During the Past Five Years
Angela C. Montez (46)***	Secretary	Since December 2006	Managing Vice President, Deputy General Counsel and Assistant Secretary—ICMA Retirement Corporation (2006–present); Assistant Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLP and ICMA-RC Services, LLC(broker dealer) (2011–present); Assistant Secretary—VantageTrust Company, LLC (February 2008– present); Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLC and ICMA-RC Services, LLC (broker-dealer) (2006–2007); Corporate Counsel—ICMA Retirement Corporation (2000–2006)	N/A
Kathryn B. McGrath (69)***	Assistant Secretary	Since March 2008	Senior Vice President, General Counsel and Secretary—ICMA Retirement Corporation (2007–Present); Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLP and ICMA-RC Services, LLC(broker dealer) (2007–present); Secretary—VantageTrust Company, LLC (February 2008–present)	N/A

NOTES:

The business mailing address for the Directors and officers of the Trust is 777 North Capitol Street, N.E., Suite 600, Washington, DC 20002.

†

The Company has three classes of directors: Class 1, Class 2 and Class 3. The Declaration of Trust sets forth the length of the Directors’ terms (five years for Class 1 and Class 2; one year for Class 3), limits each Class 1 and Class 2 Director’s length of service to 12 consecutive years, and prohibits each Director from serving a term that begins after he or she has reached age 72. The date shown in this column reflects the expiration date of the Director’s current term, the end of the Class 1 or Class 2 Director’s 12th year of service, or the Director’s retirement date, whichever occurs first.

Mr. Mora is considered to be an “interested person” of the Trust (as that term is defined under the 1940 Act), and thus an “interested director,” because he is a director of ICMA Retirement Corporation (“ICMA-RC”), the parent company of VIA and of ICMA-RC Services, LLC (“RC Services”), the distributor of the Company’s shares.

***

Mses. McCallen, Glista, Montez, and McGrath and Mr. Rohrbacher are considered to be “interested persons” of the Trust, as that term is defined under the 1940 Act, due to their positions as officers of the following entities: VIA; RC Services, the distributor of the funds; ICMA-RC, the parent company of VIA and RC Services; and the Trust Company.

Subadviser Fees

Presented below are the fees paid by each fund to subadvisers during the year ended December 31, 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

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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 September 30, 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%	$	278,539
	Schroder Investment Management North America Inc. (1)		0.18%		521,704

Inflation Protected Securities	Pacific Investment Management Company, LLC		0.20%		625,014
	BlackRock Financial Management, Inc.		0.10%		390,324

Equity Income	Barrow, Hanley, Mewhinney & Strauss, LLC		0.21%		1,532,858
	T. Rowe Price Associates, Inc.		0.30%		2,196,501
	Southeastern Asset Management, Inc.		0.52%		3,600,462

Growth & Income	Fiduciary Management, Inc.		0.29%		1,390,395
	T. Rowe Price Associates, Inc.		0.38%		1,319,509
	Wellington Management Company, LLP		0.27%		1,501,509

Growth	Atlanta Capital Management Company, LLC		0.30%		1,470,891
	Columbus Circle Investors		0.33%		1,650,863
	Victory Capital Management Inc. (2)		0.26%		1,284,665
	Westfield Capital Management Company, L.P.		0.33%		1,953,151

Select Value	Artisan Partners Limited Partnership		0.55%		716,935
	Systematic Financial Management, L.P.		0.41%		533,293
	WEDGE Capital Management LLP		0.51%		672,139

Aggressive Opportunities	Southeastern Asset Management, Inc.		0.58%		907,888
	SSgA Funds Management, Inc.		0.03%		113,056
	TimesSquare Capital Management, LLC		0.50%		1,574,156
	Wells Capital Management Inc.		0.43%		1,146,995

Discovery	Payden & Rygel		0.15%		170,598
	Wellington Management Company, LLP		0.73%		825,428

International	Artisan Partners Limited Partnership		0.64%		1,468,527
	GlobeFlex Capital, LP		0.40%		1,532,680
	Mondrian Investment Partners Limited		0.43%		1,939,144
	Walter Scott & Partners Limited		0.54%		1,316,207

Diversifying Strategies	Calamos Advisors LLC		0.53%		1,203,912
	Mellon Capital Management Corporation (3)		0.33%		658,014
	Payden & Rygel (Enhanced Cash Management)		0.10%		169,926
	Payden & Rygel (Low Duration-Plus Fixed Income)		0.09%		330,162
	Shenkman Capital Management, Inc.		0.38%		912,476

Core Bond Index	Mellon Capital Management Corporation (4)		0.01%		162,518

500 Stock Index	Mellon Capital Management Corporation (4)		0.01%		64,593

Broad Market Index	Mellon Capital Management Corporation (4)		0.01%		102,264

Mid/Small Company Index	Mellon Capital Management Corporation (4)		0.02%		103,915

Overseas Equity Index	Mellon Capital Management Corporation (4)		0.04%		118,936

(1)

Effective October 11, 2013, STW Fixed Income Management, LLC (“STW”) was integrated into the operations of Schroeder Investment Management North American Inc.(“SIMNA”). On that date, SIMNA replaced STW as subadviser to the Low Duration Bond Fund.

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(2)

(3)

Mellon Capital Management Corporation has contractually agreed to reduce its subadvisory fee through February 4, 2014.

(4)

Directors’ Considerations of Investment Subadvisory Agreements

The following relates to the consideration by the Board of Directors (“Directors” or “Board”) of The Vantagepoint Funds (“Company”), during the period beginning July 1, 2013 through December 31, 2013, of the approval of certain investment subadvisory agreements and an amendment to an existing investment subadvisory agreement.

Vantagepoint Low Duration Bond Fund

At a meeting held on July 1, 2013 (“July Meeting”), Vantagepoint Investment Advisers, LLC (“VIA”) recommended, and the Board of the Company, including a majority of the Directors who are not “interested persons” as defined in the Investment Company Act of 1940, as amended (“Independent Directors”), approved a new investment subadvisory agreement among the Company, on behalf of the Vantagepoint Low Duration Bond Fund (“Low Duration Bond Fund”), VIA and Schroder Investment Management North America Inc. (“SIMNA”), which became effective on October 11, 2013 (“New SIMNA Subadvisory Agreement”). SIMNA replaced STW Fixed Income Management LLC (“STW”) as a subadviser to the Low Duration Bond Fund due to the integration of STW’s operations into the existing business of SIMNA (the “Integration”), following the previous acquisition of STW by Schroder U.S. Holdings Inc. (“SUSHI”). SIMNA is a wholly owned subsidiary of SUSHI. The Integration took place on October 11, 2013 and, subsequently, STW ceased being a registered investment adviser. As a result, the Integration terminated STW’s existing investment subadvisory agreement with the Low Duration Bond Fund (“STW Subadvisory Agreement”) and necessitated the execution of the New SIMNA Subadvisory Agreement, which became effective on the date of the Integration. Prior to the Integration, the Board was asked by VIA to consider the selection of SIMNA as a new subadviser to the Low Duration Bond Fund and approve the New SIMNA Subadvisory Agreement. Before approving the appointment of SIMNA as a subadviser to the Low Duration Bond Fund, the Board considered the recommendations of, and supporting analyses and data presented by, VIA.

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

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

In determining whether to approve the New SIMNA Subadvisory Agreement, the Directors considered the information received in advance of the July Meeting, and the presentations made by, and discussions held with,

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representatives of STW and SIMNA and the personnel of VIA, and discussions with the Company’s Chief Compliance Officer (“CCO”), as well as a variety of factors. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decision to approve the New SIMNA 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 SIMNA to the Low Duration Bond Fund following the Integration, the Directors considered SIMNA’s investment management process with respect to managing the portion of the Low Duration Bond Fund’s assets to be allocated to it, including the personnel responsible for the portfolio management of the Fund. The Directors noted that VIA concluded that the Integration would not have a negative impact on the services being provided to the Low Duration Bond Fund. The Directors took into account that, based on discussions with SIMNA, VIA was confident that the current services provided to the Low Duration Bond Fund, primarily performed by the former STW portfolio management team, will remain intact following the Integration. The Directors considered that key management personnel of STW have accepted economic incentives for their continued portfolio management services at SIMNA for several years after the Integration. The Directors considered SIMNA’s representations that it does not expect the Integration to affect the nature, scope or quality of the investment advisory services provided to the Low Duration Bond Fund, and that the investment advisory services to be provided by SIMNA are expected to be substantially similar to those currently provided by STW, and may even be enhanced as the portfolio managers will have access to additional research and other support resources from the Schroder’s group of companies. In addition, the Directors considered that the fee schedule under the New SIMNA Subadvisory Agreement is the same as the fee schedule under the STW Subadvisory Agreement. Based on the information considered, the Directors concluded that, after the Integration, SIMNA would likely have the ability to continue to provide the nature, extent and quality of services that the Low Duration Bond Fund had received from STW.

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 and such performance versus a relevant benchmark and peer group, and VIA’s favorable assessment of such performance. The Directors concluded that the investment performance record of the former STW investment team that would continue to manage the portion of the assets of the Low Duration Bond Fund allocated to SIMNA following the Integration supported approval of the New SIMNA Subadvisory Agreement.

Subadvisory Fees and Economies of Scale. In evaluating the subadvisory fee, the Directors considered that the subadvisory fee payable under the New SIMNA Subadvisory Agreement is the same as the subadvisory fee payable under the STW Subadvisory Agreement. The Directors considered a comparison of the subadvisory fee to be charged by SIMNA to the Low Duration Bond Fund with its fee schedule for managing other accounts (which were not pooled investment vehicles or other investment companies) with an investment strategy similar to the strategy SIMNA is to employ on behalf of the Low Duration Bond Fund. The Directors considered that, according to the information provided by VIA, the effective fee rate to be paid by the Low Duration Bond Fund under the New SIMNA Subadvisory Agreement, based on the amount of assets to be allocated to SIMNA, was competitive. The Directors further considered that, based on the statements provided by SIMNA, the services that SIMNA was to provide to the Low Duration Bond Fund following the Integration appeared to be generally similar to those SIMNA expects to provide to other accounts it manages in the same strategy. The Directors also considered VIA’s assessment that SIMNA’s subadvisory fee schedule for the Low Duration Bond Fund is competitive and reasonable given STW’s performance for the Fund and VIA’s expectations for SIMNA.

The Directors reviewed information provided by VIA (which was based on an independent third-party source) on the fees charged to accounts with assets comparable to the amount of assets to be allocated to SIMNA 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 SIMNA at asset levels as of May 31, 2013 (0.1835%) is slightly higher than the median fee charged by such managers (0.18%). The Directors considered VIA’s assessment that it believed SIMNA’s subadvisory fee to be appropriate given the nature and quality of the services to be provided by SIMNA and the nature of the strategy SIMNA is to employ for the Low Duration Bond Fund. The foregoing comparisons assisted the Directors in considering the New SIMNA Subadvisory Agreement by providing them with a basis for evaluating SIMNA’s fee on a relative basis. Based on this information, the Directors concluded that the subadvisory fee to be charged under the New SIMNA Subadvisory Agreement appeared to be within a reasonable range for the services to be provided.

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The Directors also reviewed the information provided regarding the estimated profits to be realized with respect to SIMNA’s relationship with the Low Duration Bond Fund. In considering the extent to which economies of scale may be realized by SIMNA as the assets of the Low Duration Bond Fund to be managed by SIMNA grow, and whether the proposed fee levels reflect these economies, the Directors noted that the proposed fee schedule under the New SIMNA 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 SIMNA increase.

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

In considering the potential “fall-out” or ancillary benefits that may accrue to SIMNA due to its relationship with the Low Duration Bond Fund, the Directors noted that SIMNA does not anticipate “fall-out” or ancillary benefits of any significance due to its relationship with the Fund, other than providing exposure to broker-dealers or investment advisers who may offer SIMNA the opportunity to participate in other lines of business such as subadvisory, separate account wrap programs or model manager programs.

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 SIMNA Subadvisory Agreement was in the best interests of the Low Duration Bond Fund and its shareholders.

Vantagepoint Growth Fund

Also at the July Meeting, VIA recommended, and the Board of the Company, including a majority of the Independent Directors, approved a new investment subadvisory agreement with Victory Capital Management Inc. (“Victory”), one of the subadvisers of the Vantagepoint Growth Fund (“Growth Fund”), due to the sale of the interests held in Victory by KeyBank National Association to Victory’s employees and Crestview Partners, a private equity firm, which occurred on August 1, 2013 (the “Transaction”). The Transaction resulted in a “change of control” of Victory 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 previously in effect among the Company, on behalf of the Growth Fund, VIA and Victory (“Current Victory Subadvisory Agreement”) terminated on August 1, 2013. At the July Meeting, in anticipation of the Transaction and consequent immediate termination of the Current Victory Subadvisory Agreement, the Board, including a majority of the Independent Directors, approved a new investment subadvisory agreement among the Company, on behalf of the Growth Fund, VIA and Victory (“New Victory Subadvisory Agreement”), which became effective August 1, 2013. Before approving the New Victory Subadvisory Agreement, the Board considered the recommendations of, and supporting analyses and data presented by, VIA.

With respect to the Board’s consideration of the New Victory Subadvisory Agreement, the Directors received written information in advance of the Meeting from VIA, which included: (1) the conclusions reached by VIA as a result of the due diligence it conducted relating to the Transaction and in recommending the Board approve the New Victory Subadvisory Agreement; (2) the nature, extent and quality of services that Victory currently provides, and is expected to continue to provide after the Transaction, to the Growth Fund; (3) Victory’s experience, investment management business, personnel and operations; (4) Victory’s brokerage and trading policies and practices; (5) the level of the subadvisory fees to be charged to the Growth Fund by Victory and a comparison of that fee to: (a) Victory’s fee schedule for managing other advisory accounts with an investment objective similar to that of the Growth Fund; and (b) the fees charged to accounts with assets comparable to the amount of assets to be allocated to Victory by a group of U.S. separate account investment managers that utilize a large capitalization growth mandate; (6) Victory’s compliance program; (7) Victory’s historical investment performance and its performance as a subadviser to the Growth Fund and such performance as compared to a relevant benchmark and peer group; (8) Victory’s

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representation that the pending change of control is not expected to affect the nature, scope or quality of the services Victory provides to the Growth Fund; and (9) certain financial information for Victory.

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

In determining whether to approve the New Victory Subadvisory Agreement, the Directors considered the information received in advance of the July Meeting, and the presentations made by, and discussions held with, representatives of Victory and the personnel of VIA, and discussions with the Company’s CCO, as well as a variety of factors. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decision to approve the New Victory 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 Victory to the Growth Fund following the Transaction, the Directors considered Victory’s investment management process in managing the portion of the Growth Fund’s assets allocated to it, including the personnel responsible for the portfolio management of the Growth Fund. The Directors considered VIA’s and Victory’s statements that there will be no changes to Victory’s chief investment officers, investment teams or their investment process as a result of the Transaction, and that the investment teams will not experience any change in the resources received from Victory. In addition, the Directors considered VIA’s and Victory’s statements that there will be no change to Victory’s current operating model as a result of the Transaction, and that Victory’s management team will continue to be responsible for developing the firm’s overall strategy and run the day-to-day operations of the business. The Directors considered Victory’s representation that the Transaction is not expected to affect the nature, scope or quality of services it provides to the Growth Fund. The Directors also considered that the fee schedule under the New Victory Subadvisory Agreement was slightly more favorable to the Growth Fund than the fee schedule under the Current Victory Subadvisory Agreement. Based on the information considered, the Directors concluded that, after the Transaction, Victory would likely have the ability to continue to provide the nature, extent and quality of services it currently provides to the Growth Fund.

Investment Performance. The Directors considered the historical data provided regarding Victory’s investment performance with respect to the Growth Fund since it began managing the assets of the Fund in January 2012 through March 31, 2013, and for the one-year period ended March 31, 2013, as well as Victory’s composite performance for longer periods, and such performance versus a relevant benchmark and peer group. The Directors took into account VIA’s explanation that, despite recent underperformance, it believes Victory serves an important complementary role in the multi-managed Growth Fund, and that the combination of the complimentary styles and underlying characteristics of the existing subadvisers enhances the overall risk/return profile of the Growth Fund. The Directors concluded that Victory’s role in the Growth Fund supported approval of the New Victory Subadvisory Agreement.

Subadvisory Fees and Economies of Scale. In evaluating the subadvisory fee, the Directors considered that the subadvisory fee schedule under the New Victory Subadvisory Agreement is slightly more favorable to the Growth Fund than the subadvisory fee schedule under the Current Victory Subadvisory Agreement. The Directors noted Victory’s representation to VIA that the nature, quality and scope of the services it provides to the Growth Fund will not be affected by the lower subadvisory fee. The Directors considered comparisons of the subadvisory fee to be charged by Victory to the Growth Fund with its fee schedule for managing other accounts (including investment companies and pooled investment vehicles) with an investment objective similar to that of the Growth Fund. The Directors considered that, according to the information provided by VIA, based on the amount of assets to be allocated to Victory under the New Victory Subadvisory Agreement, the Growth Fund would be paying the lowest average basis point fee of any of Victory’s accounts with an investment objective similar to that of the Growth Fund. In addition, the Directors took into account Victory’s statement that the services to be rendered to the Growth Fund are similar to its other investment company relationships. The Directors also considered VIA’s assessment that Victory’s subadvisory fee schedule for the Growth Fund under the New Victory Subadvisory Agreement reflects the lowest available fee schedule offered by Victory to “like accounts.” For this purpose, the term “like accounts” was used by VIA generally to describe accounts of similar size and mandate to the Growth Fund.

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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 Victory by a group of U.S. separate account investment managers that utilize a large capitalization growth mandate. According to the information provided, the effective fee rate to be paid by the Growth Fund to Victory at asset levels as of March 31, 2013 was below the median fee charged by such managers. The Directors considered that VIA deemed the proposed fee schedule under the New Victory Subadvisory Agreement appropriate given the nature and quality of the services to be provided by Victory and the nature of the strategy Victory is to employ for the Growth Fund. The foregoing comparisons assisted the Directors in considering the New Victory Subadvisory Agreement by providing them with a basis for evaluating Victory’s subadvisory fee on a relative basis. Based on this information, the Directors concluded that Victory’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 Victory’s relationship with the Growth Fund. In considering the extent to which economies of scale may be realized by Victory as the assets of the Growth Fund to be managed by Victory grow, and whether the proposed fee levels reflect these economies, the Directors noted that the proposed fee schedule under the New Victory Subadvisory Agreement includes breakpoints, whereby the Growth Fund and its shareholders will benefit from reduced subadvisory fee rates as the assets managed by Victory increase.

Other Considerations. The Directors considered the conclusions reached by VIA as a result of its evaluation of Victory and the due diligence it conducted in deciding to recommend that the Board approve the New Victory Subadvisory Agreement. The Directors also considered VIA’s assessment that the proposed fee to be paid to Victory for its services to the Growth Fund is competitive and reasonable and appropriate given the nature and quality of the services to be provided by Victory. The Directors concluded that VIA’s recommendations and conclusions supported approval of the New Victory Subadvisory Agreement.

In considering the potential “fall-out” or ancillary benefits that may accrue to Victory due to its relationship with the Growth Fund, the Directors noted Victory’s statement that, as the assets under Victory’s management increase so will the commissions generated by Victory, which will improve Victory’s ability to access research services available from its brokers. However, the Directors noted that all subadvisers are required to select brokers who meet the Growth Fund’s requirements for seeking best execution, and that VIA monitors and evaluates the subadvisers’ trade execution with respect to the Growth Fund’s brokerage transactions on a regular basis and provides reports to the Board in this regard. The Directors concluded that the potential benefits accruing to Victory by virtue of its relationship to the Growth Fund appeared to be reasonable.

Vantagepoint Diversifying Strategies Fund

At a meeting held on December 3, 2013 (“December Meeting”), VIA recommended, and the Board of the Company approved, the following changes to the Vantagepoint Diversifying Strategies Fund (“Diversifying Strategies Fund”), which became effective on or about February 4, 2014 (“February Changes”): (i) the termination of Calamos Advisors LLC (“Calamos”) as a subadviser to the Diversifying Strategies Fund; (ii) the hiring of Oaktree Capital Management, L.P. (“Oaktree”) as a subadviser to replace Calamos; and (iii) a change in the Diversifying Strategies Fund’s principal investment strategies to reflect an increase in the Diversifying Strategies Fund’s exposure to below investment grade convertible securities in light of Oaktree’s convertible securities strategy. Also at the December Meeting, VIA recommended, and the Board of the Company approved, the following additional changes to the principal investment strategies of the Diversifying Strategies Fund, as well as related subadviser changes, to become effective on or about May 1, 2014 (“May Changes”): (i) the elimination of the global tactical asset allocation strategy (“GTAA strategy”) and the termination of the subadviser for that strategy, Mellon Capital Management Corporation (“Mellon”); (ii) the elimination of the collateral portfolio associated with the GTAA strategy (“collateral portfolio”), which is subadvised by Payden & Rygel (“Payden”); (iii) a reduction in the assets of the Diversifying Strategies Fund allocated to the low duration plus fixed income strategy, which is subadvised by Payden; (iv) the addition of an enhanced equity strategy (“Enhanced Equity strategy”) and the hiring of Payden to serve as a subadviser for that new strategy; (v) a reduction in

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the assets of the Diversifying Strategies Fund allocated to the convertible securities strategy subadvised by Shenkman Capital Management, Inc. (“Shenkman”); and (vi) the addition of a real estate investment trust (“REIT”) strategy to be implemented on a passive basis (“passive U.S. REIT strategy”) and the hiring of SSgA Funds Management, Inc. (“SSgA FM”) to serve as a subadviser for that new strategy. In connection with the foregoing changes, the Board of the Company, including a majority of the Independent Directors, approved: (i) initial investment subadvisory agreements among the Company, on behalf of the Diversifying Strategies Fund, VIA and each of Oaktree and SSgA FM (each, a “New Subadvisory Agreement” and, collectively, the “New Subadvisory Agreements”); and (ii) an amendment to the fee schedule of the current investment subadvisory agreement among the Company, on behalf of the Diversifying Strategies Fund, VIA and Payden to reflect the fee relating to Payden serving as a subadviser for the Enhanced Equity strategy and to remove references to the fee for Payden’s services as a subadviser to the collateral portfolio (“Payden Amendment”). Oaktree and SSgA FM may each be referred to below as a “New Subadviser” and collectively as the “New Subadvisers.” Before approving the New Subadvisory Agreements and the Payden Amendment and the changes described above, the Board considered the recommendations of, and supporting analyses and data presented by, VIA.

With respect to the Board’s consideration of the New Subadvisory Agreements with Oaktree and SSgA FM and the Payden Amendment, the Directors received written information in advance of the December Meeting from VIA, which included: (1) VIA’s rationale for recommending the February Changes and May Changes; (2) the process by which VIA selected and recommended for Board approval Oaktree and SSgA FM as subadvisers of the Diversifying Strategies Fund to implement the U.S. convertible securities strategy and passive U.S. REIT strategy, respectively, and Payden to implement the Enhanced Equity strategy; (3) the nature, extent and quality of the services that the New Subadvisers and Payden would provide to the Diversifying Strategies Fund; (4) the experience, investment management business, personnel and operations of each New Subadviser and Payden; (5) the brokerage and trading policies and practices of each New Subadviser and Payden; (6) the level of the subadvisory fees to be charged to the Diversifying Strategies Fund by each New Subadviser and Payden and a comparison of those fees to the: (a) fees charged by each New Subadviser and Payden for managing other comparable accounts; and (b) fees charged by a group of U.S. separate account investment managers utilizing a U.S. convertible securities mandate with respect to Oaktree, a U.S. REIT mandate with respect to SSgA FM and a small capitalization core mandate with respect to Payden; (7) the compliance programs of the New Subadvisers and information on Payden’s compliance program; (8) performance information for each New Subadviser and Payden utilizing: (i) a U.S. convertible securities mandate with respect to Oaktree; (ii) a passive U.S. REIT mandate with respect to SSgA FM, and (iii) an Enhanced Equity mandate with respect to Payden, and such performance compared to a relevant benchmark and peer group; (9) the Diversifying Strategies Fund’s expected overall investment advisory fee and projected total expense ratio, taking into account the February Changes and May Changes, respectively, compared to a group of multialternative mutual funds; and (10) the financial condition of each New Subadviser and Payden.

In determining whether to approve each New Subadvisory Agreement and the Payden Amendment, the Directors considered the information received in advance of the December Meeting, and the presentations made by, and discussions held with, representatives of Oaktree and SSgA FM and the personnel of VIA, and discussions with the Company’s CCO, as well as a variety of factors. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decision to approve the New Subadvisory Agreements and the Payden Amendment. The discussion below with respect to Payden specifically relates to its services as a subadviser for the Enhanced Equity strategy.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the services expected to be provided by each New Subadviser under the New Subadvisory Agreements and Payden under the Payden Amendment, the Directors considered the specific investment process to be employed by each New Subadviser and Payden in managing the assets of the Diversifying Strategies Fund to be allocated to them; the qualifications of Oaktree’s, SSgA FM’s and Payden’s respective investment management personnel with regard to implementing a U.S. convertible securities strategy with respect to Oaktree, a passive U.S. REIT strategy with respect to SSgA FM and an

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Enhanced Equity strategy with respect to Payden; performance information provided for each New Subadviser and Payden as compared to a relevant benchmark and peer group; each New Subadviser’s and Payden’s infrastructure and whether it appeared to adequately support a U.S. convertible securities strategy with respect to Oaktree, a passive U.S. REIT strategy with respect to SSgA FM and an Enhanced Equity strategy with respect to Payden; and VIA’s review process and favorable assessment as to the nature, quality and extent of the subadvisory services expected to be provided to the Diversifying Strategies Fund by each New Subadviser and Payden. The Directors acknowledged that Oaktree, SSgA FM and Payden each has experienced portfolio management personnel; and appeared to have adequate infrastructure and support staff to seek to achieve favorable results implementing their respective proposed strategies for the Diversifying Strategies Fund. The Directors concluded that the nature, extent and quality of the subadvisory services expected to be provided by each New Subadviser and Payden were appropriate in light of the investment strategies that each such subadviser is to implement on behalf of the Diversifying Strategies Fund, and, thus, supported a decision to approve each New Subadvisory Agreement and the Payden Amendment.

Investment Performance. The Directors reviewed the investment performance information provided by VIA for Oaktree, SSgA FM and Payden with respect to the proposed mandate each is to employ for the Diversifying Strategies Fund, and considered such performance information versus a relevant benchmark and peer group (based on information provided by an independent third-party source) and VIA’s favorable assessment of such performance. Based on the information provided, the Directors concluded that the performance information supported a decision to approve each New Subadvisory Agreement and the Payden Amendment.

Subadvisory Fees, Expense Ratio Impact and Economies of Scale. In evaluating each proposed subadvisory fee, the Directors reviewed the subadvisory fee schedules for each New Subadviser and Payden. The Directors considered comparisons of the subadvisory fee to be charged by each New Subadviser and Payden to the Diversifying Strategies Fund with its respective fee schedule for managing other accounts with an investment mandate similar to the mandate the subadviser is to employ on behalf of the Diversifying Strategies Fund. The Directors also considered that, according to the information provided by VIA: (i) the proposed fee schedule for Oaktree is equal to the fee schedule Oaktree charges to all of its clients in its U.S. and Non-U.S. convertible securities strategy with assets comparable to the amount of assets of the Diversifying Strategies Fund to be allocated to Oaktree; and (ii) the proposed fee schedule for SSgA FM reflected the lowest fee rate currently charged by the subadviser to other accounts for which it provides advisory services utilizing a mandate similar to the mandate it is to employ for the Diversifying Strategies Fund and is lower than its standard fee schedule for managing accounts with a mandate similar to the mandate it is to employ for the Diversifying Strategies Fund. With regard to the proposed fee schedule for Payden relating to the Enhanced Equity strategy, the Directors also considered that the proposed fee schedule under the Payden Amendment is the same as the fee schedule Payden charges to the Vantagepoint Discovery Fund (“Discovery Fund”). According to the information provided by VIA, the Discovery Fund is the only other comparable SEC-registered mutual fund that Payden manages with a mandate similar to the Enhanced Equity strategy it is to employ for the Diversifying Strategies Fund and both fee schedules are lower than Payden’s standard fee schedule for managing accounts with a mandate similar to the mandate it is to employ for the Fund. Additionally, the nature of the subadvisory services that each New Subadviser and Payden is to provide to the Diversifying Strategies Fund appeared to be comparable to those each subadviser currently provides to its other subadvisory relationships.

The Directors reviewed information provided by VIA (which was based on an independent third-party source) on the fees charged by a group of U.S. separate account investment managers to accounts with assets comparable to the amount of assets to be allocated initially to each New Subadviser and Payden (with respect to the Enhanced Equity strategy) and that employ a U.S. convertibles strategy (for comparison to Oaktree), a U.S. REIT strategy (for comparison to SSgA FM) and a small capitalization core strategy (for comparison to Payden). According to the information provided, the proposed effective fee rate to be paid by the Diversifying Strategies Fund to each New Subadviser, and Payden with respect to the Enhanced Equity strategy, at the proposed initial asset allocation levels would be below the median fee charged by such managers.

The Directors also considered information provided by VIA showing that there would be a decrease in the overall subadvisory fees and, therefore, a decrease in the total expense ratio of the Diversifying Strategies Fund as a result of the appointment of Oaktree effective February 2014 and also as a result of the May Changes. In each case, referring to data provided by VIA and compiled by Morningstar, Inc. (“Morningstar”), a provider of independent investment

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company data, the Directors noted that the expected total investment advisory fee for the Diversifying Strategies Fund, taking into account the appointment of Oaktree effective February 2014 and taking into account the May Changes, respectively, was lower than the average and median investment advisory fee of a group of mutual funds in Morningstar’s multialternative funds category. The Directors also considered information provided by VIA and compiled by Morningstar on the total expense ratios of this same group of mutual funds in Morningstar’s multialternative funds category, which showed that, if Oaktree served as a subadviser to the Diversifying Strategies Fund at the proposed subadvisory fee rate and initial asset allocation level, along with the Diversifying Strategies Fund’s other existing subadvisers at their current subadvisory fee rates and asset allocation levels, the Diversifying Strategies Fund’s expected total expense ratio would be below the average and median expense ratios of such funds. In addition, the Directors also considered information provided by VIA on the total expense ratios of this same group of mutual funds in Morningstar’s multialternative funds category, which showed that, if Oaktree, SSgA FM and Payden (with respect to the Enhanced Equity strategy) each served as a subadviser to the Diversifying Strategies Fund at the proposed subadvisory fee rates and proposed asset allocation levels effective May 1, 2014, along with the Diversifying Strategies Fund’s other existing subadvisers, Shenkman and Payden (with respect to the low duration plus fixed income strategy), at their current subadvisory fee rates and proposed asset allocation levels effective May 1, 2014, the Diversifying Strategies Fund’s expected total expense ratio would be below the average and median expense ratios of such funds.

The foregoing comparisons assisted the Directors in considering each New Subadvisory Agreement and the Payden Amendment by providing them with a basis for evaluating each New Subadviser’s fee, and Payden’s fee with respect to the Enhanced Equity strategy, including in light of the Diversifying Strategies Fund’s expected overall investment advisory fee and total expense ratio, on a relative basis. Based on this information, the Directors concluded that the subadvisory fees of each New Subadviser and Payden 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 each New Subadviser’s and Payden’s respective relationships with the Diversifying Strategies Fund. In considering the extent to which economies of scale may be realized by each New Subadviser, and Payden with respect to the Enhanced Equity strategy, as the assets of the Diversifying Strategies Fund to be managed by each New Subadviser and Payden grow and whether the proposed fee levels reflect these economies, the Directors considered that, although the proposed fee schedule for each New Subadviser does not include breakpoints, each New Subadvisory Agreement was the product of arm’s-length negotiation. The Directors further considered the appropriateness of each subadvisory fee structure in light of VIA’s assessment that the subadvisory fee schedule of each of Oaktree and SSgA FM reflects the lowest fee schedule available or offered by Oaktree and SSgA FM, respectively, for like accounts (accounts of similar size and mandate) and the proposed effective fee rate to be paid to each New Subadviser would be below the median fee charged by a group of U.S. separate account investment managers to accounts with assets comparable to the amount of assets proposed to be allocated initially to each New Subadviser and that employ a U.S. convertibles strategy (for comparison to Oaktree) and a U.S. REIT strategy (for comparison to SSgA FM). With regard to Payden, the Directors considered that the Payden subadvisory fee for the Enhanced Equity strategy included breakpoints, which indicates that the proposed subadvisory fee rate is intended to capture certain anticipated economies of scale for the benefit of the Diversifying Strategies Fund and its shareholders, and that the subadvisory fee schedule of Payden reflects the lowest fee schedule offered by Payden for like accounts (accounts of similar size and mandate). The Directors concluded that the proposed fee schedules with respect to each New Subadviser, and Payden for the Enhanced Equity strategy, were appropriate at this time.

Other Considerations. The Directors considered VIA’s judgment that the hiring of Oaktree as a subadviser to implement the U.S. convertible securities strategy creates a well-diversified fund with attractive risk/return attributes. The Directors also considered VIA’s judgment that the addition of a passive U.S. REIT strategy and an Enhanced Equity strategy and the hiring of SSgA FM and Payden, respectively, to implement such strategies, as well as the other May Changes to the Diversifying Strategies Fund, should enhance the Diversifying Strategies Fund’s growth potential while preserving downside protection.

The Directors considered the selection and due diligence process employed by VIA in deciding to recommend Oaktree and SSgA FM as subadvisers to the Diversifying Strategies Fund to implement a U.S. convertible securities

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strategy and a passive U.S. REIT strategy, respectively, and in deciding to recommend that Payden provide subadvisory services to the Diversifying Strategies Fund with respect to the Enhanced Equity strategy. The Directors also considered VIA’s conclusion that the fee to be paid to each New Subadviser and to Payden as it relates to the Enhanced Equity strategy for their respective services to the Diversifying Strategies Fund is competitive, reasonable and appropriate in light of the nature and quality of services to be provided by each subadviser and the reasons supporting that conclusion. The Directors concluded that VIA’s recommendations and conclusions supported approval of each New Subadvisory Agreement and the Payden Amendment.

The Directors also considered the potential “fall-out” or ancillary benefits that may accrue to Oaktree, SSgA FM and Payden due to their relationship with the Diversifying Strategies Fund. With respect to Oaktree, the Board considered that Oaktree indicated that the relationship would enhance a favorable channel through which Oaktree’s investment strategies may reach a clientele as yet relatively underserved by Oaktree. With respect to SSgA FM, the Board considered that SSgA FM indicated that, by serving as subadviser to the Diversifying Strategies Fund, it may indirectly receive “fall-out” benefits from its relationship due to the value derived in the marketplace from the association. With respect to SSgA FM, the Directors also considered that SSgA FM may receive research or other services from certain brokers in connection with the execution of the Diversifying Strategies Fund’s brokerage transactions. However, the Directors noted that all subadvisers are required to select brokers who meet the Diversifying Strategies Fund’s requirements for seeking best execution, and that VIA monitors and evaluates the subadvisers’ trade execution with respect to the Diversifying Strategies Fund’s brokerage transactions on a regular basis and provides reports to the Board in this regard. The Directors concluded that the potential benefits that may accrue to Oaktree and SSgA FM by virtue of their relationships with the Diversifying Strategies Fund appeared to be reasonable. The Directors considered that Payden does not anticipate any “fall-out” or ancillary benefits due to its relationship with the Diversifying Strategies 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 initial approval of each New Subadvisory Agreement and the Payden Amendment was in the best interests of the Diversifying Strategies Fund and its shareholders, and approved the New Subadvisory Agreement with each of Oaktree and SSgA FM, and also approved the Payden Amendment.

Vantagepoint Equity Income Fund

Also at the December Meeting, VIA recommended, and the Board of the Company, including a majority of the Independent Directors, approved initial investment subadvisory agreements (each, a “New Equity Income Subadvisory Agreement” and, collectively, the “New Equity Income Subadvisory Agreements”) among the Company, on behalf of the Vantagepoint Equity Income Fund (“Equity Income Fund”), VIA and each of Wellington Management Company, LLP (“Wellington”) and SSgA FM. Wellington and SSgA FM may each be referred to below as a “New Equity Income Subadviser” and collectively as the “New Equity Income Subadvisers.” At the December Meeting, VIA also recommended, and the Board of the Company approved: (i) changes to the Equity Income Fund’s principal investment strategies that would allow SSgA FM to manage the portion of the Equity Income Fund’s assets allocated to it by investing in a portfolio that approximates an equal-weighted custom version of the Russell 1000 Value Index (“passively managed U.S. equity strategy”); (ii) a reduction in the assets allocated to two of the Equity Income Fund’s existing subadvisers, Southeastern Asset Management, Inc. (“Southeastern”) and T. Rowe Price Associates, Inc. (“T. Rowe Price”); and (iii) the termination of Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) as a subadviser to the Equity Income Fund. The changes described above became effective in February 2014 and may be collectively referred to below as the “New Subadviser Structure.” Before approving the New Subadviser Structure, including the New Equity Income Fund Subadvisory Agreements, the Board considered the recommendations of, and supporting analyses and data presented by, VIA.

With respect to the Board’s consideration of each New Equity Income Subadvisory Agreement, the Directors received written information in advance of the December Meeting from VIA, which included: (1) VIA’s rationale for recommending the New Subadviser Structure; (2) the process by which VIA selected and recommended for Board approval Wellington as a subadviser to the Equity Income Fund to implement a strategy of investing in large capitalization value equity securities (“large cap value equity strategy”) and SSgA FM as a subadviser to the Equity

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Income Fund to implement a passively managed U.S. equity strategy; (3) the nature, extent and quality of the services that Wellington and SSgA FM would provide to the Equity Income Fund; (4) the experience, investment management business, personnel and operations of each of Wellington and SSgA FM; (5) the brokerage and trading policies and practices of each of Wellington and SSgA FM; (6) the level of the subadvisory fees to be charged to the Equity Income Fund by Wellington and SSgA FM and a comparison of those fees to the: (a) fees charged by each of Wellington and SSgA FM for managing other generally comparable accounts; and (b) fees charged by a group of U.S. separate account investment managers utilizing a large cap value equity style with respect to Wellington and a U.S. passively managed equity style with respect to SSgA FM; (7) the compliance programs of Wellington and SSgA FM; (8) the performance information for each of Wellington and SSgA FM with respect to a large cap value equity strategy and a passively managed U.S. equity strategy, respectively, and such performance compared to a relevant benchmark and a large cap value peer group; (9) the Equity Income Fund’s expected overall investment advisory fee and projected total expense ratio compared to a group of large cap value mutual funds, taking into account: (a) the proposed changes in subadvisers; and (b) the proposed amount of the Equity Income Fund’s assets to be allocated to each of Wellington and SSgA FM, Southeastern and T. Rowe Price (“proposed target allocation levels”); and (10) the financial condition of each of Wellington and SSgA FM.

In determining whether to approve each New Equity Income Subadvisory Agreement, the Directors considered the information received in advance of the December Meeting, and the presentations made by, and discussions held with, representatives of Wellington and SSgA FM and the personnel of VIA, and discussions with the Company’s CCO, as well as a variety of factors. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decision to approve the New Equity Income Subadvisory Agreements.

Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the services expected to be provided by Wellington and SSgA FM under their respective New Equity Income Subadvisory Agreements, the Directors considered the specific investment process to be employed by each of Wellington and SSgA FM in managing the assets of the Equity Income Fund to be allocated to them; the qualifications of Wellington’s and SSgA FM’s investment management personnel with regard to implementing a large cap value equity strategy and a passively managed U.S. equity strategy, respectively; the performance information provided for each of Wellington and SSgA FM as compared to a relevant benchmark and a large cap value peer group; each of Wellington’s and SSgA FM’s infrastructure and whether it appeared to adequately support the investment strategies to be implemented by each of Wellington and SSgA FM; and VIA’s review process and favorable assessment as to the nature, quality and extent of the subadvisory services expected to be provided by each of Wellington and SSgA FM to the Equity Income Fund. The Directors acknowledged that Wellington and SSgA FM each has experienced portfolio management personnel; and appeared to have adequate infrastructure and support staff to seek to achieve favorable results implementing their respective proposed mandates for the Equity Income Fund. The Directors concluded that the nature, extent and quality of the subadvisory services expected to be provided by each of Wellington and SSgA FM were appropriate in light of the investment strategies each such subadviser is to implement on behalf of the Equity Income Fund, and, thus, supported a decision to approve each New Equity Income Subadvisory Agreement.

Investment Performance. The Directors reviewed the investment performance information provided by VIA for Wellington and SSgA FM with respect to the proposed mandate each is to employ for the Equity Income Fund, and considered such performance information versus a relevant benchmark and a large cap value peer group (based on information provided by an independent third-party source) and VIA’s favorable assessment of such performance. Based on the information provided, the Directors concluded that the performance information supported a decision to approve each New Equity Income Subadvisory Agreement.

Subadvisory Fees, Expense Ratio Impact and Economies of Scale. In evaluating each proposed subadvisory fee, the Directors reviewed the subadvisory fee schedules for Wellington and SSgA FM. The Directors considered comparisons of the subadvisory fee to be charged by Wellington to the Equity Income Fund with Wellington’s fee schedule for managing other accounts with an investment mandate similar to the mandate it is to employ on behalf of

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the Equity Income Fund. The Directors also considered that, according to the information provided by VIA, Wellington’s proposed fee schedule for the Equity Income Fund reflected the lowest fee rate currently charged by Wellington to other accounts for which it provides advisory services utilizing a similar mandate, other than for one client for which Wellington collectively manages a significantly greater amount of assets. The Directors noted that SSgA FM indicated it does not currently manage any other accounts with an investment mandate directly comparable to the mandate SSgA FM is to employ on behalf of the Equity Income Fund. The Directors, however, considered that, according to the information provided by VIA, SSgA FM’s proposed fee schedule for the Equity Income Fund was lower than the standard fee schedule charged by an affiliate of SSgA FM to other accounts for which it provides advisory services utilizing a standard equal weighted S&P 500 Index mandate and is the same as the fee SSgA FM charges to the Vantagepoint Aggressive Opportunities Fund for which it provides subadvisory services utilizing an equal weighted customized version of a different index, except that SSgA FM’s fee for the Equity Income Fund is subject to a minimum dollar amount. Additionally, the nature of the subadvisory services each of Wellington and SSgA FM is to provide to the Equity Income Fund appeared to be comparable to those each subadviser currently provides to its other subadvisory relationships.

The Directors reviewed information provided by VIA (which was based on an independent third-party source) on the fees charged by a group of U.S. separate account investment managers to accounts with assets comparable to the amount of assets to be allocated initially to each of Wellington and SSgA FM and that employ a large cap value equity style (for comparison to Wellington) and a U.S. passively managed equity style (for comparison to SSgA FM). According to the information provided, the proposed effective fee rate to be paid by the Equity Income Fund to each of Wellington and SSgA FM at the proposed initial asset allocation levels would be below the median fee charged by such managers.

The Directors also considered information provided by VIA showing that there would be a decrease in the overall subadvisory fees and, therefore, a decrease in the total expense ratio of the Equity Income Fund as a result of the New Subadviser Structure. Referring to data provided by VIA and compiled by Morningstar, a provider of independent investment company data, the Directors noted that the expected total investment advisory fee for the Equity Income Fund, taking into account the proposed subadviser changes and proposed target allocation levels of the Fund, was lower than the average and median investment advisory fee of a group of mutual funds in Morningstar’s large cap value funds category. The Directors also considered information provided by VIA and compiled by Morningstar on the total expense ratios of this same group of mutual funds in Morningstar’s large cap value funds category, which showed that, if Wellington and SSgA FM each served as a subadviser to the Equity Income Fund at the proposed subadvisory fee rates, along with the Equity Income Fund’s two other existing subadvisers at their current subadvisory fee rates and proposed asset allocation levels, the Equity Income Fund’s expected total expense ratio would be below the average and median expense ratios of such funds.

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

The Directors reviewed the information provided in response to a request regarding the estimated profits to be realized by Wellington and SSgA FM from their respective relationships with the Equity Income Fund. In considering the extent to which economies of scale may be realized by Wellington and SSgA FM as the assets of the Equity Income Fund to be managed by each subadviser grow and whether the proposed fee levels reflect these economies, the Directors considered that, although the proposed fee schedule for each subadviser does not include breakpoints, each New Equity Income Fund Subadvisory Agreement was the product of arm’s-length negotiation. The Directors further considered the appropriateness of each subadvisory fee structure in light of VIA’s assessment that the subadvisory fee schedule of each of Wellington and SSgA FM reflects the lowest fee schedule available from Wellington and SSgA FM, respectively, for like accounts (accounts of similar size and mandate) and the proposed effective fee rate to be paid to Wellington and SSgA FM, respectively, would be below the median fee charged by a group of U.S. separate account investment managers to accounts with assets comparable to the amount of assets proposed to be allocated initially to each subadviser and that employ a large cap value equity style (for comparison to Wellington) and a

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Additional Information (Unaudited) — (Continued)

U.S. passively managed equity style (for comparison to SSgA FM). The Directors concluded that each proposed fee schedule with respect to Wellington and SSgA FM was appropriate at this time.

Other Considerations. The Directors considered VIA’s judgment that the hiring of Wellington as a subadviser to implement a large cap value equity strategy and addition of a passively managed U.S. equity strategy, and the hiring of SSgA FM as a subadviser to implement the new passively managed U.S. equity strategy, would add value by complementing the investment approach of the Equity Income Fund’s current investment subadvisers, T. Rowe Price and Southeastern. In this regard, the Directors considered VIA’s belief that the New Subadviser Structure, including the addition of each of Wellington and SSgA FM as a subadviser, should serve to improve the Equity Income Fund’s risk/return profile, reduce exposure to the growing asset size of any single subadviser and improve manager diversification.

The Directors considered the selection and due diligence process employed by VIA in deciding to recommend Wellington and SSgA FM as subadvisers to the Equity Income Fund to implement a large cap value equity and passively managed U.S. equity strategy, respectively. The Directors also considered VIA’s conclusion that the fee to be paid to each of Wellington and SSgA FM for their respective services to the Equity Income Fund is competitive, reasonable and appropriate in light of the nature and quality of services to be provided by each subadviser and the reasons supporting that conclusion. The Directors concluded that VIA’s recommendations and conclusions supported approval of each New Equity Income Subadvisory Agreement.

The Directors also considered the potential “fall-out” or ancillary benefits that may accrue to Wellington and SSgA FM due to each subadviser’s relationship with the Equity Income Fund. With respect to Wellington, the Board considered that Wellington indicated that the only potential “fall-out” benefit was the reputational benefit that may accrue from the relationship. With respect to SSgA FM, the Board also considered that SSgA FM indicated that, by serving as subadviser to the Equity Income Fund, it may indirectly receive “fall-out” benefits from its relationship due to the value derived in the marketplace from the association. The Directors also considered that Wellington and SSgA FM may receive research or other services from certain brokers in connection with the execution of the Equity Income Fund’s brokerage transactions. However, the Directors noted that all subadvisers are required to select brokers who meet the Equity Income Fund’s requirements for seeking best execution, and that VIA monitors and evaluates the subadvisers’ trade execution with respect to the Equity Income Fund’s brokerage transactions on a regular basis and provides reports to the Board in this regard. The Directors concluded that the potential benefits that may accrue to Wellington and SSgA FM by virtue of their relationships with the Equity Income Fund appeared to be reasonable.

Conclusion. After full consideration of the foregoing factors, with no single factor identified as being of paramount importance, the Directors, including a majority of the Independent Directors, concluded that the initial approval of each New Equity Income Subadvisory Agreement was in the best interests of the Equity Income Fund and its shareholders, and approved the New Equity Income Subadvisory Agreement with each of Wellington and SSgA FM.

Householding

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

Other Available Information

A description of the Company’s proxy voting policies and procedures and the proxy voting record for the 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

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THE VANTAGEPOINT FUNDS

Additional Information (Unaudited) — (Continued)

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 Equity Income Fund, 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.

380

LOGO

Item 2 (Code of Ethics):

Sub-item 2a. The board of directors of the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, and to persons performing similar functions.

Sub-item 2c. Not applicable.

Sub-item 2d. Not applicable.

Sub-item 2e. Not applicable.

Sub-item 2f. Not applicable.

Item 3 (Audit Committee Financial Expert): Two members of the audit committee of the registrant have been determined by its board of directors to be audit committee financial experts. The audit committee financial experts of the registrant are Dorothy Hayes and Timothy O’Brien, both of whom are independent under the applicable rules.

Item 4 (Principal Accountant Fees and Services):

Sub-item 4a (Audit Fees). The aggregate fees billed for professional services rendered by the registrant’s principal accountant, PricewaterhouseCoopers LLP, for audits of the registrant’s financial statements were $565,244 and $470,042 in 2013 and 2012, respectively.

Sub-item 4b (Audit Related Fees). Not applicable.

Sub-item 4c (Tax Fees). The aggregate fees billed for professional services rendered by PricewaterhouseCoopers LLP for tax compliance, tax advice and tax planning were $78,877 and $186,186 in 2013 and 2012, respectively. These services covered preparation of the registrant’s income tax and excise tax returns, and also included related consulting and tax provision work.

Sub-item 4d (All Other Fees). Not applicable.

Sub-item 4e (1). The registrant’s audit committee pre-approves all audit and non-audit services to be performed by the registrant’s accountant before they are engaged to perform such services.

Sub-item 4e (2). The registrant’s audit committee approved 100% of the services described in Sub-item 4c.

Sub-item 4f. Not applicable.

Sub-item 4g. Not applicable.

Sub-item 4h. Not applicable.

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

Item 6 (Investments):

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

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

Item 7 (Disclosure of Proxy Voting Policies & Procedures for Closed-end Management

Investment Companies): Not applicable to this registrant.

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

this registrant.

Item 9 (Purchases of Equity Securities by Closed-End Management Investment Company and

Affiliated Purchasers): Not applicable to this registrant.

Item 10 (Submission of Matters to a Vote of Security Holders): Not applicable.

Item 11 (Controls and Procedures):

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

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

Item 12 (Exhibits):

Sub-item 12a(1). The code of ethics exhibit is attached.

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

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


The Vantagepoint Funds

By:		/s/ Joan McCallen
		Joan McCallen, Principal Executive Officer

Date:		March 5, 2014

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


By:		/s/ Joan McCallen
		Joan McCallen, Principal Executive Officer

Date:		March 5, 2014
By:		/s/ Elizabeth Glista
		Elizabeth Glista, Principal Financial Officer

Date:		March 5, 2014

Vantagepoint Funds Inactive N-CSRCertified annual shareholder report (management investment company)